CHEAPER MONEY.

Manawatu Standard, Volume XLIII, Issue 431, 23 June 1922, Page 5

CHEAPER MONEY.

MR. MASSEY OPTIMISTIC. The necessity for cheaper money was one of the points made by the Prime Minister at the A, and P. Association’s entertainment last evening. MR MASSEY OPTIMISTIC. Many people, stated Mr Massey, had purchased land during iho boom at impossible prices. He was, lie averred, very sorry for them. He could not imagine people being induced to do this, other than because it was human nature and as such would go on for all time. Many of those people had mortgages on their farms, and the interest rate was out of proportion to the prices these farmers were receiving for iheir produce This was one of the most difficult problems the country had. Happily, ho continued, ho did not view it as impossible of solution, but ho did blame those who during the country’s period of depression went about whining that the bottom was out of the country mid that the community would never he able to pay interest on the capital they had borrowed. Personally, ho believed (hat the security in New Zealand was as good lor money advanced as in any country in the world. As time went on New Zealand would got back to the position where people with money would be able to look upon broad acres as the best possible security they could get for their investments. That time would come and ihey had got to .help it to arrive. He was not able to commit the Government beyond a month or so, in view of the fact that die life of the present Parliament would soon he expiring; but he would do everything possible to assist, the people requiring borrowed capital to get it at the lowest possible rate of interest. (Applause.)