B—ls

The total assets of the Bank for the same five years covered by the foregoing jjraph are as follows : ' £ 1939 .. .. .. .. 50,707,741 1944 .. .. .. .. 71,038,514 1947 .. .. .. .. 87,034,037 1948 .. .. .. .. 98,485,110 1949 .. .. .. .. 96,642,721 Current Accounts The number of accounts continues to show a very satisfactory increase. The following graph of the annual total of amounts debited to customers' accounts shows the great increase in monetary turnover, and reflects the increase in prices, and it is evidence also of the increase in the volume of our business.

Exchange-rates The restoration of New Zealand exchange-rates to parity with sterling, which was effected by the Government as from the 19th August, 1948, resulted in an increase of 20 per cent, in the value of New Zealand currency in relation to other currencies. Overseas assets and investments of New Zealand holders were, of course, affected in the reverse direction.

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