RURAL CREDIT

Evening Post, Volume CXX, Issue 87, 9 October 1935, Page 7

RURAL CREDIT

WORK OF BOARD

The report of the Rural Intermediate Credit Board, for the year ended June 30, 1935. presented to Parliament yesterday, states that the new business for the year showed a larger increase than that disclosed for the previous year.

"For the year ended June 30, 1935, loan-moneys advanced by the board under all headings totalled £84,952, as compared with £78,417 for the year ended June 30, 1934, and £72,154 for the year ended June 30, 1933," the report states. "A further advance in the prices of dairy produce during the year ending June 30. 1936, would stimulate confidence on the part of the dairy farmer and probably lead to an expansion of the board's business. Even with the increase recorded during the year under review, however, the volume of business transacted during the earlier years of the board's operations has not been approached. The reasons for this have been disclosed in previous reports.

"The total amount advanced by the board from the inception of the scheme to June 30, 1935. is £1,150,131 16s 6d, and the net investments at that date were £260,144 5s 9d. It will be seen that over a period exceeding seven years borrowers have repaid the sum of £889,987 10s 9d, or more than 77 per cent, of the amount advanced. The arrears of interest at June 30. 1935, amounted to £314 only The members of the board have placed on record their satisfaction ■ with the results achieved in the collection of repayments of principal and payments of interest and their appreciation of the work of the officers of the board and the efforts of borrowers to meet their obligations." ' '