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ADVANCES TO WORKERS BRANCH. Second Annual Report and Balance-sheet. The Government Advances to Workers Act was passed on the 29th October, 1906. Applications for loans were first considered by the Board at its meeting on the Bth January, 1907, and for the year ended 31st March, 1909, the applications dealt with numbered 1,784, and amounted to £472.989, as against 1,310 applications, amounting to £351,610, for the previous year, an increase of 474 applications, for £121,379. The advances actually granted during the year numbered 1,116, for £298,184 65., which exceeds those of the previous year by 336 for £94,206 3s. 10d. Up to the 31st March the Board had authorised 2,399 advances, amounting to £603,800. Applicants to the number of 142 declined the grants offered them, amounting to £32,590, so that the net advances authorised to the 31st March, 1909, numbered 2,257, and amounted to £571,210. Classified according to provincial districts, the advances authorised are as under :— Provincial Number of Amount ° f Ad ™ n «* District. Applications. authorised. Auckland .. .. ' .. .. .. ..610 144,965 Taranaki .. .. .. .. '.. .. 67 15,600 Hawke's Bay .. .. .. .. .. 123 31,615 Wellington .. .. .. .. .. ..549 145,155 Marlborough .. .. .. .. .. .. 80 19,525 Nelson .. .. .. .. .. .. 75 16,680 Westland .. .. .. .. .. .. 96 20,285 Canterbury .. .. .. .. .. 522 142,735 Otago .. .. .. .. .. ..196 50,265 Southland .. .. .. .. .. .. 81 16,975 ; Total .. : .. 2,399 £603,800 Classified according 'to provincial districts, the advances authorised during the year ended 31st March, 1909, are :— . t, . • i - at i. c Amount of Advances Provincial Number of ~ . j District. Applications. authorised. Auckland .. .. .. .. .. ..321 73,695 Taranaki .. .. .. .. .. .. 31 7,030 Hawke's Bay .. .. .. .. .. .. 54 14.180 Wellington .. .. .. .. .. ..281 75,875 Marlborough .. .. .. .. .. ..41 10,625 Nelson .. .. .. .. .. .. 53 11,895 Westland .. .. .. .. 25 5,705 Canterbury ~ ~ ~ .. .. ..264 71,575 Otago .. .. .. .. .. 106 26,905 Southland .... .. .."... .. 44 10,010 Total .. ' .. .. .. 1,220 £307,495 The advances outstanding are as follows : — Number. f & On freeholds .. .. .. ... .. 1,681 463,053 2 8 On leaseholds .. ... ..118 19,495 0 0 Total .. .. .. .. 1,799 £482,548 2 8 The average freehold advance is £275, and the average leasehold advance is £165. The advances granted during the year ended 31st March, 1909, are as follows : — Number. mou g nt d On freeholds 1,022 282,259 6 0 On leaseholds .. .. .. .. .. 94 15,925 0 0 Total .. .. .. .. 1,116 £298,184 6 0 For the year the average freehold advance is £276, and the average leasehold advance is £169. The total sum raised by the Government on debentures for investment on mortgage is £473,500. One thousand seven hundred and ninety-nine mortgagors are now indebted to the Department to the extent of £482,548 2s. Bd. in respect of principal moneys, an increase during the year of 1,042 mortgagors, amounting to £279,392 7s. It was predicted in last year's report that the result of this year's operations would produce profits sufficient to cover the deficiency arising from preliminary expenses, and leave a surplus. These anticipations have been realised, so that there is a credit balance to carry forward amounting to £1,542 4s. 6d., after making the necessary provision for sinking fund.