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AqIC[ULTURAL BANK.
i Aast Year'sOperations.
ia~~bndoned Prperties'
mih'ecordIn- to the report on the opera
O" o he Agthe 2 riculturalt Bank for.or the
a entleda Junc '0,..1921, whiclrvas'
P:resented to-:Parliament yested j the
alctidonsl: fro . other- than'. diiebarg:
t'edloldier deati ith. dii ringt?e:yeart
rntumtberei 952;::for attotal of :£192I, 750.
amOfnthese 827 were granted' in full or in
.part involving a net capital appropria
tion o-f O.?160,532. The loans' actually
`?:,?ade during. the year amounted to £153T,
= . X .4;i! while the loans made- by-the bank
f;rom? its inception in 1895` todate to
?alied. £4,069,928. Of this amont'
:1,29 634 had been - repaid, , while. bad
Sdebts -to the extent of 20,299 had been
written off,. leaving a balance of
o2,756,988 outstanding. 'Of the total`
:mount advanced £3,246108' 'was used
-for effecting improvements and £422.,694
for the-,purchase of stock, while liabili
,/ tiesrtaken over absorbed .327,416. The
imirovements effected by borrowers with
fhe-.direct.'aid 'oft the 'bank- funds- were
:-- ied. at £3,798,246, of which the prin
.,lpar' item was the clearing of 1,953,578
:ancres at a cost of £2,230,484, while
:2,382,876 acres of - ringbarking cost
~: £,476,213 and 1,853,774 chains of fencing
Aost: 548£,900. Loans repaid during the
':,year. amounted to £108,574, which had
'6.n?ly s been- exceeded-, once-in '1910-11;
.-o.:w , hen the.total was £242,307.
s..-As ospen6ations tinder the Discharged
.Soldiers' Settlement Act are dealt with
separately by the Controller of Sol
•:dier Settlement, the report contains only
.-'n t?rief treference "to that phase of the
y-bank's activities. This, however, shows
vthat .advances totalling £3,9?,900 were
approved to 3.671 borrowers,, while the
amount actually advanced amounted to
£3,5,271 and the present indebtedness.
totalled '£3,017,058. Thie loans approved
n .cauded ?,457.433 for the purchase of
.*properties, £850.92 for. further im
proveements, £335,446 for the purchase
-ofd, siock .and £142.140 for the purchase
-pf machinery.
SDealing- with other rural industries
:the report states that adiances amount
.,lng to £17,14 had been made to five co
u,operative butter and bacon factories,
•th bank in each instance holding a first
Smurtgage over the land, buildings and
,, ., .nt.. For the first five years these
Soans carried concession rates of inter
est, the Treasury re-imbursing the bank
the difference between the concession
and cnrrent rates' The bank had also
made advances amounting to £608 tdo
certain discharged soldier poultry fanrm
era, against eggs held in cold storage,
"but ak these advances had been paid in
SAn important section of te' report is
that devoted to abandoned securities,
which indicates that during the' year
04,- 6 properties arrying an indebtedness
of £128, 4 in princi al and interest
were found to have been abandoned.
ri Dnng the sameperiod 474 abandoned
;mproperties were taken over, either direct
from the bank or by re-selection through
tlie Lands Department. The amount
written off during the year on ordinary
-bsiness was principal 12,590 and in
-terest £11,52, making the total amount
.wlitten off lato bad debts £38,305. The
number of secuarties awaiting sale or
,'he-selection as at June 30- was 701, on
.which .the outstanding advances amount
ed to £191,400 and the accumulated in
?terest to £47,986. A large number of
::,these holdings consisted of the lighter
dclasses of land which had failed under
ordinary methods to grow payable crops.
- The practical. demonstration of how
'these light lands could be made to sup
port settlement would,.the report con
eludes, be of inestimable value to the
SState, and would help the bank toward
the. solution of the most serious of its
'dificultes. l
$