RURAL CREDITS

Ashburton Guardian, Volume 48, Issue 85, 20 January 1928, Page 2

RURAL CREDITS

ACT OPERATES NEXT MONTH. BOARD NOT YET APPOINTED. WELLINGTON, January 19. The Rural Intermediate Credit Act ! passed last session provided facilities tor aii'ording financial assistance by ' means of loans for terms not exceeding live years to farmers and others engaged in primary production. The regulations were gazetted on December 22, 1927, and the Act. came into force on January 1. The administration of the scheme is vested in a Board, but the members have not yet been appointed. The question of the constitution of the Board comes within the scope of the Prime Minister's Department, and Mr Cc.-tes has been giving the matter his careful attention since the Act was p..ssed. It is understood, however, iiiat there has been a little difficulty in obtaining the services of one or two gentlemen who were considered very suitable for ths position of members of the Board. Probably this phase of the matter will be finalised on the Prime Minister's return to Wellington. The office of the Board, when appointed, will be at the Public Trust office, Wellington, and the position of Commissioner of Rural Intermediate, Credits is now held by the Public Trustee (Mr J. W. Macdonald). A large amount of detail work has been done by the Commissioner in arranging for the setting up of the necessary machinery involved in bringing the Act into* operation, including the appointment of district officers and the drafting of provisions to deal with the accountancy side of the business. The necessary instructions for "the guidance' of the staff as well as of the public have been

carefully prepared. The Commissioner; is now engaged in the preparation of a booklet of instructions to the public on the whole matter, but the final proof cannot, be passed until the Board has had an opportunity to pass judgment on the proposals generally .and has settled the outstanding questions of policy that must naturally, arise at the inception of so important a scheme. It may be stated that a large amount of important and valuable detail work has been completed which will undoubtedly; help to promote the success of the Act,; which it is expected will be in full op-! eration next month.