B—l6

1948 NEW ZEALAND

RESERVE BANK OF NEW ZEALAND ANNUAL REPORT OF THE BOARD OF DIRECTORS AND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED THE 31st MARCH, 1948

Presented to both Houses of the General Assembly pursuant to Section 20 of the Reserve Bank of New Zealand Amendment Act, 1936

ANNUAL REPORT To the Right Hon. the Minister of Finance. The Board of Directors presents hereunder the report on the operations of the Reserve Bank of New Zealand during the financial year ended 31st March, 1948. PROFITS The net profit for the year after making provision for depreciation and contingencies amounted to £(N.Z.)645,593 Bs. Bd. This amount has since been paid into the Public Account to the credit of the Consolidated Fund. BALANCE-SHEET The principal changes in the Balance-sheet as at 31st March, 1948, compared with that of the previous year were as under: — Liabilities Bank Notes The increase during the year of £(N.Z.)1,679,400 in notes outstanding, from £(N.Z.)46,878,128 on 31st March, 1947, to £(N.Z.)48,557,528 on 31st March, 1948, represents a slowing down in the rate of increase compared with recent years, as is shown by the following table : Notes issued as Increase, at 31st March. £(N.Z.). £(N.Z.). 1939 .. .. .. 15,246,971 1940 .. .. .. 18,284,757 3,037,786 1941 .. .. .. 21,440,823 3,156,066 1942 .. .. .. 24,145,054 2,704,231 1943 .. .. .. 30,390,754 6,245,700 1944 .. .. .. 36,254,495 5,863,741 1945 .. .. .. 40,201,306 3,946,811 1946 .. .. .. 43,489,031 3,287,725 1947 .. .. .. 46,878,128 3,389,097 1948 .. .. .. 48,557,528 1,679,400