Page 3 Advertisements Column 2

Press, Volume LXXXIV, Issue 25427, 25 February 1948, Page 3

THE Union Bank OF AUSTRALIA LIMITED (The First Bank to Commence Business in Nev/ Zealand) BALANCE SHEET AUGUST 30, 1947 LIABILITIES. ASSETS. £ £ £ £ Capital Authorised .. .. £12.000,000 Coin, Bullion. N<otes and Cash at Bankers 11.433.304 Cheques of other Banks 1,599,425 Capital Issued .. .. .. 12,000,000 Balances with and due from other Banks 151.392 Less: Reserve liability thereon 8.000.000 Money at Call and Short Notice in London 390.000 Paid up 4.039.000 Public Securities (valued at or under Reserve Fund .. .. .. .. 3,250,000 Market Price) Final Dividend payable January, 1948 .. 121,000 British Government Securities .. .. 2.078.790 Balance of Profit and Loss Account .. 195,950 Australian Government Securities .. 3.470.587 Total Shareholders' Funds .. .. 7,566,950 New Zealand Goverriment Securities .. 2.720.649 Currency Reserve 1.600.000 Local and Semi-Government Securities .. 213,203 Deposits, Bills Payable, and other Liabili- „ _ . , 8 *£?.229 ties, including provisions for Contingen- Tax Reserve Certificates—British Govt. .. 175.900 cies and Exchange Adjustment Account 85.U5.668 Special Deposit with the Central Bank Balances due to other Banks .. .. 1,765,503 Division (Commonwealth Bank of Aust.) 20,892,000 86,941,171 Balance of Remittances and Drafts in tranAcceptances, Confirmed Credits, and En- sit and Bills Receivable at London Office gagements on behalf of Customers .. 8,725,553 and Branches 50.209.226 Loans, Advances, and Bills discounted (after .making provision for debts considered Bad or Doubtful) 45,221,029 Bank Premises in Australia and New Zealand at cost, less amount written off .. 624,268 NOTE: The Australian and New Zealand London Leasehold Premises at cost 142,305 assets and liabilities are included at the Less: Reserves against same and accrued par rates of exchange and the net differ- Interest .. .. .. .. 88,727 ence which would have arisen had they 1 53.578 been converted at the rates ruling at the Liabilities of Customers tor Acceptances. date of the Balance Sheet is covered by Confirmed Credits, and Engagements per Currency Reserves. contra . .. .. 8.725.553 £ 104.833,674 £ 104.833.674 STATEMENT OF PROFITS. London, 6th January, 1948. £ £ £ Balance of Profit and Loss Account on 31st Aug. 1946 175,083 • Profits of the past year after appropriation to the credit of Contingency Accounts, out of which accounts provision has been made for Bad and Doubtful Debts and other Contingencies .. .. .. 1,762,357 Less: Salaries. Allowances, and General Expenses at JOHN H nAVinsnN 1 Head Office. Branches, and Agencies .. .. 1.030.219 Directors’ Fees ... £lO.OOO HUGH FLOWER >Directors. Income Tax thereon 3.333 J. W. HELY-HUTCHINSON J United Kingdom, Australian, and New Zealand Taxes 499.941 1,543,493 218,864 393,950 c. E. MURCH, Manager. Less: Interim Diyldend paid July, 1947 .. .. .U’K!! L. A. MULFORD. Accountant. Final Dividend payable January. 1948 .. 121,000 198,000 Balance of Undivided Profits at this cate .. .. 195,950 AUDITORS’ REPORT. In accordance with provisions of Section 134 of the Companies Act, 1929, we report to the Members as toilows:— We have examined the above Balance Sheet witn the books at Head Office and have had access to the Branch Accounts transmitted to the Head Office from Australia rnd N>ew Zealand. We have verified the correctness of the Cash. Money St Call and Short Notice, Investments, and the Bills of Exchange held in London and having obtained all the information and explanations we have required, we are of opinion that such Balance Sheet is properly drawn up so as to exhibit a true and correct view of the state of the Company’s affairs according to the best of our information and the explanations given to us and as shown by the books of the Company and the said Branch Accounts. London, 6th January. 1948. WHINNEY, SMITH & WHINNEY, Chartered Accountants, Auditors. General Manager for Australia and New Zealand, \V. H. THOMAS. Head Office in New Zealand, Wellington. Inspector for New Zealand, J. H. LOWE.

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