2534

THE NEW ZEALAND GAZETTE

No. 82

$13,973 Provision for taxation .. .. $12,575
$871,572 Other, including interest accrued on
depositors' balances .. $976,159
Total current liabilities .. $55,700,411
$50,706,390 Contingent liability (Note 1).

$ $56,689,192

1969 $

Assets 1970 $
Investments—
Public securities (Note 2)—
New Zealand Government stock—
$17,552,000 3½ percent special .. $19,977,000
$22,970,766 Other .. $24,770,926
$1,225,346 Local and semi-government
authority .. $1,320,172
$41,748,112 $46,068,098
$5,640,322 Mortgages and other loans .. $6,871,996
$750,000 Deposits at call or short call .. $
$531,308 Interest accrued on investments .. $571,378
$48,669,742 $53,511,472
$2,036,648 Current asset— Deposits at Bank of New South Wales $3,177,720
$50,706,390 $56,689,192

STATEMENT OF PROFIT AND UNAPPROPRIATED PROFITS-YEAR ENDED 30 SEPTEMBER 1970

1969 $
$ Income—
Income from investments—
New Zealand Government stock and local and semi-government authority securities .. $2,003,781
$1,793,210 Mortgages and other loans .. $416,928
$335,402 Other .. $117,687
$88,039 $2,538,396

$2,216,651 Expenses—
$1,572,525 Interest to depositors .. $1,785,322
$376,839 Management and operating expenses $461,523
$2,149 Auditors’ remuneration .. $1,262

$1,951,513 $2,248,107

$265,138 Net profit before taxation .. $290,289

Provision for taxation—
Underprovided 1968/69 year  ..  $692

$117,520 Payments on account .. $131,489
$13,973 Balance due .. $12,575

$131,493 $144,756

$133,645 Net profit .. $145,533

$309,603 Unappropriated profits—
Balance at beginning of year .. $443,248
.. Transfer to general reserve .. $200,000

$443,248 Balance at end of year .. $388,781

J. W. DUNLOP, Director.
L. K. CAMERON, Secretary.

NOTES TO FINANCIAL STATEMENTS—30 SEPTEMBER 1970

NOTE 1: Contingent liability—At 30 September 1970, the company was contingently liable for subsidies to home lay-by account holders in the amount of $16,076 (1969—$11,021).

NOTE 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 1970 amounted to $46,221,370 (1969—$41,937,092).

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 statement of profit and unappropriated 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 1970, 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 information required by the Companies Act 1955, in the manner so required.

WILBERFOSS AND CO., Auditors.

9 October 1970.

10191

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