ADVANCES TO SETTLERS

Lyttelton Times, Volume CXX, Issue 15124, 13 October 1909, Page 8

ADVANCES TO SETTLERS

LAST YEAR'S WORKING

[From ot;r Corrksi-qkdent.] WELLINGTON, October 12

The fifteenth animal report of the Government Advances to Settlers' Department states that a further record of business has been established during the year in the amount of business transacted, the applications numbering 4471, amounting to £2,050,252, as

against 3183 applications, amounting to £1,668,135, for the previous year. The advances actually granted during trie year numbered 3043, amounting to £1,493,835, which exceeded those of the previous voar bv 672, amounting to £296.419.' The Board had up to March 31, 1909, authorised 25,534 advances, amounting to £9,206.925. The total amount of advances actually paid over during the year for both the Advances to Settlers and Advances to Workers Departments was £1.792.019. Eightyfive per cent of Jlio advances made during the year was for loans not exceeding £SOO. The gross profits for the year were £74,079, and the cost of management and oxppnses of the Department £9969. The net profits amounted to £63,835, and mortgagors, says the report, continue to meet their half-yearly payments of interest and principal in a manner creditable to themselves and highly satisfactory 'to the Department.

As to tho advances to workers, the advances actually grunted during the year numbered 1116 for £298,184. Up to March 31 the Board had authorised 2399 advances, amounting to £603,800. There are now 1799 mortgagors indebted to the Department, to the extent of £482,548. There is a credit' balance to carry forward of £1542 after making the necessary provision for sinking fund.