ADVANCES TO SETTLERS.

Otago Witness, Issue 2528, 27 August 1902, Page 11

ADVANCES TO SETTLERS.

(From Our Own Cohkespondent.l

WELLINGTON, August 19

According to the annual report of the Superintendent of the Advances to Settlers Office for the year ended March 31, 1902, the transactions of the seventh year of tho department's existence have been similar in their nature to those of th.2 preceding years. The instalments of interest and principal to the 31st March,, 1901. have been collected in full, no sum remaining outstanding on the 31st Ma-ch, 1902. The department has no securities on its hands. The inspection of securities by district valuers has been continued as before. The board had un to the 31st MaTch, 1902, authorised 11,312 advances, amounting to £3,736,620. The total amount; asked for by the 11,312 applicants granted in full and partially was £4,253,000, and 450 applicants declined the grants offered them, amounting to £662,935, so that the net advances authorised to the 31st March, 1902, numbered 9?62 and amounted to £3,073,685. The securities for the net authorised advances were valued at £6,737,611, and theee are in many instances being enhanced by the expenditure on improvements of part cf the money borrowed, and the liability reduced by the 'periodical repayments of principal. In the case of instalment loans, the number of applications received to the 31st March, 1902, was 1?,746, for an aggregate amount of £5,204,300. The manner in which 1 instalments continue to be met by mortgagors is equally as satisfactory as in former years, and has in no small degree contributed to the result obtained on the year's operations. Tho 1 .per cent sinking fund now in the hands of the Publio Trustee amounts to £95,954. The cash balance at the credit of the management account on tho 31st March, 1902 (£23,025), was paid to th« Publio Trustee to the credit of the (BjMurance fund* as provided by eec{aoa £3_ of

i ' tho act. The balance, lncl-uling interest to the 31st Mai eh, 1902, at the credit of the fund now amounts to £1-3, £62. The ohargeb and expense^ of floating loans ha\c been written down out of profits during the year by £30,000, a 'urn beaming a fnir pr^pOi tion of the total sum debited to 31=t Maich thargeable to the seven year» tho office has been in existence. At the end of the report is attached a copy of a gcod deal of correspondence between the Audit Office and the superintendent of the department concerning the manner in which the receipts and expenditure are. shown. Section 50 of the Government Advances to Settlers Act piovides that the accounts for the year shall show the whole receipts and expenditure of th-u Advances to Settlers Office account during such year, similarly the whole receipts and expenditure of the management account (including interest account). According to the Audit Office, this lies not been done, , inasmuch as when there have been receipts , and expenditure under the wme heading the ' excess of the one =ide over the other on'y is shown. The correspondence was referred to the Public Accounts Committee.