RURAL CREDITS

Dominion, Volume 22, Issue 210, 1 June 1929, Page 13

RURAL CREDITS

ADDRESS TO FARMERS Dominion ‘ Special Service. Feilding,May 31. Mr. W. L. Grice, chairman of the Oroua Intermediate Credit Association, presided at a meeting of farmers held at Feilding this afternoon, when the Hon. J. G. Cobbe, Minister of Industries and Commerce, gave an address describing the operations of the Intermediate Credits Board and local associations. Mr. Cobbe gave a brief history of the formation of the board and the operations of the associations, explaining how the loans were made and the nature of the security required. The loans were not for the purpose of < acquiring land but principally on stock and chattels for the purpose of improving farms by drainage, manuring, or the improvement and increasing of herds. The Rural Credits Board was not a money-making, mstitution. ~ ; Mr. J. Snell, Deputy-Commissioner, replying to a question, said so far the board had not had to go on the market for money as an advance of £400,000 received from the Government, with the advances made, had enabled it to meet all requirements. The fact that the association was making a slow advance enabled the board to meet all requirements, and he was of opinion that it would be well to build up sure confidence in the board so that when it became necessary to go on the money market with bonds, investors would freely respond.