GRANTING RURAL CREDITS.

New Zealand Herald, Volume LXVIII, Issue 20930, 21 July 1931, Page 8

GRANTING RURAL CREDITS.

CONCESSIONS BY BOARD.

LENIENT POLICY ADOPTED.

[BY TELEGRAPH.—PRESS ASSOCIATION.] WELLINGTON, Monday.

At< tho meeting of the Rural Intermediate Credit Board, the commissioner reported that a number of concessions had been granted to borrowers. In view of the low prices received for primary products, the board had already decided that leniency should Be granted to borrowers whose position justified such a course. Only where there was no likelihood of a faimer carrying on successfully or where it was essential for other reasons that the amount owing to tho board should he repaid if tho interests of the debentureholders were to be protected, was any pressure brought to bear. It was stated that the board recognised it was undesirable that borrowers should be forced off farms merely because they were in arrear. Every effort would be made to assist them, provided there was a reasonable prospect of their ability to recover ultimately. The board found it necessary to conserve available funds in order that 'preference might be given to applications for the purpose of maintaining and increasing production. It Was essential, if farmers wore to meet their commitments, that production should be iucreased as far as possible, and the board was assisting in this direction.