STATE AID

Evening Post, Volume CX, Issue 47, 23 August 1930, Page 11

STATE AID

ADVANCES DEPARTMENT

YEAR'S OPERATIONS

During the year ended 31st March, 1930, the State Advances Department! authorised 2332 advances to settlers j amounting to £2,181,410. Auckland j headed tho list with 951 loans, amount-j ing to £852,260, and Wellington was-j next with 490 applications, aggregating £404,295. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March amounted to £377,295. Tho cost of management was £34,897 15s 4d, being i 0.149 per cent, or 2s lid per £100 of the capital employed. Notwithstanding the lower prices ruling during the season for the primary products of the Dominion, states the report, settlers generally paid their instalments in a satisfactory manner, the percentage of arrears to the funds outstanding at the close of the year being only 0.908 per cent. In the rural credits branch 999 advances, amounting to £1,841,055, were authorised, including 397 applications involving £650,320 from the Auckland district, 138 applications, aggregating £275,210, from Southland, 116 applications, amounting to £266,975, from Canterbury, and 108 grants, totalling £226,020 from Wellington. Tho cost of management in this case was only Is 7d per £100 of the capital employed, and tho arrears of tho fund outstanding at the close of the year was only 0,301 per cent. The advances to workers -amounted to £3,555,220 on 4238 applications. In this department Wellington led the way with 1758 applications and £1,611,345 in advances, Auckland was next with 1282 applications and loans totalling £1,031,135. The next province was Canterbury with 588 applications aggregating £462,550. Tho net profits for tho year amounted to £9547 14s 4d, tho cost of management being Is 3d per £100, and the arrears only 0.809 per cent. During the year tho advances under the local authorities branch totalled eight, amounting to £5580. Tho net profits for tho year amounted to £648 2s 3d. , In the public debt sinking funds branch 177 advances were authorised, amounting to £122,305, and the cost of management was nil. In connection with the Advances Office sinking fund 22 advances, amounting to £13,320, were made. Under tho heading of repatriation £33,810 11s 2d in principal moneys was repaid by borrowers. The position is that 1235 borrowers are indebted to the extent of £155,708 Is 8d for business loans, and 4634 borrowers owe £98,006 2s 4d for furniture loans—a total of £253,714 4s in respect of principal moneys. In the house account £6736 4s Id was expended during the year in preparing land for. dwellings. The mortgages and instalments of principal repaid for the year amounted to £50,----409 19s 4d, and tho total amount of interest collected was. £30,160 19s.