RESERVE FUND FOR FARMERS

Press, Volume LXXXVI, Issue 26196, 21 August 1950, Page 6

RESERVE FUND FOR FARMERS

GERALDINE REMIT SUPPORTED From Our Own Reporter A TIMARU, August 20. Approval of a remit from the Geraldine branch seeking to establish a fund backed by contributions from farmers, which would serve as compensation > for all forms of hardship, was given by the South Canterbury executive (fl Federated Farmers at its meeting on Friday. The remit suggested an investment by farmers of sums not less than , £lOO, the amount paid into the fund to be exempt from income tax until such time as it was brought back into income in years of hardship through snow loss, frost, hail, flood, or drought. Interest would be paid at the rate of 3 per cent, on all money >in the fund at the end of the year, and in the event of a farmer retiring or in thd case of death, the balance left in the fund would be spread over the last five years and income adjusted accordingly. > Farmers had certain losses each year and he did not think it fair to expect the rest of the community to help pay for them, said Mr C. R. Barnett. If farmers did something along those lines it meant that farmers would be helping themselves. Mr A. S. Shaw said the proposal had been brought forward year after year and should be put into effect. He would like to see the contingencies widened to bring in all forms of hardship. “The Sheep Industry Commission recommended that a deferred maintenance scheme be extended to coyer all forms of farming loss.” said M r Shaw. “The principal consideration in presenting cases to any Government >s to ensure that no section of the community is receiving an advantage at expense of another.” The remit was approved and will be submitted to branches for consideration.