B. -13

5. The advances current, classified according to the tenure of the securities, are as follows : — -»r , Amount. bcr • £ s d On freeholds .. .. .. .. 16,597 13,263,532 5 2 On leaseholds .. .. .. .. 8,409 3,401,599 610 On freeholds and leaseholds combined .. .. 301 289,935 17 2 Totals .. .. .. .. 25,307 £16,955,067 9 2 6. The advances current on rural and urban and suburban land are as follows :— AT , Amount. Number. s d On rural land .. .. .. .. 15,132 10,981,397 6 6 On urban and suburban land .. .. .. 10,175 5,973,670 2 8 Totals .. .. .. .. 25,307 £16,955,067 9 2 7. The net profits for the year amounted to £49,079 2s. sd. 8. The cost of management expenses was £35,099 lis. 2d., being 0-168 per cent., or 3s. 4d. per £100 of the capital employed. 9. The payment of instalments by settlers generally is regarded as satisfactory, the percentage of arrears to the funds outstanding at the close of the year being only 0-966 per cent. 10. Mortgages and instalments of principal repaid for the year amounted to £768,788 3s. 4d. 11. The amount of interest collected was £1,006,123 2s. sd. 12. Twenty-six leasehold and thirty-one freehold securities were realized by the Department during the year. 13. On chattel securities fifty-seven advances, amounting to £15,700, were authorized for the year, and the amount paid over to twenty-eight borrowers was £8,770. 14. With regard to the redemption of mortgages, 390 advances, amounting to £428,785, were authorized for the year, and the amount paid over to 393 borrowers was £498,410. 15. The sinking fund, after redemption of loans totalling £126,700, amounted to £1,804,662 15s. 2d. at the close of the year. 16. Since its inception in 1894 this branch has advanced £3-3,930,480. During that period the losses made were £89,433 os. Id., or ss. 3d. in every £100 of the amount advanced. It is both gratifying and satisfactory to be able to record such a remarkably low loss rate. RURAL ADVANCES BRANCH. 17. During the year the State Advances Board has authorized advances amounting to £1,146,770, and the following statement shows the amount authorized in each provincial district: — r , • ■ , , T , r Amount of Advances Provincial Number of ~ , , . . . ~ ~ authorized. District. Applications. Auckland .. .. .. .. ..207 405,385 Taranaki .. .. .. .. .. ..48 128,720 Hawke'sßay .. .. .. .. ..25 57,730 Wellington .. .. .. .. 66 159,270 Marlborough .. .. .. .. ..11 19,450 Nelson .. .. .. .. .. ..10 12,250 Westland .. .. .. .. .. .. 1 1,200 Canterbury .. .. .. .. ..65 170,640 Otago .. .. .. .. .. ..25 46,410 Southland .. .. .. .. ..61 145,715 Totals .. .. .. ..519 £1,146,770 M Amount. 18. The advances paid over during the year are as follows : — iNumser. £ Not exceeding £500 .. .. .. 21 7,420 Exceeding £500 but not exceeding £1,000 .. .. 62 52,570 Exceeding £1,000 but not exceeding £2,000 .. .. 97 158,935 Exceeding £2,000 but not exceeding £3,500 .. .. 106 303,760 Exceeding £3,500 but not exceeding £5,500 .. .. 51 229,215 Totals .. .. .. ..337 £751,900 19. The advances paid over, classified according to the tenure of the securities, are as follows :— Number. Am £ unt " On freeholds .. .. .. .. .. 268 621,395 On leaseholds .. .. .. .. ..56 105,930 On freeholds and leaseholds combined .. .. 1-3 24,575 Totals .. .. .. ..337 £751,900

2