STATE ADVANCES.

Dominion, Volume 4, Issue 1209, 18 August 1911, Page 2

STATE ADVANCES.

ANNUAL REPORT. The seventeenth annual report of the Advances to Settlers Branch of the State Guaranteed Advances Office states that four thousand nine hundred and fiftyseven applications for loans, amounting to .£2,122,749, were received during the year ended last March. The advances actually granted numbered 3183, amounting to .£1,204,310, -which exceeds those of the previous year by 133, and the amount by <£109,190. The board had from the commencement of its business up to March 31, 1011, authorised 32,306 advances, amounting to £11,528,14!). Applicants to tho number of 3415 declined tht grants offered thorn, amounting to X 1,317,910. making the advances authorised to March 31, 1311, 25.891. and tho amount .£1(1,180.235 net. Tho total amount of advances actually paid over during the year for both tho Advances to Settlers and Advances to AVorkers Branches was X 1,012,070. The advances on rural land during the year totalled ,£3,993,4820n urban and suburban land, ,£2,148,74?. The amount advanced on freeholds during, the year was X 702.705; on leaseholds, ,£431,-165:' freeholds and leaseholds coni•bir.ed, £10.110. For the year the average freehold advance was .£377, the average leasehold advance X 379, and the average• freehold nnd leasehold combined JMOS. The total sum raised by the Government on debentures for investment on mortgage since the Department was started is .£7,094,935.. Sixteen thousand . and five mortgagors" are now indebted to the Department to t.ho extent ot X3,145,22ft Is. 3d. in respect of principal moneys, an increase during the year of 1497 mortgagors, owing £477,595 Ki=. id. The gross- profits for the year were ,£71,324 10s. 5d., aud the net profits <£60,410 10s. A sum of ,£70,949 7s. has been added to the sinking fund, which, with X 3731 »s. interest earned and added to tho fund held by tho Public Trustee, brings the total amount standing to the credit of that account to ,£170,311 lis. Sd. The superintendent (Mr. J. W. Foynton) further stales that applications are now being carefully examined when ilrst received beforo a valuation is ordered. If,the grant of a loan is considered doubtful, the facts are submitted lo the board for preliminary consideration. AVhen tho property offered is not considered satisfactory for a loan, the application is declined, and the valuation fee returned. In this way delays are avoided, and !o=s of the to -a poor -man is con-siderablpr-preyented.- Tho term for repayment of small loans has been found to be too long, aud short-term loans have now been provided for. An inspector of securities has been appointed to the staff of the! o&ue,:. and .has now taken up his duties. ~.The ,fourth, annual report of the Advances>"to that during tho year ended March-31, 1911, th© applications received numbered 2,125, amounting'to <£660,892. as against 2028 applications, amounting to .£550,651, for the previous year—an increase of 97 applications, in amount .£110,241. The advances actually granted during the year numbered 1296, for £107,760, being an increase in amount over the previous year of ,£45,408. N The. number of applications dealt-.with during the year- by tho Advances to Local Authorities Branch totalled 429. Of these, 44 were declined, 376 were provisionally approved—that is, agreed to bo granted, subject to sufficiency and validity of the ' security offered—and nine were cither' postponed or withdrawn. Tho number of applications finally approved was 193 j the amount of tho loans fully approved, .£947,770.. The number of loans finally completed was ISO; the amount of cash paid over, <£405,195.