RURAL CREDIT

Northern Advocate, 10 December 1936, Page 12

RURAL CREDIT

MANGONUI ASSOCIATION HELPING THE FARMER. The fifth annual meeting cf the Mangonui Co-operative Rural Intermediate Credit Association Ltd., was held at Kaitaia on Friday, the 4th inst. The chairman of directors, Mr T. H. Kenny, presided. The annual report presented by the chairman stated that during the year the association’s operations had steadily extended and the result of the year’s working must be deemed very satisfactory, having regard to the difficult conditions ruling in the farming industry in the district during the period. The benefits offered by procuring finance through the association were becoming known and the systems had now become firmly established. Those who had received assistance from the association had every reason to be satisfied. Several applications for loans had been received during the year, the majority of which were granted, and two loans had been paid off. In the present unusual times it was very difficult for the farmer to obtain financial assistance and the finance under the system offered by the association provided the farmer with a cheap and economic means of improving his position. Several meetings of directors were held during the year and in addition numerous matters were dealt wth in an infoi-mal way without the necessity for calling a meeting. It was gratifying to report that most of the association’s borrowers had been able to meet their commitments in full and that the association’s loans were in a satisfactory position. In certain cases arrangements had been made whereby reduced payments were accepted from borrowers in circumstances which necessitated this relief. The number of shareholders was 38 and the loans current numbered 18. The balance sheet disclosed a sound position, the number of current loans being twenty and the sum of £4500 advanced to members. All the loans were in a satisfactory position. Mr T. H. Kenny, the retiring director, was re-elected and Mr W. H. Atkins was re-elected as auditor. The meeting expressed appreciation of the work being carried out by the directors, the district supervisor, Mr D. O’Donoghue, and the secretary, Mr Roy Kelly. Many matters dealing with the association were discussed and the system of rural credit financing was explained by the district supervisor in his address.

It was agreed that more farmers would be well advised to finance when necessary through the association, and an endeavour is to be made to make the advantages of the system better known.