INTERMEDIATE CREDIT

Evening Post, Volume CXIX, Issue 30, 5 February 1935, Page 13

INTERMEDIATE CREDIT

At the monthly meeting of 'ihe Rural Intermediate Credit Board, held in Wellington, the following members were present:' Colonel J. J. Es'son (chairman) and Messri. John Brown Norton Francis, J. N., Massey, M.P., A. D. Park, J. Snell (Deputy Commissioner: of Rural Intermediate Credit), and W; Waddel. : ;V ,; : ■ .'•

/■Before^, the commencement of business, reference was made to the death' on December; 12, of ,Mr. T. E; Corkill, who had been 'a. member; of the board : since, its iriceptipn. On- the motjpn of -the chairmanj; the board' placed- on record its appreciation of the Valuable services rendered by* Mr. Corkill, the esteem mV which he was held by all members, and regret at his death. -"■.... ~- ;. ■• '

It was reported that the District Supervisor, Hamilton, recently visited Rotorua and delivered to a meeting of farmers an address on the Rural Intermediate Credit systemi The address was well received and it is anticipated that interest in the system in the district will be increased. ~ A return of arrears as at December 31, 1934, I which showed .that the arrears of interest amounted to approximately £250 only, was placed before the board, and was very favourablycommented upon. 7 ' ' ;.

; The board has appointed Mr. J. D^ Johns, of Te Aroha, to fill the.vacancy on the Waikato District. Board caused by the death of Mr. William Newell. Mr. Johns took his seat on the District Board for the first time at the January meeting. * ; , . ■ Further reports of the annual meetings of associations were placed before the board and disclosed in most instances a very satisfactory position. In connection with the fixing of annual repayments or the granting of concessions the board has, decided that where, after inspection of • the security and investigation of the financial position of a borrower the directors of an association are satisfied that the repayments recommended are reasonable, a certificate to this effect will be accepted by the board. It is believed that this modification will facilitate the transaction of the business of the associations without affecting the safety of the funds of the associations and the board.