INTERMEDIATE CREDIT

Evening Post, Volume CXIV, Issue 102, 27 October 1932, Page 18

INTERMEDIATE CREDIT

, The monthly meeting of the Eural Intermediate Credit Board was held in Wellington, the ■■following members being presents-Colonelr J. J. Esson (chairman), Messrs, J. W. Macdonald (Commissioner of .Rural-. Intermediate Credit), /Johtt -Brown; Tv E. Coriill, Norton I^ancis, VT. N. Massey, G. C Bodda, and W. Waddel. The Commissioner reported that the newly-formed Central Hawkesßay Cooperative Rural Intermediate Credit Association which has its headquarters at Waipnkurau, has held its statutory meeting, and. will be in a position to commence business as.soon as all the members have: paid for their shares The registration of the Mercury Bay Association has been gazetted, and the statutory meeting is now being ar-

The annual general meetings of several associations- have been held and s^; tlsfa«tory progress has been recorded. faU in. the; values :of stock caused by.the: low prices for primary produce has militated against *he tran£ action of a large volume ot business, but steady progress has been .made and the. organisation, is available for the assistance; of farmers. InVmore than one case the ampunts advanced to-mem-bers have reached a^ total of £50,000 The board's annual report has,been prepared and with the annual accounts will shortly be presented to ParUament. '

Nearly two 'years ago the board decided to conserve its funds for the purpose of assisting in the maintenance and increase- of ■ production and since then loans have not been granted^ solely for .the purpose of paying existing liabilities unless the.farmers concerned have been able, with the assistance of loans from the board to obtain substan^ tial concessions from their mortgagees or other creditors. In-view 6f the satisfactory - position of ■ the^ board's funds it has now been decided thatthe restriction should be raised in suitable cases. " . .."■■:.:

_ A conference of associations in the ?^ th« Island held at.Dunedin on 11th October, and was attended by representatives from Bevea associations in North Canterbury, Otago, and Southland. The conference was presided over by Mr. John Brown, a member of the board, and there were also present the Deputy Commissioner of Bural Intermediate Credit. (Mr. J. Small) and the District Intermediate -Credit Supervisors at Christchurch, Dunedin, and InvercargilL A number of remits were brought forward and some of them were recommended to the board for-favour-able consideration. . The system has not. made the same progress in the South Island as in the North • Island; This ia partly attributable to the difference m farming conditions in the two islands, but it seems also-influenced by the fact that there are many farmers in the, South who ;aro not yet fully aware of the advantages offered by the system. The conference-should have a stimulating effect on the operations leading to increased business with corresponding benefit to the farming indus*ry- .T. ho holding of this conference in addition, to those held earlier in the year at Hamilton and Palmerston North completes-the programme for the pre-" sent year, but it is intended to hold? a further conference in the North Auckland district at a suitable dat» in the New Year., . . '