RURAL CREDIT

Nelson Evening Mail, Volume LXI, 11 August 1928, Page 7

RURAL CREDIT

PRQGRESS OF SCHEME MEETING OF BOARD ASSOCIATIONS IN OPERATION (Ey Telegraph.—Press Association) WELLINGTON, 10th August. The seventli monthly meeting of the Rural Intermediate Credit Board received a report from the -Commissioner detailing the progress made in connection, with the scheme, which was considered very satisfactory, it being reported that loans under various provisions of the Act are now being made in increasing numbers; The board approved the registration of co-operative rural intermediate credit associations which have been formed at Morrinsville and Raetihi, the latter bearing tlio name Waimarino Co-opera-tive Rural Intermediate Credit Association. The hoard has now approved the registration of eleven such associations, while the formation of four additional associations is practically complete. Many of the associations already approved are in active operation) and loans are being obtained from the board by their members. 'lt was decided to recommend the Government to make certain amendments to the regulations with the object of simplifying procedure under the asso-’ ciation system with a view to removing all unnecessary work from secretaries and other officers of associations. Loans submitted under the two main parts of the Act and recommended by the, district boards or by the directors of rural intermediate credit associations, received the consideration j>f; t]ie hoard:;

TOBACCO AND ORCHARD PRODUCE . .. Proposals were submitted to the board with the object of utilising the provisions of , the Act to assist the tobacco growing industry, which is now becoming of' increasing importance to the Dom Certain proposals also received the consideration of the board for financial assistance in connection with the marketing of orchard produce. \ • In both cases the attitude of the board was sympathetic and it is anticipated that: satisfactory arrangements will be made to,assist these classes of p TS 3 S»".pwtoth f torfth.t some misconception existed in the South Island regarding the--, attitude of the board in connection with advances on growing crops. In -order to make the position perfectly clear the board stated, that advances will be made on growing grain crops in conjunction with stock and chattels or other securities submit : ted by the applicant. ,