LONG TERM LOANS.

Hawera Star, Volume XLVI, 29 June 1926, Page 4

LONG TERM LOANS.

TRIBUTE TO MR POLSON’S WORK. AN INTERESTING STATEMENT. (BY TELEGRAPH PRESS ASSOCIATION.) MASTERTON, June- 2S. “The. Bank of New Zealand’s proposal to lend money on long .term repayable mortgages’ is -a fine compliment to'Mr W. J. Poison’s work in getting more reasonable finance for farmers,”* saidl Mr W. B. Matheson, acting-Do-niini-on president of the Neiv, Zealand Farmers’ Union to-day, when asked for an expression of opinion on behalf of his -organisation concernnig the bank’s proposal. “In the early stages of Mr Poison’s campaign for a co-opera-tive agricultural hank,” continued' Mr Matheson, “the proprietary banks were naturally annoyed,"and cleverly inferred that the farmers were being treated as .well as was -good for them, and that better terms would 1 only tend) to make them plunge into a worse financial position. When the Government set up a l commission of inquiry the first indication of the financial experts’ weakening in their assurance was when it was deemed 1 -wise for two of them to accompany Mr ‘ Poison.

“During all these months,” he said', in-' which the 1 -commission has been gathering evidence, the Bank of New Zealand also seems to have beeni busy, for an innovation such as they propose is not' designed without much care. Surely their move is a further indication that there is need for reform. "When produce prices slumped in 1922 farmers ivere forced! to’ search, for cheaper money. It is quite possible that the earning power of money may, before long, have a considerable fall, and) the farmers find' relief in that way. In the meantime it is good to -see this offer of the bank to try <a-nd' meet- the situation-. I have no doubt that Cabinet- -sees as -clearly as T_ do that any concessions or permits wished for cannot properly be granted to any proprietary company until the commission returns and their report has beeni made public and dealt with by Parrl-ia-ment.”