AGRICULTURAL BANKS
The farmers of New Zealand must dismiss “as prejudiced," the criticism ol the Bank of New Zealand chairman, and they must also ignore, as mercenary, the sueprficially gratuitous endorsements of Mr Elliot's views by press writers, who are but tools of existing monetary systems. Provided the Agricultural Banks are empowered to issue legal tender currency on the security of the farmers' land, the farmers’ crops and live stock, and the farmers’ output of wool, meat, butter, t&eese, tallow, hides, skins, etc., then the Bank of New Zealand mar soon find itself out of business; and the sooner this happens the better for the man on the land. Mr Massey may also find these so-to-be-called Agricultural Banks very useful for financing hydro-electrio works, railway and road construction, and other necessary public works. Local bodies may also find these banks most economical for financing antecedent liabilities and for important local body enterprises of various descriptions. Manufacturers who favour Mr Massey’s view that immigration should be encouraged 60 that New Zealand can convert wool, hides, skins, tallow, flax, etc., into manufactured goods, instead of exporting these products, will also find th« Agricultural Banks most helpful for carrying ont this great industrial enter prise. The only persons who oppose Agricultural Banks, save those who are too ignorant or too senseless to understand the functions of money, are bankers and money-lenders, and exporters and importers, who flourish at the expense oi the man on the land. [Published by Arrangement.]
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Bibliographic details
New Zealand Times, Volume XLIX, Issue 11294, 21 August 1922, Page 6
Word Count
246AGRICULTURAL BANKS New Zealand Times, Volume XLIX, Issue 11294, 21 August 1922, Page 6
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