530 THE NEW ZEALAND GAZETTE No. 17

Assets
1966 1967
$ $
Investments—
Public securities (Note 2)—
New Zealand Government stock—
3¾ percent special .. .. 12,802,000
Other .. .. 15,369,633
Local and semi-government
authority securities .. 1,255,783

22,837,332 29,427,416
3,006,688 3,605,127
271,527 362,689

26,115,547 33,395,232
Current assets—
Deposits at Bank of New South
Wales .. .. .. 2,194,124

$27,709,975 $35,589,356

See following notes which form part of the financial statements.
On behalf of the Board:

J. CADWALLADER, Director.
D. A. RICHARDSON, Secretary.

NOTES TO FINANCIAL STATEMENTS, 30 SEPTEMBER 1967

1. Contingent liability—At 30 September 1967 the company was
   contingently liable for subsidies to the home lay-by accounts in
   the amount of $5,750 (1966: $4,064)

2. Public securities—The book values of New Zealand public
   securities purchased at a discount or at a premium are adjusted
   annually so as to attain redemption value by maturity date. The
   redemption value of these securities at 30 September 1967 amounted
   to $29,539,070 (1966: $22,896,430)

3. Currency—The amounts shown in these financial statements
   are expressed in $N.Z.

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 company so far as appears from our examination of
those books. In our opinion, according to the best of our informa-
tion and the explanations given to us and as shown by the said
books, the balance sheet and the statement of profit and unappro-
priated profits, together with the notes thereto, are properly
drawn up so as to give respectively a true and fair view of the state
of the company’s affairs as at 30 September 1967, and of the
results of its business for the year then ended. According to such
information and explanations the accounts, the balance sheet and
the statement of profit and unappropriated profits give the infor-
mation required by the Companies Act 1955 in the manner so
required.

WILBERFOSS, HARDEN, DANIEL, AND CO.,
Auditors.

Wellington, New Zealand, 16 October 1967.

688

PROFIT AND LOSS APPROPRIATION ACCOUNT
1966 1967
£ £
Dividend paid .. .. .. 12,500
Transfer to general reserve .. .. 60,000
Balance at 31 March 1967 .. .. 26,004

£48,608 £98,504

1966 1967
£ £
Balance at 31 March 1966 .. .. 18,608
Net profit for year .. .. 79,896

£48,608 £98,504

BALANCE SHEET AS AT 31 MARCH 1967
Liabilities
1966 1967
£ £
Shareholders’ funds—
Authorised and issued
capital—
1,000,000 ordinary
shares of £1 each 1,000,000

250,000 Paid-up capital—5s.
per share .. 250,000
30,000 General reserve .. 90,000
18,608 Profit and loss appro-
priation account .. 26,004

298,608 366,004

Current liabilities—
Depositors’ balances
including interest
credited—
Ordinary accounts 18,070,438
Thrift accounts .. 376,519
Home lay-by accounts 389,708
Investment accounts 15,038,802

33,875,467

Provision for taxation 127,000
Other liabilities in-
cluding interest ac-
crued .. .. 367,691

494,691

£21,874,978 £34,736,162

Contingent liability—
Subsidy—Home lay-by
accounts .. £7,000

Assets
1966 1967
£ £
Deposits at Bank of New
Zealand .. .. 1,231,432

Investments—
New Zealand Govern-
ment stock—
3¾ percent special .. 12,600,000
Other .. .. 15,964,307
Local authority secu-
rities .. .. 741,258

29,305,565

Mortgages and other
loans .. .. 3,823,814
Income accrued on
investments .. 375,351

33,504,730

The redemption value
of the New Zealand
Government stock and
local authority securities
appearing in the balance
sheet is £29,497,763 and
the market value
£28,923,723.

The book values of
securities purchased at
a discount or at a prem-
ium are adjusted annu-
ally so as to attain their
redemption values by
maturity date.

On behalf of the Board:

B. B. WATSON, Manager;
J. D. G. DUNCAN
F. S. TAYLOR Directors.

BANK OF NEW ZEALAND SAVINGS BANK LTD.
(Deposits Guaranteed by Bank of New Zealand)

PROFIT AND LOSS ACCOUNT
FOR YEAR ENDED 31 MARCH 1967

1966 1967
£ £
486,681 Interest to depositors .. .. .. 951,941
131,583 Management and operating expenses
(Directors’ fees—nil) .. .. 250,428

618,264 1,202,369
47,500 Provision for taxation.. .. .. 79,500
45,336 Net profit for year .. .. .. 79,896

£711,100 £1,361,765

1966 1967
£ £
Income from investments—
601,453 New Zealand Government stock and
local authority securities .. .. 1,111,907
102,000 Other investments .. .. .. 236,786

703,453 1,348,693
7,647 Other income .. .. .. 13,072

£711,100 £1,361,765