440
THE NEW ZEALAND GAZETTE
No. 18

Auditors’ Report

We have obtained all the information and explanations that we have required. In our opinion proper books of account have been kept by the bank, and proper returns adequate for the purposes of our audit have been received from branches, none of which has been visited by us. In our opinion, according to the best of our information and the explanations given to us and as shown by the said books, the balance sheet and the profit and loss account are properly drawn up so as to give respectively a true and fair view of the state of the company’s affairs as at 31 March 1966, and of the result of its business for the year ended on that date.

According to such information and explanations the accounts, the balance sheet, and the profit and loss account give the information required by the Companies Act 1955, in the manner so required.

ROWLEY, GILL, DAVIES, AND CO.,
Public Accountants, Auditors.

Wellington, 29 April 1966.
176

THE COMMERCIAL BANK SAVINGS BANK (NEW ZEALAND) LTD.

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 1966

1965
(nine months)
£
39,939 Interest to depositors
14,850 Management and operating expenses
3,154 Provision for taxation
4,234 Net profit for the year
£62,177

4,234 Balance carried forward
£4,234

1965
(nine months)
£

Income from—
New Zealand Government stock and local
authority securities
Other investments
Other sources
£62,177

Balance brought forward from previous year
Net profit for the year as above
£4,234

BALANCE SHEET AS AT 30 JUNE 1966
(Deposits guaranteed by the Commercial Bank of Australia Ltd.)

1965
£250,000 Authorised capital—
250,000 ordinary shares
of £1 each
£
Issued and fully paid-up
capital—
250,000 ordinary shares
of £1 each
250,000
Revenue reserves—
Profit and loss account
4,234
15,524
254,234

Current liabilities and
provisions—
Depositors’ balances—
Ordinary accounts
Thrift accounts
Home lay-by accounts
Investment accounts
2,830,515

Other liabilities, including
accrued interest and
home lay-by subsidies
Provision for taxation
2,859,053
£3,113,287

1965
£
207,535 Deposits with the Commercial Bank of Australia Ltd.

1966
£
140,743
45,600
11,811
11,290
£209,444

15,524
£15,524

1966
£
180,609
28,260
575
£209,444

4,234
11,290
£15,524

1966
£
£250,000

£
250,000

15,524
265,524

3,343,681
11,504
181,524
1,898,290
5,434,999

60,544
7,426
5,502,969

£5,768,493

1966
£
418,163

Investments—
New Zealand Government stock, at cost—
3¾ per cent special
Other
Local authority securities, at cost
Nominal value,
£4,755,570
Market value,
£4,673,309
Mortgages and other Loans, less provision for bad and doubtful debts
Interest accrued

1,315,000
1,480,018
12,985
2,808,003

77,886
19,863
2,905,752
£3,113,287

2,295,000
2,380,581
55,293
4,730,874

586,382
33,074
5,350,330
£5,768,493

NOTE—The New Zealand Government and local authority securities are all redeemable at par at fixed dates, and it is the opinion of the Directors that, in the ordinary course of business, the Bank’s investment in these securities will realise not less than the amounts at which they are included in the accounts.

On behalf of the Board:

J. CHESTER GUEST, Director.

Auditors’ Report

In our opinion the accompanying balance sheet and profit and loss account give a true and fair view of the state of affairs of the Commercial Savings Bank (New Zealand) Ltd. at 30 June 1966, and of its results for the year ended on that date.

We have obtained all the information and explanations we have required. In our opinion, the company has kept proper books, and the balance sheet and profit and loss account give, in the prescribed manner, the information required by the Companies Act 1955.

G. L. ALLARD
D. A. F. CROMBIE
} Public Accountants.

Wellington, New Zealand, 28 July 1966.
177

BANK OF NEW SOUTH WALES SAVINGS BANK (NEW ZEALAND) LTD.

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 30 SEPTEMBER 1966

1966
£
Interest to depositors
Management and operating expenses
Directors’ fees
Net profit before taxation

Provisional taxation paid
Provision for taxation
Net profit, to profit and loss appropriation account

Income from investments—
New Zealand Government stock, local
and semi-Government authority securities
Mortgages and other loans
Other income
Net profit before taxation

PROFIT AND LOSS APPROPRIATION ACCOUNT

Balance, 30 September 1966

Balance brought forward from previous year
Net profit for year, as above
Profit on sale of securities

1965
£
158,169
54,842
14,588
227,599

7,200
7,388
£14,588

200,702
12,665
14,232
227,599

14,588
£14,588

£
7,388
£7,388

£
7,388
7,388
33
£7,388