STATE ADVANCES OFFICE

Evening Post, Volume CVI, Issue 16, 19 July 1923, Page 10

STATE ADVANCES OFFICE

ANNUAL EEPOHT.

The twenty-ninth, annual report and balance-sheet of the State Advances Office, presented to Parliament yesterday, showed that the amounts of the advances •-. actually, paid, over. to ; settlers during the year ended 31st March, 1923, totalled £580,310, the number of the advances under this head being 1122. The net profits of this. branch amounted to £29,255, and £1500 was paid in income tax. A balance-of £24,891 was, transferred''to, sinking fund, which, after redemption of loans totalling £45,000, amounted to £1,403,177. Advances to- 1585 workers totalled £783,820,' bringing 'the total to £3,253,----025. Since the inauguration of the workers' branch 16 years ago, 10,538 ad-' vances have been made. During ithe year the net profits amounted to £11,228, ; and £1500 was paid.in income tax. A sum 0f"£8164 was transferred to the reserve fund. After redemption of loans totalling £187,000, the sinking fund amounted to £67j952. To 145 local bodies £191,365 was paid over.', A'total of .1503 loans had been made to local bodies'by this branch, and these bodies. were; now indebted to the ■extent-'0f'£2,573,971 in. respect of prin-\ cipal moneys. .'•.The: net loss, in. respect of local, authorities', amounted ..to £4423, which would in the -course of time disappear, the sinking fund being no longer a charge on the capital. The sinking fund amounted to £297;829.' ' '..■' •