8.—13

5. The advances current, classified according to the tenure of the securities, are as follows :— -.-, , Amount. .Number. £ s d On freeholds .. .. .. .. 17,849 14,294,628 14 10 On leaseholds .. .. .. .. 8,715 3,491,021 7 0 On freeholds and leaseholds combined .. .. 318 318,454 1 6 Totals .. .. .. .. 26,882 £18,104,104 3 4 6. The advances current on rural and urban and suburban land are as follows :— n-r i Amount. Number. £ d On rural land .. .. .. .. 16,053 11,476,562 16 7 On urban and suburban land .. .. ..10,829 6,627,541 6 9 Totals .. .. .. .. 26,882 £18,104,104 3 4 7. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1931, amounted to £113,805. 8. The net profits for the year amounted to £15,313 10s. 2d. 9. The cost of management was £32,854 6s. 10d., being 0-143 per cent., or 2s. 10d. per £100, of the capital employed. 10. Notwithstanding the low prices still ruling for the primary products of the Dominion, settlers generally continue to pay their instalments in a satisfactory manner. It is gratifying to note that more than 75 per cent, of the mortgagors pay their instalments within the rebate period, thus obtaining a concession of \ per cent, reduction in their interest payments. The percentage of arrears to the funds outstanding at the close of the year was 1-548 per cent. 11. Mortgages and instalments of principal repaid for the year amounted to £960,202 15s. 6d. 12. The amount of interest collected was £1,070,593 13s. Id. 13. Twenty-three leasehold and sixty-seven freehold securities were realized by the Department during the year. 14. On chattel securities thirty-six advances, amounting to £9,425 were authorized for the year, and the amount paid over to twenty-nine borrowers was £8,405. 15. The sinking fund, after redemption of loans totalling £485,365 Is. lid., amounted to £1,736,600 12s. Id. at the close of the year. 16. Since its inception in 1894 the Department has advanced to settlers £41,689,625. During that period the losses made were £300,644 2s. 6d., or 14s. sd. in every £100 of the amount advanced. RURAL ADVANCES BRANCH. 17. During the year the State Advances Board has authorized 703 advances amounting to £1,234,995, and the following statement shows the amount authorized in each provincial district: — Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. .. 244 362,445 Taranaki .. .. .. .. .. 65 138,470 Hawke's Bay .. .. .. .. .. 47 76,265 Wellington .. .. .. .. .. 79 146,580 Marlborough .. ■ .. .. .. .. 18 40,680 Nelson .. .. .. .. .. 9 7,250 Westland .. .. .. .. .. 5 2,675 Canterbury .. .. .. .. .. 89 200,145 Otago .. .. .. .. .. .. 52 72,340 Southland .. ~ .. .. .. 95 188,145 Totals .. .. .. .. 703 £1,234,995 18. The advances paid over during the year are as follows : — Number. Amount. Not exceeding £500 .. .. .. .. 15 15,105 Exceeding £500 but not exceeding £1,000 .. .. 96 72,160 Exceeding £1,000 but not exceeding £2,000.. .. 193 278,920 Exceeding £2,000 but not exceeding £3,500.. .. 179 471,985 Exceeding £3,500 but not exceeding £5,500.. .. 136 432,900 Totals .... .. .. 619 £1,271,070"

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