B —13.

20. The advances current at the close of the year was £750,946 9s. lid., represented by 337 loans. 21. The net profits for the year amounted to £86 10s. sd. 22. The cost of management expenses was £744, being 0-091 per cent., or Is. lOd. per £100 of the capital employed. 23. Bonds to the aggregate value of £543,300 were issued during the year at satisfactory rates of interest to the Office. 24. Mortgages and instalments of principal repaid for the year amounted to £953 10s. Id. 25. The amount of interest collected was £7,534 13s. Bd. ADVANCES TO WORKERS BRANCH. 26. During the year the State Advances Board has authorized advances amounting to £1,215,590, and the following statement shows the amount authorized in each provincial district: — t, . . , AT u t Amount of Advances Provincial Number of ~ ■ . . , . .. authorized. District. Applications. £ Auckland .. .. .. .. .. 614 557,030 Taranaki .. .. .. .. .. .. 13 10,485 Hawke's Bay .. .. .. .. .. 22 17,860 Wellington .. .. .. .. .. 568 509,695 Marlborough .. .. .. .. .. 7 3,870 Nelson .. .. .. .. .. .. 7 4,670 Westland . . .. .. .. .. .. 4 2,825 Canterbury .. .. .. .. .. 74 58,025 Otago .. .. .. .. .. .. 27 20,435 Southland 33 27,190 Totals .. .. .. .. 1,369 £1,212,085 27. The advances paid over, classified according to the tenure of the securities, are as follows : — Number. Amount. On freeholds .. .. .. .. .. 1,478 1,321,632 On leaseholds .. .. .. .. .. 30 24,280 Totals .. .. .. .. 1,508 £1,345,912 28. The advances current and the tenure of the securities are as follows :— Number. Amount On freeholds .. .. .. ..17,998 9,880,385 14 6 On leaseholds .. .. .. .. 1,122 572,808 10 4 Totals .. .. .. .. 19,120 £10,453,194 410 29. The net profits for the year amounted to £3,234 12s. lOd. 30. The cost of management expenses was £7,902 10s. 2d., being 0-087 per cent., or Is. 9d. per £100 of the capital employed. 31. The payment of instalments by workers has been well maintained and is considered satisfactory, the percentage of arrears to the funds outstanding at the close of the year being only 0-557 per cent. 32. Mortgages and instalments of principal repaid for the year amounted to £346,925 10s. 9d. 33. The amount of interest collected was £463.310 19s. 34. Thirty-three freehold securities were realized by the Department during the year. 35. Loan-moneys amounting to £890,000 were received during the year. 36. The sinking fund, after redemption of loans totalling £187,000, amounts to £88,734 ss. sd. 37. This branch has since its inception in the year 1906 lent the sum of £14,563,032. The losses made during that period amounted to £4,982 2s. 9d., or Bd. in every £100 of the amount advanced. The exceptionally low percentage of loss recorded is highly satisfactory. ADVANCES TO LOCAL AUTHORITIES BRANCH. 38 During the year the State Advances Board has authorized advances amounting to £19,525, and the following statement shows the amount authorized in each provincial district:— Provincial Number of Amount of Advances District. Applications. au ° nze Auckland .. .. .. .. .. ..15 14,620 Taranaki .. .. .. .. .. 3 1,305 Wellington .. .. .. .. .. ..6 3,600 Totals .. .. .. .. ..24 £19,525

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