explains reduced land bank interest the ilie continuation of the temper ardly reduced in interest te rest rates on bed ec cial lanil land bank and land bank commissioner loans as a result of 0 recent congressional action win will apply to all interest payable prior to july 1 10 mu 1010 10 charles charlea parker president of the mie federal land bank ut of berkeley said today ua on federal land bank loans national farm loan associations lations iati ons the temporarily reduced rate will be sya per cent a your year president parker said the arlly reduced rate ol of 4 per cent on land bank commissioner loam made through the lard land banks will also bo be continued until july 1 1940 lie he explained that th the temporary lut interest reduction redaction provided by con ress doea not change the contract interest rate that I 1 la the rate written in the mortgage at uio tile time almo a loan was made parker said that under the th law as aa now amended loth both land bank and commie aloner alone r borrO borrowers will resume interest d payments at their respective contract rates on july 1 1940 farmers who obtain new loans loam now through an active association at the present 4 per cent contract rate the land bank president stated will get tho the benefit odthe 3 per cent rate for all interest installments payable prior to july 1 1040 1940 and after will not lot have bave to pay more than the 4 per cent contract tate rate tor for the balance of tile the form of the loan which may be for as long as aa 20 to bodd 30 odd years