MORE PRODUCTION

Wairarapa Times-Age, 24 July 1940, Page 5

MORE PRODUCTION

FINANCE FOR FARMERS WAIRARAPA COMMITTEE SET UP. MAIN PROVISIONS OF SCHEME. In furtherance of the Government’s scheme to provide finance to farmers for increasing primary production, Messrs A. McDonald (Masterton), W. Wilson (Carterton) and E. A. Heyder (of the State Advances Corporation, Masterton) have been appointed an executive finance committee for the Wairarapa district of the National Primary Production Council. The committee intends to take up its duties immediately. The main duty of the committee is to review all applications for loans for the specific purpose of increasing production, as laid down by the National Council. It is not required to investigate and report on all individual applications, as this work will be done by the field staff of the State Departments through the branch manager of the State Advances Corporation. The finance committee is to act in an advisory and consultative capacity and the final responsibility for the advances is to rest on the Board of the State Advances Corporation. In cases where it is established that finance is not procurable through normal channels, advances may be made by the State Advances Corporation as follows:— (a) To dairy companies for capital works, interest at 3 per cent per annum. (b) To dairy companies for financing purchase by suppliers of additionitl manure or stock, dairy companies to be responsible for rhe repayment of such loans, interest at £3 12s od per cent per annum; to factory suppliers, who are to be charged not more than £4 2s Gd per cent interest. (c) To farmers for any legitimate enterprise involving increased . pioduction, interest at £4 2s Gd per cent per annum. ~... , (d) To contractors for additional plant etc., interest at £4 2s Gd per cent per annum. . (e) Other classes of loans required, interest to be fixed by the Minister of Finance. Any loans so advanced which can be secured by way of a first mortgage on land, stock, crops, plant, etc., will be so secured where assets are free from encumbrances. Where assets are already mortgaged the Crown is to get reasonable security for any advances made and special powers are being taken to enable the Government to take a security over property which will share rateably with existing mortgages cither as regards interest or repayment of capital. . Mr H. M. Caselberg, supervising valuer of the State Advances Corporation is to visit Masterton next week to discuss with the Primary. Production Council and representatives of dairy companies in the district the provision of finance through the Corporation.