FARMERS CONFER

Ashburton Guardian, Volume 54, Issue 197, 2 June 1934, Page 3

FARMERS CONFER

THE CONCLUDING BUSINESS.

QUESTION OF INTEREST RATES..

Tlio annual conference of delegates to the Mul-Canterbury Provincial Executive of the Fanners’ Union, held under the chairmanship of the retiring president (Mr A. P. Bruce), was concluded after the “Guardian” went to press yesterday.

When the conference resinned after lunch, an address was given to delegates by Air Norton Francis, of Christchurch.

At the close of his address, Mr Francis was warmly applauded, and answered a number of questions.

So long as they could get confidence in farm land, there would be a keen demand for cheap loans, ho said. There was an abundance of funds available in the Dominion, and this would mean lower interest rates. As prosperity returned after a slump, there was always a demand for money, and competition would make it cheaper even than at present. He would not be surprised if, in six months’ time, good mortgage money was available at 4 per cent. He was optimistic enough to think that reasonable prices for wool would' be available for some time to come. England would never let New Zealand down, and we should place trust in her. His proposal regarding conferences of interests was modelled on the lines of similar procedure in England. On the motion of Mr H. C. B. Witliell, All* Francis was heartily thanked for his address, which members considered .gave much food for serious thought. Mr Francis was congratulated on the excellent range of subjects dealt with in the Chamber of Commerce bulletin.

Mr Hammond referred to tlie interest rates question, and moved .that the Government should he asked to reduce the rates of its interest demands in conformity with the general trendy This was seconded by Mr H. E. Jessep. Mr H. Brown said the Government had borrowed money at a certain rate, and it could not be expected to lend it out at a rate less than that paid. The president said he had heard that the Government would shortly' get money at 2 per cent. Tho motion was carried, and it was agreed to send it to the Dominion conference as a remit. Mr G. IT. B. Bill moved that the Government he asked to make a reduction in the land tax. This was seconded by Mr Oakley and carried.

Mr Hammond spoke regarding the drift of population to the North Island, and said that this was due largely 'to the land development schemes promoted by the Government. He thought there should ho an adjustment of electorates to give adequate representation in Parliament. It was agreed that a debate on this subject should take place ekrly in the year’s programme, Tho concluding business of the conference was tho installation of Mr Oakley as president for the next yeai. Mr Oakley paid a tribute to the work done by Mr Bruce during his term as president, a tribute that was heartily endorsed by delegates.