INTERMEDIATE CREDIT

Evening Post, Volume CXIV, Issue 124, 22 November 1932, Page 13

INTERMEDIATE CREDIT

At the last monthly meeting of the Rural Intermediate Credit Board held in Vv ellmgton the following members were present:—Colonel J. J. Esson (chairman), Messrs. J. W. Macdonald (Commissioner of Rural Intermediate Credit), John Brown, T. E. Corkill, Norton Francis, J. N. Massey, M.P., and W. Waddel. The Commissioner reported that the statutory meeting of the Mercury Bay Association, which has recently been formed in the Coromandel Peninsula with headquarters at Whitianga, has been held. The meeting was a particularly successful one and a strong directorate with a good knowledge of the farmers in the district has been appointed. The board gave consideration to the remits which were carried at the conference of associations operating in the South Island, held at Dunedin on 11th October. The board decided to adopt several of the suggestions made, and its decisions will be communicated to the associations affected.

The conference was of opinion that the extension of the system in the South Island -was being restricted through the board's policy -with regard to lending on implements. The board has now decided that directors of associations when recommending loans on the security of implements and machinery should classify them and make specific recommendations as to the amounts to be advanced against each particular item. A conservative attitude will still be adopted when considering loans on this class of security. The Commissioner presented a return o£ arrears of interest and instalments as at the 30th September last, and it was very favourably commented upon by members of the board, who placed on record their appreciation of the manner in which the collection of the board's payments is attended to by its officers. The board has accepted the endorsement of another co-operative dairy company in respect of loans to be made on the security of promissory notes under the board's discounting, system. It is anticipated that another co-operative dairy company will apply in the near ' future to have its endorsement accepted.' The board's annual report, presented to Parliament at the beginning of this month, discloses that the board has an adequate supply of funds to meet legitimate demands which it ig anticipated will be made upon it.