Page 7 Advertisements Column 4

Otago Daily Times, Issue 26703, 24 February 1948, Page 7

THE Union Bank OF AUSTRALIA LIMITED (The First Bank to Commence Business in New Zealand.) BALANCE SHEET AUGUST 30, 1947 LIABILITIES. £ £ £ Capital Authorised .. .. .. 12,000,000 Capital Issued .. 12,000,000 Less: Keserve liability thereon 8,000,000 Paid up .. .. ... .. Reserve Fund Final Dividend payable January, 1018 Balance of Profit and Loss Account Total Shareholders’ Funds Currency .Reserve Deposits. Bills Payable and other Liabilities, including provisions for Contingencies and Exchange Adjustment Account Balances due to other Banks 4,000,000 3,200,000 121,000 195,050 85,175,008 1,765,503 Acceptances, Confirmed Credits, and Engagements on behalf of Customers 7,560,950 1,000,000 86,941,171 8,725,553 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. Coin, Bullion, Notes and Cash at Bankers Cheques of other Banks Balances with and due from other Banks .! Money at Call and Short Notice in London Public. Securities (valued at or under Market Price). — __ British Government Securities .. .. 2,078,790 Australian Government Securities .. .. 3.470,587 New Zealand Government Securities .. .. 2,720,649 Local and Semi-Government Securities .. 213,203 Tax Reserve Certificates—British Government Special Deposit with the Central Bank Division (Commonwealth Bank of Australia) Balance of Remittances and Drafts in transit and Bills Receivable at London Office and Branches £ 11,433,304 1,599,425 151,392 390,000 8,483,229. 175,900 20,692,000 7,283,976 Loans, Advances and Bills discounted (after making provision for debts considered Bad or Doubtful) Bank Premises In Australia and New Zealand at cost, less amount written off .. London Leasehold Premises at cost Less: Reserves against same and accrued Interest .. Liabilities of Customers for Acceptances, Confirmed Credits arid Engagements per contra .. £50,209,226 45,221,029 624,288 142,305 58.727 8,725,553 £104,833,674 STATEMENT OF PROFITS. Balance of Profit and Loss Account on 31st August, 1946 .. Froflts 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 .. .. ~ Less: Salaries, Allowances and General Expenses at Head Office, Branches and Agencies Directors’ Fees £IB,OOO Income Tax thereon .. .. 3,333 £ 175,086 1,762,357 1,030,219 United Kingdom, Australian and New Zealand Taxes 13,333 499,941 1,543,493 218,864 £104,833,674 London, 6th January, 1948. JOHN H. DAVIDSON 1 HUGH FLOWER • DtrMfcfe J. W. HELY-lIUTCHINSON J Less: Interim Dividend paid July, 1947 Final Dividend payable January, 1948 77,000 ,000 393,950 198,000 Balance of Undivided Profits at this date 195,950 C. E. MURCH, Manager. L. A. MULFORD, Account***. AUDITORS’ REPORT. In accordance with provisions of Section 134 of the Companies Act, 1929, wc report to the Members as follows: We have examined the above Balance Sheet with the books at Head Office and have had access to the Brancli Accounts transmitted to the Head Office from Australia and New Zealand. We have verified the correctness of the Cash, Money at 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 dnd correct view of tiie state of the Company’s affairs according to the best of our information and the explanations given to us and as shown by the hooks of the Company and the said Branch Accounts. London, oth January, 1948. WHINNEY, SMITH & WHlNXEY,’Chartered Accountants, Auditors. General Manager for Australia and New Zealand, w! H. THOMAS. Head Offlco In New Zealand, Wellington. Inspector for New Zealand, J. H. LOWE.

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