RURAL CREDITS SCHEME

Shannon News, 6 July 1928, Page 4

RURAL CREDITS SCHEME

WORKING IN AUCKLAND. INCREASING INTEREST SHOWN. Gradually the farmers of the Auckland district are having more general recourse to the Rural Intermediate Credits Act. Its wider exploitation now .depends largely • upon the formation of more rural credit associations and the extension of schemes whereby dairy companies guarantee borrowers. ' Mr R. F. Ward, district supervisor under the Act, stated last week, that he had recently addressed a meeting of farmers at Helensville, in which district it was likely steps would shortly be taken to form an association. The Waiuku association was duly constituted by the final signing of papers yesterday, and throughout Mr Ward’s region there was an increasing interest in the new legislation. It was mentioned by Mir Ward that

some of the six hundred applications for loans aggregating about £50,000, entertained by the district supervisor ,at Hamilton, probably/ applied .to the Auckland district proper, since, the great majority of them had been'; sent through the New Zealand C.o-ppefative Dairy Company, most applications from which quarter were received first at Hamilton, those relating to Auckland being later sorted, out and sent on. There were still coming in applications for loans from individuals, mostly from dairy farmers seeking finance with which to purchase new stock and extend their top-dressing work, but .it appeared likely the ■ arrangements whereby dairy companies' guaranteed, loans to their • suppliers would be extended wherever companies were.in. he financial position to be* regarded as atisfaetory- guarantors. |