RURAL CREDIT

Dominion, Volume 22, Issue 71, 17 December 1928, Page 13

RURAL CREDIT

GOOD PROGRESS REPORTED TWENTY ASSOCIATIONS A meeting of the Rural Intermediate Credit Board was held in Wellington last Friday. T'ue report presented by the Commissioner o£ Rural Intermediate Cliedit (Mr. J. W. Macdonalu) showed that good progress with the scheme had been made since the last meeting o£ the board, and that an additional rural intermediate credit association had been formed iu the 'Wright's Bush district, with the title of The Central Southland Rural Intermediate Credit Association, Limited. The formation of this association brings the total number of the associations to twenty. Up to the present time tlnrty-mne companies and firms have been approved by the board for the purpose of guaranteeing loans granted to individual farmers under the provisions o£ part HI of the Rural Intermediate Credit Act, 1927. The greater number of the guaranteeing companies are co-operative dairy companies. The board has also accepted the endorsement of sixteen companies gnd firms, principally dairy companies, for the purpose of utilising the discounting provisions of the Act under which loans not exceeding £lOO in amount are made to farmers for minor requirements, such as the purchase of fertiliser, seed, and farming requisites, and for linancing the acquisition of small amounts ot additional stock. . . t The board unproved of the appointment of additional valuers in several of the districts on the nomination either of the district boards o.r of the directors of rural intermediate credit associations. lhe appointment of these valuers has become necessary in view of the increasing extent to which the scheme is being utilised. The board also gave consideration to certain proposals having as their object the facilitating of the work of rural intermediate credit associations so iliac the provisions of the Act giving opportunity to farmers to combine for the purpose of obtaining ready finance at a reasonable rate of interest may be fully availed of The board also decided that in future ali loans submitted through rural intermediate credit associations, and not exceeding £250 in amount, should be dealt with bv the district boards set up under the Act This decision was taken with a view to expediting the consideration of such applications. The board considered a number of loan applications submitted to it, approval being given in practically every ease to the recommendation of the district board or the directors of the rural intermediate credit associations concerned. . It was stated that there is every indication that as the close of the present dairying season approaches, and fanners commence to make their financial arrangements for the ensuing season, the facilities provided by the board for the obtaining of advances on stuck and chattels will be very largely.availed ot by the farming community.