420 THE NEW ZEALAND GAZETTE No. 12

As this price is below the Government's supplementary minimum wool price of 320 cents per kilogram (greasy basis), the specified percentage for supplementation will be 24.2 percent for all wool sold at auction and nationally for privately sold wool from and including the 5th day of February 1982 until midnight on the day before the next auction sale to be held.

Dated this 8th day of February 1982.
A. J. N. ARTHUR, Levies Administration Manager.
5973

BANK OF NEW SOUTH WALES SAVINGS BANK (N.Z.) LTD.
REPORT OF THE BOARD OF DIRECTORS

The Directors of Bank of New South Wales Savings Bank (N.Z.) Ltd.

Sir Noel Foley, C.B.E., Chairman
Sir Vincent Fairfax, C.M.G.
Sir Archibald Glen, O.B.E.
Sir James Foots
Peter Laurence Baillieu Esq.
William Robin Dill Stevenson Esq., O.B.E.
Sir Robert Norman
Ernest Stanley Owens Esq., C.B.E.
Robert James White Esq.
John Bowes Clarkson Esq.
Eric Charles Tait Esq.

have pleasure in reporting to the Members on the state of affairs and in submitting the financial statements for the year ended 30 September 1981, of the Bank of New South Wales Savings Bank (N.Z.) Ltd.

During the year there was no significant change in the nature of the activities of the company.

PROFIT

Net profit of $1,691,000 after deduction of income tax amounting to $1,384,000, represents an improvement of 87 percent on previous year's figures. An increase in net interest margin was offset to some extent by an increase in Management and Operating expenses.

DIVIDEND

A dividend of $600,000 was declared for this year to be paid from profits. The general reserve to be increased by $1,500,000 by transfer from profit and loss appropriation account.

For and on behalf of the board of directors
T. J. N. FOLEY, Chairman.
V. C. FAIRFAX, Director.

AUDITORS' REPORT TO THE MEMBERS

We have obtained all the information and explanations that we have required. In our opinion proper books of accounts have been kept by the bank 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 books the financial statements on pages 3—6 are properly drawn up using the historical cost method so as to give a true and fair view of the state of the bank's affairs as at 30 September 1981 and the results of its business and changes in financial position for the year ended on that date.

According to such information and explanations the financial statements give the information required by the Companies Act 1955 in the manner so required.

HUTCHISON HULL and Co., Chartered Accountants.
Wellington, N.Z.

BANK OF NEW SOUTH WALES SAVINGS BANK (N.Z.) LTD.
STATEMENT OF PROFIT AND LOSS YEAR ENDED 30 SEPTEMBER 1981

EXPENSES

BALANCE SHEET AS AT 30 SEPTEMBER 1981

Less LIABILITIES

Represented by:

SHAREHOLDERS EQUITY

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 1981

1. Statement of Accounting Policies

The general accounting principles for the measurement and reporting of profits and losses under the historical cost method have been adopted in the preparation of these financial statements.

The following particular accounting policies which materially affect the measurement of profit and of financial position have been applied and are unchanged from last year.

Valuation of Assets

New Zealand public securities are valued at cost adjusted annually for the proportion of discount or premium on purchase so as to allow redemption value by maturity date.

Sale of Public Securities

Profit or losses realised on sale of public securities are reflected in the statement of profit in equal annual instalments over the unexpired period to maturity or 5 years, whichever is the shorter.