B—l3

A better appreciation of the volume of new business which the Board has been required to consider may be obtained from a perusal of the following statement showing the applications received and loans authorized in the farms and residential sections during the past twelve months and the aggregate for the period of its operations from 1935 to 1947 :

We desire also to place on record the details of the investments and other assets (including Housing Account assets, to which reference is made in Part II of this report) under administration of the Corporation as at the close of the financial year, as follows : —■ Number of Amount. Accounts. £ Corporation loans .. .. .. .. 59,114 60,839,969 ■ Housing Account assets .. .. .. 23,684 33,864,775 Eeturned Services loans (business, furniture, and tools of trade) .. .. .. .. 21,122 2,540,677 Agricultural Emergency Powers .. .. 9 26,998 Farmers' Loan Emergency .. .. .. 252 102,574 Public Works temporary housing units .. .. 709 180,626 104,890 £97,555,619 The Corporation was established in 1935 for the purpose of bringing under the control of one Board the loan accounts previously administered by the State Advances Department and the Lands Department, the latter being the residue of the advances made on behalf of the Government to ex-servicemen in terms of the Discharged Soldiers Settlement Act, 1915. Many borrowers had been adversely affected by the unfavourable

3

Applications received. Loans authorized. Number. Amount. Number. Amount. During year ended 31st March, 1947— Farms Residential 2,485 8,678 £ 10,103,202 10,428,141 1,806 7,334 £ . 7,439,782 8,772,521 11,163 20,531,343 9,140 16,212,303 During period 1935 to 1947— Farms .. .. ... Residential 15,395 42,785 £ 39,261,638 41,932,269 8,656 31,377 £ 22,416,518 30,566,566 58,180 81,193,907 40,033 52,983,084 i