Loans for farmers

Press, Volume CXVI, Issue 34097, 8 March 1976, Page 24

Loans for farmers

f.X Z. Press Association) WELLINGTON. The Rural Bank was ex-) pected to make adequate fin-' ance available to farmers undertaking worth-while development projects, the Minister of Agriculture (Mr MacIntyre) said. In a statement, he said that such finance would be available at an interest rate of 5J per cent for the first three years, in line with the ! Government’s monetary an-) nouncernents on Tuesday night. “To hold the cost of borrowing for development and encourage maximum use of 'first-mortgage finance from, other sources, the Rural Bank 'will in future lend on second ior subsequent mortgages at the same rate as it does on first-mortgage securities,” he I said.

i saiu. Those undertaking develop-; men, projects requiring bor- • rojving of more than $30,000 would no longer be penalised by the charging of a higher ) rate over the $30,000 limit. . He said the adoption of a • standard rate of 74 per cent ; would remove anomalies. Interest rates through Gov-; ernment agencies to the rural sector had not I • changed since 1971, despite I increases in private sector ‘ ! rates and in costs to the' 'Government.

Athletics.—Jim Hyun. once > America's premier distance runner. has announced that ho is retiring from professional track 'competition. Ryun said he made ; ;tho decision to end his injury-i I riddled career on the profes-i isional track circuit after pray-: ling one night.