STATE ADVANCES

Feilding Star, Volume 7, Issue 2305, 6 September 1929, Page 7

STATE ADVANCES

SETTLERS AND WORKERS THE TEAR’S OPERATIONS Details of the opefiltlpns mf * the Stale Advances Dopur-Uncut l’or the year ended on March 51 were presented to Pa rl inrun t. yesterday in the, annual' report of the superintendent of the* State Advances Office. MUCH BUSINESS The report states that during the year the Board autUo'rsed 1228 advances 'to scit tiers, amounting to £1,2-42,005. ■ Of that number 825 advances were paid over,,ftpiounling to £754,115. Current advances numbered 25,208, representing £10,7-12,132-1. Th© net profits for the year were £50.-105, and the management expenses £52,510. Payment of instalments by settlers wer© regarded as satisfactory, th© percentage of arrears to the fund outstanding at the end of the year being 1.010 per cent. Mortgages and instalments of principal repaid amounted to £940,857. The. amount of interest collected was £1,045,425. The sinking fund, after redemption of loans totalling £485,305 amounted to £i,559.27ii' ' Since its inception in 1804 the* Department, had advanced to settlors (£58,054,010. During that period tiie, ( lps§ys made were £147,620, or 7 S ,0d the amount advanced.), ADVANCES TO- AVORKERS Some, 2225 adVftii|es. involving £1,005,055, were auth<ft|se<L for worked. Of that nuis|r£i|>sß advances, representing £l,4o|;pufl were paid over. The ad vanced' Current, totalled 20,420, and amounted, to £11,450,089. The net profits for the year amounted to 10,887. Th© cost of management expenses was £O4BB. The payment of instalments hud been well maintained, and was considered satisfactory, th e per|||t|ge of arrears to the funds outstanding at the close of the year' being cent. Mortgages and instalment#, of principal repaid for the yearty amounted to £418,009. The amount of interest collected was £517,1472 * Since the commencement of thefAdvuncos to Workers Act in 1000 thef Department had advanced to workers the sum of £10,100,587. The losses made during th© period amounted to £8204, or Is in every £IOO of the amount advanced. RURAL ADVANCES . For rural advances there were 858 authorisations, Involving £1,515,510; 010 wer e , paid over, amounting to £4,144,235. The net profits were £BOOO. Tli e cost of management expenses was £O7l. Bonds to the aggregate value of 1,048,550 were issued during the year. Mortgages and instalment,s of principal repaid amounted to £10,805. The amount of interest collected was £50,008.