The economy

Press, 30 June 1982, Page 20

The economy

Sir,—l have, waited for more comment before replying to J. F. Garvey’s letter (June. 16). I look at the justification of the S.M.P. scheme as it has affected us nationally, not just ,to the boundary fence of a certain number of farmers who are facing hardship. Every taxpayer is paying proportionately towards this inequitous fund and many are not in a position to afford it. First, the across-the-board policy is wrong; there are many very wealthy farmers of long-standing . accumulated wealth. Every dollar of subsidy and its increases over the years, has been immediately capitalised, as progressive sales of farm property have' emphasised. Who paid these inflated values? Mr Muldoon’s S.M.P. scheme is, as is his present price freeze, doomed to failure — like stopping a hole in a leaky bucket with a piece of soap. .If banks of all types, and money-lending institutions in all forms, were made to serve the people and the country we would never have reached the chaos of financial bolstering the present Government has got us in now. — Yours,' etc., A. W. ERICSON. June 26, 1982.