STATE ADVANCES.

Dominion, Volume 3, Issue 883, 1 August 1910, Page 5

STATE ADVANCES.

TO WORKERS AND SETTLERS. A YEAR'S OPERATIONS. During the year ended March 31, 1910,' 4131 applications for advances to settlers wore received by the State Guaranteed Advances Oifire. The total applied for was £1,539,150. The advances granted numbered 2745, and thevalue of these was £1.095,120. The largest number of applications came from Auckland Province . (1121), and the amount authorised to be advanced in. respect thereto was £331,4(0. The -Board had up to March 31, 1910, authorised 28,730 advances, amounting ,to £10,245,265. Applicants to the number of 3013 had declined grants, bo that the advances authorised wero 25,722, l and these amounted to £9,025,276! The total amount of advances. actually paid over during the year, for both advances to settlers' and advances to workers' branches was £1,457,472. Classified according to provincial districts, the total number and amount of advances authorised to date are:— No. of Advances ' appli- authorised. . • • : cations. • £ Auckland ....... 7556 2,343,103 Taranaki ....... 3942- : 1,750,769 Hawke's Bay ... 1386 412,390 Wellington 7419 ' 2,773,793 .Marlborough ... 862 354,930 Nelson ......... 430 131,315 . ■Westland 608 .145,085 Canterbury .... 2495 820.310 Otago 1797 702,130 Southland 2240 811,440 Totals '..;..... 28,735'•' 10,245,265 . There are now 14,50S advances of a total amount of £5,667,633 outstanding. Of these 8656, of a value of £4,160,187, arc on freeholds; 5616, of a value of £1,383,776, on leaseholds; and 206, ol a value of £123,669, on freeholds and leaseholds combined. The average rural advance is £413,-and the average urban and suburban advance £352. The gross profits for the year were £50,684, and-the cost of management and expenses £8840, being (Kls per cent., or 3s. per £100, on capital employed. ■ The- Superintendent (Mr. J. AY. Poynton) states that the term for, repayment of small loans is too long, and should be reduced. , Under the Government Advances to Workers Act, 2028 applications were received, during the year, amounting to £550,651, tan increase of : 244. applications, . totalling £77,662 over the- previous year. The advances granted during the year numbered 1359 for £369,352, which exceeds those of the previous year by 243 for £64,168. The greatest number of advances authorised during the year was in the Auckland Province—soo for £111,310. The total advances authorised to date are as under:— . No. of Advances, appli- authorised, cations. • £ ' Auckland '...... 1110 256,275 ' Taranaki ." 114 27,045 Hawke's Bay ... 234 59,755 ■ Wellington ... 1026 275,875 Marlborough ... 136 .. ■" 34,460 ; Nelson .; 11l 24,995 . Westland 135 28,265 Canterbury' ... 900 '■ 246,780 Ota.Ro ............ 338 .87,285 Southland .;.... 149 33,490 Totals ...;... .4253 1,074,225 The tenure of the advances outstanding is as follows :— '■■''. Amount. ■'■" ■ i VV 'No. ■ £ On freeholds ...' 2760 773,530 ' -'On/leaseholds.... 275 45,075 : .T0tai5..•.;.•...'... ! . 3035. 818,605 .. It is "desirable, " the' Superintendent thinks, to shorten the .term'of repayment: of loans to workers.