A NEW" ZEALAND BANKING STORY.

Tuapeka Times, Volume XVII, Issue 1027, 26 March 1884, Page 6

A NEW" ZEALAND BANKING STORY.

There was, not so many years ago, a cruel time with the farmers in the Middle Island of" New Zealand. None could carry through till harvest, and the local manager set his face as brass against any appeal for accommodation. " I have 200 acres of wheat," said one farmer ; '• surely I can get £200. You can advance it, or y*ou can discount my bill." " There is a rule of the bank against discounting farmers' bills," was the reply; "but if you could obtain an endorsement it could be done " "My neighbours will endorse." "No; that would be farmers' business still." "The storekeeper then ?" "No; most of the storekeepers are too far overdrawn already; but there is the firii of X and Z — you might try them." X and Z were general agents, Btrangers from a far city. Z was an absentee partner ; X had a nose. X said to the farmer: " Tea ; but we must charge you ; you know the blight might come, or the fire come, or the hot wind might shake out the grain." ""Well, what will you charge for three months ? " " Just 5 per cent." The 5 per cent was paid, and many and many a farmer passed into the house of X and Z, and got the endorsement, and thence to the bank and obtained the cash. At the rate of 32 per cent per annum they paid for tbe little accommodation, and nothing was suspected until somewhat later Mr X came down, at whom Mr Banker did not look with a friendly eye ; and when X put it jocularly, " Yy shouldn't the women be friendish together in]a small place?" The banker, being sore in spirit or troubled in body, replied " We must draw the line somewhere." " Ye must, eh, sir! Ye didn't draw it at dividing commissions." The fat was all in the fire then \ and Mr Inspector coming round shortly after, the township got rid of the manager; but X did not get so many bills in future. There may be no similarity between that and the Adelaide business ; but if the banks would advance direct to the farmers instead of to the wheat-buyers, it is probable that a difference of 9d a bushel might be made in the price of wheat, and without any alteration in the price of bread. — " Sydney Mail."