STATE ADVANCES

Wanganui Chronicle, Volume 74, Issue 139, 15 June 1931, Page 8

STATE ADVANCES

EXTENSIVE OPERATIONS PROFITS OF THE DEBARMENT INTERESTING FIGURES QUOTED (Per Press Association.) WELLINGTON, June 14. The magnitude of the work of the State Advances Department, and the financial assistance it has rendered to settlers, workers and local bodies, was briefly referred to by the ex-Superin-tendent of the Department, Mr W. Waddel, in the course of his remarks at a function in his honour yesterday. 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 the 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 highly satisfactory. The accumulated net profits of rhe Department now reached the grand total of £1,891,929.