RURAL CREDITS SCHEME.

Auckland Star, Volume LVIII, Issue 109, 11 May 1927, Page 8

RURAL CREDITS SCHEME.

MR. STEWART AlfD MR. POLSON MINISTER CRITICISED. (By Telegraph.—Own Correspondent.) WELLINGTON, Tuesday. Mr, W. J. Poison, president of the Farmers' Union, has replied to the remarks made at Feildinjs-by the Hon. W. Downie Stewart, Minister of Finance, regarding rural credits. "I am conscious that' many members of the" Government and party are., most anxious to help primary producers to face the existing crisis, but speaking soberly, I do not think Mr. Downie'Stewart has been one of these," -eaid Mr. Poison. "Hβ suggests in his reply to me that I am beginning to have doubts of j the scheme which I myself recommended. My doubts are not of the-scheme, but of the Minister's own attitude." .After traversing Mr. Stewart's statements, Mr. Poison says: "It is true that a few applications have been transferred from the advances branch to rural credits, but this will have to stop at once, because the Government's £500,000 will be all absorbed, and there will be nothing to go on with. There ie nothing to prevent bonds being- s6ld against mortgages which are nqt yet lodged in the safe with the usual-*safeguards.,- ~ It is done abroad, but the department cannot push the scheme, because it has-not , got the money. It cannot get the money until it sells the bonds, and it cannot sell the bonds until it pushes the scheme."