B.—l [Pt. IV].

RESERVE BANK OP NEW ZEALAND. Profit and Loss Account fob Year ended 31st March, 1937. General charges, including salaries, rent, £ s. d. Balance of profit after making provision £ s. d. cost of note-issue, and other expenses 81,775 4 7 for rebate on Treasury bills not yet Staff Superannuation and Provident due, and for sundry liabilities and Fund .. .. .. .. 10,000 0 0 contingencies .. .. .. 238,917 18 1 Balance, being profit for year .. .. 147,142 13 6 £238,917 18 1 £238,917 18 1 Profit and Loss Appropriation Account. £ s. d. £ s. d. Payments to Government in terms of Balance from Profit and Loss Account .. 147,142 13 6 section 11 of the Finance Act, 1934 .. 100,000 0 0 Balance .. .. .. .. 47,142 13 6 £147,142 13 6 £147,142 13 6 — =—= ( _ Balance-sheet as at 31st March, 1937. Liabilities. £ s. d. Assets. £ s. d. General Reserve Fund .. .. 1,500,000 0 0 Gold (at face value) .. .. 2,801,791 0 0 Bank-notes .. .. .. 13,121,810 10 0 Sterling exchange .. .. .. 19,387,749 18 2 Demand liabilities— Subsidiary coin .. .. .. 154,975 4 6 (a) State .. .. .. 7,853,672 15 2 Advances to the State or State under(b) Banks .. .. .. 8,870,149 10 8 takings— (c) Other .. .. .. 907,144 16 1 (1) Dairy Industry Account .. 6,225,908 8 7 Other liabilities .. .. .. 78,587 1 1 (2) For other purposes .. .. 800,000 0 0 Profit and Loss Appropriation Account 47,142 13 6 Investments .. .. .. 2,906,450 0 0 Other assets .. .. .. 101,632 15 3 N.B.—Holdings of sterling have been converted into New Zealand currency at the rate of £100 sterling equals £124 (N.Z.) £32,378,507 6 6 £32,378,507 6 6 L. Lefeaux, Governor. W. L. Ward, Deputy Governor. W. H. Welsh, Chief Accountant. Auditors' Certificate and Report. —We have audited the balance-sheet as at 31st March, 1937, above set forth and have obtained all the information and explanations we have required. We have accepted the certificate of the Bank of England as to assets held on account of the Reserve Bank of New Zealand. In our opinion the balance-sheet is properly drawn up so as to exhibit a true and correct view of the state of the affairs of the Bank as at 31st March, 1937, according to the best of our information and the explanations given to us and as shown by the books of the Bank. J ' L Griffin° N /^ >u^c Accountants, Auditors.

93