STATE ADVANCES OFFICE

Otago Daily Times, Issue 21361, 15 June 1931, Page 11

STATE ADVANCES OFFICE

EXTENSIVE OPERATIONS LOANS EXCEED SEVENTY MILLIONS. (Per United Press Association.) * WELLINGTON, June 13. The magnitude of the work of the State Advances Department and the financial assistance it has rendered to settlers, workers, and local bodies were briefly referred to by the ex-superinten-dent of the department, Mr W. Waddel, in the course of some remarks at a function in his honour to-day. Since the inception of the department in 1895, said Mr Waddel, no less a sum than £74,750,000 had been advanced to borrowers, and of , tHat amount £29,350,000 had been repaid, leaving a balance owing by borrowers of £45,400,000, After payment of salaries, income tax, and loan charges, the net profit from advances to settlers, workers, and local authorities and rural advances for the year just.ended was £64,803, an increase over the profit* of the previous year of £16,159, which must be regarded as highly satisfactory. The accumulated net profits of the department now reach a grand total of £1,891,929.