The Poverty Bay Herald. AND East Coast News Letter. PUBLISHED EVERY EVENING. TUESDAY, JULY 15, 1879.

Poverty Bay Herald, Volume VI, Issue 835, 15 July 1879, Page 2

The Poverty Bay Herald. AND East Coast News Letter. PUBLISHED EVERY EVENING. TUESDAY, JULY 15, 1879.

The official registry of mortgages m New Zealand discloses a very sad state of affairs as to the condition of men who farm their own lands. It appears that nearly tlu-ee-fourths of the agricultural holdings are subjected to liens, bearing interest at the extravagant rates of from 10 to as high as 15 per cent. Truly it may be said, that the vitals of the farmers ai'e being eaten away by the exorbitant demands of the money-lender. Until somethiug be done to alleviate the pitiable condition of farmers, we cannot hope for a better Btate of things than those which we witness around us m all directions. A movement to better the state of struggling men oppressed with such a dead weight of mortgage is now being set on foot. The Banks have vetoed any and all assistance to landholders, no matter iv what position they may stand. What is now being attempted is to induce the Government of the country to render that assistance which our large monetary institutions refuse to give. It will be urged upon Ministers during the present session to bring m a Bill which shall have for its purport the developing of the agricultural trade of the colony. The Governmant will be asked to step m between the farmers and their mortgages, which ai-e slowly, but surely draining away public resources, by being compelled to pay the enormous rates of interest which hard times, such as the 'present, bear m their train. A farmer cannot— it is utterly impossible he can — bear the strain of 12 or 15 per cent, placed upon him. Yet, there is no getting over the fact, that a man, pos- 1 sessing the land, implements, |

and other appliances needed to raise crops, and who requires further pecuniary assistance to make the property fructify, must go to the money-lender and pay this enormous interest demanded of him. The proposal may, at first, look a little Utopian, but it is, nevertheless, quite practicable. Several leading merchants m Christchurch are moving on the matter. In a few words it may be stated as follows. A few millions of English capital to transfer existing mortgages and enable unmortgaged property to be worked, would be safely and most beneficially applied at 6 per cent. Farmers m many instances would be glad if they were offered the opportunity of making over the fee simple to the Government for the capital value of their farms, taking leases from the Crown at 6 per per cent on the purchase money so received. As a further inducement, the Government must agree to return the Crown grants if the capital advanced was repaid within a stated period. So far as this proposal can be theoretically discussed we must confess that we cannot see any possible objection to it. Perhaps, were our colonial legislators engaged m developing schemes of this nature instead of trying to administer to their own personal ambition, the country at large would benefit more by their exertions than is the case at the present moment.