OUGHT TO AID YOUNG FARMERS

Star (Christchurch), Issue 17880, 23 June 1926, Page 12

OUGHT TO AID YOUNG FARMERS

BANK’S SCHEME FOR LONG-DATED LOANS. “If it is the bank’s policy to bear in mind that there will come periods of depression as well as prosperity in these long-date arrangements, and if it intends to act in an elastic and reasonable fashion in bad periods the scheme will be an undoubted benefit,” said Mr W. Machin, president of the Canterbury Chamber of Commerce yesterday in referring to the Bank of New Zealand’s scheme for longterm loans.

“So -far as the scheme appears from the speech of the chairman of the Bank of New Zealand,” said Mr Machin, “ I think it is a very good one, and that the present is a very ap propriate time for introducing it- “ The principle of long-date loans under an amortisation arrangement for both the farming community and others who care to take advantage of it is well recognised to-day, and has proved suCr cessful in other countries. I can imagine it being welcomed particularly by young men, who, by hard work, hope to make good over a long period of 3-ears. Personally, I would much rather see a scheme of this kind carried out by a great bank than by the State, and have no doubt that business people in New Zealand will watch the discussions on the subject by the Government and its critics with considerable interest, and. will observe 'the scheme in operation (for T have no doubt that in its broad principles it must be accepted by the Government) with sympathetic approval. “I think it will in practice be much more beneficial . to the countrymen than to the townsmen, anrl, for very obvious reasons, it should stimulate production through offering the land as a career to a large number of young men, whose only hope would, lie in a scheme of this kind. Further, an arrangement of this character should be one of. the greatest possible inducements to thrift, which seems to be very necessary in this stage.of the history of New Zealand. “Although I have had no opportunity of consulting them, I ..think the members of my chamber will wish it every