FARMERS’ TROUBLES

Southland Times, Issue 21949, 25 February 1933, Page 6

FARMERS’ TROUBLES

“POOLING” ARRANGEMENTS. (From Our Parliamentary Reporter.) Wellington, February 24 The statement that in the course of the next few days-Government representatives would be interviewing stock and station agents and other financial institutions with a view to preventing them from spoiling any “pooling” arrangements in connection with farmers in difficulties was made in the House of Representatives this afternoon by the Minister of Justice, the Hon. J. G. Cobbe, in speaking to the second reading of the Mortgagors and Tenants Relief Amendment Bill.

Mr Cobbe said he hoped it would not be necessary to bring in legislation to make stock and station agents conform with the purpose of the legislation. He said that in respect of “pooling” arrangements between stock and station agents, mortgagees and others concerned, whereby the proceeds from a farm were divided among creditors unfortunately there were certain stock and station agents who refused to take part in the arrangements. If they did not refuse they participated under such conditions that any attempts to reach an equitable agreement was made abortive. Representatives of the Government would be interviewing financial firms on the matter in a day or two and he hoped it would not be necessary to introduce legislation to bring stock and station agents and financial institutions under the Bill. Farmers’ stock under lien to various concerns should be protected and the amounts some of the institutions were asking were out of all proportion to the depreciated value of stock.