SOLDIERS’ SETTLEMENT

Evening Star, Issue 19002, 25 July 1925, Page 3

SOLDIERS’ SETTLEMENT

ADVANCES OVER £22,000,000 The statement shows that from the inception of the scheme of the discharged soldiers’ settlement in 1915 to the end of last financial year advances have been made to 22,326 discharged soldiers totalling £22,208,300. During the period the mortgages have run, receipts from the sale of stock, wool, and other farm produce, and repayment of loans under the instalment system, amount to £3,889;800, the receipts being 17.6 per cent, oi the total capital advanced. These receipts have been applied for the purpose o’ readvances on current accounts to purchase stock or improve properties, for additional loans on current account, and also to clear off commitments outstanding from previous years—i.c., loans which had been authorised and not immediately taken up. The receipts for the year amount to £1,591,483,

which constitutes a record. Of this sum £921,365 represents repayments in respect of principal, part of which is available for readvance on current Recount,while receipts in respect of interest and sundries total, £670,118. Arrears outstanding on interest and principal amount to £530,755, while the sum of ■■ £2241195 is outstanding as postponed instalments. There has been a,reduo- ■ tion in arrears as compared with ttoo previous year, but there is an increase in postponed instalments outsandmg. This is due to the concessions granted ; by way of postponement by the Dominion Revaluation Board. The arrears of rent amount to £216,300. Loans amounting to £344,800 were authorised during 1924-25, mainly for the purpose of further assisting in the replacement of culled stock, and the purchase. of further stock, and . for additional iniprovements. Included in the above is an amount of £33,900 granted to thirty- , 'one disabled and T.B. soldiers for the erection of dwellings. The total advances paid out during the. year amounted, to £717,340, readvances on current account, discharge of commitments of previous years, as well .as loans authorised. The department handles the bulk of the proceeds from farms, and these are invested m the replacement of stock, the purchase fo additional stock, and in effecting improvements to farms. These re advances must continue until properties are more fully developed. . The total amount involved in the , settlement of discharged soldiers is £26,576,386. The Dominion Revaluation Board, after examination .of soldiers’ farms, has authorised valuation reductions approximating £2,280,800. STATE ADVANCES. The capital -of the State Advances Office at March 31,1925, amounted to £26,776,899; an addition of £4,593,374 last year. This latter sum was to provide the extra funds for advances required for development purposes, the acquisition of houses, and particularly to assist those farmers whose mortgages have become due on the expiration of the moratorium. The advances actually paid over numbered 4,533, and amounted to £5,238,880. ■ The new business for the year was as follows

For the purpose of building houses and acquiring homes a large sum has been advanced during the last six years. The following is a table of the loans authorised from April 1, 1919, to

A considerable sum has been provided during the year for repayment of mortgages, and since the month of October, 1922, when it was decided to grant advances for this purpose, tha loans granted number 6,106, and amount in all to £7,346,295.

No, Amount. £ Loans granted to settiers L ... 3,321 4,289,875 Loans granted to workers ... 1,874 1,363,280 Loans granted to local authorities.., , ... 127 227,330 Totals ... 5,322£5,880,485

March 31, 1925:— No. Amount. & For housing purposes— To settlers 6,145 S,454,093 To workers ... ID,911 6,486,224 To release mortgages on house properties— To settlers ... ... 2,502 1,346,498 To erect workers’ dwellings— To local authorities .634,148 Totals ... 19,558 £11,920,980