RURAL CREDITS

Stratford Evening Post, Volume II, Issue 221, 15 April 1933, Page 6

RURAL CREDITS

Reduction of Interest

Press Association —Copyright

"Wellington, April 14.'—The Prime Minister, the Right Hon. G. W. Forbes, announces that the Rural Intermediate Credit Board has decided to reduce as from May 1 the rates of interest charged on loans made by it and Co-operative Rural Intermediate Credit Associations.

The reduction was decided upon in response to the Government's desire for a general reduction in interest rates with a view to assisting mortgagors.

Mr. Forbes was particularly pleased that the board had met the Government's wish, especially as it was evident that the board in doing so was making a considerable sacrifice financially. The reduction will apply to loans already in existence as well as loans granted after May 1. Mr. Forbes has been informed by the Commissioner that the Rural Intermediate Credit Board has adequate funds to meet all reasonable demands of farmers for the coming winter. Those who need finance and are able to satisfy the board's requirements should make early application to the nearest co-operative association or branch office.