The Daily News SATURDAY, MAY 25. CURRENT COMMENT.

Taranaki Daily News, Volume L, Issue 59, 25 May 1907, Page 2

The Daily News SATURDAY, MAY 25. CURRENT COMMENT.

I'ew Departments of State have proved mure nselul iil.it eencllelat to colonists {iOiiPi-allv than the Advnii'V-i to Peltiers' Ollice. wliieli has "vuwii vo mi enormous extent. According to a statement made liy the Minister for Lauds at Christ - church the other day, the last two years have each been record years lor lalsiiie-s, showing a large increase one on the oilier. At the same time the cost, of the iX-pariment is less now than it was two years ago. For t!)05 the eoi-t was '--)■! 1 "and lor 1!M)7 IMSU4. I''or two or three wars, to 11)05, the business was rapidly diminishing. and in that year had come down to i 170,01)!). In l !) 0ti the volume of business increased to and in illoT to C7(>7.73(). At the same time, during the past two years very large concession! have heen made to the mortgagors of the Department. No charg: is now made for accident insurance premiums. and .th? mortgages for all additional loans are now prepaid ill the otlice

ree of charge, except a small lee for earch and registration. It is now conemplited that all mortgages shall be iivpared in th'? ollice free of <-ost to the at an e-.limated saving ol £IO,OOO per annum, and a very slight ncrease in the cost of'the Department, .hough the work and responsibility will >e very greatly increased.

The profits as a result of the very large increase of business have over••Town very considerably, because the cost has not increased. At the same time the drawings on the Treasury lor funds have been very small., owing to the greatly improved financing of the Department. For the three months ending March 31. Inst, the Advances to Workers branch came into operation, and involved in the initiation very considerable labor and trouble. The business is growing rapidly, and all mortgages are prepared in the ollice free of charge. For the three months 107 loans were authorised, amounting to £27,875, and up to the present the work had been carried on without a hitch. There arc : now outstanding in the books of the Department 11.037 mortgages, amounting to .113,554,007 lor the settlers, and 18 mortgages, amounting to £5430 for the workers, or a total of 11,055 mortgages, amounting to £3,35!M)47. The total amount of interest collected for the year amounts to £145,047. The total amount of iuterest collected up to date amounts to the huge sum of €1,043,871. in addition to the repayments in principal £2.002,080. making a total of £3.040/>sl. Not one penny has been lost and there are practically no arrears.