INTERMEDIATE CREDIT

Evening Post, Volume CXI, Issue 92, 20 April 1931, Page 3

INTERMEDIATE CREDIT

At iJie monthly meeting of the Eural Intermediate Credit Board, held in Wellington, the following were present:— Colonel J. J. Esson (chairman), Messrs. J W Macdonald (Commissioner of Eural Intermediate Credit), John Brown, T. E. Corkill, Norton' Francis, J. N. Massey, and W. Waddel. An apology was receiv-. Ed from Mr. A. D. Park. The Commissioner reported that movements are afoot to form additional associations throughout the Dominion. The total number of associations now operating is 40, as the Otamatea Association, the last association formed, has now held its statutory general meeting, and is in a position to transact business. It was reported to the board that the applications by borrowers for revision of the basis of the repayment of their loans had been comparatively few, having regard to the existing financial conditions, and the position generally of the board s loans was the subject of favourable comment by members. . The board gave full consideration to tiie question of the obtaining by farmers of fertilisers to enable them to maintain and increase production for next season, it having been learned that many farmers, through financial stringency, proposed to restrict the application of fertiliser during the present season. The Government has invested a substantial sum in the boards debentures, and this sum will be made available to enable farmers to finance the purchase of fertiliser. Loans for the purchase of fertiliser will be made under the same conditions as loans made by the board for other purposes. The method ot obtaining accommodation most suited to the financing of the purchase of fertiliser is the board's discounting system, and valuable assistance can be given to their clients and suppliers by companies which are willing to endorse their clients and suppliers' promissory notes for discounting with the board. All that is required is for a company to apply to the board to have its endorsement of notes accepted. The board will advise the company to what extent its endorsement will be accepted. The system is expeditious and inexpensive, as no legal documents are necessary and no fees are payable. Companies may also assist their clients and suppliers to obtain loans from the board. The board, at its meeting, received several suggestions made with the object of further assisting in the purchase of fertiliser on favourable terms by farmers. The suggestions are under consideration, and it is anticipated that they will result in further facilities being made available.