8.—13

2

The amounts of the advances actually paid over to settlers during the year ended 31st March, 1923, are as follows : — Number. A,,10 £ unt - Not exceeding £500 .. .. .. .. .. 593 205,575 Exceeding £500 but not exceeding £1,000 .. .. 494 327,080 Exceeding £1,000 but not exceeding £2,000 .. .. 35 47,655 Totals .. .. .. .. .. 1,122 £580,310 The number and amounts actually paid over, classified according to tenure of the securities, are as follows :— Number. Amount. On freeholds .. .. .. .. .. .. 845 430,775 On leaseholds .. .. .. .. .. 266 142,055 On freeholds and leaseholds combined .. .. .. 11 7,480 Totals .. .. .. .. .. 1,122 £580,310 The gross profits for the year ended 31st March, 1923, were £51,579, and the cost of management and expenses of the branch £19,886, being 0-203 per cent., or is. per £100 of the capital employed. £ "s. d. The net profits for the year amounted to .. .. .. .. .. 29,255 5 8 The following are the appropriations from the profits for the year :-- £ s . d. Amount"paid to the Public Debt Sinking Eund Branch .. 2,860 13 2 Income-tax .. .. .. .. .. .. 1,500 0 0 Loan-flotation charges written down .. .. .. 2 14 0 4,363 7 2 Leaving a balance of ?. .. .. .. £24,89118 6 which has been transferred to sinking fund. The sinking fund, after redemption of loans totalling £45,000, amounts to £1,403,177. Eive leasehold and six freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £2,451. Advantage is being freely taken by borrowers of the authority given to the Department under the amendment Act passed last year to make advances on chattel security. Up to the 31st May, 1923, a sum of £25,950 had been authorized by the Board to be lent. With regard to the redemption of mortgages, the advances authorized from the 31st October, 1922 (date of the passing of the amendment Act), to the 31st May, 1923, number 878, and amount to £615,175. The amount actually paid over to 301 borrowers to the 31st May last was £189,435. Wm. Wabdel, Superintendent. State Advances Office, Wellington, sth June, 1923.

ADVANCES TO WORKERS BRANCH. Sixteenth 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. aulhomed. Auckland .. .. .. .. ..618 300,295 Taranaki .. .. .. .. ..32 16,385 Hawke's Bay .. .. .. .. ..103 46,445 Wellington' .. .. .. .. .. 379 193.930 Marlborough .. .. .. .. .. 26 11,030 Nelson .. .. .. .. .. .. 9 3.695 Canterbury .. .. .. .. ..316 162,640 Otago .". .. .. .. .. ..52 25,445 Southland .. .. .. .. .. 50 23,955 Totals .. .. .. .. 1,585 £783,820 The total of advances to workers now current and the tenure of the securities are as follows :— Number. On freeholds .. ... .. .. .. 9.943 3,120,705 10 0 On leaseholds . . 595 132,320 9 1 Totals .. .. .. ..10,538 £3,253,025 19 1