8 DECEMBER

THE NEW ZEALAND GAZETTE

3249

THE COMMERCIAL BANK SAVINGS BANK (N.Z.) LIMITED
BALANCE SHEET AS AT 30 JUNE 1977
(Expressed in New Zealand Currency)

Authorised capital—
250,000 ordinary shares
of $2 each

Issued and fully paid-up capital—
250,000 ordinary shares
of $2 each

Revenue Reserves—
General reserve
Profit and loss account

Total shareholders funds

Current liabilities and provisions—
Depositors’ balances—
Ordinary accounts
Thrift accounts
Home lay-by accounts
Investment accounts

Other liabilities including
accrued interest and home
lay-by subsidies
Provision for taxation

Deposits guaranteed by the
Commercial Bank of Aus-
tralia Ltd.

1977
$NZ
500,000

500,000

750,000
543,685

1,293,685

27,555,580
332,155
117,702
12,015,727

40,021,164

564,343
84,391

42,463,583

1976
$NZ
500,000

500,000

650,000
410,723

1,060,723

26,266,635
333,864
115,844
10,241,490

36,959,833

475,843
129,152

39,125,551

Deposits—
With the Commercial Bank
of Australia Ltd.
With the official short-term
money market

Investments
New Zealand Government
stock—
3½ percent special
Other . .
7 percent special
Local authority securities
Other investments (at cost)

Mortgages and other loans
less provisions for bad
and doubtful debts

Other assets including accrued
interest on investments

1977
$NZ
1,716,331
300,000

2,016,331

16,415,000
7,187,141
1,100,000
1,568,796
141,000

26,411,937

13,686,075

349,240

42,463,583

1976
$NZ
1,459,870
—

1,459,870

15,780,000
6,463,850
1,100,000
1,339,787
141,000

25,026,637

12,372,066

266,978

39,125,551

On behalf of the board : T. L. WEBB, Chairman.

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 1977, 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 required by the Companies Act 1955.

15 July 1977, Wellington, New Zealand.

B. W. McDONALD, C. STEWART, Chartered Accountants.

THE COMMERCIAL BANK SAVINGS BANK (N.Z.) LIMITED
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 1977
(Expressed in New Zealand Currency)

Interest to depositors

Management and operating expenses
Provision for taxation
Net profit for the year

Transfer to general reserve
Balance carried forward

1977
$NZ
1,464,054

482,000
192,242
232,962

$2,371,258

100,000
543,685

$643,685

1976
$NZ
1,152,967

422,000
213,847
262,051

$2,050,865

100,000
410,723

$510,723

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

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

1977
$NZ
1,155,033
1,215,700
525

$2,371,258

410,723
232,962

$643,685

1976
$NZ
1,085,976
963,676
1,213

$2,050,865

248,672
262,051

$510,723

NOTES TO THE ACCOUNTS

Statement of Accounting Policies

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

(b) Profits and losses on realisation of public Securities: 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.

2. Investments: 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 take place, at prices below book values, it is the opinion of the directors that existing reserves are sufficient to cover any losses that are likely to arise on sales undertaken in the normal course of business.

As at 30 June 1977.
Book Value: $26,411,936.
Market Value: $24,895,725.

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