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Trevor Hart Banking in a New World: the Beginnings of ANZ Bank
Trevor Hart Banking in a new world: the beginnings of ANZ Bank Proceedings of the ICOMON meetings, held in conjunction with the ICOM Conference, Melbourne (Australia, 10-16 October, 1998), ed. by Peter Lane and John Sharples. Melbourne, Numismatic Association of Australia, Inc, 2000. 117 p. (NAA Special publication, 2). (English). pp. 39-46 Downloaded from: www.icomon.org BANKING IN A NEW WORLD THE BEGINNINGS OF ANZ BANK By Trevor Hart ANZ Bank, Melbourne, Australia For its first twenty-nine years proposed to the Government in Australia had no bank. The British England, the formation of "The New settlement of Australia began in South Wales Loan Bank" based on 1788, but Australia's first bank, the the bank at the Cape of Good Hope. Bank of New South Wales, did not In 1812 the government refused open until 1817. his proposal. Macquarie accepted this refusal but was still convinced of Australia was founded as a the need for a bank in the colony.4 In self-supporting penal colony and 1816 he acted again, this time monetary arrangements were ad hoc. "convening a meeting of the A local currency of small private magistrates, principal merchants and promissory notes grew up in gentlemen of Sydney ... at which my conjunction with the circulation of favourite measure of a bank was Government Store receipts. This led brought forward."5 Macquarie issued to a dual monetary standard in a 'charter' for seven years to the which 'currency' came to mean directors of the new bank (which "money of purely local was later disallowed by the British acceptability" and 'sterling' meant Government) and on 8 April 1817 "any form of money .. -
Big Business in Twentieth-Century Australia
CENTRE FOR ECONOMIC HISTORY THE AUSTRALIAN NATIONAL UNIVERSITY SOURCE PAPER SERIES BIG BUSINESS IN TWENTIETH-CENTURY AUSTRALIA DAVID MERRETT UNIVERSITY OF MELBOURNE SIMON VILLE UNIVERSITY OF WOLLONGONG SOURCE PAPER NO. 21 APRIL 2016 THE AUSTRALIAN NATIONAL UNIVERSITY ACTON ACT 0200 AUSTRALIA T 61 2 6125 3590 F 61 2 6125 5124 E [email protected] https://www.rse.anu.edu.au/research/centres-projects/centre-for-economic-history/ Big Business in Twentieth-Century Australia David Merrett and Simon Ville Business history has for the most part been dominated by the study of large firms. Household names, often with preserved archives, have had their company stories written by academics, journalists, and former senior employees. Broader national studies have analysed the role that big business has played in a country’s economic development. While sometimes this work has alleged oppressive anti-competitive behaviour, much has been written from a more positive perspective. Business historians, influenced by the pioneering work of Alfred Chandler, have implicated the ‘visible hand’ of large scale enterprise in national economic development particularly through their competitive strategies and modernised governance structures, which have facilitated innovation, the integration of national markets, and the growth of professional bureaucracies. While our understanding of the role of big business has been enriched by an aggregation of case studies, some writers have sought to study its impact through economy-wide lenses. This has typically involved constructing sets of the largest 100 or 200 companies at periodic benchmark years through the twentieth century, and then analysing their characteristics – such as their size, industrial location, growth strategies, and market share - and how they changed over time. -
Centre for Economic History the Australian National University Discussion Paper Series !
CENTRE FOR ECONOMIC HISTORY THE AUSTRALIAN NATIONAL UNIVERSITY DISCUSSION PAPER SERIES ! THE AUSTRALIAN BANK CRASHES OF THE 1890S REVISITED DAVID T. MERRETT UNIVERSITY OF MELBOURNE DISCUSSION PAPER NO. 2013-05 APRIL 2013 THE AUSTRALIAN NATIONAL UNIVERSITY ACTON ACT 0200 AUSTRALIA T 61 2 6125 3590 F 61 2 6125 5124 E [email protected] http://rse.anu.edu.au/CEH The Australian Bank Crashes of the 1890s Revisited David T. Merrett University of Melbourne Abstract Financial crises occurred in many countries in the early 1890s, most of which were connected to international capital flows. Australia, a major importer of capital, had difficulty borrowing after the Baring crisis. This paper argues that the consequences of the banking crash in early 1893 were shaped by local factors. A fortuitous legislative change averted a calamity by allowing for reconstruction rather than liquidation of banks; economic activity was depressed as banks became more conservative lenders; and the reconstructions reduced the wealth of domestic bank creditors and shareholders. We conclude by noting that there was no targeted policy response in the short or medium term to prevent a recurrence of such an event. The author would like to thank the referees for this journal, together with Bernard Attard, André Sammartino, John Waugh and the participants at the Financial Crises and Workouts: Historical Perspectives Workshop at the Australian National University on 5 September 2012 for their suggestions and advice. 1 Introduction Previous studies of the Australian bank crash of the 1890s have taken a local view of the episode within the context of a surge in and then cessation of British capital inflow. -
Dear Shareholder, the 8Th of April, 2017 Marks Westpac's 200Th
7 April, 2017 Dear Shareholder, The 8th of April, 2017 marks Westpac’s 200th anniversary as Australia’s first bank, and oldest company. As an owner of Westpac, you share in the proud story of our company: indeed many of our shareholders’ family holdings have passed through generations. Given your support, I wanted to share with you an overview of how we are marking this significant milestone with a number of gifts designed to help Australia continue to thrive in our third century of business. The Westpac story is the red thread that winds through the tapestry of history in Australia and New Zealand. Two centuries ago, Governor Lachlan Macquarie had the foresight to call for the creation of a local currency—and a bank to issue it—to support the development of a private economy in the fledgling colony of New South Wales. On the 8th of April, 1817 three employees of the Bank of New South Wales opened the doors to our first customer in a property owned by Mary Reibey, around 200 metres from where today the ferries dock at Sydney’s Circular Quay. Since then we have continued to support the growth of trade and commerce in Australia and New Zealand. There have been the inevitable ups and downs but just as these nations have grown and adapted, so too has the Bank of New South Wales—now called Westpac. Today, our 40,000 people serve over 13 million customers across Australia and New Zealand. We are Australia’s second largest company, with a market capitalisation of over $100 billion. -
2018 Tailored U.S. Resolution Plan
2018 TAILORED U.S. RESOLUTION PLAN PUBLIC SECTION 1 Table of contents 1 Introduction .............................................................................................................................. 5 2 Core Business Lines and Critical Operations ......................................................................... 6 3 Material Entities ....................................................................................................................... 6 4 Financial Information ............................................................................................................... 7 5 Capital Resources ................................................................................................................... 8 5.1 Capital Management Strategy ...................................................................................... 8 5.2 Basel Capital Accord ................................................................................................... 9 6 Funding and Liquidity ............................................................................................................ 10 6.1 Liquidity Risk Management ........................................................................................ 10 6.2 Liquidity Modelling .................................................................................................... 10 6.3 Sources of Liquidity .................................................................................................. 11 7 Derivative financial instruments ........................................................................................... -
D'arcy Wentworth
Obituaries Australia People Australia Indigenous Australia Women Australia Labour Australia Australian Dictionary of Biography Wentworth, D'Arcy (1762–1827) by J. J. Auchmuty This article was published in Australian Dictionary of Biography, Volume 2, (MUP), 1967 D'Arcy Wentworth (1762?-1827), medical practitioner and public servant, was born near Portadown, Ireland, the sixth of the eight children of D'Arcy Wentworth and his wife, Martha Dickson, also of County Armagh. The first of the Irish Wentworths to come to Australia could trace his ancestry through twenty generations from Robert of Wentworth Woodhouse in Yorkshire in the thirteenth century. His descendant, D'Arcy Wentworth, went to Ireland as agent in Athlone to Wentworth Dillon, fourth earl of Roscommon, during the reign of Charles II, served in 1689 in the army of William III and established himself as a landowner at Fyanstown Castle in County Meath. Some Irish Wentworths intermarried into the leading Anglo-Irish families, but Robert, the third of the Irish Wentworths of Fyanstown Castle, was an impecunious barrister with political ambitions which he failed to realize even though a distant kinsman of the marquis of Rockingham, and under him the family resources were completely dissipated. His son D'Arcy, the father of the subject of this sketch, was an innkeeper at Portadown; but however far the Irish Wentworths had financially fallen from their high estate, they still claimed relationship with Rockingham, Lord Fitzwilliam and the earl of Strafford. By 1822 William Wentworth, the elder brother of D'Arcy of Parramatta, was probably the senior representative of the male line of the family which had established itself at Wentworth Woodhouse, though he had no hereditary claim to the earldom of Strafford. -
Secular Failure—A History from Two Australian States
CHAPTER EIGHT SECULAR FAILURE—A HISTORY FROM TWO AUSTRALIAN STATES Australian difficulties with religion in public education have been present since its first school halls were built. Current controversies echo similar, and as yet, unresolved disputes from colonial times—about the meaning of the secular principle and the power of some Christian churches. Prolonged, ambiguous applications of the principle continue to create confusion and division today, but these debates have been part of Australian political life since British settlement. Australia’s two earliest settled and now most pop- ulated states, New South Wales and Victoria, undermined the secular prin- ciple. New South Wales did so through ambiguous interpretations of legislation and Victoria did so by granting local exceptions to legislation. This chapter compares the politically pragmatic approach of Henry Parkes’s faux secularism in New South Wales, with the more inclusive view taken by George Higinbotham in Victoria.1 The next chapter looks at the erosion of secular intent in the state of Queensland. A Radical Idea Meets Anglican Dominance In many nations, the nineteenth century radically transformed education from a church function to a state duty. During the 1800s, Australian legisla- tors debated the foundations of education for their new society. Decades of acrimonious argument, and sustained (but failed) attempts to create a workable denominational system led the colonies to explore more radical options. To minimise religious division, Australia’s proposal was for public education to be ‘free, compulsory and secular.’ New South Wales legislated for these then politically progressive principles in the Public Instruction Act 1880, following Victoria in 1872 (and Queensland and South Australia in 1875). -
Hidden History of Banking
Hidden History of Banking 65 Martin Place, Sydney NSW 2000 GPO Box 3947, Sydney NSW 2001 Regulations of the New South Wales Saving Bank ... To which is prefixed a plain address to convicts on their arrival ... Sydney, printed by G. Howe Government Printer, 1819. Mitchell Library, State Library of NSW Notable Convicts The Reserve Bank of Australia is a custodian of colonial records, including records that document money belonging to convicts. Although convicts transported to New South Wales are often portrayed as penniless, they usually arrived in the colony with sums of money. Convicts were encouraged to lodge their money in one of the colony’s banks. In a pamphlet titled Address to convicts on their arrival …, Barron Field, Judge of the Supreme Court, offered the advice: ‘Many of you bring small Sums of Money from England, your own Savings or the Bounty of your Friends … Instead of trusting those Sums to any private Individual, you are recommended to place them in the public Saving Bank, at Mr Robert Campbell’s, senior, Merchant, in George-street, Sydney …’ Name Mary Ann Conway Age 20 years of age upon arrival in NSW Religion Roman Catholic Complexion Fair, ruddy and pockmarked skin Hair & eyes Brown hair and light blue eyes Particular marks or scars A raised dark mole on the right side of her chin and a scar on the back right side of her neck Calling Needle woman and house maid Education Able to read and write Where convicted Tried in Limerick, Ireland for stealing a cloak When convicted 1 January 1836 Sentence Transported to New South Wales for seven years; arrived on the ship Thomas Harrison, in 1836 Savings Deposited 2 pounds, 10 shillings and 7 pence in the Savings Bank of New South Wales. -
Women in Colonial Commerce 1817-1820: the Window of Understanding Provided by the Bank of New South Wales Ledger and Minute Books
WOMEN IN COLONIAL COMMERCE 1817-1820: THE WINDOW OF UNDERSTANDING PROVIDED BY THE BANK OF NEW SOUTH WALES LEDGER AND MINUTE BOOKS Leanne Johns A thesis presented for the degree of Master of Philosophy at the Australian National University, Canberra August 2001 DECLARATION I certify that this thesis is my own work. To the best of my knowledge and belief it does not contain any material previously published or written by another person where due reference is not made in the text. ACKNOWLEDGEMENTS I acknowledge a huge debt of gratitude to my principal supervisor, Professor Russell Craig, for his inspiration and encouragement throughout the writing of this thesis. He gave insightful and expert advice, reassurance when I needed it most, and above all, never lost faith in me. Few supervisors can have been so generous with their time and so unfailing in their support. I also thank sincerely Professor Simon Ville and Dr. Sarah Jenkins for their measured and sage advice. It always came at the right point in the thesis and often helped me through a difficult patch. Westpac Historical Services archivists were extremely positive and supportive of my task. I am grateful to them for the assistance they so generously gave and for allowing me to peruse and handle their priceless treasures. This thesis would not have been possible without their cooperation. To my family, who were ever enthusiastic about my project and who always encouraged and championed me, I offer my thanks and my love. Finally, this thesis is dedicated to the thousands of colonial women who endured privations, sufferings and loneliness with indomitable courage. -
Aspects of the Career of Alexander Berry, 1781-1873 Barry John Bridges University of Wollongong
University of Wollongong Thesis Collections University of Wollongong Thesis Collection University of Wollongong Year Aspects of the career of Alexander Berry, 1781-1873 Barry John Bridges University of Wollongong Bridges, Barry John, Aspects of the career of Alexander Berry, 1781-1873, Doctor of Philosophy thesis, Department of History and Politics, University of Wollongong, 1992. http://ro.uow.edu.au/theses/1432 This paper is posted at Research Online. 85 Chapter 4 MEMBER OF GENTRY ELITE New South Wales at the time of Berry's and Wollstonecraft's arrival had fluid social and economic structures. Therein lay its attraction for men from the educated lower middle orders of British society with limited means. Charles Nicholson once remarked that one factor making life in the Colony tolerable was the opportunity given to every individual of quality to affect the course of history.1 Few immigrants could boast of their lineage but most aspired to be recognised as gentlemen. As a group they accepted unguestioningly the familiar ideology of the British aristocracy and aimed to form the landed elite of a similarly hierarchical society. They could not replicate that aristocracy's antiquity, wealth, or acceptance, to some extent, of its claims by the rest of society. While as the Rev. Ralph Mansfield testified in 1845: "Nearly all the respectable portion of our community, whatever their legitimate profession . are in some sense farmers and graziers'^ a few colonists could remember when even the oldest of the 'ancient nobility' were landless. The aspirant gentry were 'go getters' on the make and while some had been imbued with notions of leadership, command and social responsiblity during service careers as a group they lacked the British aristocracy's sense of obligation and service. -
Sydney Printing
RARE BOOKS • MANUSCRIPTS • PAINTINGS • PRINTS • RARE BOOKS • MANUSCRIPTS • PAINTINGS • PRINTS HORDERN HOUSE HORDERN HOUSE 77 VICTORIA ST POTTS POINT SYDNEY NSW 2011 AUSTRALIA +612 9356 4411 www.hordern.com JULY 2011 Sydney Printers before 1860 chiefly from the Robert Edwards library. [email protected] Hordern House recently received the wonderful library of Dr Robert Edwards AO, and over the next year or two we will be offering the library for sale. Bob is one of the great figures of Australian cultural history, at different times working as a leading anthropologist, a central figure in the study of indigenous art, a museum director and a driving force behind many of the international blockbuster art shows to travel to Australia. His early training as an anthropologist saw him doing fieldwork in remote Australia, and led to him becoming a museum curator in the 1960s and 70s. He was the founding director of the Australia Council’s Aboriginal Arts Board, perhaps most famous for its support of the Papunya Tula artists. He was the Director of the Museum of Victoria from 1984-90, the founding chairman of the National Museum of Australia and the founding chairman of the National Portrait Gallery. He has also for many years been the chief executive of Art Exhibitions Australia which brought to Australia significant exhibitions, including the Entombed Warriors from China (1982), Claude Monet (1985), Van Gogh (1993) and Rembrandt (1997). Bob is an ardent bibliophile, and his Library reflects the discerning taste of a knowledgeable and educated collector. Some books are of such rarity that they are known in only a handful of copies, and his collection embraces early Australian printing, early works on the Australian Aborigines, the major early voyage accounts, as well as works on early settlement and inland exploration. -
Acta Theologica 2005: 1 RESENSIES/REVIEWS Trouble in the Colonies Review of Melbourne University Press 1998
Acta Theologica 2005: 1 RESENSIES/REVIEWS Trouble in the Colonies Review of D.W.A. BAKER, PREACHER, POLITICIAN, PATRIOT: A LIFE OF JOHN DUNMORE LANG Melbourne University Press 1998; ISBN 0 522 84822 2. Some people write biographies of great men they admire for their par- ticular virtues or achievements. Mr. Don Baker has a refreshing ap- proach. He wrote a biography on the life of John Dunmore Lang not because he liked him, but because he did not. The preface introduces the reader to the kind of person he is: “A man to whom truth and falsehood come alike as he can best adapt them to his unmanly pur- poses.” The author uses this quote from one of Lang’s opponents at the time to characterise the subject of his biography. Preacher, Politician and Patriot is a shortened version of the original biography Days of Wrath, published by the Melbourne University Press in 1985. At that time Mr. Baker was still reading history at the Australian National University. Politically correct? The author shows a keen interest in the Aborigines of Australia not only in this book, but also in The civilised surveyor: Thomas Mitchell and the Australian Aborigines (Melbourne, 1997). The epilogue of Preacher, Politician and Patriot reveals a similar link. For this purpose it even extends the Lang-biography to the description of the son of his sis- ter’s offspring, and a subsequent marriage of a far cousin to a lady from the Ngalia tribe ninety years after Dunmore’s death, followed by the birth of three children of mixed descent, in particular.