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houses were under , administration. Rentals are payable mainly on a fortnightly basis, with consequent pressure of accounting work ; and there is also the very considerable burden of administration work in relation to these properties. This burden will tend to increase as the years go by not. only because of an increase in the number of houses under administration, but also because of the increasing maintenance factor. From a modest office organization taken over from the State Advances Office in 1935 the Corporation has to-day nine fully-established branch offices, nine sub-offices? and five field offices. At most of the field offices referred to a receiving service is provided in addition to other normal activities. The Board feels justifiably proud of the progress the Corporation has made 'over the. period of fourteen years since its establishment. There is room for further improvement and for a further extension of the service which the Corporation can give to the public, and it is hoped that as the years go by the Corporation will proceed from strength to strength. In accordance with the procedure adopted in past reports, we also record hereunder details of investments and other assets under administration at the end of the year : Assets Administered by Corporation Number of Principal Accounts. Investment. Mortgage investments — £ Urban .. ~ .. .. .. 43,341 34,068,189 Rural .. .. .. .. .. 20,315 35,218,170 Loans to local authorities .. .. .. .. 1,205 4,471,295 Housing Account — Dwellings let .. .. .. .. .. 30,221 44,711,850 Dwellings sold .. .. .. .. 173 96,716 Loans to local authorities .. .. .. 101 1,052,622 Loans to employers .. .. .. .. 12 28,725 Rural Housing Act: Loans to local authorities .. 41 131,690 Advances under Rehabilitation Act, 1941—■ Furniture, tools of trade, business, and miscellaneous 33,736 3,582,164 Interest-free supplementary loans .. .. 1,679,311 Other principal agencies— Agriculture Emergency Powers Act, 1934 .. .. 5 20,395 Farmers' Loans Emergency Regulations 1940 .. 113 50,064 Public Works "Department hutments rented to farmers 137 35,972 Rural Housing Scheme, 1944 .. .. .. 177 18,024 Timber Workers' Housing— Levies accounts ... .. .. .. 671 Rental accounts .. . . .. .. 79 259,013 Miscellaneous rentals .. .. .. • .. 466 Totals .. .. 130,793 £125,424,200 The total asset value of £125,424,200 represents an increase of £14,601,143 during the year. The Corporation has always recognized that it has a dual responsibility, firstly, to the Government to ensure wise administration of this huge sum of public money, and, secondly, to its borrowers and other clients who expect helpful assistance and guidance in dealing with the many problems that confront them from time to time.

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