INTERMEDIATE CREDIT

Evening Post, Volume CXVI, Issue 147, 19 December 1933, Page 21

INTERMEDIATE CREDIT

ADDITIONAL ADVANCES

A report on the manner in which, rural intermediate credit associations ; have exercised the power, delegated to them by the board by,way of trial for pne year, of granting further advances not exceeding £50 to any one borrower, was presented at the laet monthly^ ( meeting of the board. The report showed that as a rule the associations have exercised the power wisely and in conformity with the conditions laid down'by'the board, and that the continuation of the power J-would be fully'justified. Accordingly,:the board decided that the period of one year previously fixed should.be extended, and directors of associations are being authorised to continue to grant further' advances to the extent and on the terms already notified to them.

It was stated that the board has an adequate supply of funds for lending,, and that'farmers who were in need of assistance and who could meet the board's requirements would experience no difficulty in obtaining the requisite finance. , .

Reports showed that in almost every case associations . had had a satisfactory year, and that prospects were encouraging. Appreciation of the ready co-operation of the board's officers .in the working of the ■ associations has frequently been expressed. The board.noted these expressions of appreciation, and placed on record its satisfaction with the efforts of the staffs during the year. The next meeting of the board 'yill be held on February 9, 1934.