“LAND TOO HIGH”
Housing Loans Before Farms
(N.Z. Press Association) AUCKLAND, June 26. Too many young farmers were paying “terrific” prices for farmland with low productivity value, the deputygeneral manager of the Auckland Savings Bank, Mr M. Corner, told Auckland Federated Farmers today.
“I’m afraid the cost of land is too high,” he said. “People are prepared to . pay more than the units warrant.” It could cost a farmer £20,000 to set up a comfortable farm—yet if he invested this in Government stock at 5 per cent and took on odd jobs he would make far more. The bank could not afford to gamble its depositors’ money on assisting farmers to buy expensive land with little chance of its production being sufficient to pay off debts. The bank was keen to aid farmers but houses came first —“our depositors must have roofs over their heads”—then the farms.
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Bibliographic details
Press, Volume CIII, Issue 30478, 27 June 1964, Page 14
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147“LAND TOO HIGH” Press, Volume CIII, Issue 30478, 27 June 1964, Page 14
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