Advances to Settlers.

Taranaki Daily News, Volume XLVII, Issue 7876, 19 July 1905, Page 2

Advances to Settlers.

SUCCESS OF THE SCHEME. Tlu> ebventh annual report a nd bal-ance-sheet of the Government Advances to Settlers Oflice has been laid .before Parliament. The.General Board had, up to 31st March, 19(>.->, authorised 15,849 advances, amounting to £5,042,555. Applicants to the number of 1990 declined the grants olter|wl them, amounting to £808,585, so that the net advances authorised to 31st March, 1905, numbered 18,359, and nniount■d to. £4,173,970. The securities for the net authorise-;! advances were valued at £9,179,902, and these are in many instances being enhanced by the expenditure in improvements of part if th'.' money borrowed, and the liability reduc.-d by the periodical repayments of principal in the case of instalment loans.

Classified according to provincial districts the. advances authorised are is under :

Amount Number. Authorised. Auckland 8,219 920,883 Tarunnki • 2,219 808,449 Uawke's Hay 912 262,575 Wellington 3,891 1.f>77,543 Marlborough 511 184,005 Nelson 210 59,015 tt'eslland 21.4 IB.<>lo Canterbury .1.210 328,070 Otago 2,983 1,087,195 The total sum raised by the (10. ■•'eminent for investment on nioiitguge is £3.200,011(1, „nd 9031 mortgagors are indebted to the Department to the extent of £2.754,915 in respect of principal moneys. The gross profits for the year end•d 31st -March. 1905, were £39,000, and the cost of management £5145. Arrangements have recently been made by the Department whereby the whole cost of providing cover indemnifying the Department as mortgagee against claims whichjnay arise under the Workers- Compensation for Accidents Act will be borne by the Department. Hitherto the premiums' payable in respect of mortgagee's accident indemnity insurance have been a charge against mortgagors. The concession cannot be considered otherwise than highly satisfactory to the settlers, and it relieves tho wfllcc of a largo amount of clerical work. There have been no losses on advances since the inception of the oflice and the oflice has no securities on its hands. The payments of interest and instalment of principal lifavc been wvll maintained, and continue very satisfactory. Attached to the report and balance x-hcot are copies of correspondence bfh t ween tine Audit QfHee and tho Superintendent on the subject of whether the balance sheet has been- submitted in the form required by the Act.