DISCOUNT SYSTEM OF FARM FINANCE

Manawatu Times, Volume LIV, Issue 6857, 12 March 1929, Page 7

DISCOUNT SYSTEM OF FARM FINANCE

Increasing Use

RURAL INTERMEDIATE CREDIT BOARD REVIEW

GREAT EXTENSION EXPBCTED. Per Press Association, WELLINGTON, Last Night. Tho report of the Commissioner (Mr. J. W. MacDonald) presented to tho monthly meeting of the Rural Intermediate Credit board on Friday, showed that a considerable number of applications for loans had been dealt with by the local committee of tho board at its weekly meetings during tho preceding month, a feature of tho month's work being tho increasing extent to which the provisions of tho Act, permitting of the advancing of funds through rural intermediate credit associations, were being availed of.

It was reported that conferences had been held with the directors of tho Ilclensville, Waiuku and Oroua associations, with the object of facilitating the working of the schemo and that it was intended to hold similar conferences with other associations at the earliest opportunity. The Commissioner stated that the rocent dccisiou of the board, making additional financial resources available to associations to cover the cost of working in the initial stages, had been communicated to all associations and that it was anticicated that tho decision would give great satisfaction. The first ordinary mooting of the Wairarapa association had been held in February and active lending operations had now been commenced. In view of the favourable reception, given the discounting system of obtaining finance, the board requested tho Commissioner to furnish a report to tho next meeting, showing. in what manner tho system could b"c furthor extended and developed. The board dealt with a number of applications received direct from farmers, tho applications being supported by the guarantees of dairy companies. It was reported that the system of valuation decided upon when the scheme was introduced. was working satisfactorily. The board approved of the appointment of additional valuers, nominated by the co-operative rural intermediate credit associations or recommended by district boards, the appointments being rendered necessary by the extension of the schemo to new districts. Several suggestions from the Manawatu and Wellington district board, with the object of increasing tho usefulness of tho scheme to the farming community, received full consideration. It was reported that information received from several of the districts indicated that as the dairying season wa3 now drawing to a close, a marked increase in the lending operations of the board : could confidently bo anticipated during the next few months.