7 JULY

THE NEW ZEALAND GAZETTE
893

RESERVE BANK OF NEW ZEALAND
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1960
£ s. d.
General charges including salaries, rent, cost of note issue, and other expenses .. .. 773,411 1 6
Balance being profit for year .. .. .. 3,497,382 7 9
£4,270,793 9 3
£ s. d.
Balance of profit after making provision for rebate on Treasury bills not yet due and for sundry liabilities and contingencies .. 4,270,793 9 3
£4,270,793 9 3

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 .. .. .. .. 2,195,958 17 11
Balance .. .. .. .. 3,497,382 7 9
£5,693,341 5 8
£ s. d.
Balance as at 1 April 1959 .. 2,195,958 17 11
Balance from Profit and Loss Account .. 3,497,382 7 9
£5,693,341 5 8

BALANCE SHEET AS AT 31 MARCH 1960
Liabilities £ s. d.
General Reserve Fund .. .. 1,500,000 0 0
Bank notes .. .. 78,799,418 0 0
Demand liabilities—
(a) State—
(i) Government marketing accounts 201,679 19 9
(ii) Other .. .. .. 20,032,692 10 4
(b) Banks .. .. .. 59,200,374 9 7
(c) Other—
(i) Marketing organisations .. 50,699 11 8
(ii) Other demand liabilities .. 2,312,355 14 11
Liabilities in currencies other than New Zealand currency .. .. .. 50,481 18 1
Other accounts .. .. .. 6,755,501 13 8
Profit and Loss Appropriation Account .. 3,497,382 7 9
£172,400,586 5 9
Assets
£ s. d.
Gold (at cost) .. .. .. 315,239 0 6
Sterling exchange .. .. .. 59,593,452 4 10
Other exchange .. .. .. 570,121 18 4
Subsidiary coin .. .. .. 607,204 3 4
Advances—
(a) To State or State undertakings—
(i) Government marketing accounts
(ii) For other purposes .. .. .. 125,268 6 8
(b) Other—
(i) Marketing organisations .. 20,813,192 6 7
(ii) Other .. .. ..
Investments—
(a) Sterling .. .. .. 11,724,497 7 4
(b) Other .. .. .. 71,308,147 0 6
Other assets .. .. .. 7,343,463 17 8
£172,400,586 5 9

Contingent Liabilities
(1) In respect of advances to the Government of New Zealand to a limit of $34,500,000 a quantity of gold bullion included under other assets has been pledged by the Bank.
(2) In respect of a loan of $9,000,000 to Tasman Empire Airways Ltd., a joint and several guarantee in conjunction with the Reserve Bank of Australia has been executed.
The Government of New Zealand has indemnified the Bank in respect of both the above.
(3) In respect of an investment in 250,000 £1 shares in Commonwealth Development Finance Co. Ltd., of which 10s. per share is uncalled.

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 1960, 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 1960, according to the best of our information and the explanations given to us and as shown by the books of the Bank.
Wellington, 27 June 1960.
D. A. F. CROMBIE
F. H. HARRIS
Public Accountants, Auditors.

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, 29 JUNE 1960
Liabilities
£ s. d.
2. General Reserve Fund .. .. 1,500,000 0 0
3. Bank notes .. .. 78,613,578 10 0
4. Demand liabilities—
(a) State—
(i) Government marketing accounts .. 498,322 2 10
(ii) Other .. .. .. 12,174,177 1 10
(b) Banks .. .. .. 94,847,715 5 4
(c) Other—
(i) Marketing organisations .. 148,703 2 6
(ii) Other demand liabilities .. 527,948 6 7
5. Time deposits
6. Liabilities in currencies other than New Zealand currency .. .. .. 158,953 4 1
7. Other liabilities .. .. .. 7,421,208 11 5
£195,890,606 4 7

Assets
£ s. d.
8. Reserve—
(a) Gold .. .. .. 315,249 3 6
(b) Sterling exchange .. .. 67,140,285 12 9
(c) Gold exchange .. .. ..
(d) Other exchange .. .. 318,946 5 0
9. Subsidiary coin .. .. .. 566,865 10 7
10. Discounts—
(a) Commercial and agricultural bills
(b) Treasury and local body bills
11. Advances—
(a) To the State or State undertakings—
(i) Government marketing accounts
(ii) For other purposes .. .. 2,707,716 10 4
(b) To other public authorities
(c) Other—
(i) Marketing organisations .. 19,340,596 7 2
(ii) Other advances .. .. 160,000 0 0
12. Investments—
(a) Sterling .. .. .. 26,389,972 2 4
(b) Other .. .. .. 71,308,147 0 6
13. Bank buildings
14. Other assets—
(a) Gold .. .. .. 5,848,080 10 11
(b) Other .. .. .. 1,794,747 1 6
£195,890,606 4 7

R. M. SMITH, Chief Accountant.