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2

The advances now outstanding are as follows : — „ , Amount. JN umber. £ s fl Not exceeding £500 .. .. .. .. 12,591 2,533,274 15 4 Exceeding £500 but not exceeding £1,000 .. .. 2.238 1,777,496 19 1 Exceeding £1,000 but not exceeding £2,000 .. 1014 1.403.018 6 3 Exceeding £2,000 but not exceeding £3,000 .. 162 431.409 0 7 Total .. .. .. .. 16.005 .tti.145.229 1 3 The average amount of the advances now outstanding is £384. Number and amounts advanced on freehold and leasehold :— XT , Amount. Number. £ j (| On freeholds 9,747 4.541.571 19 9 On leaseholds .. .. .. .. .. 6.036 1.473.40114 5 On freeholds and leaseholds (combined) .. .. 222 130,255 7 1 Total .. .. .. .. 16,005 £6,145,229 1 8 The average freehold advance is £466, the average leasehold advance is £244, and the average freehold and leasehold combined is £586. Number and amounts advanced on rural and urban and suburban land :— „ , Amount. Number. £ g _ d On rural land .. .. .. . . .. 10,048 3,996,481 19 5 On urban and suburban land .. .. .. 5,957 2,148,747 1 10 Total .. .. .. .. 16,005 6,145,229 1 3 The average rural advance is £398, and the average urban and suburban advance is £361. The amounts of the advances granted during the year ended 31st March, 1911, are as follows : — Number. Amount Not exceeding £500 .. .. .. .. 2,730 794,365 6 0 Exceeding £500 but not exceeding £1,000 .. .. 352 261,915 0 0 Exceeding £1,000 but not exceeding £2,000 .. 92 126,380 0 0 Exceeding £2,000 but not exceeding £3.000 .. 9 21,650 0 0 Total .. .. .. .. 3,183 £1,204,310 0 0 The average amount of the advances granted for the year is £378, and the tenure of the securities is - Number On freeholds .. .. .. .. .. 2,019 762,705 0 0 On leaseholds .. .. .. .. .. 1,139 -131,465 0 0 On freeholds and leaseholds combined .. .. 25 10,140 0 0 Total .. .. .. .. 3,183 £1,204,310 0 0 For the year the average freehold advance was £377, the average leasehold advance £379, and the average freehold and leasehold combined £405. The total sum raised by the Government on debentures for investment on mortgage since the Department was started is £7,094,935. Sixteen thousand and five mortgagors are now indebted to the Department to the extent of £6,145,229 Is. 3d. in respect of principal moneys, an increase during the year of 1,497 mortgagors, owing £477,595 13s. 4d. The gross profits for the year ended 31st March, 1911, were £71,324 10s. 5d., and the cost of management and expenses of the Department £10,830 18s. Bd., being 0-15 per cent., or 3s. per £100 on capital employed —the same as the previous year. The net profits amounted to £60,440 10s. A sum of £70,949 7s. has been added to the sinking fund established under section 30 of the Stateguaranteed Advances Act, 1909, which, with £3,734 9s. interest earned and added to the fund held by the Public Trustee, brings the total amount standing to the credit of that account to £176,311 14s. Bd. Nineteen freehold and thirteen leasehold securities have for various reasons, during its existence, been realized by the Department. This year losses to the extent of £53 Is. 9d. have been made. There are, however, on the Department's hands two securities which are not satisfactory. At present they are leased at a nominal rental, awaiting a favourable opportunity for realization. Mortgagors continue to meet their half-yearly payments of interest and principal in a manner satisfactory to the Department. The total amount of interest collected for the year amounted to £272,320 6s. Bd.. an increase on the previous year of £30,855 4s. 9d. The total amount of interest collected from the time advances were first made up to the 31st March, 1911, amounted to the sum of £1,936,104, in addition to the repayments of principal £4,402,740, making a grand total of £6,338,844. Applications are now being carefully examined when first received before a valuation is ordered. If the grant of a loan is considered doubtful, the facts are submitted to the Board for preliminary con-