Page 13 Advertisements Column 2

Press, Volume LXXIV, Issue 22419, 4 June 1938, Page 13

THE BANK OF AUSTRALASIA (Incorporated by Royal Charter, 1835.) Paid-up Capital .. .. Reserve Fund (used in the business of the bank) Currency Reserve (used in the business of the bank) Reserve Liability of Proprietors under the Charter £4.500.000 2.475.000 2.000,000 4.500.000 £13,473.000 ONE-HUNDRED-AND-FOURTH ANNUAL REPORT OF THE DIRECTORS OF THE BANK OF AUSTRALASIA WITH THE ACCOUNTS FOR THE YEAR TO OCTOBER 11. 1937. PRESENTED TO THE PROPRIETORS AT THE ANNUAL GENERAL MEETING, HELD ON THURSDAY, MARCH 31, 1938. REPORT The Directors submit to the Proprietors the -Balance Sheet.as at October 11 last, with the Profit and Loss Account for the year to that date. After providing for rebate on bills current, for British, Australian and New Zealand rates and taxes, and making a transfer to the credit of Contingencies Account, out of which account provision for all bad and doubtful debts has been made, the net profit for the year amounted to £309,500/15/6. To this has to be added £193,329/3/4 brought forward from the previous year’s account, making a total of £502,829/18/10. From this, £129,937/10 - was paid as an Interim Dividend on October 1 last, and the Directors have nowappropriated a further sum of £167,062/10/- to pay a Final Dividend of 4. 6 per share, less income tax at 3/6 in the £, making, in all, £297,000. equal to S - per share less tax, and representing for the year a distribution at the rate of 8 per cent., less tax. There will remain £205,829/18/10 to be carried forward to the next account. The Dividend will be payable, in London, Australia, and New Zealand, on Xipiil At Mr Edmund Godward vacated the office of London Manager on April 10 last. The Directors wish to record their high appreciation of the invaluable work, which, during his lengthy service of 51 years, he has rendered to the Bank. Mr G. C. Cowan, who has been Secretary for several years, and has recently returned from a lengthy visit to Australia and New Zealand, has been appointed London Manager. The Directors retiring by rotation are:—Rt. Hon. the Earl of Midletou. K.P., P.C., Donald Forsyth Anderson, Esq., and Sir John Sanderson, K-B.E-. who, being eligible, offer themselves for re-election. The Auditors, Messrs Deloitte, Plender, Griffiths and Co., offer themselves for re-election. Since the date of the last Report, branches have been opened in the Melbourne suburbs of Box Hill, Kew, and South Camberwell, in the Sydney suburbs of Burwood, Crow’s Nest, Manly, and Roseville, and at Dalby. Innisfail, and Mackay, in Queensland.. In addition an Agency has been opened at Port Kembla, New South Wales. JOHN SANDERSON. Chairman. 4 Threadneedle Street, London, March 21, 1938. PROFIT AND LOSS ACCOUNT, FROM OCTOBER 13. 1936, TO OCTOBER 11, 1937. Balance brought forward from October, 1936 .. .. Profit for the year, to October 11, 1937, after deducting Rebate (£7,083/5/2), 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 and Doubtful Debts has been made Less: 1. Charges of Management—Australia and ' New Zealand— Salaries and allowances at 243 Branches and Agencies .. General Expenses London— Salaries and allowances General Expenses, including Directors’* remuneration s. d. s. d. s. <L 133,329 3 4 1,281,759 6 11 536,375 13 115,022 11 22,942 16 3 2. Rates and Australia, New and London Taxes— Zealand 28,153 311 702.494 4 8 269,764 6 9 972,258 11 5 From which deduct— Dividend paid October 1, 1937 Dividend payable April 1, 1938 Balance carried forward per Balance Sheet .. 309,500 15 • 502.829 18 10 129,937 10 0 167,062 10 0 297,000 0 0 £205.829 18 10 Circulation Deposits at Interest Current Accounts Bills Payable, Drafts in Transit and other Liabilities, including provision for contingencies Acceptances for Customers. as per contra ' .. BALANCE SHEET, LIABILITIES. £ s. d. 2,773 0 0 25,174,224 0 9 15,601,239 19 0 5.317.749 19 403,059 9 Capital—--900,000 shares of £5 each, fully paid .. £4,500,060 (There is under the Charter a reserve liability of the Proprietors of £5 per Share.) Reserve Fund Currency Reserve .. Dividend payable April 1, 1938 Profit and Loss Account Balance 46,499.046 S 6 0 0 2,475.000 0 0 2,000,000 0 0 167,062 10 0 OCTOBER 11, 1937. ASSETS. Specie, Bullion, Government Notes, and Cash Balances British Government Securities Australian and New Zealand Government Securities and other Investments Bills Receivable and Remittances in transit Advances on Securities, and other Assets .. Liability of Customers for Acceptances as per contra : ., Bank Premises and Sites in Australia. New Zealand, and London, at Cost, less amounts written off Note: The Australian and New Zealand assets and liabilities are Included at the par rates of exchange and Use net difference which would have arisen bad they been converted at the rates ruling at the date of the Balance Sheet is covered by Currency Reserves. 205,829 18. 10 9,347,892 8 10 £55.846.938 17 4 AT’ H., BULLOCK, Accountant. £ s. d. 10.035.885 8 4 2413.057 1 4 6489454 17 9 2,917.106 13 4 33.460.836 17 U 403.039 9 S 607.718 9 3 £ IT 4 G. C. COWAN. Manager. AUDITORS’ REPORT TO THE PROPRIETORS. We have examined the nboye Balance-Sheet with the books of the Basic in London and with the returns received in London from the Branches in Australia and New Zealand. We have verified the Cash Balances, Bills of Exchange, Investments and Securities held in London. We have obtained all the tnrnmaiton and explanations we have required and, in our opinion, the above Balance-Sheet is properly drawn up so as to exhibit a true and correct view of die state of the Bank's affairs, according to the best of our Information and the wpiamtim* given to us, and as shown by the books in London and the returns from the Branches. DELOITTE, PLENDER, GRIFFITHS AND CO., Auditors. London, March 18, 1933. * m gas*

CONTINUING OUR SALE There’s nothing wrong with these bargains. We want these goods oat when we take ■*««<* this month. Here is your chance! SAMPLE BARGAINS—IMMERSION HEATERS— Usually 10/- .. NOW 5/BEDWARMERS (Electric)— Usually 25/- NOW 5/ELECTRIC HOTPLATES—NOW 5/- and 10/WAFFLE IRONS (non-elec-tric)— Usually 10/NOW 2/6 AUTOMOBILE TROUBLE LAMPS (clip on to battery. 9 feet of flex gives lens range Inspection lamp)— Usually 12/6 .. NOW 7/6 ELECTRIC TOASTERS (shopsoiled only)— Usually 25/- .. NOW 10/SPECIAL S.H. BAKERS' HOTPLATE, for Pikelets, etc. (only 6 months' use). New £6 . NOW £2/10/S.H. 2-RING ORION ELECTRIC RANGE (12 months’ nse). New £lB/10/- .. NOW £S ALL APPLIANCES FULLY TESTED DDAWM DDfTTIJCDC Electrical and Hydraulic DnilVill DHU I Ulblld Engineers (Est. 1908). 590 COLOMBO STREET, CHRISTCHURCH CL (Just over SI. Asaph Street)

To secure careful, efficient, and economical administration of your Estate appoint THE PERPETUAL TRUSTEES Co. Ltd. to be the Executor and Trustee of your Will. SECURITY IN CAPITAL RESERVE FUNDS AND SHAREHOLDERS’ LIABILITY £253,750 Established 1884 A. C. BRETHERTON, Christchurch Manager. 145 Worcester Street, Christchurch. Offices: Christchurch. Timaru, Oamaru, Dunedin. Invercargill-^