Industry | Financial services |
---|---|
Founded | 8 April 1817 in Sydney, Australia |
Founder | Lachlan Macquarie |
Defunct | 4 May 1982 |
Fate | Renamed on 4 May 1982 [1] |
Successor | Westpac Banking Corporation |
Headquarters | Martin Place, , |
Area served | New South Wales |
The Bank of New South Wales (BNSW), also known commonly as The Wales, was the first bank in Australia, being established in Sydney in 1817 and situated on Broadway. During the 19th century, the bank opened branches throughout Australia and New Zealand, expanding into Oceania in the 20th century. It merged with many other financial institutions, finally merging with the Commercial Bank of Australia in 1982 and being renamed to the Westpac Banking Corporation on 4 May that year under the Bank of New South Wales (Change of Name) Act 1982. [1]
Established in 1817 in Macquarie Place, Sydney premises leased from Mary Reibey, [2] [3] the Bank of New South Wales (BNSW) was the first bank in Australia. It was established under the economic regime of Governor Lachlan Macquarie (responsible for transitioning the penal settlement of Sydney into a capitalist economy). At the time, the colony of Sydney had not been supplied with currency, instead barter and promissory notes was the payment method of choice. Governor Macquarie himself used cattle and rum as payment for the construction of Sydney Hospital and the road from Sydney to Liverpool. The suggestion of establishing a bank was raised in March 1810; but it wasn't until November 1816 that a meeting was held to discuss the real possibility of such a proposal. In February 1817 seven directors of the bank were elected: D'Arcy Wentworth, John Harris, Robert Jenkins, [4] Thomas Wylde, [nb 1] Alexander Riley, William Redfern and John Thomas Campbell. Campbell was elected the bank's first president [5] and Edward Smith Hall as its first cashier and secretary. [6] During the 19th and early 20th century, the Bank opened branches throughout Australia and New Zealand and in the 20th century in Oceania. This included at Moreton Bay (Brisbane) in 1850, then in Victoria (1851), New Zealand (1861), South Australia (1877), Western Australia (1883), Fiji (1901), Papua (now part of Papua New Guinea) (1910) and Tasmania (1910).
Besides expanding its branch network, the bank also expanded by acquiring other banks:
(Note: In 200:The Westpac Story on page 296 there is a chronological list of presidents of the Bank of New South Wales 1817-1982 followed by a list of chairmen of Westpac Banking Corporation 1982–2017.)
Ordinal | Name | Title | Term start | Term end | Time in office | Notes |
---|---|---|---|---|---|---|
1 | John Thomas Campbell | President | 1817 | 1821 | 3–4 years | [12] |
2 | John Piper | 1822 | January 1827 | 4–5 years | [13] | |
3 | John Holden | 1851 | 1852 | 0–1 years | [14] | |
4 | Daniel Cooper | 1855 | 1861 | 5–6 years | [15] | |
5 | Robert Tooth | 1862 | 1863 | 0–1 years | [16] | |
6 | Robert Towns | 1866 | 1867 | 0–1 years | [17] | |
7 | Frederick Tooth | 1868 | 1869 | 0–1 years | [18] | |
8 | Thomas Walker | 1869 | 1886 | 16–17 years | [19] [20] | |
9 | Thomas Buckland | 1886 | 1894 | 7–8 years | [21] [22] [23] | |
10 | James Richard Hill | 1894 | 1898 | 3–4 years | [24] [25] | |
11 | James Walker | 1898 | 1901 | 0–1 years | [26] [27] | |
12 | Charles Mackellar | 1901 | 1922 | 20–21 years | [28] | |
13 | Thomas Buckland | 1922 | 1937 | 14–15 years | [29] [30] | |
14 | Robert Gillespie | 1937 | 1945 | 7–8 years | [31] | |
15 | Frederick Tout | 1945 | 1950 | 4–5 years | [32] | |
16 | Martin McIlrath | 1950 | 1952 | 1–2 years | [33] [34] | |
17 | Colin Sinclair | 1952 | 1954 | 1–2 years | [35] [36] | |
18 | Leslie Morshead | 1954 | 1959 | 4–5 years | [37] | |
19 | John Cadwallader | 1959 | 1978 | 18–19 years | [38] [39] | |
20 | Noel Foley | Chairman | 1978 | 1982 | 3–4 years | [40] |
In 1931 the bank was granted a coat of arms from the College of Arms, symbolising the 1927 acquisition of the Western Australian Bank. The arms featured an emu and a black swan (which is symbolic of Western Australia) rampant supporting a shield surmounted by a kangaroo and the emblem of the rising sun. On the shield are shown a ship, two sheaves of wheat, a sheep, a cow, and a crossed pick and spade, representing the principal industries of Australia at the time: pastoral, agricultural, mining and shipping. The motto included was "Sic fortis Etruria crevit", translated as "Thus strong Etruria prospered", a line taken from Virgil's Second Georgic and an early motto of the Colony of New South Wales. [41]
These arms replaced the original arms known as the "Advance Australia Arms" which was similar to the first Coat of arms of Australia used until 1910, using the same kangaroo and emu supporters and the motto "Advance Australia". The shield in these arms was retained in the 1931 arms. [42]
The Bank of New South Wales built many buildings in Australia, some of which survive and are heritage-listed. However, very few are still used as banks. Surviving buildings with heritage listing include:
Parramatta is a major CBD and a suburb in Greater Western Sydney, located in New South Wales, Australia. It is located approximately 24 kilometres (15 mi) west of Central Sydney, on the banks of the Parramatta River. Parramatta is the administrative seat of the local government area of the City of Parramatta and is often regarded as one of the city centres of the Greater Sydney Metropolitan area, alongside with Sydney, Penrith, Western Sydney Aerotropolis, etc. Parramatta also has a long history as a second administrative centre in the Sydney metropolitan region, playing host to a number of state government departments as well as state and federal courts. It is often colloquially referred to as "Parra".
Major General Lachlan Macquarie, CB was a British Army officer and colonial administrator from Scotland. Macquarie served as the fifth Governor of New South Wales from 1810 to 1821, and had a leading role in the social, economic, and architectural development of the colony. He is considered by historians to have had a crucial influence on the transition of New South Wales from a penal colony to a free settlement and therefore to have played a major role in the shaping of Australian society in the early nineteenth century.
Dubbo is a city in the Orana Region of New South Wales, Australia. It is the largest population centre in the Orana region, with a population of 43,516 at June 2021.
Balmain is a suburb in the Inner West of Sydney, New South Wales, Australia. Balmain is located 2 km (1.2 mi) west of the Sydney central business district, in the local government area of the Inner West Council.
The Commonwealth Bank of Australia (CBA), or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States, and the United Kingdom. It provides a variety of financial services, including retail, business and institutional banking, funds management, superannuation, insurance, investment, and broking services. The Commonwealth Bank is the largest Australian listed company on the Australian Securities Exchange as of August 2015, with brands including Bankwest, Colonial First State Investments, ASB Bank, Commonwealth Securities (CommSec) and Commonwealth Insurance (CommInsure).
Ryde is a suburb of Sydney, New South Wales, Australia. Ryde is located 13 km north-west of the Sydney central business district and 8 km east of Parramatta. Ryde is the administrative centre of the local government area of the City of Ryde and part of the Northern Sydney region. It lies on the north bank of the Parramatta River. People from Ryde are colloquially known as Ryders, Rydiens or Rydemen.
Casino is a town in the Northern Rivers area of New South Wales, Australia, with a population of 10,914 people at the 2016 census. It lies on the banks of the Richmond River and is situated at the junction of the Bruxner Highway and the Summerland Way.
Pyrmont is an inner-city suburb of Sydney, in the state of New South Wales, Australia 2 kilometres south-west of the Sydney central business district in the local government area of the City of Sydney. It is also part of the Darling Harbour region. As of 2011, it is Australia's most densely populated suburb.
The State Library of New South Wales, part of which is known as the Mitchell Library, is a large heritage-listed special collections, reference and research library open to the public and is one of the oldest libraries in Australia. Established in 1869 its collections date back to the Australian Subscription Library established in the colony of New South Wales in 1826. The library is located on the corner of Macquarie Street and Shakespeare Place, in the Sydney central business district adjacent to the Domain and the Royal Botanic Gardens, in the City of Sydney. The library is a member of the National and State Libraries Australia (NSLA) consortium.
Octavius Charles Beale was an Irish-born Australian piano manufacturer and a philanthropist.
Martin Place is a pedestrian mall in the Sydney central business district, New South Wales, Australia. Martin Place has been described as the "civic heart" of Sydney. As home to the Reserve Bank of Australia, the Commonwealth Bank, Macquarie Bank, Westpac and other corporations, it is also a centre of business and finance. The Sydney GPO and the Seven Network's Sydney news centre are also located on Martin Place.
Blacktown City Council is a local government area in Western Sydney, situated on the Cumberland Plain, approximately 35 kilometres (22 mi) west of the Sydney central business district, in the state of New South Wales, Australia. Established in 1906 as the Blacktown Shire and becoming the Municipality of Blacktown in 1961 before gaining city status in 1979, the City occupies an area of 246.9 square kilometres (95.3 sq mi) and has a population of 366,534, making it the second most populous local government area in Sydney.
North Sydney Council is a local government area on the Lower North Shore of Sydney, New South Wales, Australia, established on 29 July 1890 through the amalgamation of three boroughs.
The State Bank of New South Wales, from 1933 until 1981 known as the Rural Bank of New South Wales, was a bank that was owned by the Government of New South Wales. It existed from 1933 until 1994, when it was taken over by the Colonial State Bank and then the Commonwealth Bank in 2000.
Hong Kong House, also known since 1995 as the Hong Kong Economic and Trade Office, Sydney, is a landmark heritage building and former hotel in the Sydney central business district, City of Sydney, New South Wales, Australia. Built in 1891 to a design by Ambrose Thornley, it is located on 80 Druitt Street, at the corner with York Street, and is adjacent to other prominent heritage landmarks, the Sydney Town Hall and the Queen Victoria Building. Formerly known as Gresham Hotel, the property was added to the New South Wales State Heritage Register on 2 April 1999.
Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales.
George Allen Mansfield was a prominent Australian architect of the nineteenth century who designed many iconic buildings in Sydney, New South Wales, Australia.
The National Herbarium of New South Wales was established in 1853. The Herbarium has a collection of more than 1.4 million plant specimens, making it the second largest collection of pressed, dried plant specimens in Australia, including scientific and historically significant collections and samples of Australian flora gathered by Joseph Banks and Daniel Solander during the voyage of HMS Endeavour in 1770.
The Bank of New South Wales is a heritage-listed former bank at 242 Mary Street, Gympie, Gympie Region, Queensland, Australia. It was designed by Richard Gailey and built from 1890 to 1891 by T. Kelly. It is also known as Widgee Shire Council Chambers, Coolooa Shire Council Chambers and Gympie Regional Council Chambers. It was added to the Queensland Heritage Register on 15 April 2011.