LONG-TERM LOANS

New Zealand Times, Volume LIII, Issue 12485, 29 June 1926, Page 7

LONG-TERM LOANS

FINANCE FOR FARMERS NEW ZEALAND BANK SCHEME WAS MR POLSON RESPONSIBLE? Per Press Association. MASTERTON, June 28. “The Bank of New Zealand’s proposal to lend money on long term repayable mortgages is a fine compliment to Mr W. J. Poison’s work in getting more reasonable finance for farmers,” said Mr W. B. Matheson, acting Dominion president of the New Zealand Farmers’ Union to-day _ when asked for an expression of opinion on behalf of his organisation concerning the bank’s proposal. “In the early stages of Mr Poison’s campaign for a co-operative agricultural bank,” continued Mr' Matheson, “the proprietary hanks were naturally annoyed, and cleverly inferred that farmers were being treated as well as was good for them, and that better terms would only tend to make them plunge into a worse financial position. When the Government set up a commission of inquiry the first indication their assurance was when it was deem-

ed wise for two of them to accompany Mr Poison. • NEED FOR REFORM “During all thecc months in which the commission has been gathering evidence the Bank of New Zealand also seems to have been busy for an innovation such as they propose is not designed without much care. Surely their move is a further indication that there is need for reform. When' produce prices slumped in 1922 fanners were forced to search for cheaper money, and it is quite possible that the earning power of money may before long have a considerable fall, and farmers may find relief in that way. In the meantime it is good to see this offer of the bank to try and meet the situation. I have no donbt that Cabinet sees as clearly as I do that any concessions or permits wished for cannot properly be granted to any proprietary company until the commission returns and their report has been made public and dealt with by Parliament.’^