AGRICULTURAL BANK SCHEME.

Hawera Star, Volume XLVIII, 3 December 1924, Page 7

AGRICULTURAL BANK SCHEME.

“A FIASCO.” t

AUCKLAND, Nov. 28. Finance was the chief need of settlers to-day, said the Hon. J. G. Coates, speaking at Waimauku yesterday, and the money was wanted* at a reasonable rate of interest. At the same time it was no use toying with schemes such as the proposed farmers’ bank unless there was a reasonable chance that it would make cheaper money. available, and he coud see no prospect that such a scheme would do so. It was no use saying that either he or Parliament was out of sympathy with agricultural banking. Farmers were the most numerous class in the House, and they were only too anxious that money should be 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 h© was not going into the arguments for a farmers’ hank, bxit he was for it if it could be shown to be of use. At the same time the fanners could not ask the rest of the Dominion to 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 could not give to another. The Prim© Minister was ready to find up to £150,000 for a land banking scheme, but he could not mortgage the country for £20,000,000 or £25,000.000, even if he were prepared to. The scheme showed no prospect of providing. money cheaper or. as cheap as it could he got from other sources.