“NEW FINANCE FOR FARMERS.”

Otago Witness, Issue 3877, 3 July 1928, Page 21

“NEW FINANCE FOR FARMERS.”

One may with reason infer from our caption that the old finance for farmers has been tried and found wanting in an emergency. Be that as it may, the issue by the Rural Intermediate Credit Board of a publication bearing this title and setting out the new system of intermediate .credit authorised by the Government is none the less welcome. A serious endeavour is here made to ensure that the farmer wanting money will be afforded an opportunity of securing the capital he requires at a low rate of interest and on easy terms. The funds to be employed in the lending business are . provided by advances from the Consolidated Fund and by debenture issues up to a total of £5,000,000, the latter being available to anyone with money to The control of this new system or finance for farmers would seem to be adequate. By virtue of his office, the lublic Trustee is a member of the board of control and chief executive officer, and assisted by various organisations. the personnel of which inspire confidence.

Um booklet is .launched with a foreword by the Prime Minister, together with photographs of the members of the boards in the various districts throughout In ew Zealand, and also provides short reviews regarding their capabilities for the job. The scheme appears to be an earnest attempt to meet the need of the times, and the booklet presents the salient features of the legislation recommended by the Royal Commission on Hural Credits—-legislation which began in 19-6 with the Rural Advances Act for long-time credit on the security of first mortgage of rural lands.

CANTERBURY CRAIN AND PRODUCE MARKET. CHRISTCHURCH, June 29. The spurt in the potato market has ceased and values remain at recently reported levels. Some sales of July deliveries have been made at £6 ss, f.0.b., s.i. but sellers generally are asking £6 7s 6d. August-September are quoted at £6 12s 6d, but values on trucks remain at £5 a ton. . The Katoa, which sailed for Auckland in the mid-week, took 4950 sacks in addition to 2700 from. Timaru. ihe Waitomo (July 4) is the next boat to leave. Oats are “sticky” as far as export Home is concerned, but there has been a minor development in other respects. A sale of B Gartons was made to Australia to-day on the basis of 3s 9d, f.0.b., s -i- the first of the white oats this season to the Commonwealth. There has also been a slight revival of export to Australia in Algerians, which will be shipped by the Waikouaiti in a few days. The Australian business in Algerians has been done on a basis of 3s 7d, f.0.b., s.i., and 2s lOd on trucks for good heavy samples. Wheat remains unchanged. There is so much wheat about of a secondary milling standard that most of the purchases are of this class—at 5s 3d to 5s 6d, on trucks. Good milling is unchanged at 5s Bd. White clover (dressed) is quoted at 140 s to 150 s a cwt, or 12d to 13d a lb, on trucks. Cowgrass is difficult of sale. Dressed is quoted at up to 112 s a cwt, or 5Jd to BJd a lb, on truck. Cocksfoot is quoted at 13d a lb for standard seed, or 8d on truck. Perennial ryegrass is worth 5s 6d to 5s 9d a bushel, f.0.b., s.i., or 4s on trucks, and Italian to 4s 6d or ss, on trucks. A jump has been recorded in the south for fescue. To-day it is worth lOld. Stocks in the south are being rapidly absorbed for export to America. Onions are showing a further weakness, local holders now wanting to quit, and prices easing to £9 a ton.