Capital Spending On Farms

Press, Volume CVI, Issue 31221, 19 November 1966, Page 1

Capital Spending On Farms

/N Z Press Association) WELLINGTON, Nov. 18. Farmers spent more than £6B million last year on capital expenditure, mostly on new buildings and machinery. Figures released today by the Government Statistician (Mr J. V. T. Baker) show that farmers spent £27.5 million on farm improvement for the year ended March 31.

I Farm improvement expenditure excluded buildings and machinery but such items as fencing, yards, clearing, sowing pasture, drainage, welldrilling, airstrips, roads, and bridges.

Other capital expenditure included: new houses and alterations. £12.3 million; new farm buildings, alterations. £9.3 million: trucks, trailers and farm cars, £11.5 million: tractors, farm machinery. £14.5 million.

Farm machinery with £6.8 million was sold and build-

iugs worth £lOO,OOO demolished during the 1965-66 year. South Auckland - Bay of Plenty farmers spent £6.1 million on farm improvement. Canterbury came next with £3.5 million then Wellington £3.4 million. Southland farmers spent £3.2 million, Otago £2.6 million, Hawke’s Bay £2.2 million. Northland £2.2 million. Central Auckland £1.2 million, and Taranaki £1.2 million. Improvement expenditure amounted to £27.5 million of the £68.2 million in capital expenditure spent by farm-

ers on holdings of more than 10 acres.

Mr Baker complimented farmers for their co-opera-tion in answering the department’s questionnaire. “Although capital expenditure on farms has been a major factor in increasing production, little information has been available till now,” he said.

“The farmers co-operation is an indication of their keen interest in the field of finance for the development of this vital sector of the nation’s economy.”