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GOVERNMENT ADVANCES TO SETTLERS OFFICE.

[FaOM OUB PARLIAMENTARY REPORTER.]

WELLINGTON, October 12. The annual report laid on the table of the House to-day states that the net balance of the £1,500,000 loan available was £1,394,102. The indebtedness to the Consolidated Fund on 31st March was £46,500, but when the balance of securities is realised the premiums received will considerably reduce this amount. In explanation it is stated that before the department was legally empowered to invest iu securities a large portion lay iu the Bank totally unproductive, and it became necessary to borrow from the Consolidated Fund to pay interest. It will be some years however, before the initial flotation and dis-couat charges will be recouped out of profits, but it will be taken in hand when the Consolidated Fund advances are paid off. A considerable number of applications were declined by the General Board, and in maDy instances the amounts offered by the Board were declined, which explains the difference between the amount advanced and the amount applied for. List year 2,681 applications were received, representing £862,179; granted,£6Bl,63B; thebalancenot accepted. Up to March 31, 1897, the Board had authorised 4,501 advances, amounting to declined 1,112 for £360.268. The total amount applied for by 4,501 applicants granted in full and partially was £1,654,002. Applicants to the number of 581 were declined to the amount of £291,290 offered. Thus the net advances authorised on 31st March was £1,112,775. The security for this was valued at £2,566,756. The number of applications to 31st March, 1897, was 5,809, and the aggregate amount £2,081,633 Sixty-five per cent, of the tola! amount applied for was wanted to pay off mortgages at rates of interest over 5 per cent. The number of fixed loans so far are inconsiderable. Attention has been paid during the year to reducing the cost of management, and a reduction in the staff has been effected. The year ended 31st March last was free from loss of any kind, and of the amount outstanding for principal and interest (£1,791) a considerable sum had been paid. The sums now due at the post office are £lB9. The department had been very little affected by*the bush fires and floods. To the credit of borrowers (mostly small farmers) it is stated that many pay instalments b.'fore their due dates, and 90 per cent, within a fortnight of the due -date. The average of the loans granted is under £3OO, and a large proportion of the loans have been for the purposes of improvement, and the liability in each case is being steadily reduced. It is not believed that any losses will be incurred. A scheme is to be shortly put in operation to prevent the accumulation of arrears to any great extent.

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https://paperspast.natlib.govt.nz/newspapers/ESD18971012.2.32.15

Bibliographic details

GOVERNMENT ADVANCES TO SETTLERS OFFICE., Issue 10443, 12 October 1897, Supplement

Word Count
457

GOVERNMENT ADVANCES TO SETTLERS OFFICE. Issue 10443, 12 October 1897, Supplement

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