INTERMEDATE CREDIT.

New Zealand Herald, Volume LXV, Issue 19931, 27 April 1928, Page 9

INTERMEDATE CREDIT.

GUARANTEES FOR FARMERS. COMPANY'S /5D TO MEMBERS. '.-i '•'..'l'-' A ■ ' [by telegeaph.—own ctkiresfondent. } ■ HAMILTON, Thursday. Part of last year's legislation contemplated that existing co-operative organisations. such as dairy companies, might provide a satisfactory channel through which the Rural Intermediate Credit Board's funds might flow to farmers without the necessity of setting up additional machinery. Under this part of the Act, the farmer may obtain a loan direct from the hoard,, provided he obtains a suitable guarantor for not less than 20 per cent, of the loan. This will enable such organisations as dairy companies, who have the necessary resources to make their guarantee acceptable to the Rural Intermediate Credits Board, to assist their members to obtain loan:; from the department without the necessity of securing 19 other farmers to join with them and of undertaking any liability such as shareholding in an association.

The New Zealand Co-operative Dairy Company has completed arrangements with the Rural Intermediate Credits Board under which the members of the company may immediately have made available to them the benefits of the Act. The company will act as guarantor to those of its members whose applications for loans are approved by the company and by the board. The procedure, so far as the farmer is concerned, involves his doing very little else than the members of that company have hitherto been accustomed to do when obtaining loans from the company's present financial organisation. The farmer simply has to make his application on the form prescribed by the Rural Intermediate Credits Board and forward it to the company. The matter will then be dealt with by the company and the board and the farmer will be advised of the result of his application in due course.

NATIONAL TOBACCO COMPANY. BONUS SCHEME APPROVED. The bonus proposals of the National Tobacco Company, Limited, as outlined in the Herald last Tuesday, were unanimously adopted at a meeting of shareholders at Port Ahuriri, Napier, yesterday. The dividend paid by the company during the past few years has been 12J,- per cent.'

DOMINION RUBBER COMPANY. THE ANNUAL MEETING HELD. [BY TELEGRAPH. —OWN CORRESPONDENT. ] DUNEDIN, Thursday.

The annual meeting of the Dominion Rubber Company was held to-day. The chairman of directors, Mr. T. Glendining, said:—"Mr. Baldwin's statement that the restriction of output would cease as from November 1 next, came somewhat as a surprise, but I think it may be taken to mean that other schemes will be proposed to meet the situation." The company, said Mr. Glendining, had received a letter from Mr. Duff, of the Duff Development Company, who wished to buy the company out, bat the directors' did not think the offer was sufficient and therefore did not bring it before the shareholders. The offer was £BO per acre, or £BO,OOO for the property. ' \ HAMILTON STOCK SALE. The New Zealand Loan and Mercantile Agency Company, Ltd., Hamilton, report:— At the Hamilton sale beef was penned in full supply. Competition was not so keen as at the previous sale and a decline in values resulted. Fat sheep sold at slightly improved prices. The demand . for store sheep and cattle was weaker and sales hard to make. We quote: Prime heavy fat cows, £9 12s 6d to £9 10s; medium weight, £7 5s to £7 ltß 6d; lighter, £6 lis to £G 17b; plain fat cows, £5 8s to £6 ss;' killable cows, £4 14s to £5 ss; boner cows, £2 15s to £3 17s; heavy veal calves, £5 to £5 17s; others, £2 12s 6d to £3 10s; 3§-year-old steers in fresh condition, £6 17s 6d to £7 7b; fat wethers, £1 lis to £1 13s; fat ewes, £1 23 to £1 6s 3d; fat lambs, £1 to £1 4s 9d; store lambs, 14s. Pigs: Heavy baconers, £4 to £4 6s; medium, £3 13s to £3 18s; light baconers and heavy porkers, £2 15s to £3 ss; porkers, £2 2s to £2 10s; unfinished sorts, £1 10s to £l, i6s; stores, 14s to 186; slips; 7B fo lis: weaaera, 2s to ss.