STATE ADVANCES

Dominion, Volume 9, Issue 2621, 17 November 1915, Page 6

STATE ADVANCES

A.N EXCELLENT RECORD. A reviow of the operations of the State Advances Department since its establishment was given to a Dominion reporter by Sir Joseph Ward yesterday. "Up to date," ho said, "the Advances Department lias paid out £21,915,745. Of that amount £16,339,555 has been advanced to settlers, £3,025,370 to workers, and £2,550,820 to local authorities. "For the month ended October last the advances under the tlireo headings were as follow: —To settlers, £65,865; to workers, £23,240; to local bodies, £7045. In addition, a total of £19,745 has been paid into tlio Sinking Fund Investment Account, and re-invested. "The limits now for local auhtorities are as follow: —For local bodies, £5000; for sottlers, £1000. for effecting improvements in rural properties, £450 to redeem mortgages on properties personally occupie dby applicants, £450 for building purposes on urban and suburban lands; for workers, £450. Tho repayments to tho Department are at the average rate of £55,000 per month, and these, together with loan funds that are available, all of which liave been obtained beyond Now Zealand enables the State Advances Department to meet all reasonablo requinnents provided the securities offering are satisfactory, and gives in these times a considerable amount of valuable assistance to those availing themselves of this State institution. There has been no falling off in the rate of repayments during the war period. . . "That tho business is worked satisfactorily and has been carefully directed from its inception may, I think, bo gauged from the fact that tlie total losses to date are under £1000. The Act has been in operation since 1895— 20 years."