RURAL CREDITS

Hokitika Guardian, 16 October 1929, Page 5

RURAL CREDITS

INTERMEDIATE BOARD. STEADY PROGRESS RECORDED. WELLINGTON, October 14. Considerable activity has been recorded of late in all classes of the Rural Intermediate Credit Board’s lending business, according to a report submitted to the board at its meeting last "week. It was stated that, although the period of the year when farmers normally arranged their financial requirements had passed, a steady flow of applications was still being received, indicating increasing recourse by farmers to the intermediate credit system. The interest shown contained promise of further activity.

“Additional rural intermediate credit associations Recently formed are now commencing operations, and thus farmers, in districts previously without satisfactory facilities for utilising the system, are now in a : position, to approach the board ior loans, while the older associations •continue to function satisfactorily, stated the report,. “There have also been, a number of applications during, the past month by dairy companies desirous of concluding arrangements with the board for acceptance of their guarantees of direct loans, and their endorsements of promissory notes for discounting with the board, or for ?n increase of limits already granted them by the board for these purposes. The inquiries have been particularly marked in regard to the discounting system.”

During the past month the programme of conferences with directors of associations established throughout the Dominion was completed. Mr j Broivn, a member of the board, accompanied by the Deputy-Conim.s-flioner, paid a visit to the Otago and Southland districts, conferences being held with directors of the Tnpamii, Central Southland and Mataura associations, and with members of the Southland District Board. The district supervisor at. Palmerston North and the Deputy-Commissioner also met the directors of the Horowhenua Association at Levin. The i i.'ogramnie of visits just coucliuded served a very useful purpose in affording the directors opportunity of discussing personally with representatives of the board any points of doubt or difficulty with which they were faced in, the administration of the association’s affairs, and it also resulted gn 'the associations being provided with first-hand information regarding the policy of the central board in the administration of the svstem.

The board approved of a draft report on the operations for the year ended June 30. The report, which will be presented to Parliament, indicates that satisfactory progress has been made during the year in the development of the board’s business.