FARMERS’ FINANCE

Otago Daily Times, Issue 22545, 12 April 1935, Page 13

FARMERS’ FINANCE

TO THE EDITOR ' Sir, —Your sub-leader of April 6 commenting on the passage of the Mortgagors Adjustment'Bill through the Legislative Council is not devoid of that “narrow partisanship” and “ unreasoning unfairness” which you are so ready to impute to those who. do not _ agree with your opinion, as to the motive underlying the Government’s policy. That what you term "big business ” .does influence the Government policy is shown by the fact, derived from your published reports, that these important measures, affecting, according to the Finance • Minister, the vital financial security of 50 per cent, of the farmers of the Dominion, were hawked, round the country for the perusal, consideration and comments of the financial and commercial interests of the Dominion, whilst the farming community, whose- homes and means of livelihood were'at stake, was utterly ignored until the city and financial magnates were consulted and their, interests safeguarded. Again, from whom did the assurance of finance at 3-or 3i per*cent, to take up the mortgage corporation bonds emanate? 1 refer in this ,question to the Finance Minister’s- statements 'to the House in support of the' measure. Though questioned, he refused further information, but re.iteratedj'his’istatement and unless you dopßitStheiitkilth of his statement that finance was -I .'available at -3J per cent.,:it is- plainly evident he was acting and speaking in full accord with “big business.” And there is solid reason for believing that the. mortgage corporation bonds will cover much more ground than that of the rehabilitation of embarrassed farmers. In this one sweeping measure we see destroyed the greatest benefit ever conferred on ■ the farming community, namely, the Advances to Settlers Act This inestimably beneficent measure will be wiped off the Statute Book, and the greatest check on the greed of the private money-lender will disappear. Again, the Mortgage Adjustment Corporation Act passes* the whitewash brush over the tremendous losses,of .the “wild cat” loan operations under the 05 per cent, advances policy of the Government on the settlement of farm lands, bought at boom prices by the Government during the past few years, and the even greater losses under the system of 95 per cent, advances on city and suburban buildings will be thus hidden from the public. Unquestionably, the mortgage corporation and adjustment measures will hide many things which it is not considered desirable for the public to know, and aa both parties merged in the . Coalition are equally responsible, the “partisanship” must be in your article and not in the critics. —I am, etc., _ W. D. Mason. Middlemarch.- ApriT 6.