RURAL CREDIT SCHEME.

New Zealand Herald, Volume LXVI, Issue 20307, 15 July 1929, Page 9

RURAL CREDIT SCHEME.

EXTENSIONS OF SYSTEM.

DECISIONS BY THE BOARD.

[jjY TELEGRAPH.—OWN CORRESPONDENT.] WELLINGTON. Saturday. The Rural Intermediate Credit Board met in Wellington yesterday. The consent of the board was given to the registration of the Stratford Co-opera-tive Rural Intermediate Credit Association, the provisional directors of which include directors of the leading co-operq-tive dairy companies of the district. A large number of the other members of the association are prominent farmers who will riot require loans, but who are cooperating in the movement with the object of helping other farmers to secure loans. Upon the registration of this association there will be 23 associations actually registered throughout the Do minion. In his report to the board the commissioner, Mr. J. W. Mac Donald, stated that the requisite number of farmers in the Kaikohc district had undertaken to become members of an association there. The commissioner also reported that in addition to the other projected associations mentioned in his previous reports there were movements on foot to establish associations at Rawene (North Auckland) and in the North Canterbury ana Marlborough districts.

The board approved of the proposal that Mr. Jolin Brown, one of the members of the central board, should accompany the deputy-commissioner on a visit to be made during tiio present month to the South Island for the purpose of conferring with the local boards for the North Canterbury, South Canterbury and Otago districts, and meeting tho directors of'the co-operative rural intermediate credit associations formed in those districts. A visit to the Southland district will be arranged at a later date. A report from the chairman of the board with regard to a proposal for the financing of tobacco growers was discussed and consideration of the matter was deferred pending receipt of further information.

It was reported that one of the leading co-operative dairy companies in tho Auckland Province, which had already guaranteed loans by the board to its suppliers to a substantial amount, desired an increased limit to bo imposed by the board for acceptaaijce of its guarantees. In view of the satisfactory report on tho position of the company tho desired extension was approved.

In order to facilitate the consideration of applications from tho North Auckland district and to enable valuations to bo made without involving applicants in the payment of undue travelling expenses, the board approved of the appointment of an additional valuer for that district.