ADVANCES TO SETTLERS.

Wairarapa Age, Volume XXXII, Issue 9620, 13 October 1909, Page 5

ADVANCES TO SETTLERS.

LAST YEAR'S WORKING. The fifteenth annual report of the 'Government Advances to Settlers' Department states that a farther re- - cord of business has been established during the year in the amount of business transacted, the applications numbering 4,471, amounting to £2,050,252, aa against 3,183 applications, amounting to £1,668.135, for :tbp previous year. The advances f actually granted during Jthe. year numbeied 3,043, amounting. to£l,493,835, which exceeded those of the previous year by 672, amounting to £296,419. The board had, up to :.31st March, 1909, authorised 25,534 advances, amounting to £9,206,925. The total amount of advances actually paid over during the year for i'both the Advances to Settlers and Advances to Workers Departments was £1,792,019. The average amount ot the advances now outstanding is £39o—on freehold, £3,833,595; on leasehold, £1,170,776; on freehold and leasehold combined, £113,669. The advances granted during the past financial year are as follow: Not exceeding £SOO, 2,147, £617,010; from £SOC to £I,OOO, 637, >£478,255; from £I,OOO, to £2,000, £322,775; from £2,000 to £3,000, £75,795. Eighty-five per cent, of the advances made during the year was for loans not exceeding £SOO. The gross profits for the year were £74,679, and the cost of management and expenses of the department, £9,969. The net profits amounted to £63,835. Mortgagors, says the report, continue to meet their half- ■•* yearly payments of interest and principal in a manner creditable to themselves and highly satisfactory to the department, the stringency in the money market apparently not, affecting their ability to meet their payments to any noticeable extent. As to the advances to workers the advances actually granted during the year numbered 1,1216 for £298,184. Up to 31st March the board had authorised 2,399 advances, amounting to £693,800. There are now 1,799 mortgagors indebted to the ' department, to the extent of £482,548. There is a credit balance to carry forward of £1,542, after making the necessary provision for sinking fund.