WAR DEBTS.
BUSINESS MAN’S VIEW. “What the whole world should do is to constitute a holiday for all the people, and simultaneously in every centre have a bonfire and bum the war debts, each country acknowledge that it is bankrupt, get its clearance and start afresh. That is the only hope for the farmers.” So declared a well-known Canterbury stock and station agent, who is in close touch with the position of the farmers. He said the practice of raising loans, to pay the interest and principal of previous debts was only getting the country further into financial mire. He gave instances where more than twice the amount of the equity previously held by farmers in their lands had been swallowed up by the fall in primary produce, and stated that the creditor nations of the world must wipe off a considerable proportion of their principal in the same way as farm mortgagees had to write down their capital.
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Bibliographic details
Hauraki Plains Gazette, Volume XXXXII, Issue 2801, 16 November 1931, Page 5
Word Count
159WAR DEBTS. Hauraki Plains Gazette, Volume XXXXII, Issue 2801, 16 November 1931, Page 5
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