29 SEPTEMBER
THE NEW ZEALAND GAZETTE
3307

(a) You will be advised of the time and place of the hearing; and
(b) You will have the right to appear and be heard personally or
to be represented by a barrister and solicitor or any other
person you authorise.

YOUR RIGHT TO COMPENSATION

10. This notice, and the right to object described above, relate to
    the taking of your interest in the land and not to your right to
    compensation. Under the Public Works Act 1981 you are entitled
    to full compensation, if your interest in the land is taken. If this
    compensation cannot be agreed between you and the Hawke’s Bay
    County Council, it can be determined in separate proceedings before
    the Land Valuation Tribunal.

WARNING

This notice concerns your rights over the land referred to. If you
are in any doubt about its effect you should obtain legal advice
immediately.

Do not delay.

SCHEDULE

ALL that portion of land on the Napier - Taihape Road bounded
by land registered in the names of Messrs S. J. Cushing and I. M.
Paton and F. M. Goulding, W. B. Butler, J. H. Zohrab, and the
Waikonini Land Company Limited and being 1249 square metres,
part Subdivision 2, Lot 1, D.P. 685, and 1112 square metres, part
Subdivision 2, Lot 1, D.P. 685, both having no certificate of title
and shown coloured orange bordered orange on S.O. Plan 6129,
lodged in the office of the Chief Surveyor at Napier.

Dated at Napier this 20th day of September 1983.

Principal Administrative Officer and County Clerk of the Hawke’s
Bay County Council.

G. H. CAMERON.

4525

NEW ZEALAND WOOL BOARD

PURSUANT to regulation 15 of the Wool Industry Regulations 1978,
notice is hereby given that the Adjusted Weighted Average Sale
Price for the sale held on the 22nd day of September 1983 at Napier
was 302.02 cents per kilogram (greasy basis).

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 5.95 percent for all wool
sold at auction and nationally for privately sold wool from and
including the 22nd day of September 1983, until midnight on the
day before the next auction sale to be held.

Dated this 27th day of September 1983.

A. J. N. ARTHUR, Levies Administration Manager.

4613

BANK OF NEW ZEALAND SAVINGS BANK LTD.
DEPOSITS GUARANTEED BY BANK OF NEW ZEALAND
Balance Sheet as at 31 March 1983

Liabilities $000 1983 $000 1982
Depositors’ balances, including
interest credited—
Ordinary accounts 200,095 226,867
Investment accounts 149,383 191,413
349,478 418,280
Provision for taxation—current 1,829 631
Other liabilities—
Owing to parent company 9,678 9,678 4,475
Other—including interest accrued 2,715 10,359 3,551
Provision for taxation—deferred 2,000 2,000 2,000
Authorised and issued capital—
1,000,000 ordinary shares of $2 each 2,000
Paid-up capital 2,000 2,000 2,000
Revenue reserve 15,667 13,098 13,098
17,667 15,098 15,098
$381,367 $452,394

Assets $000 1983 $000 1982
Deposits at Bank of New Zealand 11,321 11,321 11,358
Investments (at cost):
New Zealand and overseas
Government securities—(note 2) 171,399 203,574
New Zealand and overseas local
authority securities (note 2) 7,423 14,336
Mortgage and other loans 179,466 214,623
Other investments 5,764 639
Income accrued on investments 5,994 7,864
191,224 237,058
$381,367 $452,394

On behalf of the board:
L. N. ROSS, Director.
SIR GEORGE CHAPMAN, Director.
W. J. SHAW, General Manager and Chief Executive.

PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 31 MARCH 1983

Trading Income $000 1983 $000 1982
Income from New Zealand Government
stock and local authority securities 21,934 20,304
Income from other investments 27,552 26,931
Other income 67 140
49,553 47,375

Operating Expenses
Interest to depositors 27,850 27,702
Management and operating expenses 16,062 13,626
43,912 41,328

Net profit before taxation 5,641 6,047
Provision for taxation 2,572 2,825
Net profit after taxation $3,069 $3,222

This income was distributed as follows—
Dividend paid 500 500
Transfer to reserve 2,569 2,722
$3,069 $3,222

NOTES TO THE ACCOUNTS

NOTE 1:
Statement of Accounting Policies:
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.

NOTE 2:
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 $182,333,000
($224,464,000) and the market value $170,592,000 ($212,596,000).
Securities purchased at a discount or at a premium are adjusted
annually so as to attain their redemption value by maturity date.

AUDITORS’ REPORT

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 1983, 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.

HOGG YOUNG CATHIE & CO., Chartered Accountants.
HUNT DUTHIE & CO., Chartered Accountants.

19 May 1983, Wellington.

4150