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The number and amounts actually paid over, classified according to tenure of the securities, are as follows:— Number. Amount. On freeholds .. .. .. .. .. .. 1,308 721,395 On leaseholds .. .. .. .. .. 259 155,430 On freeholds and leaseholds combined .. -.. .. 4 3,295 Totals .. .. .. .. .. 1,571 £880,120 The gross profits for the year ended 31st March, 1921, were £110,086, and the cost of management and expenses of the branch £17,1.(5, being 0-185 per cent., or 3s. Bd. per £100 of the capital employed. The net profits amounted to £92,891. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £1,276,464, inclusive of the amount held by the Public Trustee (£302,904). Eight leasehold and nine freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to C P. C. Campbell, Superintendent. State Advances Offices, Wellington, sth July, 1921.

ADVANCES TO WORKERS BRANCH Fourteenth Annual Report and Balance-sheet. The following is a statement showing the advances to workers authorized by the Board during the year, and classified according to provincial districts:— Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. ..433 208,265 Taranaki .. .. .. .. ..38 17,265 llawke'a Bay .. .. .. .. .. 200 92,005 Wellington .. .. .. .. ..380 177,295 Marlborough .. .. .. .. ..37 16,230 Nelson .. .. .. .. .. 5 1,760 Canterbury .. .. .. .. ..358 165,475 Otago.. .. .. .. .. .. 84 31,850 Southland .. .. .. .. ..21 8,485 Totals .. .. .. .. 1,556 £718,630 The total of advances to workers now current and the tenure of the securities are as follows :— Number. Amount. On freeholds .. .. .. .. .. 8,971 2,603,382 1 4 On leaseholds .. .. .. .. 547 101,975 3 3 Totals .. .. .. .. 9,518 £2,705,357 4 7 The advances to workers actually paid over during the year ended 31st March, 1921, on freehold and leasehold are as follows : — Number. Amount. On freeholds .. .. .. .. .. .. 1,325 647,880 On leaseholds .. .. .. .. .. .. 33 12,910 Totals .. .. .. .. .. 1,358 £660,790 •The gross profits for the year ended 31st March, 1921, were £16,299, and the cost of management and expenses of the branch £3,322, being 0-137 per cent., or 2s. 9d. per £100 of the capital employed. The net profits amounted to £12,972, of which the sum of £5,000 has been applied in writing down loan charges. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £71,745, inclusive of the amount held by the Public Trustee (£2,715). Eight freehold and four leasehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £725. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, sth July, 1921. ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to local bodies during the year was £128,910. 1.240 local bodies are now indebted to the extent of £2,250,160 in respect of principal moneys. The net profits amounted to £6,848. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £269,416, inclusive of the amount held by the Public Trustee (£48,461). Q. F. C. Campbell, Superintendent. State Advances Office, Wellington, sth July, 1921.