TO POPULARISE LENDING.

Putaruru Press, Volume V, Issue 176, 17 March 1927, Page 6

TO POPULARISE LENDING.

| ON RURAL SECURITIES. Proposed Income Tax Remission i A suggestion with the object of popularising lending on rural securities was made at Saturday evening’s meeting of the Morrinsville branch of the N.Z. Farmers’ Union. Mr. J. E. Leeson said farmers had received little help from the Government except advice. He said that only those with influence could obtain loans from the State Advances Department. He proposed a remit to the Dominion conference that in order to popularise lending- on rural securities the Government should remit the income tax on income derived from loans for at least seven years on farm property. Mr. Leeson added that he was dubious as to the result of the proposition but if this concession could be obtained he was sure there would be far more money available for rural lands. Mr. F. W. Seifert seconded, saying that the Government had never considered the farmers’ interests in this connection. He could give instances of State Advances money having been advanced for the building of town ■ residences which were intended for immediate sale, yet legitimate farmers were told that money was not available. Also local bodies could borrow money at a lower rate than the farmers. He thought this was wrong as it would be better for that money to go into farms than for providing town conveniences which were secondary considerations as compared with those of the farmers. Mr. P. S. Philpott: It would tend J to bring interest down. 1 Mr. Leeson: Yes. With the president remarking that he did not think the Government would act upon the suggestion, the motion was carried unanimously.