INTERMEDIATE CREDIT SYSTEM

Hokitika Guardian, 14 November 1929, Page 2

INTERMEDIATE CREDIT SYSTEM

INCREASED INTEREST IN

METHODS

A MONTH’S ‘OPERATIONS

REVIEWED

The Rural Intermediate Credit Board, at its monthly meeting in Wellington last week, received a report that the Rural Intermediate Credit Amendment Bill had passed both Houses of Parliament. The main purpose of the measure was to increase tlie limit for loans to farmers from £I(X)3 to £23(KJ.

Now that this increase had been given effect to, it was anticipated that the scheme would be availed of to a greater extent by sheep farmers and® mixed farmers, especially in view of the system in anticipation of tlie increase being granted, and which would largely provide the facilites which these classes of farmers had obtained in the past from, other quarters.

In a statement presented by the Commissioner (Mr J. W. Macdonald) to the meeting the progress made bv the asociations recently formed at the Bay of Islands, le Puke, Katikati and Whakatane (Rangitaiki Association), a.s reported. The first three mentioned associations bad had their statutory meetings had appointed the executive officers, and were consequently in a position to deal with loan applications. Ihe Rangitaiki Association would hold its statutory meeting shortly, and would then he in a position to make an active commencement of its lending operations. The formation of these nsso unions brought the total number of associations operating in the Dominion to 27, and in addition it was possible that further associations would he formed at Wliangarei, Rotorua, Rangiora, Oam,arn and Balelutha.

'lhe review of the month’s operations also indicated increased interest in the other methods by which loans are provided by te Board, a number of applications having been made -by dairy companies for the acceptance of their guarantees of loans or endorsements of promissory notes for discounting or for tlie increase of limits for these purposes already approved by the Board. As the period of the year when farmers arrange their financial requirements for the season has now passed, there lias been a temporary falling-off of anplicalions. but the volume of applications still being received is considered very satisfactory. Prior to the consideration of the business before the meeting the chairman (Col. J. J. Esson) extended a welcome to Mr T. E. Cork ill. who had taken his seat on the Board upon his return to the Dominion.