RURAL CREDITS

Hokitika Guardian, 14 August 1929, Page 6

RURAL CREDITS

COMMISSIONER’S PROPOSALS APPROVED. WELLINGTON, August 12. The Rural Intermediate. Credit Board approved generally of the proposals submitted by the Commissioner (Mr. J. W. Macdonald) that in the cases of farmers (particularly thoso engaged in sheep farming and mixed farming) whose requirements for financial assistance fluctuate according to the various seasons of the year, a limit should be fixed by the Board proportionate to the value of the borrower’s live and deadstock, and, if necessary, collateral securities up to which the borrow.er would, be entitled to receive the advances as and when the required money to meet current outgoings. In view of the aim of the Rural Intermediate Credit legislation to i.rpproye the position of /bqriyjwerS by a gradual reduction of .their liability this limit would be subject to annual review. Interest would be payable on the actual amount paying and not on the f.ull amount .authorised. The Board decided to submit the proposals ,to members of the District Boards and Co-operatiye Rural Intermediate Credit Associations to obtain suggestions as to the procedure necessary to put the proposals into effect. The Commissioner reported that the total number of Associations actually formed was now 26, and there were movements to establish three more.