INTERMEDIATE CREDIT

Hokitika Guardian, 18 July 1929, Page 8

INTERMEDIATE CREDIT

MONTHLY MEETING OF BOARD

MORE ASSOCIATIONS BEING FORMED.

The monthly meeting of the Rural Intermediate Credit Board was held at Wellington last Friday, the following members being present:—Colonel J.J Esson, G.M.G. (Chairman), Messrs J. W. Macdonald, G.M.G. (Commissioner of Rural Intermediate Credit), John Brown, J. N. Massey, M.P., and W. Waddel. The remaining members of the board, Messrs. T. E. Corkhill and Norton Francis, G.M.G., arc at present out of the 'Dominion. . The consent of the board was given to the registration of the Stratford Cooperative Rural Intermediate Credit Association, the provisional directors of which include directors of the leading co-operative dairy companies of the dictrict.. A large number of the other members of the association are prominent farmers, who will not require loans but who are co-operating in the movement with the object of helping other farmers to secure loans in accordance with the spirit of the legislation. Upon the registration of this association there will be 23 associations actually registered throughout the Dominion.

111 report to* the board the commissioner stated that the requisite number of farmers in the Kaikohe district had undertaken to become members of an associatoin there. The commissioner also reported that, in addition [to the .other projected associations mentioned in his previous reports, there were movements on foot to establish associations at Rawene (North Auckland), and in the North Canterbury and Marlborough districts.

> The board approved of the proposal .Mrt Mr John Brown, one of the members of the central board, should ac•yunnany the deputy-commissioner on a visit to be made during the present month to the South Island, for the purpose of conferring with the local boards for the North Canterbury, South Canterbury, and Otago districts, and meeting the directors of the co-operative ••ural intermediate credit associations formed in those districts. A visit to the Southland district will be arranged at a later date.

A report from the chairman of the > ; oard- with regard to a proposal for the financing c‘f tobacco growers was discussed and consideration of the matter was deferred pending receipt of further information.

It was reported %lia-t one of the leading co-operative dairy companies in the Auckland province which had already guaranteed loans by the board to its suppliers to substantial amount, deijred an increased limit to be imposed by the board for acceptance of its guarantees. In view of the satisfactory report as to the position of the company, the desired extension-was approved. In order to facilitate the consider- 1 fcion of applications from the North Auckland district and to enable valuations to be made without involving applicants in the payment of undue travelling expenses, the board approved >f the appointment of an additional ,miner for that dictrict.