LOANS TO FARMERS

Gisborne Times, Volume LXVIII, Issue 10739, 9 November 1928, Page 5

LOANS TO FARMERS

SUCCESS .OP, RURAL INTISR MEDIATE CREDITS SCHEME

FIRST ISSUE OF DEBENTURES EAGERLY taken up

SUM, OP £200,000’ SECURED

MANY INVESTORS DISAP ■. ... . POINTED ■ / .

SECOND ISSUE : AUTHORISED , -. . • r -'’ " '' *V \; . : ; % . ' (Press. ARsooiatlonJ WELLINGTON, Nov, .8. Tho Priino. Minister announces that ‘he hasbeen/ad vised % the Coinriiissidner; of Ruiqallntermediate Credits that the whole of the first issuer of ’ -the : Board’s /debentures ajiiounting to .£2W,000 had been taken up/ land further sums are being freely offered. 5 ‘ ; , The statement; that the Government V grant' of £400,000 would soon be. exhausted, an<T.thdre would then be ■ np further funds for the. purpose of the Act/ has been shown to be without foundation/ since there is ample evidence,' from -the insistent demand for . the board’s debentures, that-large sums of money are assured to enable the board to satisfy the desire to' Supply ' to-Tarmers; 'bind 1 particularly small farmers, at a reasonable rate and on terms ■ giving security against arbitrary demands "for repayment. Early enquiries indicated that the board’s debentures would command a ready sale, and it was decided to make tbe first issue of £200,000 a private one. 'The result was most successful. To meet the demand it rs proposed-to authorise a second issue-

The whole of .the first issue of £200,000 .has been raised without the addition of any expense beyond the cost of printing the debentures, and it is confidently expected that the second issue will be equally successful. -

Investors of large and small sums have approached the Commissioner of Rural Intermediate Credit with requests - for debentures/ but since the ' Commissioner is Drecluded from receiving their- money until all the necessary restrictive legal requirements Rave been complied with, arrangements have been made to meet the wishes of investors having their nTonejt available, and who might be disappointed if it were not accepted now. Accordingly, persons desiring to.take up debentures may pay their money to the credit of "the "Public Trustee at any branch office, or at ahy. money order-office, free d? ex change on Wellington and receive interest at full debenture rate from the date of deposit until such time as' further debentures can be legally issued. Debentures are in denominations of £IOO, £SOO, and £IOOO, and have- a currency, of five years, with interest at 51 per cent., but debenture certificates will be issued for thb sum of £lO if required. Tho' Government. is exceedingly gratified at the success achieved in obtaining funds, and it desires to. express its thanks for the goodwill manifested since the inauguration of the i scheme,. and for the material contribution of funds that will enable it to be successfully conducted .in'the interests of the farming community..