DUNEDIN SAVINGS BANK

RECEIPTS AND PAYMENTS FOR YEAR ENDED 31 MARCH 1960

Receipts

Balance, 1 April 1959 .. .. .. £216,646 16 4
Lodged by depositors .. .. .. 4,779,566 6 5
Lodged by National Savings investment accounts 179,150 9 4
Loan interest .. .. .. .. 158,621 15 7
Debenture interest .. .. .. 174,041 3 11
Bank interest .. .. .. .. 8,592 19 0
National Savings interest .. .. .. 46,792 1 1
Loans repaid .. .. .. .. 225,826 4 9
Debentures repaid .. .. .. 35,610 0 7
Refunds, commission, fines, etc. .. .. .. 2,850 12 5
Rents .. .. .. .. 2,868 5 5
Staff Provident Fund .. .. .. 1,586 12 0
Received on behalf of other trustee savings banks .. .. 55,921 3 3
Received from investors in Government stock .. 20,970 0 0
Received from investors in local body stock and debentures .. .. .. 31,800 0 0
Sales of travellers' cheques .. .. .. 5,889 10 2
Tax deductions, PAYE .. .. .. 6,031 15 8
Office furniture .. .. .. 40 10 0

£5,952,806 5 11

Balance, 1 April 1960 .. .. .. £269,528 14 9

Payments

Withdrawn by depositors .. .. .. 4,499,289 15 0
Withdrawn by National Savings investment accounts .. .. 263,401 17 10
Charges .. .. .. .. 61,503 1 11
Income and social security taxes .. 21,346 0 0
Loans granted .. .. .. .. 374,472 15 2
Debentures purchased .. .. .. 324,000 0 0
Grants .. .. .. .. 5,500 0 0
Office furniture, etc. .. .. .. 1,590 11 4
Land and buildings .. .. .. 11,482 16 2
Staff Provident Funds .. .. .. 129 12 11
Paid on behalf of other trustee savings banks .. 55,882 12 9
Proceeds of sales of Government stock .. 20,970 0 0
Proceeds of sales of local body stock and debentures .. .. .. 31,800 0 0
Proceeds of sales of travellers' cheques .. 5,876 12 5
Tax deductions paid to Inland Revenue Department .. .. .. 6,031 15 8
Balance, 31 March 1960 .. .. .. 269,528 14 9

£5,952,806 5 11

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1960

Interest credited to depositors— Open accounts .. .. .. £211,770 6 9
Closed accounts .. .. .. 11,993 11 1
Credited and accrued on investment accounts .. 4,388 8 7
Interest and suspensory free deposits credited to home lay-by accounts .. .. 1,719 7 11

Provision for suspensory free deposits on home lay-by accounts .. .. 100 0 0
Interest on Staff Provident Funds .. .. 1,741 3 4
Charges and administration expenses .. .. 62,190 8 2
Depreciation— Buildings .. .. .. 3,139 0 0
Office furniture, etc. .. .. 4,998 4 10

Provision for taxation .. .. .. 8,137 4 10
Profit and Loss Appropriation Account: Net profit .. 26,268 4 6

£353,656 18 5

Investment interest .. .. .. £347,574 8 0
Rents .. .. .. .. 2,879 18 0
Commission, refunds, fines, etc. .. .. 3,202 12 5

£353,656 18 5

PROFIT AND LOSS APPROPRIATION ACCOUNT FOR YEAR ENDED 31 MARCH 1960

Provision for grants .. .. .. £5,500 0 0
Reserve Fund Account .. .. 19,848 3 3

£25,348 3 3

Profit and Loss Account .. .. .. £25,348 3 3

£25,348 3 3

BALANCE SHEET AS AT 31 MARCH 1960

Depositors’ balances— Savings bank department £7,787,703 4 2
Thrift club accounts .. 190,940 17 4
Special purpose accounts 178,481 6 4
Home lay-by accounts .. 58,765 5 1

Ordinary depositors’ total .. £8,215,890 12 11
Investment accounts .. 98,290 10 0
Add interest accrued .. 1,857 13 4

National Savings— Depositors’ balances .. £1,272,225 8 0
Add National Savings Interest Suspense Account .. .. .. 20,584 12 2

Total liability to depositors .. £9,608,848 16 5

Other credit balances— Staff Provident Funds .. £52,385 13 11
Provision for taxation .. 25,990 0 4
Provision for grants .. 5,500 0 0
Provision for suspensory free deposits on home lay-by accounts .. 750 0 0

Reserve Fund Account ..

£84,625 14 3

£453,945 8 7

£10,147,419 19 3

Current Assets— Cash in hand and at bankers £269,528 14 9
Fixed deposits .. 200,000 0 0

£469,528 14 9

Interest due and accrued on investments, etc.. 71,877 8 11
Owing by other trustee savings banks .. 1,406 10 11
Rents and commission accrued .. .. 589 2 4

Total current assets .. £543,401 16 11

Investments— New Zealand Government inscribed stock £4,160,369 9 10
Local body debentures .. 676,702 8 2
First mortgages on free-hold property .. 3,281,446 11 11

Total of investments .. £8,118,518 9 11

Total of current assets and investments .. £8,661,920 6 10

Investment Account securities— New Zealand Government stock .. £98,290 10 0
National Savings Securities— New Zealand Government stock .. 1,292,810 0 2

Total securing investment accounts and National Savings depositors .. £1,391,100 10 2

Total of current assets, investments, and securities Fixed assets at cost, less depreciation— Land and buildings .. £76,312 9 9
Office furniture, etc. .. 18,086 12 6

£94,399 2 3

£10,147,419 19 3

M. CONNELLY, President.
J. M. PETERSON, Acting General Manager.

We, the undersigned, J. S. McInnes and Sons and James Brown and Co., being the auditors of the Dunedin Savings Bank, appointed in terms of section 29 (3) of the Trustee Savings Banks Act 1948, report:
(1) We have examined the books, accounts, and vouchers of the bank and have received all the information and explanations we have required.
(2) We have verified the cash, investments, securities, and assets of the bank as at 31 March 1960.
(3) The Acting General Manager has certified that, to the best of his knowledge and belief, all requirements of the Trustee Savings Banks Act 1948 and regulations thereunder have been complied with.

In our opinion, the above balance sheet is drawn up so as to exhibit a true and correct view of the state of affairs of the Dunedin Savings Bank according to the best of our information and the explanations given to us, and as shown by the books of the bank.

J. S. McINNES AND SONS \
JAMES BROWN AND CO. \
Auditors.

Dunedin, 21 April 1960.