8.—13

4

28. The advances current and the tenure of the securities are as follows:— » T , Amount. Number. £ s cl On freeholds .. .. .. .. .. 19,257 10,843,338 5 i On leaseholds .. .. .. 1,163 593,651 13 11 Totals .. .. .. ..20,420 £11,436,989 19 0 29. The net profits for the year amounted to £10,887 4s. 9d. 30. The cost of management expenses was £6,488 3s. 3d., being 0*062 per cent., or Is. 3d. per £100, of the capital employed. 31. The payment of instalments by workers has been well maintained and is considered satisfactory, the percentage of arrears to the funds outstanding at the close of the year being only 0-69 per cent. 32. Mortgages and instalments of principal repaid for the year amounted to £418,669 ss. lOd. 33. The amount of interest collected was £517,147 Is. 2d. 34. One leasehold and eighty-nine freehold securities were realized by the Department during the year. 35. The sinking fund, after redemption of loans totalling £208,091 7s. lid., amounts to £71,682 4s. 36. Since the commencement of the Advances to Workers Act in 1906 the Department has advanced to workers the sum of £16,169,587. The losses made during that period amounted to £8,264 15s. 6d., or Is. in every £100 of the amount advanced. The exceptionally low percentage of loss recorded is highly satisfactory. ADVANCES TO LOCAL AUTHORITIES BRANCH. 37. During the year the State Advances Board has authorized three advances amounting to £720, and the following statement shows the amount authorized in each provincial district: — Provincial Number of Amount of Advances District. Applications. nu ° me • Auckland .. .. .. .. .. 2 400 Marlborough .. .. .. .. .. ] 320 Totals .. .. .. .. .. 3 £720 38. The amount paid over to eight local bodies during the year was £5,740. 39. Loans to the mimber of 1,972 have been made to local bodies. They are now indebted to the extent of £2,737,346 19s. 3d. in respect of principal moneys. 40. The payment of instalments by local bodies is satisfactory, the percentage of arrears to the funds outstanding at the close of the year being only 0-067 per cent. 41. Mortgages and instalments of principal repaid for the' year amounted to £72,493 19s. 6d. 42. The amount of interest collected was £14,794 14s. Bd. 43. The loss for the year was £8,148 10s. 2d. 44. The sinking fund, after redemption of loans totalling £228,209 17s. 7d., amounts to £164,228 4s. 4d. PUBLIC DEBT SINKING FUNDS BRANCH. 45. During the year the State Advances Board has authorized 176 advances amounting to £185,315. 46. The advances paid over during the year to 156 borrowers was £174,265. 47. 1,315 settlers are now indebted to the extent of £1,099,384 19s. 2d.; 137 workers, £72,217 os. Bd.; and local bodies (in respect of 1,624 loans), £2,084,088 6s. 7d.: a total of £3,255,690 6s. sd. in respect of principal moneys. 48. Mortgages and instalments of principal repaid for the year amounted to £92,927 lis. 6d. 49. The amount of interest collected was £151,177 ss. sd. 50. The interest earned for the year amounted to £153,924 9s. sd. 51. The cost of management expenses was nil.