Page 7 Advertisements Column 1

Press, Volume LXXIX, Issue 23974, 15 June 1943, Page 7

the BANK OF AUSTRALASIA Inconxirated in England by Royal Charter in 1835. P. M . UP cpYuV'*- 1 " 11 ?' Reserve Fund (used in the business of the Bakki ” Currency Reserve (used in the business of the Ranki Reserve Liability of Proprietors Sr the chafer £ 4.500.000 2.500.000 2,000,000 4.500.000 £13,500,000 Jo9th ANNUAL REPORT OF THE DIRECTORS OF THI BANK OF AUSTRALASIA WITH THE ACCOUNTS FOR THE YEAR TO OCTOBER 12 1942 PRESENTED TO TH g p R 0 P^ I AT the ANNUAL GENERAL’mEETINI HELJJ ON THURSDAY, MARCH 25, 1943. ’ REPORT The DJredtors submit to the Proprietors the Balance-Sheet as at October 12 las with the Profit and Loss Account for the year to that date. After providing th rablte on tnlU cuirent, for British, Australian, and New Zealand rates and taxe ■ gvo- , * . . • J Z, ;* M • new laica dliU IdAf (lid making a ti.inkier to the credit of Contingencies Account, out of which accour DivisionUor all, Wad and doubtful debts has been fifiAnnn Tnrnmp ’raxM overnrnviHpri try nmont - ~, v , . , . made, and after taking credit fc £30,000 Income J(ax(overprovided tn recent years, the net profit for the yea •mounted to £188,570 7s lid. To this has td be added £215,600 5s brought forward from the previous year 1 ,ccount, making a total of £404,170 12s lid. From this, £81,562 10s was paid as a Interim Dividend on October 2 last, and the Directors have now appropriated further sum of £110,250 to pay a Final Dividend, of 3s 6d per Share, less Income Ta •t 8s In the £, making. In all, £191,812 10s, .equal to 6s per Share less Tax, an representing for the year a distribution at the rate of 6 per cent., less Tax. Ther will remain £212,358 2s lid to be carried forward to the next account. The Dividend will be payable, in London, Australia, and New Zealand, o March 26. The Directors retiring by rotation are;—C. G, Hamilton, Esq., and A. Whltwortt Txn who, being eligible, offer themselves for re-election. The Auditors. Messrs. Deloltte, Plender, Griffiths and Co., offer themselves to •••election. Since the date of the last Report, the West End Branch, at 17 Northumberlan Avenue, London. W.C.2, has been closed and also twenty-five Branches in Austral! in accordance with the official policy with regard to Rationalisation of Banking. A. WHITWORTH, t Threadneedle Street, Chairman. * London. 13th March, 1943. ESoyiT AND LOSS ACCOUNT. FROM OCTOBER 14, 1941, TO OCTOBER 12, 194 i jaltnce brought forward from October, s. d. s. d. s. .d •roftt for the year to October 12. .1942, -«fter deducting Rebate (£7,940 16s 4d>, on Bills current at Balance date, and after making a transfer to the credit of Contingencies Account, out of which ;account provision for all Bad arid Doubtful Debts has been made .... . Less i t Charge 3 Management—- • Australia and New Zealand—, Salaries and allowances at 229 Branches and Agencies ... .. General Expenses .. .. .. London— Salaries and allowances General Expenses, Including Directors’ remuneration 215,600 S 0 1,933.036 9 9 583,571 5 6 131.000 19 10 36,339 19 6 36,576 0 11 1 Rites and Taxes— Australia, New Zealand, and London (after taking credit for income tax over-provided In recent years—£2o,ooo) 787,488 S 9 856,977 18 i 1.344.466 1 10 188,570 7 11 from which deduct: Dividend paid October 2, 1942 Dividend payable March 26. 1943 404,170 12 11 81,562 10 110,250 0 191,812 10 0 Balance carried forward per Balance-sheet £212,358 2 11 BALANCE-SHEET, OCTOBER 12, 1942. LIABILITIES Circulation Deposits at Interest Current Accounts Bills Payable, Drafts in Transit, and other Ac counts, including provl slon for contingencies . Acceptances for Customers as per contra £ s. d. 2,697 0 0 22,154,532 13 4 29,822,455 12 5 6,313,686 19 10 432,678 0 1 Capital; 900,000 £ Shares of ■ £5 each fully paid 4,500,000 (There is under the Charter a reserve liablllty of the Proprietors of £5 per share.) deserve Fund (used in the business of the Bank) .. 2,500,000 Currency Reserve (used in the business of the Bank) .. 2,000.000 DI litrain d p lector, 1 e s. d. 58,526,050 5 8 0 0 0 0 MaLon ' ' 194w/ 110,250 0 -0 Profity ■ , Loss 7; count Balance ~ 212,358 211 9,322,608 2 11 £07,848,658 8 7 ASSETS. s, d 3,026,000 0 ( 2,344,880 7 Specie, Bullion, Government Notes, and Bank Balances 14,198,613 8 ! Treasury Bills—Australian and New Zealand .. 5,305,000 0 0 Special Wartime Deposit Account with Commonwealth Bank of Australia British Government Securities Australian and New Zealand Government Securities, and other Investments, including Tax Reserve Certificates .. 6,813,088 14 11 Bills Receivable and Remittances in transit .. 2,969,277 8 £ Advances to Customers, and other Accounts .. 31,940,226 13 £ Liability of Customers for Acceptances as per contra 432,678 0 1 Bank Premises and Sites in Australia, New Zealand, and London, at cost, less amounts written off 818,893 15 £ NOTE.—The Australian and New Zealand assets and liabilities are Included at the par rates of exchange and the net difference which would have arisen had they been converted at the rates ruling at the date of the Balance-sheet is covered by Currency x, Rsser,ves.,-. r £67,848,658 8 7 A. H. BULLOCK, Accountant. G. C. COWAN, Manager. AUDITORS’ REPORT TO THE PROPRIETORS. _ , , T We have examined the above Balance-sheet with the books f>t the Bank in London and with the returns received in London from the Branches In Australia and Ntw Zealand. We have verified the Bank Balances, Bills Receivable, and Investments held in London.. Having obtained all the information and explanations we have required we report that, in our opinion, the above Balance-sheet is properly drawn Up so as to exhibit a true and correct view of the state of the Bank’s affairs, according to the best of our information, and the explanations given to us and as shown by the books In London and the Returns received from the Branches. DELOITTE, PLENDER, GRIFFITHS and COMPANY, Auditors. London, March 10. 1943.

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9U na'im.