FINANCE FOR FARMERS

Taranaki Daily News, 26 August 1931, Page 10

FINANCE FOR FARMERS

STRATFORD RURAL CREDITS.

SUM OF £l2/2100 MADE AVAILABLE.

“The fact that since the formation of the association in July, 1929, the sum of £12,200 has been made available to the farmers of the district at the low rate of interest charged under the rural credit scheme should be self-evident of the value of the association, and the thanks of the farming community are due to those farmers who took up shares in the association in order to get it started without deriving any personal benefit,” stated the report presented yesterday to the annual meeting of the Stratford Co-operative Rural Intermediate Credit Association.

The total number of new applications dealt with, the report continued, had been 24, of which 17 had been granted, four declined, one deferred, one granted but not proceeded with and one still under consideration. The total amount granted had been £7330. In addition two applications for further advances amounting to £lO5 had been granted, as had 17 applications for re-advances totalling £875 5s lOd, making the aggregate for the year £B3lO 5s lOd. The amount owing at the beginning of the yeay had been £1687 19s Id, and allowing for the regular repayments the amount owing at°June 30 had been £8163 6s sd. There were no arrears of interest, and in all cases the principal sum advanced had been reduced in accordance with requirements.

Mr. A. David, chairman of directors, presided over a good attendance. In moving the adoption of the report and balance-sheet Mr. David remarked that ttye association had made no losses despite the times and the fact , that readvances had been made in 17 cases. It was significant that the scheme? not only helped farmers by lending at a low rate of interest, but also by reason of its being in the market acted as a check against exorbitant rates of interest. The balance-sheet disclosed a satisfactory position, and, such a position .was a necessity in order that investors might take up bonds in the rural intermediate credit scheme and thus provide the credit board with the funds to make advances, said Mr. J. C. Robins, district supervisor. He pointed out that where It was found that the principal which the board required should be paid during the first year was too heavy for the borrower the board was prepared to consider favourably an application for a reduction of payment during the first year to be made up during subsequent years. Owing to the heavy demand for funds the board would give preference to farmers who desired loans for expenditure In directions calculated to result in more production. . t Several shareholders voiced their approval of the manner in which the affairs of the association had been conducted by the directors and the secretary, Mr. R. R. Tyrer, and . boxxpwexs made appreciative reference to the assistance that had been given them, Mr. H. J., Shrimpton, one of the directors, who retired by rotation, was reelected. Mr. G. A. Carter was re-ap-pointed, auditor. A subsequent meeting of the directors re-appointed Mr. David chairman. . The secretary mentioned that in a case .of urgency it was possible to pay the money within two weeks of the application being made. ■ Apart from any extraordinary complications he could guarantee that money could be made available in three weeks. The question whether a farmer could get a small short-term loan to carry him ovex' a stringent time without the expense of going to a full valuation was raised by Mr. Lawrence. A farmer in such circumstances often did not want to raise ah overdraft with its intexest of 7 per cent. Mr. Robins explained that there was a system whereby a dairy company could endorse a promissory note up to a maximum of £2OO if the factory had power under its articles to do so. Thus the finance could be obtained direct from the Rural Credit Board through the local district supervisor.

RELIEF FUND BALL. , Arangements are well in hand for the ball to be held in the town hall, Stratford, to-morrow in aid of the hospital relief fund. The committees responsible are all enthusiastic workers and are doing their utmost to make this the outstanding event of the season. With the aid of a good orchestra, everything pointe to a night which will be long remem? bered. Tickets are selling readily and the promoters hope to hand over a substantial amount to the hospital board to help relieve distress in the district.

KING’S THEATRE.

“MANSLAUGHTER.” Whirling along at a breath-taking speed! Whizzing ahead at a thrill-a-niinute! And then you come up short against a tremendous climax. That’s the feeling you get watching “Manslaughter” at the King’s Theatre, where it • opened a four-day run last night. Speed is the sensation that stands out most vividly as opens. Claudette Colbert, its capricious heroine, runs wild with an orgy of fast-driving, fast-living, careless, carefree, utterly selfish and thoughtless. You see her flying over the highways in a monster motor;' flashing over the waves in a tilting aquaplane; dancing and loving with reckless abandon. And then pulled up short by a tragedy caused by her own daring. Claudette Colbert, beautiful, yoilng, talented, endowed with great wealth and assured position, lives life riotously. Her every whim is a reality. She falls .in love with Fredric March, but, when she cannot wind this handsome young district attorney around her frivolous fingers, she casts him off. Then the tragedy, and the district attorney is forced to prosecute this girl he loves for manslaughter. She goes to prison, vowing vengeanre, and there learns what life really means. She lives the drab routine of prison life where social distinction is unknown. Released, she seeks her revenge on the man she once loved, and finds that her plans are only vengeance on herself.