Bank of South Australia (1837)

The first Bank of South Australia was founded by the South Australian Company in 1837 and became defunct in 1892.

It was essentially a British venture, closely supervised by British directors, but utilizing the knowledge and advice of local managers in South Australia.[1]

History

It was created in 1837 by British investors. From 1840, it was associated with or a subsidiary of the South Australian Banking Company. From 1868, there was only one body, the Bank of South Australia.[2]

At the time of the gold rush, and the South Australia Colony was beset with, apart from the shortage of workers, a financial crisis due to the sudden increase in the availability of gold and the lack of sufficient currency to pay for it. The manager, George Tinline, created an assay office and mint, and the conversion of some of the diggers' gold to bullion which could be used as a form of currency.[3] A Bullion Act was passed and some 25,000 ₤1 coins were minted, but were not recognised as legal currency by the Bank of England. Tinline was awarded a purse of 2,000 guineas (£2,200; several millions of dollars in today's money), and an elaborate silver salver (now in the Art Gallery of South Australia).[4][5] Tinline was sacked by the bank in 1859 after severe losses caused by a customer defaulting.[4]

Foundation

Officers:

Board of Directors:[6]

Managers

(later occasionally titled "Colonial Manager" – South Australian Company title or to distinguish from branch managers?)

  • David McLaren 1837
  • Edward Stephens – officially from 1841 (but in practice from a much earlier date) to c. 1856
  • John Coleman Dixon (acting manager, then manager of South Australian Banking Company / Bank of South Australia from 1855 to 1865)
  • William Selby Douglas (previously manager Gawler branch) 1864 to 1869
  • Thomas Drury Smeaton (previously manager Robe branch) occasionally between 1870 and 1884[7]
  • William G. Cuthbertson to 1878?[8]
  • John Currie 1879 to 1884
  • Vipont Howgate 1884 to 1886[9]
  • Anderson (acting pro tem)
  • John White Meldrum (died 12 January 1898) 1887 to 1891
  • J. L. Ogilvie (1891 to 1892)

In 1892, under pressure of falling share values, and following collapse of banks in Victoria, the Bank of South Australia was taken over by the Union Bank of Australia.[10]

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References
  1. Holder, R. F., (1970, Bank of New South Wales; a history, Vol One: 1817-1893, Sydney, Angus & Robertson, p.101. ISBN 0207953627
  2. "COMMERCIAL AND MONEY MARKET". The South Australian Advertiser. Adelaide. 14 April 1868. p. 3. Retrieved 29 November 2015 – via National Library of Australia.
  3. "Death of Mr. George Tinline". South Australian Register. Adelaide: National Library of Australia. 5 February 1895. p. 5. Retrieved 31 August 2014.
  4. Christine Hirst, 'Tinline, George (1815–1895)', Australian Dictionary of Biography, National Centre of Biography, Australian National University, http://adb.anu.edu.au/biography/tinline-george-4725/text7839, published in hardcopy 1976, accessed online 31 August 2014.
  5. "The History of a Colonial Bank". South Australian Register. Adelaide: National Library of Australia. 11 April 1892. p. 6. Retrieved 31 August 2014.
  6. "Advertising". Southern Australian. Adelaide. 9 June 1838. p. 1. Retrieved 29 November 2015 – via National Library of Australia.
  7. "The Late Mr. T. D. Smeaton". The Register. Adelaide. 19 February 1908. p. 5. Retrieved 29 November 2015 – via National Library of Australia.
  8. "OBITUARY". South Australian Register. Adelaide. 12 January 1897. p. 3. Retrieved 29 November 2015 – via National Library of Australia.
  9. "Death of Mr. Vipont Howgate". The Express and Telegraph. Adelaide. 18 December 1886. p. 2. Retrieved 29 November 2015 – via National Library of Australia.
  10. "Collapse of the Bank of South Australia". Port Adelaide News and Lefevre's Peninsula Advertiser. SA. 22 April 1892. p. 3. Retrieved 29 November 2015 – via National Library of Australia.
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