GOOD PROGRESS

Wanganui Chronicle, Volume 71, Issue 220, 17 September 1928, Page 7

GOOD PROGRESS

RURAL CREDIT SCHEME NEW ASSOCIATIONS FORMED. (Per Press Association.) WELLINGTON. Sept. 15. At a meeting of the Rural Intermediate Credit Board the report presented by the commissioner, Air J. W. MacDonald, showed that satisfactory progress was being made with the new scheme and farmers were availing themselves in increasing numbers of the facilities provided for the advance of moneys. The financial statement showed that the Board’s transactions up to thjg present involved a sum of £lOO.OOO, with the prospects of largely increased business. It was also reported that although no public issue of debentures had yet been made, considerable amounts had already reached the Commissioner from private sources for investments in the Board’s debentures. Since the Board’s last meeting associations had been formed at Kaimata (Taranaki district), Dargaville, Tapanui, Taumarunui and Helcnsville. The total number of associations formed to date was 16.

The Board decided to submit to the North Canterbury Farmers’ Union, proposals for utilising the provisions of the Act in regard to junking advances to whrat-growers, particularly in Canterbury, for financing, planting and growing their crops.