THE BANK OF AUSTRALASIA

Otago Daily Times, Issue 23517, 3 June 1938, Page 17

THE BANK OF AUSTRALASIA

(Incorporated by Royal Charter, 1835.) Paid-up Capital Reserve Fund (used in the business of the bank) 2,4<5,000 Currency Reserve (used In the business of the bank) .. .. 2,000,000 Reserve Liability of Proprietors under tho Charter .. .. 4,600,000 £18,476,000 ONE-HUNDRED-AND-FOURTH ANNUAL REPORT OF THE DIRECTORS OP 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 S 3, 103 a REPORT. , The Directors submit to the Proprietors the Balance Sheet as at October S 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 15s (Id. To this has to be added £193,329 3s 4d brought forward from the previous year’s account, making a total of £502,820 18s lOd. From this, £128,837 10s was paid as an Interim Dividend on October 1 last, and the Directors have now appropriated a further sum of £167,002 10s to pay a Final Dividend of 4s 0d per share, less Income tax at 3s 6d In the £, making in all £207,000, equal to 8s per share, less tax, and representing for the yesr a distribution at the rate of 8 per cent., less tax. There will remain £205,820 18s lOd to be carried forward to. the next account. The Dividend will be payable In London, Australia, and New Zealand o« April 1. Mr Bdmnnd 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 front:., a lengthy visit to Australia and New Zealand, has been appointed London Manager. t . The Directors retiring by rotation are—Rt. Hon. fhe Earl of Midleton, K.Py'. P.C., Donald Forsyth Anderson, Esq., and Sir John Sanderson, K.8.E., who, being', eligible, offer themselves for re-election. V ' The Auditors, Messrs Deloitte, Plcnder, Griffiths and Co., offer themsejve*--for re-election. Since the date of the last Report branches have been opened In the Melbourne r suburbs of Box Hill, Kew, and South Camberwell, in the Sydney suburbs of,r ) Burwood, Crow’s Nest, Manly, and Roseville, and at Dalby, Innisfail, and Mackay, in Queensland. In addition an Agency has been opened at X’ort Kerabla, New South Wales. JOHN SANDERSON, J; Chairman. 4 Threadneedle Street, London, March 21 1938. ,c;; PROFIT AND LOSS ACCOUNT FROM OCTOBER 18, 1930, TO OCTOBER 11, 1937. 1 0 fl B. d. « *. d. * B. Balance brought forward from October, 1038 Profit for the year to October 11, 1037, after deducting Rebate (£7,083 6s 2d) on Bills current at Balance date, and ; after making a transfer to , the credit of Contingencies '■ J j Account, out of which ac- ' count provision for all Bad and Doubtful Debts hag been made 1,281,759 911 Less s ■ ■ ■ * / 1. Charges of Management—Australia and New Zealand — Salaries and allow- fiances at 243 Branches and Agencies .. .. 536,375 18 3 f General Expenses .. 116,022 u i ‘ London — Salaries and allowances 22,942 19 8 ■>“ General Expenses. In- - eluding Directors* re- - * muneratlon 28,163 811 ' £702,404 4 8 *•**' 2. Rates and Taxes— Australia, New Zea- x • land and London .. 2G9,7&4 9 9 m 258 u B , —I 809,600 IB 9>'- , £602,829 18 10;, Prom which deduct— ' Dividend paid October m n ‘ * 1, 1937 . . 129,987 10 0 Dividend payable April * /’ i itwa .. 167,002 10 0 . _! 297,000 0 Balance carried forward per 10 ; Balance Sheet £208,829 18 10 , BALANCE SHEET, OCTOBER 11, 1937. .J LIABILITIES. ASSETS. . * £ B. d. £l. I. rircniafinn .. .. 2,773 6 0 Specie, Bullion," Government Deposits at Interest .. .. 25,174,224 0 9 Notes and Cash Balances 10,055,805 8 4 Current Accounts 15,801,239 19 0 British Government SecurlBills Payable, Drafts in ties .. •••••• z > ll3 ' o>>7 1 * Transit and other Lla- Australian and New Zealand bllltles, Including provls- Government Securities and ion for contingencies ~ 5,317,749 IB 4 other Investments .. .. 8.289,354 IT » , Acceptances for Customers, Bills Receivable and Remit- , /V’ as per contra 403,059 9 5 tances In Transit .. .. 2,917,106 18 4 • . —— Advances on Securities and ‘ 1 46,499,046 8 6 other Assets 83,460,836 II 11 Capital « *. d. Liability of Customers for 9flo ogg Acceptances, as per contra 403,059 9 8 Shuras of Bank Premises and Sites in £ g gg,,;, Australia, New Zealand, fully paid 4,500,000 0 0 and London, at cost, less - (The™ Is amounts written off .. 60J,7ia » indw the Note: Tho Australian Charter a and New Zealand assets reserve lla- and liabilities are Included > blllty of the at the par rates of exchange >. Prnnrletors and tho net difference proprietors wlllch wou i d have arisen ,c. ■ 2L* 5 , per had they been converted Reserve Fund 2,475,000 0 0 at the rates ruling at too rnrrencv Be- data of the Balance Sheet - servo y .. 2,000,000 0 0 Is covered by Currency Dividend pay- Reserves. i, ■ able April ... .' , 1, 1938 .. 187,062 10 9 ■ v. Profit and Loss Ac- j count Bal- ' ' ance 205,829 18 10 £ss^B46^3^^^^ A. S, BULLOCK, Accountant. O- COWAN, Manager. > AUDITORS’ REPORT TO THE PROPRIETORS. We have examined the above Balance Sheet with the hooka 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, Invest- - ments and Securities held in London. We have obtained all the Information and _ explanations we have required, and, In our opinion, the above Balance Sheet IB ~ properly drawn up so as to exhibit a true and correct view of the state of the ~ Bank’s affairs according to the best of our Information and the explanations given - > to ns, and as shown by the books in London and tho returns from the Branches. - DELOITTE, PLENDBR, GRIFFITHS & CO., Auditors. London, March 16, 1938.