8.—13

3

ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to local bodies during the year was £25,175. Local bodies are now indebted to the Department to the extent of £2,173,299 in respect of principal moneys. The result of the year's operations shows a net loss of £1,155. Next year I anticipate that this branch of the Department's operations will show a profit. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £136,774, inclusive of the amount held by the Public Trustee (£48,461). G. P. C. Campbell, Superintendent. State Advances Office, Wellington, 2nd July, 1917.

PUBLIC DEBT SINKING PUNDS BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1917, classified according to provincial districts:— Advances to Local Bodies. • Provincial Number of AmO r t t h ° f r , Ad 7 anCOE District. Applications. authorized. Auckland . J .. .. .. .. ..58 83,420 Taranaki .. .. .. .. .. ..11 13,710 Hawke's Bay .. .. .. .. .. ..3 1,350 Wellington .. .. .. .. .. ..18 15,130" Nelson .. .. .. .. .. ..1 500 Marlborough .. .. .. .. .. .. 1 500 Otago.. .. .. .. .. .. ..3 2,625 Totals.. .. .. .. .. ..95 £117,235 The amount actually paid over to settlers during the year was £1,920, and to local bodies £106,455: a total of £108,375. Local bodies are now indebted to the extent of £459,021, and settlers £167,546 : a total of £626,567 in respect of principal moneys. The net interest earned for the year amounted to £35,916, or £4 12s. per £1.00 of the funds invested. The cost of management and expenses was nil. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 2nd July, 1917.

ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1917, classified according to provincial districts: — provincial Advances to Settlers, Amount ol Advances District. Applications. authorized. Auckland .. .. .. .. .. ..140 74,215 Taranaki .. .. .. .. ..29 18,335 Hawke's Bay .. .. .. .. .. ..12 7,060 Wellington .. .. .. .. .. ..45 24,210 Marlborough .. .. .. .. .. .. 2 610 Nelson.. .. .. .. .. .. ..4 3,200 Canterbury .. .. .. .. .. ..18 8,320 Otago.. .. .. .. .. .. ..17 7,500 Southland .. .. .. .. .. ..20 13,090 Totals .. .. .. .. .. ..287 £156,540 t.r ,i -ii Advances to Local Bodies. j,„„„„t„f i* Provincial Number of Amount of Advances District. Applications. authorizod. Auckland .. .. .. .. .. .. 4 5 900 Wellington .. .. .. .. .. ..4 4-'oOO Totals .. .8 £9,900 The amount actually paid over to settlers during the year was £159,200, and to local bodies £20,680 : a total of £179,880. Settlers are now indebted to the extent of £375,338, and local bodies £44,087: a total of £419,425 in respect of principal moneys. The profits for the year ended 31st March, 1917, amounted to £34,996. The cost of management and expenses was nil. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 2nd July, 1917.