THE AGRICULTURAL OUTLOOK.

Lyttelton Times, Volume XCIV, Issue 10705, 15 July 1895, Page 4

THE AGRICULTURAL OUTLOOK.

Mr Charles Ensor covered a good deal of ground in his address to the shareholders of the Farmers’ Co-operative Association at their annual meeting on Saturday afternoon. After dealing with the results of the Association’s operations during the year—which, it is pleasant to observe, were highly satisfactory—ho touched upon one or two subjects that may be profitably studied by producers in all parts of the colony at the present time. He showed that the success of Mr Ward’s cheap money scheme had materially reduced the rate of interest, and suggested that the Colonial Treasurer might go still further and find money for farmers at 4 per cent. We have no doubt that Mr Ward will appreciate commendation from such a source, but we are afraid that he will not see his way, just yet at any rate, to grant further concessions to borrowers under the Advances to Settlers Act. A margin of only f per cent between the rate paid for the loan and the rate charged for advances would be altogether too small to cover the costs and risks that are inseparable from the new departure. Mr Ensor may be quite sure, however, that the Treasurer will obtain the very best terms that can be safely offered to a class with which his own interests are closely identified. It is encouraging, in the meantime, to find the Chairman of the Association directing the attention of his fellow-farmers to the importance of the currency question. A reduction of 1 or 2 per cent in the rate of interest would mean a considerable saving to many of the farmers of Hew Zealand, but it would be as nothing compared with an advance of 10 or 20 per cent in the prices of their products. Mr Ensor stated a few leading facts bearing on this subject which cannot be brushed aside by the repetition of old fallacies about supply and demand. If greater economies and increased production are the only remedies for the agricultural depression the prospect is a gloomy one indeed. But Mr Ensor takes a brighter view of the situation. He shows how our farmers hayo been unfairly handicapped in their competition with Indian and Argentine producers, and urges the sufferers to support the present movement for the removal of their grievance. It is to be hoped that his advice has not fallen on barren ground.