JB.—lB

The advances now outstanding are as follows :— Number Amount. Not exceeding £500 .. ..13,663 2,834,304 9 4 Exceeding £500 but not exceeding £1,000.. .. 2,735 2,062,386 1 6 Exceeding £1,000 but not exceeding £2,000 .. 1,294 1,882,308 6 8 Exceeding £2.000 but not exceeding £3,000 .. 205 522,029 7 2 Total .. .. .. ..17,897 £7,301,028 4 8 The average amount of the advances now outstanding is £408. Number and amounts advanced on freehold and leasehold :— Number. Amount. On freeholds .. .. .. .. ..10,802 5.274,034 18 7 On leaseholds .. .. .. .. .. 6,828 1,865,468 2 5 On freeholds and leaseholds combined .. .. 267 .161,525 3 8 Total.. .. .. .. .. 17,897 £7,301,028 4 8 The average freehold advance is £488, the average leasehold advance £273, and the average over freehold and leasehold combined £605. Number and amounts advanced on rural and urban and suburban land :— Number. Amount. On rural land .. .. ~ ... .. 11,270 4,769,024 19 11 On urban and suburban-land .. .. .. 6,627 2,532,003 4 9 Total.. .. .. .. .. 17.897 £7,301,028 4 8 The average rural advance is £423, and the average urban and suburban advance is £382. The amounts of the advances granted during the year ended 31st March. 1912, are as follows ; — vr * Amount. Number. £ g> d Not exceeding £500 .. .. .. ..2.872 801,030 0 0 Exceeding £500 but not exceeding £1,000 .. .. 797 584,890 0 0 Exceeding £1,000 but not exceeding £2,000 ~ 380 559,260 0 0 Exceeding £2,000 but not exceeding £3,000 ... 87 228,905 0 0 Total .. .. .. .. ..4,136 £2/174,085 0 0 The average amount of the advances granted for the year is £525, and the tenure of the securities is,— Number. Amount. On freeholds .. .. .. .. .. 2,561 1,351.320 0 0 On leaseholds .. .. .. .. ..1,530 781,495 0 0 On freeholds and leaseholds combined .. .. 45 41,270 0 0 Total .. .. .. .. .4,136 £2,174.085 0 0 For the year the average freehold advance was £527. the average leasehold advance £511, ttll d the average freehold and leasehold combined £917. The total sum raised by the Government for investment on mortgage since the Department was started is £7,747,881 Is. 7d. Seventeen thousand eight hundred and ninety-seven mortgagors are now indebted to the Department to the extent of £7,301,028 4s. Bd. in respect of principal moneys, an increase during the year of 1,892 mortgagors, owing £1,155,799 3s. sd. The gross profits for the year ended 31st March, 1912, were £75,216 ss. 9d., and the cost of management and expenses of the Department £11,086 16s. 5d., being 0 - 14 per cent., or 2s. lOd. per £100 on capital employed. (The cost of the previous year was 0-15 per cent., or 3s. per £100.) The net profits amounted to £63,276 95.-, of which the sum. of £45,441 Is. 7d. has been applied in writing down loan-charges. A sum of £77,478 16s. 2d. has been added to the sinking fund established under section 30 of the State-guaranteed Advances Act, 1909, which, with £7,794 6s. Id. interest earned and added to the fund held by the Public Trustee, brings the total amount standing to the credit of that account to £261,584 16s. lid. One freehold security was realized by the Department during the year. - Losses on realization to the extent of £58 16s. 6d. have been debited this year. There are on the Department's hands two securities which are not satisfactory. They have been considerably written down out of profits. At present they are leased at a nominal rental, awaiting a favourable opportunity for realization. Mortgagors.confSnu_e to meet their half-yearly payments of interest and principal in a manner creditable to themselves and -satisfactory to the Department.

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