HC Deb 26 March 1923 vol 162 cc29-30
70. Mr. BLUNDELL

asked the Minister of Agriculture whether he is aware that the Farmers' Land Purchase Company operates under conditions almost, exactly similar to those laid down in the Report of the Agricultural Credit. Committee; that this company is prepared to make. advances forthwith on the terms of the above Report provided that they receive an assurance from the Ministry that they will be recognised as an approved society subject to their complying with the terms of the Agricultural Credit Bill when introduced; and that a large number of farmers who purchased their farms between 1917 and 1921 are in great need of credit; and will he give an assurance to this company that it will be recognised as an approved society subject to its complying with the Regulations of the Ministry?

Sir R. SANDERS

The Report of the Agricultural Credit Committee, which has been approved by the Government, expressly contemplated the recognition of the Farmers' Land Purchase Company as an approved society for the purpose of carrying out the Committee's proposals for loans to farmers who purchased their farms during the operation of the Corn Production Acts, provided that the company agreed to a limitation of its dividends. The Report of the Committee has been approved by the Government, who intend to introduce a Bill based on the Committee's recommendations. I have no doubt, therefore, that subject to its complying with the Regulations of the Treasury on the passing of the Bill, the company will be recognised as an approved society.

Mr. BLUNDELL

Will the right hon. Gentleman recognise the company now, subject to their giving an undertaking to comply with the conditions?

Sir R. SANDERS

I cannot do that until the Bill has been passed.

72. Major RUGGLES-BRISE

asked the Minister of Agriculture whether he is now in a position to state the channel through which it is proposed to grant credit facilities to farmers, namely, whether through the existing banks, through co-operative credit societies not at present existing, or otherwise; and whether, in view of the urgency of farmers' needs, he will consider the former as being the most expeditious channel through which to operate?

Sir R. SANDERS

I would advise my hon. and gallant Friend to await the introduction of the Bill, but I can assure him that the suggestion contained in the latter part of his question will be carefully considered.

Major RUGGLES-BRISE

Will the right hon. Gentleman state what is the considered recommendation of his Department on the subject?

Sir R. SANDERS

No, Sir, I could not say that.