SQUEEZING THE FARMER.

Otago Witness, Issue 3829, 2 August 1927, Page 13

SQUEEZING THE FARMER.

INCREASE OF BANK RATES. WELLINGTON, July 28. A strong protest was voiced at the Dominion Conference of the New Zealand Farmers’ Union to-night against the recent action of the Associated Banks in increasing the rates on overdrafts and advances. The following Southland remit was carried:—“That this conference of the New Zealand Farmers’ Union protests against the Associated Banks increasing the rates on overdrafts and advances by per cent., and considers that the banks are taking an unjust advantage of the monopoly they hold, and claims that the Government should take action to protect the producers.”

Similar remits were received from Southern Hawke’s Bay, Nelson, South Taranaki, South Canterbury, and the combined conference.

i ba,lks have squeezed us white,” declared the president (Mr W. J. Polson), in stiongly supporting the remit, “and it ought to go forth from the farmers of this country that their indignation is at its highest. There might have been some 5 e . a r?” ‘ OI »P the rate on new over-' clraits as it had done, and new deposits; but there was no excuse for the banks putting on the screw on all overdrafts at a time when the farmers had their backs to tlie wall.”