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Commonwealth Banking Corporation, Commonwealth Trading Bank of Australia, Commonwealth Savings Bank of Australia and Commonwealth Development Bank of Australia - Reports and financial statements, together with Auditor-General's Report - Year - 1980-81


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The Parliament of the Commonwealth of Australia

COMMONWEALTH BANKING CORPORATION

Annual Report 1980-81

Commonwealth Trading Bank of Australia

Commonwealth Savings Bank of Australia

Commonwealth Development Bank o f Australia

Presented pursuant to Statute 22 September 1981

Ordered to be printed 29 October 1981

Parliamentary Paper No. 300/1981

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Rising above the glittering lights o f Sydney’s M artin Place is the Head Office o f the Commonwealth Banking Corporation.

1981 Annual Report and Financial Statements 2

Commonwealth Banking Corporation Group

The Commonwealth Banking Corporation was established under legislation enacted by the Australian Parliament. Its origin lies in the opening for business of the then Commonwealth Bank of Australia on 15 July 1912.

Today, the Commonwealth Banking Corporation, through its three banks, the Commonwealth Trading Bank of Australia, the Commonwealth Savings Bank of Australia and the Commonwealth Development Bank of Australia, and their subsidiary and associated companies, provides a

complete range of banking services through a network of more than 1,300 bank-staffed points of representation throughout Australia and in London, New York, the Cayman Islands, Los Angeles, Hong Kong, Tokyo and Port Moresby (Papua New Guinea). Planning is also in hand to establish an office in Singapore. The Australian Government accepts ultimate responsibility for the payment of any moneys due by the Corporation and the three banks.

At 30 June 1981, 31,179 people were employed full-time by the Corporation.

C om m on w ealth Banking Corporation

Head Office: Pitt Street and Martin Place

Sydney, New South Wales

Postal Address: Box 2719, GPO, Sydney 2001 Telex: 20267, 20345 and 24514

About this Report

P age

Commonwealth Banking Corporation G roup................................. 4

Board Members ............................................................................... 5

The Results of 1980/81 .................................................................... 6

Chairman’s R eport........................................................................... 7

Economic Conditions........................................................................ 21

International Operations.................................................................. 27

Customer Services ............................................................................ 30

Community Involvement.................................................................. 32

Ten Years’ Progress.......................................................................... 34

Financial Statem ents........................................................................ 35

M anagem ent..................................................................................... 63

Branches and Managers .................................................................... 66

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The Commonwealth Trading Bank of Australia . . . The Commonwealth Savings Bank of Australia . . .

conducts a full range of commercial banking services. CTB Australia Limited, CTB Nominees Limited and CTB Leasing Pty Limited are wholly- owned subsidiaries and a 50% ownership is held in:

• CBFC Limited • Travelstrength Limited and • Corporation Properties Limited.

Equity interests are held in: • Australian European Finance Corporation Limited — 23% • Australian Resources Development Bank

Limited — 16.7% • Charge Card Services Limited —14.3% • Primary Industry Bank of Australia

is the repository for the savings of the people of Australia. It provides finance for housing, local and semi-government bodies, schools, churches, societies and other organisations.

A 50% ownership is held in: • CBFC Limited • Travelstrength Limited and • Corporation Properties Limited. Equity interests are held in: • Bridge Spring Pty Limited — 25% • National Bank of Solomon Islands

Limited — 25.5%

The Commonwealth Development Bank o f Australia . . .

Limited — 12.5% • Resources & Investment Finance Limited -— 33.3% • National Bank of Solomon Islands

Limited — 25.5%

provides finance for purposes of primary production and for the establishment or development of all kinds of business undertakings, particularly small businesses.

It provides advice and assistance to promote the efficient organisation and conduct of business undertakings.

CBFC Limited . . . CTB Australia Limited . . .

is the general finance company owned jointly by the Commonwealth Trading Bank and the Commonwealth Savings Bank.

is a Deposit-Taking Company, incorporated in Hong Kong, wholly-owned by the Commonwealth Trading Bank.

Corporation Properties Limited . . . Travelstrength Limited . . .

is the travel service owned jointly by the Commonwealth Trading Bank and the Commonwealth Savings Bank.

is a company owned jointly by the Commonwealth Trading Bank and the Commonwealth Savings Bank to acquire banking premises.

Australian European Finance Corporation Limited . . . Resources & Investment Finance Limited . . .

is a merchant bank in which the Commonwealth Trading Bank is joined as a shareholder with four major European banks.

is a merchant bank, incorporated in Papua New Guinea, in which the Commonwealth Trading Bank is joined as a shareholder with two Pacific-based banks.

Commonwealth Banking Corporation Group 4

The Commonwealth

Banking Corporation Board

Chairman Professor L.F. Crisp Member since 1974 Chairman since 1975

Deputy Chairman Sir Brian Member since 1968

Massy-Greene Deputy Chairman since 1975

Managing Director V.T. Christie Member since 1976 Managing Director since 15 August 1981

(Vice Sir Ronald Elliott retired 14 August 1981)

Deputy Managing Director S.P. Kelly, DFC Appointed 15 August 1981

C.O. Dolan, AO Member since 1973 H.D. Buyer, AO Member since 1980 J.J. Kennedy Member since 1974 Sir Peter Lloyd Member since 1967

S.B. Myer Member since 1979

H.C. Schmidt Member since 1977 J.O. Stone

Secretary B.J. Wright

Member since 1979

Autobank — the after hours bank.

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$ million

Group Highlights 1980/81

30 June 30 June 1980 1981

Assets 17,915 20,084

Deposits 13,668 14,845

Loans, advances, lease financing and bills discounted 8,942 10,217

1979/80 1980/81

New lending approvals 3,541 3,675

Profit after income tax and extraordinary items and excluding intra-group dividends 135.5 135.9

30 June 30 June 1980 1981

Number of full-time staff 29,679 31,179

Financial Summary June 1980 $ million

June 1981 $ million

Combined assets of the Commonwealth Banking Corporation Group Combined profit after income tax and extraordinary items and excluding 17,915 20,084 intra-group dividends of the member banks of the Commonwealth 1979/80 1980/81

Banking Corporation Group and their subsidiaries 135.5 135.9

1979/80 1980/81

Combined profit of the three banks (after provision for tax and including extraordinary items) 131.2 128.5

Profit contributed by: • Commonwealth Trading Bank* 40.4 27.5

• Commonwealth Savings Bank* 78.8 86.7

• Commonwealth Development Bank Profit allocated as follows:

12.0 14.3

• Commonwealth of Australia 41.6 39.0

• State Authorities** 13.7 14.8

• Reserves for Contingencies and General Purposes 28.6 26.7

• Capital Reserves — 2.1

• Reserve Funds 47.3 45.9

CBFC Limited net profit (after income tax and extraordinary items) 7.9 10.7

Corporation Properties Limited net profit (after income tax) 0.1 0.2

CTB Australia Limited — 0.2

The latest year’s profit results of the three banks (combined) represent a return of 0.70% on average assets, compared with somewhat higher returns of between 0.78% and 0.86% in the two preceding financial years. * I n c l u d e s d i v i d e n d o f $ 1 . 9 m i n 1 9 7 9 / 8 0 a n d $ 1 .9 m i n 1 9 8 0 / 8 1 f r o m C B F C L i m i t e d

‘ ♦ R e f l e c t s p a y m e n t s m a d e t o c e r t a i n s t a t e a u t h o r i t i e s i n t e r m s o f a g r e e m e n t s r e l a t i n g to p a s t a m a l g a m a t i o n s o f s t a t e s a v in g s b a n k s

w i t h t h e C o m m o n w e a l t h S a v i n g s B a n k .

The Results o f 1980/81 6

On behalf of the Board of the Commonwealth Banking Corporation, I have pleasure in presenting this report covering operations of the group for the

year ended 30 June 1981.

Quring the year further steps were taken to strengthen staff skills and resources, to widen representation and expand services for customers in

Australia and overseas.

I make particular mention of the introduction of self-service automated telling-machines, under the name of “ Autobanks” , which provide out-of­

hours service to savings and trading bank customers. The Corporation seeks to keep abreast of all relevant research and developments in fields which offer

prospects of greater customer convenience and satisfaction.

The Corporation welcomed the decision taken by the Government in December 1980 to remove maximum interest rate controls on trading and savings bank

deposits. In its submissions to the Campbell Committee of Inquiry into the Australian Financial System, the Corporation argued in favour of a

carefully planned and implemented move away from direct (discriminatory) controls over various groups of

institutions within the Australian financial system towards a system of more indirect influence allowing much greater interplay of competitive market

forces. The removal of controls on deposit interest rates is a step in that direction.

Continuing high public support of the Corporation’s banks was appreciated by the Board and Management. Each of the three member banks — the Commonwealth Trading Bank of Australia, the Commonwealth Savings Bank of Australia and the Commonwealth Development Bank of Australia — and the wholly-owned

subsidiary finance company, CBFC Limited, recorded sound increases in earnings. However, group operating profit (after tax), at $135.9 million,

represented an increase of only $0.4 million on the previous year’s results.

Although both the Commonwealth Savings Bank and the Commonwealth Development Bank recorded profit increases, the contribution of the

Commonwealth Trading Bank to the overall result was less than in the previous year. A major influence on the Commonwealth Trading Bank’s lower profitability in 1980/81 was that, in

meeting the ceiling imposed by the monetary authorities on the rate of growth in advances, the Bank experienced a significantly lower

increase in higher earning assets than in the previous year. Moreover, the Commonwealth Trading Bank, in pursuing the Corporation’s charter to

ensure that the policies of its constituent banks are directed to the greatest advantage of the people of Australia, continued to hold a high

proportion of its lending in advances of less than $100,000 to small businesses and individuals, which remain subject to interest rate controls. These factors,

which led to a further narrowing of the net interest margin, were the major influences on its profit performance for the year.

A financial summary, showing the combined assets of the group and profit contributions and allocations, is shown on the opposite page.

Commonwealth Trading Bank of Australia In 1980/81 the Commonwealth Trading Bank of Australia (CTB) operated in a financial environment in which growth

potential for banks remained subdued. This situation did not reflect any lack of demand for bank finance from either

Chairman's Report 7

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the business or the personal sectors, which remained strong; rather, it resulted from the continuation of official government anti-inflationary

monetary policies aimed at restricting the rate of growth of the money supply. Liquidity conditions generally remained tight and there was further upward pressure on interest rates.

Deposits with the CTB in Australia rose by $645 million over the year, standing at $6,100 million in June 1981. This growth was somewhat stronger than the

$577 million increase recorded in 1979/80.

To achieve this deposit growth it was necessary to increase interest rates offered for term deposits progressively during the year and to adjust these rates

more frequently than in previous years. The increase in term deposits during the year contributed well over half of total CTB deposit growth. It seems likely that in the more flexible banking and financial environment that has been emerging and is in prospect, frequent adjustment of interest rates on both term deposits and loans will be a continuing feature.

Against the background of constraints imposed by official guidelines on bank lending generally, the CTB endeavoured to satisfy the borrowing needs of customers and continued to provide widespread support to both the personal and business sectors. New loan approvals (excluding finance made available through commercial bill facilities) by the CTB during 1980/81 totalled $1,887 million, which was slightly more than the $1,861 million recorded in the previous year.

Some additional capacity to meet the needs of the CTB’s business customers was available through the provision of commercial bill lines, although the granting of these facilities was also subject to guidelines of restraint by the

monetary authorities.

Because of official constraints on new lending, the growth rate of the CTB’s loans and advances outstanding in 1980/81 was considerably slower than in recent years. Outstanding loans and

advances rose by $374 million over the year compared with an increase of $478 million in 1979/80. The strong growth in consumer spending during the year resulted in firm demand for personal

loans. New lending to the personal sector accounted for much of the total increase in advances outstanding.

The increase in consumer spending also resulted in firm demand for Commonwealth Bankcard. Turnover in 1980/81 in merchandise sales and cash advances reached a record level of $705 million (1979/80 $520 million) while the number of active Bankcard accounts increased to 598,000 at 30 June 1981. The number of CTB merchants participating in the scheme increased to

18,000 during the year.

Commonwealth Bankcard is now widely accepted in New Zealand where there are more than 20,000 participating merchants, and Bankcard’s associated international credit cards — Visa and MasterCard — are now available for customers going overseas. In addition, some Commonwealth Bankcard customers may now obtain cash advances from Autobank, the new self­ service banking facility available at selected points only (so far)in New

South Wales, Victoria and the Australian Capital Territory.

Autobank self-service terminals have been introduced to enable personal banking business to be transacted quickly and at extended times to suit customers — every day, including weekends and holidays, between 7 am and 9 pm.

During the year, a new Monthly Income Term Deposit facility was

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introduced by the CTB for personal depositors. From the day of lodgment interest is paid monthly either by credit direct to any account with the Commonwealth Banks or by cheque. Monthly Income Term Deposits should have a particular appeal to those who are retired or approaching retirement, as well as to other customers who require a regular income.

The CTB continued to expand its operations in the commercial paper markets, particularly in the areas of promissory note trading and

underwriting and in interest rate futures. The CTB is an Associate Member of the Sydney Futures

Exchange Limited and acts on behalf of customers wishing to hedge interest rate exposure in their own names.

During the year the CTB played a significant role in the record semi­ government public loan programme,

participating as a lead underwriter in seven loans totalling $372 million.

The CTB’s international banking operations continue to expand, with worldwide representation being

significantly increased and new and existing services being further developed and diversified. The CTB’« commitment to meet the growing need for all aspects of international banking

facilities is discussed in a separate section of this report (page 27).

Yearly Movement in Deposits $m June Averages 5 0 0 .................. - .. ............. ' ' ™

Interest Bearing 1 ^ · Non Interest Bearing

7 2 /7 3 7 4 /7 5 76 /7 7 78/79 80/81

Chairman s Report 9

Australian European Finance Corporation Limited (AEFC), in which the CTB has a 23% equity, continues to rank among the leading merchant banks in Australia. Other shareholders are Banque Nationale de Paris (23%), Algemene Bank Nederland NV (18%), Banca Nazionale del Lavoro (18%) and Dresdner Bank AG (18%), all of which are major banks by world standards. AEFC’s after tax profit for the year was $5.0 million and group assets and unfunded commitments reached $646 million at year end. (AEFC’s separate annual report is available on request.)

Yearly Movement in Advances $m June Averages

72/73 74/75 76/77 78/79 80/81

The CTB’s 1980/81 profit, after provision for taxation, was $27.5 million compared with $40.4 million in 1979/80. Of this amount, $1.0 million

has been transferred to the Reserve for Contingencies and General Purposes, and $0.9 million to the Capital Reserve. In terms of the Commonwealth Banks Act 1959, $12.8 million of the remaining profit has been added to the CTB’s Reserve Fund and $12.8 million paid to the Australian Government.

Total earnings for the year were adversely affected by the slower rate of growth in advances, further narrowing in the margin of interest received over interest paid, a rise in the statutory reserve deposit requirement which was increased from 6% to 7% of deposits in

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December 1980 and increased operating costs arising in part from the accelerated development of international operations and points of representation.

As will be noted from the special section of the report on pages 27 to 29, the CTB now conducts operations in several major money market centres

throughout the world and can be regarded as a true “international” bank.

During the year, dividends of $1,875,000 (1979/80 $1,875,000) were received from CBFC Limited and $230,000 (1979/80 $230,000) from AEFC.

Commonwealth Savings Bank of Australia

Competition for household savings intensified during 1980/81, with an increasing number of deposit-taking institutions entering the market. When viewed against the prevailing market

conditions, and in contrast to the subdued growth of $427 million in the previous year, the increase of $569 million in depositors’ balances recorded

by the Commonwealth Savings Bank of Australia (CSB) in 1980/81 was satisfactory. At 30 June 1981 depositors’ balances stood at $8,100 million and

active accounts totalled 8,410,000. The CSB maintained its position as the largest savings institution in Australia.

The removal, in December 1980, of controls on interest rates paid on deposits was a development of major importance for savings banks as well as for trading banks. While this permitted

savings banks to act more readily to protect their deposit base, official controls on interest rates for housing loans remained in force.

The CSB responded to this development by immediately increasing the interest rate paid on its Savings Investment Accounts by 1.0% to 10.0%

per annum. A further increase to 10.5% per annum took effect in March 1981. (This rate was subsequently further increased to 11.5% per annum in

August 1981.) These high-interest passbook accounts proved most popular and made a significant contribution to deposit growth during the year.

An additional deposit facility, the Keycard Savings Account, was introduced during the year. These accounts depart from the traditional passbook operation and are, in effect,

“card-operated” . Transactions are recorded on a statement which is issued to depositors periodically or upon request. The accounts are well suited to

accept direct remittances such as salary and pension receipts, and for payment by the Bank of insurance premiums, loan repayments, and other regular expenses on behalf of the account holder. Depositors with Keycard

Savings Accounts in areas where Autobank self-service terminals are located have the additional benefit of an

after-hours personal banking facility.

Christmas Club accounts continue to be popular. The 1981 Club at 30 June 1981 had 355,000 members with balances totalling $38 million. The

amount paid out to members of the 1980 Club was $61 million.

The CSB maintained its position as the largest lender for housing in Australia.

Chairmans Report 11

During the year 32,421 loans were made available for this purpose and funds provided totalled $903 million — a record amount.

As has been the position for a number of years, the demand for housing loans exceeded funds available. This was particularly evident in the latter part of the financial year as deposits with permanent building societies fell, necessitating a cut back in their lending programmes. The CSB, after maintaining an even flow of housing finance for most of the year, lifted its approval rate during this period to meet the increased demand.

Housing Loan Approvals $mYear ended 30 June

y j B

............ *

P

J , 1J 1 % 11400 .... ......■ ■ ■ 1- 1 - 1■ j 1- -200 I I . 1 - 1■ Ί J - 9Q 1 , 1JJ72/73 74/75 76/77 78/79 80/81The CSB’s optional insurance scheme for houses purchased or erected with the help of CSB finance continued to achieve strong growth in its eighth year of operation. Premiums are paid on aconvenient monthly basis in conjunction with loan repayments and the insurance cover is available on either a replacement or indemnity basis.The CSB again provided considerable support to semi-government and local government bodies, financing essential services such as roads, electricity, water and sewerage. Loans amounting to $204 million were made available during the year, bringing the total over the past five years to $1,270 million.

The CSB’s interest in education has always gone beyond the widespread banking facilities provided for school children and embraces provision of school project material, study and information aids and support for parent and teacher organisations. The CSB is currently funding an educational programme to be introduced later this year to assist school leavers in the transition from school to the workforce. Through the CSB’s school savings bank arrangements more than 750,000 children operate their own savings accounts in both government and private schools and are thus able to develop their knowledge of banking procedures and money management.

The continued co-operation of principals and teachers is gratefully acknowledged.

Through 1,243 branches and sub­ branches and 5,674 agencies the CSB conducts the most extensive savings bank network in Australia. Thanks are extended to agents for their co­ operation and assistance throughout the year.

In February 1981 the CSB’s London operations at 8 Old Jewry and Melbourne House were consolidated at Aldwych House branch, directly across Aldwych from Melbourne House and in proximity to Australia House.

The CSB participates in exchange of information and keeps abreast of world trends and developments in savings banking through its membership of the International Savings Banks Institute. The CSB is represented on the Board of Administration of the Institute, which has its headquarters in Geneva. In keeping with its position as one of the largest savings banks in the world, the CSB has aided in the development of savings banks in the Asian/Pacific area

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Branches cater for city dwellers and remote customers with the same efficient service.

and has arranged training programmes in Australia for their staff.

Dividends totalling $1,875,000 (1979/80 $1,875,000) were received during the year from CBFC Limited.

Profit for the year was $86.7 million, compared with $78.8 million in 1979/80. Of the total, $14.8 million has been allocated to certain state authorities under savings bank agreements, $18.2 million has been transferred to the Reserve for Contingencies and General Purposes and $1.2 million to the Capital Reserve. The remaining $52.5 million has been divided equally between the CSB’s

Reserve Fund and the Australian Government in accordance with the Commonwealth Banks Act 1959.

Commonwealth Development Bank of Australia

The Commonwealth Development Bank of Australia (CDB) continues to hold its unique place in the Australian banking system by providing finance that is not otherwise available on reasonable and suitable terms and conditions. The

CDB supplements, but does not compete with, other banks or sources of finance. In carrying out its functions, the CDB is primarily concerned with

the prospects of success of the enterprise and does not restrict the amount of its loan in accordance with the value of security. It does, however, seek the best security available up to the point where the loan will be reasonably covered. Second or subsequent mortgages are acceptable to the CDB and security arrangements with existing lenders are usually left undisturbed. As a matter of policy, the CDB normally expects applicants for finance to have a reasonable equity in their enterprise.

I ..............................

Chairman's Report 13

Australia is rich in natural resources. Funds from the Commonwealth Banks are used extensively in the development of those resources.

In fulfilling its lending function, the CDB provides finance for primary production and for the establishment or development of business undertakings, particularly small ones. Finance is provided over terms of up to 20 years, if appropriate, while equipment finance is repaid under instalment arrangements.

During 1980/81, loan approvals totalling $93 million were made to 2,304 applicants compared with $116 million to 2,722 applicants in 1979/80. In addition, approvals for equipment finance totalled $65 million to 5,000

applicants compared with $57 million to 4,606 applicants in 1979/80.

As at 30 June 1981, outstanding loan balances were $441 million, made up of $337 million in rural loans and $104 million in loans to business undertakings. This compares with $396 million ($312 million rural and $84 million business) as at 30 June 1980. Equipment finance balances outstanding as at 30 June 1981 were $100 million compared with $90 million a year earlier.

Rural and fishing industries received a high proportion of new finance provided by the CDB, with the bulk of these approvals for terms of around 10 years. Demand by rural producers for equipment finance accounted for 58% of total equipment finance approved during 1980/81. The CDB is an approved prime lender for the Primary

Industry Bank of Australia Limited (PIBA) and PIBA refinancing has increased the CDB’s capacity to assist primary production.

As a result of the extension of its charter in June 1978, the CDB now lends extensively for the establishment or development of small enterprises in

all business sectors, including secondary industry, the wholesale and retail trades,

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transport, tourism, the professions, entertainment and service undertakings generally. During 1980/81 loans totalling $32 million were approved for

business undertakings, compared with $38 million in 1979/80.

To assist the CDB in meeting the demand for its facilities, it was necessary to increase its overall borrowing from the institutional market

by $23 million. Borrowings from this source now total $132 million.

Another of the CDB’s statutory functions is to offer advice and assistance for the efficient organisation

and conduct of primary production and business undertakings. To achieve this the CDB provides —

• technical advice and assistance to customers through the CDB’s staff of specialist officers;

• scholarships for management study;

• financial aid for research into primary industry problems and to organisations whose objectives are to improve the standards of business

management;

• financial aid to publish books and other material relating to the management of rural enterprises and small businesses; and

• assistance to bodies organising conferences of importance to industry.

The CDB assists in the development of Australia’s neighbours in the Asia/Pacific region through its active membership of the Association of

Development Financing Institutions in Asia and the Pacific (ADFIAP). During April 1981, the CDB was host to the Third General Assembly Meeting of

ADFIAP which was attended by delegates from 23 nations and

representatives from the World Bank, the Asian Development Bank and the Organisation for Economic Co­ operation and Development.

Profit for the year to 30 June 1981 was $14.3 million, compared with $12.0 million in 1979/80. Of this amount, $7.5 million has been transferred to the Reserve for Contingencies and General Purposes and $6.8 million added to the

CDB’s Reserve Fund.

Rural Loans (Outstanding as at 30 June 1981)

Type of Industry Amount

$’000

Beef Cattle 54,995

Sheep 84,495

Dairying 38,642

Other Livestock 20,517

Wheat 71,308

Other Grain Crops 20,471

Fruit 13,789

Other Rural Industry 32,752

Total $336,969

Business Loans (Outstanding as at 30 June 1981)

Type of Industry Amount

$’000

Manufacturing 40,383

Transport, Storage and Communication 2,618

Commerce — Retail and Wholesale 11,301

Building and Construction 2,216 Fishing 23,066

Tourism 10,806

Sawmilling 1,118

Other Businesses and Services 12,842

Total $104,350

Chairman's Report 15

CBFC Limited

The Corporation’s general finance company, CBFC Limited, which is owned jointly by the Commonwealth Trading Bank of Australia and the Commonwealth Savings Bank of Australia, continued its steady and planned growth in providing facilities by way of leasing, hire purchase,

mortgage and commercial loans, and personal instalment loans.

Net receivables rose by $185 million to $728 million at 30 June 1981, when total contracts in hand numbered 79,200. Group assets increased by $177 million to $768 million with liquid investments at the same date amounting to $36 million.

Strongest growth was in leasing, for which a peak level of new business in excess of $210 million was written during the year.

Net operating profit before tax for

l 1980/81 was $20.3 million, reflecting an

increase of 25% on the previous year’s result of $16.2 million.

Dividends of 15 cents per share on an annual basis were declared from 1980/81 profits and amounted to $4.1 million.

Two issues of debenture stock were well supported by investors and additional capital and loans provided by the shareholding banks aggregated $15

million.

CBFC Limited is managed and staffed by officers seconded from the Commonwealth Banking Corporation. The Board of Directors consists of senior executives of the Corporation and the group’s policies and operations are subject to the overall supervision of the

Corporation Board.

The company issues a separate Annual Report.

Travelstrength Limited has brought convenient and creative travel consultancy to the Corporation’s customers.

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Travelstrength Limited

The Corporation’s travel service, Travelstrength Limited, is owned joindy by the Commonwealth Trading Bank of Australia and the

Commonwealth Savings Bank of Australia.

The overall rate of growth of the travel industry was significantly slower than in recent years despite expansion in the domestic holiday market. The

company’s efforts to increase market share were inhibited by discounting practices prevalent in the industry.

These combined with escalating staff costs to erode margins.

Changes in procedures for setting international air fares were introduced in June 1981. These changes improve the competitiveness of Travelstrength and should assist it to gain a more reasonable share of the retail travel

market.

A subsidiary company, Travelstrength Services Pty Ltd, has developed a capacity to assist clients with incentive, convention and group travel requirements. Early results are pleasing.

Sales by Travelstrength Limited were almost $32 million, an increase of 1.9% on 1979/80.

New agencies of the travel service were opened at Woden in the Australian Capital Territory and Casuarina in the Northern Territory. The travel centre in

London was closed during the year following restructuring of the Corporation Banks’ retailing activities in the United Kingdom. Travelstrength

Limited now has direct representation at 25 locations in Australia.

Corporation Properties Limited

Corporation Properties Limited was established during 1979 to acquire

premises for use by the constituent banks of the Corporation. As at 30 June 1981 the company had issued capital of $8 million and assets of $45 million.

The company is owned jointly by the Commonwealth Trading Bank of Australia and the Commonwealth Savings Bank of Australia and its Board of Directors is made up of senior

executives of the Corporation. The company’s policies are subject to the overall supervision of the Corporation Board.

The company continued to expand during the year by acquiring properties from the CTB and CSB, and now owns properties in New South Wales,

Victoria, Queensland, South Australia and the Australian Capital Territory.

For the year ended 30 June 1981, the net profit of the company, after providing $536,254 for income tax, was $217,668. The high taxation expense reflects the non-deductible expense of

depreciation on buildings.

The Staff

Staff resourcefulness and dedication at all levels have been primary reasons for the continued expansion and success of the Corporation during the past year. In acknowledging this, the Board again expresses its sincere thanks to the staff for their enthusiastic and loyal efforts in bringing an ever-widening range of financial services to customers

throughout Australia and overseas.

At the end of June 1981, 31,179 people were employed full-time by the Corporation in Australia and overseas.

Recent developments in banking and finance indicate that the Corporation will be operating in an ever more

complex and challenging environment in the future. To ensure that staff are prepared for the changes that are likely to occur, the Corporation has continued

Chairman s Report 17

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to place heavy emphasis on personal development and on training of people in management and other personal and technical skills.

To implement its training and development programmes, the Corporation uses —

• on-the-job training in branches and departments;

• full-time and part-time courses at staff training centres throughout Australia;

• residential courses and seminars at the Corporation’s Callaghan Staff College, St Ives, New South Wales; and

• external courses such as those conducted by the Australian Administrative Staff College, the Bankers’ Administrative Staff

College, the Australian Institute of Management and selected overseas institutions.

The extent of the Corporation’s involvement in staff training and development can be gauged from the fact that, in 1980/81, more than 5,817

officers attended courses of various types.

For many years, the Corporation has encouraged officers to undertake tertiary studies as one means of equipping themselves for future responsibilities. There are at present 1,350 members of

the staff studying commercially-oriented courses under a bursary scheme providing financial and other assistance. More than 590 Corporation officers

hold degrees from universities and colleges of advanced education. A further 900 officers have recognised banking and accounting qualifications.

The Corporation has always regarded the development and maintenance of sound staff and industrial relations as primary objectives. To further these aims, both formal and informal

discussions between senior Corporation executives and representatives of the staff’s accredited industrial organisation, the Commonwealth Bank Officers’

Association (CBOA), have long been a feature of Corporation/CBOA relations.

To give effect to the many and varied changes occurring in commercial organisations and the community generally, staffing policies and conditions of service come under regular review. A feature of the review process is joint participation by

Corporation and CBOA representatives on a number of advisory and consultative committees, including those dealing with matters of technological

change and security.

Num ber o f F ull-Tim e S taff as at 30 June 1981 — Salaried Staff by age and sex — Service Staff by sex Age Group Men Women Total

Salaried Staff Under 21 3,214 6,274 9,488

21-25 3,008 5,780 8,788

26-30 2,219 1,645 3,864

31-35 2,702 341 3,043

36-45 1,947 174 2,121

Over 45 2,580 151 2,731

Sub Totals Service Staff 15,670 912

14,365 232 30,035 1,144

Totals 16,582 14,597 31,179

An important joint committee is the Central Committee on Occupational Safety and Health, which has the continuing role of developing and

overseeing the development of programmes for Corporation staff. Following a review of the Corporation’s needs, a Corporate Health Service, headed by an appropriately qualified

medical practitioner, will be established during 1981/82. This will permit more

Chairman's Report 19

effective overview of the Corporation’s medical arrangements, including its requirements in such areas as recruitment, sick leave, compensation and occupational safety and health.

The Corporation continues to give high priority to the protection of staff and customers from hold-up attacks and, during the past 12 months, actively pursued a programme designed to install additional bullet-resistant barriers and other appropriate devices at points of representation.

The introduction of optional age-55 retirement for male officers of the Corporation occurred towards the end of the financial year. This enables all

Corporation officers to enjoy an option that is available to employees in many other organisations in Australia.

N um ber o f F u ll-T im e S ta ff by G eographic D istrib u tion as at 30 June 1981

State or O ther T otal

New South Wales 14,714

Victoria 5,577

Queensland 4,892

Western Australia 2,184

South Australia 2,023

Tasmania 609

Australian Capital Territory 564

Northern Territory 191

Overseas 425

Total 31,179

The Board and Management

On 14 August 1981 Sir Ronald Elliott retired from the position of Managing Director after a long and distinguished career in the Corporation spanning almost 50 years.

The Board has benefited from the leadership and wise counsel of Sir Ronald during his five years as Managing Director and also from the great contribution he made as General Manager of the Commonwealth Development Bank between 1965 and

1975. Sir Ronald retires with the esteem and best wishes of all his colleagues.

Mr V.T. Christie was appointed to succeed Sir Ronald as Managing Director from 15 August 1981. Mr S.P. Kelly, DEC assumed the position of Deputy Managing Director and Mr W.H. Clark, OBE the position of General Manager of the Commonwealth Trading Bank from the same date. The Board looks forward to its association with these senior management members in their new offices and responsibilities.

L.F. Crisp, Chairman, Commonwealth Banking Corporation Board.

20 August 1981

Chairman's Report 20

Gross Domestic Product-Constant Prices Change on Previous year

Non-Farm

Business Fixed Investment-Constant Prices Change on Previous Year

■ I

| Non-Dwelling Building and Construction I Plant and Equipment

Balance of Payments $M

6000

4000

2000 —

| 1

,0 0 ° p · _ - ■ ■ ■ ■

-1000 I 1 I I ■

1 I 3000 I I-6000 ..... ·â– I Current Account Balance I Net Private Capital Inflow

The international economic environment during 1980/81 was marked by a general weakening in activity in the major western economies,

particularly in Europe, and unsettled conditions in world foreign exchange and finance markets. This slowing in

economic activity, together with the waning influence of the 1979/80 surge in oil prices, led to a dampening of inflationary pressures in most major industrial countries.

In contrast to the subdued state of the world economy, the tempo of economic activity in Australia gathered momentum in 1980/81. Non-farm output, after adjusting for inflation, recorded its strongest rate of growth since 1973/74. This provided for sustained employment growth and a firm rise of 2.9% in gross domestic

product (1.9% in 1979/80), despite a substantial fall in output in the drought-affected farm sector.

A feature of this upturn in economic activity was the pronounced swing to domestic sources of growth. In the previous financial year the external sector, under the influence of a very strong rise in exports, provided the major stimulus to economic growth. By contrast, in 1980/81 the acceleration in non-farm output was underpinned by strong growth in domestic demand while the external sector provided a net supplement to domestic supplies rather than demand.

Exceptionally strong growth in business investment, much of which was associated with resources development and manufacturing projects based on our mineral and energy wealth, was the dominant influence on the expansion of domestic demand. Following a fall of 5.1% in real terms in the previous financial year, private non-dwelling investment increased by 21.2% in

1980/81. This upsurge consisted of rises

Economic Conditions 21

of 18.3% in plant and equipment expenditure and 29.9% in non- residential building and construction, reflecting in part the impact of the construction phase of major resources projects.

Consumer spending, the major component of domestic demand, rose by 3.2% in real terms, compared with 2.4% in 1979/80. This expansion in consumer demand reflected a rise in after-tax incomes per person employed accompanied by firm employment growth.

Private investment in dwellings rose strongly in 1980/81, consolidating the trend of the previous financial year. Activity, however, continued to be concentrated largely in New South Wales and Queensland.

Australia’s external transactions in 1980/81 were characterised by a record level of private capital inflow, partly offset by a widening in the deficit on the current account of the balance of payments. Net private capital inflow of

$6,550 million was more than three times the level of 1979/80. This result was heavily influenced by overseas funding of major resource projects and

an upsurge in foreign portfolio investment in Australian corporate equities.

A strong rise of $3,318 million (to $19,147 million) in imports coupled with only marginal growth of $309 million (to $18,890 million) in exports led to a sharp rise in the deficit on current account. Exports were affected by the international economic downturn and a drought-induced fall in rural exports. On the import side, higher oil prices, stronger consumer spending and, in particular, strong growth in demand for imported plant and equipment were major contributing factors.

The effect of prolonged drought in many areas of Australia was evident in

the decline in production of some major rural commodities. As a consequence, real gross farm product fell by 12.3%. The wheat harvest was particularly affected, being reduced to two-thirds of the volume of the previous year.

The rate of increase in consumer prices moderated in 1980/81. The consumer price index for the year as a whole rose by 9.4% compared with 10.2% in

1979/80. A less rapid rise in import prices (influenced by exchange rate movements) more moderate petrol price rises and the subdued trend in meat prices were major contributing factors. Wholesale prices also grew more slowly during the year.

Following a five-year period in which the rate of growth of wages and salaries roughly corresponded with trends in prices, earnings growth outstripped the rise in consumer prices by a relatively wide margin during the year. Average weekly earnings rose by about 13% for the year as a whole, well above the increase of 9.9% in 1979/80.

The labour market continued to strengthen, reinforcing the solid gains of the previous year. The number of employed persons, as measured by the

Statistician’s labour force survey, increased by 2.6% for the year, following the rise of 2.4% in 1979/80. This employment growth was sufficiently strong to allow some further inroads to be made into the level of measured unemployment, with the average rate of unemployment falling from 6.1% in 1979/80 to 5.8% in

1980/81. While the rate of unemployment was below the level of a year earlier almost throughout the year, the most marked improvement occurred in the latter part of the year. The unemployment rate in the June quarter of 1981 was 5.5%, well below the figure of 6.1% in the corresponding quarter of

1980. The Australian dollar appreciated

22

Prices and Earnings .Change on same Quarter of Previous Year % . ...

1973 1975 1977 1979 1981

Consumer Price Index "Estimate

" ' Average Weekly Earnings (Seasonally Adjusted)

Volume of Money ^ Change Over Previous Year

° 1975 1977 1979 1981

— M1 — Currency plus Current Deposits with All Trading Banks —— M3 — Currency plus Total Deposits with all Trading and Savings Banks.

Selected Interest Rates (End-Month Data)

1978/79 1979/80 1980/81

— 90 Day Bank Accepted/Endorsed Commercial Bills — 2 Year Non-flebatable Government Bonds (Theoretical Yields) — 13 Week Treasury Notes — Weighted Average Yield ot Notes Alloted at Tender

— Issue Yield Prior to December 1979.

significantly over the year against the currencies of most of its trading partners, but displayed little overall change against the yen and US dollar.

At 30 June 1981 the trade-weighted index stood at 92.9 compared with 85.0 at the same date in 1980, an appreciation of 9.3%.

Financial Sector Conditions

The broadly defined measure of the volume of money (M3 — currency plus trading and savings bank deposits) grew by 12.7% for the year to June 1981,

marginally more than the 12.3% recorded in the previous year and higher than the officially desired range of 9%-l 1%.

A record surplus of $2,839 million on private sector foreign exchange transactions was the dominant influence on money formation and liquidity conditions. This was partly offset by a

reversal from a Budget domestic deficit of $567 million in 1979/80 to a surplus of $429 million in 1980/81.

Private sector holdings of liquid assets and government securities (LGS) increased by $2,410 million over the year, well in excess of the rise of $1,168

million in 1979/80. The banks’ share of this increase in LGS assets was $1,299 million, in marked contrast to the fall of $35 million in the previous year.

Government security sales were dominated by Treasury Notes, reflecting the attractiveness of their yields relative to tap issue bond yields,

uncertainty about future interest rate movements, and precautionary measures in the light of expected liquidity pressures in the June 1981 quarter. In

contrast to Treasury Notes, there was only patchy demand for other Commonwealth Government securities.

While there was some intermittent support for individual issues of tap stocks, for the most part subscriptions

Economic Conditions 23

to tap issues of Commonwealth bonds were very subdued. Australian Savings Bonds also attracted little support, despite two fairly substantial interest rate increases during the year.

For much of the year the general level of interest rates was subject to upward pressure. This situation, which continued beyond the close of the financial year, resulted mainly from strong competition for funds in response to a sharp rise in demand for finance from the private sector and was reinforced by a large public sector domestic borrowing requirement, the high level of overseas interest rates at times, and the June 1981 quarter liquidity trough.

The most important interest rates development during 1980/81 was, however, the Government’s decision in

December 1980 to concur with proposals for the complete abolition of controls on savings bank deposit rates and trading bank term deposit rates.

Removal of the long-standing ceilings on rates paid by trading banks for term deposits, in particular, quickly led to more competitive use of these deposits for seasonal liquidity purposes and introduced a new element to the usual pattern of interest rate movements in Australia.

Official interest rate ceilings have continued to apply to bank loans and advances of less than $100,000, although this is one of many matters under review by the Committee of Inquiry into the Australian Financial System. The maximum rate of interest which may be charged on trading bank advances and on savings bank loans other than for owner-occupied housing was increased by 2.0% per annum to

12.5% per annum in December 1980, while the maximum rate for savings bank loans for owner-occupied housing was increased by 1.0% per annum to

11.5% per annum. In August 1981 rates

for each of these categories rose by a further 1.0% per annum.

Deposits with the major trading banks grew by 14.4% in 1980/81, slightly less than the growth of 15.7% in the previous year. With very strong demand for bank finance prevailing throughout the year, loans and advances outstanding rose by 12.6%. This growth was well below the rise of 16.7% in

1979/80, although it exceeded the monetary policy guideline which aimed at limiting the growth in advances to not more than 10.0% over 1980/81.

Liquidity conditions in the trading bank sector during most of 1980/81 were generally about the same as the reasonably tight conditions of the previous year. Although the liquidity run-up in the first half of the financial year was stronger than in the corresponding period of 1979/80, this was against the background of the unusually low liquidity base with which the banks commenced the year and was partly offset by an increase in the statutory reserve deposit ratio from 6.0% to 7.0% in January 1981. During the June quarter there were strong additions to bank liquidity from overseas sources as well as from a run­ down in non-bank holdings of government securities. As a result, the average LGS ratio of the major trading banks in June 1981 was 20.3%, 1.4 percentage points higher than in June

1980.

Savings bank deposits grew by 9.2%, an improved result on the rise of 7.2% in 1979/80. This growth was more than accounted for by the performance of tl higher-interest earning investment accounts. Consequently, there was a marked change in the composition of savings bank deposits, with investment accounts representing 42.4% of deposits in June 1981 compared with 38.4% a year earlier. On the lending side, savings bank housing loans outstanding

24

II

rose by 10.3%, compared with 13.1% in the previous year.

The Australian Government Budget 1981/82

The 1981/82 Budget gives priority to reasserting downward pressure on both inflation and inflationary expectations, thereby endeavouring to maintain

conditions conducive to sustained expansion of private sector activity. To this end the Budget has been directed towards curbing public sector demands

on available resources of materials and skilled labour at a time when those resources are being keenly sought by an expanding private sector. It is also

aimed at significantly reducing the total public sector requirement for loanable funds given the likelihood that the corporate sector will be seeking substantially larger borrowings to help finance its investment program.

The Budget deficit for 1981/82 is estimated at $146 million, a reduction of $981 million on the outcome for 1980/81. After allowing for government

transactions overseas, the Budget domestic surplus is estimated to increase by $1,113 million to $1,542 million.

Total Budget outlays for 1981/82 are projected to increase by 12.6% compared with an increase of 14.6% in 1980/81. Within total outlays, particular

priority has been given to defence, social welfare and foreign aid.

The estimated increase in total receipts in 1981/82 is 15.8%, compared with 18.6% in 1980/81. The main sources of revenue growth in 1981/82 are sales tax

increases and a substantial rise in income tax collections from individuals.

The Government’s announced monetary policy objectives for 1981/82, to which fiscal policies will be providing strong support, will require that all the

monetary aggregates grow much less

rapidly than they have in recent years. The Government will be seeking to restrain growth of M3 to between 10% and 11% over the course of 1981/82,

compared with an outcome of 12.7% for the year to June 1981.

Outlook For 1981/82

The outlook for the Australian economy in 1981/82 needs to be seen against the background of the recent strong recovery in domestic economic activity together with the danger that an

incipient upsurge in inflation could undermine prospects for sustained economic growth. In the face of this threat the Government has laid down

the basic policy framework, on both the fiscal and monetary fronts, for containing and ultimately reducing inflationary pressures in the system.

In the light of this tighter policy environment, some moderate easing in the rate of growth of economic activity is now in prospect. Nevertheless,

current indications suggest further solid growth in the non-farm sector of the economy, with business investment expenditure likely to again provide the

main growth impetus. With the likelihood of some recovery in farm output given a return to more normal seasonal conditions, gross domestic

product could rise at about the same rate as in 1980/81.

Given the time required for the more restrictive policy measures to bear down on wage and cost pressures, inflation is expected to increase over the course of

1981/82.

Pressures on financial markets seem likely to persist in 1981/82, with demand for funds running up against a supply constraint represented by

monetary policy projections which appear more capable of achievement than has been the case in other recent years.

Economic Conditions 25

26

The primary aim of the international operations of the Commonwealth Trading Bank of Australia continues to be to service the needs of customers in

relation to overseas trade and investment in the most effective way possible. This is accomplished through a network of more than 1,000 branches within Australia, international offices in

London, New York, Los Angeles, Hong Kong and Tokyo, and through a comprehensive network of correspondent banks throughout the world. Also, an office is soon to be opened in Singapore.

The extensive services available to customers include international receipts and payments, documentary credits, trading financing and trade information.

An important element in providing these services is the CTB’s relationship with correspondent banks around the world. That relationship is of critical importance in enabling the CTB to meet the financial and other banking requirements of its importing and exporting customers and has been strengthened by participation on a wider basis in international money

markets, foreign exchange and syndicated loan transactions and an active visiting programme. The CTB is strongly of the view that its officers gain

a much closer understanding and broader perspective concerning correspondent banks and the environment in which they operate by

personal overseas visits.

Overseas Representation

The CTB’s increased commitment to international business development is clearly illustrated by the recent establishment of additional points of offshore representation.

For many years the CTB has recognised the Pacific Basin area as a region with

significant growth potential and ever- increasing economic importance to Australia. Accordingly, during 1980/81 the CTB extended its worldwide representation by establishing a

Representative Office in Tokyo, Japan, and an Agency in Los Angeles, California, USA while planning is in hand to establish a Representative Office for the Association of South East Asian Nations (ASEAN) in Singapore.

The principal objectives of the CTB’s Representative Offices in Tokyo and Singapore are —

• to acquire profitable banking business for the CTB;

• to assist Australian companies operating, or planning to operate, in the regions; and

• to assist companies and individuals in the regions with information on Australian banking and business practices.

The CTB’s new Agency in Los Angeles, California represents an important addition to the Bank’s presence in the United States of America. It provides

the CTB with the means for improving its share of trade and investment business related to the U S West Coast, and will complement the operations of

CTB New York in the areas of foreign exchange, money market dealing and domestic and foreign currency lending operations.

Following recent amendments to US Federal banking laws, the CTB was granted permission to convert its New York Agency to a federally-licensed branch. As a federal branch, CTB New

York will have greater flexibility in its operations.

CTB Australia Limited, the CTB’s wholly-owned deposit taking company in Hong Kong, became fully operational during 1980/81. The company is now

International Operations OF THE COMMONWEALTH TRADING BANK

27

effectively involved in foreign currency lending, foreign exchange dealing and money market activities, while a trade finance operation is also being developed.

The CTB’s London office continues to be involved in a wide range of commercial transactions and efforts have been concentrated on the development of a successful money market and wholesale banking operation. During 1980/81 the CTB’s London operations were re-organised when, in February, all retail banking services were consolidated at Aldwych

House branch.

On 2 March 1981 the Solomon Islands banking activities of the Commonwealth Banks, which had conducted operations there since 1951, were taken over by the National Bank of Solomon Islands Limited. The new bank provides a full range of banking services through its principal office in Honiara, branches in Auki and Gizo, and a network of agencies. Shareholding in the new bank is CTB 51% (of which one-half is held for benefit of the CSB) and Solomon

Islands Government 49%.

The CTB has a one-third shareholding in Resources & Investment Finance Limited, a merchant bank in Papua New Guinea.

International Lending

financing of capital projects in Australia.

International Offices of the Commonwealth Trading Bank of Australia

Australia: Major Offices Sydney —

International Division 6th Floor, Cnr Pitt Street and Martin Place GPO Box 2719, Sydney NSW 2001

Telephone: 238 3155 Telex: 20072, 25322 J.W. Fletcher G.C. Johnson J.A. Wiseheart

R.G.E. Robertson J.I. Roberts R. H. Elliott A.H. Law J.M. Leechman J.G. Byrne

S. W. Conner

Melbourne —

Chief Manager Deputy Chief Manager Deputy Chief Manager

Senior Manager Manager Assistant Manager Assistant Manager Assistant Manager Assistant Manager Assistant Manager

International Division 3rd Floor, 367 Collins Street GPO Box 866J, Melbourne Vic 3001

Telephone: 616 4111 Telex: 30327 G.W. McKenzie Manager I.A. Chesterman Assistant Manager

The CTB’s overseas offices have been at the forefront in the steady expansion of the Bank’s international loan portfolio.

The year saw a marked increase in the level of finance for Australian trade by the use of the New York Bankers’ Acceptance market. The CTB has also been involved in several major borrowings by Australian and non­ resident borrowers.

Continued emphasis will be given to trade-related proposals and the

United Kingdom: London — 8 Old Jewry, London EC2R 8ED Telephone: 600 0822 Telex: 8812558, 8813916 S.B. Holloman J.L. Garrick

D.H. Fuller

W.K. Wilson

M.J. King

Chief Manager Deputy Chief Manager Senior Manager (Administration)

Senior Manager (Commercial) Manager, Foreign Exchange

28

United States of America: New York — Westvaco Building 299 Park Avenue, New York NY 10171

Telephone: 888 9220 Telex: 238550, 177666 C.J. Ker Senior Vice-President J.M. McAnany First Vice-President

Los Angeles — 4th Floor, 612 South Flower Building 612 South Flower Street Los Angeles, California 90017

Telephone: 623 6974 Telex: 4720401 Shortly to be relocated at: Wilshire Grand Building

600 Wilshire Boulevarde Los Angeles, California 90017 R.L. Potter First Vice-President G.J. Harlum Vice-President

Hong Kong: Hong Kong — 7th Floor, Admiralty Centre, Tower 2 Hong Kong Telephone: 5-286441

Telex: 60466 CTB HX J.G. Koch Chief Representative R.D. Thomson Representative

Japan: Tokyo — Suite 1805, North Tower Yurakucho Denki Building

7-1 Yurakucho 1-Chome Chiyoda-ku, Tokyo 100

Telephone: 213 7311 Telex: 28167 A.J. Mooney Chief Representative

Papua New Guinea: Port Moresby — ANG House, PO Box 3699, Port Moresby

Telephone: 21 2423 Telex: 22148 Mintas Kranas Manager

Singapore: Pending opening of the Office (expected to be October 1981), enquiries should be directed to:

International Division 9th Floor, Cnr Pitt Street and Martin Place GPO Box 2719, Sydney NSW 2001

Telephone: 238 3096 Telex: 20072, 25322 R.W. Storr Chief Representative

Cayman Islands: Grand Cayman — CTB Grand Cayman PO Box 501

Grand Cayman British West Indies

Wholly-owned Subsidiary Hong Kong:

CTB Australia Limited 7th Floor, Admiralty Centre, Tower 2 Hong Kong

Telephone: 5-286441 Telex: 60466 CTB HX J.G. Koch Managing Director R.D. Thomson Senior Manager

Affiliate Papua New Guinea:

Resources & Investment Finance Limited Invesmen Haus, Douglas Street PO Box 652, Port Moresby Telephone: 21 4866 Telex: 23006

G.W. Edie General Manager

Associated Company Solomon Islands:

National Bank of Solomon Islands Limited PO Box 37, Honiara Telephone: 875 Telex: 66319

L.G.M. Latimer General Manager

Internationa! Operations 29

Travel Services

π---- ~ ~ ~ Cheque and Savings ServicesCheque accounts — savings accounts — keycard savings accounts — savings investment accounts — term deposits — Christmas Club — special purpose savings accounts — monthly income term deposits — Autobank — extended hours banking (savings) — bank cheques — account payment authorities— black light signature system — society and club accounts — school banking.International Banking ServicesOverseas receipts — overseas payments— documentary credits — trade introductions — trade financing and technical services — customer advisory services — investment abroad — foreign investment in Australia — foreign currency loans — foreign exchange — forward exchange cover — foreign currency hedging — overseas travellers’ currency requirements — overseas brancnes and points of representation — correspondent banks.Investment ServicesTerm deposits — savings investment accounts — certificates of deposit — nominee services — portfolio and asset management services — short-term money market operations — transferable deposits — stock and share registry services.Lending ServicesLoans for housing — personal loans — campus loans — personal and business overdrafts and fully drawn loans — term loans — farm development loans— loans to local and semi-government authorities — loans to state housing authorities — bridging loans — loans to schools, churches and other organisations — commercial bill financing — lease finance — hire purchase — equipment finance — development finance. Holiday and business travel itineraries

— incentive travel — conventions — group travel bookings — travel savings accounts — travel loans — travel documentation (passports, visas, health) — insurance (personal and luggage) — travellers’ cheques — Overseas

Bankcards — foreign currency.

Bankcard Services

Bankcard

Cash advances — credit purchasing — extensive merchant network.

Overseas Bankcard

Credit purchasing — emergency cash advances.

EDP Services

Cheque reconciliation — cheque sorting — I ATA bank settlement plan — Central Magnetic Tape Exchange (CEMTEX).

General Finance Company Services (through CBFC Limited and CBFC Leasing Ply Limited) Lease finance and hire purchase —

personal and commercial instalment loans — commercial and mortgage loans for short and medium terms — investment through public issues in debenture stock — lodgments of

unsecured deposits “at call”.

Merchant Banking Services (through a subsidiary and affiliates) CTB Australia Limited (Hong Kong) — Subsidiary

Foreign currency lending — domestic lending in Hong Kong — trade financing — foreign exchange dealing

— money market services.

Australian European Finance Corporation Limited — Affiliate

Corporate finance for short and medium terms in Australian and foreign

Customer Services 30

The Commonwealth Savings Bank is Australia’s largest lender fo r housing.

currencies within Australia and overseas, particularly the Pacific Basin and ASEAN countries — syndication of credit facilities for large amounts —

money market services — financial advisory services — lease finance — underwriting — information on eurobond issues.

Resources & Investment Finance Limited (Papua New Guinea) — Affiliate

Local and off-shore lending — project financing — leasing — money market services — portfolio investment advice — other merchant banking services.

Migrant Information Services Information on housing, employment, banking, social security, education, travel and nomination of relatives and friends — linguists — translation of personal documents — Financial and

Migrant Information Centre, London.

Women’s Information Service A service to enable women to discuss financial and banking matters with qualified women staff.

House Insurance Services

House insurance for housing loan borrowers.

Other Services

Money transfers — night safe — safe custody — safe deposit boxes — collection and negotiation of bills of exchange — customs guarantees — interest rate futures, hedging and broking services — underwriting and sub-underwriting — banker to the issue

facilities — Economic Newsletter.

31

In a constantly changing social environment, the Corporation endeavours to foster and enrich its already good relations with the people it serves and employs. In so doing, many opportunities arise which allow it to contribute to a wide range of community activities that enhance the well-being of our society.

COMMUNITY

The Corporation is sympathetic to those in need, and assistance is given to many bodies engaged in good works in the community. The Salvation Army, Red

Cross and NADOW (the National Association for Training the Disabled in Office Work) are among many organisations that receive financial help.

The Corporation endeavours to spread its support throughout the community. It has undertaken various programmes directed at Australia’s youth. One example is Corporation sponsorship of a “ Life Skills” programme, which is currently being developed for secondary school students with the assistance of specialist consultants. The project is designed to assist young people leaving school and has the support of the

Department of Education in NSW.

At the other end of the age-scale, the Corporation has given considerable assistance in providing funds for retirement homes and villages. The Corporation’s interest in the elderly is also reflected in helping them plan for retirement. The Corporation booklet “Looking Forward to Retirement” is a contribution to this end and is available free at all the Corporation’s branches.

THE ARTS The Corporation plays an important role in sponsoring literary and art awards such as the National Short Story competition, the Blake Prize for Religious Art and the National Art Award for secondary school students.

Com m unity Involvem ent 32

The Australian Opera’s production of Die Fledermaus, with Dame Joan Sutherland in the lead role, is to be

presented in all capital cities as a result of the Corporation’s sponsorship of this popular operetta.

SPORT Of the diverse community activities in which the Corporation involves itself, sport rates highly. Football, cricket, swimming, bowls, golf, netball, fishing, surfing, cycling, hockey, weight-lifting, and many others receive continuing assistance with particular emphasis being placed on involvement at school level.

The Corporation has also contributed to the Sports Medicine Research Foundation, which conducts an institute

for research into sporting injuries, and to the XII Commonwealth Games (1982) Foundation Limited.

SCIENCE AND EDUCATION Science and education continue to absorb a significant share of the Corporation’s contribution to the

community.

Medical research, in particular, has benefited with such organisations as the National Heart Foundation of Australia, the Gar van Research Foundation, the

Child Accident Prevention Foundation of Australia, the Royal Victorian Eye and Ear Hospital and the Prince Henry Hospital Centenary Foundation

receiving support.

Encouragement and aid is also given to education, a noteworthy example being a recent five year grant towards establishment of the Warren Centre for

Advanced Engineering at the University of Sydney.

Symbolic of the Corporation’s attitude is its involvement with “The Inventors”, a popular television programme aimed at encouragement of inventors.

INFORMATION SERVICES Special attention has been given to the development of services for specific groups within the community. The

growing inflow of migrants has necessitated expansion of the Corporation’s Migrant Information Service and additional linguists have

been recruited to assist the assimilation of the many nationalities involved.

New Women’s Information Centres, staffed by women officers, have also been opened in selected locations to

cater specifically for the financial needs of women.

COMMONWEALTH DEVELOPMENT BANK

The Commonwealth Development Bank of Australia (CDB) exercises a function unique amongst banks in providing

advice and assistance directed to promoting the efficient organisation and conduct of primary production and business undertakings, particularly small

business undertakings.

Consistent with this role, research grants are provided both for projects of national significance and for those

directed at increasing production or productivity within particular segments of industry. Scholarships are provided for management and trade union

executives to attend management education courses. Specific grants are also made available by the CDB for a wide range of purposes, and applicants seeking financial assistance may obtain the benefit of discussions with the CDB’s technical specialists in engineering, business finance and rural activities.

During 1980/81, the CDB co-sponsored the International Congress on Dryland Farming held in Adelaide and the

Seventh International Symposium on Small Business which was held in Melbourne.

Commonwealth Trading Bank

As at 30 June 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981

Assets Sm 2,268 2,980 3,447 4,067 4,741 5,293 6,005 7,412 8,95310,213

Advances (June averages) $m 1,105 1,534 1,887 2,180 2,424 2,544 2,888 3,258 3,736 4,110

Deposits (June averages) $m 1,705 2,331 2,595 3,128 3,607 3,987 4,160 4,878 5,455 6,100

Number of accounts Ό00 1,216 1,263 1,357 1,556 1,596 1,622 1,685 1,769 1,801 1,902

Branches/agencies 1,123 1,170 1,222 1,258 1,247 1,219 1,224 1,249 1,273 1,293

Commonwealth Savings Bank

As at 30 June 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981

Depositors’ balances Sm 3,402 4,008 4,341 4,848 5,431 5,961 6,564 7,104 7,531 8,100

Active accounts Ό00 7,273 7,426 7,569 7,865 8,026 8,156 8,192 8,281 8,336 8,410

Branches/sub-branches 1,111 1,119 1,115 1,124 1,147 1,158 1,174 1,202 1,226 1,243

Agencies 7,108 6,959 6,792 6,394 6,314 6,108 5,953 5,801 5,717 5,674

Commonwealth Development Bank

As at 30 June 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981

Assets $m 296 299 318 347 381 408 438 482 517 557

Loan Approvals — Rural Sm 29 29 54 43 29 56 49 61 78 61

— Business Sm 10 13 12 15 8 19 15 29 38 32

— Equipment Finance Sm 37 38 41 39 45 60 52 60 57 65

Loans Outstanding — Rural Sm 202 198 203 232 243 254 280 292 312 337

— Business $m 38 37 39 46 48 49 56 65 84 104

— Equipment Finance Sm 51 52 56 56 62 80 85 89 90 100

A I

Ten Years' Progress

34

C om m onw ealth Banking C orporation its M em ber Banks and subsidiaries

Combined Liabilities and Assets a s a t 30 j u n e is s i

1981 1 9 8 0

Liabilities

$’000 $ ’0 0 0

Capital Reserve Funds of the Banks and undistributed

76,572 76,572

profits of subsidiaries Capital, Reserve Funds of the Banks and

674,507 585,950

undistributed profits of subsidiaries Minority shareholder’s interest in subsidiary

751,079 662,522

company 995 —

Deposits 14,845,247 13,667,641

Public borrowings of subsidiaries 674,667 506,985

Balances due to other banks 1,074,403 902,240

Bank acceptances Provision for Australian and overseas income

1,165,982 866,011

taxes payable 12,363 29,773

Provision for long service leave 130,319 116,352

Other provisions 85,164 60,391

Bills payable and all other liabilities 1,343,930 1,103,175

Assets

Total 20,084,149 17,915,090

Notes, coin, bullion and cash at bankers Loans to authorised dealers in the Australian

141,415 102,763

short-term money market 89,830 122,900

Money at short call overseas 56,897 102,646

Australian public securities Statutory Reserve Deposit Account with Reserve 5,105,334 4,460,110 Bank of Australia 424,690 322,372

Other deposits with Reserve Bank Cheques and bills of other banks and balances with 29,210 300,720

and due from other banks Loans, advances, lease financing and bills

922,996 958,638

discounted 10,217,225 8,942,042

Bank acceptances of customers 1,165,982 866,011

Premises, sites, equipment and other fixed assets Bills receivable, remittances in transit and 409,422 366,509 all other assets 1,521,148 1,370,379

Total 20,084,149 17,915,090

Commonwealth Banking Corporation 36

C om m onwealth Banking Corporation its M ember Banks and subsidiaries

Combined Profits and Appropriations f o r y e a r e n d e d 30 j u n e i98i

1981 1 9 8 0

Profits after income tax and extraordinary items and excluding intra-group dividends and minority

$ ’0 0 0 S ’0 0 0

interest 135,938 135,517

135,938 135,517

Allocation of profits: Settlements under Savings Bank Agreements 14,771 13,675

Reserves for Contingencies and General Purposes 26,686 28,646

Reserve Funds 45,899 47,328

Capital Reserves 2,111 —

Commonwealth of Australia Retained profits and increased dividend

39,074 41,592

provision of subsidiaries 7,397 4,276

135,938 135,517

B . J . W r i g h t ,

S E C R E T A R Y

H . L . S p e n c e r ,

C H I E F M A N A G E R ,

A C C O U N T I N G

F o r a n d o n b e h a l f o f t h e

C o m m o n w e a l t h B a n k i n g

C o r p o r a t i o n B o a r d

2 0 A u g u s t 1981

L . F . C r i s p ,

C H A I R M A N

V . T . C h r i s t i e ,

M A N A G I N G D I R E C T O R

37

C om m onw ealth Trading Bank o f A ustralia and subsidiaries

Consolidated Balance Sheet a s a t 30 j u n e i s s i

1981 $’000

1 9 8 0 $ ’0 0 0

Liabilities Capital Reserve Funds and undistributed profits of

14,858 14,858

subsidiaries (Note 2) Capital, Reserve Funds and undistributed profits 161,864 143,855 of subsidiaries 176,722 158,713

Deposits 6,674,725 6,063,858

Balances due to other banks 1,044,878 883,758

Bank acceptances Provision for Australian and overseas income

1,165,982 866,011

taxes payable 5,317 22,496

Other provisions (Note 3) 60,835 44,148

Bills payable and all other liabilities 1,133,661 913,801

Total 10,262,120 8,952,785

Assets Notes, coin, bullion and cash at bankers Loans to authorised dealers in the Australian

124,554 98,588

short-term money market 38,000 50,000

Money at short call overseas 56,897 102,368

Australian public securities (Note 4) Statutory Reserve Deposit Account with Reserve 1,147,536 1,037,332 Bank of Australia 424,690 322,372

Cheques and bills of other banks and balances with and due from other banks Loans, advances, lease financing and bills 933,166 959,578

discounted (Note 3) 4,875,639 4,199,755

Bank acceptances of customers Premises, sites, equipment and other fixed

1,165,982 866,011

assets (Notes 5 and 6) Bills receivable, remittances in transit and all

67,553 67,011

other assets (Note 15) 1,428,103 1,249,770

Total 10,262,120 8,952,785

The notes appearing on pages 49-58 are an integral part of these accounts.

Trading Bank and Subsidiaries 38

Com m onwealth Trading Bank o f A ustralia and subsidiaries

Consolidated Profits and Appropriations f o r y e a r e n d e d 30 J u n e i98i

1981 1 9 8 0

$’000 S ’0 0 0

Profits after income tax and extraordinary items and excluding intra-group dividends 27,677 40,412

27,677 40,412

Allocation of profits: Reserve for Contingencies and General Purposes 1 ,0 0 0 4,996

Reserve Fund 12,786 17,683

Capital Reserve 923 —

Commonwealth of Australia 12,786 17,683

Retained profits of subsidiaries 182 50

27,677 40,412

W . H . C l a r k ,

G E N E R A L M A N A G E R

H . L . S p e n c e r ,

C H I E F M A N A G E R ,

A C C O U N T I N G

F o r a n d o n b e h a l f o f t h e

C o m m o n w e a l t h B a n k i n g

C o r p o r a t i o n B o a r d

2 0 A u g u s t 1981

L . F . C r i s p ,

C H A I R M A N

V . T . C h r i s t i e ,

M A N A G I N G D I R E C T O R

39

C om m onw ealth Trading Bank o f A ustralia

Balance Sheet a s a t 30 j u n e i98i

Liabilities

1981 $’000

1980 S’000

Capital 14,858 14,858

Reserve Funds (Note 2) 161,632 143,805

Deposits 6,670,432 6,063,858

Balances due to other banks 1,003,366 883,758

Bank acceptances Provision for Australian and overseas income

1,165,982 866,011

taxes payable 5,245 22,489

Other provisions (Note 3) 60,835 44,148

Bills payable and all other liabilities 1,130,531 913,747

Assets

Total 10,212,881 8,952,674

Notes, coin, bullion and cash at bankers Loans to authorised dealers in the Australian

124,554 95,703

short-term money market 38,000 50,000

Money at short call overseas Australian public securities — (a) Commonwealth and States —

56,897 102,369

(i) Treasury Bills and Treasury Notes 79,650 62,603

(ii) Other securities (Note 4) 1,009,803 898,874

(b) Local and semi-governmental authorities Other public securities (at face value less

58,083 75,854

unearned discount or at cost) Other securities (at face value less unearned income, at cost less provisions for contingencies

1,280 2,869

or at amortised value) (Note 15) Statutory Reserve Deposit Account with Reserve 82,028 70,519

Bank of Australia Cheques and bills of other banks and balances

424,690 322,372

with and due from other banks Loans, advances, lease financing and bills discounted (after deducting provisions for debts considered

899,092 957,853

bad or doubtful) (Note 3) 4,872,681 4,202,241

Bills receivable and remittances in transit 1,085,029 943,252

Bank acceptances of customers Premises, sites, equipment and other fixed assets 1,165,982 866,011 (at cost less depreciation) (Notes 5 and 6) 67,461 66,949

All other assets 247,651 235,205

Total 10,212,881 8,952,674

The liabilities o f the Commonwealth Trading Bank of Australia are guaranteed by the Commonwealth o f Australia under a statute o f the Australian Parliament.

The notes appearing on pages 49-58 are an integral part of these accounts.

Trading Bank 40

Commonwealth Trading Bank of Australia

Statement of Profit and Loss f o r y e a r e n d e d 30 j u n e i98i

1981 1 9 8 0

$ ’0 0 0 S’0 0 0

Discount and interest earned, net foreign exchange earnings, commissions and other revenue items Less Expenses including interest paid and accrued 1,021,507 843,703

on deposits 977,858 776,685

Operating profit before income tax (Note 9) Australian income tax expense and provision

43,649 67,018

for overseas taxes 19,444 27,727

Operating profit after income tax 24,205 39,291

Extraordinary items (net of income tax) (Note 12) 3,290 1,071

Profit after income tax and extraordinary items Transfers to —

27,495 40,362

Reserve for Contingencies and General Purposes (Note 14) 1,000 4,996

Capital Reserve 923 —

Net profit available for distribution in accordance with section 32 of the Commonwealth Banks Act 1959 25,572 35,366

Distributed as follows — Commonwealth Trading Bank Reserve Fund 12,786 17,683

Commonwealth of Australia 12,786 17,683

25,572 35,366

W . H . C l a r k , F o r a n d o n b e h a l f o f t h e L . F . C r i s p ,

G E N E R A L M A N A G E R C o m m o n w e a l t h B a n k i n g C H A I R M A N

C o r p o r a t i o n B o a r d

H . L . S p e n c e r , 2 0 A u g u s t 1981 V . T . C h r i s t i e ,

C H I E F M A N A G E R , M A N A G I N G D I R E C T O R

A C C O U N T I N G

41

Commonwealth Savings Bank o f Australia

Balance Sheet a s a t s o j u n e i98i

1981 1980

S’000 S’000

Liabilities Reserve Funds (Note 2) 356,463 307,452

Depositors’ balances 8,099,521 7,530,789

Provisions (Note 3) 15,362 11,231

Bills payable and all other liabilities 157,767 133,823

Total 8,629,113 7,983,295

Assets Notes and coin 7,179 7,053

Deposits with Reserve Bank 29,210 300,710

Deposits in Australia with trading banks Loans to authorised dealers in the Australian

74,611 29,470

short-term money market Australian public securities — (a) Commonwealth and States —

20,130 52,500

(i) Treasury Bills and Treasury Notes 594,590 269,053

(ii) Other securities (Note 4) 1,153,979 1,056,318

(b) Local and semi-governmental authorities Other public securities (at cost less amounts

2,189,494 2,086,258

written off) 4,000 4,513

Other securities (at cost) (Note 15) Loans, advances and bills discounted (after deducting provisions for debts considered bad

19,546 14,504

or doubtful) (Note 3) 4,250,289 3,883,726

Bills receivable and remittances in transit Premises, sites, equipment and other fixed assets

715

(at cost less depreciation) (Notes 5 and 6) 192,433 180,212

All other assets 93,652 98,263

Total 8,629,113 7,983,295

The liabilities of the Commonwealth Savings Bank of Australia are guaranteed by the Commonwealth of Australia under a statute of the Australian Parliament.

The notes appearing on pages 49-58 are an integral part of these accounts.

Savings Bank 42

C om m onwealth Savings Bank o f A ustralia

S tatem ent of P ro fit and Loss f o r y e a r e n d e d 30 j u n e i9 si

1981 1 9 8 0

$ ’0 0 0 $ ’0 0 0

Discount and interest earned, net foreign exchange earnings, commissions and other revenue items 839,785 705,057

Less Expenses including interest paid and accrued on deposits 754,258 627,472

Operating profit (Note 9) 85,527 77,585

Extraordinary items (Note 12) 1,188 1,244

Profit after extraordinary items 86,715 78,829

Transfers to — Reserve for Contingencies and General Purposes (Note 14) 18,180 17,335

Capital Reserve 1,188 —

Settlements under Savings Bank Agreements (Note 14) 14,771 13,675

Net profit available for distribution in accordance with section 44 of the Commonwealth Banks Act 1959 52,576 47,819

Distributed as follows — Commonwealth Savings Bank Reserve Fund 26,288 23,910

Commonwealth of Australia 26,288 23,909

52,576 47,819

E . J . B r i g h t o n , F o r a n d o n b e h a l f o f t h e L . F . C r i s p ,

G E N E R A L M A N A G E R C o m m o n w e a l t h B a n k i n g

C o r p o r a t i o n B o a r d

C H A I R M A N

H . L . S p e n c e r , 2 0 A u g u s t 1981 V . T . C h r i s t i e ,

C H I E F M A N A G E R , M A N A G I N G D I R E C T O R

A C C O U N T I N G

43

C om m onw ealth D evelopm ent Bank o f A ustralia

Balance Sheet a s a t 30 j u n e , is s i

Liabilities

1981 $’000

1 9 8 0 S ’0 0 0

Capital 61,714 61,714

Reserve Funds (Note 2) 135,916 121,601

Deposits 131,500 120,000

Balances due to other banks 181,434 164,310

Bills payable and all other liabilities 45,961 49,854

Assets.

Total 556,525 517,479

Notes, coin and cash at bankers Australian public securities — Commonwealth and States —

1,430

(i) Treasury Bills and Treasury Notes — —

(ii) Other securities Other securities (at cost less provisions for contingencies) Cheques and bills of other banks and balances

with and due from other banks Loans, advances and bills discounted (after deducting provisions for debts considered bad

9,910 9,029

or doubtful) (Note 3) Premises, sites, equipment and other fixed assets 541,790 503,145 (at cost less depreciation) (Note 5) 718 738

All other assets 4,107 3,137

Total 556,525 517,479

The liabilities o f the Commonwealth Development Bank o f Australia are guaranteed by the Commonwealth of Australia under a statute of the Australian Parliament.

The notes appearing on pages 49-58 are an integral part of these accounts.

Developm ent Bank 44

C om m onw ealth D evelopm ent Bank o f A ustralia

Statement of Profit and Loss f o r y e a r e n d e d 30 j u n e is s i

Discount and interest earned, net foreign exchange earnings, commissions and other revenue items Less Expenses including interest paid and accrued on deposits

Profit (Note 9) Transfer to Reserve for Contingencies and General Purposes (Note 14)

Net profit available for distribution in accordance with section 77 of the Commonwealth Banks Act 1959

Distributed as follows — Commonwealth Development Bank Reserve Fund

1981 1980

$’000 S’000

65,867 57,067

51,542 45,016

14,325 12,051

7,506 6,315

6,819 5,736

6,819 5,736

A l w y n R i c h a r d s ,

G E N E R A L M A N A G E R

H . L . S p e n c e r ,

C H I E F M A N A G E R ,

A C C O U N T I N G

F o r a n d o n b e h a l f o f t h e L . F . C r i s p ,

C o m m o n w e a l t h B a n k i n g C H A I R M A N

C o r p o r a t i o n B o a r d

2 0 A u g u s t 1981 V .T . C h r i s t i e ,

M A N A G I N G D I R E C T O R

45

C om m onw ealth Banking C orporation

Balance Sheet a s a t 30 j u n e is s i

Liabilities

1981 $’000

1 9 8 0 S ’0 0 0

Provision for long service leave 130,319 116,352

Other provisions (Note 3) 2,819 2,095

Other liabilities 249 220

Assets

Total 133,387 118,667

Cash at bankers Australian public securities — Commonwealth and States —

3,583 2,421

(i) Treasury Bills and Treasury Notes — —

(ii) Other securities (Note 4) Other securities (at face value less unearned

19,435 10,949

income or at cost) Premises and sites (at cost less depreciation)

212 2,661

(Notes 5 and 6) 104,696 97,225

All other assets 5,461 5,411

Total 133,387 118,667

The liabilities o f the Commonwealth Banking Corporation are guaranteed by the Commonwealth of Australia under a statute o f the Australian Parliament.

The notes appearing on pages 49-58 are an integral part of these accounts.

Com m onwealth Banking Corporation 46

C om m onwealth Banking C orporation

Statem ent of Income and Expenditure f o r y e a r e n d e d 30 j u n e i98i

Expenses (including depreciation on premises) (Note 5)

1981 $’000

46,719

1 9 8 0 $ ’0 0 0

37,251

Reimbursements for expenses receivable from Commonwealth Trading Bank, Commonwealth Savings Bank and Commonwealth Development Bank, earnings on investments and other receipts 46,719 37,251

B . J . W r i g h t , F o r a n d o n b e h a l f o f t h e

S E C R E T A R Y C o m m o n w e a l t h B a n k i n g

C o r p o r a t i o n B o a r d

H . L . S p e n c e r , 2 0 A u g u s t 1981

C H I E F M A N A G E R ,

A C C O U N T I N G

L . F . C r i s p ,

C H A I R M A N

V . T . C h r i s t i e ,

M A N A G I N G D I R E C T O R

47

Commonwealth Banking Corporation its Member Banks and subsidiaries

Combined Statement o f Sources and Applications of Funds FO R YEAR E N D E D 30 JU N E 1981_________________________________________________________

1981 $’000

1980 S’000

Sources ol Funds Combined profit after income tax and extraordinary items 135,938 135,517

Add: Non-cash item — depreciation Net effect of other non-cash movements

30,054 22,438

in reserves 6,464 7,141

Increases in Deposits 1,177,606 1,267,223

Public borrowings by subsidiaries 167,682 157,880

Due to other banks 172,163 196,241

Provisions 21,330 20,406

Bills payable and all other liabilities 241,750 160,047

Decreases in Money at short call — Loans to authorised dealers in the Australian short-term money market 33,070 —

— Loans at call overseas Deposits with Reserve Bank (inch Statutory

45,749

Reserve Deposits) Cheques and bills of other banks and balances 169,192 911

with and due from other banks 35,642 —

2,236,640 1,967,804

Applications of Funds Settlement under Savings Bank Agreements 14,771 13,675

To Commonwealth of Australia 39,074 41,592

Increases in Notes, coin, bullion and cash at bankers Money at short call — Loans to authorised dealers in the Australian

38,652 33,277

short-term money market — 94,231

— Loans at call overseas — 78,369

Australian public securities Cheques and bills of other banks and balances

645,224 14,319

with and due from other banks Loans, advances, lease financing and bills

207,233

discounted 1,275,183 1,227,926

Premises, equipment and other fixed assets Bills receivable, remittances in transit and

72,967 70,897

all other assets 150,769 186,285

2,236,640 1,967,804

Com m onwealth Banking Corporation 48

1. P rin cip al A ccounting M ethods

The accounts of the Commonwealth Banking Corporation and its member banks are based on historical costs. Income and expenditure are brought to account on an accrual basis.

All amounts are shown in $’000 and figures have been expressed in Australian currency unless otherwise indicated. Overseas assets and liabilities have been converted to Australian currency at the rates of exchange current at 30 June 1981.

(a) Bad and Doubtful Debts

Specific provisions are made by the member banks against loans and advances where recovery is considered doubtful. Interest on these loans and advances is not taken to profit and loss account. In addition, general provisions for bad and doubtful debts are maintained. The general provision for bad and doubtful debts of the Commonwealth

Trading Bank is based on a formula which relates bad debts experience of the current year and the preceding four years to the current level of lending and takes into account growth factors. The general provisions of the Commonwealth Savings Bank and the Commonwealth Development Bank are maintained at levels considered necessary by the

Board to cover the latent risks present in their portfolio of loans and advances.

The amounts required to fund the general provisions for bad and doubtful debts to the assessed levels are charged or credited to the profit and loss accounts of the member banks.

Loans and advances in the balance sheet of each member bank are stated after deduction of specific and general provisions for bad and doubtful debts. The balances of the provisions and movements therein are set out in Note 3 to the accounts.

(b) Australian Public Securities

These securities include:

Treasury Notes — at face value less unearned discount. Other Commonwealth Securities — at cost or amortised value. Securities of local and semi-governmental authorities — at cost or amortised value.

Existing monetary authority requirements are such that banks hold large amounts of “Other Commonwealth Securities” . The relationship of book values to market values of the Commonwealth Banks’ holdings of these securities is detailed in Note 4 to the accounts. As the greater proportion of the holdings is normally retained until, or close to, maturity, no specific provision is considered necessary for any difference between

book values and market values.

(c) Amortisation of Australian Public Securities Premiums and discounts on certain Australian public securities held by the Commonwealth Trading Bank and the Commonwealth Savings Bank are amortised from the date of purchase so that the securities will attain their redemption values by maturity date. The appropriate proportion of premiums and discounts reflects annually in the profit and loss accounts.

notes to and Form ing Part of the Accounts 49

(d) Profits and Losses on Sale of Australian Public Securities

Realised profits and losses on sales of investments referred to in (c) above are taken to profit and loss account on a pro-rata daily basis over the unexpired period to maturity or five years, whichever is the shorter, commencing in the year in which disposal takes place.

(e) Premises, Sites, Equipment and Other Fixed Assets

Assets are shown at cost less depreciation.

Depreciation on buildings owned by the Commonwealth Banking Corporation and the member banks is based on the assessed useful life of each building. Where a building is demolished as part of the redevelopment of a site, the book value of the building is written off over a period of up to five years.

Equipment and other fixed assets are depreciated on a group basis at rates applicable to each group’s useful life. Depreciation in the year of acquisition is calculated generally on the basis of six months ownership.

Depreciation is treated as an operating expense and charged to profit and loss. The amounts charged in the Corporation and each member bank for the 1980/81 financial year are shown in Note 5.

Existing fixed assets (other than land and buildings) purchased prior to 30 June 1974 have been capitalised to the credit of valuation reserves. Depreciation on these assets has been charged to the valuation reserve accounts and the assets were written out of the accounts as at 30 June 1981. New acquisitions from 1 July 1974 onwards have been capitalised and depreciation provided in the accounts.

Where applicable, surpluses arising from the revaluation of premises and sites prior to sales within the Commonwealth Banking Corporation group are added to the Premises Revaluation Reserve included in Note 2.

(f) Long Service Leave Contributions by the Commonwealth Trading Bank, the Commonwealth Savings Bank and the Commonwealth Development Bank to the provision for long service leave, which is held in the books of the Commonwealth Banking Corporation, have been charged to the profit and loss account in each member bank.

(g) Leveraged Leasing The finance concept, which is applied to normal leases, also applies to leveraged leases entered into by the Commonwealth Trading Bank. Income is taken to account progressively over the life of the lease in relation to the outstanding investment balance.

Equity participation in leveraged leases is recorded under “Other Securities” . Amounts are included in the balance sheet net of unearned income. The lender has no recourse to the Bank in the event of default by the lessee.

(h) Combined Accounts The Commonwealth Banking Corporation’s combined accounts include all companies in which the Commonwealth Trading Bank and the Commonwealth Savings Bank either

1

singly or jointly hold more than half the issued capital —see Note 15. Balances and results of transactions between the member banks and with these companies have been eliminated.

Results of other associated companies are excluded except to the extent of dividends received.

The consolidated accounts of the Commonwealth Trading Bank and subsidiaries are set out on page 38. “Commonwealth Trading Bank” where shown in the notes to the accounts does not include subsidiary companies.

(i) Provision for Personal Loan Protection

An acmarial review of the provision as at 31 March 1981 indicated that the provision exceeded the amount required to cover current risks by more than $10 million. Based on actuarial advice, $3.5 million of the surplus was transferred to profit and loss account for year ended 30 June 1981 — see Note 12 — and the remainder retained in the

provision against fluctuations in claims experience.

A further premium rate reduction will be effected in 1981/82 and it is proposed to carry out biennial actuarial reviews of the provision, the next as at 30 June 1983.

(j) Income Taxes

Tax effect accounting principles are applied in respect of Australian income tax in the accounts of the Commonwealth Trading Bank, except in respect of provisions for bad and doubtful debts, because the extent to which the benefits relating to those provisions will be realised in future years is uncertain.

2. R eserve Funds

C o m m o n w e a l t h

T r a d i n g

C o m m o n w e a l t h

S a v i n g s

C o m m o n w e a l t h

D e v e l o p m e n t

B a n k

1 9 8 1 1 9 8 0

B a n k

1981 1980

B a n k

1981 1 9 8 0

Reserve Fund As at 30 June previous year 78,272 60,589 142,237 118,327 61,877 56,141

Add: Distribution from Profits 12,786 17,683 26,287 23,910 6,819 5,736

As at 30 June 91,058 78,272 168,524 142,237 68,696 61,877

Reserve for Contingencies and General Purposes

As at 30 June previous year 60,983 55,987 159,234 141,899 59,707 53,392

Add: Distribution from Profits 1,000 4,996 18,180 17,335 7,506 6,315

As at 30 June 61,983 60,983 177,414 159,234 67,213 59,707

2. R eserve Funds (cont’d) C o m m o n w e a l t hT r a d i n g B a n k

C o m m o n w e a l t h

S a v i n g s

B a n k

C o m m o n w e a l t h

D e v e l o p m e n t

B a n k

Capital Reserve

1 9 8 1 1 9 8 0 1981 1 9 8 0 1981 1 9 8 0

As at 30 June previous year — — — — — —

Transfers 923 — 1,188 — — —

As at 30 June 923 — 1,188 — — —

Premises Revaluation Reserve

As at 30 June previous year 4,049 270 5,105 — — —

Transfers 3,619 3,779 4,232 5,105 7 —

As at 30 June 7,668 4,049 9,337 5,105 7 —

Fixed Assets Valuation Reserve

As at 30 June previous year Deduct: 501 1,195 876 1,905 17 37

Depreciation 501 694 876 1,029 17 20

As at 30 June — 501 — 876 — 17

Total Reserve Funds as at 30 June 161,632 143,805 356,463 307,452 135,916 121,601

C o m m o n w e a l t h C o m m o n w e a l t h C o m m o n w e a l t h

3.

(i)

T r a d i n g

B a n k

S a v i n g s

B a n k

D e v e l o p m e n t

B a n k

p rovision s G e n e r a l S p e c i f i c G e n e r a l S p e c i f i c G e n e r a l S p e c if i c

Provision for Bad and Doubtful Debts

As at 30 June 1980 25,969 1,405 5,000 1,190 5,000 1,740

Bad debts written off (4,512) (289) (8) — (17) (147)

Bad debts recovered 182 — — — 7 —

Other movements (net) (564) 564 62 (62) 260 (260)

Charge to profit and loss account 16,834 (54) (250)

As at 30 June 1981 37,909 1,680 5,000 1,128 5,000 1,333

Charge to profit and loss account for previous year —

• Net write-offs • General funding

3,390 5,352

3

(60)

2

(532)

(ii) Other Provisions C o m m o n w e a l t h

T r a d i n g

B a n k

C o m m o n w e a l t h

S a v i n g s

B a n k

C o m m o n w e a l t h

B a n k i n g

C o r p o r a t i o n

Provision for Self-Insurance 1 9 8 1 1 9 8 0 1981 1 9 8 0 1981 1 9 8 0

As at 30 June previous year 2,368 2,246 6,017 5,455 2,095 1,323

Net transfers 185 122 668 562 724 772

As at 30 June 2,553 2,368 6,685 6,017 2,819 2,095

52

3. P rovision s (cont’d) C o m m o n w e a l t h

T r a d i n g

B a n k

1 9 8 1 1 9 8 0

C o m m o n w e a l t h

S a v i n g s

B a n k

1981 1 9 8 0

C o m m o n w e a l t h

B a n k i n g

C o r p o r a t i o n

1 9 8 1 1 9 8 0

Provision for Currency Fluctuations

As at 30 June previous year Transfers 1,500 1,229

500 271

— — — —

As at 30 June 2,000 1,500 — — — —

Provision for Personal Loan Protection

As at 30 June previous year 13,091 16,053* Transfers (870) (2,962)

As at 30 June 12,221 13,091

* After excluding accumulated unearned premiums to 30 June 1980

Provision for Deferred Income Tax

As at 30 June previous year 26,573 20,840 — -- --

Net transfers 16,563 5,733 — -- -- —

As at 30 June 43,136 26,573 — -- -- —

Provision for Homes Insurance

As at 30 June previous year 616 445 5,214 2,955 —

Net transfers 309 171 3,463 2,259 — —

As at 30 June 925 616 8,677 5,214 —

Total Other Provisions as 30 June at 60,835 44,148 15,362 11,231 2,819 2,095

4. A ustralian P u blic Securities The relationships of book values of “ Other Commonwealth Securities” to market values of these securities as at 30 June 1981 are as follows:

1981 1 9 8 0

B o o k M a r k e t B o o k M a r k e t

V a l u e V a l u e V a lu e V a lu e

Commonwealth Trading Bank 1,009,803 927,610 898,874 810,830

Commonwealth Savings Bank 1,153,979 1,020,664 1,056,318 948,675

Commonwealth Banking Corporation 19,435 18,363 10,949 10,136

53

5. Prem ises, Sites and Equipm ent

Commonwealth Trading Bank

As at 30 June previous year Add: Net additions during the year

F r e e h o l d &

L e a s e h o l d P r e m i s e s

& S i t e s

E q u i p m e n t

( C o m p u t e r s ,

F u r n i t u r e e tc .) T o t a l

1981 1 9 8 0 1981 1 9 8 0 1981 1 9 8 0

48,615 51,117 18,334 16,463 66,949 67,580

2,104 (426) 7,530 7,134 9,634 6,708

50,719 50,691 25,864 23,597 76,583 74,288

Deduct: Depreciation charged to profit and loss account 2,688 2,076 5,933 4,569 8,621 6,645

Depreciation charged to Fixed Assets Valuation Reserve (Notes 1 and 2) 501 694 501 694

As at 30 June 48,031 48,615 19,430 18,334 67,461 66,949

Commonwealth Savings Bank

As at 30 June previous year 161,842 145,427 18,370 16,613 180,212 162,040 Add: Net additions during the year 22,411 23,264 6,377 6,655 28,788 29,919

184,253 168,691 24,747 23,268 209,000 191,959

Deduct: Depreciation charged to profit and loss account 10,007 6,849 5,684 3,869 15,691 10,718

Depreciation charged to Fixed Assets Valuation Reserve (Notes 1 and 2) 876 1,029 876 1,029

As at 30 June 174,246 161,842 18,187 18,370 192,433 180,212

Commonwealth Development Bank

As at 30 June previous year Add: 218 224 520 459 738 683

Net additions during the year (9) 6 102 124 93 130

Deduct: Depreciation charged to profit

209 230 622 583 831 813

and loss account Depreciation charged to Fixed Assets Valuation Reserve

11 12 85 43 96 55

(Notes 1 and 2) — — 17 20 17 20

As at 30 June 198 218 520 520 718 738

5. P rem ises, S ites and E quipm ent (cont’d)

I I

F r e e h o l d &

L e a s e h o l d P r e m i s e s

& S i t e s

1 9 8 1 1 9 8 0

E q u i p m e n t

( C o m p u t e r s ,

F u r n i t u r e e tc .)

1981 1980

T o t a l

1981 1 9 8 0

Commonwealth Banking Corporation

As at 30 June previous year Add: 97,225 85,325 — — 97,225 85,325

Net additions during the year 10,552 14,671 — — 10,552 14,671

107,777 99,996 — — 107,777 99,996

Deduct: Depreciation charged to profit and loss account 3,081 2,771 _ _ 3,081 2,771

As at 30 June 104,696 97,225 — — 104,696 97,225

Totals as at 30 June 327,171 307,900 38,137 37,224 365,308 345,124

6. V aluation o f P rem ises Valuations carried out by qualified bank officers indicate that market value of premises (reflecting current use) would exceed the book value included in the balance sheets as follows:

1981 1 9 8 0

Commonwealth Trading Bank $ 35m $ 28m

Commonwealth Savings Bank 8193m $129m

Commonwealth Banking Corporation $ 54m $ 44m

7. C ontracts for O utstanding Capital Expenditure Not Provided for in the A ccounts 1981 1 9 8 0

Commonwealth Trading Bank 7,472 4,888

Commonwealth Savings Bank 18,632 13,428

Commonwealth Development Bank 7 9

Commonwealth Banking Corporation 31,210 5,750

8. Leased Equipm ent Future minimum finance lease rentals for plant and equipment, including any guaranteed residual values are —

C o m m o n w e a l t h T r a d i n g

B a n k

1981 1 9 8 0

For next 12 months 6,092 3,011

Thereafter in aggregate 13,977 6,233

20,069 9,244

55

9. Profit Operating profit has been determined after: C o m m o n w e a l t h C o m m o n w e a l t h

T r a d i n g B a n k S a v i n g s B a n k

1981 1 9 8 0 1981 1 9 8 0

(a) Crediting as revenue —

(i) interest from subsidiary and associated companies —

CTB Australia Limited 268 51 —

CBFC Limited 2,914 2,030 2,914 2,030

(ii) dividends from associated companies — Australian European Finance Corporation Limited 230 230

Australian Resources Development Bank Limited 184 100 _

Bridge Spring Pty Limited — — 100 100

CBFC Limited 1,875 1,875 1,875 1,875

(iii) dividends received from other corporations 2,422 1,952 — —

C o m m o n w e a l t h C o m m o n w e a l t h C o m m o n w e a l t h

T r a d i n g S a v i n g s D e v e l o p m e n t

B a n k B a n k B a n k

(b) Charging as expense —

(i) interest paid to depositors and others — 1981 573,464 447,707 34,427

1980 444,160 363,038 29,477

(ii) finance lease rentals for plant and equipment

1981 4,816 — —

1980 2,851 — —

10. A uditor’s R em unerations C o m m o n w e a l t h C o m m o n w e a l t h C o m m o n w e a l t h C o m m o n w e a l t h T o t a l

T r a d i n g S a v i n g s D e v e l o p m e n t B a n k i n g

B a n k B a n k B a n k C o r p o r a t i o n

Amounts incurred and paid were —

(i) for audit of the accounts 136 89 16 24 265

(ii) for other services — — — — —

1981 136 89 16 24 265

1980 110 99 21 15 245

No other benefits were received by the auditor.

11. D irectors’ E m olum ents C o m m o n w e a l t h C o m m o n w e a l t h C o m m o n w e a l t h T o t a l

T r a d i n g S a v in g s D e v e l o p m e n t

B a n k B a n k B a n k

Total emoluments received by Board members were —

1981 39 39 39 117

1980 25 25 25 75

The above figures relate to payments made to non-executive Board members only. No directors’ fees are paid to executive Board members.

12. E xtraordinary Item s

C o m m o n w e a l t h C o m m o n w e a l t h

T r a d i n g S a v i n g s

B a n k B a n k

B e f o r e I n c o m e T a x N e t o f

I n c o m e A p p l i c a b l e I n c o m e

T a x T h e r e t o T a x

Net profit on sale of premises 988 — 988 1,188

Exchange gain on repatriated funds Transfer from Provision for Personal 274 274

Loan Protection (Note 1) 3,500 — 3,500 —

Deferred tax adjustment prior years (1,472) — (1,472) —

1981 3,290 — 3,290 1,188

1980 1,071 — 1,071 1,244

13. C ontingent L iabilities

1981 1 9 8 0

Liabilities of the Commonwealth Trading Bank include —

Commercial bills endorsed 114,751 226,825

Letters of credit 218,379 177,403

Guarantees 303,302 243,590

Other 173,947 84,338

810,379 732,156

Forward exchange and hedge contracts 1,816,658 1,153,731

There were no contingent liabilities in the Commonwealth Savings Bank or the Commonwealth Development Bank as at 30 June 1981.

14. N et P rofit In determining the net profits of the Commonwealth Trading Bank, the Commonwealth Savings Bank and the Commonwealth Development Bank, the amounts written off premises and provided for contingencies were approved by the Treasurer in terms of section 118 of

the Commonwealth Banks Act 1959. In the Commonwealth Savings Bank, settlements under Savings Bank Agreements represent payments due to the Rural Bank of New South Wales and the Queensland Government in respect of half the net profit earned in those states.

57

15. Subsidiary and A ssociated Com panies C l a s s I s s u e d E x t e n t P l a c e o f M a j o r A r e a

o f C a p i t a l o f I n c o r p o r a t i o n o f

S h a r e s I n t e r e s t O p e r a t i o n

C om m onw ealth T rading Bank

Subsidiary Companies *CTB Australia Limited Ord US$2.75m 100% Hong Kong Hong Kong

*CTB Leasing Pty Limited Ord $2 100% ACT Australia

*CTB Nominees Limited Limited by

Guarantee 100% NSW Australia

Associated Companies

Australian European Finance Corporation Limited Ord $10m 23% NSW Australia

Australian Resources Development Bank Limited Ord $11.088m 16.7% Vic Australia

*CBFC Limited Ord $30m 50% ACT Australia

Corporation Properties Limited Ord $8m 50% ACT Australia

Charge Card Services Limited Ord $80,010 14.3% NSW Australia

*National Bank of Solomon Islands Limited Ord SI$2m 25.5% Solomon Is Solomon Is

Primary Industry Bank of Australia Limited Ord $5.625m 12.5% NSW Australia

Resources & Investment Finance Limited Ord K999,990 33.3% PNG PNG

♦Travelstrength Limited Ord $6 50% NSW Australia

Com m onw ealth Savings Bank

Associated Companies

Bridge Spring Pty Limited Ord $16,000 25% NSW Australia

♦CBFC Limited Ord $30m 50% ACT Australia

♦Corporation Properties Limited Ord S8m 50% ACT Australia

♦National Bank of Solomon Islands Limited Ord SI$2m 25.5% Solomon Is Solomon Is

♦Travelstrength Limited Ord $6 50% NSW Australia

* Companies in combined statements on pages 36 and 37 — see Note 1(h).

CBFC Limited owns all the shares of CBFC Leasing Pty Limited.

Travelstrength Limited manages the travel service for the Commonwealth Trading Bank and the Commonwealth Savings Bank. Each bank has provided the Company with $250,000 for that purpose. Travelstrength Limited owns all the shares of Travelstrength Services Pty Ltd.

As required by section 121(1) of the Commonwealth Banks Act 1959 the Commonwealth Banking Corporation Board has prepared and submitted for my examination financial statements for the year ended 30 June 1981 comprising —

Balance Sheet and Statement of Income and Expenditure in respect of —

Commonwealth Banking Corporation; and

Balance Sheets and Statements of Profit and Loss in respect of —

Commonwealth Trading Bank of Australia Commonwealth Savings Bank of Australia Commonwealth Development Bank of Australia.

The financial statements prepared by the Board have been based on the forms prescribed by the Commonwealth Banks Regulations as supplemented by additional information included in notes which form part of those statements.

I now report in terms of section 121(2) (a) of the Act that the financial statements are in agreement with the accounts and records of the Commonwealth Banking

Corporation and its member banks and, in my opinion, show fairly the financial operations for the year ended 30 June 1981 and the state of the affairs of the

Corporation and the'member banks as at that date.

In addition, the Board has presented for my examination the following financial statements for the year ended 30 June 1981 comprising —

Combined Liabilities and Assets, Combined Profits and Appropriations and Combined Statement of Sources and Applications of Funds in respect of —

Commonwealth Banking Corporation, its member banks and subsidiaries; and

Consolidated Balance Sheet and Consolidated Profits and Appropriations in respect of — Commonwealth Trading Bank of

Australia and subsidiaries.

I have audited the accounts of all subsidiary companies included in the Commonwealth Banking Corporation combined financial statements and the

Commonwealth Trading Bank consolidated financial statements except National Bank of Solomon Islands Limited (incorporated in the Solomon Islands) and CTB

Australia Limited (incorporated in Hong Kong). I have examined the financial statements of these two companies and the auditors’ reports thereon. I am satisfied

that the financial statements of the subsidiaries that have been combined or consolidated, as appropriate, with other

financial statements are in form and content appropriate and proper for the purposes of the preparation of the combined or consolidated financial statements and I have received satisfactory information and explanations required by me for that purpose. The auditors’ reports

on the two abovementioned companies and my reports on the other subsidiary companies were not subject to any qualification.

I now report that the combined and consolidated financial statements as presented by the Board have been drawn up so as to give a true and fair view of the state of affairs at 30 June 1981 and of the financial operations for the year ended on that date of the Commonwealth Banking

Corporation, its member banks and subsidiaries and the Commonwealth Trading Bank of Australia and subsidiaries, respectively.

K.F. Brigden Auditor-General

11 September 1981

Report of the Auditor-General 59

C BFC L im ited and subsidiary (A bridged — for in form ation only)

Balance Sheet a s a t 30 j u n e is s i

1981 $’000

1980 $’000

Liabilities Authorised capital 50,000 50,000

Issued capital — 30,000,000 ordinary shares of $ 1 each 30,000 25,000

Undistributed profits 17,666 11,069

Share capital and reserves 47,666 36,069

Subordinated loans 50,000 40,000

Public borrowings 638,996 491,182

Current liabilities and provisions 31,139 24,177

Assets Fixed assets — Computers, office furniture and equipment,

Total 767,801 591,428

leasehold improvements (at cost less depreciation) Investments — 2,641 1,995

Government bonds

Accounts receivable — Gross receivables (hire purchase, leasing, personal loans, commercial and mortgage loans) Less Unearned income and provision for

865,099

300 200

doubtful debts 136,699 728,400 543,375

Liquidity placements and other current assets 36,460 45,858

Total 767,801 591,428

C B FC 60

CBFC Limited and subsidiary (A bridged — for inform ation only)

Statement of Profit and Loss f o r y e a r e n d e d 30 j u n e i98i

1981 1 9 8 0

$ ’0 0 0 $ ’0 0 0

Operating income 105,717 77,318

Less Operating expenses (including depreciation and provisions) 85,419 61,166

Operating profit before income tax and extraordinary items 20,298 16,152

Income tax expense 9,576 8,255

Net profit after income tax 10,722 7,897

Unappropriated profits brought forward 11,069 6,922

Total available for appropriation 21,791 14,819

Interim dividend 1,875 1,875

Proposed final dividend 2,250 1,875

Unappropriated profits at close of period 17,666 11,069

CBFC Limited is a public borrowing corporation, incorporated in the Australian Capital Territory, and the whole of its issued capital is owned equally by the Commonwealth Trading Bank of Australia and the Commonwealth Savings Bank of Australia. Its liabilities are not guaranteed by the Commonwealth of Australia.

The company has issued its own Annual Report, which contains full financial statements and reports of its directors and auditor. Copies may be obtained from The Secretary, CBFC Limited —

5 Hunter Street SYDNEY NSW 2000

or the company’s main offices in — MELBOURNE BRISBANE ADELAIDE PERTH HOBART

— 367 Collins Street — Adelaide & Albert Streets — 13 Grenfell Street — 150 St George’s Terrace — 45 Murray Street

61

C orporation P roperties Lim ited (A bridged — for in form ation only)

Balance Sheet a s a t 30 j u n e is s i

1981 1980

$’000 S’0 0 0

Liabilities Authorised capital 20,000 20,000

Issued capital — 8,000,000 ordinary shares of $1 each 8,000 4,000

Unappropriated profits 317 99

Share capital and reserves 8,317 4,099

Deposits 35,671 15,803

Current liabilities and provisions 876 294

Total 44,864 20,196

Assets Fixed assets — Land and buildings (at cost less depreciation) 37,163 17,721

Plant and equipment (at cost less depreciation) 3,322 1,607

Current assets 4,379 868

Total 44,864 20,196

Statement o f Profit and Loss f o r y e a r e n d e d 30 j u n e i»8i

1981 1980

$’000 S’0 0 0

Operating income 4,196 874

Less Operating expenses (including depreciation and provisions) 3,442 670

Operating profit before income tax 754 204

Income tax expense 536 125

Operating profit after income tax 218 79

Unappropriated profit brought forward 99 20

Unappropriated profit at close of period 317 99

Corporation Properties Limited is a company, incorporated in the Australian Capital Territory, whose issued capital is owned equally by the Commonwealth Trading Bank of Australia and the Commonwealth Savings Bank of Australia. Its liabilities are not guaranteed by the Commonwealth of Australia.

The company has issued its own Annual Report, which contains full financial statements and reports of its directors and auditor. Copies may be obtained from The Secretary, Corporation Properties Limited, Box 2719 GPO, Sydney NSW 2001.

Corporation Properties Lim ited

Managing Director

V.T. Christie (Vice Sir Ronald Elliott retired 14 August 1981)

Deputy Managing Director

S.P. Kelly, DEC

Senior Executives, Commonwealth Trading Bank — Head Office Administration General Manager

W.H. Clark, OBE Assistant General Managers N.B. Aspery J.L. Thompson Assistant General Manager and Chief

Manager, International J.W. Fletcher Chief Managers A.R. Cox

R.S. Davies N.E. Farmer A.C. Gray F.J. Hulme

C.E. Johnson P.W. O’Halloran

Senior Executives, Commonwealth Savings Bank — Head Office Administration

General Manager E.J. Brighton Assistant General Manager M.M. Mayne

Chief Managers G.V. Barker W.S. Napier

Senior Executives, Commonwealth Development Bank — Head Office Administration

General Manager Alwyn Richards Assistant General Manager Allan Stratton

Chief Manager

Financial Controller J.S. Turnbull

Chief Manager, Staff

S.E. Worthington

International Division

Chief Manager J.W. Fletcher Deputy Chief Managers G.C. Johnson

J.A. Wiseheart Senior Manager R.G.E. Robertson Manager

J.I. Roberts Manager, Melbourne G.W. McKenzie

CBFC Limited General Manager R.J. Fryer Assistant General Manager

W.J. Cavanagh

Travelstrength Limited

Executive Director R.F. Dodd

Management of the

Commonwealth Banking Corporation Group

Regional Administration

New South Wales Chief Slate Manager, CTB J. S. Gerathy Chief Manager, CSB

D . G. Andrews State Manager, CDB E. B. Upcroft Manager, Cumberland Region

H.F. Ball Manager, Hunter Region R.A. Hill Manager, Illawarra Region

R. J. Thomas Manager, Southern Region M.T. Lay

Victoria Assistant General Manager, CTB, Chief Slate Manager, Corporation and CTB

G.S. Lawry Senior Manager, State Administration, Vic. CTB F. G. Upton State Manager, CSB

E.C.H. Marsden State Manager, CDB K. A. Finnin Queensland Assistant General Manager, CTB,

Chief State Manager, Corporation and CTB A.W. Salisbury Deputy Chief State Manager, CTB

State Manager, CSB C.L. Urquhart State Manager, CDB S. J. Ghees man Manager, Northern Region

A. E. Burrow Western Australia Chief State Manager, Corporation and CTB B. K. Smart State Manager, CSB J.W. Andrew State Manager, CDB

L.G. Ferguson

South Australia Chief State Manager, Corporation and CTB I. A. Nowland State Manager, CSB

J. T. Erwin State Manager, CDB J.L.A. Stewart

Tasmania Chief State Manager, Corporation and CTB D.R.J. Alger State Manager, CSB

R.R.G. Russell State Manager, CDB R.J. O’Brien Australian Capital Territory Chief Manager R. N. Sim

Northern Territory Chief Manager W.P. Halvorsen

London Chief Manager S. B. Holloman Deputy Chief Manager

J.L. Garrick Senior Manager (.Administration) D.H. Fuller Senior Manager (Commercial)

W.K. Wilson Manager, Foreign Exchange M.J. King New York Senior Vice-President

C.J. Ker First Vice-President J.M. McAnany Hong Kong Chief Representative

J.G. Koch Representative R.D. Thomson Tokyo

Chief Representative A.J. Mooney

Singapore (opening shortly) Chief Representative R.W. Storr

Los Angeles First Vice-President R.L. Potter Vice-President

G.J. Harlum

Senior Departmental Executives

Accounting Chief Manager H.L. Spencer

Deputy Chief Manager B.A. Poulter

Audit Chief Manager F. B. Milliken

Electronic Data Processing Chief Manager R. H. Turner Deputy Chief Manager

N.W.'Clark '

Investment and Economic Research Chief Manager P.C. Wilson

Legal Chief Solicitor L . C. Hollis

Deputy Chief Solicitor W.A. Jones

Marketing Chief Manager G . L. Maitland, AO, OBE

Office of the Financial Controller Financial Controller J.S. Turnbull

Property Chief Manager M . L. Marsh Deputy Chief Manager

L.V. Dunkerley

Secretary’s Secretary B.J. Wright

Staff Chief Manager S. E. Worthington Deputy Chief Managers

T . H. Cashion R.C. Harry

Stores and Printing Chief Manager W.D. Monk

Senior Executive Officers

Chief Manager, CTB Sydney N.C. Blanshard Chief Manager, CSB Sydney

Chief Manager, C'I'B Melbourne A.R. Nimmo

Senior Investigating Accountant A.G. Aldridge

General Manager, Australian European Finance Corporation Limited R.F. Bachmann

Engineer Consultant N.D. Chidgey

Chief Manager, Corporate Banking Division N.T. Cleary

Senior Manager, Advertising Division M. C. Dodd

Chief Manager, Portfolio Management Services Division N. E. Farmer

Manager, Bankcard Division K.B. Johnson

Chief Rural Officer J. D. Kelly

Chief City Valuer H. E. Middleton

Actuary N.A. Munro

Senior Manager, Investment Division I. K. Payne

Senior Manager, Community Relations Division R.A. Plowman

Senior Manager, Stock and Share Department K. T. Robinson

Management of the

Commonwealth Banking Corporation Group 65

II

New South W ales

SYDNEY MAIN CITY B R A N C H ES T r a d in g B a n k M A R T IN PLA C E A N D P I T T S T R E E T Chief M a n a g e r................................. N .C. Blanshard

D eputy Chief M a n a g e r..................M .E. Stevenson

M a n a g e r.................................................P.W . Spencer

M a n a g e r.................................................R.C. Petersen

S a v in g s B a n k 48-50 M A R T IN PLA C E Chief M a n a g e r................................................................

M a n a g e r.................................................. R.J. Nicholls

M anager, L o a n s .........................D. MacA. Cameron

(Annexe — Castlereagh Street)

D e v e lo p m e n t B a n k G E O R G E A N D M A R K E T ST R EETS M a n a g e r.................................................. E.B. Upcroft

Deputy M a n a g e r ............................ J.W . T hom pson

Assistant M a n a g e r.................................W.J. Burton

OTHER CITY BR A N C H ES BA RRACK S T R E E T .............................A.J. W itts

(11 Barrack Street) B R O A D W A Y ........................................E.P. Slattery

(Broadway and Shepherd Streets) C IR C U L A R Q U A Y ...................... C.A. M cDonald

(P itt and Alfred Streets) EL IZ A B E T H A N D FO VEA UX S T R E E T S ........................................D .St.B . M ore

E L IZ A B E T H ST R E E T A N D M A R T IN P L A C E .............................M .S. Croft

200 G E O R G E ST R E E T ..................G .D . Stewart

G E O R G E AN D M A R K E T S T R E E T S ..................................... K.G. Eastaugh

G O U L B U R N S T R E E T .............H .F. Fitzpatrick

(85-91 G oulburn Street) H A Y M A R K E T (C T B )...................... A.G.W . Rolfe

(George and Hay Streets) H A Y M A R K E T (C S B )...................... B.K. Leavers

(695-697 George Street) K IN G A N D CLA R E N C E S T R E E T S .............................M iss S.M . Hallinan

K IN G S C R O S S .............................D .O. M cM illan

(42 Darlinghurst Road) L IV E R PO O L A N D C A STLE R EA G H S T R E E T S ...................................................... K.M . Brosnan

41 O X FO R D S T R E E T ...................... R.W. Adam

PA RK A N D CA STLE R EA G H S T R E E T S ..........................................W.J. Carson

120 P I T T S T R E E T .......................... R.W . M urkin

304 P IT T ST R E E T ............................ R.Y. Dartnell

R A IL W A Y S Q U A R E ............................ H .J. Moy

(857 George Street) S P R IN G A N D G R ESH A M S T R E E T S ...........................................................C R . W hatson

ST J A M E S ............................................ W .G. M idgley

(M arket and Castlereagh Streets) S O U T H K IN G S C R O S S .................................. J.W . Clark

(234 William Street) ST O C K E X C H A N G E .......................................... J.S. Irwin

(20-22 O ’Connell Street) STRAW BERRY H I L L ...................... Wallace Chin

(553-555 Elizabeth Street) TA Y LO R S Q U A R E ................................... M .J. Esh

(Bourke and Flinders Streets) T O W N H A LL .......................................K .H . Hamill

(546 George Street) W E N T W O R T H H O T E L ..................................... I.J. Lewis

(61 Phillip Street) W YN YA RD ................................... F.R. Ham m ond

(M ain Office—309-315 George Street. Annexes — 5 H unter Street, 30-32 Carrington

SU B U R B A N A L E X A N D R IA ................................................... K.E. Pearse

A L L A M B IE H E I G H T S ....................... J A. H arper

A N N A N D A L E ..........................................M .J. Pigot

A R N C L I F F E ..................................... K .F. Kluss

A R T A R M O N ..................................... T.A. Carter

A S H F IE L D .......................................... J E. Thom as

A S Q U IT H ............................................ H.W . Loudon

A U B U R N ................................................. A.B. Ayres

AVALON B E A C H .............................L.G . Regan

B A L G O W L A H ................................... J.S. Mallet

BA LM A IN ..........................................A.L. Thurgate

B A N K S T O W N ................................. R B. M cIntyre

B A U LK H A M H I L L S .................... K.E. M oxham

B E A C O N S F IE L D ................................D.L. G unton

B E E C R O F T ......................................K.P. O ’Rourke

B ELLI E L D ............................................ H.C. Burness

B E L L E V U E H I L L ......................... M R. Simmons

B E L M O R E ............................................ K .M . Arthur

B E R A L A ..................................................... M .T . Field

BEVERLY H I L L S ............................. B.J. Parker

B E X L E Y ............................................... L.C. James

BEXLEY N O R T H ............................. C.R. Norris

BLACKTOW ’N ........................................ F.J.K . Lee

B O N D I .................................................M.M . Hobden

B O N D I B E A C H ............................................ L.J. Jarm an

B O N D I J U N C T I O N ............................ W.E. Nelson

B O T A N Y ............................................ L.W .J. Elyard

B R IG H T O N -L E -S A N D S .........H.C. M cGregor B R O O K V A L E ...................................... E.J. Cronau

BUR W O O D ............................................ I K . G rant

116 BUR W O O D RO AD , BUR W O O D .....................................J.K . T urner

C A B R A M A T T A .................................. D .G . Stewart

C A M M E R A Y ...................................R.P. Robinson

C A M P B E L L T O W N ......................... D.S. Liddell

C A M P E R D O W N ..................................... E.J. Atkins

CA M PS I E .............................................M .N . Johnson

C A N LE Y H E IG H T S ..................B.R. Thom pson

C A N T E R B U R Y .............................. Stanley Bourke

C A R IN G B A H ......................................W.M. Byrne

C A R L IN G F O R D .................................J A. M urray

C A R L T O N ............................................K.E. Burden

C A STLE C R A G ............................................................

C A STLE H IL L ........................................... J.E. Finn

CH ATS W O O D ................................................ B.R. Lloyd

P A C IF IC HIG H W A Y , C H A T S W O O D ..........................................................

C H E ST E R H I L L ............................. P .N . Jefferson

C L O V E L L Y ......................................Miss R.J. Breen

C L O V ELLY BEACH .............................H.R. Baker

C O L L A R O Y .................................................... John Carey

CO LLA ROY P L A T E A U ..............J.T .H . Beckley C O N C O R D ........................................K .M . Cam pbell

C O N C O R D W E S T .............................Harrv Collins

C O N D E L L P A R K ............................. B.W. G arrett

C O O G E E ....................................................A. W. Scales

C R E M O R N E J U N C T I O N ................J.M . Gerethv

C R O N U L L A ........................................ W.A. Philip

CR OW S N E S T ................................................. C.J. Bvrne

51 W IL L O U G H B Y ROAD, CR OW S N E S T ..............................V.G. Connollv

C R O Y D O N ........................................R.S. Aitchison

CR O Y D O N PA R K .................................. L.J. Broad

D E E W H Y ........................................... D. M cK. Craig

D O O N S I D E ......................................................... Peter Brannigan

D O U B LE B A Y ...................................... D .L . Agnew

D R U M M O Y N E .....................................................B.C. Pittawav

D U L W IC H H I L L ...........................L .L . M cK night

R O U N D C O R N E R , D U R A L ......................................... B.R. Tow nsend

E A R L W O O D ................................... F.A. Ferrington

EA ST H I L L S ......................................... G .L . Brown

E A S T W O O D .................................................... K.J. Hain

E D G E C L IF F ....................................................P.G . Mills

E N F I E L D ............................................J.B. Treseder

E N G A D IN E ....................................... E.W .J. Allum

E N M O R E ..........................................................F.W . Story

E P P IN G .................................................... B.F. Delanev

E R M IN G T O N ..............................................................

E R S K IN E V IL L E ...............................E.R. Bollard

F A IR F IE L D ............................................J.M . Coates

F A IR F IE L D H E IG H T S ....................J.C. W ebber

W ARE A N D S P E N C E R S T R E E T S , F A IR F IE L D .............................R.J. O ’Shanness,

F IV E D O C K ................................. V.E.M. Sellwooj

F L E M IN G T O N M A R K E T S .............. B P. Case.

F O R E S T V IL L E .................................................. A.F. Smith

ARN D A L E C E N T R E , F R E N C H S F O R E S T .......................................E.S Adan*

G L A D E S V I L L E ................................................ I.M . Wheeler

G L E B E ....................................................B E. Bradlev

G O R D O N ........................................... B .l). Leonard

G R A N V IL L E ..................................G .K . Whittaker

G R E E N A C R E ..................................D.C. Wombev

G U I L D F O R D .................................................... ATI. Jones

G Y M E A ................................................. R N Burden

H A B E R F IE L D .........................................K.M . Flynn

H A R B O R D ..................................... M L. Mitchell

H O M E B U S H ...........................................F T. Griffin

H O R N S B Y ........................................M aunce James

G E O R G E A N D F L O R E N C E ST R E E T S, H O R N S B Y ........................................................ N.J. Massey

H U N T E R S H I L L ...................... W.B. McGinnity

H U R L S T O N E P A R K ........................ A.G. Redford

H U R S 'I'V IL L E ............................... W.R. Mangnall

B U T L E R S ROAD, H U R S T V IL L E .....................................J.F . Barling

IN G L E B U R N ......................................... P.J. Sawyer

J A N N A L I ............................................ K .C. Lee son

K E N S IN G T O N ................................. K.O. Andrew

K IN G S F O R D ......................................John Doolan

K I N G S G R O V E ................................. K.C. Higgins

K IR R A W E E ..................................................................

K O G A R A H .......................................A rthur Williams

K O G A RA H B A Y .............................. R.W. Percival

L A K E M B A ........................................ T .R . Saunders

L A LO R P A R K ...................................A.L. Woodley

L A N E C O V E ................................................................

L E I C H H A R D T .................................... K .C. Hughes

140 N O R T O N S T R E E T , L E I C H H A R D T ..............................J.W . Hatton

325 PA RR A M A TTA RO AD , L E I C H H A R D T ............................. B.P. Johnson

LI D C O M B E .......................................... J.N . Weldon

L I N D F I E L D ........................................R.B.S. Tasker

L I V E R P O O L ..............................................J.R. Lamb

M A C Q U A R IE F I E L D S .................... R.L. Spooner

M A L A B A R .............................................................G .F . Olsen

M A N L Y ...................................................J.B. Reynolds

M AR O U B RA J U N C T I O N ........... F.W .M . Porter M A R R IC K V IL L E ................................. G .P. Jones

M A SC O T ...............................................F.C. tiooper

M A T R A V IL L E ....................................B.D. Johnson

M E R R Y L A N D S ............................... A.J. Robinson

M I L L E R ..................................................T .W . Dodd

M IL S O N S P O I N T .................... R.H. Cam bournc

M IR A N D A ............................................J.L . Scddon

M O N A V A L E ............................................ R.A. Dovle

M O R T D A L E .................................. K R. Robinson

M O S M A N ......................................... K.C. Mansfield

M O U N T D R U I T T ............................ G.P. Weekes

NA RR A BEEN ......................................B.G. Agnew

N A R W E E ......................................Leslie W rightson

N E U T R A L B A Y ..........................................................

N E W P O R T B E A C H ................................K.F. Seage

N E W T O W N .................................. M .W .L . Fairless

N E W T O W N S O U T H ................... R.S.T. Williams

N O R T H A U B U R N ............................. N .K . Kimber

N O R T H B O N D I ......................................L .G . Folev

N O R T H B R ID G E ......................... Thom as Lindsav

N O R T H P A R R A M A IT A ........... K.W . Fleming N O R T H R Y D E ................................... D .H . G unton

N O R T H S T R A T H F I E L D ................ R.R. Hughes

N O R T H SY D N EY .............................John M artin

O A T L E Y ..................................................B.S. Duncan

P A D D IN G T O N .................................... G .W . Bootle

P A D S T O W ............................................. G .L . Dodds

PA N AN I A ................................................... R .K . Byers

PA RRA M A I T A ............................................H .F. Ball

20 D ARCY STR EET, PA RRA M A I T A ........................... J.D . Fitzgerald

Branches and Managers 66

τ

PENDLE HILL___ PENNANT H IL L S P E N R IT H ...............

PE N S H U R S T .........

P E T E R S H A M ___ PU N C H B O W L. .. . PY M B LE..................

PY R M O N T..............

. . . . C.R. Vickers

......... G .M . Main

M .L . A rm strong . .. Denis M ahon .........J.J. M urray

Leslie W allworth .........K .T . Ralph

.........W .J. Sadler

RA M SG A TE................................... L.W . M cGow en

RAND W ICK ...................................... J.A . Lam bert

ST. PA U L’S, R A N D W IC K ............... T .R . Walker

RED FE R N ............................................. R .G . G iddy

REGEN TS P A R K ................................. G .H . Ford

R E V ESB Y ...............................................................K .O. Scott

R IV E R S T O N E ...................................................... C .H . Clark

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ROOTY H I L L ...................................................... N .L . G ilbert

ROSE BAY ..................................................N .S. Short

ROSE BAY E A ST ..................................... Jim Peters

ROSE BAY N O R T H ............................................J.K . Fowler

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R O Z E L L E ..................................................Athol Corry

R U SH C U T T E R S B A Y ........................................J.R. Steele

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SEVEN H IL L S ....................

SO U TH H U R S T V 1 L L E . . . SP IT J U N C T I O N ..............

ST A N M O R E .......................

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ST L E O N A R D S ..................

ST M A R Y S ...........................

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S T R A T H F IE L D S O U T H SU M M E R H I L L ................

SURRY H I L L S ..................

S U T H E R L A N D ................

S Y D E N H A M .......................

SY LV A N IA C E N T R E . . .

K .W . Job

. .. . R.D. Campbell ................. J.P. Coll is

. . . . C .K . Howarth ......... F.J. Williams

........... L.B. Hewish

................. F.A. Gore

................. D.E. Trist

........... W .G. Leahy

.........P.E. Peterson

........... D .P. Mullen

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. . . . W.L. Stronach

........... K.E. Burrell

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T E L O P E A ...........................

T E M P E ................................

T H O R N L E I G H ................

T O O N G A B B IE ................

T U R R A M U R R A .............

. . L.A. Wilson D.M . Lindsay . . K .F. Kenna .N .L . Gunther . . D .H . Smith

U L T IM O ................................................ D .L. Jones

U N IV ER SIT Y ' O F N EW S O U T H W ALES, K E N S I N G T O N ............................. C .L .I. Smith

U N IV E R S IT Y O F S Y D N E Y .......... B.C. Moore

V A U C L U S E ..................................... M.A. Fleming

V IL L A W O O D .............................. W.E. Woolridge

W A H R O O N G A ..................................... R.R. Lloyd

W A R R IN G A H M A L L ............. O.M . Loughland W A TE R LO O ....................................... W.J. Brouggy

W A V E R L E Y ..................................................................

W E N T W O R T H V IL L E ....................A.T. Holman

W E S T G A T E ..................................................................

W EST M A R R IC K V IL L E . .. B.A.L. Livingston W E S T M E A D ................................................ J.T. Pye

W EST P E N N A N T H I L L S ........... R .H . Johnston W EST R Y D E ........................................E.C. Morris

W ILEY P A R K ....................................................... B.J. Jagelman

W IL L O U G H B Y .........................................................

W IL L O U G H B Y N O R T H ................................ F.P. Richards

W O O L L A H R A ....................................... H.J. Colley

YA G O O N A G.A. Kent

CO U N TR Y A D A M S T O W N ............................... K.J. McCosker

A L B U R Y .....................................................K X · Cain

482 D E A N S T R E E T , A L B U R Y .......... J.A. Wood A R M I D A L E .......................................... A.P. Colman

B A L L IN A ......................

B A R R A B A ......................

BA TEM A N S BAY . . . . B A T H U R S T ..................

B E G A ...............................

B E L L IN G E N ................

B E L M O N T ....................

B E RK ELEY ..................

B L A C K H E A T H ...........

B L A X L A N D ..................

BLAYN EY ....................

B O M B A L A ....................

B O O L A R O O .................

B O U R K E ......................

B O W R A L ......................

B R E W A R R IN A ...........

BR O A D M EA D O W . . . BR O K EN H I L L ...........

BYRON BAY ...............

C A M D E N ......................

C A N O W IN D R A .........

C A R D I F F ......................

C A SIN O ........................

C E S S N O C K .................

C H A R L E ST O W N . . .. COBAR ..........................

C O FFS H A R B O U R . .. C O N D O B O L IN ...........

C O O M A ..........................

COONABARABRAN . C O O N A M B L E .............

C O O T A M U N D R A . . . C O R O W A ......................

C O R R IM A L .................

C O W R A ..........................

C R O O K W E L L .............

D A N G A R ......................

D A PTO ..........................

D E N I L I Q U I N .............

D U B B O ..........................

D U N G O G ......................

EA ST G O S F O R D . . . .

EA ST M A IT L A N D ... E D E N ...............................

E T T A L O N G BEACH .

FA IRY M EAD OW . . . F I G T R E E ......................

FIN L E Y ........................

FORBES ........................

F O R S T E R ......................

G I L G A N D R A .............

G L E N I N N E S .............

G L O U C E S T E R ...........

G O S F O R D ....................

G O U L B U R N ................

G R A FT O N ....................

G R E N F E L L ..................

G R I F F I T H ....................

G U L G O N G ..................

G U N D A G A I ...............

G U N N E D A H ...............

G U Y R A ...........................

H A M IL T O N ................

H A R D EN ......................

H A Y .................................

H E N T Y ..........................

IN V E R E L L ..................

IV A N H O E ......................

.........N.E. Dickinson

...................... D.A. Sky

.................. J.J. M oran

. . . . F.S.W . Williams ................... I.L . Hiscox

.........R.B.J. Schirm er

................Joseph Dirou

................... I.V. Hough

............. H.W . Lythall

....................F.J. Casey

....................W .G . Hall

................. N.A. Clare

........... W.R. Rayment

............. A.D. Preston

.................. J.J. Hannan

................... B.J. Henry

............. N .K . D utton

...............K .M cL. Reid

........... E.R. Kennedy

............. Clifton M ason

............. W.J. M cLeod

....................A.J. Shirley

........... R.A.P. Stelfox

...................... J.P. May

..................C .G . Smith

................. B.F. Nolan

............. C.A. Abrams

........... James Connors

............. N.A. Hawley

........... I.F. Stevenson

............... B.S. Cooper

. . .. J.E.W . Rum mery ................... J.E. Hickey

.........M .R.A. Harvey

............. D.E. Thomas

........... Kenneth M ort

............. K.W . Everitt

.........A.M . Loveridge

................ F.J. Burrow

................ R.V. Dwyer

............. R.S. Hawkins

........... G.E. Callaghan

................O .T. M oten

....................A.A. Dean

............. W.R. M anson

..................Gw yn Rees

..................J.W . Hayne

..................B.C. Moore

................C.G. Kruger

................D.W . Sm ith

................A.S. Bentley

. . . . Leslie Cartwright ..................A.C. Harris

........... J.V. Ebsworth

................J.D . Marley

................W .N. Glenn

............. W.B. Coombe

. . .. W.A. Bleechmore ..................K.J. Atkins

..................F.K . W hite

................J.L . Kilburn

.........S.R. Donaldson

..................W.W. Isaac

............. J.P. Connolly

....................J.A. Barrs

. . R.H. M cGladrigan .........K.W . Campbell

J E S M O N D ................................................ J.D . Vout

J U N E E ................................................ M .T .J. Barnett

L A U R IE T O N ..................................... H .N. Bicknell

L E E T O N ................................................ H.R. Burges

L IS M O R E ..................................... Joseph Compton

W O O D LA R K S T R E E T , L IS M O R E ...................................... John Paterson

L I T H G O W ...................................................................

LO C K H A R T ...................................Rodney Lange

M A C K S V IL L E ....................

M A C L E A N ............................

M A IT L A N D ..........................

M A N IL L A ............................

M A Y F IE L D ..........................

M E R IM B U L A ......................

M E R R IW A ............................

M IT T A G O N G ......................

M O L O N G ..............................

M O R E E ...................................

M O R I S S E T ..........................

M O R U Y A ..............................

M OSS VALE ........................

M U D G E E ..............................

M U L L U M B IM B Y .............

M U R R U R U N D I.................

M U R W IL L U M B A H .........

M U S W E L L B R O O K ...........

.........

R.E. Riordan .........W.J. Mars ton

.............R.H. Nixon

. .. Howard Walters .............A.R. Green

...........D.W. Lewis

.........J.D . Andrews

K.V. deP. Williams . . . . N.W . Hogarth

............. F.C. Cheal

............... W.J. Bates

............... D.J. Kelly

. .. . K.S. Plowman .........Donald Gray

.........H .E. Rochow

.........P.R. Gladwin

. . . . C .T .G . Sewell

N A M BUCCA H EAD S ........................F.L . Coffey

N A RO OM A ..........................................P.S. Hegarty

NARRABRI ..........................................S.A. Ridden

NA RR AND ERA ...............................B.V. M urphy

N A R R O M IN E .................................... C.A. H unter

N E L SO N B A Y .................................... K.W . White

N E W C A S T L E ............................................R.A. Hill

H U N T E R A N D S C O T T ST R EETS, N E W C A S T L E ...............................B.H. Kearsley

T H E JU N C T IO N , N E W C A S T L E .......................... G .D . Campbell

N E W C A ST L E W E S T ....................... F.G . Moody

N EW L A M B T O N .......................................................

N O R T H ALBURY ........................H.R. Robinson

NO W RA .............................................. D.L. Watson

N Y N G A N ............................................P.R. Hancock

OAK F L A T S ..........................................................R.P. Dignan

O B E R O N ............................................................... K .D. Beatty

O R A N G E ............................................. Frank W right

P A R K E S ................................................................F.W . Cook

PO R T K E M B L A ..................................................H.J. Hayes

P O R T L A N D ........................................... T .J.T . Strik

PO R T M A C Q U A R IE ................... K.M . Bowden

Q U E A N B E Y A N ................................. L .K . Percival

Q U I R I N D I ..................................... J.G . M cFadyen

RA Y M O N D T E R R A C E ............... W.M. Sullivan R I C H M O N D ......................................K.E. H unter

S C O N E ................................................ D.R. Stewart

S H E L L H A R B O U R .................................G.J. Vout

S IN G L E T O N ................................. Noel Mansfield

S O U T H W AGGA W AGGA . . . . R.A. Alexander SPR IN G W O O D ............................C.C. W ellington

S T O C K T O N ............................................L.B. Quinn

S W A N S E A ......................................... T.W . Barnard

TA M W O R TH . . . 'l'A REE .................

'F E M O R A .............

T E N T E R F IE L D . T E R R IG A L .........

T H E EN TRA N CE T H IR R O U L .........

T O R O N T O ...........

T O U K L E Y ...........

T U M U T ...............

TW E E D H EAD S .

D.K. Robson

. . . . D .M . Blake

. . . W .P. Skeers

...........J.A. Bell

.. D.C.S. Hyde

. . H.D. Dawson .. W .G. P atrick

. . . . F.N . Wood

.. .. R.N. Swan

G.A. Crooks ton

K A N D O S .........

KATO OM BA . . K EM PSEY . . . .

K I A M A .............

K O T A R A F A IR K U R R I K U R R I K Y O G LE .........

LA M BTON .. . .

,. C.A. Roberts .. . .D .L . White

.. .. P.G . Inglis

. A.T. Robinson .. . J.T . Hughes

.. . N .L . Brown

D .J. M e Tackett

.. .. D.J. White

U L L A D U L L A .............

U M IN A B E A C H .........

U N A N D E R R A .............

UN IVERSITY' OF N E W C A S T L E .........

U R A L L A ........................

...............P.D. Robinson

.. . . N.C. M angelsdorf

.........N .M . Williamson

...............P.T. M atthews

.............. R.K. Schofield

W AGGA W A G G A .............................J.K . Edwards

W A L C H A ............................................T .J. O ’Toole

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HAS T B E N T L E IG H ......................... A.W . Brissett

451 LY G O N STR EET, E A ST B R U N S W IC K ...................... A.V. Stacey

EAST K E W ................................. W. M cC. Blakeley

EA ST P R E S T O N ................................B.F. W right

EL STE R N W IC K ....................................J.K . C urrie

E L T H A M .................................................................R.J. Highm ore

EL W O O D ...................................................... Raym ond C hapm an

ESSEN D O N ........................................................... G .L . O’C onnor

F A IR F IE L D ...........................

F A W K N E R .............................

F E R N T R E E G U L L Y .........

F I T Z R O Y ...............................

FITZR O Y N O R T H .............

F O O T S C R A Y .........................

FO O TSC RA Y W E S T .........

FO R E ST H IL L C E N T R E . F R A N K S T O N .......................

......... W.E. K napp

----- J.M . M cCann

R .E. C unningham

M .T . Pouliot: .. John Carey . R.F. Horgan ............. E.A. Eaton

. . R .C . Hum phries

G A R D E N V A L E ..............

G L E N F E R R IE S O U T H G L E N H U N T L Y ...........

GLENROY ....................

G L EN W A V ERLEY . . . G R E E N S B O R O U G H . . G R E Y T H O R N ................

...................... W .F. Lloyd

.................. C.R. Donovan

.................. R.H. M ulligan

.................... R.J. Welsford

.................... H .T. George

........... A.R. M cPherson

..............G .N . M atthews

H A M PT O N .................................... L.J. M clnerney

H A R T W E L L ...........................................Cecil M uir

H A W T H O R N ..................................J.N . O ’Donahoo

H E A T H M O N T .................................. M.S. Dickson

H E ID E L B E R G ....................................... A.J. Frost

H E ID E L B E R G W E S T ........................ I.F . Petering

H IG H L I T .............................................. E.W. Robins

H U N T 1 N G D A L E ................................................. J.B. Goudie

I VAN H O E .........................................A.S. Monaghan

KEW ............................................................ B.R. Long

K E Y S B O R O U G H ..................................P.A. Lulofs

K I L S Y T H ............................... Fredericus Viergever

K N O X C IT Y S H O P P IN G C E N T R E ............................................. A.S. McNeil

L A L O R .........................................................R.K. Allen

L IL Y D A L E .......................................... E.S. Hughes

H IG H P O IN T W E S T C E N T R E , M A I D S T O N E ...............................J.A. Micallef

M A L V E R N .............................................................. J.A. Prior

M A LV ERN N O R T H ................................. I.J. Gee

M E N T O N E ..............................................J.G . Taylor

M E R L Y N S T O N ................................. G.C. Surtees

M ID D L E B R IG H T O N ......................... J.D . Barry

M IT C H A M ....................................................................

M O N T M O R E N C Y .............................C.J.S. Krepp

M O O N E E P O N D S ............................. J.F. Twining

M O O R A B B IN ................................... W.W. Kinsella

M O O R O O I.B A R K ....................... I.R.P. WiUiams

M O R D IA L L O C ................................ G .H . Elshaug

M O R E L A N D ..................................................... R.F. Stone

M O R E L A N D W E S T ........................................ F.F. Constantin

M O U N T A IN G A T E ........................................... R.J. M cGregor

M O U N T E L I Z A ............... G.S.B. Bartholomeusz

M O U N T W A V E R L E Y ....................................... B.P. Sm ith

M U R R U M B E E N A ............................................ N .S. C arruthers

N E W M A R K E T ...................

N E W P O R T ............................

N I D D R I E ..............................

N O BLE P A R K ......................

N O R T H B A L W Y N .............

N O RTH B R IG H T O N .........

N O R T H C O T E ......................

N O RTH ESSEN D O N .........

N O R T H L A N D C E N T R E . N O R T H M E L B O U R N E ... N U N A W A D IN G ..................

. . . . B.J. Roche

.. . E.R. Bartlett F.A. Glazebrook ____ K .R .Jacka

. H.C. Cham pion ...........H R . N on

........... F.J. Trask

___ N.J. Toohey . .. B.M. M urphy . .. . R .G . Taylor

. .. B. S. Cameron

O A K L E IG H .............................................. J.M . Pool

OAK P A R K ..................................... H.W . M cIntyre

O R M O N D ................................................ John Parry

P A R K D A L E ..........................................................A.G. Walls

PA SCO E VALE S O U T H ................. J.W .B. Down

P O R T M E L B O U R N E ....................A.M. M cKean

P R A H R A N ........................................T .F . Hawkins

PR A H R A N E A S T ................................B.T. Magee

P R E S T O N ........................................J.A .M . Bleaklev

PR E ST O N S O U T H ............................. P.B. Moran

R E G E N T W E S T ..........................R.K. Henderson

R E SE R V O IR ....................................... L.T. Brvant

R I C H M O N D ......................................... B.A. Dowd

R IC H M O N D N O R T H ................... R.S. Vawdrcy

R IC H M O N D S O U T H ........................ F.W . Mace

R I N G W O O D ..............................................................

R IN G W O O D E A S T ............................ W.E. Watt

R O S A N N A .................................... B.A. McMillan

S A N D R IN G H A M ........................

S O U T H M E L B O U R N E .............

S O U T H Y A R R A .........................

S P R IN G V A L E ..............................

ST A L B A N S ..................................

S T K IL D A ....................................

FITZR O Y STR EET, S T K IL D A ................................

S U N S H I N E ..................................

SURREY H IL L S N O R T H ........ S Y N D A L ........................................

. . L .J. Ffrench .. .K.A . Macrae K.J. O’Rourke . K.M . Semple

. K.V. Sanford G.H. Mortimer

.. F.J. Brennan . . B.P. Hurley

.. B.F. Sexton

.........A.J. Hall

TH O M A ST O W N ................................ I.C. Watson

T H O R N B U R Y ............................................................

TO ORA K ................................................. G.R. Jebb

U N IV ER SIT Y OF M ELB O U R N E, P A R K V IL L E ....................................................E.J. Winter

U P W E Y ..................................................................P.V. Byrne

V E R M O N T .............................................................P.J. Coffey

W A T S O N IA .........................................................T.V. Clearv

WAVERLEY GA RD ENS S H O PPIN G CEN TR E, M U L G R A V E .........R.W. Boulding W IL L IA M S T O W N .................................L .L . Ryan

W IN D S O R .......................................P. M acG . Stiff

Y A R R A V ILL E.............................. B.B. M cDonald

COUNTRY A R A R A T ................................................ C.F. Forbes

BACCHUS M A R S H .............................. R.T. Laffy

B A IR N SD A L E .............................................................

B A L L A R A T ........................................................... I.R . M orrison

B R ID G E S TR EET, B A L L A R A T ......................................................C .T . Howard

B E L M O N T ...................................................A.C. Orr

BEN ALL A ............................................. C.W. Empey

B E N D IG O ....................................................................

C A M P E R D O W N ..................................... M .J. Bone

C A S T L E M A IN E ................................. B.S. Cooper

C O L A C ...................................................M .P. M aher

CO RIO V IL L A G E ...........................William Evans

E C H U C A .............................................. F.X. M urphy

G E E L O N G ......................................................N .A .W . Cummins

RY RIE S T R E E T , G E E L O N G .........A.R. Garratt

H A M IL T O N ................................... A S. M cIntyre

H O R SH A M .......................................... D .G. Elliott

K E R A N G ..............................................................T .D . Carman

K O R U M B U R R A ................................................ G .N . Patterson

K Y A B R A M ............................................K.J. Roberts

K Y N E T O N ............................................................ L.F. Ramsdale

L E O N G A T H A ................................... I.H . Stepnell

M A R Y BO RO U G H ............................ V.J. Williams

M E L T O N ............................................. E.L. Cop pin

M IL D U R A ........................................... G.A. Matfm

M O E ........................................................ D.C. Morris

M O R N IN G T O N ................................... N.J. Grigg

M O R W E L L .......................................C.G. Johnston

M Y R T L E FO R D .................................G.A. Byrnes

N U M U R K A H .....................................P.B. Tonkin

PO R T L A N D

R O SEB U D .

S A L E ...........

SEY M O U R .

D .F. McVeigh

. D .G. Stafford

. .. K.J. Taylor B.W. Hawking

SH EPPA RTO N ................................. R.E. Southee

ST A W E L L ...................................................................

S U N B U R Y ..............................................R.W. Kyte

SWAN H IL L ......................................... W.J. Conley

T A T U R A ............................................................I.R .W . Jenkin

T R A R A L G O N .............................W .N . Youngman

WAN G A R A T T A .........................................................

W A R R A C K N A B E A L ....................P.R. Davidson

W A R R A G U L .....................................T .J. Atkinson

W A R R N A M B O O L ......................A. M cL. Young

W ERRIBEE ................................... W .D. M cIntosh

W O D O N G A .......................................................... J.D . Larkin

Y A R R A W O N G A ................................G .R. Hartwig

SU B -B R A N C H E S CITY AND SU B U R B A N A L P H IN G T O N

B E N T L E IG H .............................(395 Centre Road)

BORON I A .................................(149 Boronia Road)

C LA Y TO N

D A N D E N O N G . . . . (General M otors-H olden’s) D IA M O N D CR EEK

F IS H E R M E N ’S B E N D ...................... (General M otors-H olden’s)

FITZR O Y SO U TH FO OTSCRA Y M A R K ET F R A N K S T O N .................................(Playne Street)

(Ross Sm ith Street)

G L A D S T O N E PARK C E N T R E

H E ID E L B E R G ................................. (Repatriation

G eneral Hospital)

IVAN HO E EA ST

K E N S IN G T O N

LO W E R PL E N T Y

M EADOW F A IR C E N TR E M E L B O U R N E ...........................(95 Collins Street)

(520 Collins Street)

(Mobil Centre — 2 City Road) (Royal M elbourne Hospital) ( Spencer Street Railway Station)

M OORABBIN ..........................(M oorabbin Link)

N A TIO N A L SC IE N C E C E N TR E

283 S PR IN G S T R E E T , RESERV OIR

R IN G W O O D ...........(Eastland Shopping Centre)

S U N S H IN E ........................................... (City Place)

COUNTRY B A L L A R A T .................................(925 Sturt Street)

B E N D I G O ............................................(View Point;

G E E L O N G W EST

KANGAROO F L A T . . . (Marong Village Centre)

M OO ROO PN A

N E W C O M B ................. (Bellarine Village Centre;

N O RLA N E

PU C K A PU N Y A L ARMY CA M P

RYE

W E N D O U R E E .................................(How itt Street)

(Wendouree Village Centre)

Q ueensland BRISBANE MAIN CITY BRANCHES T r a d in g B ank

259 Q U EEN ST R E E T Chief M a n ag e r...................................A.W. Salisbury

Branches and Managers 69

D eputy Chief M a n a g e r.................................................

M a n a g e r................................................... R.J. Switzer

M a n a g e r........................................................J.S. Jones

M a n a g e r...........................................Rodney Sandaver

Savings Bank A D E L A ID E A N D A L B E R T ST R E E T S M a n a g e r...............................................C .L . U rquhart

D eputy M a n a g e r ..................................... E.W . Bubb

M anager, L o a n s ....................................... D .F. Roche

D e v e lo p m e n t B a n k 259 Q U E E N ST R E E T M a n a g e r...............................................S.J. Cheesman

Deputy M a n a g e r ................................. Felix T ar dent

Assistant M anager . . . ...................... J.R. Treadwell

O TH ER CITY B R A N C H E S 247 A D E L A ID E S T R E E T ........................................

333 A D E L A ID E S T R E E T ..................................Leo C entner

G E O R G E S T R E E T ........................ M .L. W ebster

(369-373 George Street) K IN G G E O R G E S Q U A R E ..............W.C. Fraser

(71-77 Adelaide Street) M IN E R A L H O U S E .................... T .J. W oolnough

(George Street) Q U E E N A N D ED W A RD ST R E E T S . . ...................................... K .C. Esdale

259 Q U E E N S T R E E T ........................................ A .D. T rundle

366 Q U E E N S T R E E T .................. Bruce M cGiffin

S P R IN G H I L L .......................................................J.H . M organ

(445 U pper Edw ard Street)

SU B U R B A N A CACIA R I D G E .........................J.C .G . Northcott

A L B I O N .................................................H .G . Walker

1 A L D E R L E Y ...............................................L.A. Tame

A N N E R L E Y ........................................................... J.K . York

A RAN A H I L L S ................................. M ichael W hite

A S H G R O V E ............................................................J.E . Berry

A SPLEY .........................................................................

1 B A N Y O ...............................................V.R. Hockings

1 B O O V A L .............................................. John M cPhee

| B R ISB A N E M A R K E T .............. A.B. Thom pson

(Sherw ood Road, Rocklea) B U L IM B A ...........................

C A N N O N H I L L ................

CA PALABA ........................

C A R I N A ...............................

C H E R M S ID E ....................

C L A Y F IE L D ......................

C L E V E L A N D ....................

C L O N T A R F BEACH . . . . CO O R PA R O O ....................

C O R IN D A ...........................

................N .R. Kendal

.................... G .S. Will

..................G .N . Havig

....................D.J. H unt

............. P.R. Thomas

DA RR A ................................. ... C .H . H etherington

E N O G G E R A ......................

E V E R T O N P A R K .............

F O R T IT U D E V A L L E Y .. ................. J.B. Horsey

G E E B U N G ............................

G O O D N A ...............................

G R A C E V IL L E ......................

G R A N G E ...............................

G R E E N S L O P E S .................. ........... G.A. W ithers

H A M IL T O N ........................

H O L L A N D PA R K ............. ......... C.M . Henricks

IN A LA C IV IC C E N T R E ....................A .H. Patch

IN A LA H E I G H T S ........... W.A. W arden-H utton I N D O O R O O P IL L Y ................... K.P. H arrington

I P S W I C H ............. ...................................A.C. Larsen

K E D R O N ............................................ K.W . Collins

K E N M O R E ........................................ C.J. Procopis

K E P E R R A .............................................................. G .R. Taylor

K IP P A -R IN G .................................G.W . Horwood

L U T W Y C H E ...................................... R .W .T. Suess

M A N L Y ................................................. Peter M artin

M A R G A T E ......................................... A.K. M onteith

M IT C H E L T O N ....................................J.G. Laycock

M O O R O O K A ..........................................J.B. Fitchett

M O R N IN G S ID E ..................................R.C. Kendall

M O U N T G R A V A T T ................................................

M O U N T O M M A N E Y ......................J.A. Carter

N E W F A R M .......................................... Frank Rivers

N E W M A R K E T ....................................... J.P. Croker

N U N D A H ..................................................J.R. Wilson

O X L E Y ............................................... R.J.A. H unter

P A D D IN G T O N ..........................A.A.G. Mathieson

R E D C L I F F E ................................... R.P. Courtney

RE D H I L L .............................................. D.J. Steele

R O C H E D A L E ................................. W .D.H. M artin

S A N D G A T E .....................................Raymond Byrne

S C A R B O R O U G H .............................................. R .D . Ross

S H E R W O O D .........................................M .J. Smith

S O U T H B R IS B A N E ........................... B.R. Galvin

S P R IN G W O O D ......................................... J.M . Vine

S T A F F O R D .........................................A. J. Robinson

S T O N E S C O R N E R .............................. B.M. Ward

S T R A T H P IN E ..................................... G .H . Stanger

S U N N Y B A N K ............................ Douglas Ham ilton

T A R IN G A ...............................................................R.E. Bell

T O O M B U L C E N T R E ...................... W.W. Wray

T O O W O N G ......................................................... J.S. Briggs

U N IV E R SIT Y O F Q U E E N SL A N D , (St L u c ia ) ........................................... E.F. Simpson

U PPER M O U N T G R A V A TT . . . M .L. Gillespie

W AVELL H E I G H T S .................... R.M . W ebster

W E ST E N D .............................................. M .H . John

W O O D R ID G E .................................................... W.R. Dann

W O O L L O N G A B B A ......................... B.M. Costello

W Y N N U M .........................................A.G. Davidson

Z IL L M E R E . . .

COUNTRY A IT K E N V A L E ................................................... C .F. Ogilvie

A T H E R T O N ......................................................... N .F. Eaves

A Y R ..........................................................................N.J. Bunnett

B A B IN D A ....................................... J.W .H . Hooper

BA RC A LD IN E ................................. Geoffrey Cave

B E A U D E S E R T ...........................................................

B E E N L E IG H ....................................................... G .F. Mossom

B I L O E L A .............................................................. A.R. Kettle

B L A C K A L L .......................................................... R.F. Heap

BLACK W ATER ..................................... A.L. Hall

BOON AH ................................................... L.J. Fry

B O W E N ..................................................................H .H . Tidbury

BROADBEACH (P A C IF IC F A IR )...................................................................D.V. Shine

B U N D A B E R G ....................................................J.E .J. Foord

B U R L E IG H H EA D S ............................ B.R. Loose

C A B O O L T U R E ................................................... F.H. Bigg

C A IR N S ...................................................W .M . Oates

C A L O U N D R A ................................. R.J. Zahnleiter

C H A R L E S V IL L E ................................ J.R. McAtee

CH A R TER S T O W E R S ...................................... R.K. Dell

C H IL D E R S ..........................................E.F. Hassed

C H IN C H IL L A ................................................... N.A. Scott

C L E R M O N T ........................................................ L.L. Gorring

C O L L IN S V IL L E .......................................J.F. Carr

C O O L A N G A T T A ........................ B.W. M cGlynn

COOROY .............................................. D.B. Brown

C U N N A M U L L A ................................................... P.J. Blundell

D A L B Y .....................................................R .L . Sellars

E M E R A L D ............................................................. J.A. Goodwin

G A T T O N ................................................... K.R. King

G A Y N D A H .................................R.J. M ontgom ery

G L A D S T O N E .......................................................R.J. Williams

G O O N D IW IN D I ............................... R.G. Spann

G O R D O N V A L E ..................................... F.T. Steel

G Y M P IE .....................................................C.R. Reid

H E R M IT PARK ......................... W alter Nicholson

H O M E H I L L ......................................... R.W . Wallin

H U G H E N D E N ...............................R.C. Highland

I N G H A M ...................................................L.F. Reid

I N N I S F A I L ...........................................D.V. Keast

KAW ANA W ATERS ........................... G.L. Leach

K I L C O Y .................................................... N.L. Hay

K IN G A R O Y ........................................... D .G . Marek

L A ID L E Y ............................................................. P.T. Tudman

L O N G R E A C H .....................................B.J. Kingston

M A C K A Y ..................................... A.L. Quartemaine

M A R E E B A ............................................. R.D. Smith

M A R O O C H Y D O R E ............................A.E. Luhrs

M A R Y B O R O U G H ............................. J.W . Burley

M IL E S ............................................R.E. Eisenmenger

M O N TO ............................................... B.L.J. Wenck

M O SSM A N ...................................B.T.P. Gallagher

M O U N T I S A .......................................................F.R. Colley

M O U N T M O R G A N .........................................G .G. Davies

M U N D U B B E R A ............................... R.H. Williams

M U R G O N ........................................................... R.C. Round

N A M B O U R ................................... D. S. Stevenson

N A N A N G O ............................................. W.A. Bond

O A K E Y ...................................................................L.J. Lunney

P IA L B A ...................................................................C.J. McMurtrie

P IT T S W O R T H ....................................... P.G. Payne

P R O S E R P IN E ....................................................R .G . Millward

RAVEN SH O E .........................................P.J. Carney

R O C K H A M PT O N ....................................................

R O C K H A M PT O N N O R T H . . . . A.J. Gallagher R O M A ....................................................................A.L. Treadwell

SA RINA ..................................................R .G . Timms

S O U T H P O R T ......................................... B.J. Hickey

S T A N T H O R P E ......................................B.N. Hersee

S T G E O R G E ................................... M .P .T . Lunnev

SU R FER S P A R A D IS E .......................... F.G . King

T E W A N T IN ..............................................D.C. Miers

T O O W O O M B A ..................................... N .F. Clifton

244 M A R G A R ET S T R E E T , T O O W O O M B A .................................. N.A. Myatt

499 R U T H V E N S T R E E T , T O O W O O M B A .............................................. R .T. Newman

T O W N S V IL L E .................................... A.E. Burrow

471-473 F L IN D E R S S T R E E T , T O W N S V IL L E ............................................. M .R. Turnbull

T U L L Y ....................................................................J.E. Thomson

W A R W IC K .......................... A.M ac.D. Macartney

W E IP A ...................................................................M .H . Godfrey

Y E P P O O N ....................................................J.P. Hoare

SU B-BR A N C H ES CITY AND SU BU R BA N ALBANY C R EEK A LEX A N D RA H IL L S

ASH G R O V E W EST ASPLEY ............................. (1378 Gympie Road)

BRASSALL B R IS B A N E ................. (Brunswick Street Station)

(98 Edward Street) (SG IO Building) , (Treasury Building)

C A N N O N H I L L .............. (Cannon Hill K-M art)

C A R IN D A LE CH A R D O N S CO RNER

EA ST B RISBAN E

G A Y T H O R N E G R A C E V IL L E E A ST

IN D O O R O O PIL LY

70

SAL L A N G UR

MANSFIELD

'JEWSTEAD

(ODE JOVAL BR ISBA N E H O S P IT A L

ST L U C IA .................... (U niversity o f Q ueensland)

I. SU N N Y B A N K .................................................(T u rto n Street)

! SUNNYBANK H IL L S

I THE GAP

W O O D R ID G E ............................................... (K -M art Plaza)

W Y N N U M .......................................................... (E dith Street)

(W ynnum Plaza)

COUNTRY A IT K E N V A L E ................................(K -M art Plaza)

ASHMORE V IL L A G E

B U N D A B E R G ...........(Sugerland Shoppingtow n) BROADBEACH

CAIRNS ...................................... (Raintrees Centre)

(Earlville Shoppingtow n)

G L A D S T O N E ................................(Kin Kora Mall)

I N N IS F A I L ....................... (Innisfail C entrepoint)

M A C K A Y ....................(Caneland Shoppingtow n)

MACKAY C E N T R A L MACKAY N O R T H

NERANG PALM BEACH

R O C K H A M PT O N N O R T H . . . .(K -M a rt Plaza) RU NAW AY BAY

T O O W O O M B A ............................... (K -M art Plaza)

T O O W O O M BA R A N G E .......................(James and Burke Streets)

W estern A u stralia PERTH M AIN CITY B R A N C H E S T r a d in g B a n k

150 S T G E O R G E ’S T E R R A C E Chief M a n a g e r.........................................................B.K. Smart

Deputy Chief M a n a g e r ....................Jefferson Grove

M a n a g e r........................................... G .M . Eddington

M a n a g e r................................................................... C.C. Smith

S a v in g s B a n k F O R R E S T PLA C E M a n a g e r................................................ J.W . Andrew

Deputy M a n a g e r ............................ E.S.D . Krachler

M anager, L o a n s .....................................................R.W. Taylor

D e v e lo p m e n t B a n k F O R R E S T P LA C E M a n a g e r.............................................L.G . Ferguson

Deputy M a n a g e r .................................K .M . O’Brien

O TH ER CITY BRA NCH ES BA RRACK S T R E E T .............................K .D. Hoad

(86 Barrack Street) FO R R E ST PLA C E .......................... T .E .L . James

HAY ST R E E T E A S T ....................... K .N. M artin

.. R.K. Dawson . . . D .W .T ow ie

(Hay and Bennett Streets) 86 JA M ES S T R E E T ......................

M E T R O P O L IT A N M A R K ETS (Wellington Street, W est Perth) 150 S T G E O R G E ’S T ER R A C E .. Trevor Sutton ST G E O R G E ’S T E R R A C E AND

M IL L IG A N S T R E E T ................... R.W. Wain

ST G E O R G E ’S T E R R A C E AND V IC T O R IA A V E N U E .................... B.M. Beigel

S U B U R B A N A P P L E C R O S S ..........................................G .H . Hall

A R M A D A L E λ ........................................ R.A. Dyke

B A S S E N D E A N ......................................B.C. Snook

BAYS W ATER ....................................... R.J. Powell

B E D F O R D ...............................................R.D. Smith

B E L M O N T ...............................................E.J. Meyer

B E N T L E Y .................................................L.K. Jones

B I C T O N .............................................. K.A. Cleaver

B R E N T W O O D .....................................G .K . Doonan

C A N N IN G B R I D G E .........................J.P . Willcock

C A N N IN G T O N ............................... D.T. Mulcahy

C L A R E M O N T ...................................... K.A. Conroy

C L O V E R D A L E ..................................... F.A. H unter

C O M O ....................................................................E.M . Mileham

C O O L B E L L U P ...................................... G.J. Kelly

C O T T E S L O E ...................................................... Peter Andrews

D A L K E IT H .............................................M.C. Blee

D O U B L E V IE W ................................................... R.E. Harrison

EA ST V IC T O R IA P A R K ................................... E.J. Flanagan

F R E M A N T L E ....................................... S.G. Hales

A D E L A ID E STR EET, F R E M A N T L E .............................R.E. Hepworth

G O S N E L L S .............................................. J.C . M iller

G U I L D F O R D ...................................................... R.J. Dodm an

H I L T O N ............................................P.J. Townsend

IN G L E W O O D .................................................... K .G . Davies

I N N A L O O .......................................................... R.B. Napier

IN N A L O O SH O P P IN G C E N T R E .......................................................... R.J. Cooper

K A L A M U N D A .............................. R.A. Robinson

K A R R IN Y U P ....................................... H .G . Bevan

K E L M S C O T T .................................................... W .E. M urray

LEE D E R V IL L E ..................................... S.T . King

M A D D IN G T O N ............................... R.F. Bennison

M A N N IN G ............................................M .J. Corry

M A Y L A N D S .................................................. I.A .N . Howell

M E D IN A ..................................... P.J. W ansbrough

M ID L A N D ............................................................K .T. M cLeod

M O R L E Y ...................................................C.O. Page

M OSM A N PARK ................................... R.B. Potts

M O U N T H A W T H O R N ........................S.K. D ixon

M O U N T L A W L E Y ............................................ D .L . Powell

N E D L A N D S ................................... L.R. Haustead

N O L L A M A R A .............................R. W.E. Hawley

N O R T H P E R T H ............................Stephen Kikiros

O SBO R N E P A R K ...............................................D.A. Walker

P A L M Y R A ............................................E.N. Healey

RIV ERV A LE E A ST .................... D.F. Hitchcock

R O C K IN G H A M .................... G .W .M . Earnshaw

R O C K IN G H A M P A R K ........................R.E. Jones

S C A R B O R O U G H .............................I.M . Dawson

S O U T H PER T H ................................... A .G Evans

S U B IA C O ................................................ M .S. Bevis

N IC H O L S O N ROAD, S U B IA C O .................................................I.J. Pyvis

S W A N B O U R N E ................................H.G. Arnold

T U A R T H I L L ................................... B.S. Griffiths

U N IV E R S IT Y O F W A ................L.V. M cDonald

(4 Stirling Highway, N edlands)

V IC T O R IA P A R K .......................................................

W A N N E R O O . W EM BLEY .. . W E S T PER TH W H I T F O R D ..

L.A. Simmons K.J. M cHarrie . .. M.B. Lamb

. D.W . Sparkes

COUNTRY A L B A N Y ........................................................................

B O U L D E R ................................................ R.S. Lane

BOYUP BROOK ...................................B.T. Pianta

B R ID G ET O W N ...............

B R O O M E ..........................

BUNBURY ..........................

B U S S E L T O N ....................

................... M.R. Brett

................. R.B. Forrest

CARNARVON ..................

C O L L IE ..............................

E S P E R A N C E .....................................K.R. Milligan

G E R A L D T O N .......................................I.F. Wilson

H A R V E Y ..............................

K A L G O O R L IE .................

K A R R A TH A ........................

K A T A N N IN G ....................

K U N U N U R R A .................

................. A.T. Myles

............. P.J. Simpson

M A N D U R A H ....................

M A N JIM U P ........................

M E R R E D IN ........................

M O O R A .................................

M O U N T B A R K E R ...........

................D.A. Stokes

................ K.W. Clifton

................. T .H . Jones

................. R.C. Bydder

N A R R O G IN ........................

N O R S E M A N ......................

N O R T H A M ........................

....................A.J. Selfe

..................C .F. Walsh

PO R T H E D L A N D ...........

W A G IN ................................. ............. L.R. Roberts

YO RK ...................................

SU B -B R A N C H E S CITY AND SU B U R B A N BALGA B U LL C R E E K

C A N N IN G T O N

D O G SW AM P (Yokine)

FO R R E S T F IE L D G IR R A W H EEN

K A R R IN Y U P K W IN A N A

M ID L A N D ........................(M idland Centrepoint)

(M idland Gate)

M IR RA BOO KA M O R LEY

PE R T H ..................................... (82 Beaufort Street)

(Hay and W illiam Streets) (Hay Street Mall)

R IV E R TO N

SPEARW OOD

W ARW ICK

COUNTRY N O R T H ALBANY

S O U T H BUNBURY S O U T H H E D LA N D

South Australia ADELAIDE MAIN CITY BRANCHES T r a d in g B ank

32 G R E N F E L L ST R E E T Chief M a n ag e r......................................I. A. Nowland

Deputy Chief M a n a g e r................................................

M a n a g e r.................................................. Jack Clarke

M a n a g e r.................................................. John Henley

Branches and Managers

S a v in g s B a n k 23 C U R R IE ST R E E T M a n a g e r.................................................... J.T . Erwin

D eputy M a n a g e r ................................. T .G . M organ

M anager, L o a n s ...................................... W .E. M oore

D e v e lo p m e n t B a n k 80 K IN G W IL L IA M ST R E E T M a n a g e r...............................................J.L.A . Stewart

Deputy M a n a g e r ................................ G .M . French

OTHER CITY B R A N C H ES 23 C U R R IE S T R E E T ...........................A.J. Symes

G O U G E R S T R E E T ...........................R.C. Armour

(23-25 Gouger Street) H IN D L E Y S T R E E T ............................... A.L. Bigg

(130-132 Hindley Street) H U T T S T R E E T ...........................................................

K IN G W IL L IA M A N D H IN D L E Y S T R E E T S ..................J.E. Newland

R U N D L E M A L L .................................J.R . M urray

(135 R undle Mall)

SU B U R B A N BLA CK F O R E S T ...................................A .H. Brett

BLA C K W O O D ................................... W .M . Sm ith

B L A IR A T H O L .....................................R.B. Gosden

B R IG H T O N ........................................ Colin Wilson

C A M P B E L L T O W N ..................................................

C H R IS T IE S BEACH ............................ D.J. Black

C L E A R V IE W ................................... R.J. Chaseling

C L O V E L L Y P A R K ..............................J.H . Seeliger

DA W P A R K .............................................. B.L. Ferris

E D W A R D S T O W N ............................... P.J. Hardy

E L IZ A B E T H ........................................... V.C. Butler

E L IZ A B E T H N O R T H .......................D .K . Bowler

EL IZ A B E T H S O U T H .........................R.E. M odra

E N F I E L D ............................................... C.C. Arrand

F E L IX S T O W ...............................................................

F I N D O N ................................................ P.B. Wilson

F L IN D E R S P A R K ................................ . C.A. Long

F U L H A M G A R D E N S ..........................R .N . Kem p

G L E N E L G ................................ Warwick McComas

G L E N S ID E ......................................... G.C. Tucker

G O O D W O O D ................................. A.C. Johnston

G R E E N A C R E S ................................. F.N . Bennett

H E N L E Y B E A C H ................................. G.A. Abell

H I L L C R E S T .................................. G.P. Harrington

H IN D M A R S H ..........................................H .J. Tobin

K E N S IN G T O N PA RK ................... D.E. Coombe

K IL K E N N Y .................................................. E.J.B. D unn

A R N D A LE C E N TR E, K IL K E N N Y .................................J.M . Copeland

(Annexe — Arndale Centre)

L O C K L E Y S ........................................I.D . Kennedy

M A R D E N .................................................B.S. Draper

M A R IO N SH O P P IN G C E N T R E ...............................................J.M . Moritz

M IT C H A M ......................................................A.G. Evens

M O D BU R Y ............................................J.A .T w artz

M O D B U R Y N O R T H ...................... B.W. Shapley

M O R P H E T T V A L E .............................. V.R. Byrne

M Y R T L E B A N K ...................................... R.T. Tohl

N O A R L U N G A C E N T R E ...................R.E. Riches

N O R T H A D E L A ID E ....................................E.J. Beard

N O R W O O D .................................. M .d ’A. W arhurst

PARA H I L L S .......................................... E.H. Noell

PA R K H O L M E .......................................G.A. James

PA RKS I D E .......................................................T.F. Potter

P L Y M P T O N .........................................P.R. Butcher

P O R T A D E L A ID E .............................D .F. Connell

P R O S P E C T ................................................ A.R. Jones

R E Y N E L L A .....................................................A .G. Zaina

R O SEW A T ER E A S T ........................ B.V. Jordan

ROYAL P A R K .................................................C.B. Weir

SA LISBU R Y ...................................R W . Robertson

SE M A PH O R E ................................... B.G. Birbeck

ST A G N E S ........................................................ J.P. Miles

ST P E T E R S ............................................. G.A. Speck

S T I R L I N G ................................................ G.C. Davis

T O R R E N S V IL L E ................................................D.S. Prime

U N L E Y ...............................................................J.T .M . Cooke

W A R R A D A L E ...................................................... R.E. G rant

W EST L A K E S ...............................W .H. M cGrady

W EST R I C H M O N D .........................................D.W . Q uinn

W O O D V IL L E ......................................L.J. Paschke

COUNTRY B O R D E R T O W N ............................................John Bulk

C L A R E ................................................. J.E. H en wood

G A W L E R .................................................. A.C. Zerna

K A D IN A ..........................................G.L. W underer

L O X T O N .................................................J.P. M artin

M IL L I C E N T .......................................... S.F. Payne

M O U N T G A M B IE R ..................................................

M UR RAY B R I D G E ...................... K .T. Tilbrook

N A R A C O O R T E ...................... W.R. M ontgom ery

N U R IO O T P A ............................................ J.R . Erwin

P O R T A U G U S T A ...........................Claudio Ritossa

PO R T L IN C O L N .................................. Peter Sayer

PO R T P I R I E ................................................ R.H. Leal

R E N M A R K ............................................ J.M . Moore

ST R A T H A L B Y N .......................................J.H . Yates

STREAK Y B A Y ............................ V.P. Delvecchio

V IC T O R H A R B O R ..............................R.E. Jacobs

W H Y A L L A ............................................. E.G. Deane

W HYALLA N O R R IE .........................C.J. M arriott

W O O M E R A ...................................................... R.J. Gill

SU B-BR A N C H ES CITY A N D SU B U R B A N A D E L A ID E ..................................... (Gawler Place)

(Railway Ramp) (88 W aymouth Street)

E L IZA B ETH ...........(General M otors-H olden’s) EL IZ A B E T H F IE L D

F IR L E FR E W V IL L E

G L E N E L G S O U T H

IN G L E FA RM

SU RREY D O W N S

V IR G IN IA

T asm ania H OBART MAIN CITY BRA NCH ES T r a d in g B a n k

81-87 EL IZ A B E T H ST R E E T Chief M a n a g e r.......................................D .R .J. Alger

D eputy Chief M a n a g e r........................J.J. Vanner

S a v in g s B a n k 81-87 EL IZ A B E T H ST R E E T M a n a g e r.............................................. R.R .G . Russell

Deputy M a n a g e r..................................... R.A. Brain

Assistant M anager, L o a n s................. S.G. Duncan

D e v e lo p m e n t B a n k 81-87 E L IZ A B E T H ST R E E T M a n a g e r..................................................R.J. O’Brien

Deputy M a n a g e r.................................. A.D. Pitman

OTHER CITY BRANCH M UR RAY S T R E E T ......................K.V. Stanfield

(43-47A M urray Street)

SU B U R B A N

G L E N O R C H Y .......................... L.J. Birkett

M O O N A H ..............................................J.L . Stubley

N O R T H H O B A R T ....................Russell Williams

R O S N Y ........................................... G.P. Kennedy

SANDY B A Y ........................................O.E. Carrick

COUNTRY B U R N I E ............................................ F.B. Hodgman

C Y G N E T ............................................. J.T .G . Brown

D E V O N P O R T ...........................A.A. Liebeknecht

G E O R G E T O W N .............................J.A . Robinson

K IN G S M E A D O W S .................. H arry Heathcote

L A U N C E S T O N ............................. R .N . M cCombe f

(Annexe — George Street, Launceston) 155 CH ARLES STR EET, L A U N C E S T O N ......................... Jack Cham bers |

M O W B R A Y .................................... Donald Francis

N E W N O R FO L K .................................. G .K . W ight I

Q U E E N S T O W N ......................................... T .M . James '*

S C O T T S D A L E ..........................................T .J. Oates

S M IT H T O N ..................................... J.F. Boatwright

U L V E R S T O N E ................................. G .R . Basham

SU B -B R A N C H E S SU B U R B A N C L A R E M O N T

82 B E ST STR EET, D E V O N P O R T

HOW RA H

K IN G S T O N

L IN D IS F A R N E

COUNTRY T U L L A H

A ustralian C apital T erritory CANBERR A MAIN CITY BRA NCH ES T r a d in g B a n k

L O N D O N C IR C U IT A N D A IN S L IE A V EN U E M a n a g e r....................................................... R .N . Sim

S a v in g s B a n k L O N D O N C IR C U IT A N D N O R T H B O U R N E A V EN UE (Annexe — Bunda and Petrie Streets)

M a n a g e r............................................C.C. M cK innon

OTHER BRANCHES A U ST R A L IA N N A TIO N A L U N IV E R SIT Y , C A N B E R R A ..................................................... Jack Heron

B A R T O N ............................................................... John Wilden

B E L C O N N E N M A L L .................................... D .J. McRae

C U R T I N ..............................................R .K . Gorman

D IC K S O N ................................................C.J. Hines

F Y S H W IC K .....................................R.C. Stockwell

JA M IS O N C E N T R E ................... W .J. Simington

K I N G S T O N ........................................T .B .N . Amos

K IP P A X .................................................R .E. M unson

M A N U K A ........................................... J.A . Gubbins

W E S T O N ........................................... J.E . Lam bert

W O D EN ....................................................B.R. Drake

72

I

SU B -B R A N C H E S A IN S L IE

C A N B E R R A ...................... (Com munity Hospital)

(The Boulevard)

H A W K E R H U G H E S

L Y N E H A M

M A W SO N

T H E V IL L A G E , K A M BAH

W A N N IA SS A

N orth ern T erritory D A R W IN .............................

A L IC E S P R I N G S ..............

C A S U A R IN A ......................

K A T H E R IN E .......................

S U B -B R A N C H E S C A S U A R IN A ........................... (Casuarina Square)

D A R W IN ...........................................(Sm ith Street)

W IN N E L L IE

W.P. Halvorsen

. G.R. Waterson

N.J. M cM ullen

.. . John Collins

O T H E R B R A N C H E S P a p u a New G uinea C T B P O R T M O R ESBY ................Mimas Kranas

(A N G House)

N O R F O L K I S L A N D ................. N.V. D e Chastel

L ond on 8 O L D JEW RY EC2R 8ED C h ie f M a n a g e r................................... S.B. Holloman

D ep u ty C hief M a n a g e r........................ J.L . Garrick

C T B L O N D O N M a n a g e r .......................................... Michael Prentice

(8 Old Jewry, London EC2R 8ED) A L D W Y C H H O U SE , L O N D O N ............................................K .P. Hardy

(71-91 Aldwych, London WC2B 4ES)

A U S T R A L IA N F IN A N C IA L A ND M IG R A N T IN F O R M A T IO N S E R V IC E ........................................J.F. Howarth

(71-91 Aldwych (Aldwych House), L o ndon W C2B 4ES)

C a y m a n Islands C T B G R A N D CAYM AN (PO Box 501, G rand Cayman British W est Indies)

N ew York W E ST V A C O B U I L D I N G ......................C.J. Ker

(299 P ark Avenue, N ew York NY 10171)

A gen cy Los A ngeles 612 S O U T H FL O W ER B U IL D IN G ....................................... R.L. Potter

(612 South Flower Street, Los Angeles, California 90017) (see also page 29)

R ep resen tative O ffices H ong Kong A D M IR A L T Y C E N T R E .................... J.G . Koch

(7th Floor, Adm iralty Centre, T ow er 2, Hong Kong)

Tokyo Y U R A K U CH O D E N K I B U IL D IN G .....................................A.J. Mooney

(Suite 1805, N orth Tower, Yurakucho Denki Building, 7-1 Yurakucho 1-Chome, Chiyoda-ku, Tokyo 100)

Singapore (see page 29) ........................................... R.W. Storr

BANKCARD CENTRES New South Wales S Y D N E Y ......................................................D .J. Dell

(5 H unter Street)

Victoria M E L B O U R N E .............................. G .L . McCaUum

(495 Bourke Street)

Queensland B R IS B A N E ...........................................J.R. Wagner

(317-325 George Street)

W estern Australia PER TH ............................................. B.E. Adamson

(150 St G eorge’s Terrace — shortly to be relocated at Forrest Place)

South Australia A D E L A ID E ....................................K.M . Kennedy

(17 Currie Street)

Tasm ania H O B A R T .........................................B.J. M cDermott

(85 Elizabeth Street)

MIGRANT INFORMATION SERVICE CENTRES New South Wales S Y D N E Y .........................................J.A. Hawksford

(George and Market Streets)

F A IR F IE L D ....................................J.C. M irabitur

(114 Ware Street)

N E W C A S T L E .................................... A.R. A ntdiff

(113 Beaumont Street, Hamilton)

PA R R A M A TTA ...................................A.F. Homer

(George and Church Streets)

W O L L O N G O N G .............................. R.C. Dwyer

(243 Crown Street)

Victoria M E L B O U R N E .......................................C.M . West

(227 Bourke Street)

G E E L O N G ..................................................................

(Moorabool and Malop Streets)

Q ueensland B R IS B A N E ........................................ G .T.N . Kirby

(Queen and Edward Streets)

W estern Australia PER T H ....................................................B.D. Bailey

(150 St George’s Terrace)

South Australia A D E L A ID E ...........................................Jack Veale

(17 Currie Street)

A ustralian Capital Territory CANBERRA ................................................................

(London Circuit and N orth bourne Avenue)

TRAVEL CENTRES New South Wales S Y D N E Y ....................................... J.K . Branscombe

(20 Castlereagh Street)

S Y D N E Y ...........................................L.P. M atthews

(115 P itt Street)

D E E W H Y ........................................D .M . Schofield

(Shop 1, How ard Arcade, Howard Avenue)

G O S F O R D .........................................M .D . Driscoll

(M ann and D onnison Streets)

M ERR Y LA N D S ................... M rs C.F. Fitzgerald

(150-158 M erry lands Road)

N E W C A S T L E ............................ M iss J.A. Hanson

(138 H unter Street)

PA R R A M A T T A ...........................................................

(Shop 4, 225-237 C hurch Street)

W O L L O N G O N G ...............................D.W . Vidler

(290-294 Crow n Street)

Victoria M E L B O U R N E ...................................Noel G ribbin

(367 Collins Street)

FR A N K ST O N — Frankston Agency (Wells and W hite Streets)

Q ueensland B R IS B A N E ..................................... J.C. Greenwood

(259 Queen Street)

BRISBANE — CSB Brisbane Agency (King G eorge Square)

T O W N S V IL L E ......................M rs D.A. M arsland

(372-378 Flinders Street)

W estern A ustralia PER T H .........................................................P.F. Islip

(150 St G eorge’s T errace)

PER T H — Forrest Place Agency (Forrest Place)

FR E M A N T L E — Frem antle Agency (88 High Street)

South A ustralia A D E L A ID E ...................................F.M .G . M urray

(17 Currie Street)

ELIZA B ETH — Elizabeth Agency (Frobisher C ourt)

M A R IO N — M arion Agency (Marion Shopping Centre)

N O A R L U N G A — N oarlunga Agency (Ramsay Walk)

T asm ania H O B A R T ..................................... Miss J.C. Williams

(87 E lizabeth Street)

A ustralian Capital Territory C A N B E R R A ............................................. B.M. Lee

(London C ircuit and Ainslie Avenue)

W OD EN — W oden Agency (Bank House)

N orthern Territory DARW IN ........................................... C.H. LemnaU

(Smith and Bennett Streets)

CA SUARINA — Casuarina Hospital Agency (Casuarina Hospital)

Branches and Managers

Like millions of Australians, William has made an early start in his association with Australia 's largest banking group. Most will retain a link with “the Strength" throughout their life.

Bank C om m onw ealth

Design and Original Photography by Bob Armstrong Produced by Designads of Australia Pty. Ltd.

P I

30

198

Printed by A uthority by the Com m onw ealth G overnm ent Printer. Canberra 1982

.1

B (R8I 316) Cat. No. 82 0283 3 Recom mended retail price $4.00

C om m onw ealth banking Corporation Annual "Report— Ϊ 980-^81