New Zealand Gazette – 1974 – No. 92

Page 2033

✨ Reserve Bank Financial Statements



26 SEPTEMBER

THE NEW ZEALAND GAZETTE

RESERVE BANK OF NEW ZEALAND

PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31 MARCH 1974

General charges including salaries, 1974 1973
rent, cost of note issue, overseas debt $ $
charges and other expenses 15,937,500 7,911,124
Balance of profit for year 12,564,255 7,904,657

$28,501,755 $15,815,781

Balance of profit after making provision for rebate on bills not yet due and for sundry liabilities and contingencies 1974 1973
$ $
$28,501,755 $15,815,781

PROFIT AND LOSS APPROPRIATION ACCOUNT

Payment to New Zealand Government 1974 1973
in terms of section 40 of Reserve Bank of New Zealand Act 1964 $ $
7,904,657 15,466,212
Balance at end of year 16,403,851 7,904,657

$24,308,508 $23,370,869

BALANCE SHEET AS AT 31 MARCH 1974

Notes in circulation 1974 1973
$ $
Demand deposits: (a) State 285,593,547 239,604,388
(b) Banks 165,853,645
(c) Marketing accounts 7,781,341
(d) Other 19,522,672
122,691,118
315,848,776 250,684,223

Term deposits

Demand liabilities in currencies other than New Zealand currency

Other liabilities

Allocation of special drawing rights by I.M.F.

Capital accounts—

(a) General Reserve Fund
(b) Other reserves

Profit and loss appropriation account

1974 1973
$ $
219,756,140 219,480,502
349,449 295,285
9,083,801 17,387,867
61,966,071 61,966,071
3,000,000 3,000,000
49,300,373 21,250,471
52,300,373 24,250,471
16,403,851 7,904,657

$961,302,008 $821,573,464

NOTES

  1. Holdings of assets denominated in other than New Zealand currency have been converted at the appropriate telegraphic transfer rates ruling at 31 March 1974.

  2. Overseas assets—(b) Investments: Commencing from 31 March 1974, these investments are shown in the balance sheet at the New Zealand equivalent of foreign currency cost. In previous years they were shown at the lower of book or market value. Had the change in the method of reporting from the previous basis not been made investments would have been written down by $65m. An explanation of the reasons for the change in the basis of valuation appears on page 25 of the Annual Report of the Reserve Bank of New Zealand (Appendices to the Journals of the House of Representatives B. 16, 1974).

  3. Contingent liabilities—

(a) In respect of an investment of 250,000 £Stg1 shares in the Commonwealth Development Finance Co. Ltd. of which 50p per share is uncalled (New Zealand equivalent $204,612.50).

(b) In respect of a guarantee of a foreign currency loan, the outstanding balance of which amounts to the equivalent of NZ$1,193,565.30. The New Zealand Government has indemnified the Bank in respect of this guarantee.

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

REPORT OF THE AUDITORS TO THE RESERVE BANK OF NEW ZEALAND

We have audited the accounts of the Reserve Bank of New Zealand for the year ended 31 March 1974, and have obtained all the information and explanations we have required.

In our opinion the above balance sheet and profit and loss account are properly drawn up so as to give respectively a true and fair view of the state of affairs of the bank as at 31 March 1974, and of its results for the year then ended.

CLARKE, MENZIES & CO. Chartered Accountants.
HUTCHISON, HULL & CO. 17 May 1974,
Wellington, New Zealand.



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✨ LLM interpretation of page content

💰 Reserve Bank of New Zealand Profit and Loss Account for Year Ended 31 March 1974

💰 Finance & Revenue
Profit and Loss, Financial Statement, Reserve Bank, General Charges, Balance of Profit

💰 Reserve Bank of New Zealand Profit and Loss Appropriation Account for Year Ended 31 March 1974

💰 Finance & Revenue
Profit and Loss Appropriation, Financial Statement, Reserve Bank, Government Payment, Balance at End of Year

💰 Reserve Bank of New Zealand Balance Sheet as at 31 March 1974

💰 Finance & Revenue
Balance Sheet, Financial Statement, Reserve Bank, Notes in Circulation, Demand Deposits, Term Deposits, Liabilities, Capital Accounts
  • A. R. Low, Governor
  • R. W. R. White, Deputy Governor
  • M. R. Hutton, Chief Accountant

💰 Notes to Reserve Bank of New Zealand Financial Statements

💰 Finance & Revenue
Notes, Financial Statements, Reserve Bank, Overseas Assets, Investments, Contingent Liabilities

💰 Report of the Auditors to the Reserve Bank of New Zealand

💰 Finance & Revenue
17 May 1974
Auditors Report, Financial Statements, Reserve Bank, True and Fair View, Balance Sheet, Profit and Loss Account
  • CLARKE, MENZIES & CO., Chartered Accountants
  • HUTCHISON, HULL & CO.