RURAL CREDITS.

Press, Volume LXIV, Issue 19213, 20 January 1928, Page 8

RURAL CREDITS.

ACT TO OPERATE NEXT MONTH. BOARD NOT YET APPOINTED. [THE PEE 33 Speeial Serrlee.] WELLINGTON, January 19. The Rural Intermediate Credit Act passed 'last session provided facilities for affording financial assistance by means of loans for terms not exceeding fivo years to farmers and others engaged in primary production. The regulations were gazetted on December 22nd, 1927, and the Act came into force on January Ist. 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 Coates has been giving the matter his careful attention since the Act was passed. It is understood, however, that there has been a little difficulty in obtaining the services of one or two gentlemen who were considered very suitable for the 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 Kural 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 or the whole matter, but the final proo!' 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 he in full operation next month.