MONEY FOR FARMERS.

Matamata Record, Volume XV, Issue 432, 7 May 1923, Page 4

MONEY FOR FARMERS.

COMPREHENSIVE LOAN. £2.1,000,000 Suggested. A year or so ago the Putavuru District Development Board wrote to the Prime Minister suggesting that, say should be borrowed by the Government at the reduced rate of interest ruling at Home -and be applied in this country to constructive and reproductive work, as a major measure of increasing production and dispelling the effects of the slump. Mr. Massey promised to give the suggestion his earnest consideration hut since no further word has been received from him on the matter. At Tuesday evening's meeting of the Board members referred again to the subject, stating that the necessity for cheap money for the primary producers to enable them to put themselves into a tolerably satisfactory financial position and substantially increase production was becoming more and more evident, especially with the prospect of the abolishment of the ' moratorium looming evev nearer. Tt j was pointed out that leading finan--1 ciers such as Sir Joseph Ward had 1 since also advocated the borrowing |of £2s,ooo,ooo—the exact sum sugI "rested by the Development Board— I aeainst the uplifting of the moratorium. The meeting unanimously agreed to write asking Mr. Massey the result of his consideration of the matter. Also it was agreed at the same time to endorse the protest by the Putavuru branch of the Farmers' Union I against the incidence of taxation •whereby over 7s in.the £is charger as income tax on money received from farm mortgages as against on y 2s 6d and 3s in the case of local body and company debentures, this anomalv it being declared, militating I against the lending of money on I broad acres.