RURAL CREDITS

Rotorua Morning Post, Volume 2, Issue 331, 19 September 1932, Page 7

RURAL CREDITS

ASSISTANCE TO BORROWERS IN MEETING THEIR LIABTLITIES. CONCESSIONS GRANTED. The )Rural Intermediate Credit Board has decided to give limited powers to rural intermediate credit associations to grant concessions to borrowers to enable them to meet their commitments. The decision was made at the monthly me'eting of the board recently. '1In the present difficult times," states an oflficial report of the meeting, "the board has found it necessary to grant concessions to a ' numher of its borrowers to enable them to carry on successfully and meet their other commitments. The board has until now retained to itself the consideration of all applications for concessions, but in view of the experience which directors, members of district boards, and district supervisors have had. of the administration of the system, and the opportunities afforded them of becoming familiar with the board's poliey, it has been decided to delegate to directors of associations to a limited extent subject to certain requirements laid down by the board heing complied with. "Before a concession be.comes operative, however, it must receive the concurrence of the district supervisor eontrolling the association concerned acting with another memher of the district board. It is considered that this 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 nnmber of references made to the board. The delegation is heing made by way of a trial for a period of twelve 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 eooperative rural intermediate credit as-

sociations had held their annual meetings, and the position shown hy the annual reports and accounts was generally satisfactory. Several of the associations had transacted a considerable amount of business; in one or two cases the sums advanced to members approximated £50,000. Members of associations had expressed their satisifaction with the treatment they had received, and th'e reports of associations recorded with appreciation the assistance which they had received from the board's officers and the careful consideration given hy the board to all decisions and requests of the directqrs.