FARMERS' FINANCE

Hawera Star, Volume XLVII, 11 August 1928, Page 5

FARMERS' FINANCE

INTERMEDIATE CREDITS.

PROGRESS OF THE SCHEME. REGARDED AS SATISFACTORY*. (By Telegraph—Press Association.) WELLINGTON, Aug. 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 was reported that loans under the various provisions of the Aet are now being made in increasing numbers. The board approved of the registration of co-operative rural intermediate credit, associations, which have been formed at Morrinsville and Raetihi, the latter bearing .the name of the Waimarino Co-operative Rural Intermediate Credit Association. 'The board lias now approved of 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 the regulations with the object of simplifying procedure under the association system with the view of removing all unnecessary work from secretaries and other 'officers of the associations. Loans submitted under the two main parts of the Act and recommended toy 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 to-bacco-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 marketing orchard produce. In both ica'ses 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 bv an applicant.