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RESERVE BANK OF NEW ZEALAND— continued Balance-sheet as at 31st Makoh, 1948 Liabilities £ s. d. Assets £ s. d. General Reserve Fund .. .. .. 1,500,000 0 0 Gold (at face value) .. .. .. 2,802,147 0 0 Banknotes .. .. .. .. 48,557,528 0 0 Sterling exchange .. .. .. .. 09,442,400 6 4 Demand liabilities— Subsidiary coin .. .. .. .. 120,270 3 4 (a) State .. .. .. .. 23,154,974 18 3 Advances—(6) Banks .. .. .. .. 47,099,482 12 9 To the State or State undertakingsmother .. .. .. .. 579,649 19 10 (1) Marketing organizations .. .. 3,742,380 5 10 Liabilities in currencies other than New Zealand (2) For other purposes .. .. .. 38,000,000 0 0 currency .. .. .. .. 390,526 15 10 Other .. .. .. .. .. 1,512,119 12 1 Other accounts .. .. .. .. 3,242,27113 5 Investments .. .. .. .. 7,868,093 2 11 Profit and Loss Appropriation Account .. 645,593 8 8 Other assets .. .. .. .. 1,682,616 18 3 N.B.—Holdings of sterling have been converted into New Zealand currency at the rate of £lOO sterling equals £124 (N.Z.) £125,170,027 8 9 £125,170,027 8 9 W. F. L. Wabd, Governor. E. G. Fussell, Deputy Governor. W. R. Eggeks, Chief Accountant. Auditors' Certificate and Report We have audited the Balance-sheet as at 31st March, 1948, 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, 1948, according to the best of our information and the explanations given to us and as shown by the books of the Bank. _.„. , t. t r, ■, ■, t ™' tt' ti' > Public Accountants, Auditors. Wellington, New Zealand, 15th June, 1948. F. H. Harris / Approximate Cost of Paper. — Preparation, not given ; printing (598 copies), £3B 10s. By Authority: E. V. Paul, Government Printer, Wellington.— 1948. Price 6d.]

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