FARMERS BURDEN

Hokitika Guardian, 11 March 1933, Page 6

FARMERS BURDEN

CONTENTS OP •E&MNCE-SHEETS.

some losses disclosed.

• VGISBOBNE, March 8.

r The difficulties of carrying on farmivig. properties under existing conditions were Mentioned’, by Air E. It. Black, president of the/Poverty Bay Sheepo-wners’- Union, at a conference between representatives of farming interests and the 'Gisborne Chamber of Commerce. • '• • <

Mr Black said he had had' an o,y:portunit<y of studying the balance- ' sheelA of several properties in the Gisborhe. district... On©'place of 3400 : t acres, with a capital’-Value of £23,003, had a gi'oss income of £I2OO, and the cost of running it was £I9OO, exclusive of interest.. Thus there'was a direct loss of .£7oo' for the yea'f. Another 1 property-v.of, 2500-acres, - was valued at £21,000; gross, Its income was £ISOO, and,-expenses.- were exactly the same, f leaving nothing to pay interest <r Another property, of 3000 acres, had •;an income of £6Ol, and its expenditure was/£705; showing ia. loss of £74, plus ‘ interest. . Another instance was that of a 3120acre, property,. with a gross income of £800,,; ..The. expenditure for the year Comprised.,, wage®. £4OO, -.interest £3OO, | andr rent £.740, the loss- being £640-, On tliese figures,- remarkecl Mr Black,. it; was obviously hopeless to try to farm hill- eountry profitably. Mr Ball, the- chairman of. a mortgage - adjustment commission, quoted 'cases that bad' 1 emn&< under his notice, here, eCeuvif the value of the prosper ty. Avere written down; to nothing, jt , woulT still show, a loss- on . work--sing. Even, if tfre : : adjustment oompmiission's/ had instructions, to reduce- > values, r he 1 cd-ukl not see-*; under what i system they could proceed. One proposal submitted to the conference AVns for the writing down of ; mriri.ga-geeri interest ' in land to a .figure based on the present value of "exports, With -a provision that When 1 prices improved the mortgagees’ interlost should rise accordingly. It was l agreed that details -of this scheme- ; should be circulated- among members •/of; the orgahisatibris represented.