ADVANCES TO SETTLERS

Evening Star, Issue 14187, 12 October 1909, Page 4

ADVANCES TO SETTLERS

A SATISFACTORY REPORT.

[Feom Otra Parliamentary Reporter.]

WELLINGTON, October 12. The report of the Advances to Settlers Department states that a record amount of business has been transacted, tho applications numbering 4,471, amounting to £2,050,252, as against 3,183 applications in the previous year, amounting to £1,658,135. The advances actually granted, numbering 3,043, amounting to £1,493,835, exceeded those of the previous vear by 672, amounting to £296,419. The Board had, up to the 31st March, 1909, authorised 25,534 advances, amounting to £9,206,925. The total amount of the advances paid over during the year for both the Advances to Settlers and the Advances to Workers Departments was £1,792,019. The average amount of advances now outstanding is £390. There is advanced on freehold £3,833,595, on leasehold £1,170,776, on freehold and leasehold combined £113,669. Eighty-five per cent, of tho advances made during the year was for loans not exceeding £SOO. The gross profits for tho year were £74,679, and the cost of management and the expenses of the department £9,969. The net profits amounted to £63,835. Mortgagors, says the report, continue to meet their half-yearly payments of interest and principal in a manner creditable to themselves and highly satisfactory to tho department. The stringency in the monev market is apparently not affecting their ability to meet their payments to any noticeable extent.

J. he advances to workers actually granted during the year numbered 1,116 for £298,184. Up to the 31st March the Board had authorised 2,389 advances, amounting to £603,800, and 1,799 mortgagors are. now indebted to the department to the- extent of £482,548. There is a credit balance to carry forward of £1.542 after making necessary provision for a sinkiric fund.