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The number and amounts actually paid over, classified according to tenure of the securities, are as follows:— Number. Arao £ unt - On freeholds .. .. .. .. .. .. 1,154 530,310 On leaseholds .. .. .. .. .. 259 127,345 On freeholds and leaseholds combined .. .. .. 4 2,490 Totals .. .. .. .. .. 1,417 £660,145 The gross profits for the year ended 31st March, 1920, were £64,270, and the cost of management and expenses of the branch £12,403, being 0-133 per cent., or 2s. Bd. per £100 of the capital employed. The net profits amounted to £50,895. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £930,661, inclusive of the amount held by the Public Trustee (£302,904). Five leasehold and eight freehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £972. Wm. Waddel, Deputy Superintendent. State Advances Offices, Wellington, Bth July, 1920.
ADVANCES TO WORKERS BRANCH. Thirteenth Annual Report and Balance-sheet. The following is a statement showing the advances to workers authorized by the Board during the year, and classified according to provincial districts: — Provincial Number of District. Applications. autnorlzoa. Auckland .. .. .. .. ..256 98,905 Taranaki .. .. .. .. ..38 13,420 Hawke'a Bay .. .. .. .. ..133 54,005 Wellington .. .. .. .. ..308 125,490 Marlborough .. .. .. .. ..21 7,885 Nelson .. .. .. .. ..11 3,125 Canterbury .. .. .. .. ..236 92,605 Otago.. .. .. .. .. .. 60 19,010 Southland .. .. .. .. .. 20 6,020 Totals .. .. .. .. 1,083 £420,465 The total of advances to workers now current and the tenure of the securities are as follows :— Number. £ Amount - , „ On freeholds .. .. .. .. .. 8,718 2,343,971 2 5 On leaseholds .. .. .. .. 514 89,065 4 8 Totals .. .. .. .. 9,232 £2,433,036 7 1 The advances to workers actually paid over during the year ended 31st March, 1920, on freehold and leasehold are as follows :— Number. Amount. On freeholds .. .. .. .. .. ..588 220,980 On leaseholds .. .. .. .. .. ..16 4,075 Totals .. .. .. .. ..604 £225,055 The gross profits for the year ended 31st March, 1920, were £10,729, and the cost of management and expenses of the branch £3,275, being 0-135 per cent., or 2s. Bd. per £100 of the capital employed. The net profits amounted to £7,201, of which the sum of £5,000 has been applied in writing down loan charges. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £70,838, inclusive of the amount held by the Public Trustee (£2,715). Seven freehold and four leasehold securities were realized by the Department during the year. Losses debited, and unpaid instalments in respect of mortgaged properties written off, amount to £252. Wm. Waddel, Deputy Superintendent. State Advances Office, Wellington, Bth July, 1920.
ADVANCES TO LOCAL AUTHORITIES BRANCH. The amount actually paid over to local bodies during the year was £88,935. Local bodies are now indebted to the extent of £2,160,421 in respect of principal moneys. The loss amounted to £2,059, but the operations of this branch will in due course show a profit. The sinking fund established under section 26 of the State Advances Act, 1913, amounts to £202,081, inclusive of the amount held by the Public Trustee (£48,461). Wm. Waddel, Deputy Superintendent. State Advances Office, Wellington, Bth July, 1920.
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