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2

5. The advances current, classified according to the tenure of the securities, are as follows: — - , . ivt -i Amount. Number. £ s d On freeholds .. .. .. .. .. 16,543 13,119,316 12 5 On leaseholds .. .. .. .. 8,416 3,329,536 13 8 On freeholds and leaseholds combined .. .. 309 293,471 4- 7 Totals .. .. .. .. 25,268 £16,742,324 10 8 0. The advances current on rural and urban and suburban land are as follows: — tvt i Amount. Number. £ s _ ± On rural land .. .. .. .. 15,106 10,814,573 9 2 On urban and suburban land .. .. 10,162 5,927,751 1 6 Totals .. .. .. .. 25,268 £16,742,324 10 8 7. The net profits for the year amounted to £30,465 ss. 6cl. 8. The cost of management expenses was £32,519 ss. Bd., being 0-148 per cent., or 2s. lid. per £100, of the capital employed. 9. The payment of instalments by settlers generally is regarded as satisfactory, the percentage of arrears to the funds outstanding at the close of the year beingonly 1-016 per cent. 10. Mortgages and instalments of principal repaid for the year amounted to £946,857 18s. 6d. 11. The amount of interest collected was £1,045,425 15s. 4d. 12. Thirty-one leasehold and one hundred and one freehold securities were realized by the Department during the year. 13. On chattel securities forty-seven advances, amounting to £13,080 were authorized for the year, and the amount paid over to thirty-three borrowers was £9,490. 14. The sinking fund, after redemption of loans totalling £485,365 Is. lid., amounted to £1,539,272 14s. 2d. at the close of the year. 15. Since its inception in 1894 the Department has advanced to settlers £38,034,610. During that period the losses made were £147,626 os. lid., or 7s. 9d. in every £100 of the amount advanced. It is both gratifying and satisfactory to be able to record such a remarkably low loss rate. RURAL ADVANCES BRANCH. 16. During the year the State Advances Board has authorized 858 advances amounting to £1,515,510, and the following statement shows the amount authorized in each provincial district:— Provincial ' Number of Amount of Ad? ances District. Applications. authorized. Auckland .. .. .. .. .. 385 628,940 Taranaki .. .. .. .. .. 71 156,600 Hawke'sßay .. .. .. .. .. 24 56,860 Wellington .. .. .. .. .. 114 222,855 Marlborough .. .. .. .. .. 14 23,100 Nelson .. .. .. .. 14 16,105 Westland .. . . . . . . .. 7 5 qqq Canterbury . .. .. .. .. 90 194^850 °tago .. .. .. .. .. 40 51,655 Southland .. .. .. .. 99 158,645 Totals .. .. .. .. 858 £1,515,510 17. The advances paid over during the year are as follows:— Number. Amount. Not exceeding £500 .. .. .. 64 23 195 Exceeding £500 but not exceeding £1,000 .. 146 116',805 Exceeding £1,000 but not exceeding £2,000 186 286^445 Exceeding £2,000 but not exceeding £3,500 152 418,830 Exceeding £3,500 but not exceeding £5,500 68 298^960 Totals .. .. .. .. 616 £1,144,235