1552

THE NEW ZEALAND GAZETTE

No. 59

RESERVE BANK OF NEW ZEALAND

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1972

1971 1972
$ $
To general charges including salaries, rent, cost of note issue, overseas debt charges, and other expenses 4,343,956 4,729,363
To balance of profit for year 9,757,338 15,466,212
$14,101,294 $20,195,575

By balance of profit after making provision for rebate on bills not yet due and for sundry liabilities and contingencies 14,101,294 20,195,575
$14,101,294 $20,195,575

PROFIT AND LOSS APPROPRIATION ACCOUNT

1971 1972
$ $
To payment to New Zealand Government in terms of section 40 of Reserve Bank of New Zealand Act 1964 9,675,192 9,757,338
To balance 9,757,338 15,466,212
$19,432,530 $25,223,550

By balance as at beginning of year 9,675,192 9,757,338
By balance from Profit and Loss Account 9,757,338 15,466,212
$19,432,530 $25,223,550

BALANCE SHEET AS AT 31 MARCH 1972

Liabilities

1971 1972 1972
$ $ $
Notes in circulation 193,781,243 220,537,132
Demand deposits—
(a) State 127,038,546 130,568,665
(b) Banks 28,844,154 56,605,683
(c) Marketing accounts 3,001,649 1,491,918
(d) Other 17,857,098 27,594,900
176,741,447 216,261,166

Liabilities in currencies other than New Zealand currency—
(a) Demand 289,225 412,511
(b) Time 5,420,012 ..
5,709,237 412,511

Other liabilities 1,017,029 2,095,046
Allocation of special drawing rights by I.M.F. 42,848,214 61,966,071
Capital accounts—
(a) General Reserve Fund 3,000,000 3,000,000
(b) Other reserves 19,826,907 21,056,369
22,826,907 24,056,369
Profit and Loss Appropriation Account 9,757,338 15,466,212

Contingent liabilities—

1. In respect of an investment of 250,000 £stg.1 shares in the Commonwealth Development Finance Co. Ltd. of which 50p per share is uncalled. (New Zealand equivalent $273,350).

2. In respect of an investment of 585,000 $1 shares in the Development Finance Corporation of which 25c per share is uncalled.

3. In respect of a guarantee of a foreign currency loan, the outstanding balance of which amounts to the equivalent of $NZ3,554,486.41. The New Zealand Government has indemnified the Bank in respect of this guarantee.

4. The estimated outstanding amount of contracts for capital expenditure is $812,884.

                                                $452,681,415 $540,794,507

Assets

1971 1972 1972
$ $ $
Gold 704,807 704,814
Overseas assets—
(a) Current accounts and short-term bills 49,054,719 150,055,250
(b) Investments 35,503,908 118,623,945
(c) Holdings of special drawing rights 19,627,805 47,451,136
104,186,432 316,130,331

New Zealand coin 3,191,375 4,164,225
Discounts 3,600,000 3,600,000
Advances—
(a) To the State 765,107 443,407
(b) To marketing accounts 167,564,272 164,420,045
(c) Export credits 5,665,250 9,264,211
(d) Other 88,332,000 ..
262,326,629 174,127,663

Investments in New Zealand—
(a) New Zealand Government securities 52,875,981 9,794,820
(b) Other 293,250 438,750
53,169,231 10,233,570
Other Assets 25,502,941 31,833,904

N.B.—Holdings of sterling have been converted into New Zealand currency at the rate of: £100 sterling equals $218.68.

                                                $452,681,415 $540,794,507

A. R. LOW, Governor.
R. W. R. WHITE, Deputy Governor.
M. R. HUTTON, Chief Accountant.

AUDITORS’ REPORT

We have audited the balance sheet as at 31 March 1972 above set forth, and have obtained all the information and explanations we have required. In our opinion the balance sheet is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at 31 March 1972, according to the best of our information and the explanations given to us and as shown by the books of the Bank.

D. A. F. CROMBIE \ Chartered Accountants.
F. H. HARRIS }

30 June 1972.

Notice Under the Regulations Act 1936

PURSUANT to the Regulations Act 1936, notice is hereby given of the making of regulations as under:

Authority for Enactment Title or Subject-matter Serial Number Date of Enactment Price (Postage Free)
Penal Institutions Act 1954 Penal Institutions Notice (No. 2) 1972 1972/157 24/7/72 5c
Section 124, Customs Act 1966 Customs Tariff Amendment Order (No. 10) 1972 1972/158 25/7/72 5c
Electricity Act 1968 Electrical Supply Regulations 1967, Amendment No. 1 1972/159 25/7/72 10c
Section 6 (2), Hire Purchase Act 1971 Hire Purchase Agreements Notice 1972 1972/160 25/7/72 5c

Copies can be purchased from the Government Publications Bookshops—State Advances Building, Rutland Street (P.O. Box 5344), Auckland 1; Investment House, Barton Street (P.O. Box 857), Hamilton; Mulgrave Street (Private Bag), Wellington 1; 130 Oxford Terrace (P.O. Box 1721), Christchurch 1; T. and G. Insurance Building, Princes Street (P.O. Box 1104), Dunedin. Prices for quantities supplied on application. Copies may be ordered by quoting serial number.

A. R. SHEARER, Government Printer.