AGRICULTURAL BANKS

New Zealand Times, Volume XLIX, Issue 11305, 2 September 1922, Page 3

AGRICULTURAL BANKS

The farmers of New Zealand mnat diemiss "as prejudiced," the criticism of the Bank of New Zealand chairman, and tney must also ignore, as mercenary, the oueprficially gratuitous endorsements of Mr Elliot’s views by press writers, who are but tools of existing, monetary systems. Provided the Agricultural are empowered to issue legal tender currency on the security, of the farmer#? land, the farmers’ crops and live Stock, and the farmers' output of wool, meat, butter, cheese, tallow, Mdes, *kibs,'~etc-, then the Bank of New Zealand may soon find itself ont of business; ana ths sooner this happens the better for the man on the iand. Mr Massey may also find these so-to-be-called Agricultural Banka very useful for financing hydro-electrio works, railway and road construction, and other necessary pnbljo works. Local bodies may also find these banka most economical for financing antecedent liabilities and for important local body enterprises of various descriptions. Manufacture™ who favour Mr Massey's view that immigration should be encouraged so that New Zealand ran convert wool, hides, skins, tallow, flax, etc., into manufactured goods, instead of exporting these products, will also find the Agricultural Banks most helpful for carrying out this great indnstnal enterprise. The only persons who oppose Agricultural Banks, sate 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 tit' the expense of the man on the land. (Published hr Arrangement.]