62 THE NEW ZEALAND GAZETTE No. 1

NATIONAL BANK OF NEW ZEALAND SAVINGS BANK LTD.—continued
BALANCE SHEET—continued

1969 1970
$N.Z. $N.Z.
2,364,565 Deposits at The National Bank of New Zealand Ltd. .. .. .. 2,240,728
Investments—
24,567,905 Quoted investments—
New Zealand Government stock (see note) .. .. 27,566,863
21,400,000 Unquoted investments—
3¾ percent New Zealand Government special stock, at cost .. .. 23,170,000
1,129,088 Local authority securities, at cost 1,611,448
————————
47,096,993 ————————
9,139,368 Mortgages and other loans 10,566,722
631,684 Income accrued on investments .. .. 718,384
————————
56,868,045 ————————
$59,232,610 $65,874,145

NOTE—The redemption value of the quoted New Zealand Government Stock appearing in the balance sheet is $28,643,805. The market value (which includes accrued interest $382,171) is $27,844,355.

The book values of securities purchased at a discount or a premium are adjusted through New Zealand Government Stock revaluation reserve at balance dates so as to attain their redemption values by maturity dates.

On behalf of the Board—

JOHN MOWBRAY } Directors.
C. W. S. WARD /

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 OCTOBER 1970

1969 1970
$N.Z. $N.Z.
1,783,597 Interest to depositors .. .. 2,056,593
369,465 Management and operating expenses .. 490,479
Directors’ fees .. .. .. 2,547,072
2,153,062 Total expenses .. .. 2,547,072
256,800 Provision for taxation .. .. 269,987
254,611 Net profit after taxation .. .. 272,285
————————
$2,664,473 $3,089,344

1969 1970
$N.Z. $N.Z.
Income from Investments—
1,939,560 New Zealand Government stock and local authority securities .. .. 2,246,363
709,876 Other investments .. .. 825,998
————————
2,649,436 ————————
15,037 Other income .. .. .. 16,983
————————
$2,664,473 $3,089,344

PROFIT AND LOSS APPROPRIATION ACCOUNT

$N.Z. $N.Z. $N.Z.
Transfer to New Zealand Government stock—
77,958 Revaluation reserve .. .. 87,229
38,979 Less tax adjustment .. .. 43,615
————————
38,979 ————————
125,000 Transfer to general reserve .. .. 125,000
80,000 Provision for dividend .. .. 80,000
132,182 Balance carried forward .. .. 157,087
————————
$376,161 $405,701

$N.Z. $N.Z. $N.Z.
121,415 Balance brought forward .. .. 132,182
254,611 Net profit for period .. .. 272,285

NATIONAL BANK OF NEW ZEALAND SAVINGS BANK LTD.—continued
PROFIT AND LOSS APPROPRIATION ACCOUNT—continued

Transfer from New Zealand Government stock revaluation reserve on account of stock matured during period .. .. 2,468
270 Less tax adjustment .. .. 1,234
135 ————————
135 1,234
————————
$376,161 $405,701

AUDITORS’ REPORT TO MEMBERS OF NATIONAL 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 National Bank of New Zealand Savings Bank Ltd. and proper returns, adequate for the purposes of our audit, have been received from branches, none of which have been visited by us. 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 October 1970, and of the result 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.

HUTCHISON, ELLIFFE, DAVIES, ANDERSON, AND CO.,
Chartered Accountants.

Wellington, 1 December 1970.

10296

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