THE FARMERS’ UTOPIA.

Otago Daily Times, Issue 19801, 28 May 1926, Page 12

THE FARMERS’ UTOPIA.

CO-OPERATIVE BANKING. (Peb United Press Association.) NAPIER. May 27. A striking piece of imagery, in which the whole body of-the instance companies and the banks ib their alleged discourage; ment of the establishment of farmers banks and insurance schemes were described as the leading potential rivals who were enticing farmers away from secret and coveted gold mines, was used by a member of the Hawke's Bay I armers Union at its meeting to-day. The Mmpanies were likened to a plover which, under the pretended affliction of a broken wing, led too attentive people away from its nest egg. . . The speaker, in advocating the establishment of a farmers’ bank, insurance scheme, and superannuation fund, added that the only reason that such a scheme met with opposition was that there was merit in it. If it were no good it would not be opposed, and that it was opposed was proof that it was likely to be a success. Assuming that a mortgagor had a mortgage of £IOOO for which he "RS pajin" 6 per cent, interest, and which he could get under a co-operative scheme for 34 or 4 per cent., lie would thus save about £2O per year. -Would it uot pay,” asked the speaker, “to put that £2O into the funds of the farmers* hank? If such a thing were established we would liud that the farmers, instead of being the most unimportant people in the country, would be recognised as what they arc —the men who are carrying the whole country on their hacks. But we must combine, because it is no good trying to do anything alone. It has to be tried like any other machine. The agricultural bank would be the salvation, not of the farmers individually or collectively, but of the whole community. In 20 years’ time the farmers would be able to buy Xew Zealand and to pay cash for it. If we would cooperate we could control the finances of the whole Dominion it we wanted to. Every man has a right to asssitancc when he is', like the farmer, developing an in -. dnstry that is of value to the country.” The subject developed a keen and prolonged discussion, nad was brought to a head by the passing of the following motion: “That it be a recommendation from this meeting to the Farmers’ Union's Dominion Executive to appoint a committee consisting of Mr Barrer. and one representative from each province, to consider the merits of a farmers’ mutual life insurance scheme on the lines suggested by Mr Barrer, and also the possibilities of working it in conjunction with cooperative hanking."’