ADVANCES TO SETTLERS.

Greymouth Evening Star, 11 July 1908, Page 4

ADVANCES TO SETTLERS.

A RECORD YEAR. ANNUAL REPORT OF THE DEPARTMENT. [OUR parliamentary reporter.] WELLINGTON, July 11. The business of the Advances to Settlers Office for the year ended March 3rd last was once more a record in volume. The annual report of the Office submitted to Parliament yesterday states that during the twelve months the number of applications received for loans was 3183 as against 2420 in the previous year, the total sum of money for which the applications were made amounted to £1,668, 135 as against £999,461 for the previous year. The advances actually granted during the year were 2371 the sum involved being £1,197,416 as against £767,730 to i 929 aplicants in the previous year. The net total of the advances authorised by the Office and accepted by applicants from the inception of the system up to March 31st. last was £6,937,950 which was distributed amongst 18,883 persons. The gross number of advances authorised was 22,456 but 2,573 applicants declined the grants offered them. The applicants were distributed over the provincial districts as follows:—Auckland 5482; Taranaki 3,301; Hawke’s Bay 1,113 ; Wellington 5659 ; Marlborough 676 ; Nelson 284 ; Westland 468; Canterbury 1911; Otago and Southland 3562. The proportion was maintained roughly last year the average amount of the advances granted during the year was £505 and the average amount of the advances now outstanding is £375. Sixty-seven per cent of the advances made during the year were for sums not exceeding £SOO. The total sum hold by the Government in debentures for investments on mortgage is £4,110,000. The net profit for the year ampunted to £51,385 an increase on the previous year of £6413. Notwithstanding the concessions granted to mortgages 16 free hold and eleven leasehold securities have, for various reasons, been realised by the Department up to date and in no case has a loss been made.