Bank of Queensland (1863–1866)

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The Bank of Queensland was a bank in Queensland, Australia. Established in London [1] it opened for business in Brisbane on 13 August 1863 in the renovated premises of the former Joint Stock Bank. [2] There had been just four (trading) banks established in Queensland by late 1862 but all from other Australian colonies, branches of New South Wales Bank, Union Bank of Australia, Australian Joint Stock Bank and the Bank of Australasia. [3]

Contents

Branches of the Bank of Queensland were shortly opened at Ipswich, Dalby and Rockhampton [4] as well as at Toowoomba and elsewhere.

In the midst of the July 1866 collapse of the major London discount house Overend, Gurney and Company the London board of the Bank of Queensland took the opportunity to announce that a major portion of their bank's capital had been lost by poorly chosen advances made on securities of sheep and cattle stations, [note 1] sawmills and even newspaper proprietors. [5] The bank suspended payments a week later. [6]

In the following days it became known that the immediate reason for the suspension of payments was the Queensland's Government's failure to honour its cheques [7] and that happened because the Agra and Masterman's Bank had failed, following Overend, Gurney. The panic in London also brought an Australian run on the Bank of Queensland and at the end of 1866 the shareholders agreed to voluntarily wind the bank up. [8]

Other trading banks named Bank of Queensland

1917–1922

A new Bank of Queensland was created by the January 1917 merger of the Royal Bank of Queensland with the Bank of North Queensland. [9] It was bought by the National Bank in 1922. [10]

1970—

The Bank of Queensland's name has since been taken by the Brisbane Permanent Benefit Building and Investment Society, Queensland's first permanent building society founded in 1874 and incorporated in 1887 when it began operations as a savings bank.

Licensed as a trading bank in 1942 it took on the name Bank of Queensland in 1970.

Notes

  1. ↑ The London directors seemed to fail to understand the advances were on livestock and wool to be sold in England but it might have been a shield for Queensland's Colonial Treasurer

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References

  1. ↑ The Argus (Melbourne, Vic. : 1848 - 1957) View title info Wed 4 Mar 1863 Page 7
  2. ↑ North Australian and Queensland General Advertiser (Ipswich, Qld. : 1862 - 1863) Thu 13 Aug 1863 Page 3
  3. ↑ The Courier (Brisbane, Qld. : 1861 - 1864) Sat 18 Oct 1862 Page 5
  4. ↑ Rockhampton Bulletin and Central Queensland Advertiser (Qld. : 1861 - 1871) Tue 7 Feb 1865 Page 2
  5. ↑ The Brisbane Courier (Qld. : 1864 - 1933) Wed 18 Jul 1866 Page 4
  6. ↑ The Argus (Melbourne, Vic. : 1848 - 1957) Wed 25 Jul 1866 Page 5
  7. ↑ The Age (Melbourne, Vic. : 1854 - 1954) Sat 18 Aug 1866 Page 4
  8. ↑ Queensland Times, Ipswich Herald and General Advertiser (Qld. : 1861 - 1908) Thu 27 Dec 1866 Page 4
  9. ↑ The Week (Brisbane, Qld. : 1876 - 1934) Fri 26 Jan 1917 Page 21 Trove accessed 25 May 2020
  10. ↑ Warwick Daily News (Qld. : 1919 -1954) Tue 10 Jan 1922 Page 5 Trove accessed 25 May 2020
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