ADVANCES TO FARMERS

Sun (Auckland), Volume III, Issue 740, 13 August 1929, Page 10

ADVANCES TO FARMERS

MEETING FLUCTUATING NEEDS ‘ I’rcss Association “WELLINGTON, Monday. The Rural Intermediate Credits Board at its monthly meeting on Friday approved generally ot‘ the proposals submitted by the Commissioner. Mr. J. “7. MacDonald. that in cases of farmers. particularly those engaged“ sheep-farming and mixed farming. whoge requirements (or financial assistance fluctuate according to various seasons of the year, a limit should be fixed by the board proportionate to the value of the borrower's live and dead stock, and if necessary collateral securities up to which the borrower would be entitled to receive advances, as and when he required money to meet current outgoings. In view of the aim of the rural intermediate credits legislation to improve the position of borrowers by gradual reduction of their liabilities. this limit would be subject to annual review. Interest would be payable on the actual amount owing: and not on the full amount authorised. The board decided to submit the proposals to members of district boards and Co-operative Rural lute!" mediate Credits Associations to obtain suggestions as to the procedure necessary to put the proposals into enact. The Commissioner reported that the total number of associations actually formed was now 26. and there were ‘moremeuts to establish three more.