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Show r armers To Have Reduced Interest Rates Farmers in Cache County will save about $64,938.00 a year as a result of legislation just enacted enact-ed by Congress affecting inter-eat inter-eat rates on Federal Land Bank and Land Bank Commissioner loans. The temporary rate of 3(4 Percent Per-cent on first mortgage land bank loans will be continued for two years ending June 30, 1942. During this period the interest rate on first and second mortgage Land Bank Commissioner lor.ns will be reduced from 4 to 3! percent. Land Bank and Commissioner Com-missioner loans were originally written at contract rates averaging ave-raging about 5 percent. At present about 1,038 Cache County farmers have Land Bank and Commissioner loans outstanding out-standing aggregating i, 329,200. The difference between the contract con-tract rate and the temporary rate thus effects a substantial saving for farmers. In a statement from Washington, Washing-ton, A. G. Black, Governor of the Farm Credit Administeraiion,' said that the saving to the farmers farm-ers through the reduced Interest rate will have the same effect as an addition to the farmers' net income. I "The ultimate purpose of tthe reduced interest rate on Land Bank and Commissioner loans i3 to help farmers keep down their fixed charges and thus leave more income for the retirement of debt principal, or to meet necessary operating and living expenses," Governor Black Faid. 'Money .-rived on interest charges will thus be reflected In ir.rreased purchasing power. benefiting bene-fiting both industry and agriculture, agri-culture, and alto will help in a measure to raise farm Hlng standards and safeguard larm ' owners'uip. |