AGRICULTURAL BANKS

New Zealand Times, Volume XLIX, Issue 11306, 4 September 1922, Page 2

AGRICULTURAL BANKS

■The farmers of New Zealand must dismiss "as prejudiced,’’ the criticism ef the Bank of New Zealand chairman, and tney must also ignore, as mercenary, the aueprficially gratuitous endorsements of Ur Elliot’s views by press writer*, who are but tools of existing monetary aysterns. Provided the. Agricultural Banka are empowered to issue legal tendercurrency on the security ox 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 noon find itself out of business; and the sooner this happens tbe better for the man on the land. ’ 1 Mr-Massey may. also find these so-to-be-called Agricultural Banks very useful for financing hydro-electric works, railway and road construction, and other neoesaary 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 so that New Zealand can 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'oid this great industrial enterprise. - The only persons who oppose Agricut. tural Banks, sate these who are too ignorant or too senseless to understand the functions of money, are bankers add money-lenders, and exporters and importers, who flourish at the expense af the man on the land. (Published hr Arrangement.]