Page 3 Advertisements Column 2

Press, Volume LXXXV, Issue 25739, 26 February 1949, Page 3

THE Union Bank OF AUSTRALIA LIMITED (The First Bank to Commence Business in New Zealand) BALANCE SHEET, 31st AUGUST, 1948. LIABILITIES. ASSETS. & Capital Authorised and Issued £12,000,000 Coin, Bullion, Notes and Cash at Bankers 11,949,262 (800,000 Shares of £l5 each) Cheques of other Banks .. .. 2,671,370 Less: Reserve liaoihty tncreon 8,000.000 Balances with and due from other Banks 378,622 Paid up 4,003,000 Money at Call and Short Notice in London 1.200,000 Reserve Fund— Quoted Investments at or under Market General Reserve .. .. 2,220,000 Value— Share Premium Account .. 1,030,000 British Government Securities .. .. 2.085,456 • 3,250,000 Australian Government Securities .. 3.468,743 Final Dividend payable February, 1949, New Zealand Government Securities .. 2,039,867 Less tax 121,000 Local and Semi-Government Securities .. 183,180 Balance of Profit and Loss Account .. 242.982 • 7,777,246 Total Shareholders Funds .. 7,613,982 Tax Reserve Certificates—British Govt .. 204.225 Provision for Currency Depreciation .. 1,600,000 Special Deposit with Commonwealth Bank Deposits, Bills Payable, and other Accounts, of Australia (Central Bank Division) .. 24,992,000 including provisions for Taxation and Balances of Remittances and Drafts in tranExchange Adjustments and Contingen- sit and Bills Receivable at London Office cies Reserves 98.339.033 and Branches 13,314.578 Balances due to other Banks .. .. 4,050,705 - 103,989.738 ? 62,487,300 Acceptances, Confirmed Credits, and En- Loans, Advances, and Bills discounted gagements on oehalf of Customers .. 10,483,054 (less provision for doubtful debts) .. 48,421,300 (1) Full provision has been made for the Fixed Assets— Bank’s liability for Australian, New Bank Premises : Zealand and United Kingdom taxes on Australia and New Zealand, at cost less all profits to date irrespective of when " amount written off 644,323 assessable. London, at cost less provision for (2) With the exception of the Bank Pre- Amortisation 50,791 mises which are recorded in United - 696.11< Kingdom Sterling the Australian and Liabilities of Customers for Acceptances, New Zealand Assets and Liabilities are Confirmed Credits, and Engagements per included in the Balance Sheet at the contra .. 10,483,054 original par rates of exchange and the net difference which would have arisen if they had been converted into United Kingdom Sterling at the rates ruling at London, 18th January, 1949. the date of the Balance Sheet is covered by Provisions for Currency Deprecia- X tion and Exchange Adjustments. . * HUGH FLOWER These assets amount to £ A. 87.871,929 J. W H ELY-HUTCHIN SON and £N,.Z.28,381,416 and the liabilities A. T. MAXWELL to £ A. 78.363,699 and £N.Z.27,446,539 re- ' spectively. The annexed Profit and Loss Account C. E. MURCH, Manager. Is-expressed throughout in United King- L A MULFORD. Accountant. dom Sterling, Australian and New Zealand items having been converted at the rates ruling at the date of the Balance Sheet. » k \ £122,086,774 £122,088.77< PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st AUGUST. 1948. —— - To Salaries, Allowances, and General Expenses at By Balance for the year after making appropriations Head Office. Branches, and Agencies .. .. 1,178,803 to Contingencies Reserves out of which Reserves „ Directors’ Remuneration— provision has been made for Bad and Doubtful As Directors £11,150 Debts and after providing for Tax on such Other Services* 2,967 appropriations 1,777,501 14,117 „ Provision for Taxation on Profits of the year as ascertained after making appropriations and provision indicated per contra and Land Tax 339,049 „ Net Profit for year 245,032 £1,777,001 £1,777,001 M Interim Dividend paid July, 1948, at the rate of 31 w Balance brought forward August, 1947 .. 195,960 per cent, actual, less Income Tax at 9/- in the £ 77,000 », Net Profit for year •• •• 248,03® w Provision for final Dividend payable February, 1949, at the rate of 5J per cent, actual, less Income Tax at 9/- in the £ 121,000 Balance carried forward 242,982 £440,982 £ 440.983 REPORT OF THE AUDITORS TO THE MEMBERS OF THE UNION BANK OF AUSTRALIA LTD. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. . ’ Proper books of account have been kept by the Bank so far as appears ’from our examination of those books. We nave not visited the Branches in. Australia ani New Zealand, but p roper returns adequate for the purposes of our audit have been received therefrom. " , .. . , > We have examined the above Balance Sheet and Profit an d Loss Account which are in agreement with the books of account and returns. In our opinion and to the best of our information and according to the explanations given to us tne said accounts give the information required by the Companies Act, 1948, in the manner thereby authorised for Banking Companies. On the basis thus authorised the above Balance Sheet, with the notes thereon, gives a true and fair view of the state of the Bank’s affairs as at the 31st August, 1948, and the Profit and Loss Account gives a true and fair view of the profit ascertained in the manner therein stated, for the year ended on that date. • London. 18th January. 1949. WHIN NEY, SMITH & WHINNEY, Chartered Accountants, Auditors. General Manager for Australia and New Zealand, W. H. THOMAS. Head Office in New Zealand, Wellington. Inspector for New Zealand, J. H. LOWE.

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