1.4 Images Uploading To Wrong Path Not Showing

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I'm having an issue with images showing in 1.4

 

It seems they are uploading to the server as they show in the admin area BUT they are not generating to show i=on the site!

 

EG. I SEE THE PATH IN THE ADMIN IS:

 

http://www.hansaparts.com.au/catalog/img/p/45-136.jpg

 

BUT ON THE SITE IT'S SHOWING NOTHING WITH THIS LINK

 

http://www.hansaparts.com.au/catalog/45-12v-air-compressor-mx3-series.html

 

This is the first time I've used 1.4 ( only really familiar with 1.3) So there may be something I'm missing?

 

Please your help