RURAL CREDITS SCHEME.

Shannon News, 19 March 1929, Page 1

RURAL CREDITS SCHEME.

— ■■ » .. ,\. - ' -SUCCESSFULLY OPERATING IN HOROWHENUA. I The Rural Intermediate Credit AsI soi'/.ation' which was formed- in Levin for the Horowlhenua .district at the j end ot" last year, commenced function ing after the Christmas holidays. Up ( to date six loans have been granted in the district, these having a total capital value of £2OOO. In addition one application has come forward from the last meeting for the approval of the- District Board. The amount of business so far handled by the Association is thus fairly considerable, being at'the rate of about £IOOO a month; and the introduction of money at this rate to circulate in the district should react favourably on trade conditions. It has been decided by the .associa-,-tions to hold meetings at Levin on tlu /first and third Tuesday of every month, j The members will thus be in close ; touch 'with the needs of the farming i industry, and there should be no delay -in' considering applications ami forwarding the necessary recommendations. Applications for loans under £250 aro sent on to the District Board, which has its headquarters, in . Palmerston, but amplications for loans ranging from £250 to £IOOO are referred io the Central Board ■ in Wellington. The local association has the power of dealing directly-with sums under £IOO that may be -advanced by dairy companies to suppliers, 3n the seem ity oi inomlssory notes. ' Compared with the diffidence with which "the. Rural Credits scheme was .received by the agricultural eommmi, ity when its provisions were first placed before them, the success attending ■ the system in actual working in tins i district is almost phenomenal, and the . outlook for it* success in the future is' very favourable.