POSITION OF FARMERS

Taranaki Daily News, 22 March 1935, Page 5

POSITION OF FARMERS

MORTGAGE CORPORATION BILL. LEGISLATIVE COUNCIL DEBATE : By Telegraph—Press Association. . Wellington, Last Night The Legislative Council debate was continued on the second reading of the Mortgage Corporation of New Zealand Bill. The Hon. M. Fagan said the position of the farmers was not entirely due to the depression, but was attributable to extensive gambling in land between 1917 and 1929. He said he would oppose the Bill at every stage, as if submerged and destroyed valuable State lending departments. The Hon'. C. J. Carrington said he could not support the Bill unless it was altered in certain circumstances. He. considered other means could have been devised to meet a difficult situation. The Hon. W. Hayward said the Bill must be accepted as the considered opinion of the majority of the members • of the House and as such it was entitled to careful consideration, but he was prepared to say the legislation was both unnecessary and dangerous. The Hon. D. Buddo said no country could afford to neglect agriculture. It was essential that something should be done to stabilise farm mortgages in New Zealand.

The State Advances Department, said the Hon. Vincent Ward, would continue to function under the corporation and to carry out the department’s original function of lending money to workers and settlers at a low rate of interest The Council adjourned until 10.30 tomorrow morning.