STATE ADVANCES.

Waikato Times, Volume 110, Issue 18393, 29 July 1931, Page 7

STATE ADVANCES.

MORTGAGORS’ PAYMENTS. ARREARS OUTSTANDING SMALL. (Special to Times.) WELLINGTON, Tuesday. The Superintendent of the Staje Advances Department recorded in the annual report presented >to Parlialiament to-day that up to March 31 more than 75 per cent, of the mortgagors In the Advances to Settlers’ branch paid their instalments within the rebate period, thus obtaining a concession of i per cent/ reduction in interest payments. The percentage of arrears to funds outstanding in this branch at the end of the financial year was 1.548 per cent. During the year tho branch paid over £1,328,740 to 1638 applicants. The net profits totalled £15,313. Since its inception in 1894 this department has advanced to settlers £41,689,625 and during that period losses were £300,644, or 14s 5d in every £IOO of the amount advanced. The payments of instalments by borrowers in the Rural Advances Branch was reported to be satisfactory. A net profit of £9546 was shown on £1,271,000 paid out to 619 applicants. In spite of hardship among the industrial community on account of unemployment, the payments undjer the Advances to Wprkers’ Branch were satisfactory, and a net profit of £10,196 was made on the £1,651,095 that was paid out to 20-70 applicants. This branch, since its inception in 1906, has advanced more than £21,000,000, and the losses, a little over £29,000, represent 2s 9d in every £IOO 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.