914 THE NEW ZEALAND GAZETTE No. 39

RESERVE BANK OF NEW ZEALAND

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1959

£ s. d.
General charges, including salaries, rent, cost of
note issue, and other expenses .. .. 966,880 17 7
Balance, being profit for year .. .. 2,195,958 17 11
£3,162,839 15 6

Balance of profit after making provision for
rebate on Treasury bills not yet due and for
sundry liabilities and contingencies .. .. 3,162,839 15 6
£3,162,839 15 6

PROFIT AND LOSS APPROPRIATION ACCOUNT

£ s. d.
Payment to New Zealand Government in terms
of section 36 of Reserve Bank of New
Zealand Act 1933 .. .. 3,179,249 10 1
Balance .. .. .. 2,195,958 17 11
£5,375,208 8 0

Balance as at 1 April 1958 .. .. 3,179,249 10 1
Balance from Profit and Loss Account .. .. 2,195,958 17 11
£5,375,208 8 0

BALANCE SHEET AS AT 31 MARCH 1959

Liabilities £ s. d. Assets £ s. d.
General Reserve Fund .. .. 1,500,000 0 0 Gold (at cost) .. .. 315,082 8 6
Bank notes .. .. 75,865,331 0 0 Sterling exchange .. .. 53,498,634 17 2
Demand liabilities— Other exchange .. .. .. 651,291 4 0
(a) State— Subsidiary coin .. .. .. 595,537 9 2
(i) Government marketing accounts 281,003 6 1 Advances—
(ii) Other .. .. 39,559,619 19 4 (a) To State or State undertakings—
(b) Banks .. .. 38,572,956 14 8 (i) Government marketing accounts .. .. 33,518,876 16 0
(c) Other— (ii) For other purposes .. ..
(i) Marketing organisations .. .. 146,739 18 5 (b) Other—
(ii) Other demand liabilities .. .. 971,071 7 2 (i) Marketing organisations .. .. 37,892,903 1 1
Liabilities in currencies other than New Zealand currency .. .. 7,424,010 5 9 (ii) Other .. .. 2,980,000 0 0
Other accounts .. .. 6,848,824 10 8 Investments—
Profit and Loss Appropriation Account .. .. 2,195,958 17 11 (a) Sterling .. .. 13,569,497 7 4
(b) Other .. .. 22,807,997 0 6
Other assets .. .. 7,535,695 16 3
N.B.—Holdings of sterling have been converted into New Zealand currency at the
rate of £100 Sterling equals £100(N.Z.)
£173,365,516 0 0 £173,365,516 0 0

NOTE—In the above balance sheet, the item “Other Assets” includes an amount being the cost price of a quantity of gold bullion, which has been pledged by the Bank to secure advances to the Government of New Zealand to a limit of U.S.A. $34,500,000. In respect of the foregoing the Government of New Zealand has indemnified the Bank in respect of the contingent liability.

E. C. FUSSELL, Governor.
G. WILSON, Deputy Governor.
R. M. SMITH, Chief Accountant.

AUDITORS’ CERTIFICATE AND REPORT

We have audited the balance sheet as at 31 March 1959, above set forth, and we have obtained all the information and explanations we have required.

We have accepted the certificate of the Bank of England as to the 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 affairs of the Bank as at 31 March 1959, according to the best of our information and the explanations given to us and as shown by the books of the Bank.

D. A. F. CROMBIE
F. H. HARRIS
} Public Accountants, Auditors.

Wellington, 22 June 1959.

RESERVE BANK OF NEW ZEALAND

STATEMENT OF ASSETS AND LIABILITIES OF THE RESERVE BANK OF NEW ZEALAND AS AT THE CLOSE OF BUSINESS ON WEDNESDAY, 1 JULY 1959

Liabilities £ s. d. Assets £ s. d.
2. General Reserve Fund ...... ...... 1,500,000 0 0 8. Reserve—
3. Bank notes ...... ...... 74,953,137 10 0 (a) Gold ...... ...... 315,104 3 6
4. Demand liabilities— (b) Sterling exchange ...... ...... 62,248,375 5 2
(a) State— (c) Gold exchange ...... ......
(i) Government marketing accounts 94,652 14 9 (d) Other exchange ...... ...... 507,228 9 9
(ii) Other ...... ...... 15,074,162 16 6 9. Subsidiary coin ...... ...... 641,449 18 0
(b) Banks ...... ...... 63,775,916 9 2 10. Discounts—
(c) Other— (a) Commercial and agricultural bills ...... ...... —
(i) Marketing organisations ...... ...... 482,282 13 6 (b) Treasury and local body bills ...... ...... —
(ii) Other demand liabilities ...... ...... 1,497,574 17 4 11. Advances—
5. Time deposits ...... ......
6. Liabilities in currencies other than New Zealand currency ...... ...... 73,876 0 6 (a) To the State or State undertakings—
7. Other liabilities ...... ...... 7,116,696 2 0 (i) Government marketing accounts ...... ...... 28,555,488 9 9
(ii) For other purposes ...... ......
(b) To other public authorities ...... ......
(c) Other—
(i) Marketing organisations ...... ...... 29,037,886 1 5
(ii) Other advances ...... ......
12. Investments—
(a) Sterling ...... ...... 13,569,497 7 4
(b) Other ...... ...... 22,808,147 0 6
13. Bank buildings ...... ......
14. Other assets—
(a) Gold ...... ...... 5,848,080 10 11
(b) Other ...... ...... 1,037,041 17 5
£164,568,299 3 9 £164,568,299 3 9

R. M. SMITH, Chief Accountant.