8.—6

XI

Loans palling due. The loans falling due during the seven years ending with the year 1922 are as follows: —

The particulars of the £6,274,953 falling due in London during the current year are as follows : —

I anticipate no great difficulty in arranging for the renewal of these maturing loans. STATE ADVANCES OFFICE The Government found it necessary to restrict the lending operations of this office during the war, and the Board has from time to time varied the limits of its advances so as to suit the circumstances of its finances. Taking the Local Authorities Branch for instance, on the 7th April, 1914, the limit was fixed by the Board at £10,000, then in May following the limit was increased to £15,000, and on the 15th June, 1914, it was decided, owing to the generally improved condition of the outlook, to remove all restrictions and lend up to the full limits allowed by the Act. On the outbreak of the war the Board passed a resolution to make no advances, but on the 27th October, 1914, it was decided to lend up to £1,000, and on the 14th December it increased the limit to £2,000, and since then the limit has been further increased to £5,000, at which figure it now stands.

Year ending 31st March. London. Australia. I New Zealand. Total. 1916 1917 1918 1919 1920 1921 1922 £ 6,274,953 222,200 40,700 147,250 42,800 3,000 11,000 £ 127,550 1,087,800 84,400 60,000 29,400 550,300 934,400 £ 3,503,971 575,240 3,281,456 1,604,665 3,753,245 894,700 1,092,050 £ 9,906,474 1,885,240 3,406,556 1,811,915 3,825,445 1,448,000 2,037,450 6,741,903 2,873,850 14,705,327 24,321,080

Date. Authority. Bate. 1915. April 1 Aug. 1 1916. Jan. 1 „ 1 1 Feb. 1 Mar. 1 „ 1 Finance Act, 1909 Land for Settlements Act, 1908 Aid to Public Works and Land Settlement Act, 1903 ... Land for Settlements Act, 1908 Land for Settlements Act, 1908 Aid to Public Works and Land Settlement Act, 1914 ... 1 Government Advances to Settlers Act, 1908 ... Wellington and Manawatu Eailway Purchasing Act, 1908 Imperial Treasury Imperial Treasury 3-i- per cent. 4~ 4 3| „ 4 4 4 4 £ 237,400600 2,700 7,700 500 5,000 100,000 500,000 „ 31 Various si 3| „ 3,421,053t 2,000,000]; 6,274,953 • Redee iot convert) treasury bii omed out of Imperial Treasury loan. f For redemption nf the ,ed, amounting to £3,142,600, and £107,400 raised for land-settlemen 11s. The rate of interest is subject to variation in respect to portion portion of £3,000,1 100 loan whioh was { War expenses purposes. )f these loans.