GUARANTEED ADVANCES

New Zealand Times, Volume XXXVI, Issue 8189, 2 August 1912, Page 1

GUARANTEED ADVANCES

TEAR’S LOAN OPERATIONS. During the year ending March 31st, 1912. 5335 applications for loans were received by tho State Guaranteed Advances Office, these amounting to £2.593.084. Advances granted were 4186 amounting to £2,174.085, which exceeded 'those of the previous year by 953.. and the amount by. £969,775. The board had from commencement of business authorised 36,916 advances, amoun'into £13,719,445. Applicants to the number of 4133 declined the grants offered them, amounting to £1.668.065. making the number of advances authorised to March 31st. 1912 32,783, and the amount £12,051,380 net. The total amount of advances actually ■paid over during the year for both advances to settlers and advances to workers branches was £2.717.925. The average freehold advance is £483, and ieaseho d £273. The average rural advance is. £423. and the average urban advance £382. The gross profits for the year were £75,216 5s 9d, and the cost of management and ex. penscs of the .department £11,086 16s Sd, The net profits were £63.276 9s. ADVANCES TO WORKERS.

For the year ended March Slst, 1912, the applications received under the Advances to Workers Act numbered 2223, amounting to £750.772, as against 2125 applications, amounting to £660,892. for the previous year—an. increase of 98 applications, m amount £89.880. Tho advances actually granted during the year numbered 1624, for £543,840. being an. increase in amount over the previous year of £136,080. ■ From January Bth, 19U7, up to March 31st last, the uoard had authorised 7674 advances, amounting to £2.160,665. Applicants to the number of 686 declined the-grants offered them, amounting to £1ab,290, so that the net advances authorised to March. 31st, 1912, numbered 6988, and amounted to £2,002.375.