🏢 Royal Commission on Rural Credits
ⓘcURL request stats
Status: 200Connected to 202.175.131.219 via HTTPS in 0.0241 seconds
Downloaded 10.6875 kB
Done in 0.1083 seconds
Raw data from Axiell backend
Array
(
[entityType] => ITEM
[entity] => Array
(
[contextId] => aims
[description] => Array
(
[0] => The Royal Commission on Rural Credits was appointed to conduct investigation of systems of rural finance in force in other pastoral countries and their suitability for adoption in New Zealand.
)
[id] => AFPJ
[idSort] => AFPJ
[name] => Royal Commission on Rural Credits
[custom] => Array
(
[custom2] =>
-
Papers Past website (National Library of New Zealand Te Puna Matauranga o Aotearoa), https://paperspast.natlib.govt.nz/ (accessed 1 December 2021).
-
Statistics New Zealand Tatauranga Aotearoa website - Yearbook Collection: 1893 to 2012, https://www.stats.govt.nz/indicators-and-snapshots/digitised-collections/yearbook-collection-18932012/ (accessed 1 December 2021).
-
New Zealand Gazette, 17 September 1925, No.64, Government Printer, Wellington.
)
[identifier] => Array
(
[priref] => Array
(
[0] => 2966
)
)
[agentControlRelation] => Array
(
[0] => Array
(
[name] => Dominion of New Zealand
[type] => controlled_by
[hasBeginningDate] => Array
(
[normalizedValue] => 1925-01-01T00:00:00.0Z
[dateQualifier] => Array
(
[0] => exact
[1] => yearOnly
)
)
[hasEndDate] => Array
(
[normalizedValue] => 1926-01-01T00:00:00.0Z
[dateQualifier] => Array
(
[0] => exact
[1] => yearOnly
)
)
[itemType] => Organisation
[relationHasSource] => A0009
)
)
[agentMandateOther] => Array
(
[0] => Commissions of Inquiry Act 1908
)
[agentType] => Central government
[authorityRelation] => Array
(
[0] => Array
(
[name] => DA576
[type] => covered_by
[hasEndDate] => Array
(
[type] => ExpiryDate
[normalizedValue] => 2026-08-02T00:00:00.0Z
)
[itemType] => Disposal Authority
[relationHasTarget] => DA576
)
[1] => Array
(
[name] => DA558
[type] => covered_by
[hasEndDate] => Array
(
[type] => ExpiryDate
[normalizedValue] => 2026-05-17T00:00:00.0Z
)
[itemType] => Disposal Authority
[relationHasTarget] => DA558
)
[2] => Array
(
[name] => DA278
[type] => covered_by
[hasEndDate] => Array
(
[type] => ExpiryDate
[normalizedValue] => 2017-03-26T00:00:00.0Z
)
[itemType] => Disposal Authority
[relationHasTarget] => DA278
)
[3] => Array
(
[name] => DA169
[type] => covered_by
[hasEndDate] => Array
(
[type] => ExpiryDate
[normalizedValue] => 2015-02-01T00:00:00.0Z
)
[itemType] => Disposal Authority
[relationHasTarget] => DA169
)
[4] => Array
(
[name] => DA102
[type] => covered_by
[hasEndDate] => Array
(
[type] => ExpiryDate
[normalizedValue] => 2015-10-01T00:00:00.0Z
)
[itemType] => Disposal Authority
[relationHasTarget] => DA102
)
[5] => Array
(
[name] => DA101
[type] => covered_by
[hasEndDate] => Array
(
[type] => ExpiryDate
[normalizedValue] => 2015-10-01T00:00:00.0Z
)
[itemType] => Disposal Authority
[relationHasTarget] => DA101
)
[6] => Array
(
[name] => DA100
[type] => covered_by
[hasEndDate] => Array
(
[type] => ExpiryDate
[normalizedValue] => 2015-10-01T00:00:00.0Z
)
[itemType] => Disposal Authority
[relationHasTarget] => DA100
)
)
[digitalRecordInArchive] =>
[hasBeginningDate] => Array
(
[type] => YearStart
[normalizedValue] => 1925-01-01T00:00:00.0Z
[dateQualifier] => Array
(
[0] => exact
[1] => yearOnly
)
)
[hasEndDate] => Array
(
[type] => YearEnd
[normalizedValue] => 1926-01-01T00:00:00.0Z
[dateQualifier] => Array
(
[0] => exact
[1] => yearOnly
)
)
[history] =>
Establishment
The Royal Commission on Rural Credits was established by the Governor-General on 28 August 1925. It was formed to inquire into the question of the necessity or expediency of passing legislation for the purpose of affording further financial assistance to farmers.1
The following persons were appointed to the Commission:
- Colonel James Jacob Esson CMG (Chairman);
- Mr. Percy Harper Cox; and
- Mr. William John Poulson.2
On establishment, the Commission was required to present its report to the Governor-General no later than 30 June 1926. However, and extension was granted prior to June.
Terms of Reference3
The Royal Commission on Rural Credits was tasked with inquirying into and reporting on the following matters:
- The financial assistance afforded to farmers in countries and States of Europe, Egypt, and America, by means of land mortgage bonds, or through land credit associations, or in any other manner.
- The legislation in force and the methods adopted by the Governments of such countries and States to afford such financial assistance.
-
The means by which such financial assistance was afforded to farmers, and in particular—
- The nature of the security given by farmers, the periods for which loans were advanced, the rates of interest payable, and the provisions for amortization of debt.
- The provisions for realization of securities in cases of default.
- The margin of security required, its sufficiency or otherwise, and the means adopted for valuing securities.
- The restriction or otherwise of loans to defined and limited purposes, such as improvements to farms, additions, or purchases of stock, and the means by which any such restrictions were enforced.
- The extent to which members of any group of borrowers were liable for the default of any one of them.
-
The means by which, moneys were raised for the purpose of affording such financial assistance, and in particular—
- The nature of the security upon which such moneys were raised, the periods for which such moneys were raised, the rates of interest payable, and the provisions made for repayment of capital.
- The denominations of bonds or other instruments of security, and the means of transfer and realization thereof.
- The extent to which such securities or the institutions issuing the same were subject to Government supervision.
- The extent to which support was granted by the said countries and States to such securities, or the institutions issuing the same, by way of guarantee, or provision of capital, or exemption from taxation, or otherwise.
-
The working results and comparative advantages of the various methods of affording such financial assistance as aforesaid, and in particular—
- The extent to which the assistance afforded was made use of.
- The extent to which losses occur, and the incidence of such losses.
- The market value of securities upon which moneys for the purposes aforesaid are raised, and the fluctuations (if any) in such value.
- The relative success of the issues of securities by co-operative groups of farmers or landowners and by independent financial institutions.
- In the case of the issue of securities by independent financial institutions, whether it was essential or desirable that all persons borrowing should be shareholders of such institutions.
- How far it is advisable that members of any group of borrowers should be made liable for the default of any one of them.
- The advisability of the adoption in the Dominion of New Zealand of one or more of such methods aforementioned, and the modifications therein (if any) which the conditions of the Dominion require or experience shows to be desireable.
- Generally any matters that appear to the Commission to be relevant to or connected with the matters included in the scope of the inquiry or of importance in considering the adoption in New Zealand of any such method of affording financial assistance to farmers.
The Commission was authorised to conduct any inquiries at such times and places as it deemed necessary, including New Zealand and countries in Europe, Egypt and America.
Itinerary4
P. H. Cox and W. J. Poison arrived in Canada on 17 September 1925, and after investigating rural credit conditions in each of the Canadian provinces proceeded to the United States, where they continued their research. They were joined by the Chairman, J. J. Esson, at San Francisco on the 15th December.
The headquarters of eight of the twelve federal land banks which constituted the farm loan system of the United States were visited, after which the Commission went to South America. Investigations were made in Peru, Chile, Argentina, Uruguay, and Brazil.
On 25 February 1926, the Commission sailed from Rio de Janeiro for Europe. During the months of March and April the systems of France, Germany, Denmark, The Netherlands, and Belguim were examined, after which the Commission returned to England, where further information was obtained.
Owing to the immense field to be covered in the limited time at the disposal of the Commission, only leading statesmen, financial authorities, economists, representative bankers, and farmers were interviewed, but, wherever possible, the effect of the operations of the various systems was ascertained at the headquarters and branches of the respective organizations, whose reports and balance-sheets were carefully scrutinized.
The Commission was unable to visit Egypt due to an uncertain state of affairs in that country.
Disestablishment
The Royal Commission on Rural Credits completed its inquiries in July 1926 and presented its report to the Governor-General on 31 July.
Footnotes:
- New Zealand Official Yearbook 1928 Statistics New Zealand Tatauranga Aotearoa website - Yearbook Collection: 1893 to 2012- https://www3.stats.govt.nz/New_Zealand_Official_Yearbooks/1928/NZOYB_1928.html?_ga=2.231134879.1292433531.1638348227-1802793607.1539730664 (accessed 1 December 2021).
- Appointment of Commission of Inquiry - Agricultural Banks and Rural Credits abroad, page 2574, New Zealand Gazette, 17 September 1925, No.64.
- Ibid.
- Page 4, Report of the Royal Commission on Rural Credits, B.5, Appendix to the Journals of the House of Representatives 1926, Volume I - Papers Past website (National Library of New Zealand Te Puna Matauranga o Aotearoa), https://paperspast.natlib.govt.nz/parliamentary/AJHR1926-I.2.1.3.10 (accessed 1 December 2021).
Show History
Establishment
The Royal Commission on Rural Credits was established by the Governor-General on 28 August 1925. It was formed to inquire into the question of the necessity or expediency of passing legislation for the purpose of affording further financial assistance to farmers.1
The following persons were appointed to the Commission:
- Colonel James Jacob Esson CMG (Chairman);
- Mr. Percy Harper Cox; and
- Mr. William John Poulson.2
On establishment, the Commission was required to present its report to the Governor-General no later than 30 June 1926. However, and extension was granted prior to June.
Terms of Reference3
The Royal Commission on Rural Credits was tasked with inquirying into and reporting on the following matters:
- The financial assistance afforded to farmers in countries and States of Europe, Egypt, and America, by means of land mortgage bonds, or through land credit associations, or in any other manner.
- The legislation in force and the methods adopted by the Governments of such countries and States to afford such financial assistance.
-
The means by which such financial assistance was afforded to farmers, and in particular—
- The nature of the security given by farmers, the periods for which loans were advanced, the rates of interest payable, and the provisions for amortization of debt.
- The provisions for realization of securities in cases of default.
- The margin of security required, its sufficiency or otherwise, and the means adopted for valuing securities.
- The restriction or otherwise of loans to defined and limited purposes, such as improvements to farms, additions, or purchases of stock, and the means by which any such restrictions were enforced.
- The extent to which members of any group of borrowers were liable for the default of any one of them.
-
The means by which, moneys were raised for the purpose of affording such financial assistance, and in particular—
- The nature of the security upon which such moneys were raised, the periods for which such moneys were raised, the rates of interest payable, and the provisions made for repayment of capital.
- The denominations of bonds or other instruments of security, and the means of transfer and realization thereof.
- The extent to which such securities or the institutions issuing the same were subject to Government supervision.
- The extent to which support was granted by the said countries and States to such securities, or the institutions issuing the same, by way of guarantee, or provision of capital, or exemption from taxation, or otherwise.
-
The working results and comparative advantages of the various methods of affording such financial assistance as aforesaid, and in particular—
- The extent to which the assistance afforded was made use of.
- The extent to which losses occur, and the incidence of such losses.
- The market value of securities upon which moneys for the purposes aforesaid are raised, and the fluctuations (if any) in such value.
- The relative success of the issues of securities by co-operative groups of farmers or landowners and by independent financial institutions.
- In the case of the issue of securities by independent financial institutions, whether it was essential or desirable that all persons borrowing should be shareholders of such institutions.
- How far it is advisable that members of any group of borrowers should be made liable for the default of any one of them.
- The advisability of the adoption in the Dominion of New Zealand of one or more of such methods aforementioned, and the modifications therein (if any) which the conditions of the Dominion require or experience shows to be desireable.
- Generally any matters that appear to the Commission to be relevant to or connected with the matters included in the scope of the inquiry or of importance in considering the adoption in New Zealand of any such method of affording financial assistance to farmers.
The Commission was authorised to conduct any inquiries at such times and places as it deemed necessary, including New Zealand and countries in Europe, Egypt and America.
Itinerary4
P. H. Cox and W. J. Poison arrived in Canada on 17 September 1925, and after investigating rural credit conditions in each of the Canadian provinces proceeded to the United States, where they continued their research. They were joined by the Chairman, J. J. Esson, at San Francisco on the 15th December.
The headquarters of eight of the twelve federal land banks which constituted the farm loan system of the United States were visited, after which the Commission went to South America. Investigations were made in Peru, Chile, Argentina, Uruguay, and Brazil.
On 25 February 1926, the Commission sailed from Rio de Janeiro for Europe. During the months of March and April the systems of France, Germany, Denmark, The Netherlands, and Belguim were examined, after which the Commission returned to England, where further information was obtained.
Owing to the immense field to be covered in the limited time at the disposal of the Commission, only leading statesmen, financial authorities, economists, representative bankers, and farmers were interviewed, but, wherever possible, the effect of the operations of the various systems was ascertained at the headquarters and branches of the respective organizations, whose reports and balance-sheets were carefully scrutinized.
The Commission was unable to visit Egypt due to an uncertain state of affairs in that country.
Disestablishment
The Royal Commission on Rural Credits completed its inquiries in July 1926 and presented its report to the Governor-General on 31 July.
Footnotes:
- New Zealand Official Yearbook 1928 Statistics New Zealand Tatauranga Aotearoa website - Yearbook Collection: 1893 to 2012- https://www3.stats.govt.nz/New_Zealand_Official_Yearbooks/1928/NZOYB_1928.html?_ga=2.231134879.1292433531.1638348227-1802793607.1539730664 (accessed 1 December 2021).
- Appointment of Commission of Inquiry - Agricultural Banks and Rural Credits abroad, page 2574, New Zealand Gazette, 17 September 1925, No.64.
- Ibid.
- Page 4, Report of the Royal Commission on Rural Credits, B.5, Appendix to the Journals of the House of Representatives 1926, Volume I - Papers Past website (National Library of New Zealand Te Puna Matauranga o Aotearoa), https://paperspast.natlib.govt.nz/parliamentary/AJHR1926-I.2.1.3.10 (accessed 1 December 2021).
- Papers Past website (National Library of New Zealand Te Puna Matauranga o Aotearoa), https://paperspast.natlib.govt.nz/ (accessed 1 December 2021).
- Statistics New Zealand Tatauranga Aotearoa website - Yearbook Collection: 1893 to 2012, https://www.stats.govt.nz/indicators-and-snapshots/digitised-collections/yearbook-collection-18932012/ (accessed 1 December 2021).
- New Zealand Gazette, 17 September 1925, No.64, Government Printer, Wellington.
- Commissions of Inquiry Act 1908
- 🏛 Dominion of New Zealand (1925 ‑ 1926)