RURAL CREDIT

Waikato Times, Volume 127, Issue 21206, 31 August 1940, Page 3

RURAL CREDIT

HAMILTON ACTIVITIES LOWER ADVANCES FOR YEAR The annual meeting of the Hamilton Co-operative Rural Intermediate Credit Association, Limited, was opened today, but was adjourned for a week for want of a quorum. The report of the chairman, Mr W. Cooper-Smith, states that the number of applications for the year ended May 31, was 33, of which 28 were granted, and five declined or withdrawn. During the year nine loans were repaid. The number of loans current is 65, showing an increase of four for the year, while the present number of shareholders was 261. The total amount advanced during the year was £11,322 12s 4d, a decrease of £1665 16s lid, while the amount outstanding by members at the end of May was £25,806 11s Id, a decrease of £1286 16s 7d.

Amalgamation Favoured “The suggestion in last year’s report,” states the chairman, “that the amalgamation of some of the smaller associations would strengthen the movement has not yet materialised. However, one or two associations have decided to hand over to larger neighbours owing to the fact that the amount of business being done did not warrant a continuance of their activities as single entities. The directors feel that there is still room for improvement in this direction, one of the weaknesses in the past arising from too many associations operating in a limited territory. “During the year the central board set aside certain money for advertising the Rural Intermediate Credit scheme, and this enabled us to contact and render real help to people we could not otherwise have reached. The board would very much like to see the practice of informing the farming public of the objects and benefits of the scheme continued.”