Suspensory loans to farmers
Sir, —If a farmer is granted a loan, a direct credit is made to the farmer’s current account with a stock and station agency or bank. Published details are vague. May I ask: Is the stock and station agency or bank concerned obliged to Use this finance to assist the farmer meet essential commitments (interest on mortgages, topdressing, etc.), or can it refuse such credit and use this loan finance to reduce or pay off the farmers overdraft on their books?—Yours, etc., INTEREST OVERDUE. December 16, 1971. [Mr M. C. Tipping, secretary of the North Canterbury Stock and Station Agents’ Association, replies: "Aid to
fanners by way of suspensory loans expired on October, 1970. It appears your correspondent is referring to supplementary loans granted to fanners who produce a cash flow budget showing a deficiency on the season’s trading, after allowing for interest payments etc. Applications for these loans are handled by the farmer’s seasonal financier.”]
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Bibliographic details
Press, Volume CXI, Issue 32797, 23 December 1971, Page 12
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160Suspensory loans to farmers Press, Volume CXI, Issue 32797, 23 December 1971, Page 12
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