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1947 NEW ZEALAND

STATE ADVANCES CORPORATION OF NEW ZEALAND REPORT AND ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 1947.

Laid before both Houses of the General Assembly of New Zealand pursuant to Subsection (2) of Section 43 of the State Advances Corporation Act, 1934-35, and Subsection (2) of Section 42 of the State Advances Corporation Act, 1936.

The Right Hon. the Minister or Finance, Wellington. We have pleasure in submitting the Balance-sheet and Revenue Accounts for the year ended 31st March, 1947, together with a report on the administration for the year, as required by subsection (1) of section 43 of the State Advances Corporation Act, 1934-35. PART I.—GENERAL The year has been an exceedingly busy one, no fewer than 22,676 loan applications having been dealt with, quite apart from the day-to-day administration involved in 70,316 loan accounts held as at 31st March, 1946. It can be truly said that the handling of this large volume of business would not have been possible without an administrative organization equipped to handle the problems that arise in all phases of lending, including business loans, and in addition an efficient field organization, particularly in relation to rural and urban properties. In reports submitted to Parliament during recent years reference has been made to the policy adopted by the Board of Management of organizing the business of the Corporation in a manner that would enable the greatest possible assistance to be given in carrying into effect the Government's rehabilitation scheme. The training of officers for the task of undertaking the inspection of property and the supervision of all work associated with acquisition by ex-servicemen of farm and residential properties has been one of the major considerations in this regard. The Corporation has been fortunate to obtain the services of men who have good practical experience in the different phases of its work, and by a process of training and the provision of special courses of instruction the standard of the service has been progressively raised. We feel we can justly claim that the Corporation has been able to make a substantial contribution towards the rehabilitation of our ex-servicemen. A policy has been in operation of conserving capital funds for the purpose of meeting the loan requirements of ex-servicemen, and the Board has accordingly set aside capital repayments received from existing borrowers over a period of several years, thus providing a sum exceeding £6,000,000 for such purposes. With this reserve and subsequent repayments it has been possible to meet the requirements of ex-servicemen