1638

THE NEW ZEALAND GAZETTE.

[No. 70

RESERVE BANK OF NEW ZEALAND.

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31ST MARCH, 1940.

To General charges, including salaries, rent,
cost of note issue, and other expenses £ s. d. 155,300 10 2 Balance, being profit for year ... 361,363 6 10

£516,663 17 0

By Balance of Profit after making provision for rebate on Treasury bills not yet due, and for sundry liabilities and contingencies ... ... ... 516,663 17 0

£516,663 17 0

PROFIT AND LOSS APPROPRIATION ACCOUNT.

To Payments to New Zealand Government in terms of section 36 of Reserve Bank of New Zealand Act, 1933 ... £ s. d. 250,285 10 4 Balance ... ... ... ... 361,363 6 10

£611,648 17 2

By Balance at 1st April, 1939 ... ... ... 250,285 10 4 Balance from Profit and Loss Account 361,363 6 10

£611,648 17 2

BALANCE-SHEET AS AT 31ST MARCH, 1940.

Liabilities.

General Reserve Funds ... £ s. d. 1,500,000 0 0 Bank-notes ... 18,284,757 0 0 Demand liabilities- (a) State ... ... 6,855,559 2 9 (b) Banks ... ... 14,444,605 10 9 (c) Other ... ... 252,095 10 11 Liabilities in currencies other than New Zealand currency ... ... 8,238 0 2 Other accounts ... ... 561,143 2 6 Profit and Loss Appropriation Account 361,363 6 10

£42,267,761 13 11

Assets.

Gold (at face value) ... £ s. d. 2,801,839 0 0 Sterling exchange ... ... 13,457,346 3 3 Subsidiary coin ... ... ... 160,311 1 1 Advances— To the State or State undertakings- (1) Marketing Department ... 3,526,640 4 8 (2) For other purposes ... 18,960,000 0 0 Investments ... ... ... 3,071,918 4 6 Other assets ... ... ... 289,707 0 5 N.B.—Holdings of sterling have been converted into New Zealand currency at the rate of £100 sterling equals £124 New Zealand.

£42,267,761 13 11

L. LEFEAUX, Governor.

W. F. L. WARD, Deputy Governor.

W. R. EGGERS, Chief Accountant.

AUDITORS' CERTIFICATE AND REPORT.

We have audited the balance-sheet as at 31st March, 1940, above set forth, and have obtained all the information and explanations we have required.

We have accepted the certificate of the Bank of England as to assets held on account of the Reserve Bank of New Zealand.

In our opinion the balance-sheet is properly drawn up so as to exhibit a true and correct view of the state of the affairs of the Bank as at 31st March, 1940, according to the best of our information and the explanations given to us and as shown by the books of the Bank.

J. L. GRIFFIN, D. G. JOHNSTON, }Public Accountants, Auditors.

Wellington, New Zealand, 7th June, 1940.

RESERVE BANK OF NEW ZEALAND.

STATEMENT OF ASSETS AND LIABILITIES OF THE RESERVE BANK OF NEW ZEALAND AS AT THE CLOSE OF BUSINESS ON MONDAY, 1ST JULY, 1940.

Liabilities.

1. General Reserve Fund ... £ s. d. 1,500,000 0 0 2. Bank-notes ... 18,795,324 0 0 3. Demand liabilities- (a) State ... ... 5,393,935 4 7 (b) Banks ... ... 17,313,977 10 9 (c) Other ... ... 450,913 4 4 4. Time deposits ... ... ... 5. Liabilities in currencies other than New Zealand currency ... ... 15,552 18 3 6. Other liabilities ... ... 705,218 0 10

£(N.Z.)44,174,920 18 9

Assets.

7. Reserve- (a) Gold ... £ s. d. 2,801,839 10 0 (b) Sterling exchange* ... 13,420,643 18 11 (c) Gold exchange ... ... 8. Subsidiary coin ... ... 161,670 10 6 9. Discounts- (a) Commercial and agricultural bills ... ... ... (b) Treasury and local-body bills ... 10. Advances- (a) To the State or State undertakings- (1) Primary Products Marketing Department 3,806,854 1 11 (2) For other purposes ... 21,210,000 0 0 (b) To other public authorities ... (c) Other ... ... ... 11. Investments ... ... ... 2,542,520 16 6 12. Bank buildings ... ... ... 13. Other assets ... ... ... 231,392 0 11

£(N.Z.)44,174,920 18 9

• Expressed in New Zealand currency.

Proportion of reserve (No. 7 less No. 5) to notes and other demand liabilities, 38·63 per cent.

W. R. EGGERS, Chief Accountant.