INVERCARGILL SAVINGS-BANK.

STATEMENT of Receipts and Payments for the year ending 31st March, 1938:

RECEIPTS.

£ s. d.
Cash in hand and at banks, 1st April, 1937 227,887 0 5
Amount lodged by depositors 1,515,791 14 6
Interest received on mortgages 29,848 8 10
Interest received on fixed deposits 4,012 10 0
Interest received on Government stock 4,576 3 3
Interest received on public body debentures 1,810 18 0
Interest received on Post Office Savings-bank deposit 26 5 0
Mortgages repaid during the year 4,883 18 2
Investments matured 4,400 0 0
Bank premises rents 214 17 11
Property charges 192 1 2
Legal expenses 42 9 11
Insurance premiums 14 19 3
Exchanges, fines, and forms 3 13 1
£1,793,704 19 6

PAYMENTS.

£ s. d.
Invested on first mortgage during the year 20,866 0 0
Repaid depositors 1,446,641 16 9
Purchase of Government stock and public body debentures 56,690 0 0
Charges Account 7,861 15 6
Debenture Premium Account 81 7 3
Endowments 300 0 0
Retiring-allowance 233 6 8
Bank premises 5,625 17 0
Bank furniture 1,376 14 0
Property charges 139 6 10
Legal expenses 34 4 0
Insurance premiums 23 4 11
Cash in hand and at banks 253,831 6 7
£1,793,704 19 6

PROFIT AND LOSS ACCOUNT FOR YEAR ENDING 31st MARCH, 1938.

Dr.

£ s. d.
Interest paid during the year 708 7 2
Interest paid at 31st March 26,980 5 7
Depreciation 1,175 15 1
Debenture Premium Account 81 7 3
Charges and management expenses 7,861 15 6
Written off 4,432 10 2
Balance 1,295 18 6
£42,535 19 3

Cr.

£ s. d.
Interest on investments received and accrued 42,334 1 9
Bank premises rents 201 17 6
£42,535 19 3

PROFIT AND LOSS APPROPRIATION ACCOUNT FOR YEAR ENDING 31st MARCH, 1938.

Dr.

£ s. d.
Donation to King George V Memorial Fund 100 0 0
Donation to Invercargill Free Kindergarten 25 0 0
Donation to Invercargill Victoria Home 25 0 0
Donation to New Zealand Crippled Children Society 25 0 0
Donation to Royal New Zealand Society for Health of Women and Children 125 0 0
Retiring allowance 233 6 8
Balance 28,441 1 8
£28,974 8 4

Cr.

£ s. d.
Balance Profit and Loss Account, 31st March, 1937 27,678 9 10
Profit for year 1,295 18 6
£28,974 8 4

BALANCE-SHEET FOR YEAR ENDING 31ST MARCH, 1938.

Liabilities.

£ s. d.
Amount at credit of depositors... £1,136,440 18 8
Interest Suspense Account... 20,000 0 0
Property Suspense Account... 607 3 7
Profit and Loss Account... 28,441 1 8
£1,185,489 3 11

Assets.

£ s. d.
Bank premises... 19,306 11 1
Less depreciation... 921 11 1
18,385 0 0
Bank furniture... 2,536 14 0
Less depreciation... 254 4 0
2,282 10 0
Invested on first mortgage 667,833 0 10
Accrued interest.. 14,367 0 0
682,200 0 10
Sundry debtors... 816 7 2
National Bank and Bank of New Zealand current accounts... 62,296 17 3
National Bank and Bank of New Zealand Deposit Accounts... 180,000 0 0
Accrued interest... 966 8 6
180,966 8 6
Local body debentures... 53,300 0 0
Accrued interest... 577 13 2
53,877 13 2
State Advances and Mortgage Corporation stock 72,000 0 0
Accrued interest... 753 9 4
72,753 9 4
New Zealand Government stock... 99,250 0 0
Accrued interest... 1,126 8 4
100,376 8 4
Cash in hand... 11,534 9 4
£1,185,489 3 11

N. A. BRODRICK, Manager.
N. R. WILLCOX, Accountant,

We hereby certify that to the best of our knowledge and belief the above is a true and correct balance-sheet.

WILLIAM A. OTT, President.
ADAM HAMILTON, Deputy-President.
R. H. BRODRICK
R. M. STRANG
H. F. DREWE
Trustees.

We, Cuthbertson and Osborne and Charles Hannah, being the auditors of the Invercargill Savings-bank, appointed in terms of section 4 of the Savings-bank Amendment Act, 1923, hereby certify—(1) That we are satisfied that the foregoing balance-sheet has been properly drawn up from the books, accounts, and vouchers of the savings-bank so as to exhibit a true and correct view of the state of the savings-bank's affairs as at the date thereof, in accordance with the requirements of the Savings-banks Amendment Act, 1923. (2) That we have verified the cash, investments, securities, and assets of the savings-bank as at the date of the balance-sheet. (3) That we have obtained all the information and explanations we have required. (4) That the manager has certified that all the requirements of the Savings-bank Act, 1908, and amendments have been complied with with the exception of section 18 (subsection 1) and Sections 20 and 50.

CUTHBERTSON AND OSBORNE
D. CUTHBERTSON, F.P.A. N.Z.
GEO. OSBORNE, C.A. (Scot.)
CHAS. HANNAH, A.P.A.N.Z.
Auditors.

Approved—

GALWAY, Governor-General.
13th July, 1938.