RURAL CREDITS

Waipa Post, Volume 41, Issue 3188, 14 August 1930, Page 8

RURAL CREDITS

EXPANSION OF BUSINESS. {;V " ' aid for dairymen. placed before the monthly meeting of the Rural Intermediate Credit Board held in Welling- : ton indicated a considerable expansion of the board’s business under all headings. Important proposals by a large dairy company for the utilisation of the discounting method of providing financial assistance for its suppliers were considered at the meeting. As a result of the interest displayed by leading\;farmers, a strong association has been formed in the Pahiatua district. The board’s consent was given at the meeting to the registration of the association and it is anticipated that lending operations will shortly be commenced. A return as to arrears of interest and instalments of principal owing by borrowers placed before the board indicated that there were very few cases in which borrowers had not fully complied with their obligations. The position was considered by members of the board to be extremely satisfactory, particularly in view of the fact that provision is made in the case of every loan for substantial repayments annually and, except in a few leases, these repayments had been pr made, in addition to interest payIS; ments. . iSs/ ' Satisfactory progress is being made fe;; ; with the formation of two additional §■■' associations in the Hawke’s Bay disgg strict centred on Hastings and Waipukurau, and the completion of these te* associations supplementing the operar? tions of the Southern Hawke’s Bay association, which was recently form- % ,ed with headquarters at. Dannevirke, ' should amply provide for the requirerments of farmers throughout the Bay district. -- Considerable interest in the associ- -'. 'ation method of obtaining loans from ' < ■’the board has been displayed in the "“ Wanganui district and a strong committee has been.set*up to further the -formation of an association. The total number of associations actually formed to date is 35. In regard to the present public isf: sue of debentures the commissioner - reported that sufficient funds were in • sight to provide for the requirements of borrowers during the period pre- -- ceding the productive months of the * coming season. Throughout the summer months upon the part of farmers fpiif'•financial assistance is not as pronounced as during the winter months, and the requirements of borrowers can then be large- '■ - 'My provided for by the board out of . -ithe substantial payments received " monthly from current loans. Suffi■n':. cient funds 'are available to ensure ’ that the lending operations of the . -> board will proceed without interruption.