STATE ADVANCES

Lake Wakatip Mail, Issue 4011, 4 August 1931, Page 2

STATE ADVANCES

MORTGAGORS KEEP UP PAYMENTS WELLINGTON, July 28. The operations of the State Advances Department lor the year ended March 31 are reviewed in the annual report. Ender the advances to settlers’ branch, the hoard authorised 1,508 advances, amounting to £1,251,120. The Canterbury allocation amounted to £182,735, Otago £O. ,410. The net profit for the year amounted to £15,313. The cost oi management was £32,851, representing 0.113 per cent, on tin capital employed.

The report states that, notwithstanding the low prices still ruling for primary products, settlors generally continue to pay their instalments in a satisfactory way, 75 per cent, oi the mortgagors paying their instalments within the rebate period. Since its inception in 1891. the department has advanced settlers £41,589,(325. The losses during that period have amounted to £300,0' I. or 11s 5d in every £IOO of the amount advanced. There were during the year 703 advances under the rural advances branch, the amount involved being £1,234,995. Canterbury received £200.145, and Otago €72,310. The net profits totalled £9,51(5.

Ender the advances to workers’ branch, 1,695 advances representing £1,268,715 were authorised. The allocations to Canterbury amounted to £209,810, and to Otago £68,510. The not profits were £10,196.

Since the inception of the workers branch the sum of £21,112,477 ha been advanced.