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The Cyclopedia of New Zealand [Wellington Provincial District]

Bank of Australasia

Bank of Australasia. Chief Office for the Colony, Customhouse Quay, Wellington. Head Office, 4 Threadneedle Street, London, E.C. Court of Directors, Messrs. William R. Arbuthnot, Alban G. H. Gibbs, C. G. Hamilton, Samuel Joshua, Alexander Lawrie, the Right Hon. the Earl of Lichfield, W. A. McArthur, M.P., E. M. Nelson, John Sanderson, Sir Andrew Richard Scoble, K.C.S.I, Q.C., M.P., Martin Ridley Smith, and Sir Thomas Sutherland, K.C.M.G., M.P.; secretary, Mr. Prideaux Selby; accountant, Mr. Richard Walter Jeans. Bankers, the Bank of England and Messrs. Smith, Payne, and Smiths. Inspector of New Zealand branches, Mr. Clement Winter. The Bank of Australasia was incorporated by Royal Charter on the 28th of October, 1835, and commenced operations at Hobart, Van Diemen's Land. The Cornwall Bank at Launceston was page 501 acquired by the Bank almost immediately. On the 14th of the following December, officers of the Bank went to Sydney to found a branch of the institution. Within the next year or two, offices of the corporation were established in several other colonial cities. The first branch of the Bank of Melbourne was opened in a small cottage in Little Collins Street, the site being afterwards occupied by the warehouse of Messrs. James Henty and Co. The business of the Bank progressed satisfactorily, and in 1841 good business was reported from all branches, with one exception. Things went very steadily with the Bank until the discovery of gold, which produced a wonderful transformation generally, and had a remarkable effect on the figures of the Bank. The note circulation, which stood at £149,000 in 1851, rose to £659,000 in 1852, and to £1,128,000 a year later. Deposits increased in these three years by leaps and bounds from £707,000 and £2,208,000 to £4,077,000 respectively. The net profits in 1851 were £70,000, from which a 4 per cent, dividend was paid. In the ensuing year the figures were £193,000, and 7 per cent., while in 1853 they stood at £250,000, with 15 per cent, dividend. The capital stood at £900,000 during the whole time. During the first fifty years the Bank of Australasia made net profits aggregating £7,000,000. This institution was one of the three banks that stood throughout the terrible “suspension” period, which extended from the 4th of April to the 17th of May, 1893. Huge crowds flocked into the Bank to transact their business in the days of the continuance of the panic which followed the stoppage of the first bank. The superintendent, Mr. John Sawers, who resides in Melbourne, was formerly acting as inspector of New Zealand branches during the absence on furlough in 1886, of Mr. E. W. Morrah, who died in February, 1894, his place being filled by the present inspector, Mr. Clement Winter, Mr. Sawers is assisted by Messrs. C. B. Cowper, E. J. O. Fulford, J. B. Goulston, and F. P. G. McCrae as inspectors, and by Messrs. E. H. Babbage, H. K. Bethune, C. J. Henderson, and James McEwan as sub-inspectors. There are twenty-four branches of the Bank of Australasia in this Colony, the most important towns occupied, with names of managers, being:—Wellington, Mr. R. G. Gibson; Ashburton, Mr. P. H. Cox; Auckland, Mr. John Lawford; Christchurch, Mr. C. B. Winter; Dunedin, Mr. F. J. Townsend; Featherston, Mr. A. H. Knowles; Feilding, Mr. E. A. Barton; Foxton, Mr. A. E. T. Nixon; Gisborne, Mr. L. T. Symes; Gore, Mr. J. H. Bethune; Hawera, Mr. T. T. Miller; Invercargill, Mr. A. E. S. Carr; Manaia, Mr. H. J. Halcombe; Marton, Mr. W. M. Smith; Masterton, Mr. H. H. Smith; New Plymouth, Mr. A. J. McIntosh; Napier, Mr. R. B. Smith; Otaki, Mr. E. T. Costello; Palmerston North, Mr. A. P. Webster; Patea, Mr. W. A. Nairn; Stratford, Mr. F. G. Kimbell; Waipawa, Mr. H. R. Mathias; Wanganui, Mr. Edward Turner; Waverley, Mr. W. F. Kemp. In Melbourne there are eight branches of the Bank, and forty-five in other settlements of Victoria. Thirty-one branch banks are to be found in New South Wales, and of these eight are in the capital city. In Queensland ten branches exist, thirteen in Tasmania, seven in South Australia, and four in Western Australia. The bank has seventy-eight agents and correspondents in England, Scotland, and Ireland, Europe, Africa, India China, Mauritius, Java, and North America. The balance-sheet on the 15th of Oct., 1894, is as follows:—Liabilities.—Circulation, £393,700; deposits, £12,706,772 3s. 8d.; bills payable and other liabilities, £1,866,035 4s. 1d.; total, £14,966,606 7s. 9d.; capital, £1,600,000; reserve fund, £800,000 (of which £500,000 is invested in 2 3/4 per cent. Consols at 95); profit account, undivided balance, £57,641 0s. 4d; total, £2,457,641 0s. 4d. (exclusive of a contingent liability of £25,000 under the Baring guarantee—since extinguished); grand total, £17,424,247 8s. 1d. Assets—Specie, bullion, and cash balance, £3,332,202 12s. 6d.; loans at call and at short notice, £1,240,000; Government securities, £590,000; bills receivable, advances on securities, and other assets, £11,910,525 15s.; Bank premises in Australia, New Zealand, and London, £441,519 0s. 7d.; total, £17,424,247 8s. 1d. The total number of branches and agencies, including the London office, is 142. The paid-up capital of the Bank of Australasia now stands at £1,600,000, the reserve fund amounts to £800,000, besides which there is a reserve liability of proprietors to the extent of £1,600,000. The last dividend was at the rate of 5 per cent, per annum, or £1 6s. per share for the half-year.

Colonial Head Office of the Bank of Australasia—Melbourne.

Colonial Head Office of the Bank of Australasia—Melbourne.

page 502
N.Z. Head Office of the Bank of Australasia—Customhouse Quay, Wellington.

N.Z. Head Office of the Bank of Australasia—Customhouse Quay, Wellington.