INTERMEDIATE CREDIT

Evening Post, Volume CXV, Issue 62, 15 March 1933, Page 15

INTERMEDIATE CREDIT

At the monthly meeting of the Eural Intermediate Credit Board, which, was held in Wellington, the following members were present:—Colonel J. J. Esson (chairman),' Messrs. J. W. Macdonald (Commissioner of Eural -Intermediate Credit), John Brown, T. E. Corkill, Norton Francis, and J. N. Massey, M.P. An apology, for absence was; received from Mr. W. Waddelon account of indisposition. ' • '■' •• ' ■ ' • . ..-

The board decided.to convert, under the New Zealand Debt Conversion Act, 1932-1933, the New Zealand Government inscribed stock which is held as an investment of the Rural Intermediate Credit Redemption Fund. As was reported when the last toturn of arrears of interest and instalments was presented to the board, the arrears of interest are comparatively small, and the position is satisfactory. With the object of ensuring that all cases of arrears shall receive adequate attention the board again reviewed its instructions relating to the supervision of accounts and collection of arrears, and is making certain suggestions to the local organisations in this connection.

The board recently delegated to local organisations the power to a limited extent to grant concessions. Reports submitted by the board's officers show that the power is being exercised prudently, and the delegation is being continued. In view of the low prices at present being received for dairy produce involving a revision of the terms of repayment of loans in some cases, the board has approved of an extension of the delegated powers of local organisations to grant concessions.

The board's authority was given for the winding up of an association in the South Island which has found itself Unable to carry on Its operations. '