FINANCE FOR FARMERS

Otago Witness, Issue 3595, 6 February 1923, Page 12

FINANCE FOR FARMERS

PROVISIONS 01*' PR AFT BILL. Provisions for loans up to £20,000 to farmers, as compared with the limit of £SOO, under (he Rural Credits Associations Act, passed by Parliament last session, is •made in a draft Agricultural Banking Bill prepared by the president of the New Zealand Farmers’ I'nion, Mr W. J. Poison, and submitted lo the- quarterly conference of the Dominion Executive of that body. According to statements made by Mr Poison to tXr New Zealand Herald, the Bill embraces (be systems of older countries designed to establish banks for the purpose of issuing bonds on a -proportion of the ascertained value of the land of farmers, and to do the franking business required by them. The bonds will be on first mortgage. There is provision for a een.ral executive of nine elected members. Provincial boards shall consist of fiine representatives. elected by the branches of the bank, which shall consist of no fewer than 15 members. Shares shall be of £lO, and the maximum number 200. Mr Poison said his Bill had yet lo be legally examined, in connection with existing banking law. There w r ere good prospects of its success. Front what, he had heard recently, he thought it would be passed.