8.—14.

PUBLICITY. 13. Newspapers and Farming Journals.—Valuable assistance has again been rendered to the Board by newspapers and leading farming journals throughout the Dominion in publishing reports of the proceedings of the Board, district boards, and associations, and conveying to the farming community matters of interest regarding the Rural Intermediate Credit system. 14. New Zealand Farmers' Union Incorporated.—The practice of supplying the Union with periodical statements showing the progress and development of the system for circulation to its branches has been continued, with the result that up-to-date information has always been available to the branches and their members. The Union and its branches have also supported the Board in its efforts to secure wider publicity for the system amongst farmers, and has arranged meetings which have been addressed by officers of the Board. 15. Publicity Campaign.—During the year the Board continued the campaign commenced during the preceding year. A poster drawing attention to the operations of the Board and co-operative rural intermediate credit associations was exhibited at all post-offices and at other points throughout the Dominion, a pamphlet giving a brief summary of the system and drawing special attention to the reduced rate of interest payable from the Ist September, 1934, was issued and distributed with ready assistance from dairy companies and co-operative rural intermediate credit associations, and addresses were given to meetings arranged for the purpose. Seven addresses of this nature were delivered by the Deputy Commissioner and District Intermediate Credit Supervisors. Some measure of publicity has also been obtained from footnotes drawing attention to the operations of the Board appearing on the agricultural bulletins referred to later. GENERAL POLICY AND DELEGATIONS TO DISTRICT ORGANIZATIONS. 16. Delegations.—Reference was made in the last report to the fact that the Board, recognizing the necessity for decentralization, had carried out a policy of gradual delegation of its powers to its district representatives, district boards, and co-operative rural intermediate credit associations. Further extensions of delegations have been effected during the past year. 17. Granting of Further Advances.—The power given to directors of associations to grant further advances not exceeding £50 has been subject to the observance of certain conditions which have now been relaxed to some extent in the light of the Board's experience of the exercise of the power by associations, which are allowed a wider discretion than they formerly had. A similar power to grant further advances not exceeding £50 in respect of loans granted direct to farmers under Part 111 of the Rural Intermediate Credit Act was during the year conferred on committees of district boards, consisting in each case of the District Intermediate Credit Supervisor and another member, the conditions which must be observed being similar to those which apply to association loans. 18. Financial Statements.—lt has been decided during the year to dispense with the furnishing of a financial statement where a further advance or concession is applied for if an inspection of the security is made by a director and a certificate submitted by the inspecting director and the secretary of the association to the effect that after investigating the position they are satisfied that the recommendation of the association is justified. A similar provision relates to loans granted direct to farmers without the intervention of associations. In conveying its decision to District Intermediate Credit Supervisors, district boards, and associations, the Board emphasized the importance both to borrowers and lenders of conducting farming operations on the basis of annual budgets, and expressed the opinion that in their own interests farmers should keep reliable records of their financial position and operations, and so be in a position to furnish financial statements at least once each year. Full financial statements are still required in the case of applications for new loans.

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