EUROPEAN PEASANTS

Evening Post, Volume CXI, Issue 142, 18 June 1931, Page 11

EUROPEAN PEASANTS

FOE MIXED FAKMING

INTERNATIONAL SCHEME

BRITAIN PARTICIPATING

(British Official Wireless.) (Received 13th June, 11 a.m.)

RUdBY, 17th June.

Referring in the House of Commons in answer to a question raised on the discussions of the Commission of European Union to-day, to the scheme for an International Agricultural Mortgage Credits Company, the Foreign Secretary, >Mr. Henderson, said that its purpose was to make loans on mortgage through Central banks to peasant cultivators in Central arid Eastern Europe, and in particular to assist them to change over from wheat-growing to other forms of agricultural production. ' It was hoped to raise £10,000,000 in various financial centres, of which £1,000,000 would be issued at the outset In addition a special reserve fund of £1,000,000 would be set up to which all Governments, parties to the Convention, would contribute. The British share would be about £120,000. It was proposed that this reserve should be deposited with the Bank of International Settlements, should bear interest, and in due course be repaid out of the company's profits.

The present scheme appears to be> part of an undertaking, given by the Bank, for. International Settlements to the League tif Nations, and discussed by the'league at its meeting last month. The object of the scheme is to make possible economic as well as political cooperation within the League and the World Bank is pledged to Subscribe to shares in an organisation t6 be known as the International Agricultural Credit Bank. This ;bank, founded by the League, will undertake the .task of financing fanners throughout- Europe.