8.—16.

RESERVE BANK OF NEW ZEALAND. Profit and Loss Account for the Year ended 31st March, 1942. Dr. £ s. d. Or. £ s. d. General charges, including salaries, rent, Balance of profit after making provision cost of note issue, and other expenses .. 137,972 011 for rebate on Treasury Bills not yet due, Balance, being profit for year .. .. 350,241 19 9 and for sundry liabilities and contingencies .. .. .. 488,214 0 8 £488,214 0 8 £488,214 0 8 Profit and Loss Appropriation Account. Dr. £ s. d. Gr. £ s. d. Payments to New Zealand Government in Balance as at Ist April, 1941 .. .. 351,906 10 0 terms of section 36 of Reserve Bank of Balance from Profit and Loss Account .. 350,241 19 9 New Zealand Act, 1933 .. .. 344,942 4 6 War loan fees refunded to Government 6,964 5 6 Balance 350,241 19 9 £702,148 9 9 £702,148 9 9 Balance-sheet as at 31st March, 1942. Liabilities £ s. d. Assets. £ s. d. General Reserve Fund .. .. 1,500,000 0 0 Gold (at face value) .. .. 2,801,877 10 0 Banknotes .. .. .. 24,145,054 0 0 Sterling exchange .. .. 18,536,506 3 7 Demand liabilities— Subsidiary coin .. .. .. 66,708 15 8 (a) State .. .. .. 12,455,283 8 8 Advances to the State or State under(b) Banks .. .. .. 16,346,247 16 11 takings— (c) Other .. .. .. 303,381 12 8 (1) Marketing Department .. 7,720,632 11 9 Liabilities in currencies other than New (2) For other purposes . . .. 22,000,000 0 0 Zealand-currency .. .. 17,725 11 1 Investments .. .. 4,146,228 5 4 Other accounts .. .. .. 1,041,166 1 7 Other assets .. .. .. 887,147 4 4 Profit and Loss Appropriation Account 350,241 19 9 N.B. —Holdings of sterling have been converted into New Zealand currency at the rate of £100 sterling equals £124(N.Z.). £56,159,100 10 8 £56,159,100 10 8 W. F. L. Ward, Acting-Governor. E. C. Fussell, Deputy Governor. W. R. Sogers, Chief Accountant. Auditors' Certificate and Report.—We have audited the balance-sheet as at 31st March, 1942, above set forth, and have obtained all the information and explanations we require. 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, 1942, 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 \p u j-,]j c Accountants, Auditors. D. G. Johnston J Wellington, New Zealand, -25th June, 1942.

Approximate Cost of Paper.—Preparation, not given ; printing (491 copies), £12.

By Authority: E. V. Paul, Government Printer, Wellington.—l 942.

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