INVERCARGILL SAVINGS BANK

S TATEMENT of receipts and payments for year ended 31 March 1953:

RECEIPTS
Cash in hand and at banks as at 1 April 1952 .. 285,251 18 8
Deposits :
Savings bank accounts .. .. .. 5,529,135 19 5
National Savings accounts .. .. .. .. 66,517 2 2
Interest :
Fixed deposit National Bank of New Zealand 4,009 7 6
New Zealand Government stock .. .. .. .. 84,109 8 0
Local-body debentures .. .. .. .. 38,030 10 2
Mortgages .. .. .. .. 46,145 3 9
National Savings securities .. .. .. .. 13,300 0 1
New Zealand Government stock matured and sold 242,624 13 3
Local-body debenture repayments .. .. .. .. 67,553 0 5
Mortgage principal repayments .. .. .. .. 111,985 8 8
Rents .. .. .. .. 319 12 6
Valuation and inspection fees .. .. .. .. 453 14 2
Exchange and commission .. .. .. .. 411 9 5
Realization sale furniture and fittings .. .. .. .. 20 17 6
£6,489,868 5 8

PAYMENTS
Savings Bank withdrawals .. .. 5,490,644 18 5
National Savings withdrawals.. .. .. 73,900 6 2
New Zealand Government stock .. .. .. 39,671 3 7
Local-body debentures .. .. .. 194,663 12 10
National Savings securities .. .. .. 26,900 0 0
Mortgage advances .. .. .. 142,011 15 11
Charges .. .. .. 27,996 3 9
Furniture, fittings, and machines .. .. 3,166 17 1
Building alterations .. .. .. 147 14 5
Donations .. .. .. 3,600 0 0
Income and social security tax .. .. 16,153 8 0
Balance bank accounts, 31 March 1953 .. .. 172,337 16 8
Cash in hand .. .. .. 46,048 1 9
Post Office Savings Bank .. .. 5,000 0 0
National Bank of New Zealand, Ltd. .. .. .. 245,000 0 0
Mortgage inspection fees .. .. .. 318 2 6
New Zealand Government stock interest refunded .. .. 739 10 0
Local-body refunds .. .. .. 1,568 14 7
£6,489,868 5 8

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1953

Dr.
Interest added to depositors' accounts :
Savings bank accounts : £ s. d. £ s. d.
Open .. .. .. 108,827 9 10
Closed .. .. .. 2,179 14 3
111,007 4 1
National Savings accounts :
Open .. .. .. 9,510 2 8
Closed .. .. .. 3,363 6 6
12,873 9 2
Charges and management expenses .. .. .. 27,996 3 9
Depreciation :
Buildings .. .. .. 357 14 5
Furniture and fittings .. .. .. 109 0 6
Book-keeping and adding machines .. .. .. 712 19 7
1,179 14 6
Bad debts written off .. .. .. 1,526 18 6
Provision for taxation .. .. .. 15,525 0 0
Net profit transferred to Profit and Loss Appropriation account .. .. 13,763 17 9
£183,872 7 9

Cr.
Interest on :
Post Office Savings Bank account .. .. 58 15 6
National Bank of New Zealand deposit account .. .. 4,051 13 1
New Zealand Government stock .. .. .. 83,048 6 0
Local-body debentures .. .. .. 36,606 3 7
Mortgages .. .. .. 45,803 9 4
169,568 7 6
Interest on National Savings securities.. .. .. 13,437 6 8
Rents .. .. .. 319 12 6
Exchange, commission, etc. .. .. .. 547 1 1
£183,872 7 9

PROFIT AND LOSS APPROPRIATION ACCOUNT

Dr.
£ s. d.
Provision for donations .. .. .. 4,000 0 0
Balance to reserve fund .. .. .. 9,763 17 9
£13,763 17 9

Cr.
£ s. d.
Balance from Profit and Loss account .. .. 13,763 17 9
£13,763 17 9

BALANCE SHEET AS AT 31 MARCH 1953

Liabilities
Depositors' balances : £ s. d. £ s. d.
Savings Bank accounts .. 5,417,606 16 6
Thrift clubs .. .. 4,621 6 9
5,422,228 3 3
National savings accounts .. .. .. 431,413 3 9
Other liabilities :
National savings interest suspense account .. 9,510 2 8
Mortgage interest rebates accrued .. .. 868 13 1
Sundry creditors .. .. 1,500 0 0
Provision for taxation .. .. 15,525 0 0
Provision for donations .. .. 4,000 0 0
31,403 15 9
Total liabilities and provisions .. .. 5,885,045 2 9
Reserve Fund :
Balance at 1 April 1952 .. 112,667 12 9
Add balance taxation reserve account .. 671 12 0
Add balance investment fluctuation account .. 423 9 8
113,762 14 5
Add balance Profit and Loss Appropriation account .. .. 9,763 17 9
123,526 12 2
£6,008,571 14 11

Assets
Current assets : £ s. d. £ s. d.
Cash in hand and at banks 218,385 18 5
Post Office Savings Bank.. 5,000 0 0
National Bank of New Zealand deposit account 245,000 0 0
468,385 18 5
Interest due and accrued on investments, mortgages, etc. .. .. .. 38,455 18 4
Investments :
New Zealand Government stock, ordinary securities 2,751,505 0 0
New Zealand Government National Savings securities .. .. .. 453,000 0 0
Local-body debentures .. .. .. 1,179,396 0 8
Mortgages .. .. .. 1,098,755 8 0
5,482,656 8 8
Total of current assets and investments .. .. 5,989,498 5 5
Fixed assets at cost, less depreciation :
Premises and property, £9,142 14s. 5d., less depreciation, £357 14s. 5d.. 8,785 0 0
Book-keeping and adding machines, £7,085 4s. 8d., less depreciation, £675 4s. 8d. .. .. 6,410 0 0
Office machinery, £566 14s. 11d. less depreciation, £37 14s. 11d. 529 0 0
Office furniture and equipment, £3,458 10s. 0d., less depreciation, £109 0s. 6d. .. .. 3,349 9 6
19,073 9 6
£6,008,571 14 11

W. M. C. DENHAM, President.
J. T. SHAW, General Manager.