INTERMEDIATE CREDIT BOARD

Evening Star, Issue 20591, 17 September 1930, Page 6

INTERMEDIATE CREDIT BOARD

REPORT ON MONTH'S BUSINESS [Per United Press Association.] WELLINGTON, .September 16. At the monthly meeting of the Rural Intermediate Credit Board it was reported that continued interest had been shown by farmers in the lending facilities provided by the hoard. Much had been done during the past month, particularly by tho formation of cooperative rural intermediate credit associations to facilitate the submission of applications by farmers to tho board. Consent was given to the registration of an association formed in the Hawke’s Bay district with headquarters at Hastings. In the Waikato district an association had been formed with beadquarters at Mntamata. The board’s consent had been given to its registration. Tho total number of associations formed to date was thirty-seven. Tho volume of the lending business had been well over the past month, but it was anticipated that with the summer months approaching there would be a slackening in the demand for finance upon the part of the farmers, though it might ho expected that the falling off in applications due to the advent of the productive months would be offset to some extent by the change over to the intermediate credit system upon tho part of members o! tho recently formed associations. Tho commissioner reported that sufficient funds were available to provide for the requirements of borrowers during the period preceding the productive months of the coming season,, during which part of tho year it had been possible, up to the present to provide lor the requirements of borrowers out of tho substantial payments received in respect of current loans.