INTERMEDIATE CREDIT

Evening Post, Volume CXVI, Issue 61, 13 March 1934, Page 13

INTERMEDIATE CREDIT

It was reported at the last monthly meeting of the Rural Intermediate Credit Board that in at least one district in Hawke's Bay there is a demand for loans on the security of certified ryegrass and certified clover seed in bags. The board approved, subject to certain safeguards which were imposed, the making oi' loans on such security. The Commissioner brought before the board a newspaper report o£ the recommendations made to the recent conference of Rotary Clubs at New Plymouth by a, special committee. The committee had paid a tribute to the work done by the board and recommended that provision should be made to enable it to issue lonjjterm credit bonds upon corporate security and to assist the Government in land development and the placing of unemployed men on the land. As the board, however, was established to provide intermediate credit which is credit for a period not exceeding, five years, it was clear that the committee's suggestion for' the issue of longiternj: credit by the board could not be adopted. It.ie apparent that notwithstanding the amount of publicity already undertaken by the board there are many farmers who are unaware of. the advantages and benefits of the system and there is scope for further development. The Commissioner reported that the views of the district organisations consisting of district boards and Rural Intermediate Credit Associations were being obtained through the board's representatives, and it was hoped -to have prepared for submission to the next meeting of the board, a definite programme of publicity.