B.—l [PT. IV],

RESERVE BANK OF NEW ZEALAND. Profit and Loss Account foe Yeas ended 31st March, 1939. Dr. £ S. d. Cr. £ s. d. General charges, including salaries, rent, Balance of profit after making provision cost of note-issue, and other expenses 108,902 7 6 for rebate on Treasury bills not 3?et Balance, being profit for year .. .. 250,285 10 4 due, and for sundry liabilities and contingencies .. .. .. 359,187 17 10 £359,187 17 10 £359,187 17 10 Profit and Loss Appropriation Account. Dr. £ s. d. Gr. £ s. d. Payments to New Zealand Government Balance at Ist April, 1938 .. .. 195,811 3 7 in terms of section 36 of Reserve Bank Balance from Profit and Loss Account .. 250,285 10 4 of New Zealand Act, 1933 .. .. 195,811 3 7 Balance .. .. .. .. 250,285 10 4 £446,096 13 11 £446,096 13 11 Balance-sheet as at 31st March, 1939. 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 .. .. .. 15,246,970 10 0 Sterling exchange .. .. 4,663,051 6 7 Demand liabilities — Subsidiary coin .. .. .. 226,271 6 1 (а) State .. .. .. 4,386,770 2 5 Advances — (б) Banks .. .. .. 8,350,113 9 3 To the State or State undertakings — (c) Other .. .. .. 902,256 19 11 (1) Primary Products Marketing Liabilities in currencies other than Department .. .. 7,235,461 15 2 New Zealand currency .. .. 26,220 12 4 (2) For other purposes .. 12,225,000 0 0 Other accounts .. .. .. 304,583 17 7 Investments .. .. .. 3,689,904 19 2 Profit and Loss Appropriation Account 250,285 10 4 Other assets .. .. .. 125,720 14 10 N.B. —Holdings of sterling have been converted into New Zealand currency at the rate of £100 sterling equals £124 (N.Z.). £30,967,201 1 10 £30,967,201 1 10 L. Lefeaux, Governor. W. L. Ward, Deputy Governor. W. R. Eggers, Deputy Chief Accountant. Auditors' Certificate and Report.—We have audited the balance-sheet as at 31st March, 1939, 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, 1939, according to the best of our information and the explanations given to us and as shown by the books of the Bank. ?' L*' Griffin° N /'^' u^c Accountants, Auditors.

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