INTERMEDIATE CREDITS

Hokitika Guardian, 19 February 1932, Page 7

INTERMEDIATE CREDITS

MEETING OF THE BOARD

CONCESSIONS TO CLIENTS

WELLINGTON, February 16

At the monthly meeting of the Rural Intermediate Credit Board it was reported that there was a possibility of a co-operative rural intermediate credit association being formed in the Coromandel district, with headquarters at Coromandel. An association was in the course of formation in the Thames Valley and this should be in a position to serve the peninsula if an association was not formed with headquarters at Coromandel. The commissioner presented a return of arrears of interest and instalments as at December 31. The position" disclosed was regarded as satisfactory and was the subject of favourable comment. Only a small portion of the production season had • passed when the return was prepared, and it was considered that the arrears should be further reduced by repayments during the remainder of the

season, 11 was reported that the hoard had continued to find it necessary to grant a. number of concessions to borrowers who had not been. «l)Ui to meet commitments in full, but these had applied almost .exclusively to principal repayments and the borrowers had in almost all cases been able to pay the interest on the loans. The volume of applications for loans bad shown a decline during the production season, as bad been the case in previous years. With the close of the production season it was anticipated that the flow of applications would materially increase.