8.—13.

2

The amounts of the advances actually paid over to settlers during the year ended 31st March, 1924, are as follows :— Number. Ara ° unt ' Not exceeding £500 .. .. .. ..1,217 494,480 Exceeding £500 but not exceeding £1,000 .. .. 1,665 1,255,940 Exceeding £1,000 but not exceeding £2,000.. .. 775 1,190,550 Exceeding £2,000 but not exceeding £3,500.. .. 172 393,680 Totals .. .. .. ..3,829 £3,334,650 The number and amounts actually paid over, classified according to tenure of the securities, are as follows :— Number. Am ° unt On freeholds .. .. .. .. .. 3,207 2,751,260 On leaseholds .. .. .. .. ..583 540,785 On freeholds and leaseholds combined .. .. 39 42,605 Totals .. .. .. ..3,829 £3,334,650 The gross profits for the year ended 31st March, 1924, were £61,305, and the cost of management and expenses of the branch £21,934, being 0-199 per cent., or 3s. lid. per £100 of the capital employed. £ s. d. The net profits for the year amounted to .. .. .. .. 36,755 12 11 The following are the appropriations from the profits for the year : — £ a. d. Amount paid to the Public Debt Sinking Eund Branch .. 1,515 14 11 Income-tax .. .. .. .. .. .. 7,210 1.8 0 Loan-flotation charges written down .. .. .. 205 0 0 — 8,931 12 11 Leaving a balance of .. ... .. .. £27,824 0 0 which has been transferred to sinking fund. The sinking fund, after redemption of loans totalling £46,700, amounts to £1,493,080. Sixteen leasehold and eight freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £3,241. For the year ended 31st March, 1924, 287 advances, amounting to £90,195, were authorized on chattel securities. The amount actually paid over during the year to 146 borrowers was £45,400. With regard to the redemption of mortgages, the advances authorized for the year ended 31st March, 1924, numbered 3,151, and amounted to £3,346,985. The amount actually paid over during the year to 2,025 borrowers was £2,084,370. Wm. Waddel, Superintendent. State Advances Office, Wellington, 11th June, 1924.

ADVANCES TO WORKERS BRANCH. Seventeenth Annual Report and Balance-sheet. The Amendment Act of last session authorized the advancing of loans not exceeding 95 per cent, of the value of the security, in lieu of 75 per cent, as previously, to workers desirous of purchasing a dwelling-house, whilst to a worker electing to purchase a section and erect a dwellinghouse thereon authority was also given to advance not exceeding 95 per cent, of the cost of the land, building, and improvements. This liberal provision has resulted in a very marked increase of applications from those in search of homes. The following is a statement showing the advances to workers authorized by the Board during the year, and classified according to provincial districts : — Provincial Number of Am ° U " twi^™ 68 District. Applications. authorized. Auckland .. .. .. .. ..1,110 745,890 * Taranaki .. .. .. .. .. 76 49,550 Hawke'sßay .. .. .. .. 127 82,885 Wellington .. .. .. .. ..1,014 749,905 Marlborough .. .. .. .. .. 32 17,190 Nelson .. .. .. .. .. 54 39,665 Westland .. .. .. .. .. 19 8,840 Canterbury... .. .. .. .. 518 329,250 Otago .. .. .. •• •• 137 87,300 Southland .. .. .. .. ..133 79,520 Totals .. .. .. .. 3,220 £2,189,995