2470
THE NEW ZEALAND GAZETTE
No. 102

1981
$000
1980
$000
Provision for taxation—current
570
539
Other Liabilities—
Owing to parent company
—
8,625
Other—including interest accrued
9,951
8,541
9,951
2,722
2,160
SHAREHOLDERS’ FUNDS
Authorised and issued capital—
1,000,000 ordinary shares of
$2 each
2,000
2,000
Paid-up capital—$2 per share
2,000
2,000
Revenue reserve
10,376
8,198
$429,629
$386,883
Assets
$000
$000
Deposits at Bank of New Zealand
12,194
15,144
Investments (at cost)—
New Zealand and overseas
government securities
199,309
172,390
New Zealand and overseas
local authority securities
14,997
13,989
Mortgage and other loans
196,662
214,306
180,140
Other investments
386
460
Income accrued on investments
6,081
4,760
203,129
$429,629
$386,883

On behalf of the Board,
W. J. SHAW,
General Manager and
Chief Executive Officer.
L. N. ROSS Director.
G. A. CHAPMAN, Director.

PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED
31 MARCH 1981

1981
$000
1980
$000
Trading Income:
Income from New Zealand
Government stock and local
authority securities
16,518
13,115
Income from other investments
22,519
18,101
Other income
99
67
39,136
31,283
Less Operating Expenses:
Interest to depositors
22,678
18,316
Management and operating
expenses
11,545
8,761
34,223
Net profit before taxation
4,913
4,206
Less Provision for taxation
2,235
1,976
Net profit after taxation
$2,678
$2,230
This Income was distributed as follows:
Dividend paid
500
800
Transfer to reserve
2,178
1,430
$2,678
$2,230

AUDITORS’ REPORT TO MEMBERS OF BANK OF NEW ZEALAND
SAVINGS BANK LIMITED

We have obtained all the information and explanations that we
have required. In our opinion proper accounting records have
been kept by the company so far as appears from our examination
of those records. In our opinion, according to the best of
our information and the explanations given to us and as shown
by the said records, the balance sheet and the profit and loss
statement, 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 31 March 1981, and of the results
of its business for the year ended on that date.

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

HUNT DUTHIE & CO.
Chartered Accountants.
Wellington, 15 May 1981.

HOGG YOUNG CATHIE & CO.
Chartered Accountants.

NOTES TO THE ACCOUNTS OF BANK OF NEW ZEALAND
SAVINGS BANK LIMITED

Statement of Accounting Principles

General accounting principles—The reports of Bank of New
Zealand Savings Bank Ltd. have been prepared on an historical
cost basis.

Income recognition—Interest received (and paid) is incorporated on an accruals basis.

Tax allocation—The charge against income for taxation is
the estimated liability in respect to the accounting profit
reported for the year. The net effect of timing differences
between net income recognised for accounting purposes and for
taxation purposes has been allowed for in the Provision for
Deferred Taxation.

Conversion of Foreign Currencies—Figures in the accounts
are expressed in New Zealand Currency. Rates used in conversion are those current at Balance Date.

New Zealand and Overseas Government and
Local Authority Securities

The redemption value of the Government Stock and Local
Authority Securities appearing in the balance sheet is
$225,931,000 ($192,546,000) and the market value $204,760,000
($171,689,000).

Securities purchased at a discount or at a premium are
adjusted annually so as to attain their redemption value by
maturity date.

2843

THE NEW ZEALAND GAZETTE

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GENERAL PUBLICATIONS

THE MAORI AS HE WAS
By Elsdon Best

295 p. 1974 reprint. $6.50 plus 70c p & p
Fifty years of public demand since this book was first
published resulted in the need for reprints in 1934 and 1952.
The text has been reproduced unchanged but the originals
of some of the figures could not be traced and these have
been replaced with similar illustrations. There have been many
advances in our knowledge of Maori life since this book first
appeared. The work of numerous ethnologists, and more
recently archaeologists, has critically examined many of the
earlier concepts, confirming some, disproving others, and
altering others to varying degrees. No one has yet produced a
synthesis of the results of all this scholarship and there is
still nothing as comprehensive as this book of Best’s to give
a general account of the Maori. This book was first published
when Best was 68 and thus represents the accumulated knowledge of a lifetime. It has now become a classic introduction
to Maori life. Its continued availability should help the reader
to obtain a basic background to old time Maori life which
can be extended by further reading.