ADVANCES TO SETTLERS.

Auckland Star, Volume XXX, Issue 158, 6 July 1899, Page 6

ADVANCES TO SETTLERS.

RECORD OP PAST TRANSACTIONS,

In a report laid before Parliament on June 23 the Superintendent of Government Advances to Settlers states that during the year the funds available from the first million and a half loan became exhausted, and it became necessary to withdraw the money lodged with the Public Trust Office, amounting to £ 150,000, in anticipation of the balance of the loan, or a part thereof, being1 subsequently floated. This account was drawn upon to the extent of £ 80,000. The instalments of interest and principal to 31st March, 1898 have been collected in full, no sum remaining outstanding on the 31st March, 1899; to a date six months later, namely, 30th September, 1898, there is outstanding a sum of £416 from three people. Up to the 31st March, 1899, the Board had authorised 7050 advances, amounting to £2,073,----425. The total amount asked for by the 7050 applicants, granted in full and partially, was £2,400,135; 828 applicants were declined. The grants offered them amount to £374,280, so that the net advances authorised to the 31st March, 1899, numbered 6222, and amounted to £1,699,145. The securities for the net authorised advances were valued at £3,759,399, and these are being enhanced by the expenditure in improvements of part of the money borrowed, and the liability reduced by the periodical repayment of principal. The number or applications received to the 31st March, 1899, was 9032, for an aggregate amount of £2,959,528. A portion of the second million and a half loan has been floated and the money temporarily advanced through the Treasury has, since the 31st March last, been repaid. The Department has now to make provision for an annual payment of £60,000 interest on loans, but notwithstanding the increase of £15,000 interest payable in respect of the additional sum raised for investment on mortgage the Department will, on the Ist October next (half-yearly due date) require considerably less than the sum borrowed at the same date last year, and it is fully anticipated that by the 31st March, 1900, the office will have sufficient funds available to meet its liability in respect of interest without assistance from the Consolidated Fund. The following return shows the advances made in each provincial district. a . os < o *% g District. «3 g-a a ©C 3~ o °3 Auckland 1,330 £330,985 Taranaki 843 243,(550 Hawke's Bay 546 130.300 Wellington I.«OS> 5i1!415 Marlborough 211 IO.SOO Nelson 139 *2''l *> Canterbury 621 Wf&MS Westland OS 21,305 Otago and Southland 1,556 504, <b2 Totals 7.050 £2,073,425