FARMERS’ FINANCE.

Manawatu Standard, Volume XLVIII, 23 January 1928, Page 8

FARMERS’ FINANCE.

THE RURAL CREDITS SCHEME.

OPERATION EXPECTED NEXT MONTH.

The Rural Intermediate Credit Act passed last session provided facilities tor affording financial assistance by means of loans for terms not exceeding five years to farmers and others engaged in primary production. The regulations were gazetted on December 22, 1927, and the Act came into force on January 1. The administration of the scheme is vested in a board, but the members have not y r et been appointed. The question of the constitution of the board comes within the soope of the Prime Minister’s Department, and Mr Coates has been giving the matter his careful attention since the Act was passed. It is understood, however, that there has been a little difficulty in obtaining the services of one or two men who (says a Wellington correspondent) were considered very suitable for the position of members of the board. Probably this phase of the matter will be finally dealt with on the Prime Minister’s return to Wellington, which is expected at an early date. The office of the board when it is appointed will be at the Public Trust Office, Wellington. The position of Commissioner of Rural Intermediate Credits is now held by the Public Trustee (Mr J. W. Macdonald) and a large amount of detail work has been done by the commissioner in arranging for the setting up of the necessary machinery involved in bringing the Act into operation, including the appointment of district officers and the drafting of provisions to deal with the accountancy side of the business. The necessary instructions for the guidance of the staff as well as of the public have been carefully prepared. The commissioner is now engaged in the preparation of a booklet of instructions to the public on the whole matter, but the final proof cannot be passed until the board has had an opportunity to pass judgment on the proposals generally and has settled the outstanding questions of policy that must naturally arise at the inception of so important a scheme.

It may be stated that a large amount of important and valuable detail work has been completed which will undoubtedly help to promote the success of the Act which it is expected will be in full operation next month.