ADVANCES TO FARMERS

Hawera Star, Volume XLIX, 16 November 1929, Page 4

ADVANCES TO FARMERS

RURAL CREDITS SYSTEM. SOUTH TARANAKI ASSOCIATION DISCUSSION AT ANNUAL MEETING. The annual meeting of the South Taranaki Rural Credits Association was held yesterday, the chairman, Mr J. Cocker, presiding over a fair attendance of members. FINANCIAL. The statement of accounts showed that receipts totalled £464 18s 4d, of which £406 2« lOd was paid in interest. and £l4B 13s 6d in salaries and directors’ travelling expenses, showing a loss of £93 3s 9d.

The balance-sheet showed, inter alia:

Liabilities: Subscribed capital £1560, less uncalled capital £1482, advances from Rural Credit Board £10,700, less repayments £2729 6s, to which had to be added interest £406 12s 10d, totalling £8376 16s lOd, levies and valuation fees to be refunded £35 15s 6d. Assets: Advances plus readvances and less repayments £8452 8s 7d, cash on hand, etc., £ll7 14s lid, and deposit £29 14s Id. GENERAL DISCUSSION. The chairman, in’ moving tlie adoption of tlie statement, made an important statement containing certain suggestions for the improved working of the rural credits system. (This statement was reported in yesterday’s second edition of the “Star”). Mr J. D. Conaglen seconded tlie motion, saying he could not add much to what the chairman had said. He said the half per cent margin % did not represent very much on the comparatively small amount of business done, but if they had a total of, say, £50,000, it would be a considerable sum, and then the association would be able to carry on very well. Tlie Act had been a benefit to the primary producers, and as it- became better known, with its benefit of low rates of interest and the system understood, it. would be more availed of. At present, however, it was not easy to carry on, but it would improve. He added that they should endeavour to get a speeding up of the methods of securing the loans, and he honed the chairman and secretary would endeavour to arrange a scheme to expedite business. An application might just miss a meeting of the hoard and have to. -wait till the following meeting. The chairman said that they did not always have a meeting each month, but only when there was business to be done. The applications had to go through several hands, and this involved considerable time. They might be able to get borrowers to send in their applications before a certain time.

The question of the cost of raising loans was briefly considered in reply to a question by a member. Mr Freyberg said the cost of raising a loan was considerably - less than had been stipulated in the original regulations. The board was now drawing the assignment, and therefore that cost was not necessary. Mr H. G. Dickie said that in the business that was done all extra charges possible should be obviated. The chairman said that when the security was gilt edged there was no delay, but where there was a doubt the applications had to be sent to the board. He considered that local knowledge and the supervisor’s advice should he sufficient. Tlie Act was designed to help men of good character, solid and known to the association and supervisors. The Central Board could go only on figures supplied, but while investigation was going on many a good man’s business was lost by delay. In reply to Mr Hewitt., he said that the association could only recommend, and the final decision rested with the Ixi a rd.

Mr Dickie said that when applications were received by the secretary they were given early attention. There were naturally some “duds” in the first year. He assured them that the Public Trustee was heart and soul in the work, and as time went on the business would become easier. The chairman said there was a. suggestion to hold a conference of all associations in the Dominion to discuss matters of general interest so as to bring in better conditions. Mr Freyberg, referring to money required for manures, said that, the best way was to get it by the discounting method, giving a promissory note endorsed by the dairy company, and the money would be available at once.

Tlie motion for adoption of the report and balance-sheet was then put and passed, and the usual formal business having been completed the meeting terminated.

MR. J. COCKER,\S SERVICES

CORDIAL ACKNOWLEDGMENT

In proposing a hearty vote of thanks to Mr J. Cocker for his. work in the onerous position of chairman of the District Rural Credits Association, at the annual meeting yesterday, Mr H. G. Dickie, M.P., said' it was not easy to get a good man to do the work. Supporting the motion, Mr J. D. Conaglen said this was. a tribute to good work that was a great help to the farmers. Mr Cocker had, he s.aid. been conscientious in his work and had secured a grip of the business, and his advice was always valuable to farmers. Mr W. A. Hewitt said that it was worthy of remark that Mr Cocker took a keen interest in many movements of value t-o the district. Responding, Mr Cocker said that it was a pleasure to do the work, and he had, too, learnt a lot from the meetings and from the discussions, on financial problems. The matter certainly required much thought, he added, bur they were, all out to assist the farmer in getting help in his operations. He thanked members very cordially, and said he would always do his best to l-.elp fellow farmers'.