FARMERS’ UNION.
CRITICISM OF THE BANKS. HAMILTON, October 3.
Caustic criticism of the prerogative pxercised by the banks, whereby companies working on overdraft get no advantage from the improved exchange rates, was voiced at the Waikato Farmers’ Union to-day. Mr J. H. Furniss, president, stated that the suppliers of the New Zealand Co-operative Dairy this year had lost £120,000 through what he termed the “ cold-blooded exploitation by the fianks ” and through agents’ commission. About |d per lb of butter-fat was lost through the exchange rate. A motion urging the Farmers’ Union to convene a conference was carried. Mr D. Bruce, a director of the New Zealand Dairy Company, detailed several abortive attempts at a marketing agreement between Amalgamated Dairies and the C.W.S. It was urged that as there was a prospect of the British Government adopting the bulk purchase system New Zealand should make an effort to po-operate with the C.W.S.
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Otago Witness, Issue 3995, 7 October 1930, Page 17
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151FARMERS’ UNION. Otago Witness, Issue 3995, 7 October 1930, Page 17
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