Special Assistance
To assist farmers, sharemilkers and others engaged in agriculture and horticulture who had encountered serious financial difficulties for reasons beyond their control, a special assistance fund of slom would be set up, and ssm was provided in the estimates for the balance of this year.
The corporation and the board could draw on this fund for suspensory loans of up to $lOOO, or higher amounts in exceptional circumstances, 'free of interest.
The capital would be written off, said Mr Muldoon, if the farmer did not sell the property for 10 years, unless the sale was part of a desirable amalgamation of properties.
In not-so-serious cases of financial trouble, concessions in the form of remission of interest and/or postponement of principal repayments without accrual of interest would be allowed. An indication of the dairy industry beef division scheme’s impact could be gained from the fact that in 1969- more than 160,000 calves were registered, said Mr Muldoon. Though the | scheme would be continued in 1970- it would be reviewed later this year.
One final incentive—Mr Muldoon said that farmers buying motor-cycles solely for farm use could apply for a refund of the sales tax.
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Bibliographic details
Press, Issue 32333, 26 June 1970, Page 1
Word Count
195Special Assistance Press, Issue 32333, 26 June 1970, Page 1
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