RURAL CREDITS

Sun (Auckland), Volume III, Issue 922, 15 March 1930, Page 1

RURAL CREDITS

NORTHERN AUCKLAND ASSOCIATION FACILITIES FOR LOANS Press Association WELLINGTON, Today, At the monthly meeting of the Rural Intermediate Credits Board, in his report to the board, the commissioner stated that the formation of a further association with headquarters at Whangarei had been completed, the requisite number of signatures to the memorandum of association having been secured, and that association should shortly commence lending operations with the associations already in existence at Bargaville (Northern Wairoa Association) and Kaikohe (Bay of Islands Association). The farmers throughout the Northern Auckland district have now the requisite facilities for obtaining advances from the board upon their available farming assets. It was reported that a statutory meeting of the Rotorua Association had now been held, and that the association had commenced lending operations.

It was reported to the board that the position in regard to sums advanced by the board to farmers, either direct or through the intervention of co-operative rural intermediate credit associations, was extremely satisfactory, the borrowers being up to; date with their payments in practically every case.

With regard to dairy farmers, it -was the usual practice to collect the requisite payments for interest and reduc 4 ’ tions of principal during the flush of the season, and in some districts of the Dominion the current year’s payments had already been received in full in the majority of cases, thus making it possible for borrowers to receive their cream cheques in full durng the winter months.