asked the Minister for Agriculture if, in order to promote and extend the breeding and rearing of good-quality live stock and to encourage the use of modern farm implements, he will introduce a scheme by which carefully-selected cows, sows, ewes, and farm implements will be sold to farmers on hire-purchase or long-payment terms at moderate interest rates.
Ceisteanna—Questions. Oral Answers. - Purchase of Live Stock and Farm Implements.
As stated in my reply to the Deputy's question on the 20th July, the substantial credit facilities already available for the purchase of live stock and agricultural requisites are constantly under review and, should it appear at any time that there is a pressing need for their extension, I would be prepared to go as far in that direction as our resources would permit.
There would, however, be difficulty in applying the hire purchase system to live stock. The hire purchase system would necessarily imply that the stock would remain the property of my Department until the hirer's debt had been discharged.
Long-term payment facilities would not, in the nature of things, be appropriate to the purchase of live stock, but the following facilities are available:—
(a) Loans of two-thirds of the purchase price at 4½ per cent. per annum, repayable in two annual instalments, are issued by my Department to purchasers of premium bulls selected by county committees of agriculture to keep such animals.
(b) My Department has an arrangement with the Agricultural Credit Corporation, Limited, for the issue of loans from £10 to £100 at 4½ per cent. per annum for the purchase of heifers.
(c) Loans of two-thirds of the purchase price at 4½ per cent. per annum repayable in five annual instalments are issued by my Department to purchasers of good-class stallions, in districts where their services are urgently needed.
The possibility of developing hire purchase facilities for the purchase of farm machinery, is, as stated in my previous reply to the Deputy, at present being examined, and I hope shortly to be able to reach a final decision on this matter.