8.—13.

5. The advances current, classified according to the tenure of the securities, are as follows : — Number. Amount. £ s. d. On freeholds .. .. .. .. 17,624 14,099,241 4 9 On leaseholds .. .. .. .. 8,802 3,448,567 110 On freeholds and leaseholds combined .. .. 326 327,860 10 5 Totals ~ .. .. .. 26,752 £17,875,668 17 0 6. The advances current on rural and urban and suburban land are as follows Number. Amount. £ s. d. On rural land .. .. .. .. 16,005 11,294,021 14 5 On urban and suburban land .. .. .. 10,747 6,581,647 2 7 Totals .. .. .. .. 26,752 £17,875,668 17 0 7. The commitments in respect of loans granted and not paid over in whole or in part at the 31st March, 1932, amounted to £67,170. 8. The net profits for the year amounted to £2,278 3s. 9d. 9. The cost of management was £29,245 ss. Bd., being 0-122 per cent., or 2s. sd. per £100, of the capital employed. 10. Where, owing to the low prices received for produce, farmers are unable to meet the half-yearly payments under their mortgage, the Department is always prepared, subject to the limitations of the Act, to extend to all bona fide cases the utmost relief. Mortgagors, however, must realize that their obligations to the Department, as first mortgagee, are to be met before any payments are made in respect of subsequent encumbrances. Notwithstanding the conditions prevailing during the past few years, 66 per cent, of the settlers 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 3-218 per cent. 11. Mortgages and instalments of principal repaid for the year amounted to £702,680 6s. 4d. 12. The amount of interest collected was £953,557 Is. 9d. 13. Twenty-six leasehold and eighty-six freehold securities were realized by the Department during the year. 14. On chattel securities sixty-eight advances, amounting to £19,870, were authorized for the year, and the amount paid over to thirty-five borrowers was £9,475. 15. The sinking fund, after redemption of loans totalling £485,365 Is. lid., amounted to £1,822,687 16s. 7d. at the close of the year. 16. Since its inception in 1894 the Department has advanced to settlers £42,192,505. During that period the losses made were £415,027 9s. Bd., or 19s. Bd. in every £100 of the amount advanced. RURAL ADVANCES BRANCH. 17. During the year the State Advances Board has authorized 129 advances amounting to £182,815, and the following statement shows the amount authorized in each provincial district:— Provincial Number of Amount of Advances District. Applications. authorized. Auckland .. .. .. .. .. 46 79,985 Taranaki .. .. .. .. .. 9 18,350 Hawke's Bay .. .. .. .. ~ 8 4 750 Wellington .. .. .. .. .. 21 31'460 Marlborough . . . . .. . . ~ 3 3 040 Nelson .. . . .. .. .. .. 1 700 Westland . . .. . . . , .. 1 300 Canterbury .. .. .. .. 19 23,270 Otago .. .. .. .. .. 7 9,120 Southland .. ... .. .. .. 14 11,840 Totals ~ 129 £182,815

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