DAIRY LOANS
COMPANIES' RISK OVERCOME. According- to information placed before the Dominion Conference of the New Zeala'nd Farmers' Union at Wellington last week, the risk of loss to dairy companies through having to guarantee loans to dairy farmers for the modernising of equipment is to be overc'ome as a result of action contemplated by the Minister of Agriculture, Hon. C. E. Macrriillan. At Wednesday night's sitting of the conference the suggestion was made that the Minister's intention to help the needy dairy-farmer with financial assistance was being defeated by the proviso that companies must assume responsibility for the repayment of these loans. . The Minister contemplated bringing down a regulation in the following terms: "That if the dairy company is unwilling to make the advance or guarantee, then that it be made a condition of any loan beingmade to the applicant that in addition to an order on his dairy cheque of an amount sufficient to pay the instalments of the loan, he (the applicant) and the mortgagees of the land must enter into a formal agreement whereby • the applicant agrees to the advance constituting a charge on the land and the mortgagees agree to such charge taking priority over their mortgages."
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Bibliographic details
King Country Chronicle, Volume XXIX, Issue 4723, 23 July 1935, Page 5
Word Count
201DAIRY LOANS King Country Chronicle, Volume XXIX, Issue 4723, 23 July 1935, Page 5
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