RURAL CREDIT LOANS

Sun (Auckland), Volume IV, Issue 1046, 9 August 1930, Page 10

RURAL CREDIT LOANS

PROMPT REPAYMENTS MADE

l* re si s* WEIJ.iNGTON, Wkday. At the monthly meeting of the Rural Intermediate Credit Board held in Wellington, tlie Commissioner, Me. J. \V. Macdonald presiding, important proposals by a large dairy eompaiy Cor the utilisation of’ the discounting method of providing financial assistance for its suppliers were considered. A return of the arrears, interest and the instalments or principal owing by borrowers placed before the board indicated that there were very few cases in which borrowers had not t'ully complied with their obligations. The position was considered by members of the board to be extremely satisfactory, particularly in view of the fact that provision is made in the case of every loan lor substantial repayments annually and, except in a few oases, these repayments bad been made in addition to interest payments. In regard to the present public Issue of debentures the commissioner reported that sufficient funds were in sight to provide for the requirements of borrowers during the period preceding the productive months of the coming season. Throughout the summer months the demand upon the pay. of farmers for financial assistance i-» not as pronounced as during winter months and the requirements of bor- i rowers can then bo largely provided for by the board out of the substantial repayments received monthly from current loans. Sufficient funds are available to ensure that the lending operations of the board will proceed without interruption.