3

8.-13

sideration. When the property offered is not considered satisfactory for a loan, the application is declined and the valuation fee returned. In this way delays are avoided, and loss of the fee—which to a poor man is considerable—prevented. The term for repayment of small loans has been found to be too long, and short-term loans have now been provided for. Advances are granted on first-class securities for a term of thirty-six years and a half, on second-class securities for a term of thirty years, and on third-class securities for a term of twenty years. These terms have found favour with borrowers, and there have been few complaints about the change. In some instances borrowers have asked that the loans be granted for terms not exceeding twenty years, although entitled to the loans for longer terms. An Inspector of Securities has been appointed to the staff of the office, and has now taken up his duties. Already good work is being done by him, and as time goes on a considerable benefit must accrue to the Department from his periodical inspection of securities and districts. The volume of business transacted during the year has again been very large, and thanks are due to the staff for the zeal shown in the discharge of their duties and their devotion to the Department's interests. J. W. Poynton, Superintendent. State-guaranteed Advances Office, Wellington, Bth July, 1911.

ADVANCES TO WORKERS BRANCH. Fourth 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. For the year ended 31st March, 1911, the applications received numbered 2,125, amounting to £660,892, as against 2,028 applications, amounting to £550,651, for the previous year— an increase of 97 applications, in amount £110,241. The advances actually granted during the year numbered 1,296, for £407,760, being an increase in amount over the previous year of £45,408. From the Bth January, 1907, up to the 31st March the Board had authorized 5,774 advances, amounting to £1,547,755. Applicants to the number of 322 declined the grants offered them, amounting to £84,965, so that the net advances authorized to the 31st March, 1911, numbered 5,452, and amounted to £1,462,790. Classified according to provincial districts, the total advances authorized are as under : — Provincial Number of Amoun *' of Ad ™ nces District. Applications. authorized. Auckland . . . . . . .. .. . . 1,465 360,735 Taranaki .. .. .. .. .. .. 162 40,635 Hawke's Bay .. .. .. .. .. 336 90,230 Wellington .. .. .. .. .. .. 1 470 420,330 Marlborough.. .. .. .. .. .. 187 51,370 Nelson .■ 126 29,370 Westland .. .. .. .. .. '.. 161 34,585 Canterbury .. . . . . . . .. .. 1,240 358,485 Otago .. .. .. .. .. .. 427 113,890 Southland .. .. .. .. .. .. 200 48,125 Total 5,774 £1,547,755 Classified according to provincial districts, the advances authorized during the year ended 31st March, 1911, were, — Provincial Number of Amomt . * fdjaaoei District. Applications. authorised. Auckland .. .. .. .. .. .. 355 104,460 Taranaki .. .. .. .. .. .. 48 13,590 Hawke's Bay . . .. . . .. 102 . 30,475 Wellington .. .. .. .. .. .. 444 144,455 Marlborough.. .. .. .. .. .. 51 16,910 Nelson .. .. .. ... .. .. 15 4,375 Westland .. .. .. .. .. .. 26 6,320 Canterbury .. .. .. .. .. .. 340 111,705 Otago :. .. .. .. 89 26,605 Southland 51 14,635 Total ... .-. .. .. .. 1,521 £473,530 The tenure of the advances onistanding is as follows :— ~ , Amount. Number. „ , On freeholds 3,928 1,118,105 11 9 On leaseholds .. .. .. .. .. 354 60,335 0 0 Total .. .. . . .. 4,282 £1,178,440 11 9 The average freehold advance is £285, and the average leasehold advance is £170.