SOUTH CANTERBURY SAVINGS BANK
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1968
$ $
Interest credited and accrued to depositors .. .. .. .. 155,477.91
Management expenses—
Salaries and superannuation .. .. .. .. .. .. .. 31,782.13
Repairs and maintenance .. .. .. .. .. .. .. .. .. 742.56
Rent and rates .. .. .. .. .. .. .. .. .. .. .. .. 2,954.21
35,478.90
Depreciation .. .. .. .. .. .. .. .. .. .. .. .. .. 3,539.34
Administration expenses—
Printing and stationery .. .. .. .. .. .. .. .. .. 4,447.51
Advertising .. .. .. .. .. .. .. .. .. .. .. .. .. 5,604.49
Mortgage interest .. .. .. .. .. .. .. .. .. .. .. .. 2,133.08
General expenses .. .. .. .. .. .. .. .. .. .. .. .. 12,025.38
24,210.46
Provision for taxation—
Income tax .. .. .. .. .. .. .. .. .. .. .. .. .. 8,208.80
Social security tax .. .. .. .. .. .. .. .. .. .. .. .. 1,639.32
9,848.12
Net profit to appropriation account .. .. .. .. .. .. .. 12,009.54
$240,564.27
$ $
Interest on—
Government stock .. .. .. .. .. .. .. .. .. .. .. 197,408.26
Fixed deposits .. .. .. .. .. .. .. .. .. .. .. .. .. 13,817.02
Local body securities .. .. .. .. .. .. .. .. .. .. .. 9,341.15
Mortgages .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 15,523.73
236,090.16
Commissions, brokerage, etc. .. .. .. .. .. .. .. .. .. 2,164.07
Rents .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 2,310.04
$240,564.27
PROFIT AND LOSS APPROPRIATION ACCOUNT FOR YEAR ENDED 31 MARCH 1968
$
Provision for grants .. .. .. .. .. .. .. .. .. .. .. 2,000.00
Balance to reserve fund .. .. .. .. .. .. .. .. .. .. 11,003.80
$13,003.80
$
Provision for grants not distributed .. .. .. .. .. .. 500.00
Balance from profit and loss account .. .. .. .. .. .. 12,009.54
Refunds of tax paid .. .. .. .. .. .. .. .. .. .. .. . 494.26
$13,003.80
BALANCE SHEET AS AT 31 MARCH 1968
Liabilities
Depositors’ balances—
Savings .. .. .. .. .. .. .. .. .. .. .. .. .. .. 2,869,724.04
Thrift .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 271,108.01
3,140,832.05
Investment accounts .. .. .. .. .. .. .. .. .. .. .. .. 1,769,940.00
Accrued interest .. .. .. .. .. .. .. .. .. .. .. .. .. 42,083.11
1,812,023.11
4,952,855.16
Other liabilities—
Bank of New Zealand overdraft .. .. .. .. .. .. .. .. 26,652.40
Sundry creditors .. .. .. .. .. .. .. .. .. .. .. .. .. 2,731.69
Mortgages freehold property .. .. .. .. .. .. .. .. .. 43,500.00
Less reduction .. .. .. .. .. .. .. .. .. .. .. .. .. 6,500.00
37,000.00
Provision for mortgage reduction .. .. .. .. .. .. .. .. 6,500.00
Provision for grants .. .. .. .. .. .. .. .. .. .. .. .. 2,000.00
Provision for taxation .. .. .. .. .. .. .. .. .. .. .. 9,848.12
Less paid .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 5,652.00
4,196.12
Premium due on redemption Government stock .. .. .. .. 23,550.00
Reserve Fund—
Balance, 31 March 1967 .. .. .. .. .. .. .. .. .. .. 9,324.08
Balance of appropriation account 1968 .. .. .. .. .. .. 11,003.80
20,327.88
$5,075,813.25
Assets
Current assets—
Cash in hand and at bank .. .. .. .. .. .. .. .. .. .. 96,497.17
Fixed deposits .. .. .. .. .. .. .. .. .. .. .. .. .. .. 190,000.00
Owing by other banks .. .. .. .. .. .. .. .. .. .. .. .. 6,696.11
Interest accrued on investments .. .. .. .. .. .. .. .. 67,293.26
Sundry debtors .. .. .. .. .. .. .. .. .. .. .. .. .. .. 781.66
361,268.20

BALANCE SHEET AS AT 31 MARCH 1968—continued
Assets—continued
$ $
Investments—
New Zealand Government stock
(face value) .. .. .. .. .. .. .. .. 4,100,000.00
Local body securities (at cost) .. .. .. .. .. .. .. .. 225,314.05
Mortgages .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 319,900.00
4,645,214.05
Fixed assets (at cost)—
Freehold land and buildings—
Balance, 31 March 1967 .. .. .. .. .. .. .. .. .. .. 57,550.00
Less depreciation .. .. .. .. .. .. .. .. .. .. .. .. .. 818.00
56,732.00
Alterations to leasehold premises—
Balance, 31 March 1967 .. .. .. .. .. .. .. .. .. .. 2,007.00
Less depreciation .. .. .. .. .. .. .. .. .. .. .. .. .. 402.00
1,605.00
Office equipment and furniture—
Balance, 31 March 1967 .. .. .. .. .. .. .. .. .. .. 12,251.00
Plus additions .. .. .. .. .. .. .. .. .. .. .. .. .. .. 1,062.34
13,313.34
Less depreciation .. .. .. .. .. .. .. .. .. .. .. .. .. 2,319.34
10,994.00
$5,075,813.25
L. E. KERR, President.
D. R. PARKER, General Manager.
AUDITORS' REPORT
We, the undersigned, being the auditors of the South Canterbury Savings Bank, appointed in terms of section 29 (3) of the Trustee Savings Bank Act 1948, report that:

1. We have examined the books, accounts, and vouchers of the bank, and have received all of the information and explanations we have required.
2. We have verified the cash, investments, securities, and assets of the bank as at 31 March 1968.
3. The manager has certified that, to the best of his knowledge and belief, all requirements of the Trustee Savings Bank 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 South Canterbury Savings Bank as at 31 March 1968, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.
   HUBBARD, CHURCHER, GABITES AND CO., Auditors.
   Timaru, 17 May 1968.
   2323
   OTAGO SAVINGS BANK
   PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1968
   $ $
   Interest credited to depositors—
   Open accounts .. .. .. .. .. .. .. .. .. .. 633,538
   Closed accounts .. .. .. .. .. .. .. .. .. .. 60,267
   Credited and accrued on investment accounts .. .. .. .. .. 256,635
   Interest and suspensory free deposits credited to home lay-by accounts .. 3,339
   953,779
   Interest on staff provident funds .. .. .. .. .. .. .. .. 10,728
   Trustees’ honoraria .. .. .. .. .. .. .. .. .. .. .. .. 3,744
   Salaries and wages .. .. .. .. .. .. .. .. .. .. .. .. .. 188,224
   Maintenance and repairs .. .. .. .. .. .. .. .. .. .. .. 14,036
   Rents and rates .. .. .. .. .. .. .. .. .. .. .. .. .. .. 14,937
   Advertising .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 20,253
   Printing and stationery .. .. .. .. .. .. .. .. .. .. .. 15,072
   Other administration expenses .. .. .. .. .. .. .. .. .. 77,292
   Depreciation and other allowances, etc.—
   Buildings .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 12,571
   Office furniture .. .. .. .. .. .. .. .. .. .. .. .. .. .. 35,332
   47,903
   Provision for taxation—including adjustment for 1967 .. .. 135,022
   Profit and loss appropriation account—net profit .. .. .. 132,615
   $1,613,605
   $ $
   Interest on deposits, etc.—
   Government stock .. .. .. .. .. .. .. .. .. .. .. .. .. 902,090
   Local body debentures .. .. .. .. .. .. .. .. .. .. .. .. 77,926
   Mortgages .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 541,621
   Rents .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 12,641
   Commissions, refunds, etc. .. .. .. .. .. .. .. .. .. .. 18,979
   Valuation fees recovered .. .. .. .. .. .. .. .. .. .. .. 4,288
   $1,613,605