FARMERS’ FINANCE.

Otago Witness, Issue 3861, 13 March 1928, Page 63

FARMERS’ FINANCE.

RURAL INTERMEDIATE CREDITS. ESTABLISHMENT OF DISTRICT BOARDS. QUEENSTOWN. March 7. The Prime Minister (Mr J. G. Coates) Announces that the whole of the preliminary work in connection with the establishment of the new scheme of rural intermediate credits has now been completed, and the board will shortly be in a position to consider applications and grant loans. The Central Board has held its initial meeting, and the establishment of the district boards is now proceeding, and though, some delay has beeu caused in obtaining the consents of certain appointees, it is expected that the matter will be finalised at an early date. Last week’s Gazette continued a list of rural intermediate credit districts constituting the Dominion, together with the names of the district intermediate credit supervisors, and particulars of their headquarters in each case. As this information seems to have escaped notice in the press, it may be said shortly that the districts generally correspond with the Public Trust districts, and the district public trustees are the district credit supervisors for the purposes of the Act. Application forms and a summary of information for intending borrowers have been made available by the commissioner at every branch of the Public Trust Office, and although a period may elapse before the establishment of the district boards is complete by reason of the negotiations with the proposed appointees, applications will be accepted at once from intending borrowers in order to save time and to ensure that the necessary preliminary consideration is given at the earliest opportunity. All applicants who have written to the commissioner direct are-advised to get in touch with the nearest district supervisor at once. THE RECENT BOND ISSUE. EXTENSION OF CLOSING DATE. Mr W. D. Stewart (Minister of Finance) informed our representative on Wednesday that in order to enable the farmers’ interests to be reached, it had been decided to extend the closing date of the rural advances bond issue now before the public. The proceeds of The issue are to provide capital on the long-term instalment system for farmers. The bonds, which are secured on the first mortgage assets of the rural advances branch of the State Advances Department, are issued at £94 10s, and the yield with redemption is £5 9s Id per cent. The Minister said he hoped a ready response would be made to the offer, so as to ensure the establishment of a sound and stable system of mortgage finance for the primary producer.