AGRICULTURAL BANKS

New Zealand Times, Volume XLIX, Issue 11296, 23 August 1922, Page 9

AGRICULTURAL BANKS

The farmers of New Zealand mu*t dismiss “as prejudiced," the Criticism of 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 hut tools of existing monetary syetems. 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, cheese, tallow, hides, skins, etc., then the Bank of New Zealand may soon find itself out of business; and the sooner this happens the better for the man on the land. Mr Massey may blbo find these so-to-be-called Agricultural Banks very useful for financing hydro-electric works, railway and road construction, and other necessary publio works. Local bodies may also find these bank* 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 so that New Zealand can convert wool, hides, skins, tallow, flax, ete., into manufactured goods, instead of exporting these products, will also fllid the Agricultural Banks most helpful for carrying out this great industrial enterprise. 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 of the man on the land. [Published by Arrangement.}