RURAL CREDITS SCHEME

New Zealand Herald, Volume LXIX, Issue 21345, 21 November 1932, Page 11

RURAL CREDITS SCHEME

TE AWAMUTU ASOCIATION

[from our own correspondent]

TE AWAMUTU, Saturday

The fourth annual meeting of the Te Awamutu Co-operative Rural Intermediate Credit Association, Limited, was held yesterday. The chairman, Mr. C. M. Alexander, presided. The chairman, jn reviewing the past year's operations, said that although several of the association's businesses had been experiencing a drastic curtailment of revenue and the Credit Board had been asked to make payments easier during the -winter months, the payments had been kept up remarkably well. Several loans had been repaid and only a very few new loans arranged, and those of a small value. It almost appeared that the rural credits system had outlived its usefulness, and unless considerable amend, ments were made in the existing 'constitution, it was probable that, as the existing loans were rejiaid, the business would fade away. The report of the secretary, Mr. J. G. Wynyard, showed that advances to members in 1950 totalled £12,225, as compared with £11,026 in 1931, a decrease of £1199. The profit and loss account showed a balance of £23 carried forward, which amount it was proposed to carry to the reservo fund, bringing this amount to £SO.

The report and balance-sheet were adopted, and after some consideration it was decided to take steps to alter the articles of association to provide for tt smaller number of shareholders to form a quorum at meetings. Mr. Alexander was re-elected to the board, and Mr. G. 0. Jourdain was reappointed auditor.