asked the President whether the Executive Council has under consideration any measure for the purpose of assisting farmers in the present depressed condition of agriculture and consequent depreciation in the value of land; if he is aware that farmers requiring capital to re-stock their land or carry out necessary improvements find it impossible to satisfy the demands now being made upon them in the matter of security owing to the restriction of credit by the Joint Stock Banks, and further instanced by the fact that the Agricultural Credit Corporation, in cases where a first mortagage on land, otherwise unencumbered, is offered, have in addition asked for the names of two solvent sureties willing to enter into a bond for the repayment of loans; and if he will state when proposals for legislation for the extension of Agricultural Credit will be introduced.
CEISTEANNA—QUESTIONS. ORAL ANSWERS. - ASSISTANCE TO AGRICULTURE.
The Government has continuously under consideration proposals for the purpose of assisting farmers in the present depressed condition of agriculture, and has within the past few years made provision for the granting of loans to co-operative societies on easy terms, for the making of loans to co-operative creamery societies, for the re-organisation of the dairying industry, and for the establishment of the beet sugar industry, and has provided the major portion of the capital of the Agricultural Credít Corporation.
I am aware that complaints have been made to the effect that in some cases farmers requiring capital to re-stock their land or to carry out necessary improvements find it difficult to obtain such capital owing to the requirements of the Joint Stock Banks and the Agricultural Credit Corporation in the matter of security.
The experience of the working of the Agricultural Credit Act, 1927, is not yet sufficient to enable a sound judgment to be formed as to what extension, if any, is necessary in the provision of Agricultural Credits.
Is the Minister satisfied that the provision already made through the Agricultural Credit Act adequately covers the question of Agricultural Credits?
We are not yet satisfied that a change is necessary. The Act has really been a comparatively short time in operation, and certain parts of the Agricultural Credit Corporation's functions have hardly been begun, so that it is too early to judge.