RURAL CREDIT.

Auckland Star, Volume LX, Issue 292, 10 December 1929, Page 21

RURAL CREDIT.

MORRINSVTLLE ASSOCIATION. \ i SHEEPFARMERS INCLUDED. p —— { (From Our Gtm Correspondent.) (J MOKRINSVILLE, Monday. c A most successful year's operations J was disclosed in the report and balancesheet presented at the annual general * meeting of the Morrinsville Co-op. Rural C Intermediate Credit Association on a Saturday. ? C The first application was received in C October, 1928, and since then advances j totalling £6795 had been granted to 11 £ shareholders. Now that the limit for loans has been raised from £1000 to 5 £2000 it was hoped to do business with J more farmers, especially sheepfarmers. c It was stated that more and more Wai- c kato farmers were going in for sheep, ; and it would be a pity if the idea got C about that because rural credit associations were backed by dairy companies £ they were exclusively for dairy farmers. • Mr. F. J. Moore, of Hamilton, district o supervisor of rural credit for South & Auckland, explained many points which £ were not clear regarding the working of £ the rural credit scheme. He stated that , the annual repayments of loans would be taken off cheques for milk during the | flush of the season, so that farmers £ would have the winter cheques and the 2 bonus cheque for their own use. No 0 shareholder need commence his payments until October 20, if his previous record was good. £ Mr. F. W. Seifert was unanimously re- % elected to fill the vacancy caused by his £ retirement in order of rotation. J