AGRICULTURAL BANKING

Manawatu Standard, Volume XLIV, Issue 1180, 1 December 1924, Page 11

AGRICULTURAL BANKING

OPINION OF HON. J. G. COATES. “NO USE STARTING A FIASCO.” AUCKLAND, Nov. 28. Finance was the chief need of settlers to-day, said the Hon. J. G. Coates, speaking at Waimauku yesterday, and the money was wanted at a reasonable rate of interest. At the same time it was no use toying with schemes such as the proposed farmers’ bank unless there was a reasonable chance that it would make cheaper money available, and be Could see no prospect that such a scheme would do so. It was no use saying that either lie or Parliament was out of sympathy with agricultural banking. Fanners were the most numerous class in the House, and they were only too anxious that money should lie found for land at a reasonable price. It had not yet been shown, however, how money could bo obtained more cheaply by a farmers’ bank. It was no use starting a liasco that would not meet the fanner’s need. Mr Coates said ho was not going into the arguments for a farmers’ hank, but he was for it if it could be shown to ho of use. At the same time, the farmers could not ask the rest of the Dominion to guarantee a .scheme to lend money cheaply, or for mStliing at all, and accept an unlimited liability; otherwise they would be giving to one class what they could not give to another. The Prime Minister was ready to find up to £150,000 for a land hanking scheme, but lie could not, mortgage the country for £20,000,000 or £25.000,000, even if he were prepared to. The scheme showed no prospect of providing money cheaper or as cheap as it could be got from other sources.