AGRICULTURAL BANK SCHEME

Dominion, Volume 19, Issue 57, 29 November 1924, Page 6

AGRICULTURAL BANK SCHEME

“NO USE STARTING A FIASCO” (BY TELEGRAPH—SPECIAL CORRESPONDENT.) Auckland, November 28. Finance was the chief need of settlers to-day. said the Hon. J. G. Coates, speaking at Waimauku yesterday, and rhe money was wanted at a reasonable rate of interest. At the same time it was no use toying with schemes such as the proposed iaimers’ bank unless there was a reasonable chance tint it would make cheaper money available, and he could see no prospect that such a scheme would do so. It was no use saying ihat either ho or Parliament was out of sympathy with agricultural banking. Farmers were the most numerous class in the House, and they w ero only too anxious that money should bo found for land at a reasonable price It had not yet been shown, however, how money could be obtained more cheaply by a farmers’ bank. It was no use starting a fiasco that would not meet the farmer’s need. • Mr. Coates said he was not going into the arguments ...for a farmers bank, but he was for it if it could be shown to bo of "ise. At the same time, the farmers could not ask the rest of the Dominion io guarantee a scheme to lend money cheaply, or for nothing at all, and accept an unlimited liability; otherwise they would be giving to one class what they not £ve to another. The Prime Mirb is ter was ready to find up to £-150,CKJU for a land banking scheme, but he could not mortgage the country for '£20,0450,000 or £25,000,000. even if he were prepared to. *1 he scheme showed no prospect of providing money cheaper or as cheap as it could be got from other sources.