RURAL CREDITS.

Hawera Star, Volume XLIX, 13 August 1929, Page 5

RURAL CREDITS.

FURTHER. FACILITIES PROPOSED. (Dy UNilegr&ph—Press WELLING TON, Aug. 12. The Rural Intermediate Credit Board at the monthly meeting on Friday approved- generally of the proposals sub- ! mitted by the commissioner, AD J. AV. j MacDonald, that in cases of farmers (particularly th-o-se engaged in sheepfanning and mixed fanning) whose requirements for financial assistance fluctuated according to the various seasons of the year, a, limit should be fixed by the -board’ proportionate to the value ol the borrowers’ live and dead stock and, if necessary, collateral security uip to which the .borrower would be entitled to I receive advances a.s and when he required money to meet current outgoings. In view of the aim of the rural intermediate credits legislation to improve the position ol' borrowers by gradual reduction of their 'liabilities- this limit would be subject to annual review. Interest would be payable on the actual amount owing and not- on the full amount authorised. The board decided toi submit the proposals to members of the district boards and co-operative rural intermediate credit associations- to obtain suggestions as to the procedure necessary- to put the proposals into effect. The commissioner reported that tile total number of associations actually formed wa.s now 26 and there were movements to establish three more.