Page 3 Advertisements Column 4

Otago Daily Times, Issue 25552, 3 June 1944, Page 3

[lncorporated In England by Royal Charter In 1935.] The liability of the members is limited. THE BANK OF AUSTRALASIA Pnid-up Capital 2'smwmn Reserve Fund (used In the business of the Bank) •• ‘‘•“OjJ.oou Currency Reserve (used In the business of the Bank) .. Reserve Liability of Proprietors under the Charter .. 4,500,Q0U £ 13,500,000 * IIOTH ANNUAL REPORT OF THE DIRECTORS WITH THE ACCOUNTS FOR THE YEAR TO OCTOBER 11, 1943. PRESENTED TO THE PROPRIETORS AT THE ANNUAL GENERAL MEETING HELD ON THURSDAY, MARCH 80, 1044. 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 date. After providing for rebate on bills current, for British, Austalian, 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 £215,156 13s sd. To this has to be added £212,358 2s lid brought forward from the previous year’s account, making a total of £427,514 16s 4d. From this £78,750 was paid as an Interim Dividend on October 1 last, and the Directors have now appropriated a further sum of £115,500 to pay a Final Dividend of 3s 6d per Share, less Income Tax at 5s 4d In the £l, making, in all, £194,250, equal to Gs per Share less Tax, and representing for the year a distribution at the rate of 6 per cent., less Tax. There will remain £233,264 16s 4d to be carried forward to the next account. The Dividend will be payable, In London, Australia, and New Zealand, on March 31. The Directors retiring by rotation are:—J. F. G. Gllliat, Esq., and D. J. Robarts, Esq., 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, ten Branches In Australia have been closed In accordance with ti;c official policy with regard to Rationalisation of Banking, and In addition four Branches In New Zealand have been closed. C. G. HAMILTON, Chairman. 4 Threadneedle street, London, March 20, 1944. PROFIT AND LOSS ACCOUNT, FROM OCTOBER 13, 1942, TO OCTOBER 11, 1943. Balance brought forward from October, 1942 Profit for the year to October 11. 1943, after deducting Rebate (£16,290 12s Id), 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 Dobts has been made Less: 1. Charges of Management— Australia and New Zealand — Salaries and allowances at 208 Branches and Agencies General Expenses London— Salaries and allowances General Expenses, including Directors’ remuneration 2. Rates and Taxes— Australia, New Z"aland, and London . • From which deduct: Dividend paid October 1, 1943 .. .. Dividend payvtk March 31, 1944 .. Balance carried forward per Balance Sheet £ s. d. £ s. d. £ s. d. 212,358 2 IX 1,487,021 11 « 540.709 14 4 108,771 11 8 35,609 T 8 32,255 15 J 1 717,346 8 9 554,518 9 4 427,514 16 4 is.VoO o o 115.500 0 0 £233,264 16 4 BALANCE SHEET. OCTOBER 11, 1943. LIABILITIES. £ s. d. Circulation 2,688 0 0 Deposits at Interest .. .. 24,278,394 12 4 Current Accounts 31,828,107 17 4 Bills Payable, Drafts in, Tranr sit and other Accounts, Including provision for contingencies 5,816,109 2 8 Acceptances for Customers, as per contra .. ~ .. .. 186,575 IT 11 £62,111,875 10 8 Capital: £ s. d., 900.000 Shares of £5 each fully paid .. .. 4.300,000 0 0 (There is under the Charter a reserve liability of the Proprietors of £ 5 per ■’■e.) 1' o Fund cd In the business of Die Bank) .. 2,500,000 0 0 Currency Reserve (used In the business of die Bank) .. 2,000,000 0 0 Dividend payable March 31, 1944 .. 115,500 0 0 Profit, and Loss Account Bal. 233,264 16 4 • ' 9,348,764 16 4 £71,460,640 6 I Contingent Liabilities:— Outstanding Credits, Guarantees, etc., as per contra .. 2,784,273 15 7 £74,244,914 22 ASSETS. £ i. d. Specie, Bullion, Government Notes, and Bank Balances 7,366,836 6 S Treasury Bills Australian and New Zealand .. .. 6,225,000 0 0 Special ' War-time Deposit Account with Commonwealth Bank of Australia .. .. 11,990,000 0 0 British Government Securities 1,601,039 8 8 Australian and New Zealand Government Securities, and other Investments, Including Tax Reservo Certificates 0,552,585 0 11 Bills Receivable and Remittances in transit .. .. 2,452,075 8 8 Advances to Customers, and other Accounts 31,266,730 12 10 Liability of Customers for Acceptances as per contra 186,575 17 11 Bank Premises and Sites In Australia, New Zealand, and London, at Cost, less amounts written off 818,888 10 11 71,460,640 6 7 Liabilities of Customers and others on Letters of Credit, Guarantees, etc., as per contra 2,784,273 15 7 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. £74,244.014 22 G. C. COWAN. Manager. A. H. BULLOCK, Accountant. 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 Bank Balances, Bills Receivable, and Investments held In London. Having obtained all the Information and explanations wo have required, we report that. In our opinion, tho above Balance Sheet Is properly drawn up so as to exhibit a true and correct view of (lie state of the Bank’s affairs, according to the best of our Information and the explanations given to us and ns shown by tho books In London and the Returns received from the Branches. DELOITTE, PLENDER. GRIFFITHS AND CO.. Auditors. London, March 15, 1044.

DO not address business lette-s to the Editor. They should be sent to the Manager

SABOTAG m by Borer Vital timbers supporting your property may be riddled with Borer and Termites. The deadly enemy of these pests is Boracure pentachlorophenol with which all woodwork is thoroughly impregnated by highly trained experts. Boracure give 5 years’ guarantee of free service with each job. New timber guaranteed immune for 20 years! Whether you suspect pests or not, get an examination and report NO CHARGE. BU BORACURE (N.Z.) LTD. 129 PRINCES STREET. DUNEDIN. Phone 14-093. McCracken & walls ! /: WILL BUY YOUR 7; V piano ‘ '. FOR, CASH -'• .*’■./ (. _* 1 ‘ , CONSULT US 'NOW ••'.l > ■ .. - Vl7 fJeorqe’ Street ’ -‘ Phone 18-143

can look forward to the future with confidence, knowing ■* that your Wife and Family will bo provided for, through your thoughtfulness, if you have made your Wijl and appointed • competent Executor and Trustee. Estate administration is a business which the modern Trust** Institution is specially equipped to handle. Its experience, knowledge ahd responsibility are important safeguards which assure protection both to your Estate arid to your beneficiaries. By naming THE PERPETUAL Trustees Company, Limited as your Executor and Trustee, you assure to your heirs the financial responsibility, training, and experience of an Institution skilled in Estate and Trust matters, and you can make certain that your wishes will be faithfully carried out. . Ask us to explain what can do to carry out the provisions of your Will, and to protect and preserve the Estate you have built up. OFFICES : DUNEDIN, CHRISTCHURCH, TIMARU, OAMARU, INVERCARGILL. ALFRED IBBOTSON, General Manager.

Facts That Count When You Buy a Disc Harrow IMPORTANT. —No permits are required for the purchase of N.Z.-made Farm Machinery. To MESSRS. DONALD REID & CO., LTD., DUNEDIN. I'lease send me details of the Boothmac “ Steel King” Tractor Disc Harrow. Name. .. Address. • All steel frame. • Dustproof bearings. • Keen Cutting Discs. 9 Easy operation from tractor seat. Rear gang disconnects, so Harrow usable as single out-cut Tractor Disc. Each gang of discs has single wheel transport unit easily raised or lowered. TRACTOR DISC HARROW. OTAGO AGENTS: DONALD REID & CO. LTD. DUNEDIN