STATE ADVANCE
OVER SEVENTY-FOUR MILLIONS. (Ku Telegraph—Ter Tress Association) WELLINGTON, June it. the magnitude, of the work of the Staio Advances Department and the financial assistance it has rendmd to setters, workers and local bodies, were briefly referred to by tile ex-Supen n-tuid-mt of the Department, Air W. Wadclel, in the course of his remarks at a I unction in his honour to-day. Since the inception of the Department in 1895, sa.il Air ..addel, no Iss a sum than £73,753.Caff has been advanced to borrowers, and of that amount £29,350.000 had been r; paid, leaving the balance owing by borrowers as £15.300.003. After the payment of salaries, income tax, and loan charges, tIVa 'net profit from the advances to settlers, workers, local authorities and rural advances for the year just ended was £63,803, an increase over the profit of the previous year of £16,159. which must be regarded as highly satisfactory. Trie accumulated net profits, of the Department had now reached a grand total of £1.891,929.
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Hokitika Guardian, 15 June 1931, Page 4
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166STATE ADVANCE Hokitika Guardian, 15 June 1931, Page 4
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