Newspapers / The Roxboro Courier (Roxboro, … / Feb. 21, 1934, edition 1 / Page 3
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HILLSBORO PRODUCTION CREDIT ASSOCIATION Hlllsboro. N. C?The 1934 crop season will mean the beginning of a better system of credit fot many farmers who are preparing to fi nance the year's farming by means of short-term loans through the production credit associations which are being organized under the Farm Administration throughout this state. Under the Farm Credit Adminis tration the land banks will continue to make long-term real estate mort gage loans, but the administration is also providing a long-needed sys-| tern of short-term produition credit for farmers?loans to be used for producing crops and livestock and repaid at the end of the season. This is an entirely new service for farmers, and it is designed ? to be permanent. Farmers in this locality will be served by the Hlllsboro Production j Credit Association, which was start ed on Dec. 29, 1933, to serve pro ducers in Caswell. Alamance. Per son. Orange. Durham and Chatham counties. About four or five coun-' ties is the average size of an asso-1 elation. There is no fixed number "f counties standard for all asso ciations, but each must include enough territory to give a volume of business sufficient to secure efficient a orga nization and low cost of opera ?km. The Hillsboro association was or ganized through the cooperation of representative farmers of the coun ties included, with the assistance of the Columbia Production Credit Corporation. There is one of these corporations in each of the 12 land bank-districts in the country. The local association will obtain loanable funds from the intermediate credit bank of Columbia which will lend money on. or discount, well secured notes of farmers. All of these in stitutions are a part of the Farm Credit Administration. A production credit association does not lend Government money. The funds that will be loaned are obtained by the intermediate credit banks which sell short-term bonds, cr debentures, to the investing pub lic. In other words, the monev is being borrowed to b? loaned to eligi ble farmers to enable them to pro duce a season's crops. The associa tion is not a charity institution; but a business intitution for buiness minded farmers. The purpose is to make loans that farmers can afford to use for a season' operations, and which will be repaid at the end of the season. It Is a pay-as-you-go plan lor agriculture. troans needed to buy work-stock, fertilizers, seed, machinery, end equipment, for purposes of dairy or poultry fanning, or' for other ex penses incurred for general agricul tural purposes, may be obtained from a production credit association I 3s conveniently as from any care fully managed bank. Most of the loans will run from 3 to 12 months, depending on _ the length of time required for growing and marketing the crop or livestock > which the loan is made to produce. Loans for crop production will us ually mature in less than a year, although loans such as those on dairy and breeding cattl? may run | longer?vp: to 18 months. | Applications for these short-term | loans are handled in this territory I by Geo. C. Neal. ! Applications will be acted upon quickly when they give a clear fl | nancial statement of the applicant's | farming condition, listing all assets and liabilities, and estimating net worth. The applicants should name specifically the farming assets of fered as security for the loan, and give a plan ,or budget, showing how he is going to use the loan applied for and how he is going to repay it. Primary security for production leans consists of livestcok, farming equipment, growing crops, or other personal property most appropriate to secure the loan adequately and make up a chattel mortgage. It is not intended that loans shall be se cured primarily by mortgages on real estate. Where this type of se curity is taken it will be regarded ! as additional collateral. no loan may exceed 20 per cent of > authorized capital of the associa tion. Hie amount of the loan I should correspond with the actual need for credit. Perhaps more farm ers have become heavily involved in debt because of too miich-credit than because of the lack of It. Loans from production credit associations will only be made as needed, and proper -precautions will be taken to prevent over-extension of credit so that farms will not have to pay unnec essary indebtedness with resulting interest. After a farmer's application is re ceived his financial statement is checked and the property offered as security fur the loan personally In I USED TO BE JUMPY AND NERVOUS. THEN I STARTED ON CAMELS. THEY NEVER UP. SET MY NERVES...AND, BOY, HOW GOOD THEY TASTE I CAMEL'S COSTLIER TOBACCOS YOU CAN SMOKE THEM STEAQllY .. BECAUSE THEY NEVER GET ON TOUR NERVES . . . NEVER TIRE YOUR TASTE ! ;Tiudn&tinej Tnch NATURE _ WHAM! . . Chilean Natural Nitrate, the world's only natural ni trate fertilizer ? Is blasted from the ground, , refined and shipped to , you. You put it back into the ground on your farm where it fairly works wonders on your crops. It is as natural as the seeds you plant. AND THOSE M J VITAL V ^ IMPURITIES^ JlJ TOO" I CHILEAN NATURAL NITRATE IS NITPOOIN PLUS-N1TP06EN, PLUS THE NATUAE-SIVEN'IMPURITIES* SUCH AS IODINE, CALCIUM, POTASSIUM, SODIUM, SORON, MAGNESIUM, ETC. EACH OP THESE IS PLANT POOD IN ITSELfc .. 1 6EN. ROBT I. LEE GRADUATED FROM WEST POINT (aN* IN HIS CLASS OF H6} THE YEAR BE FORE THE FIR^T SHIPLOAD OF CHILEAN NITRATE SAILED INTO A VIRGINIA PORT ? 1830 CJu?ecuz NATURAL NITRATE The only nitrogen that comes from the around. spectod by a loan inspector of the association. The minimum charge for inspection is $2.00 Regulations about Inspection charges and collec tion may be changed as required by the production credit corporation. Usually na charge will be made for Inspection if the loan is not granted. If the report of the inspector is satisfactory and the loan is ap proved by the loan committee of the association, the farmer's note is en dorsed in the name of the associa tion, and.sent, along with his credit statement and chattel mortgage, to the intermediate credit bank of Columbia, S. C. If the bank ap proves the credit statement and the security, it makes funds available to the association, and the associa tion sends a check to the borrower immediately. Each asoc'ation is capitalized ac cording to the credit needs of the territory it will serve. Most of the capital stock is purchased by the Production Credit Corporation of Columbia and this enables the as sociation to begin making loans lm i mediately. Funds derived from the .ale of stocks to the corporation are used bv the local'association to pur-, chase high grade collateral, chiefly, Government bonds, which are p ed with the intermediate credit, bank to establish a line of credit, that is. to get the bank to discount, or lend money on, the notes of th farmers which the gelation has endorsed. Ordinarily the bank will discount well-secured farmers- notes up to five times an associations , capital. In this way an association may get all the credit it needs. The authorized capital stock of 1 the Hillsboro Productions Credit Association is $65,000. ?f s smount the Production Credit Cor-, poraticn of Columbia will pay in, as needed, about $48,750. making pos sible a maximum total of loans of $325,000 through loans and dis ! counts with the intermediate credit; ^Actually the Production credit cor poration owns about three-fourths of the capital stock of an associa tion The farmers who borrow from 1 it own most of the remaining por tion. each borrower being required to own 5 per cent of the amount of, ? bis loan in voting stock in the as sociation. t A farmer who gets a loan fr?m the association does not hawe to ad-| vance any money to pay for his stock, as the purchase price may be included in the loan, one $5 share | being purchased as each $100 of th j loan money is advanced. The stock I carries no double liability. Thus a borrower's liability in any possible impairment of capital of the asso ciation extends only to his own stockholding, amounting to $5 for, every $100 or fraction thereof bor I rcwed. I A farmer does not have, to pur chase new stock each time he bor I rows, unless the stock he owns has become impaired in value or he wishes a larger loan. A farmer not indebted to the association may sell his stock to another eligible bor-1 rower, or may exchange it at its fair book-value for non-voting stock. Such an exchange must be made within two years after the holder ceases to be a borrower. The stock purchased by the cor poration is non-voting, but preferred as to assets in case the organiza tion is liquidated. .The voting stock, is owned only by the borrowing farmers, each having only one vote in the association no matter what the amount borrowed or stock I owned. ?? _ Officers and local loan committee I of each association are selected by I the temporary board of dl^ctors I which was elected by the charter members when the association was organized. At the fl?tanualmeet ing of the voting stockholders, that 's the farmer borrowers, a board of directors will be elected, confirming or replacing the temporary board Thus each borrower has an equal chance of voting his opinion as/to the management of the- association. At present loans from a produc tion credit association carry an in terest rate of 6 per cent, charged on an annual basis, that is., only for the actual time the loan is out standing. A loan for six tor instance, will carry an interest charge of about $3 on a hundred. The interest Is not collected until the loan Is due. The interest rate charged the in dividual borrower may not exceed by more than 3 per cent the rate at which the association gets money from the Intermediate credit bank. At present the interest or discount rate charged the association by the intermediate credit is 3 per cent these charges make up the 6 per cent Interest rate paid by the farm The Interest spread of 3 per cent between the rate paid by the aaso clation and that paid by the bor rower goes to the association to meet operating expenses and build up a guaranty fund or surplus, need ed by any carefully managed busi ness institution. '* Actually, the Farm Credit Admln 'stratlon Is establishing at Hllls boro. as at other centers of farm ing sections, a farmers' short-term credit business. Each borrower has part ownership In .the business, His liability for loans of the organiza tion Is only S per oent' of the amount he borrows. The manage ment of the business Is being en trusted to representative farmers chosen by the member borrowers. This Is the only method ever devls ed which permits farmers with the aid of the Federal Government to ultimately own and operate their own production credit business. BEDAD! By H. L Bavin or A. B. O'Briant Since my carl vale are flying the' black flag I might as well enter the field with a clear conscience. It is astounding the difference that little things to make when every move counts and until the last sjlirmlsh this game goes on. Yet it is very plain and elementary truth the life, the foUrtune and the happi ness of every one of us, and more or less of those who are connected with us, do depend upon knowing something of the rules of a game infinitely more different and compli cated than checkers. Bourdlllon almost told it when he said: "Hie night has a thousand eyes And the day but one, Yet the light of the bright world with the dying sun. (dies The mind has a thousand eyes, And the heart but one; Yet the light of a whole life dies When love is done. Though love repine and reason chafe, I heard a voice without reply, It's man perdition to be safe, When for the truth he ought to die." I mean no disrespect when the question of a fair deal or fair trial is raised. It is proper to inquire as to what the folks requesting a fair trial or an open honest deal in a matter of fact wqy and who is to determine when and where and how it takes place. Since I have never had one why then get excited and start hollering about it, which is a contention that lacks merit in law or common sense. It is true no one has been put in jail, no individual has been deprived of property rights. In most cases the idea is everybody is innocent until the re verse is shown. Now then thingumabobs has ac tually found out how to lo6e a job that was approved to pay a fore man from 60c to $1.10 an hour with overtime for a limited time each day, but did not get either one. He drew 50c an hour while on the job and was actually paid for 414 hours overtime or $2.1214 all told for over time work. He worked this Job 30 hours per week. He also found out how to get transferred to another job with a raise of salary to 45c per hour and 24 hours per week, and how to lose this job without any trouble, ordinarily speaking. And then to get the climax he was to re port to another foreman some time In the future at some undesignated or specific place and to work at 30c per hour, IS hours per week. ? The symmety of this naive situa tion is bewildering and complicated. Yet there Is an aporism like this: Experience is a dear school, fools will learn there, but nowhere else. There my tuition was paid in ad vance, so why due me any more as some one has made out a techtncal cat's paw. If all sincerity is in baffling eflron try why not put shackles and stripes on thingumabobs and be done with it? Why continue this deprevating road? There will be no lackry-1 motion. I'm sure as all hands and the. cook will join the festivities Of ungratefulness. When it is not all of life to live, neither is it all of death to die. So why should I worry, since the facts in the case as they really are. You may snuff ti\is life out but the other life you have no control over. It is beyond the comprehension of ordinary men. And if you must know the psoitive truth I have ceased to care In regards' to It. Since the voice I heard without re ply. Tis man's perdition to be safe when for the truth he ought to die. 80 then, what are we going to "3o about it? You who are in charge! Send thlngumbabs to the road with shackles, stripes and chains under a gun,, or give him a fair deal as the N.R.A. or C.W.A. purports to set forth in every allegation of its pleadings. Do as you like. Its a matter of no consequence to him [ whatsoever. Because it relieves a : burden you know not of or it in stalls a get away of which have have not dreamed. Then do as you | ptbase. Since it as a do as you j please ladn, why not do as you ' please. I am not the one to be i considered as the general public | theologizes the predicament of both. But though the seasons still come ! back, asin the long years that have sped, I do not foljov^s stlil the tracks where once my rambling footsteps ted. Just await another time I niay tell you some more. ADVERTISE IN "THE COURIER" for BILIOUSNESS Sour stomach, g 6as and headache 1 due Jo 1 CONSTIPATION i ilotaL = m TRADE MARK REO. m 10* * 35* Horses and Mules We will have to arrive this week two car loads of horses and mules. 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The Roxboro Courier (Roxboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 21, 1934, edition 1
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