STATE ADVANCES SYSTEM.

Dominion, Volume 6, Issue 1572, 16 October 1912, Page 6

STATE ADVANCES SYSTEM.

THIRTEEN YEARS' PROFIT,

A return presented to llie House of Edh preventatives yestordny ■ shows the net profits made by the State Guaranteed Advances Office. Those of the advances to settlers branch have vanned from 4112,322 in the first year of its operation, 1898-99, to J!G4-,GIB in 1008-9. and .£63.276 in J9U-12. lno total profits arc £519,731 10s. 4d„ of which *£261,129 has been expended iu writJJiR off flotation charges and X 50.006 transferred to;the reserve fund, leaving a balance of ,£208,602 10s. 7d. on March 31. In four years \he 'advances to worker# ins ni profits amounting to a 20,/03. of which .£9424 has l>een absorb-' cd by flotation charge and the blaance of transferred to the reserve, funds. On March 31 there was n balance to th* credit of the public debt sinking funds v profit and. Jofes account of <£340," and of X' 43 to the guaranteed mining advances branch, these sums 1 representing net profits upon the operations of the two branches. No profits have been made b? the land for settlements, Native land settlements. and advances to local authorities branches.