7 FEBRUARY THE NEW ZEALAND GAZETTE 271

37 per cent of that trading bank's average demand deposit
liabilities in New Zealand in the immediately preceding
calendar month (determined in accordance with the
provisions of clause 5 of this notice); plus

22½ per cent of that trading bank's average time deposit
liabilities in New Zealand in the immediately preceding
calendar month (determined in accordance with the
provisions of clause 5 of this notice):

Provided that a trading bank may make up its balances
and holdings as aforesaid for a calendar month to the amount
hereinbefore required for that calendar month by way of
borrowings from the Reserve Bank made during that calen-
dar month, or during the first 10 business days of the next
following calendar month, and on terms and conditions to
be determined by the Reserve Bank, and the proceeds of all
such borrowings shall be credited to the account of that trading
bank with the Reserve Bank.

For the purposes of this notice:
(1) Balances held by a trading bank at the Reserve Bank
shall (subject to clause 6 of this notice) include
both demand deposit balances and time deposit
balances of that trading bank.
(2) The average of a trading bank's holdings of Reserve
Bank notes for a calendar month shall be the aver-
age of the figures shown in all weekly returns of
Banking Statistics by that trading bank under the
Statistics Act 1975 received during that calendar
month.
(3) The average of a trading bank's balances at the Reserve
Bank and holdings of New Zealand Government
securities for a calendar month shall in each case be
the average of the figures for balances and such
securities held by that trading bank on each day
during that calendar month.
(4) Government securities held by a trading bank shall
consist of Government stock and Treasury bills (all
at nominal value) held by that trading bank.
(5) The average demand deposit liabilities and the average
time deposit liabilities of a trading bank in a calen-
dar month shall in each case be the average of the
figures for days within that calendar month, as shown
in that trading bank's weekly returns of Banking
Statistics under the Statistics Act 1975.
(6) The proceeds of any borrowings made by a trading
bank pursuant to the proviso to this notice shall:
(a) in the case of a borrowing made during a calen-
dar month to make up balances and holdings for that
calendar month, be included in the balances held by
that trading bank at the Reserve Bank during the
calendar month for which that borrowing is made;
and
(b) that in the case of a borrowing made during
the first 10 business days of a calendar month to
make up balances and holdings for the preceding
calendar month, be deemed to be a part of and be
included in the balance held by that trading bank
at the Reserve Bank on the last day of the preceding
calendar month;
and the proceeds of any such borrowing shall not
be included in the balances held by that trading
bank at the Reserve Bank during any other calen-
dar month.

R. W. R. WHITE, Governor.

Consent to Raising of Loans by Certain Local Authorities

Pursuant to the Local Authorities Loans Act 1956, the
undersigned Assistant Secretary to the Treasury, acting under
powers delegated to the Secretary to the Treasury by the
Minister of Finance, hereby consents to the borrowing by
the local authorities, mentioned in the Schedule hereto, of
the whole or any part of the respective amounts specified
in that Schedule.

SCHEDULE

Local Authority and Name of Loan Amount Consented to
$

Bruce County Council:
Rural Housing Loan No. 2, 1979 75,000
Staff Housing Loan 1979 45,000
Henderson Borough Council:
Parking Redemption Loan 1980 36,000

Local Authority and Name of Loan Amount Consented to
$

Hobson County Council:
Rural Housing Loan 1979 150,000
Te Kopuru Sewerage Loan 1979 220,000
Levin Borough Council:
Stormwater Drainage Loan 1979 142,000
Lower Hutt City Council:
Alicetown Stormwater Improvement Loan 1979 500,000
Otago Central Electric Power Board:
Extensions Renewal Loan 1980 17,500
Otago Harbour Board:
Container Terminal Redemption Loan 1980 63,100
Palmerston North City Council:
Electric Underground Reticulation Loan 1979 200,000
South Canterbury Catchment Board:
Orari-Waihi-Temuka Redemption Loan No. 13,
1980 6,000
Taranaki County Council:
C.N.G. Conversion Loan 1979 60,000
Taupo County Council:
Acacia Bay Redemption Loan 1980 8,650
Waipawa River and Drainage Board:
Te Aute Flood Control Scheme Stage I No. 3
Loan 1979 14,500
Wairoa Borough Council:
Sewage Treatment and Disposal Loan No. 3,
1979 150,000

Dated at Wellington this 18th day of January 1980.
J. R. BATTERSBY,
Assistant Secretary to the Treasury.

Consent to Raising of Loans by Certain Local Authorities

Pursuant to the Local Authorities Loans Act 1956, the
undersigned Assistant Secretary to the Treasury, acting under
powers delegated to the Secretary to the Treasury by the
Minister of Finance, hereby consents to the borrowing by
the local authorities, mentioned in the Schedule hereto, of
the whole or any part of the respective amounts specified
in that Schedule.

SCHEDULE

Local Authority and Name of Loan Amount Consented to
$

Auckland Harbour Board:
Redemption Loan No. 7, 1979 154,000
Blenheim Borough Council:
Housing for the Elderly Additional Loan 1979 10,060
Bluff Borough Council:
Electrical Conversion Loan 1979 20,000
Dannevirke County Council:
Rural Housing Loan No. 10, 1979 100,000
Hauraki Catchment and Regional Water Board:
Office Rebuilding Loan 1979 80,000
Hawera District Council:
Rural Housing Loan No. 11, 1979 60,000
Napier City Council:
Housing Development Loan 1979 1,000,000
City Services Loan No. 3, 1979 247,000
Patea County Council:
Administration Centre Loan 1979 160,000
Porirua City Council:
Redemption Loan No. 2, 1979 34,000
Taumarunui Borough Council:
Pensioner Flats Loan Stage II 1979 30,000
Vincent County Council:
Clyde Water Supply (Stage I) Loan 1979 51,000
Waipa County Council:
Pirongia Water Supply Loan 1979 75,000
Waitemata City Council:
Passenger Transport Loan 1979 420,000
Wanganui City Council:
Drainage Improvements Redemption Loan 1979 35,000
Wellington City Council:
Property Purchase Renewal Loan 1979 69,000
Property Purchase (Public Housing Central
Park Stage II) Renewal Loan 1979 42,000
Wellington Harbour Board:
Harbour Works Renewal Loan No. 5, 1979 146,000

Dated at Wellington this 24th day of December 1979.
J. R. BATTERSBY,
Assistant Secretary to the Treasury.