8.—16.

The staff during a strenuous year have continued to carry out their duties efficiently and well, and the Board desires to record its appreciation of their loyal services. For and on behalf of the Board of Directors : W. F. L. Ward, Acting-Governor. E. C. Fussell, Deputy Governor. 27th June, 1941.

Profit and Loss Account for the Year ended 31st March, 1941. Dr. £ s. d. Cr. £ s. d. General charges, including salaries, rent, Balance of profit after making provision cost of note issue, and other expenses 139,181 18 1 for rebate on Treasury Bills not yet Balance, being profit for year .. 351,906 10 0 due, and for sundry liabilities and contingencies .. .. . . 491,088 8 I £491,088 8 1 £491,088 8 1 Profit and Loss Appropriation Account. Dr. £ s. d. Cr. £ s. d. Payments to New Zealand Government Balance at Ist April, 1940 .. .. 361,363 610 in terms of section 36 of Reserve Bank Balance from Profit and Loss Account 351,906 10 0 of New Zealand Act, 1933 .. .. 361,303 610 Balance .. .. .. .. 351,906 10 0 £713,269 16 10 £713,269 16 10 Balance-sheet as at 31st March, 1941. Liabilities. £ a. d. Assets. £ s. d. General Reserve Fund .. .. 1,500,000 0 0 Gold (at face value) .. .. 2,801,873 10 0 Banknotes .. .. .. 21,440,822 10 0 Sterling exchange .. .. 17,536,569 9 9 Demand liabilities — Subsidiary coin .. .. .. 82,333 17 7 (a) State .. .. 6,269,551 0 5 Advances to the State or State under(b) Banks .. .. .. 12,843,770 511 takings— (ej Other .. .. .. 931,872 9 8 (1) Marketing Department .. 2,926,463 0 6 Liabilities in currencies other than (2) For other purposes .. .. 15,500,000 0 0 New Zealand currency .. .. ' 7,260 1 2 Investments .., .. .. 3,772,322 4 0 Other accounts .. .. .. 820,894 5 9 Other assets .. .. .. 1,546,515 1 1 Profit and Loss Appropriation Account 351,906 10 0 N.B.—Holdings of sterling have been converted into New Zealand currency at the rate of £100 sterling equals £(N.Z.)124 £44,166,077 2 II £44,166,077 2 11. W. F. L. Ward, Acting-Governor. E. C. Fussell, Deputy Governor. W. R. Egc.ers, Chief Accountant. Auditors' Certificate and Report. —We have audited the balance-sheet as at 31st March, 1941, 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, 1941, according to the best of our information and the explanations given to us and as shown by the books of the Bank. D. G. Johnstonl i,• i , , . J X Griffin f Account/tints, Auditors. Wellington, New Zealand, 20th June, 1941.

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7