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The advances to workers actually paid over during the year ended 31st March, 1923, on freehold and leasehold arc as follows :— x T , Amount. Number. „ On freeholds .. .. .. .. .. ..1,152 598.510 On leaseholds .. .. .. .. .. . . • 54 25,415 Totals .. .. .. .. .. 1,206 £623,925 The gross profits for the year ended 31st March, 1923, were £15,559, and the cost of management and expenses of the branch £3,830, being 0-117 per cent., or 2s. 4d. per £100 of the capital employed. £ s. d. The net profits for the year amounted to .. .. .. .. .. 11,228 4 9 The following are the appropriations from the profits for the year : — £ s . d. Loan-flotation charges written down .. .. .. 500 0 0 Amount paid to the Public Debt Sinking Eund Branch .. 1,064 0 10 Income-tax .. .. .. .. .. .. 1,500 0 0 [ 3,064 0 10 Leaving a balance of .. .. .. .. .. £8,164 311 which has been transferred to'the Reserve Fund. The sinking fund, after redemption of loans totalling £187,000, amounts to £67,952. One freehold and three leasehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £62. Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923.

ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to 145 local bodies during the year was £191,365. w Loans to the number of 1,503 have been made to local bodies. They are now indebted to the extent of £2,573,971 14s. 6d. in respect of principal moneys. The net loss amounted to £4,423 2s. lid. This loss will in the course of time disappear, the sinking fund being no longer a charge on the capital. The sinking fund amounts to £297,829. Wm. Waddel, Superintendent. State Advances Office, Wellington, sth June, 1923.

PUBLIC DEBT SINKING FUNDS BRANCH. The following is a statement showing the advances under this branch'authorized during the year ended 31st March, 1923, classified according to provincial districts : — Provincial Advances to Local Bodies. Number of Amount of Advances „• ~1 i r i- authorized. Distnot. Applications. „ Auckland v ..48 148,705 Taranaki .. .. .. .. .. -..15 22,055 Hawke's Bay .. .. .. .. ..14 38,475 Wellington .. .. .. .. .. ..25 60,750 Marlborough.. .. .. .. .. .. 5 19,420 Canterbury .. .. .. .. ~ .. 7 23,400 Otago •• •• •■ ..4 6,720 Southland .. .. .. .. .. .. 3 12,930 Totals .. .. .. .. ..121 £332,455 \ Provincial Advances to Settlers. Number o{ Amount of Advances ' r . . . a i- i.- authorized. District. Applications. „ Auckland .. .. .. .. .. ..138 90,925 Taranaki .. .. 24 18,830 Hawke's Bay .. .. .. .. ..29 18,405 Wellington .. .. .. .. .. ..113 83,195 Marlborough.. .. .. .. .. ..5 4,485 Nelson .. .. .. .. .. .. 3 1,640 Canterbury .. ~ .. •• .. ..48 32,480 Otago .. ■• •• ■• •• ..18 11,340 Southland .. .. .. .-. .. ..14 . 9,955 Totals .. .. .. .. ..392 £271,255

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