LOANS TO SETTLERS

Sun (Auckland), Volume I, Issue 157, 23 September 1927, Page 13

LOANS TO SETTLERS

STATE ADVANCES ASSISTANCE FOR WORKERS (THE SUN'S Parliamentary Reporter) WELLINGTON, Thursday. Loans totalling £1,688,670 were authorised by the Advances to Settlers Branch of the Stats Advances Office during the fast financial year, according to the annual report presented to Parliament today. Auckland province, with 821 applications and £848,210 authorised, was the greatest beneficiary under the scheme, Wellington being next with 222 applications involving £22.9,390; Taranaki third with 121, and £165,805: then Canterbury, 151, and £143,805, followed by Southland, 117, and £142,635, Otago taking £62,305 in respect of 59 applications. The amount actually paid over to settlers during the year was £3,302,965. The gross profits for the year were £94,434, and the cost of. management and expenses £30,426, cr 2s lid per £IOO of capital employed. .Mortgages and instalments of principal repaid totalled £901,765, and interest collected £900,230. The sinking fund, after redemption of loans totalling £126,700, amounted to £1,697,117. The total of the advances to settlers now current is £17,110,025, the amount being on loan to 25,534 persons. Rural lands carry £11,036,333 of the amount on loan trom th«> office. In the advances to workers’ branch the year’s advances totalled £2, 525,790 in respect of 2,776 applications New applications considered numbered ISO2, and the total advances authorised £1,631,010, Auckland’s share being £ 768,145, Wellington £618,765, Canterbury £105,580, and Otago £27,505. Mortgages and instalments of principal repaid totalled £415,978, and interest collected £372,615. Management and other costs were £5,449, or Is 3d per £IOO of capital employed. The sinking fund, after redemption of loans totalling £187,000, amounted to £ 84,751. The report states that since the Rural Advances Act of last year came into force everything possible has been done to expedite the payment of advances. During the quarter ended June 30 of this year 112 loans, totalling £270,835, were authorised, and 22 advances totalling £47,260 were actually paid.