FARMERS SEEK FINANCE

Taranaki Daily News, 15 October 1929, Page 11

FARMERS SEEK FINANCE

ACTIVITY OF CREDIT BOARD INCREASED RECOURSE TO SYSTEM MUCH BUSINESS IN DISCOUNTING. By Telegraph.—Press Association. Wellington, Last Night. Considerable activity has been recorded of late in all classes of the Rural Intermediate Credit Board’s lending business, according to a report submitted to the board at its meeting last week. It was stated that although the period of the year when farmers normally arrange their financial requirements had passed, a steady flow of applications was still being received, indicating increasing recourse by farmers to the intermediate credit system. The interest shown contained a promise of further activity. “Additional rural intermediate credit associations recently formed are nowcommencing operations and thus farmers in districts previously without satisfactory facilities for utilising the system are now in a position to approach the board for loans while older associations continue to function satisfactorily,” stated the report. “There have also been numbers of applications during the past month by dairy companies desirous of concluding arrangements with the board for acceptance of their guarantees of direct loans and their endorsements of promissory notes for discounting with the board or for an increase of limits already granted them by the board for these purposes. Inquiries have been particularly marked in regard to the discounting system.” During the past month the programme of conferences with the directors of associations had been completed. Mr. J. Brown, a member of the board, accompanied by the deputy-commis-sioner, had paid a visit to the Otago and Southland districts, conferences being held with the directors of the Tapanui, Central Southland and Mataura associations and with the members of the Southland district board. The district supervisor at Palmerston North and the deputy-commissioner had met the directors of the Horowhenua association at Levin. The visits had served a very useful purpose in affording directors an opportunity of discussing personally with representatives of the board any points of doubt or difficulty with which they, were faced in the administration of the association’s affairs and it had also resulted in the associations being provided with first-hand information regarding the policy of the central board. The board approved of a draft report on the operations for the year ended June 30. The report, which will be presented to Parliament, indicates that satisfactory progress has been made during the year in the development of the board’s business.