BURDEN OF INTEREST

Taranaki Daily News, 20 November 1934, Page 7

BURDEN OF INTEREST

THE NEED FOR CHEAPER RATES.

WAIRARAPA FARMERS’ VIEWS.

By Telegraph—Press Association. Masterton, Last Night.

Devoting several hours to-day to discussion of the report of the Dairy Industry Commission, the Wairarapa provincial executive of the Farmers’ Union spent the greater part of that time in an exchange of ideas on the subject of interest and rates. Opinions expressed were somewhat varied, but there was fairly general agreement that interest rates were likely to fall to a low level, and must do so in order that industry’s burden of costs might be supportable. A number of members contended that a first-class mortgage rate of 3% per cent, suggested by the Dairy Commission was too high. The opinion was freely expressed that better terms would be obtainable by allowing the interest rate to find its level than by attempting to fix rates.

It was agreed ultimately to urge on the Government the need for a further reduction in interest rates in keeping with current prices of produce. A resolution was also passed, with the object of preventing overlapping in the collection of cream.