CHEAP MONEY FOR FARMERS.

Tuapeka Times, Volume XVIII, Issue 1213, 13 January 1886, Page 5

CHEAP MONEY FOR FARMERS.

The member for Hokonui, Mr C. Cowan, at a meeting at Invercargill on Saturday to consider the agricultural depression, said the question was one of momentous concern to the district he had the honor to represent. The object of the meeting was, he understood, to devise means for the assistance of the farmers, an object which he took a great interest in, and which he felt it his bounden duty to support. As most were aware, the country was indebted to Mr Jas. Macandrew, M.H.R., for bringing this matter before Parliament last session, and, as a result of his so doing, a committee was appointed of which he (Mr Cowan) was a member, to enquire and report. He described what bad been done in the House in regard to the question, stating that the Government claimed to have done something in the right direction by offering the deferredpayment settlers increased facilities for capitalising on their holdings, so that they had only to pay five per cent on the value. It was further shown that the Insurance Department had a large amount to invest, some £900,000 ; and were prepared to make advances on securities of land at six per cent —in fact advances on these terms were now being made. The Committee became divided as to the propriety of the Government going further than this, some of them thinking that the Government should borrow money in the London market at four per cent and lend it to farmers at five per cent, while the others, the majority, considered it would be unwise to pledge the credit of the country in such a way. He was, he would frankly admit, one of the majority. In his opinion the Government should assist the farmers by enabling them to increase the productions of their lands, and the best way to accomplish that would be to advance them money for drainage and other similar purposes. The investigations which had been made showed that a large proportion of the New Zealand holdings were already encumbered, while the Committee were unanimously of opinion that any advances made by the Government should be made on first securities. He thought it would be to the interest of present mortgagees to allow the Government to take precedence, for the drainage, etc., done with the Government advances would greatly increase the value of the land and improve the relations between mortgagors and mortgagees. When the matter came before the House, great opposition was shown to it. but he had hopes that some legislation in the required direction would be given effect to, although not immediately. The Parliamentary machinery was somewhat cumbrous, and it took a long time after the introduction of anything to bring it to a successful issue. He thought, however, that a majority of the members would favor a scheme such as he had indicated. — " Mataura Ensign."