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Dáil Éireann díospóireacht -
Wednesday, 18 Oct 1939

Vol. 77 No. 5

Ceisteanna—Questions. Oral Answers. - Credit for Farmers.

asked the Minister for Finance whether he will, from the Exchequer or by agreement with the joint stock banks in Éire, provide credit for working capital to enable farmers to increase production in answer to the Government's appeal.

Steps have been taken to increase the facilities already provided for the agricultural community through the Vote for Agriculture, and it is proposed to make available from the Exchequer extended credit facilities to enable farmers to meet the need for increased agricultural production. Accordingly, subject to the approval of the Dáil, I propose to make available, through the Department of Agriculture, increased provision to enable farmers to get loans for the purchase of agricultural implements and additional moneys to enable them to purchase artificial manures at reduced prices. In addition, an extended grant will be made to the county committees of agriculture to enable them to provide lime during the coming season for agricultural purposes. Over and above these facilities farmers will continue to have at their disposal the services of the Agricultural Credit Corporation from which loans may be obtained for general agricultural purposes.

At what rate of interest?

Arising out of the Minister's reply, is he prepared to say now that the Government, or the joint stork banks at his instance, will consider providing credit by way of chattel mortgage on stock or crops in the ground, so that farmers may extend their tillage and increase their stock at once? One is conscious of the difficulties of chattel mortgage administration, but is the Minister prepared to override those difficulties in the special situation, and make such provision for the coming season? Otherwise, thousands of acres of land in this country must go unused this year, because those who own them have not got the liquid capital to stock or seed them.

I cannot make any promise of that kind without serious consideration.

Quite. Will the Minister undertake to examine the possibility of making available money on short term chattel mortgage, to enable persons to buy stock, seeds and, if necessary, labour, so that the land can be made to produce crops for the coming hardest?

I will certainly examine the matter, but I do not hold out much hope of getting money on chattel mortgage.

Arising out of the Minister's reply, would he inform the House how he can provide loans for agriculture if he has no control over credit in this country ?

Might I ask the Minister if he has heard of a suggestion from some source—at the moment I forget what is the source— that the Government should give a guarantee to the banks for two or three or four times the valuation of each farm, and thereby enable the banks to lend money to the farmers at a cheaper rate ?

No such suggestion has been brought to my notice.

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