STATE ADVANCES OFFICE.

Otago Witness, Issue 2997, 23 August 1911, Page 30

STATE ADVANCES OFFICE.

THE YEAR'S BUSINESS. NEARLY TWO MILLIONS LENT. (From Our Own Correspondent.) WELLINGTON, August 17. The annual report on the operations of the State-guaranteed Advances Office was presented to the House of Representatives this' afternoon. The amount of advances actually paid over during the year for both advances to settlers and advances to workers wae £1,612,070. The advances to settlers branch has been in operation for 17 years. During the past financial year 4957 applications for loans amounting to £2,122,749 were received, and 3571 advances amounting to £1,282,880 were authorised. The advances actually granted numbered 3183, amounting to £1,204,310, which exceeds those of the previous year by 438 and £109,190. From the commencement of business the board lias authorised -32,306 advances amounting to £11,528,145, ..of which 28,891 grants, representing £10,180,235 have been accepted. : Last year the largest number of applications for loans which were authorised was made by the Auckland province, to which 1297 advances, amounting to £458,165, were authorised. The Wellington province received authority for 895 advances totalling £345,075. The superintendent (Mr J. W. Poynton) remarks that the term for repayment of small loans has been found toO -long, and provision has been made for short-term loans. Advances are granted on first-clas securities for a term of 36g years, on secondclass securities for a term of 30 years, and on third-class securities for a term of 20 years. These terms have found favour with borrowers, and there have been few complaints about the change. In some instances borrowers have asked that the loans be granted for terms not exceeding 20 years. The applications received by the advances to workers branch numbered 2125, amounting to £660,892, an increase on the business of the previous year of 97 applications amounting to £110,241. The advances actually granted during the year numbered 1296 for £407,760, an increase over the previous year of £45,408. From January, 1907, filie board authorised 5774 advances, amounting to £1,547,755. Applicants to the number of. 322 declined the grants offered them, amounting to £84,965, so that the net advances authorised to March 31, 1911, numbered 5452, and amounted to £1,4'62,790. The advances to local authorities branch dealt with 429 applications. The number of applications finally approved was 193, the amount of the loans fully approved £947,770, the number of loans finally completed 186, and the amount of cash paid over £405,195. The complicated procedure formerly necessary before a loan could be obtained has now been greatly simplified. After the ratepayers have sanctioned the loan the de-. partment does all that is necessary, thus saving much time and expense to borrowers.