FARMERS AND FINANCE.

Hawera Star, Volume XLVII, 25 July 1928, Page 11

FARMERS AND FINANCE.

OPERATIONS OF THE BANES. CRITICISM AT UNION CONFERENCE. (By Telegraph—Press Association.) ’WELLINGTON, .July 25. The Farmers’ Union Gonierence carried remits urging the Gov,aniiiicnt to give full o.ifeqt to tne report of the xuual Credits Commission; that legislature. .should consider measures to direct the. flow of capital from city investments to farming industry, and l that thp cou.erenoe isupport® fine© trade with Britain.

The conference criticised bank condiJcns in New Zealand, and various speakers alleged that when the farmers acre in the depths of the slump the banks were paying larger dividends than, ever; that the talk of an agricultural bank had probaihly moae to do with the eduction of interest than anything else and that the banks liad, been charging 7 par cent when there was no excuse far doing so. Finally the following remit was carried: “That under the present conditions tire profits derived; from the Bank of New Zealand from its business in recent years are out of all proportion to the conditions of the primary .producers of the country. The. matter requires investigation during the present session, and such investigations ishould aim art a. comparative statement of the returns from bankii.no; and fanning operations. Furthermore, it'is the imperative b uty of the Government to- exercise a, watchful and'rigid supervision over the operations. of the Bank of New Zealand by intervening, when they unduly oppress the primary producer. ’ ’ A remit urging the fonmiation of agricultural hanks was also carried.