28 NOVEMBER
THE NEW ZEALAND GAZETTE
2223

TARARUA ELECTRIC POWER BOARD

RESOLUTION MAKING SPECIAL RATE

IN pursuance and in exercise of the powers vested in it in that behalf by the Local Authorities Loans Act 1956, the Tararua Electric Power Board hereby resolves as follows:

That, for the purpose of providing the principal, interest, and other charges on a loan of $22,800 (to be known as Redemption Loan 1968) authorised to be raised by the Tararua Electric Power Board in New Zealand by “consent” under the above-mentioned Act, and of all other Acts and authorities it thereunto enabling, for the purpose of repaying at maturity those portions of the Buildings Loan 1958, of $20,000, maturing on the 1st day of April 1969, the said Tararua Electric Power Board hereby makes and levies a special rate of 0.033 (thirty-three thousandths) of a cent in the dollar upon the rateable value (on the basis of unimproved value) of all the rateable property in the Tararua Electric Power District, as defined in the New Zealand Gazette, No. 31, of the 22nd day of May 1958, at pages 652 and 653; and that such special rate shall be an annually recurring rate during the currency of such loan and be payable yearly on the 1st day of April in each and every year during the currency of such loan, being a period of ten (10) years or until the loan is fully paid off.

I hereby certify that the foregoing is a true and correct copy of a resolution adopted by the Tararua Electric Power Board at its meeting held on the 22nd day of November 1968.

CECIL H. BROWN, Chairman.

2884

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

BALANCE SHEET AS AT 31 MARCH 1968

1967 Liabilities 1968
$ $
Shareholders’ funds:
2,000,000 Authorised and issued capital—
1,000,000 ordinary shares of $2 each
$2,000,000

500,000 Paid-up capital—50c per share
500,000

180,000 General reserve
350,000

52,009 Profit and loss appropriation account
51,385

        901,385

732,009

Current liabilities—
Depositors’ balances, including interest credited—
36,140,876 Ordinary accounts
44,790,404

753,039 Thrift accounts
997,309

779,417 Home lay-by accounts
814,989

30,077,604 Investment accounts
41,041,176

        87,643,878

67,750,936

254,000 Provision for future taxation on profits accrued
446,200

735,382 Other liabilities, including interest accrued
1,067,220

        1,513,420

989,382

$69,472,327
$90,058,683

Contingent liability:
Subsidy—Home lay-by accounts
$15,000

1967 Assets 1968
$ $
2,462,864 Deposits at Bank of New Zealand
..
3,173,867

Investments:
New Zealand Government stock—
25,200,000 3⅓ percent special
31,700,000

31,928,615 Other
43,898,228

1,482,516 Local authority securities
1,835,522

        77,433,750

58,611,131

7,647,628 Mortgages and other loans
8,549,065

750,704 Income accrued on investments
902,001

        86,884,816

67,009,463

The redemption value of the New Zealand Government stock and local authority securities appearing in the balance sheet is $77,869,592, and the market value, $76,455,072.

The book values of securities purchased at a discount or at a premium are adjusted annually so as to attain their redemption value by maturity date.

$69,472,327
$90,058,683

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1968

1967 1968
$ $
1,903,882 Interest to depositors
2,779,972

500,856 Management and Operating Expenses (Directors’ fees—nil)
716,529

        Total expenses
        3,496,501

2,404,738

159,000 Provision for taxation
192,200

159,793 Net profit for year
194,376

        $3,883,077

$2,723,531

1967 1968
$ $
2,223,814 Income from investments—
New Zealand Government stock and local authority securities
3,193,418

473,573 Other investments
661,004

        3,854,422

2,697,387

26,144 Other income
28,655

        $3,883,077

$2,723,531

PROFIT AND LOSS APPROPRIATION ACCOUNT

1967 1968
$ $
25,000 Dividend paid
25,000

120,000 Transfer to general reserve
170,000

52,009 Balance at 31 March 1968
51,385

        $246,385

$197,009

1967 1968
$ $
37,216 Balance at 31 March 1967
52,009

159,793 Net profit for year
194,376

        $246,385

$197,009

On behalf of the Board—

J. D. G. DUNCAN, Director.
D. O. WHYTE, Director.
B. B. WATSON, Manager.

AUDITORS’ REPORT

To Members of Bank of New Zealand Savings Bank Ltd.

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 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 1968, and of the results 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.

ERNEST HUNT, TURNER, AND CO., Public Accountants.

Wellington, 10 May 1968.

2252