DROP OF £2,000,000
STATE INVESTMENTS MORTGAGE CORPORATION LOAN DEMAND SLACKER (Parliamentary Reporter.) WELLINGTON, this day. The slackening in the demand for new loans, accompanied by the tendency of mortgagors to accelerate the repayment of their loans, has resulted in a net reduction in the State Advances Corporation's mortgage and local body investments last year by £2,000,000. New loans last year totalled 1510, representing £1.431,000. The corporation had a gross income of £2,230,000, being a reduction of £49.355. Its gross profit was £675,290, and, after allocating £51,581 as an addition to reserve for losses, there was transferred to the profit and loss account £367,000. The corporation sets aside from the latter sum £160.000 for the payment of taxes and pays the balance, £207,233, to the Treasury.
The corporation is responsible for 43,071 urban securities of a total amount of £25,512,141, 20,748 rural securities of a total amount of £24,168,711, and 11,046 State rental properties, old and new.
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https://paperspast.natlib.govt.nz/newspapers/GISH19410814.2.25
Bibliographic details
Gisborne Herald, Volume LXVIII, Issue 20634, 14 August 1941, Page 4
Word Count
156DROP OF £2,000,000 Gisborne Herald, Volume LXVIII, Issue 20634, 14 August 1941, Page 4
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