8.—13.

3

ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to local bodies during the year was £4,855. Local bodies are now indebted to the Department to the extent of £2,142,873 in respect of principal moneys. The not loss amounted to £1,938. Very soon the operations of this branch should show a profit instead of a loss. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £158,647, inclusive of the amount held by the Public Trustee (£48,461). G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 26th July, 1918.

PUBLIC DEBT SINKING FUNDS BRANCH. The following is a statement showing the advances under this branch authorized during the year ended 31st March, 1918, classified according to provincial districts: — Advances to Local Bodies. Provincial Number of District, Applications. autnmued. Auckland .. .. .. .. .. ..59 91,500 Taranaki .. .. .. .. .. ..15 10,905 Wellington .. .. .. .. .. ..15 16,525 Canterbury .. .. .. .. .. ..2 875 Otago.. .. .. .. .. .. ..5 8,450 Totals.. .. .. .. .. ..96 £128,255 . . Advances tO Settlers. ~ , ~ Amount of Advances Provincial Number of authorized District. Applications. £ Auckland .. .. .. .. .. .. 1 565 Wellington .. .. . . .. .. .. 1 450 Totals.. .. .. .. .. ..2 £1.015 The amount actually paid over to settlers during the year was £1,905, and to local bodies £106,695 : a total of £108,660. Local bodies are now indebted to the extent of £559,865, and settlers £159,394 : a total of £719,259 in respect of principal moneys. The net interest earned for the year amounted to £44,808, or £4 14s. 6d. per £100 of the funds invested. The cost of management and expenses was nil. G. F. C. Campbell, Superintendent. State Advances Office, Wellington, 26th July, 1918.

ADVANCES OFFICE SINKING FUND. The following is a statement showing the advances under this branch authorized during the year ended 3ist March. 1918, classified according to provincial districts : — Advances tO Settlers. Amount of Advances Provincial Number of , Vi,„h'J, i District. Applications. authorized. Auckland .. .. .. .. .. ..62 36,190 Taranaki .. .. .. .. .. ..11 5,905 Hawke's Bay .. .. .. .. .. .. 2 950 Wellington .. .. .. .. .. ..11 6,410 Marlborough .. .. .. .. .. ..2 2,705 Canterbury .. .. .. .. .. ..10 4,535 Otago.. .. .. .. .. .. ..5 3,675 Southland .. .. .. .. .. ..8 5,685 Totals .. .. .. .. .. ..11l £66,055 Provincial Advances tO Local Bodies. Numbero , Amount of Advances District, Applications. authorized. Auckland .. .. .. .. .. ..9 17,350 Taranaki .. .. .. .. .. ..4 12,450 Totals.. .. .. .. .. .. 13 £29,800 The amount actually paid over to settlers during the year was £66,465, and to local bodies £16,600 : a total of £83,065. Settlers are now indebted to the extent of £417,428, and local bodies £60,133: a total of £477,566 in respect of principal moneys. The profits for the year ended 31st March, 1918, amounted to £39,677. The cost of management and expenses was nil. C. 1. C. Campbell, Superintendent. State Advances Office, Wellington, 26th July, 1918.