RURAL ADVANCES

Dominion, Volume 26, Issue 105, 27 January 1933, Page 7

RURAL ADVANCES

A Satisfactory Position The satisfactory financial position of co-operative rural intermediate credit associations, was reported to the monthly meeting of the Rural Intermediate'Credit Board. The chairman, Colonel J. J. Essen, presided, members present including Messrs. J. W. Macdonald, Commissioner of Rural Intermediate Credit; John Brown, T. E. Corkill, Norton Francis, J. N. Massey. M.P., and AV. Waddel. The commissioner reported that all the 1932 annual general meetings of co-operative associations had been hold. While some associations had transacted only a limited amount of business owing to the conditions which were ruling in the farming industry militating against a large volume of business, there had! been' other eases in which the associations had made very satisfactory progress, the amounts advanced in several instances totalling more than £50,000. The position disclosed by the annual

accounts of the associations was generally satisfactory, although the excess of income ovpr expenditure of the majority of the associations had been small. It was evident that the results achieved were'largely attributable to the valuable services rendered by the directors and other officers of the associations, often on a gratuitous basis. Mr./K. J. Caverhill was appointed to fill the vacancies in the position of District Intermediate Credit Supervisor, Masterton, and chairman of the Wairarapa District Rural Intermediate Credit Board caused by the death of Mr. S. J. Smith. It was stated the board has an adequate supply of funds to meet all legitimate demands upon it, and is prepared to receive applications from existing borrowers or new applicants who are able to offer securities which are acceptable to the board. The board gave consideration to certain difficulties which have arisen in connection with the limitation of loans to the five-year period stipulated by the Rural Intermediate Credit Act, and approved of several suggestoons made by the commissioner to deal with cases where difficulty has arisen from the board’s requirements.