B. —15,

Profit and Loss. £ s. d. £ s. d. £ s d Dividend on C long-term mortgage shares .. .. .. 7,031 5 0 Balance at 31st March, 1937 .. .. .. .. . 645 749 4 9 Dividend on D long-term mortgage shares .. .. .. 17,578 2 6 Dividend on preference B shares .. .. . . .. 68,750 0 0 Dividend on ordinary share capital .. .. .. 187,500 0 0 280,859 7 6 Balance carried down .. .. .. .. .. .. .. 364,889 17 3 £645,749 4 9 Dividend paid 11th December, 1937— £ s. d. £ s. d. £645,749 4 9 Dividend on preference A shares .. .. .. .. 50,000 0 0 £ ~ T Interim dividend on C long-term mortgage shares .. .. 7,031 5 0 Balance brought down .. .. 364 889 17 3 Interim dividend on D long-term mortgage shares .. .. 17,578 2 6 Profits for year ended 31st March, 1938, including recoveries, and Interim dividend on preference B shares .. .. .. 31,250 0 0 after fiayment of aiid provision for all interest due and accrued Interim dividend on ordinary shares .. .. .. 187,500 0 0 _on deposits, provision for bad and doubtful debts, depreciation , . . J, J 293, 359 7 6 of furniture, and for the annual donation to the Provident Fund Balance, being profit for the year .. .. .. 583,209 5 1] are . . .. .. .. ..£1 672 821 6 6 To which has to be added amount brought forward from last year 364,889 17 3' ' j g72 8 ,:> 1 6 G Less— 948,099 3 2 Salaries and allowances at Head Office and 234 £ s. d. Less dividend paid, as above .. .. .. .. 293,359 7 6 branches and agencies .. .. 563,986 16 7 654,739 15 8 Directors' remuneration, including London Board and local directors in Australia .. 9,132 0 2 General expenses, including rent, stationery, telegrams, postages, travelling, repairs to premises, &c. .. .. .. 134,141 6 9 Audit Expenses Account .. .. 3,010 0 0 Rates and taxes .. .. .. 379,34117 1 1,089,612 0 7 583,209 5 11 £948,099 3 2 £948,099 3 2

3