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The Cyclopedia of New Zealand [Otago & Southland Provincial Districts]


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The five banks carrying on business in New Zealand are each represented in Dunedin, which has, also, a local savings bank and the Post Office savings bank. These institutions conduct their business in handsome buildings, and the Bank of New Zealand and the Union Bank of Australia are noteworthy specimens of ornate architecture. For the year 1902 the total average liabilities of the five banks in the colony, in respect to New Zealand transactions, were £18,701,063, and the average assets, £18,999,180. The average amount on deposit during that year was £17,231,767, of which £1,090,174 belonged to the Government of New Zealand. Excluding this sum, deposits to the value of £8,531,614 were hearing interest, and a total of £7,609,979 was lying at call. The value of the notes in circulation was £1,375,788. At the end of 1902 the deposits in the five banks of issue and in the two classes of savings banks, amounted to £24,018,470, exclusive of Government moneys. In addition, there were deposits lying with building societies, and also with financial companies. The known deposits amounted to an average of £30 0s 9d per head of the population, exclusive of Maoris.

The Bank Of New South Wales was established in 1817, and has branches throughout New Zealand. The paid-up capital is £2,000 000, with a reserve fund of £1,315,000, and a reserve liability of proprietors of £2 000,000. The directors are: The Hon. Charles K. MacKellar, M.L.C., President; Hon. Sir Normand MacLaurin, M.L.C.; Hon. Reginald Black, M.L.C.; Senator James Thomas Walker; Mr. William Alfred Coffee, and Mr. Richard Binnie. The head office of the Bank is in Sydney, and Mr. John Russell French is the general manager. The Dunedin branch of this bank, in Princes Street, was established about the year 1861, simultaneously with the bank taking over the Oriental Banking Company's connection. The original office was opened in leasehold premises upon the site now occupied by the New Zealand Government Life Insurance office. The present building, erected in 1866, is built of stone. It has three stories, with a basement, a banking chamber, a manager's room, and inspector's room, as well as a private residence.

Mr. Harry Salmon , Manager of the Bank of New South Wales in Dunedin, is an officer of thirty years' experience in the bank, and previously served in the Bank of British North America in London for two years. He was born in Perthshire, Scotland, and is the son of Major Salmon, of the Bengal Artillery, E.I.S. In 1874 he joined the Bank of New South Wales in Sydney, and after a short stay in that colony went to Queensland in the bank's service, and served there in various capacities for seventeen years. Mr. Salmon received his first managership in 1880, and was in charge of the Rockhampton branch all through the Mount Morgan boom. In 1893 he was sent to West Australia, in charge of the bank's business there, and was manager in Perth for six years. In 1900 he was removed to Dunedin to relieve Mr. Perston, who then retired from the service.

The Bank Of Australasia , Lower Rattray Street. Dunedin. Head Office, London; head office for the colonies, Melbourne. This bank, which was established in 1835. has a subscribed capital of £1,600,000, a paid up capital of £1,600,000, and a reserve fund of £1,100,000.

Mr. A. E. S. Carr , Manager of the Dunedin branch of the Bank of Australasia, began his banking career in the Bank of Ireland, and served as sub-agent of that bank, at Dundalk. In 1876 he joined the Bank of Australasia, and was manager at Masterton and Invercargill successively, before taking charge at Dunedin in 1897.

The Union Bank Of Australia, Limited: Head Office, Cornhill, London, Head office for New Zealand, Wellington: George E. Tolhurst, Inspector; Dunedin Office, Princes Street; David Stewart, Manager. The bank has a capital of £4,500,000, and a reserve fund of £1,000 000. The profits for the year ending 1903 amounted to £134 143.

Mr. David Stewart , Manager of the Union Bank at Dunedin, was born in Kincardineshire. Scotland, and educated at the Aberdeen Grammar school. He served an apprenticeship of four years with the City of Glasgow Bank, and joined the London office of the Union Bank of Australasia, Limited, in 1877. The same year he came to New Zealand. After holding various managements he received his present appointment in 1899. Mr. Stewart is an enthusiastic member of the Otago golf club, and a member of the Fernhill Club. He married a daughter of the late Captain Fuller, of Rangiora, and has four children.

Bank Of New Zealand , corner of Princess and Rattray Streets, Dunedin. The Dunedin branch of the Bank of New Zealand was one of the earliest in the history of the bank. Originally, it occupied a site in Rattray Street, where it was established in 1861. The present site has been occupied by the bank since 1863, and the imposing building now erected thereon is one of the finest in the mercantile quarter of the city. It has five floors, including the basement, and was finished in 1883. On the ground floor there is a magnificent banking chamber, together with the offices of the manager, assistant manager, and accountant. The next floor has the inspectors' room, clerks' offices, and stationery room. The manager's residence occupies the second floor, and the messengers' quarters are located on the upper storey and basement. A staff of forty-five officials is employed in connection with the bank's branch in Dunedin.

Mr. Alexander Michie , Manager of the Bank of New Zealand, Dunedin, has had a large experience in banking pursuits, and is recognised as a very able financier. He was born in Aberdeenshire, Scotland, in 1855, and commenced his banking career in England on the staff of the Chartered Mercantile Bank of India, and afterwards became accountant at the head office in London of the National Bank of New Zealand. After arriving in the Colony in 1884, Mr. Michie held the position of inspector for the same institution, and was subsequently appointed manager of the Dunedin branch of the bank. He joined the Bank of New Zealand in Dunedin as manager in 1891. Two years later, Mr. Michie paid a visit to Great Britain, and on his return to the Colony was offered the position of general manager of the Bank, which, however, he did not see his way to accept. He is a member of the Fernhill club, and is keenly interested in golfing, being a member of the Otago golf club. Mr. Michie was married in Timaru to a daughter of the late Mr. H. J. LeCren, of that district, and has, surviving, three children.

Mr. William Edward Mcadam , Gold Clerk and Assayer at the Bank of New Zealand, Dunedin, was born in 1843, at Hereford, England, and was educated principally at King's College, London. Mr. McAdam is a great-grandson of the celebrated John Loudon McAdam, the Scottish surveyor, who invented the system of road-making, which goes by the name of macadamised roads; page 258 and since 1892 he has been life-owner of the ancestral estate of Ballochmorrie, in South Ayrshire, Mr. McAdam came to New Zealand, via Melbourne, in 1862, in company with an uncle who had a large property in
Mr. W. E. McAdam.

Mr. W. E. McAdam.

Southland. After a short experience in the Colony, Mr. McAdam went to India, where he remained for one year, and then returned to England to study at the Royal School of Mines in London. He settled in Dunedin in 1874, joining the Bank of New Zealand as gold clerk and assayer. He is a member of the Anderson's Bay school committee, of which he has been treasurer for some time; he is also treasurer of St. Michael's church, Anderson's Bay. He was married in 1878 to a daughter of Mr. T. Whiting, of Gloucester, England, and has thirteen surviving children—seven sons and six daughters.

The National Bank Of New Zealand, Limited , Princes Street, Dunedin; head office, London; head office in New Zealand, Wellington. General Manager, Mr. J. H. B. Coates. This bank was established in 1872, and has an authorised capital of £1,750,000, and a reserve fund of £180,000. The premises consist of an imposing two-storey stone structure in Princes Street, with a fine entrance opening into the large public banking chamber.

Mr. J. Sinclair Thomson , General Manager of the National Bank of New Zealand at Dunedin, was born in Morven, Argyleshire, Scotland, and educated at Foyle College, Londonderry. He served seventeen years with the Northern Banking Company, Ireland, and received the appointment of manager when only twenty-three years old. In 1879 he resigned to accept the appointment of Inspector of the Bank of Africa, and became manager of the Kimberley branch of that bank. After an attack of fever he returned to England and was advised not to return to Africa. Mr. Thomson then obtained the appointment of Inspector of the National Bank of New Zealand, and filled the position for seven years, before succeeding Mr. Michie as Manager of the Dunedin branch in August, 1891. He takes an active interest in athletics and sports of all kinds, and has been president of the Fernhill Club, the Dunedin Amateur Athletic and Swimming Club, and a member of the committee of the Dunedin Jockey Club, and the Council of the Otago Acclimatisation Society. Mr. Thomson is also president of the Chrysanthemum Club, and a successful amateur exhibitor at local flower shows. He married a
Wrigglesworth and Binns, photo.Mr. J. S. Thomson.

Wrigglesworth and Binns, photo.
Mr. J. S. Thomson.

daughter of the late Mr. George Gould, of Christchurch, and has four sons and one daughter.

The North Dunedin Branch Of The Bank Of New Zealand is a handsome two-storey wooden building, with frontages to George, Pitt, London, and Frederick Streets. The present building was erected in 1877 to replace the first offices of the bank which were opened in George Street in 1874. The large banking chamber, the manager's private offices, and the strong room are on the ground floor, and the first floor is used as a residence for the manager.

Mr. George Cashmore Israel , Manager of the North Dunedin branch of the Bank of New Zealand, was born in Launceston, Tasmania, and finished his education at the Church of England Grammar School. He served eleven years in the Bank of Tasmania, and joined the Bank of New Zealand at Dunedin in 1872. In February, 1875, he was appointed manager of the newly opened North Dunedin branch, where he is still in charge. Mr. Israel was for many years secretary of the Dunedin Choral Society, and was secretary to the Music Committee of the New Zealand and South Seas Exhibition of 1889; he has for thirteen years been a member of the Union Street school committee, being three times elected chairman. He has been twice chosen as President
Wrigglesworth and Binns, photo.Mr. G. C. Israel.

Wrigglesworth and Binns, photo.
Mr. G. C. Israel.

of the Dunedin and Suburban School Committees' Conference, and is now a member of its executive committee, and was also chairman of the committee controlling the school children's demonstration at the celebration of the jubilee of the province of Otago in 1898, and the great children's gathering on the occasion of the visit of the Prince and Princess of Wales. Mr. Israel, who was at the same time a member of the Royal Reception Committee, received special thanks from the Princess in connection with the latter office. He was one of the founders, and is now Treasurer of the Dunedin Competitions Society, instituted in February, 1903, for the furtherance of study in Literature, Music, and Art.

The North Dunedin Branch Of The National Bank Of New Zealand is a handsome two-storey brick building at the corner of George and Hanover Streets. The premises were erected in 1897, to replace those of the old North Dunedin branch, which had been opened in 1877. The main office, which opens from George Street is an imposing chamber, finished in polished figured New Zealand red pine, and leading into the manager's private office and strong room. The first floor is used as the manager's residence, with an entrance from Hanover Street. The premises are installed with a complete system of electric bells and speaking tubes, and the London Chairman of Directors, in visiting this bank, described it as one of the handsomest branches he had visited in New Zealand.

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National Bank Of New Zealand: North Dunedin Branch.

National Bank Of New Zealand: North Dunedin Branch.

Mr. James Macneil Brown , the manager, is a son of the late Mr. James Brown, who arrived in Dunedin by the ship “Berinicea,” in 1849, and brought out with him the timber of the first wooden house built in Dunedin. He died in 1898, Mr. Brown was born on board ship a few days before landing, and was educated in Dunedin, and at Nelson College. He entered the Dunedin office of the Bank of New Zealand, and nine years later joined the National Bank, and was appointed manager of the North Dunedin branch on its opening in 1877. Mr. Brown is now the oldest bank manager in Dunedin. He is a trustee of the Dunedin Hospital, and has been a Justice of the Peace for sixteen years. He married Miss Ashenden, of Auckland, who died on the 28th of January, 1895, leaving one daughter.

Dunedin Savings Bank , Lower High Street, Dunedin. Vice-President, Mr. Keith Ramsay; Trustees, Messrs R. Chisholm, Thomas Christie, G. L. Denniston, George Lawrence, J. T. MacKerras, P. T. Wright, and J. F. Arnold, M.H.R.; manager, Mr F. Smith. The Dunedin Savings Bank was established in 1861 under the provisions of the “Savings Bank Act, 1858,” to encourage thrift in New Zealand. The trustees have acted voluntarily and without remuneration, despite the constant demands on their valuable time, and the bank has already been enabled to vote the large sums of £11,205 to benevolent institutions, and £6500 to the University of Otago, by way of endowment out of profits earned. The amount which has accumulated to the credit of depositors is £100,000. The accounts show a surplus of some £10,300, in addition to £1159 placed to the credit of a special reserve fund to provide against contingencies. The Dunedin Savings Bank owes a debt of gratitude to the ability of Mr. E. Smith, who successfully managed the institution from its inception till his death in 1895.

Mr. Frederick Smith , Manager of the Dunedin Savings Bank, who succeeded to the position on the death of his father in 1895, was born in Dunedin in 1864—the year of the founding of the bank. Educated at the Dunedin High School, he entered the bank as a junior, subsequently rising to the position of chief clerk; this office he held for several years, being closely associated with the institution till he was appointed manager. Mr. Smith takes a general interest in cricket and football. He was a member of the Pirates Football Club, and played as representative in various interprovincial matches. Mr. Smith is Treasurer of the Otago Society for the Prevention of Cruelty to Animals.

Mr. William Brown Vigers , who arrived in New Zealand in 1880, by the s.s. “Durham,” was born in Hanley, Stafford-shire, England, in 1858, and was educated at local schools. He joined the Manchester and Liverpool District Bank, in which he remained for over six years and gained his first banking experience. Shortly after his arrival in New Zealand Mr. Vigers was appointed accountant in the Colonial Bank at Cambridge, Waikato. Eighteen months later he was transferred to Gore, and after filling many positions in the bank's service, was appointed manager of the Dunedin branch in 1890. Four years later, on the retirement of Mr. Watson, he was appointed inspector, and held that office until he was appointed a liquidator of the Colonial Bank.