RURAL CREDITS SCHEME

Hawera Star, Volume LIII, 30 September 1933, Page 5

RURAL CREDITS SCHEME

LOUTH TARANAKI ASSOCIATION.

REVIEW OF YEAR’S ACTIVITIES.

The annual meeting of shareholders of the South Taranaki Rural Intermediate Credit Association was held at Hawera yesterday. Mr J. -Cocker, Rawhitiroa, presided and the other directors, Messrs. E. S. Bennett (Manaia), ,L. F. Bell -(Mokoia), R. J; McCormick. (Mangatoki), and W. M. Egglestone (Hawera) were also present.

The statement of accounts showed a loss of about £4 on the year’s working. Nine re-advances had been made to members, but no new loans had been granted, eight applications for amounts totalling £IB7O having been declared. A summary of the business over the five years of the association’s existence is:—

Re-advances to members: 1929, £382 2s 7d; 1930, £2417 4s 3d; 1931, £287 4s 8d; 1932, £2884 Os 10d; 1933, £3159 0s 9d.

Interest on advances: £448 12s lOd; £697 19s 2d; £763 6s 7d; £765 18s lOd; £482 ;7s lOd.

Interest charged by central board: £406 2s 10d; £643 Ss' £705 7s 9d; £699 8s 4d; £449 as 9d.

New loans: £10,700; £5491; £5960 Is 9d; £2000; nil.

Repayments by members: £3077 7s 9d; £7451 0s 2d;*£6760 6s 3d; £8374 18s 9d; £6985 15s Bd. The adoption of the accounts was moved by Mr ‘Cocker, -who said the directors had applied to the central board for a reduction of interest from 64 to 6 per cent, and three or four months later the board was able to do this. He Avas sorry that a bigger reduction could not have been made for the association charged 6 per cent, while the bank rate for best accounts was o per cent. Formerly the bank rate had been 7 per cent, and the association’s rate 64 per cent. The association on this account might shortly have difficulty in getting its money out as men AA r ith good security would go to the bank. The association ought to bo able to lend more money than it had. At present there Avas £6OOO out, whereas £BOOO was needed to pay the association ’s way. New loans since the ■closing of the books would, however, enable the association to carry on with a credit.

A new concession made by the central board Avas permission for. district associations to re-advance up to £SO without reference to the central board. The association’s accounts were all in good order and there was not one doubtful security on the books. The. association had not lost any security since its inception.

The secretary brought down a statement showing tho business since the conclusion of the year as follows: — Loans paid over, £1181; to he paid over, £1980; being dealt with, £2620; total, £5781. The retiring^director, Mr L. F. Bell (Mokoia), was re-elected. Mr AV, A. Hewitt was re-appointed auditor.

A vote of thanks was accorded the secretary, Mr E. K. Cameron, and a tribute paid to the supervisor, Mr AV. M. Egglestone, and his staff.