RURAL CREDIT SCHEME

New Zealand Herald, Volume LXIX, Issue 21253, 5 August 1932, Page 8

RURAL CREDIT SCHEME

»' , . -f,> .■ ■ HAMILTON ASSOCIATION OPERATIONS DURING YEAR * [fkom otjb own coreespondent] HAMILTON, Tkursdaj ' ___ Congratulations on tha success of the year's operations were extended to mem bers of the Hamilton Co-operative Rural Intermediate Credit Association, Limited, by the chairman, Mr. W. Cooper Smith, at the annual meeting in Hamilton. In his review of the past year Mr. Smith said the period had been a most difficult one financially. Prices of stock had been falling rapidly and it had been difficult to obtain any stable figure for valuation purposes. Careful perusal of borrowers' accounts a satisfactory position, although 'the equity was not as big in some, cases as -.the association would like. * " While the amount advanced daring the past year is much less than in Ihe previous year, it is only another indication of the cautious policy pursued in lending money," continued Mr. Smith. The number of applications received for the 12 months ended May 31 was 66, of which 38 were granted and £8 declined or withdrawn. A total of £5535 was advanced, the amount to momberg at the end of being £39,779. The number of loans cikyent was 135 and there were 193 shareholders. In reply to Mr. W. W. Young, who asked if it would be possible to extend the period of repayment of loans to over five years in cases of "hardship where the borrowers were doing their best to meet their liabilities, the chairman said ha thought the board should give every consideration possible at . the end of the at* years' term. - It was explained that under the P 1 ®®* ent Act loans had to' be paid at the end of the five-year period. The Central Board now had the question of extension under consideration and an amendment to the Act would probably be brought down when the time came. ' The retiring director, Mr. A. Wallace, was re-electe'd. Following ,is the personn of the board for the year: —Chairman, Mr. W. Cooper Smith) directors, Mess* J. H. Coxhead, C. Edwards, A. Wallace} secretary, Mr. T. G. Reynolds; auditor, Mr. R. English. yl ■ ————w■——Pfqgggg