§ Mr. T. SMITHasked the Minister of Agriculture if he can secure a reduction in the rate of interest on sums advanced by the Government to credit societies under Part II of the Agricultural Credits Act, 1023?
§ Mr. BUXTONWith the object of encouraging the formation of societies for the provision of short term loans to farmers under Part II of the Agricultural Credits Act, the Government have decided that advances to such societies should be made at bank rate varying— with a minimum of four per cent. Under present conditions, this means a reduction of one per cent. in the rate of interest. I hope that farmers will realise the greatly increased advantages thereby offered under Part II of the Agricultural Credits Act.