TO AID BORROWERS

Hokitika Guardian, 16 September 1932, Page 3

TO AID BORROWERS

INTERMEDIATE RURAL CREDIT Granting of concessions WELLINGTON, September 14. Limitea poweis are t.o be given to rural intermediate credit -associations co grant concessions to. borrowers to enable them to meet their coriimitxnents. ThiaiTdecisiori; ;Was : announced yesterday by .the chairman of the JLiitermediate Board, (Colonel J. j. Essen). “In the present difficult times the uogra rias found it necessary to grant concessions to a number of its borrowers to enable them to carry on successfully and meet their other commitments. The board has until now retained to its.elf the consideration of 11 applications for concessions) but in view of the experience which direc:ors, members of • district y,.boai;ds and district supervisors have had administration of the/'system, and th.; ‘opportunities afforded ; them ~ofbeicoming fanuliatl with the boaidls,;' policy, it has been " decided it# delegate to directors of associations the, power it° .grant^cqncegfiiflßS. tiK.a, limited. .eXi . tent subject to cer-fain . requirements ('aid down by the board being complied With. : v' ''

:} “Before a concession becomes-opera- ! cive, - however, it mud receive the 'con.currence of the ', district/-supervisor ; c-ontrolling association concerned

••/etin'g with, ano'chfer. member of the district board. It is consuleed that 'bh'is delegation will be appreciated by associations, and it should also lead to increased expedition in the conduct of the Board’s business as it will reduce the number of references made to the board. The delegation is being made by way;of trial for a period of 12 months, and the manner in which the power is exercised will determine whether any modification or extension of the delegation should then be made.”

It was reported that further 'cooperative rural intermediate credit as--ociations had held their annual meetings and the position shown .by the annual reports and accounts was 'generally satisfactory. Several of the associations had transacted a considerable amount of business ; ip. one or two cases the sums advanced to' members approximated £SO,OOO. - Members of associations had expressed their satisfaction with the treatment, they had received, and the’ reports : Of;. associations recorded with' appreciation the assistance which they had received from the board’s..: officers arid. the careful ; by the board to all decisions and requests of the directors.