INTERMEDIATE CREDITS ACT

Taranaki Daily News, 13 July 1929, Page 22

INTERMEDIATE CREDITS ACT

SATISFACTION OF COMMISSIONER. By Telegraph—Press Association. Wellington, July 12. “Up to the present the Rural Intermediate Credits Board has been able to raise sufficient funds 'o meet all its requirements in full and, in view of the excellent security provided, it is not anticipated that any difficulty will be experienced in raising further necessary funds on the open market as required.’" This announcement was made by Mr. Snell, the Deputy-Commissioner of Rural Intermediate Credits, in the course of an address to the members of the .New Zealand Society of Accountants. “When the scheme was first started, I must confess, it seemed to me that we would have difficulty in getting people to form associations, but we have been very pleasantly surprised,” he said. “At present there are 23 associations formed, and four or live others are in the course of formation. It is most gratifying that the majority of the people concerned have not been borrowers, but have taken up shares to enable others to borrow. In my tour of the country I have been impressed with the interest and fairness shown by the directors of the association in endeavouring to administer the Act.” Mr Snell said that so far the board

had had no need to call up more than one shilling per share and, if the interest being shown in the scheme continued, the board need never call up another penny.