ABOLITION BILL
—Press Association
RURAL INTERMEDIATE CREDITS TAKEN OVER
Bv Telegraph-
WELLINGTON, August o. The abolition of the Eural Intermediate Uredit Board and the transfer of its funet-ious to the State Advanees Corporation, is provided for in the Kural Interniediate Credit Ainendment Bill introduced and read a lirst time in the House of Kepresentatives tonight.
An explanation of the Bill was given by Mr. Nasli who said Rural Credit Associations in various parts of the Dominion, mainly Waikato, would continue to operate. Offieers of the State Advanees Uorporation had been doing the work of the board, said tlie Minister, and would eontinue to do so. 'Ihe Corporation would simplv act instead of the" Board. If Bural Intennediate Credit Associations had surplus funds they could lodge them with the Corppration at the same rate that Associations paid to the Corporation. The Bill als > provided for the repayment jf the freeof -interest loan made by the Govern1 ment to the Board in 1927 and f.w j money to be used to pay off ^he publie debt. Mr. W. J. Polson : The Bill pishes us a little nearer socialism. Mr. Nash: That would be very good if it were the purpose but/t is not. The piufp.ose is all tovihetgo6(|\if iitjUti^ises tjie. IWoufehs/oM'hiH eoiintvy ' tlie b'enefit of everyone and that is whai socialism means.
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Bibliographic details
Chronicle (Levin), 6 August 1946, Page 8
Word Count
220ABOLITION BILL Chronicle (Levin), 6 August 1946, Page 8
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