SMALL ARREARS

Dominion, Volume 28, Issue 112, 5 February 1935, Page 11

SMALL ARREARS

Rural Credit Board Favourable comment at the fact that a return of arrears as at December 31 showed that the arrears of interest amounted to only £250 was made at a meeting of the Rural Intermediate Credit Board in Wellington. Colonel J. J. Esson presided. In connection with the fixing of annual repayments or the granting of concessions, the board decided that where, after inspection of the security and investigation of the financial position of a borrower, the directors of an association are satisfied that the repayments recommended are reasonable, a certificate to this effect will be accepted by the board. It is believed that this modification will facilitate the transaction of the business of the associations without affecting the safety of the funds of the associations and the board.

Reference was made to the death of Mr. T. E. Corkill, who had been a member of the board since its inception. On the motion of the chairman, the board placed on record its appreciation of the valuable services rendered by Mr, Corkill, the esteem in which he was held by all members, and regret at'his death.