23 JANUARY

THE NEW ZEALAND GAZETTE

1973
$783,695 Unappropriated profits at beginning of year .... $970,987
$287,292 Net profit for year .... $284,124
... Over provision for prior year's taxes . 203
$1,070,987

1974
$N.Z.
816,827 Provision for taxation .... 770,647
286,909 Less provisional tax paid 424,089
529,918
120,000 Provision for dividend ... 120,000
1,031,904 Other liabilities including interest accrued .. 971,730
1,681,822
$80,379,720

NOTES TO FINANCIAL STATEMENTS

NOTE 1: Issued and paid-up capital-
Balance 1 October 1973 .. $400,000
Add further call of 20c per share made during the year 200,000
Balance 30 September 1974 .. $600,000

NOTE 2: General Reserve-
Balance 1 October 1973 ... $200,000
Add transfer from unappropriated profits .. 400,000
Balance 30 September 1974 ... $600,000

NOTE 3: Contingent liability-At 30 September 1974 the company was contingently liable for subsidies to home layby account holders in the amount of $5,738 (1973, $6,053).

NOTE 4: Public securities-The book values of New Zealand public securities purchased at a discount or at a premium are adjusted annually so as to attain redemption value by maturity date. The redemption value of these securities at 30 September 1974 amounted to $54,616,590 (1973, $55,437,430).

AUDITORS' REPORT

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 statement of profit and unappropriated profits, together with the notes thereto, are properly drawn up so as to give respectively a true and fair view of the state of the company's affairs as at 30 September 1974 and of the results of its business for the year then ended.

According to such information and explanations the accounts, the balance sheet and the statement of profit and unappropriated profits give the information required by the Companies Act 1955 in the manner so required.

22 October 1974, Wellington, New Zealand.

WILBERFOSS AND CO., Chartered Accountants.
2984

NATIONAL BANK OF NEW ZEALAND SAVINGS BANK LTD.

BALANCE SHEET AS AT 31 OCTOBER 1974

1973
$N.Z.
2,000,000 Shareholders' funds-
Authorised and issued capital-1,000,000 ordinary shares of $2 each ...
400,000 Paid-up capital-1,000,000 ordinary shares of $2 each paid up to 40c
965,000 General reserve ..
254,928 Profit and loss appropriation account ..
1,619,928
557,534 New Zealand Government stock revaluation reserves (Note 2)
55,412,744 Current liabilities and provisions-
Depositors' balances-
Ordinary accounts .. 56,684,464
Home lay-by accounts 680,136
943,724 1 year investment accounts .. 10,266,686
14,708,811 2 year investment accounts .. 3,927,010
5,455,157
76,520,436

1974
$N.Z.
$2,000,000
$400,000
1,265,000
226,057
1,891,057
547,344
71,558,296

1973
$N.Z.
19,953,745 Deposits at The National Bank of New Zealand Ltd.
3,109,312 Investments-
Quoted investments-
New Zealand Government stock (Note 1) 11,729,315
Unquoted investments-
34% New Zealand Government special stock,
at cost ... 34,200,000
Local authorities' securities, at cost .. 2,285,456
34,150,000
2,214,677
56,318,422 48,214,771
20,168,930 Mortgages and other loans 22,641,116
783,056 Income accrued on investments .. 658,455
77,270,408
$80,379,720

1974
$N.Z.
3,920,643
...
11,729,315
...
34,200,000
...
2,285,456
...
48,214,771
22,641,116
658,455
71,514,342
$75,434,985

On behalf of the Board:

JOHN MOWBRAY, Director.
B. D. JACKSON, Secretary.

PROFIT AND LOSS ACCOUNT FOR YEAR ENDING 31 OCTOBER 1974

1973
$N.Z.
2,328,216 Interest to depositors ...
861,002 Management and operating expenses
...
3,189,218 Total expenses ..
366,799 Provision for taxation ..
448,309 Net profit after taxation
$4,004,326

1974
$N.Z.
2,301,158
1,072,712
...
3,373,870
351,967
430,182
$4,156,019

1973
$N.Z.
2,416,848 Income from investments-
New Zealand Government stock and local authority securities ...
1,552,258 Other investments ..
3,969,106
35,220 Other income
$4,004,326

1974
$N.Z.
2,229,082
1,890,467
4,119,549
36,470
$4,156,019

PROFIT AND LOSS APPROPRIATION ACCOUNT

1973
$N.Z.
84,530 Transfer to New Zealand Government stock revaluation reserve
38,039 Less tax adjustment ...
46,491
300,000 Transfer to general reserve
120,000 Provision for dividend ..
254,928 Balance carried forward
$721,419

1974
$N.Z.
90,234
40,605
49,629
300,000
120,000
226,057
$695,686