EUROPEAN AGRICULTURE

Wanganui Chronicle, Volume 74, Issue 143, 19 June 1931, Page 8

EUROPEAN AGRICULTURE

MORTGAGE CREDITS GO THE SCHEME OUTLINED [ British Official Wireless. ] RUGBY, Juno 17. Referring in tho House of Commons to the scheme for an International Agricultural Mortgage Credits Company, which rose on discussions on the Commission of the European Union, tho Hon. A. Henderson said that its purpose was to make loans on mortgage through the central banks to peasant cultivators in Central and Eastern Europe, and in particular to assist them to change over from wheat-growing to other forms of agricultural production. It was hoped to raise £10,000,000 in tho various financial centres, of which £1,000,000 would bo issued at the outset. In addition, a special reserve fund of £1,000,000 would be set up, to which all of tho Government parties to the convention, would contribute. Tho British share would bo about £120,000.

It was proposed that this reserve be deposited with tho Bank of International Settlements, and should bear interest and, in due course, bo repaid out of the company’s profits.