Untitled

Hokitika Guardian, 8 October 1932, Page 4

TAe State Advances Department, since its inception in 1894 has advanced to settlers the isum of £42,192,505 on which the total losses have been £415,027, or 19s 8d per £IOO of -amount advanced. Daring the year ended March 31st., the Board authorised 783 advances, amounting to £571,790, s..>o the annual report. Wliere, owing to the low prices received for produce, farmers are unable to meet their halfyearly ' payments under mortgage, .the report continues, the Department is always prepared to extend the utmost relief in bona fide cases. Mortgagors must realise however, that their obligations to the Department as first mortgagee, must be met before payments are made in respect of subsequent encumbrances. ■ Notwithstanding the conditions of the past few years, 66 per cent, of the settlers still pay their installments within the rebate period. The percentage of arrears to funds outstanding at the end of the year was 3.2 per cent. In the rural advances branch, 129 advances were authorised amounting to £1.82,815. A large .number of advances in this branch have been made to sheepferniers operating on a. large scale, and their financial position is reflected in the fact that 46 per cent, of the mortgagors paid their instalments within the rebate period. In the advances to workers branch, 316 advances were authorised amounting to £200,145. Here again the Department extends the’utmost relief to workers unable, to meet their obligations, but 62 per cent, of the mortgagors paid their instalments within the rebate period. The Department has unlade altogether 1997 loam to lccal bodies, which are indebted to it to the extent of £2,641,555. The payment of the instalments by local bodies vv sati, factor--, the percentage of arrears to funds outstanding being only .85 per cent.

SUMMER TIME. Summertime commences at 2 o’clock to-mcrrow morning, when the clccks should be put forward half an hcur.