Page 8 Advertisements Column 2

Evening Star, Issue 22973, 2 June 1938, Page 8

THE BANK OF AUSTRALASIA (Incorporated by Eoyal Charter, 1835.) Paid-up Capital £4,500,000 Reserve Fund (used in the business of the bank) 2,475,000 Currency Reserve (used in the business of the bank) 2,000,000 Reserve Liability of Proprietors under the Charter 4,500,000 £13,475,000 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’* 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 now appropriated 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 8/- 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 April 1. Mr Edmund God ward vacated the office of London Manager on April IB 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 Middleton, K.P., P.C., Donald Forsyth Anderson, Esq., and Sir John Sanderson, K.8.E., who, being eligible, offer themselves for re-election. The Auditors, Messrs Deloitte, Plender, Griffiths, and Co., offer themselves for reelection. 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 Theadneedle street, London, March 21, 1938. PROFIT AND LOSS ACCOUNT. FROM O TOBER 13, 1938, 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 Loss: 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. 536,375 13 2 115,022 11 4 22,942 10 3 28,153 3 11 s. d.’ £ s. d. 193,323 3 4 1,281,759 6 11 702,494 4 8 2. Rates and Taxes— Australia, New Zealand, and London ... 269,764 69' From which deduct — Dividend paid October 1, 1937 Dividend payable April 1, 1938 ... Balance carried forward per Balance Sheet 502,829 18 10 129,937 10 0 167,062 10 0 £205,829 18 10 BALANCE SHEET, LIABILITIES. £ s. d. Circulation 2,773 0 0 Deposits at Interest ... 25,174,224 0 9 Current Accounts ' 15,601,239 19 0 Bills Payable, Drafts in Transit, and other Liabilities, including provision for contingencies 5,317,749 19 4 Acceptances for Customers, as per contra 403,059 9 5 £46,499,046 8 6 Capital—--90,000 Shares of £5 each, f. u 1 1 y paid ... £4,500,000 0 0 (There is under the Charter a r e serve liability of the Pro prietors of £5 pe r ■ Share.) Reserve Fund ... 2,475,000 0 0 Currency Reserve 2,000,000 0 0 Dividend... p a y a ble April 1, 1938 ... 167,062 10 0 Profit and Loss Account Ballance ... 205,829 18 10 £55,846,938 17 4 A. H. BULLOCK, Accountant, i OCTOBER 11, 1937. ASSETS. £ s. d. Specie, Bullion, Government Notes, and Cash Balances 10,055,805 8 4 British Government Securities 2,113,057 1 4 Australian and New Zealand Government Securi- ~ ties and other Invest- ' ments 6,289,354 17 S| Bills Receivable and Remittances in transit ... 2,917,10613 4 Advances on Securities, and other Assets 33,460,836 17 II Liabilities of Customers for Acceptances, as per contra ... 403,059 9 8 Bank Premises and Sites in Australia, New Zealand, and London, at cost, less amounts written off ... • 607,718 9 3 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 Reserves. £55,846,933 17 4 G. C. COWAN, Manager-. AUDITORS’ REPORT TO THE PROPRIETORS. We have examined the above Balance Sheet with the books of the Bank 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 information 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 the state of the Bank’s affairs, aocording to the best of our information and the explanations 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 16, 1938.

“ But you’re very young, Jane. You are not thinking of getting married to him yet?” “ Oh, no, m’lady—not for years. It would leave so long afterwards, wouldn’t it, m’lady?”—‘ Punch. ?