OVER £40,000,000

Hokitika Guardian, 29 August 1930, Page 2

OVER £40,000,000

STATE. ADVANCES LOANS

SETTLERS AND WORKER S ■ •'V'A " ___ • OPERATIONS REVIEWED. Since its. inception in 1894 the State Advances Department has advanced £40,221,615 to settlers, according to tho report by the Superintendent of the department for the year endec] March 31st. 1930, which wasi presented to Parliament on Monday afternoon. During that period the losses made were £198,539 19s or 9s lOd in every £IOO of the amount advanced.

LOANS TO SETTLERS. In reviewing the activities of the Advances to Settlers Branch the report points out that during the year the, State Advanes Board had authorised 2332 advances amounting to £2,181,410. The following statement showed the amount authorised in each provincial district: Amount Number of of advances applications, authorised. £

The commitments in respect of loans granted l and not paid over in whole ■ or in.part at March 31st 1930, amounted to £377,295. The net profits for the year amounted to £32,741T7s lid. The cost of management was £34;897 15s 4d, being 0.149 per cent, or 2s lid per £IOO of the capital employed. Notwithstanding the lower prices ruling during the season for primary products of the Dominion settlers generally’lxad continued to pay their in-stalments-in a satisfactory manner, the percentage of arrears to the funds outstanding at the close of the year being only 0.908 per cent. Mortgages and instalments of principal repaid for the year amounted to £1,106,692 11s lOd. The amount cf interest collected was £1,092,802 5s lid. RURAL ADVANCES. Dealing with the rural advances branch tlic report states that during the year . the State , Advances Board, had authorised 999 advances amounting to £1,841,055. The following statement shows the amount authorised, in each provincial district: Amount Provincial Number of of Advances District Applications, authorised.*

The commitments in respect'of loans granted and not paid over in whole or in part at March 31st 1933, amounted to £415,690, The net profits for the year amounted to £5668 16s 7d. The cost of management was £2742- Os 4d, being 0.079 per cent., or Is .7d per £IOO, of the capital employed. The payment of instalments by borrowers was satisfactory, and in no case had the department made a loss. The percentage of arrears to the funds outstanding at the close of the year was only 0.301 per cent. Bonds to the aggregate value of £1,179,350 were is-

Auckland .... 951 852.230 Tarnnaki .... 135 . 162,855 Hawke’s Boy .. .... 98 102,250 Wellington .... 493 464,295 Marlborough .... 26 17,500 Nelson .... 45 81,840 Wes'tland ... 05 36,585 Canterbury .... 243 216,290 Otago .... 104 11.8,985 Southland .... 175 178,280 Totals ... ... 2332 ; £2.181,410

Auckland .... 397 £ 650,320 Taranaki 164,745 Hawke’s Bay .. .... 37 62,155 Wellington .... 108 226,020 Marlborough .. .... 22 44,010 Nelson 24 27,855 Westland ...... 7 7,150 Canterbury ... .... 116 266,975 Otago 116,615 Southland ....138 275,210 Totals ... ... 999 '£1,841,055