1750
THE NEW ZEALAND GAZETTE
No. 58

BANK OF NEW ZEALAND SAVINGS BANK LTD.—ctd.
BALANCE SHEET—continued
Liabilities—continued
Contingent liability—
Subsidy—Home lay-by accounts .. $10,000
Assets
1969 1970
$ $
3,741,293 Deposits at Bank of New Zealand .. 3,519,635
Investments—
New Zealand Government stock—
36,500,000 3¾ percent special 40,400,000
51,539,974 Other .. 58,796,598
2,691,228 Local authority securities .. 3,714,480
90,731,202 102,911,078
11,274,729 Mortgages and other loans .. 14,311,850
1,093,806 Income accrued on investments .. 1,274,700
$103,099,737 118,497,628
$106,841,030 $122,017,263

The redemption value of the New Zealand Government stock and local authority securities appearing in the balance sheet is $103,451,000 and the market value $102,135,000.
The book values of securities purchased at a discount or at a premium are adjusted annually so as to attain their redemption values by maturity date.

PROFIT AND LOSS ACCOUNT
FOR YEAR ENDED 31 MARCH, 1970
1969 1970
$ $
3,391,281 Interest to depositors .. .. 4,007,835
860,170 Management and Operating Expenses 955,516
(Directors’ fees—nil)
4,251,451 Total expenses .. .. 4,963,351
275,000 Provision for taxation .. .. 358,000
275,312 Net profit for year .. .. 357,789
$4,801,763 $5,679,140

1969 1970
$ $
4,006,086 Income from investments—
New Zealand Government stock and local authority securities .. 4,622,778
769,353 Other investments .. .. 1,026,004
4,775,439 5,648,782
26,324 Other income .. .. .. 30,358
$4,801,763 $5,679,140

PROFIT AND LOSS APPROPRIATION ACCOUNT
1969 1970
$ $
50,000 Dividend paid .. .. .. 325,000
220,000 Transfer to general reserve .. .. 25,000
56,697 Balance at 31 March 1970 .. .. 65,130
$326,697 $415,130

1969 1970
$ $
51,385 Balance at 31 March 1969 .. .. 56,697
.. Overprovision for 1969 taxation .. 644
275,312 Net profit for year .. .. 357,789
$326,697 $415,130

On behalf of the Board:
D. O. WHYTE, Director.
F. S. TAYLOR, Director.
D. G. WOLSTENHOLME, Manager.

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 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 1970, 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.

HUNT, DUTHIE and Co., Chartered Accountants.
Auditors.

Wellington, 12 May 1970.
9002

AUCKLAND SAVINGS BANK
BALANCE SHEET AS AT 31 MARCH 1970
1969 1970
$ $
Depositors’ balances—
132,099,711 Savings Bank .. .. 136,651,908.91
9,394,233 Home lay-by .. .. 9,593,762.39
6,178,777 Thrift clubs .. .. 6,235,928.90
147,672,721 152,481,600.20
31,602,586 Investment accounts .. 38,595,347.64
179,275,307 191,076,947.84
2,176,348 Ordinary depositors’ total ..
National savings depositors’ total .. 1,500,065.39
Add: national savings interest suspense account .. .. 27,641.32
36,672 1,527,706.71
2,213,020

Other liabilities—
799,539 Interest accrued on investment accounts .. 1,018,422.25
1,276,281 Staff provident fund .. 1,338,844.31
1,733,197 Provision for taxation .. 1,713,077.80
210,000 Provision for donations .. 250,000.00
4,019,017 4,320,344.36

Total of liabilities and provisions .. .. 196,924,998.91
Reserve fund—
9,061,000 Balance as at 31 March .. 9,775,800.00
Add: Transfer—provision for taxation .. ..
Add: Transfer—balance of donations account .. 1,217.00
9,777,017.00
Add: reserve suspense account .. .. 568,819.58
10,345,836.58
Add: Balance—appropriation account .. 628,994.42
10,974,831.00
$195,283,144 $207,899,829.91

NOTE—Capital Commitment: Retention moneys—new building $100,000.

1969 1970
$ $
Current assets—
2,069,735 Cash in hand and at bank 2,785,282.37
5,961,980 Deposits and money at call 6,900,000.00
8,031,715 9,685,282.37
1,875,866 Cash resources .. ..
Interest due and accrued on investments .. .. 1,981,568.89
$9,907,581 11,666,851.26
Investments (cost or face value whichever lower)—
110,659,351 New Zealand Government inscribed stock .. 117,170,351.50
19,473,745 Local authority securities 20,700,648.12
46,106,987 Mortgages .. .. 49,146,770.44
176,240,083 187,017,770.06
186,147,664 198,684,621.32

National savings securities—
2,213,020 New Zealand Government inscribed stock .. 1,525,000.00
Add: cash in hand (securing national savings depositors) .. .. 2,706.71
1,527,706.71
200,212,328.03

Fixed assets at cost: less depreciation—
5,898,553 Land and buildings .. 5,298,060.77
578,519 Furniture and fittings .. 978,999.78
145,541 Plant .. .. 932,441.80
246,129 Office calculating and book-keeping machines .. 420,376.19