RURAL CREDIT BOARD

Evening Post, Volume CVII, Issue 58, 12 March 1929, Page 10

RURAL CREDIT BOARD

REPORT BY COMMISSIONER

The monthly meeting of the Rural Intermediate Credit Board was held in Wellington last Friday, all the members being present with the exception of Mr. T. E. Corkill, who is at present absent from New Zealand. .

The report of the commissioner, (Mr. J. W. Macdonald) .showed, that a considerable number .of applications for loans had been dealt with by the local .committee of the board at its weekly meetings during the preceding month, a feature of the month's work being the increasing extent to which the provisions of the Act permitting of the advancing of funds through rural intermediate credit associations are being availed of. It was. reported that conferences had been held with the directors of the Helensville/ Waiuku, and Oroua Associations, with the object of facilitating the working of the scheme, and that it> was intended to hold similar conferences with the other associations at the earliest, opportunity.

The commissioner stated that the recent decision of the board making additional financial resources available to associations to cover the cost of working in the initial stages had been communicated to- all associations, and that it was anticipated that tho decision would give great satisfaction.

The first ordinary meeting of the Wairarapa Association had been hold on' the 22nd February, and active lending operations had now been commenced. '.[ I

Regarding the discounting system which has been put in. operation by the board, the commissioner reported that an appreciative letter had been received from a leading co-operative dairy company expressing its satisfaction with the benefits which.'its suppliers had received through being able to obtain financial assistance by means of promissory notes endorsed by the company. It was also, reported that the facilities were being largely availed of by another co-operative dairy company to finance the purchase of a large quantity of fertiliser which had been obtained at a most favourable rate, and was being distributed to the company's suppliers against promissory notes obtained from them and endorsed by the company to the board.

In view of the favourable reception given to this simple and inexpensive method of obtaining finance, tho board has requested the commissioner to furnish a report to the next meeting of the board showing in what manner the system can be further extended and developed.

The board dealt with a number of applications received direct from farmers, the applications being supported by the guarantees of dairy companies. These applications had come to hand since the last meeting of the local committee of the board.

It was reported to the board that tho system of valuation decided upon when the scheme was introduced was working satisfactorily. The board approved of the appointment of additional valuers nominated by co-operative rural intermediate credit associations or recommended by district boards, the appointments being rendered necessary by the extension of the scheme to new districts.

Several valuable suggestions received from the Manawatu-Wellington District Board with the object of increasing the usefulness of the scheme to the farming community received full consideration.

It was reported to the board that information received from several of the districts indicated that as the dairying season is now drawing t* a close a marked increase in the lending operations of the board could confidently be anticipated during the next 'few months.

A refectory is to bo provided at Massey Agricultural College. The Primo Minister (the Bight Hon. Sir Joseph Ward) announced yesterday that Cabinet had approved of ia giant of £-9500 for the