8.—6

XV

For the purpose of building houses and acquiring homes a large sum has been advanced during the last five years. The following is a table of the loans authorized from the Ist April, 1919, to the 31st March, 1924 :— \r X Amount. housing purposes— iNumoer. £ To settlers .. .. .. 5,778 3,193,143 To workers .. .. .. .. .. 9,037 5,122,944 To release mortgages on house properties— To settlers .. .. .. .. .. 2,010 1,033,428 To erect workers' dwellings— To local authorities .. .. .. .. .. 577,195 Totals .. .. 16,825 £9,926,710 For the purpose of assisting borrowers to repay mortgages a considerable sum has been advanced. Since the month of October, 1922, when it was decided to entertain such applications, loans have been granted to 3,549 applicants, amounting to £3,584,205. Amounts advanced by Department during the following financial years : —

The following advances were made for the three months ended 30th June, 1924:- £ Settlers .. .. .. \. 561,350 Workers .. .. .. .. 475,360 Local authorities .. .. .. 69,925 Total .. .. .. £1,106,635 The temporary investment by the State Advances Office of floating cash balances, which for the time being could not be profitably employed, has been authorized by the different Finance Ministers since 1896. The object is a perfectly sound one. The State Advances Office, having moneys not immediately issuable, temporarily invests them and realizes the securities as cash is required. This is precisely what happened during the war period, when labour and material were not available. The investments outstanding at the end of 1919-20 were, during the period of reconstruction, speedily converted into cash for advances to local authorities, settlers, and workers, and by the end of 1923-24 had been wholly realized. These transactions are in no way connected with the new capital, £2,600,000, provided during 1923-24. From 1914-15 and onwards a large portion of these temporary investments was held in Imperial securities, the total holding of which in 1917-18 was £1,409,794.

Year ending 31st Marcli, To Settlers. To Workers. To Local Authorities. Total Advances. 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 = .. r ! .. I .. ) .. ► £ 978,395 1,136,475 814,555 589,975 367,160 350,140 808,180 1,060,260 805,975 945,900 3,904,150 £ 272,860 313,025 275,680 214,965 125,855 87,590 225,055 660,790 407,580 724,830 1,863,331 £ 324,150 336,295 285,410 152,310 128,150 130,575 311,880 444,825 708,410 711,375 438,205 £ 324,150 336,295 285,410 152,310 128,150 130,575 311,880 444,825 708,410 711,375 438,205 £ 1,575,405 1,785,795 1,375,645 957,250 621,165 568,305 1,345,115 2,165,875 1,921,965 2,382,105 6,205,686 Totals 11,761,165 5,171,561 3,971,585 3,971,585 20,904,311