2206
THE NEW ZEALAND GAZETTE
No. 64

Gold ..
Overseas assets—
(a) Current accounts and short-term
bills ..
(b) Investments (see note 1 (c)) ..
(c) Holdings of special drawing rights

New Zealand coin ..
Discounts ..
Advances—
(a) To the State ..
(b) To marketing accounts ..
(c) Export credits ..
(d) Other ..

Investments in New Zealand—
(a) New Zealand Government securi-
ties ..
(b) Other (see note 1 (c)) ..

Other assets ..

1979
($000's)
699

207,755
8,920
48,353

10,361
243

2
563,002
29,353
387,742

285,606
27

1978
($000's)
699

272,750
57,822
48,266

9,687
495

470,395
27,800
487,220

337,192
14,581

378,838

985,415

351,773
133,989

$1,707,528
$1,860,896

NOTES

1. Statement of Accounting Policies—The particular accounting policies adopted by the Bank which significantly affect the measurement and the reporting of its results and financial position on an historical cost basis are as follows:

(a) Foreign currency translations—Overseas assets and liabilities at balance date are converted to New Zealand currency using appropriate telegraphic transfer rates ruling at 31 March 1979.

(b) Fixed assets and depreciation policy—The Bank’s buildings at Wellington and Christchurch are depreciated over their estimated economic life on a straight line basis at the rate of 1 percent per annum. The Bank’s existing building at Auckland has been fully written off whilst construction costs on the new building to balance date are $3.1 million (see note 3). The cost of all land acquired has been written off in prior years. All other fixed assets are similarly treated in the year of acquisition.

(c) Investments—Overseas investments are shown in the balance sheet at the New Zealand equivalent of foreign currency cost, NZ$8.9 million (market value at balance date NZ$8.8 million). New Zealand investments are shown at the lower of cost or market value (market value $285,636 million). Since balance date an increase in New Zealand Government stock interest rates has resulted in a loss of $7.7 million in the market value of the Bank’s portfolio.

(d) Exchange rate fluctuations—The profit or loss arising from appreciation or depreciation of the Bank’s net overseas assets due to movements in basic exchange rates is settled with Treasury in terms of section 26 of the Reserve Bank of New Zealand Act 1964. The loss in respect of the year ended 31 March 1979 subject to such settlement was NZ$14,370,737.

2. Contingent Liability—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 $243,427.

3. Capital Commitment—A contract for $9.6 million was let in May 1978 for the construction of the new building in Auckland and completion is expected to be in April 1981.

R. W. R. WHITE, Governor.
D. L. WILKS, Deputy Governor.
E. D. VALLANCE, 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 1979 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 1979, and of its results for the year then ended.

CLARKE, MENZIES AND CO.
HUTCHISON, HULL AND CO.
Wellington, New Zealand

}
Chartered Accountants.

GENERAL PUBLICATIONS

NEW ZEALAND ARCHITECTURE
By Martin Hill
DEPARTMENT OF EDUCATION

44 p. 1976
$1.25

Beautifully illustrated with colour and black and white photographs, sketches and diagrams, this booklet shows the development of New Zealand’s architecture from the time of the first settlers, the early Maoris, to present day designs in housing and commercial buildings.

Ten sections include: The pa and the natural environment; Materials and form: New colonial styles; Architecture of extravagance; Natural design; The new look.

NEW ZEALAND’S ECONOMIC TRENDS AND POLICIES
Economic Monitoring Group

49 p. 1978
$2.25

Set up in April 1978 by the New Zealand Planning Council, the Monitoring Group was charged with the responsibility of fulfilling some of the monitoring functions previously performed by the Monetary and Economic Council.

This, the first report of the Group, is divided into 2 parts:
Part I—The Report of the Secretariat—
Chapter 1—Economic Perspective
Chapter 2—Growth and Stability.
Part II—Conclusions of the Economic Monitoring Group.

NEW ZEALAND AND ITS PEOPLE
By Errol Brathwaite
GOVERNMENT PRINTER

1974
$10.95

Well illustrated with coloured photographs and text by Errol Brathwaite, this book is about New Zealand and New Zealanders—how and where they live, work, and play, and why they have become the people they are.

CONTENTS

ADVERTISEMENTS .. .. .. .. .. .. .. .. .. .. .. .. 2195
APPOINTMENTS .. .. .. .. .. .. .. .. .. .. .. .. 2160
BANKRUPTCY NOTICES .. .. .. .. .. .. .. .. .. .. 2193, 2200
LAND TRANSFER ACT: NOTICES .. .. .. .. .. .. .. 2194

MISCELLANEOUS—
Customs Tariff: Notices .. .. .. .. .. .. .. .. .. 2182, 2188
Dairy Board Act: Notice .. .. .. .. .. .. .. .. .. 2178
Electricity Act: Notice .. .. .. .. .. .. .. .. .. 2174
Exhibitions Act: Notice .. .. .. .. .. .. .. .. .. 2175
Food and Drug Act: Notice .. .. .. .. .. .. .. .. 2173
Forests Act: Notices .. .. .. .. .. .. .. .. .. .. 2177
Hop Marketing Regulations: Notice .. .. .. .. .. 2178
Indecent Publication Act: Notice .. .. .. .. .. .. 2178
Land Act: Notice .. .. .. .. .. .. .. .. .. .. .. 2176
Local Authorities Loans Act: Notices .. .. .. .. .. 2179
Magistrate’s Court Act: Notice .. .. .. .. .. .. 2177
Plant Varieties Act: Notice .. .. .. .. .. .. .. .. 2187
Public Works Act: Notices .. .. .. .. .. .. .. .. 2164
Regulations Act: Notice .. .. .. .. .. .. .. .. .. 2180
Reserves Act: Notices .. .. .. .. .. .. .. .. .. .. 2173, 2175
Reserve Bank: Exchange Rates .. .. .. .. .. .. .. 2179
Reserve Bank: Statement .. .. .. .. .. .. .. .. .. 2181
Sale of Liquor Act: Notices .. .. .. .. .. .. .. .. 2177
Schedule of Contracts: Notices .. .. .. .. .. .. .. 2185
Standards Act: Notices .. .. .. .. .. .. .. .. .. 2180
Traffic Regulations: Notice .. .. .. .. .. .. .. .. 2177
Transport Act: Notice .. .. .. .. .. .. .. .. .. .. 2174
Trustee Act: Notice .. .. .. .. .. .. .. .. .. .. .. 2192
Water Recreation Regulations: Notice .. .. .. .. 2178
Wool Industry Act: Notice .. .. .. .. .. .. .. .. 2174

PROCLAMATIONS, ORDERS IN COUNCIL, AND WARRANTS .. 2159

Price 90c
BY AUTHORITY: P. D. HASSELBERG, GOVERNMENT PRINTER, WELLINGTON, NEW ZEALAND—1979