INTERMEDIATE CREDIT

Evening Post, Volume CXI, Issue 40, 17 February 1931, Page 17

INTERMEDIATE CREDIT

The monthly meeting of the Kural Intermediate Credit Board was held in Wellington when, the following members were present:—Colonel J. J. Esson (chairman), Messrs. J. W. MacDonaia (Commissioner of Rural Intermediate Credit), John Brown, T. B. Corkill, Norton Francis, B. E. Hayes, J. N. Massey, M.P., and W. Waddel. The commissioner reported to the board that tihe registration, of the Huntly Co-operative Kural Intermediate Credit Association had been gazetted, and the statutory meeting held. The association is now in a position to transact lending business. The board confirmed the action taken by its local committee in regard to loan applications and other matters dealt with since the January meeting of the board. The amount of the loans granted during the month waß slightly less than for the preceding month, but this is usually the case during this period of the year. Tho number of applications received has, however, been very satisfactory.

The board considered a return of arrears of interest and instalments in regard to the loans granted by the board, and the opinion, was expressed that considering the conditions which are now ruling in the farming community the- position is most satisfactory. Borrowers have met their obligations very well, and none of the board's securities are causing anxiety at the present time. All the Co-operative Bural Intermediate Credit Associations havo now held their annual general meetings, and a report on matters of special interest which were raised in the annual I reports of the assocatious or at their moetings, was presented to tho board by the commissioner whon the matters mentioned were given full consideration.

Owing to the drop in the prices being received for primary products and the consequent fall in the value of live stock, a number of Co-operative Rural Intermediate Credit Associations have been reviewing the position, of all ■ Kho loans granted by them in order that the finances of the associations and the board may be adequately protected, ■while at tho same time borrowers may! be afforded any assistance possible.