MONEY FOR FARMERS.

Auckland Star, Volume LVII, Issue 152, 29 June 1926, Page 11

MONEY FOR FARMERS.

REPAYABLE MORTGAGES. BANK OF NEW ZEALAND SCHEME. LEADING FARMER'S COMMENT. (By Telegraph.—Press Association.) MASTERTON, Monday. "The Bank of New Zealand proposal to lend money on long-term repayable mortgages is a fine compliment to Mr. W. J. Poison's work in getting more reasonable finance for farmers," said Mr. W. B. Matheson, acting Dominion president of the New Zealand Farmers' Union, to-day, when asked for an expression of opinion on behalf of his organisation concerning the bank's proposal. "In the early stages of Mr. Poison's campaign for a co-operative agricultural bank," continued Mr. Matheson, "the proprietary banks were naturally annoyed, and cleverly inferred that the farmers were being treated as well as was good for them, and that better terms would only tend to make them plunge into a worse financial position. When the Government set up a commission of inquiry, the first indication of the financial experts' weakening in their assurance was when it was deemed wise for two of them to accompany MrPoison. During all these months, in which the commission has been gathering evidence, the Bank of New Zealand also seems to have been busy, for an innovation such as they propose is not designed without much care. Surely their move is a further indication that there is need for reform. "When produce prices slumped in 1922 the farmers were forced to search for cheaper money," Mr. Matheson continued. "It is quite possible that the earning power of money may before long have a considerable fall, and farmers may find relief in that way. In the meantime, it is good to see this offer of the bank to try to meet the situation. I have no doubt that Cabinet sees as clearly as I do that any concessions or permits wished for cannot properly be granted to any proprietary company until the commission returns and their report has been made public, and dealt with by Parliament."