RESERVE BANK

Evening Post, Volume CXXIV, Issue 9, 10 July 1937, Page 10

RESERVE BANK

YEAR'S OPERATIONS

PROFIT OF £147,142

£100,000 PAID TO STATE

The profit and loss account of the Reserve Bank of New Zealand has been gazetted. It reveals a profit for the year ended March 31, 1937, of £147,142 13s 6d, and £100,000 has been paid to the Government in the terms of the Finance Act, 1934.

The profit and loss account as at March 31 last shows that the balance of profit, after making provision for rebate on Treasury bills not yet due and for sundry liabilities and contingencies, was £238,917 18s Id. General charges for the year, including salaries, rent, cost of note issue and other expenses, totalled £81,775 4s 7d. A sum of £10,000 was provided for the staff superannuation and provident fund. Of the balance of £147,142 13s 6d, representing net profit for the year, the sum of £100,000 is shown in the profit and loss appropriation account as having been paid to the Government in terms of section 11 of the Finance Act, 1934, leaving a balance of £47,142 13s 6d.

The balance-sheet as at March 31, 1937, is as follows:— Liabilities: General Reserve Fund, £1,500,000; bank-notes, £13,121,810 10s. Demand liabilities: (a) State £7,853,672 15s 2d; (b) banks £8,870,149 10s 8d; (c) other, £907,144 16s Id; other liabilities, £78,587 Is Id; profit and loss appropriation account, £47,142 13s 6d. Total, £32,378,507 6s 6d. Assets: Gold (at face value). £2,801,791; sterling echange, £19,387,----749 18s 2d; subsidiary coin, £154,975 4s 6d. Advances': To the State or State undertakings—(l) Dairy industry account £6,225,908 8s 7d; (2) for other purposes, £800,000; investments. £2 906,450; other assets, £101,632 15s 3d. Total, £32,378,507 6s 6d. A note to the balance-sheet states that holdings of sterling have been converted into New Zealand currency at the rate of £100 sterling equals £124 N.Z.