31 OCTOBER
THE NEW ZEALAND GAZETTE
2527

Investments (Note 1-3)—continued

1973
$NZ

Other assets including
accrued interest on
investments ..

234,426

$30,455,327

1974
$NZ

224,915

$33,128,129

On behalf of the Board:

T. L. WEBB, Director.

AUDITORS’ REPORT

TO THE MEMBERS OF THE COMMERCIAL BANK SAVINGS BANK (N.Z.) LTD.

In our opinion the accompanying balance sheet and profit and loss account give a true and fair view of the state of affairs of The Commercial Bank Savings Bank (N.Z.) Ltd., at 30 June 1974, and of its results for the year ended on that date.

We have obtained all the information and explanations we have required. In our opinion the company has kept proper books, and the balance sheet and profit and loss account give, in the prescribed manner, the information required by the Companies Act 1955.

G. L. ALLARD
B. W. McDONALD

} Chartered Accountants.

22 August 1974, Wellington, New Zealand.

THE COMMERCIAL BANK SAVINGS BANK (N.Z.) LTD.
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 1974
(Expressed in New Zealand Currency)

1973
$NZ

865,528 Interest to depositors
302,000 Management and operating expenses
98,357 Provision for taxation
119,965 Net profit for the year

$1,385,850

$NZ

100,000 Transfer to general reserve
95,275 Balance carried forward

$195,275

1973
$NZ

Income from—
New Zealand Government stock and
local authority securities
Other investments
Other sources

908,487
462,715
14,648

$1,385,850

$NZ

Balance brought forward from previous
year
119,965 Net profit for the year as above

$195,275

1974
$NZ

978,954
352,000
133,868
163,519

$1,628,341

$NZ

100,000
158,794

$258,794

1974
$NZ

1,006,788
613,802
7,751

$1,628,341

$NZ

95,275
163,519

$258,794

NOTES TO THE ACCOUNTS

1. Book values of New Zealand Government and local authority securities which were purchased at a discount or a premium are being amortised annually so as to attain their redemption values by maturity date.

2. The New Zealand Government and local authority securities are all redeemable at par at fixed dates. Whilst in the ordinary course of business, some realisation of the bank’s investment in these securities may prove advantageous at prices less than book values shown, it is the opinion of the directors that existing reserves are more than adequate to cover any losses that may arise on sales undertaken in the normal conduct of business.

3. The difference between the book value and proceeds on realisation of New Zealand Government and local authority securities is taken to profit and loss account in equal annual instalments over a period of 5 years commencing with the year in which they arise.

4. Investments—1974

Book
Value
$23,430,022

Nominal
Value
$23,508,194

Market
Value
$22,963,967

2388

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GENERAL PUBLICATIONS

ADMINISTRATION IN NEW ZEALAND’S MULTI-RACIAL SOCIETY
Institute of Public Administration 1968
137 pages.
Price $2.

AGRICULTURAL BOTANY
Reprinted 1968. Technical Correspondence Institute.
234 pages.
Price $3.

BASKETBALL (INDOOR)
1969 revised edition.
For players and coaches.
32 pages, illustrated.
Price 40c.

BAY OF PLENTY (NATIONAL RESOURCES SURVEY PART 2)
MINISTRY OF WORKS
350 pages, illustrated, maps in pocket.
Price $6.50.