ADVANCES TO SETTLERS

Otago Witness, Issue 4038, 4 August 1931, Page 32

ADVANCES TO SETTLERS

OPERATIONS OF THE DEPARTMENT A SUCCESSFUL YEAR. WELLINGTON, July 28. Notwithstanding the low prices ruling for primary produce at the end of the financial year on March 31, the Super intendent of the State Advances Depart ment records, in his annual report pre sented in Parliament to-day. that up to that date more than 75 per cent, of the mortgagors in the advances to settlors branch paid their instalments within . rebate period, thus obtaining the eonees pion of i per cent, reduction in their interest payments. The percentage o* arrears to funds outstanding in this branch at the end of the year was 1.548 per cent. During the year the advances to settlers branch paid over £1,328,740 to 1638 applicants, and the net profits totalled £15.313 10s 2d. Since its inception in 1894 this department has ad vanned to settlers £41,689,625. During that period the losses were £300,644 2s 6d, or 14s 5d in every £lOO of the amount advanced. The payment of instalments by borrowers in the rural advances branch was reported to be satisfactory. A net profit ®f £9546 17s 8d was shown on the £1,271,000 paid out to 619 applicants. Despite the hardship among the industrial community on account of unemployment, the payments under the advances to workers’ branch were- satis factory and a net profit of £10,196 was made on the £1,651,095 that was paid out to 2070 applicants. This branch has, since its inception in 1906, advanced more than £21,000,000, and the losses—a little over £29,000- —represent 2s 9d in every £lOO advanced. Five local bodies benefited by loans totalling £2120 in the advances to local authorities branch, which showed a profit of £1575 for the year.