RURAL CREDITS

Greymouth Evening Star, 11 August 1928, Page 9

RURAL CREDITS

GOOD PROGRESS REPORT

(Press Association.)

WELLINGTON, August 10.

The seventh monthly meeting of the Rural Intermediate Credit Board, received a report from the Commissioner, detailing the progress made in connection with the scheme, which was considered very satisfactory, it being reported that loans under the various provisions of the Act are now being made in increasing numbers. The Board approved the registration of the Co-operative Rural Intermediate Credit. Associations which have been formed at Morrinsville and Raetilii, the latter bearing the name of the Waimarino Co-operative Rural Intermediate Credit Association. The Board has now approved the registration of eleven such associations, while the formation of four additional Associations is practically complete. Many of the Associations already approved are in active operation, and loans are being obtained from the Board by their members. It was decided to recommend to the Government certain amendments to regulations with the object of simplifying procedure under the Association system, with a view to removing all unnecessary work from secretaries and other officers.

Associations’ loans submitted under the two main parts of the Act and recommended by District Boards, or by directors of Rural Intermediate Credit Associations, received the consideration of the Board.

Proposals were submitted to the Board with the object of utilising the provisions of the Act to assist the tobacco-growing industry which is now becoming of increasing importance to the Dominion. Certain proposals also received the consideration of the Board for financial assistance In connection with the marketing of orchard produce. In both cases the attitude of the Board was sympathetic and it is anticipated that satisfactory arrangements will be made to assist these classes of primary producers. It was also reported to the Board that some misconception existed in the South Island regarding the attitude of the Board in connection with advances on growing crops. In order to make the position perfectly clear, the Board stated that advances will be made on growing grain crops in conjunction with stock and chattels, or other securities submitted by the applicant.