LOANS FOR FARMERS

Dominion, Volume 26, Issue 29, 28 October 1932, Page 5

LOANS FOR FARMERS

Intermediate Credit Board ACTIVITIES REVIEWED Nearly two years ago the Rural Intermediate Credit Board decided , to conserve its available funds for the purpose of assisting in the maintenance and increase of production, and since then loans have not been granted solely for the purpose of paying existing liabilities unless the farmers concerned have been able with the assistance of loans from the board to obtain substantial concessions from their mortgagees, or other creditors. In view of the satisfactory position of the board’s funds it has now been decided that the restriction should be raised in suitable cases, and the board will now grant loans for the payment of existing liabilities if the accounts are otherwise satisfactory. This was announced at the monthly meeting of the board which was held recently, the following members being present:—Colonel J. J. Esson (chairman), Messrs. J. W. Macdonald (Commissioner of Rural Intermediate Credit), John Brown, T. E. Corkill, Norton Francis, J. N. Massey, G. C. Rodda and AV. Waddel. The commissioner reported that the newly-formed Central Hawke’s Bay Co-operative Rural Intermediate Credit Association, which has its headquarters at IVaipukurau, has held its statutory meeting and will be in a position to commence business as soon as all the members have paid the necessary 1/- per share allotted to them. The registration of the Mercury Bay Association which will operate in the Mercury Bay district has been gazetted and the statutory meeting is now being arranged. The annual general meetings of several associations have been held and satisfactory progress has been recorded. The fall in the values of stock caused by the low prices received for primary produce has militated against the transaction of a large volume of business, but steady progress has been made and the organisation is available for the assistance of farmers who require and are able to take advantage of the benefits offered. Several of the associations have transacted a considerable amount of business and in more than one case the amounts advanced to members have reached a total of £50,000. It was stated that a conference of co-operative rural intermediate credit associations operating in the South Island was held- at Dunedin on. October 11 and was attended by representatives from seven associations in the North Canterbury, Otago and Southland districts. The conference, affording as it did an opportunity for the representatives of the associations to obtain up-to-date information in regard to the board’s policy, and permitting of an interchange of views between the associations and the board, should have a stimulating effect on the operations leading to increased business with corresponding benefit to the farming industry. The holding of this conference in addition to those held earlier in the year at Hamilton and Palmerston North completes the programme for the present year, but it is intended to hold a further conference in the North Auckland district at a suitable date in the New Year.