£l00,000 INVOLVED

Sun (Auckland), Volume II, Issue 461, 17 September 1928, Page 12

£loo,ooo INVOLVED

RURAL CREDIT BOARD’S LOANS ADVANCES TO WHEATGROWERS Press Association WELLINGTON, Saturday. At a meeting of the Rural Intermediate Credit Board a report presented by the Commissioner. Mr. J. W. Macdonald, showed that satisfactory progress is being made with the new scheme, and farmers are availing themselves in increasing numbers of the facilities provided for the advance of moneys. The financial statement showed that the board’s transactions up to the present involved a sum of £IOO,OOO, with a prospect of largely increased business. It was also reported that although no public issue of debentures has yet been made, considerable amounts had already reached the commissioner from private sources for investment in the board’s debentures. Since the board’s last meeting associations have been formed at Kaimata, Taranaki district, Dargaville, Tapanui, Taumarunui and Helensville. The total number of associations formed to date is 16. The board decided to submit to the North Canterbury Farmers’ Union proposals for utilising provisions of the Act in regard to making advances to wheatgrowers, particularly in Canterbury, for financing, planting and grow-, ing their crops. .