AGRICULTURAL BANK

Evening Post, Volume CVII, Issue 131, 4 June 1924, Page 10

AGRICULTURAL BANK

PRIME MINISTER DEMANDS , SECURITY.

(BY TELEGRAPH.— PRESS ASSOCIATION.)

.DUNEDIN, 3rd June. At the annual conference of the Otago provincial council of the New Zealand Farmers' Union to-day a remit from the Clinton branch'was submitted as follows: "Recognising that som o action in the political field is necessary, this conference adheres to the principle of the country bloc drawn from all parties, and is strongly opposed to the formation of a district country party." The matter was referred to branches for- discussion, and" opinion. In the course of an address at the annual conference of the Otago provincial council of the Farmers' Union, the president, Mr. E. H. Marney, said'the union hoped to get legislation providing for an agricultural bank put through this year. Ho was sure no one carrying on farming operations could afford to pay the high rates of interest ruling at the present. The Prime Minister later visited the conference, and speaking on the subject o,f an agricultural bank pointed out that since August £7,000.000 had been lent to 8000 people. How many agricultural "hanks would it take to do that? This year there would be at least £3,000,000 for lending at the lowest rate. Loans would be at the rale of £250.000 a month. Let them go on with their agricultural bank, and they could have it. He was asked to" lend £100,000 free of-interest, taxation, and stamp duty. Where was the security? There must bo some security, and he" would be wrong if ho did not ask for it. Ho was.quite prepared to give legislation, but they must show him some security. The people generally put their names to a bond, but he had not seen half a dozen farmers prepared tu do that.