ADVANCES AS REQUIRED

Evening Star, Issue 20252, 13 August 1929, Page 13

ADVANCES AS REQUIRED

RURAL CREDIT PROPOSALS

[Fra United Pkess Association.)

WELLINGTON, August 12

The Rural Intermediate Credit Board, at its monthly meeting on Eriday, approved generally ol the proposals submitted by the Commissioner (Mr J. W. Macdonald) that in eases of fanners (particularly those, engaged in sheep farming and mixed fanning) whose requirements for financial assistance flneliialo according to tlio various seasons of the year, a limit should be fixed by the board proportionate, to the value of tho borrower’s live and dead stock, and if necessary collateral securities up to which the borrower would bo entitled io receive advances as and when he required money to meet current outgoings. In view of tho aim of the rural intermediate credit legislation to improve the position of the borrowers by a gradual reduction of their liabilities, this limit would be subject to annua! review. The interest would be payable on the actual amount owing, and nor on tin; full amount authorised. The board decided to submit the proposals to members of district boards and co-operative rural intermediate credit associations to obtain suggestions as to the procedure considered necessarv to put the proposals into effect.

The Commissioner reported (hat tins total number of associations actually formed was now twenty-six, and there were movements to establish three more.