Smyrna times., 1943-01-28
CREDIT BOARD
HEARS REPORT
Delaware Production Credit
Association Stockholders
Hear Annual Report
SUFFER SMALL LOSS

SUFFER SMALL LOSS
In the eight years operation OF
the Delaware Production Credit
Association under the same man.
agement, a total of S2,244, 455 has
been loaned to farmers of the state
with loss of but S64.10. S. M
Harrington, secretary-treasurer, dis
closed this record in his report to
the stockholders at their ninth an
nual meeting in the Dover Conn.,
munity School on Saturday. Mr.
Harrington explained that in 1884
the year the association was organ
lied as a cooperative lending insti-
tuition serving the farmers under
the production credit system in
corporated under the Farm Act of
1888, $4,000 was loaned while
SCOT 900 was loaned last year.
Earned a Surplus
He said the federal examiner felt
that there were no loans carried
by the association on which re-
serve should be set up or charged
off as a loss. The association has
earned a surplus of $50, 234, his re-
port showed. Due to the restric-
lions on tires and gasoline, only
about $50 members attended the
meeting as compared with AGO last
year.
Food Production
L. D. Caulk, president, opening
the meeting, brought out the neces-
sity of the associations members
and all farmers of the state to dc
their utmost to feed the citizens of
the nation and theri allies because
they have to give an account of
their stewardship to the soldiers
when they return home" He said
that production of food, fibers and
vegetable oils is now generally rec
ognized as being as important as
the production of actual ammuni-
ton. j. Allen Frear, rJ., MEM
Der and director, praised the as
ISOLATION as one of the topranking
organizations of the district which
he represents.
Review Of Operation
Reporting on behalf of the direc-
tors and executive and loan COM
mittees, E. Laird Kratz reviewed
the creation and operation of the
credit production association, ex-
planning that the system was set
up by the agricultural leaders and
Congress after studying the prob
lens of the economic depression
which engulfed the country in 1888.
Safeguards Setup
In forming the organization, safe
guards were set up to help avoid
the factors primarily responsible
for weakness in many agencies OPP
Grating in the field of agricultural
financing, he said. He added that
experience has shown that made
quate capital, inadequate supervi-
sion, and the dependence on the
supply of loanable funds generally
on local lclonditions have been the
causes of many weaknesses in ag
riculture lending. 1t was thought,
he said, that credit could be ably
extended by farmers who were ac-
quainted with local agricultural
conditions woh, by reason of their
training and experience, could
properly analyze a farmers opera
ton from a sound credit viewpoint.
Albert o. Gray, st. Georges, field
assistant secretary-treasurer, gave
a detailed summary of the financial
condition of the association.
Prizes For Essays
Mr.. Frear presented the prizes
for the best essays on the produc-
ton credit system in contest
which was open to children living
on farms and attending schools in
the state several months ago. The
prizes were: First, $25 war bond,
won by Gordon Widdoes; second, a
S25 war bond, won by Alden S.
Hopkins, Jr., Lewes; third, $3.50
in war savings stamps, won by
James Murray, Middletown. First
prize also included two-day trip
to Baltimore with expenses paid by
the association. Other speakers in
cluded: Clarence E. Ocheltree,
Greenwood, chairman of the State
u. S. d. A. War Board; Nathaniel
Taylor, secretary-treasurer of the
National Farm Loan Association;
J. H. Kans, vice-president of the
Production Credit Corporation of
Baltimore. E. Laird Kratz, George
town, and Victor P. Kohl, Middle
town, were reelected directors.
Fruitland Grange served a turkey
dinner for the association members.
st. Peters Episcopal Church Notes
ST. Peters Episcopal Church,