2280

1970 $3,519,635 Deposits at Bank of
New Zealand ..

Investments:
New Zealand Government Stock:
40,400,000 33/4 percent special 44,100,000
58,796,598 Other .. 62,859,950
3,714,480 Local authority securities .. 4,476,205

102,911,078 111,436,155
14,311,850 Mortgages and other loans .. .. 14,914,557
1,274,700 Income accrued on investments .. 1,369,063

118,497,628 127,719,775

The redemption value of the New Zealand Government stock and local authority securities appearing in the balance sheet is $112,225,834 and the market value $110,602,818.

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.

$122,017,263 $131,546,747

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1971

1970 $ Interest to depositors .. .. 4,007,835 4,484,584
955,516 Management and operating expenses (includes payroll tax $5,473) directors' fees—nil .. .. 1,076,471

4,963,351 Total expenses .. .. 5,561,055
358,000 Provision for taxation .. .. 459,000
357,789 Net profit for year .. .. 459,647

$5,679,140 $6,479,702

1970 $
Income from investments:
4,622,778 New Zealand Government stock and local authority securities .. 5,153,489
1,026,004 Other investments .. .. 1,301,321

5,648,782 6,454,810
30,358 Other income .. .. .. 24,892

$5,679,140 $6,479,702

PROFIT AND LOSS APPROPRIATION ACCOUNT

1970 $ Dividend paid .. .. 325,000 150,000
25,000 Transfer to general reserve .. .. 300,000
65,130 Balance at 31 March 1971 .. .. 79,243

$415,130 $529,243

1970 $
56,697 Balance at 31 March 1970 .. .. 65,130
644 Overprovision for 1969 taxation.. .. ..
.. 4,466
357,789 Overprovision for 1970 taxation.. .. 459,647
Net profit for year .. ..

$415,130 $529,243

On behalf of the Board:

D. O. WHYTE, Director.
F. S. TAYLOR, Director.
J. F. EARNSHAW, General Manager.

THE NEW ZEALAND GAZETTE
No. 81

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 1971, 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 and Auditors.

Wellington, 14 May 1971.
2559

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