26 JULY

(iii) Dividends will be paid or credited to the investor in the
same manner as dividends in respect of other investments by
cash, by telephone, or by post.
(iv) Investments on the doubles totalisator will not be
accepted prior to the publication of acceptances.

B. PROVISIONS RELATING TO THE SCRATCHING OF HORSES FROM
A DOUBLE

(i) Where a Horse in the First Race of the Double is
Scratched

(a) If a horse, including a bracketed horse, is scratched
from the first race, the investor may at his option nominate
a substitute or accept a refund at the totalisator agency
where the investment was made up to fifteen minutes before
the advertised time of closing for the receipt of investments
for the double.
(b) Where a horse is scratched at any time before the first
race and the investor has not substituted another horse, the
investor, where a refund is obtained from the totalisator,
will be entitled to a refund, except in the case of a bracket
when any one of the horses in such bracket starts, and in
such event the investment will be deemed to remain on the
starter represented by such bracket.

(ii) Where a Horse in the Second Race of the Double is
Scratched

(a) If a horse, including a bracketed horse, is scratched
from the second race, the investor may at his option and at
the totalisator agency where the investment was made, accept
a refund up to fifteen minutes before the advertised time of
closing for the receipt of investments for the double or
nominate a substitute up to fifteen minutes before the adver-
tised starting time for the first race.
(b) Where a horse which is bracketed with a horse that
starts is scratched from the second race at any time and the
investor has not accepted a refund or nominated a substitute
as aforesaid, then the investor will be deemed to have selected
the remaining horse or horses in the bracket as his starter
in the second race.
(c) Where a horse which is not bracketed with a horse that
starts is scratched from the second race at any time and the
investor has not accepted a refund or substituted another
horse, the Board will substitute for the scratched horse the
favourite for such race as determined by that part of the
double investments received by the Board for starters in the
second race which were coupled with the winner of the first
race and ascertained after the time of closing for receipt and
substitution of investments for such double and as recorded
before this adjustment takes place.
"Favourite" as determined in the foregoing may be a horse
or those horses included in a bracket to which a seperate
number is allotted on the totalisator.
(d) Board's Substitution in Second Race Where Two or
More Horses are Equal Favourites--In the event of two
or more horses being equally determined as favourites in the
second race in accordance with subclause (ii) (c) hereof, the
favourite for the purpose of such subclause will be the equal
favourite first appearing in the list of runners in the totalisa-
tor records for that race at the time this adjustment takes
place.
(e) Board's Substitution in Second Race Where Investment
on Scratched Horse is Only Investment for That Race--In
the event of the scratched horse being the only horse in the
second race for which the Board has received doubles invest-
ments which were coupled with the winner of the first race,
then the horse next above the scratched horse in the totalisa-
tor records for such race will be substituted for that scratched
horse, and if there is not a horse next above in that race the
horse next below the scratched horse in the totalisator
records for such race will be substituted for the scratched
horse.
(f) Substitution of Chosen Favourite to be Final--For the
purpose of this rule the decision made by the official of the
Board as to which horse shall be substituted for a scratched
horse in the second race shall be binding upon the Board and
upon the investor.
(g) Brackets--Where no bracket is shown in the notices
exhibited by the Board but a horse is required to be bracketed
with another horse on the totalisator, no bracket shall be
deemed to exist unless both horses come under the orders
of the starter. Where such a horse is scratched from the race,
the Board shall substitute in accordance with subclause (ii)
(c) hereof.
(h) Method of Substitution or Cancellation--(i) Invest-
ments made by telephone may be substituted or cancelled by
telephone.
(ii) Investments by cash may be substituted or cancelled
only in person on presentation and exchange of the original
ticket issued.
(iii) Investments made by post other than against a deposit
may not be substituted or cancelled at any time.
(iv) Investments made by post against a deposit may not
be substituted or cancelled except where the necessary
arrangements have been made under rule 7, in which case
telephone instructions may be accepted.

11. Closing Time for Investments

In each totalisator agency there will be displayed the
closing times for acceptances of investments at that agency
for all races at all race meetings in respect of which invest-
ments may be accepted.

THE DUNEDIN SAVINGS BANK
STATEMENT of receipts and payments for the year ended
31 March 1956.

RECEIPTS

Cash in hand and at bankers, 1 April 1955 ... £247,035 18 2
Lodged by depositors ... £3,520,285 15 0
Lodged by National Savings investment accounts £189,868 6 8
Loan interest ... £98,914 17 3
Debenture interest ... £121,498 12 5
Bank interest ... £4,563 4 0
National Savings interest ... £49,430 17 1
Loans repaid ... £264,048 17 4
Debentures repaid ... £93,085 9 8
Refunds, commission, etc. ... £1,186 12 5
Rents ... £1,955 17 5
Fines ... £13 5 0
Staff Provident Fund ... £1,295 11 3
Sales of National Savings bonds ... £1,300 0 0
Received on behalf of other trustee banks ... £36,161 4 7
Received from investors in Government stock ... £6,700 0 0
Sales of travellers cheques ... £1,687 16 3
£4,639,032 4 6

PAYMENTS

Withdrawn by depositors ... £3,402,763 16 5
Withdrawn by National Savings investment accounts ... £322,075 5 11
Charges ... £45,584 12 11
Income and social security taxes ... £15,163 2 6
Loans granted ... £381,433 10 3
Debentures purchased ... £108,014 0 0
Grants ... £5,000 0 0
Loan interest ... £206 12 11
Debenture interest ... £1,764 12 1
Office furniture, etc. ... £17,453 1 7
Land and buildings ... £17,250 6 8
Staff Provident Fund ... £512 19 6
Paid on behalf of other trustee banks ... £36,230 18 3
National Savings bonds on imprest ... £1,300 0 0
Proceeds of sales of Government stock ... £6,700 0 0
Proceeds of sales of travellers cheques ... £1,687 16 3
Cash in hand and at bankers, 31 March 1956 ... £275,891 9 3
£4,639,032 4 6

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1956

Dr.

Interest credited to depositors' open accounts ... £143,071 10 10
Interest credited to depositors' closed accounts ... £7,552 0 0
Interest on Staff Provident Fund ... £1,113 19 10
Charges and administration expenses ... £47,170 4 1
Depreciation--
Buildings ... £1,731 8 3
Office furniture, etc. ... £3,398 6 11
Provision for taxation ... £13,500 0 0
Profit and Loss Appropriation Account: net profit ... £13,087 12 3
£230,625 2 2

Cr.

Investment interest ... £227,144 8 7
Fines ... £13 5 0
Rents ... £1,880 16 2
Commission, refunds, etc. ... £1,586 12 5
£230,625 2 2

PROFIT AND LOSS APPROPRIATION ACCOUNT 31 MARCH 1956

Dr.

Provision for grants ... £5,000 0 0
Reserve Fund ... £8,087 12 3
£13,087 12 3

Cr.

Profit and Loss Account ... £13,087 12 3
£13,087 12 3