Farmers to protest at ‘unfair treatment’

Press, 29 September 1988, Page 5

Farmers to protest at ‘unfair treatment’

By

DAVID LUCAS,

farm reporter North Canterbury farmers intend taking direct action to fight what they call unfair treatment the rural community is receiving from the Government and financiers. The issue of direct protest action was discussed in committee yesterday by the executive of North Canterbury Federated Farmers. The president, Mr Ness Wright, later confirmed that some form of protest was likely before Christmas. Farmers would be fully informed of what to do when the type of action was decided, he said. Issues likely to be targeted for protest include interest rates, the Government’s excise tax on diesel, and restrictions on live sheep ex-

ports. Mr Wright said the poor financial position of Canterbury farmers was being compounded by the drought. The new season would be critical for farmers just managing to retain their properties. Interest rates had a major influence on the financial performance of farming and Mr Wright attacked the Rural Bank for charging rates of 18 to 18.5 per cent compared with trust banks’ offering rates of 14 per cent for two years on a first mortgage. An informal survey of interest rates charged for financiers showed differences of 5 to 9.75 per cent in the margin between lending and borrowing, said Mr Kevin Coe, of Irwell. Even a 5 per cent margin was “horrific,” he said.