ISLANDS MONETARY AUTHORITY

Transcription

1 SOLOMON ISLANDS MONETARY AUTHORITY ANNUAL 1978 REPORT

2 PRINCIP AL OBJECTS OF THE AUTHORITY - (a) to regulate the issue, supply, availability and internation. 1 exchange of money; (b) to advise the Government on banking and monetary p>atters; (c) to promote monetary stability; (d) (e) to promote a sound financial structure; and to foster financial conditions conducive to the orderly and balanced economic development of the Solomon Islands. S"LOMON ISLANDS MONETARY AUTHORITY ACT, 1976, SECTION 4

3 SOLOMON ISLANDS MONETARY AUTHORITY Your ref: 471/11/2 P.O. Box 634, Honiara Solomon Islands Telephone: 791, 793, Telex: BOKOLO HQ Cables: CURRENCY HONIARA Ourref: GM 1/7 30th April 1979 The Minister of Finance, The Hon. Benedict Kinika, M.P., Ministry of Finance, HONIARA. Dear Sir, In accordance with the provisions of Clause 36 (1) (a) of the Solomon Islands Monetary Authority Act, 1976 I have the honour to submit to you the third Annual Report for the period ended 31st December A copy of the Auditors' report/certificate Clause 36 (1) (b) of the Act. is appended as required under I have the honour to remain, Dear Sir, Yours faithfully, B A LONGMUIR Chairman and Managing Director 1

4 SOLOMON ISLANDS MONETARY AUTHORITY BOARD B.A. LONGMUIR J. KORINIHONA, M.B.E. G. SlAMA S.M. YEE A.V. HUGHES Chainnan. (Pennanent Secretary, Ministry of Finance) SENIOR STAFF B.A. LONGMUIR R.G. TINONI A.C. PRETYMAN J.T. KAITU I.G. MOLIA Managing Director Secretary Controller of Foreign Exchange Deputy Controller of Foreign Exchange Currency Issue Supervisor 2

5 SOLOMON ISLANDS MONETARY AUTHORITY Annual Report Introduction During 1978 the Authority made progress on a number of fronts, sometimes faster than anticipated, sometimes slower. Solomon Islands currency became sole legal tender with the end of the TranSitional Period on 30th September and the Authority assumed responsibility for the investment of the country's foreign exchange reserves. At the same time a start was made on providing a limited banking service to the local commercial banks. With the designation of the Authority as the depository and fiscal agency through which Solomon Islands'transactions with international organisations shall be carried out, the first step in banking for the Government was taken. Half way through the year the Authority had outgrown its premises at Rove and a building nearer the centre of town was acquired. Even this is not large enough to accommodate the whole staff and urgent consideration is being given to enlarging the Mud Alley office to such a size as will provide for present and future foreseeable staffing levels. The Board On 21st June Mr J.G.FG Palfrey was succeeded as Chairman and Managing Director by Mr B.A. Longmuir. Mr Palfrey returned to the Bank of England from which organisation he had been seconded, through the Central Banking Service of the International Monetary Fund. With effect from the same date the other four members of the Board were re-appointed by the Minister of Finance for a further term of two years. Staff An important event in the administration of the Authority was the double hand-over of management responsibilities. In the middle of the year the Chairman and Managing Director and the Controller of Foreign Exchange left the Authority on completion of their secondments and were replaced almost simultaneously by their successors. Full time staff working for the Authority at the end of the year were thirteen. During the year, three extra staff were recruited, one resigned and five completed a year's probation and were appointed to the permanent staff. The need to train staff continues to be of paramount importance. As was emphasised in last year's report this is a difficult task especially for a small institution active in a completely new field with a growing number of new areas of operation. The Authority has no reserves of experience of its own and is unable to draw on other local sources of relevant experience, nor has it a surfeit of staff who can be released from current duties to undertake in-service training. However, it was possible during the year to release a member of staff for three weeks attachment with the Bank of Papua New Guinea and another for a week on a financial Management Course organised by Government and held at the Administrative Training Centre, Honiara. Finance The accounts for the year, together with the Auditors' report follow this report. They reveal a substantial expansion in the Authority's financial position. The dramatic change stems from the transfer by the banks at the end of the Transitional Period of their surplus funds which had previously been held overseas,mainly in Australia. These, in effect, became the foreign exchange reserves and the greatly increased revenue in the last quarter of the year arises from the employment of these reserves. The earnings were offset to a degree by interest payments to the banks on funds deposited with the Authority. 3

6 Overseas investments were kept very liquid, the bulk being in 3-month Treasury Bills, but in the light of experience a move will be made into longer-term maturities. The reserves had previously been held almost entirely in Australian dollars, but a start has been made on diversifying into other currencies and this diversification is likely to continue. Royalties on sales of numismatic coins were slightly better than had been foreseen in the last Annual Report, but even so were well below the level which had been hoped for. The Authority's initial cash resources had been very modest. By the end of 1978 it was possible to plan for capital expenditure, rather than make a call on Government, so that the Authority will be able to provide from its own resources some of the basic facilities -not least premises -appropriate to a central monetary institution. Activities The withdrawal and repatriation of Australian currency and its replacement by Solomon Islands currency continued to provide the bulk of the Authority's work in the first half of the year. It became clear, however, that the difficulties of transport and communications between and within an area as large and widespread as Solomon Islands, would not enable the changeover to be completed by the planned deadline of 30th June. The three month extension approved by the Government enabled the Provinces to complete the work they had started of taking Solomon Islands currency to the remote areas to make the exchange. By the end of September a total $3.6 million in S.I. currency had been issued. In exchange for the transfer to the Authority of surplus funds previously held by the banks in Australia, interest-bearing accounts were opened for the three banks; these accounts were used for the settlement of purchases and sales of Australian Dollars (the only currency in which the Authority at present deals, the banks being free to continue to obtain other foreign currencies through their head offices); the settlement of purchases and redemptions of Solomon Islands currency; and the settlement of clearing balances between the three banks. This limited entry into a banking operation, was nevertheless, completely new to a staff with no previous experience and only a limited amount of training has been possible; a great deal still needs to be done. Funds management too, has been on a simple scale and the approach has been one of extreme caution, prompted as much by the lack of clerical resources as by the requirements of security, liquidity and income. This is an area to which the local staff have not not yet been introduced. Throughout the year the administration of Exchange Control, which had begun in 1977, continued under the Authority's direction. Considerable authority for the approval of current payments had been delegated to the commercial banks and there were only minor problems which have been resolved as the banks have become familiar with the system. Capital transfers and those outside the banks' delegated authorities have been referred to the Authority and have been dealt with quickly and efficiently. September saw Solomon Islands join the International Monetary Fund and the International Bank for Reconstruction and Development. Under the terms of the International Financial Organisations Act 1978 the Authority was designated as the depository and fiscal agency through which transactions with the organisations will be carried out. By the end of 1978 only the IBRD subscription had been paid, but that to the IMF is due in March It is perhaps in the second of the principal objects of the Authority (see inside front cover), that of advising the Government on banking and monetary matters, that least pro-. gress has been made. The preoccupation has been to establish systems to cope with the new areas of work taken on, and to strengthen those already existing; the result has been that the Authority has been in a position of reacting to specific requests, rather than initiating advice. 4

7 Visitors A large number of visitors from banking and commerce have called on the Authority during the year, especially during and since Independence. These included representatives of senior management of the three banks in Honiara, a mission from the Asian Development Bank and Mr San Lin, Deputy Director of the Central Banking Service of the International Monetary Fund who came to assess the requirement for a Banking Manager to be provided under the technical assistance programme. Future plans and developments The new functions assumed by the Authority during 1978 and their inevitable expansion during 1979 underline the very real need for training for local staff. The emphasis has been, and must continue to be, on training on-the-job in order that staff can begin to build up experience of the Authority's daily operations. The use of training facilities overseas will not be ignored and central monetary institutions in the area -particularly Papua New Guinea and Fiji -have already shown a ready willingness to help, as have the Reserve Bank of Australia. But in order to enable training to take place while the daily operations are carried out a Banking Manager is to be provided under the IMF technical assistance programme. It may also be necessary, as was forecast in last year's Annual Report to make use of specialist staff from overseas on a short-term basis in order to allow the Authority to move into new areas of operations. One such area is that of agent for the Government in their plans to borrow in Solomon Islands during 1979 by means of a Development Bond. The issue, registration and redemption of these bonds will fall to the Authority. The Authority is bound, too, to have a role to play in the attempt to spread the concept of banking to the rural areas. A survey of rural banking carried out at the Government's request in 1978 underlines the very real need to provide banking facilities which at present exist outside Honiara only in the form of savings bank agencies operated by the Commonwealth Banking Corporation. It must be an urgent priority to start a basic introduction at village level to the principles of banking and to provide the means by which the people can best be served. There is a very real need for up to date, comprehensive information on the monetary system in Solomon Islands and priority will be given to collecting the necessary statistics and publishing them in a form which will be of use to those involved in policy making and in monitoring performance. Acknowledgements In as small a financial community as that in Honiara it is essential that relations between the Authority and the banks are close and mutually satisfactory. While the Authority has not yet felt it necessary, for example, to prescribe the maintenance of reserves which the banks shall keep with the Authority, the banks have nevertheless shown a readiness to co-operate which augurs well for the day when thp. Aut.hority exercises those powers granted by its own Act and by the Banking Act ~976. Mention, has already been made of the part played by the Provinces towards the end of the Transitional Period. They are to be congratulated on their initiative and the way in which they followed through the operation of changing Australian currency in the remote areas. Finally, the Authority's staff have done all that has been asked of them. For new staff in a new organisation having to acquire new skills has been confusing enough; the disadvantage of being split between two locations has not enabled them to form a close identity with the Authority and it is e-mallwonder if they are not yet fully settled. It is hoped that the enlargement of the present premises to house them all in one building plus a greater involvement in the work of the Authoritv will bind them together. Their loyalty and willingness to work hard are assets which the Authority must strive to keep and develop. March 1979 B A LaNGMUIR Signed (Chairman)

8 AUDITORS' REPORT TO THE BOARD We have obtained all the infonnation and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the Solomon Islands Monetary Autherity for the year ended 31st December, In our opinion proper books of account have been kept by the Authority, so far as appears from our examination of these books. The Authority's balance sheet and profit and loss account, the subject of this report are in agreement with these books of account. In our opinion, and to the best of our infonnation and according to the explanations given us, the accompanying balance sheet and profit and loss account, which have been prepared under the historical cost convention stated in the first note to the accounts, give the infonnation required by the Solomon Islands Monetary Authority Act, 1976 in the manner so required, and so as to give a true and fair view of the state of the Authority's affairs as at 31st December, 1978 and of the results of its operations for the year then ended. Honiara, 27th April PEAT, MARWICK, MITCHELL & CO. CHARTERED ACCOUNTANTS 6

9 SOLOMONISLANDS MONETARYAU1HORITY Balance Sheet as at 31st December, LIABILITIES SI$ 1977 ASSETS SI$ 100, ,397 38,000 Capi tal Paid-up General FlUlds capital reserve Revaluation Reserve AccOlUlt Government subvention 100,000 3, , 324 7, ,324 5, ,000 75, ,000 91, 139 Solomon Islands Assets Cash 611 Money at call Term deposi t Other 164, ,000 77, ,574 1,939, , 705 2, 100,205 Currency in circulation Notes Coin 1,313,261 3,665,549 70, ,486 4,132, ,450 Exte rnal Asse ts Cash and Money at call 1,708,375 Australian currency notes and coin held 47,177 Term deposi ts 1,000,000 Securities (at valuation) --1..L 966, 863 8,821 Bank deposi ts International Organisations Other Liabilities (including sluldry provisions) 20,065,282 2,118, , ,920 27, ,994 Fixed Assets Premises (at cost) 66, 166 Less depreciation 3,136 24,722,415 63,030 2, ,065 Furni ture & equipment (at cost) 7,472 Less depreciation _2,308 Motor vehicles 6,500 5,164 Less depreciation l 4,875 2,253,423 The accompanying notes form part of these accolults 25,369,818 14,766 2,253,423 Other Assets 291,760 Signed: B.A... ~?~~~~~.. (CHAI RMAN) R G. :~~?~~ (SECRETARY) 25,369,818

10 SOLOMON ISLANDS MONETARY AUTHORITY Statement of Profit and Loss for year ended 31st Decenber SI$ 1977 SI$ 21,080 Expenses (including depreciation) 349,626 33,634 Income 1,123, ,554 Balance being gross profit carried down 774, ,634 1,123,777 33,634 1,123,777 + To Revaluation Reserve Account 500,000 12,554 Balance brought down as above 774,151 6,250 Provisions made * Portion of net profit ($274,151) transferred to General Reserve to bring that Reserve to hal f the 6, 304 authorised capital 243,503 * Half remaining net profit 00 ($30,648) transferred to General Reserve 15, 324 * Balance of net profi t, due to Government, used to reduce Government indebtedness to SIMA 15, , , ,151 + in accordance with Section 13 (b) of SIMA Act * in accordance with Section 14 (1) of SIMA Act 1976.

11 SOLQMJN ISLANDS MONETARYAU1HORITY Statement of Income arid Expendi ture for the year ended 31st December EXPENDITURE SI$ INCOME SI$ 9, 746 Administration 16,196 23,505 Interest received 366, Australian currency repatriation 19,504 Exchange valuation - gain/loss 334,715 Currency issue 2,657 Interest due and unrecei ved 290,007 1,486 Deprecia tion 5,583 Royalties 113,873 2,420 Exchange con trol 9, Commdssions and fees 12,372 * Interest on deposists - Call 32, 710 9, 742 Sundry receipts 6,558 Term 243,911 Investment 2,141 6,797 Salaries and wages 763 co 21, , ,554 Gross Profit for year 774,151 33,634 1,123,777 33,634 1,123,777 * Includes interest due but not paid.

12 NOTES TO AND FORMING PART OF THE AUTHORITY'S ACCOUNTS FOR THE YEAR ENDED 31st DECEMBER 1978 Statement of Accountinl! Methods The accounting methods adopted by the Authority are in accord with the laws of the Solomon Islands and in particular the Solomon Islands Monetary Act, 1976, as amended. The accounts have been prepared primarily on the basis of historical costs and do not take into account changing money values or, except where noted, current valuations of non-current assets. Set out below is a summary of the significant accounting methods adopted by the Authority and in particular the accounting method adopted when there exists a choice between two or more acceptable methods. (a) Depreciation Depreciation is provided on all fixed assets so as to write off these assets progressively over their estimated economic lives. Fixed assets are first depreciated in the year of acquisition. The straight line method of depreciation has been used. (b) Currency These accounts have been expressed in Solomon Islands dollars which became legal tender in the Solomon Islands on 24th October 1977 and which retain parity with the Australian dollar. Transactions involving foreign currencies have been converted at the rate of exchange ruling on the date of the transaction. (c) Valuation of overseas assets (i) Securities have in accordance with Section 33 of the Solomon Islands Monetary Authority Act, 1976, been valued by reference to the latest known market price of such securities. Gains and losses arising from changes in the valuation of foreign currencies have been transferred to Revaluation Reserve Account and are therefore excluded from the computation of net profits. (ii) All other overseas assets have been expressed in Solomon Islands dollars converted at the rate of exchange ruling at balance date.

13 The additional financial data presented in the following pages of the accounts of Solomon Islands Monetary Authority is in accordance with the books and records of the Authority which have been subjected to the auditing procedures applied in our statutory audit of the Authority for the year ended 31st December, It will be appreciated that our statutory audit did not cover all details of the additional financial data. Accordingly we do not express an opinion on such financial data and no warranty of accuracy or reliability is given. Neither the firm nor any member or employee of the firm undertakes responsibility arising in any way whatsoever to any person (other than Solomon Islands Monetary Authority) in respect of the additional financial data including any errors or omissions therein however caused. HONIARA, 27th April 1979 PEAT, MARWICK, MITCHELL & CO. CHARTERED ACCOUNTANTS 11

14 STATISTICAL ANNEX TABLE 1 SI CURRENCY SUBJECT IN CIRCULATION 2 3 NOTES IN CIRCULATION COIN IN CIRCULATION -VALUE BY DENOMINATION -VALUE BY DENOMINATION SOLOMON ISLANDS MONETARY AUTHORITY LIABILITIES AND ASSETS BANKS' OVERSEAS LIABILITIES AND ASSETS CONSOLIDATED BALANCE SHEET FIGURES 'ALL TRADING AND SAVINGS BANKS SECTORAL ANALYSIS OF ADVANCES ALL TRADING land SAVINGS BANKS 12

15 TABLE 1 - SI CURRENCYIN CIRCULATION SI $ C/.) -Date Total Notes Coin 1977 October 1,098,225 1,013,000 85, 225 November 1,571,065 1,448, ,565 December 2, 100,205 1,939, , January 2,051, 165 1,872, ,865 February 2, 351, ,162, ,165 March 2,558,716 2, 332, ,865 Apri 1 2,600,396 2,361, ,545 May 2, 9 73, ,689, , 800 Jtme 3,538,798 3,194, , 339 July 3,497,838 3,130, ,494 August 3,526,718 3,134, ,974 September 3, 5 88, ,178, ,863 October 3,661,358 3,238, ,932 November 3,923,908 3,482, Deceuber 4,132,035 3,665, , January 3,936,240 3,463, ,387 February 3,987,183 3,504, ,041 March 4,251,693 3, 753, ,451

16 TABLE 2 - NOTES IN CIRCULATION - VALUE BY DENOMINATION SI$ (percentage of total note circulation, by value, in brackets) Date - Total $10 $5 g 1977 October 1,013, ,000 (59. 7) 255,000 (25.2) 153,000 (15.1) November 1,448, ,000 (59.4) 352,500 (24.3) 236,000 (16.3) December 1,939,500 1,185,000 (61.1) 427,500 (22.0) 327,000 (16.9) 1978 January 1,872,300 1,130,000 (60.4) 402,500 (21.5) 339,800 (18.1) February 2, 162, 351 1,293,570 (59.8) 484, 285 (22. 4) 384,496 (17.8) March 2, 332,851 1,368,570 (58.7) 551,785 (23.7) 412,496 (17.6) Apri 1 2, 361, ,398,570 (59.2) 5 36, 785 (22. 7) 426,496 (18.1) May 2,689,051 1,618,570 (60.2) 586,785 (21. 8) 483,696 (18.0) Jme 3,194,459 1,946,440 (61.0) 704,285 (22.0) 543,734 (17.0) July 3,130,344 1,881,480 (60.1) 681,310 (21. 8) 567,554 (18.1)... August 3,134,744 1,915,480 (61.1) 653,310 (20.8) 565,954 (18.1) September 3,178,126 1,929,790 (60.7) 663,340 (20.9) 584,996 (18.4) October 3,238,426 2,004,790 (61.9) 647,840 (20.0) 585,796 (18.1) November 3,482,406 2,159,790 (62.0) 711,220 (20.4) 611,396 (17.6) December 3,665,549 2,336,790 (63.8) 694,185 (18.9) 634,574 (17.3) 1979 January 3,463,853 2,235,790 (64.5) 640,685 (18.5) 587,378 (17.0) February 3,504,142 2,271,770 (64.8) 638,190 (18.2) 594,182 (17.0) March 3, 753, 242 2,418,770 (64.4) 702,690 (18.8).631,782 (16.8)

17 TABLE 3 - COIN IN CIRCULATION- VALUEBY DENOMINATION SI$ (percentage of total coin circulation, by value, in brackets) Date Total j.! 20t lot 2!.!t 1977 Octobe r 85,225 48,500 (56.9) 16,600 (19.5) 11,400 (13.3) 5,850 (6.9) 1,800 (2.1) 1,075 (1. 3) November 122,565 71,500 (58.3) 23,400 (19.1) 16,200 (13.2) 7,250 (6.0) 2,640 (2.1) 1,575 (1. 3) Decenber 160, ,000 (54.8) 36,400 (22.7) 22,400 (13.9) 8,450 (5.2) 3,480 (2.2) 1,975 (1. 2) 1978 January 178,865 96,000 (53.7) 42,200 (23.6) 25,400 (14. 2) 9,450 (5.3) 3,()40 (2.0) 2,175 (1.2) February 189, ,000 (53.4) 45,000 (23.8) 27,600 (14.6) 9,450 (5.0) 3,840 (2.0) 2,275 (1. 2) March 225, ,500 (53.0) 53,000 (23.4) 35,600 (15. 7) 10,650 (4.'7) 4,440 (2.0) 2, 6 75 ( 1. 2) April 238, ,000 (52.0) 58,200 (24.4) 37,700 (15.8) 11,050 (4.6) 4,720 (2.0) 2,875 (1.2) May 284, ,000 (47.0) 76,400 (26.8) 50,500 (17.7) 14,450 (5.0) 5,800 (2.0) 3,650 (1.5) June 344, ,509 (44.6) 95,200 (27.6) 65,300 (19.0) 17,650 (5.1) 7,680 (2.2) 5,000 (1. 5) July 367, ,009 (44.6) 103,000 (28.0) 69,500 (18.9) 17,850 (4.9) 7,960 (2.2) 5, 175 ( 1. 4) Augus t 391, ,009 (43.6) 112,400 (28.7) 75, 700 (19. 3) 18,850 (4.8) 8,440 (2.2) 5,575 (1.4) Septenber 410, ,509 (42.9) 121,465 (29.5) 82,633 (20.0) 20,016 (4.0) 9,146 (2.2) 6,093 (1.4) October 422, ,028 (41.1) 127,465 (30. 1) 85,033 (20.1) 20,416 (4.9) 9, 746 (2.3) 6,243 (1.5) November 441, ,528 (40.5) 135,265 (30.6) 89,633 (20.3) 21,216 (4.8) 10,266 (2.3) 6,593 (1.5) December 466, ,820 (40.1) 143,855 (30.8) 94,081 (20.2) 23,616 (5.1) 10,946 (2.3) 7,168 (1.5) 1979 January 472, ,820 (39.8) 146,856 (31. 1) 96,081 (20.4) 23,416 (4:9) 10,946 (2.3) 7, 268 (1. 5) February 483, ,821 (39.7) 150,856 (31. 2) 96,882 (20.1) 24,617 (5.1) 11, 347 ( 2. 3) 7,518 (1.6) March 498, , 821 (39.3) 156,656 (31.4) 99,682 (20.0) 26,217 (5.3) 12,107 (2.4) 7,968 (1.6)

18 TABLE4 - SOLOIDN ISLANDS MONETARYAU1HORITY S1$OOO's LIABILITIES AND ASSETS Date Capi tal & Currency in Other SI Assets External Fixed Othe r Total Liabs! Reserves Circulation Liabili ties Assets Asse ts Assets Assets 1976 December * Decenber * , , , March , , ,818.2 April , ,1 2, , May , , ,242.6 June , , ,812.5 July , , ,823.4 August , , ,864.5 September 106,5 3, , , ,765.8 October , , , ,480.2 Novenber , , , ,351.0 Decenber * , , , , Janua ry , , , ,531.6 February , , , ,273.3 March , , , , ,551.4 * Year end figures are full balance sheet figures.

19 TABLE 5 - BANKS' OVERSEASLIABILITIES AND ASSETS S1$OOO's LIABI LITlES ASSETS * Date Deposits other than from banks Balances with commercial banks overseas Demand Demand Term Balances Bi11s Other Working Total Working Deposi ts Other Govern- Other Bills Total deposi ts deposi ts Deposits due to Pay- Liabi- capital Liabi- balances a t call fixed ment and secu- recei ve- Assets without with other able lities accom t lities or fixed deposits other rities able interest interest banks and for 30 public and reserves days or sector other less secu- assets rities 1977 Sept ,708 12, ,087 Oct ,051 12, , 194 Nov , , ,912 Dec ,384 9, , Jan ,267 10, ,772 Feb ,215 11, ,696 March ,119 13, ,490 April ,135 12, , 600 May ,044 11, ,124 Jme , , ,041 July ,306 12, ,803 I! August ,296 13, ,592 Sept ,501 16, ,025 Oct , Nov , Dec , Jan Feb , ,478 March * As at last Wednesdayof each JOOnth.

20 TABLE 6 -CONSOLIDATED BALANCE SHEET FIGURES SI$million (ALL TRADING AND SAVING BANKS) LIABILITIES ASSETS Deposits Total Assets Date * Other and Cash Sight Savings Time Total Liabili ties Market Loans (SI &Overseas) Advances Other Assets 1977 October January April July October November December January February March * Third Wednesday of each month.

21 TABLE 7" - SECTORALANALYSISOF ADVANCES SI$OOO's (ALL TRADINGANDSAVING BANKS) Advan ce s to; Other Production Services Manufactur- Date * ing Agric & Construction Retail Other Fishing Total Transport Industry Forestry Distr Distr Other Total Persons Total 1977 October 6,271 November , , ,239 3, , January 7, 64 8 February , , , , ,313 May , , , ,520 3, ,343 August , , ,528 3, ,443 November , , , ,468 3, , February , , ,384 3,670 1,031 6,213 * Third Wednesday of each m:mth

22 - CBSI LIBRARY ~ Due Date: L I,I r SOLOMON ISLf\NDS ~"DS