68 THE NEW ZEALAND GAZETTE No. 2

bank as at 31 March 1966. (3) The 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 and profit
and loss account are properly drawn up so as to present fairly the
financial position of South Canterbury Savings Bank at 31 March
1966, and the results of its operations for the period then ended,
in conformity with generally accepted accounting principles.

HUBBARD, CHURCHER, GABITES AND CO., Auditors.
Timaru, 24 May 1966.
2366

OTAGO SAVINGS BANK

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED
31 MARCH 1966

Interest credited to depositors—
Open accounts .. .. 293,572 13 9
Closed accounts .. .. 25,001 6 4
Credited and accrued on in-
vestment accounts .. 61,136 7 11
Interest and suspensory free
deposits credited to home
lay-by accounts .. 1,977 3 4
————————
381,687 11 4
Interest on staff provident funds .. 4,250 14 11
Trustees’ honoraria .. .. 1,681 3 4
Salaries and wages .. .. 79,653 0 0
Maintenance and repairs .. .. 999 14 1
Rents and rates .. .. 5,951 10 7
Advertising .. .. 10,033 4 0
Printing and stationery .. .. 5,765 12 0
Other administration expenses .. .. 30,275 7 3
Depreciation and other allow-
ances, etc—
Buildings .. .. 4,286 16 5
Office furniture .. .. 12,352 8 5
————————
16,639 4 10
Provision for taxation – includ-
ing adjustment for 1965 .. .. 55,636 18 3
Profit and Loss Appropriation
Account – net profit .. .. 57,269 13 9
————————
£649,843 14 4

Interest on—
Fixed deposits, etc. .. .. 22,776 9 2
Government stock .. .. 338,150 16 5
Local body debentures .. .. 37,952 10 2
Mortgages .. .. 233,614 16 5
Rents .. .. 6,144 19 3
Commissions, refunds, etc. .. .. 8,186 19 5
Valuation fees recovered .. .. 3,017 3 6
————————
£649,843 14 4

BALANCE SHEET AS AT 31 MARCH 1966

Depositors’ balances—
Savings bank department 10,715,394 6 9
Thrift club accounts 311,833 19 3
Special purpose accounts 455,131 0 3
Home lay-by accounts 55,598 16 10
Investment accounts 1,812,648 10 0
————————
Ordinary and investment
account depositors’
total .. 13,350,606 13 1
National Savings de-
positors’ balances 986,826 18 6
Add National Savings
Interest Suspense
Account 16,453 11 6
————————
1,003,280 10 0

Total liability to de-
positors .. 14,353,887 3 1
Other liabilities and
credit balances—
Accrued interest, in-
vestment accounts 39,273 0 9
Sundry creditors 459 3 6
Owing to other trustee
savings banks 7,760 15 7
Staff provident funds 93,640 16 2
Provision for taxation 55,626 10 1
Provision for grants 22,000 0 0
Provision for suspen-
sory free deposits on
home lay-by accounts 1,000 0 0
————————
219,760 6 1
Reserve Fund Account .. 714,215 4 11
————————
£15,287,862 14 1

Current assets—
Cash in hand and at
bankers .. .. 301,629 8 6
Fixed deposits .. .. 200,000 0 0
National Provident
Fund .. .. 289,842 10 2
————————
791,471 18 8

Interest due and ac-
crued on investments
etc. .. .. 155,182 9 6
Owing by other trustee
savings banks .. 1,676 17 10
Rents due and accrued 334 15 7
————————
948,666 1 7

Total current assets
Investments—
New Zealand Govern-
ment inscribed stock
—at face value .. .. 5,638,609 11 6
Local body debentures
—at cost .. .. 807,937 2 3
First mortgages on
freehold property .. .. 4,747,231 8 1
————————
11,193,778 1 10

Total of current
assets and invest-
ments .. .. 12,142,444 3 5

Securities—
Investment Account
securities—
New Zealand Gov-
ernment inscribed
stock .. .. 1,812,648 10 0
Cash on hand and at
bankers .. 39,273 0 9
National Savings se-
curities—
New Zealand Gov-
ernment inscribed
stock .. .. 986,826 18 6
Cash on hand and at
bankers .. 16,453 11 6
————————
2,855,202 0 9

Total of current assets,
investments and se-
curities .. .. 14,997,646 4 2

Fixed assets – at cost
less depreciation—
Land and buildings—
Balance 1 April
1965 .. 184,020 6 6
Plus additions .. 60,314 16 10
————————
244,335 3 4
Less depreciation 4,286 16 5
————————
240,048 6 11

Office furniture, etc.—
Balance 1 April 1965 .. 26,970 6 7
Plus additions .. 35,550 4 10
————————
62,520 11 5
Less depreciation 12,352 8 5
————————
50,168 3 0
————————
£15,287,862 14 1

J. G. BARNES, President.
W. G. HILLIKER, General Manager.

We, the undersigned, being the auditors of the Otago 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
1966. (3) The 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 and profit and loss
account are properly drawn up so as to present fairly the financial
position of the Otago Savings Bank at 31 March 1966 and the
results of its operations for the year ended, in conformity with
generally accepted accounting principles applied on a basis con-
sistent with that of the preceding year.

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

Dunedin, 27 April 1966.

2365