THE VICTORIAN FARMER.

Press, Volume LI, Issue 8726, 23 February 1894, Page 5

THE VICTORIAN FARMER.

A DISMAL OUTLOOK.

MELBOURNE, February 17. Great iiolicitnde continues to be shown for the Victorian farmer. In a recent leading article the Argus thus states the position :— "During the y week the Government announced with a great flourish of trumpets a scheme which they claimed would alleviate the distress of farmers. It was to lend him money at 5 per cent, and so do away with hie paying the ruinous rates of 8 and 10 per cent., which he has so often to do at present. The thing was lo be done though i<he Savings Bank, the balances of which, were to be utilised for this purpose. The scheme, however, met with nothing but adverse criticism. Mr J as. Service, M.L.C., for instance, characterised it as a ridiculous fad and a mad scheme, and Messrs John Cooke, David Klder and others, alto condemned it strongly. It was shown th.it it could not have the intended effect. The money was to be lent only on fii-at mortgage, and up to half the valuation, numely on the soundest possible security, and it was pointed out that fanners having the security to offer can now get abundance ol mouey at from 5 to 6 per cent. Kventually tha Government had to admit that vory little was intended to be done beyond what the Commissioners of the Savings Bank are now empowered to do in lending money, and the scheme has consequently fatten vei v flat." That tae position remains serious is farther shown by the following ext-ract from the Argus commercial article of this morning:~—" Ie was the reverse of pleasant to note in the list of insolvents yesterday the names of three farmers who have filed at Horsham. One of the reasons, doubtless the principal reason, assigned being the low p:jee of wheat. It is expressed iv diflereut wiys, "Low price of wheat," "luability to secure fair market for wheat," and "Inability to secure good price for wheat." These failures, we are informed, are only the precursors of others, the exceedingly low price of wheat having destroyed the power of many farmers to meet their engagemenUi this season. The position of affairs is raost undesirable, especially as it is well known that creditors, whether Banks, mortgagees or storekeepers, are showiug every consideration, for it stands to reason that it v not to their advantage) to allow the farmers to go off the land, as ';hey cannot run vacated farm*. The problem which presents itself is a very difficult tme to solve. Under all the circumstances, one of the best methods by which ihe position would be alleviated is for mortgagees to temporarily reduce trie rates of interest they charge, and in some cases graiit a respite altogether."