A NEW ZEALAND BANKING STORY.

Oamaru Mail, Volume IV, Issue 1322, 20 March 1884, Page 4

A NEW ZEALAND BANKING STORY.

There wa3, not ao many yeara ago, a cruel time with the farmers in the Middle Island of New Zealand. Not one could carry through till harvest, and the local manager set his face as bras 3 against any appeal for accomodation. "I have 200 acres of wheat," said one farmer ; " surely I can get L2OO. You can advance it, or you can discount my bill." "There is a role of the bank against discounting fanners' bill's" was tho reply ; " but if you could obtain an endorsement it could be done." •' My neighbors will endorse." "No; that would be farmers' business atilL" " The storekeepers then ? " "No ; moat of the storekeepers are too far overdrawn already; but there is the firm of X and Z—you might try them." X and Z were general agents, strangers from a far city. Z was an absentee partner; X had a nose. X said to the farmer, " Yes ; but we must charge you ; you know tho blight might come, or the fire come, or the hot wind might shake out the grain." "Well, what will you charge V "For three months, just 5 per cent." The 5 per cent, was paid, and many and many a fanner passed into the parlour of X and Z and got the endorsement, and thence to the bank and obtained the cash. At the rate of 32 per cent, per annum they paid for tho little accommodation, and nothing was suspected till somewhat later Mr X came down, at whom Mr Banker did not look with a friendly eye ; and when X put it jocularly, " Yy should'nt the women be friendsh together in a Bmall place I" the banker, being sore in spirit or troubled in body, replied, "We must draw the line somewhere." "Ye mnst, eh, sir_! Ye did'nt draw it at dividing commissions." The fat was all in tho fire then ; and Mr Inspector coming round shortly after, the township got rid of its manager; but X did not get so many bills in future. There may be no similarity between tint and the Adelaide business; but if the banks would advance direct to the farmera instead of to the wheat buyere, it ia probable that a difference of about 9d a bushel might be made in the price of wheat, and without any alteration in the price of bread.—Sydney Mail.