Bank of New South Wales


The Bank of New South Wales , 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 to form the Westpac Banking Corporation.

History

Established in 1817 in Macquarie Place, Sydney premises leased from Mary Reibey, the Bank of New South Wales was the first bank in Australia. It was established under the economic regime of Governor Lachlan Macquarie. 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, Thomas Wylde, Alexander Riley, William Redfern and John Thomas Campbell. Campbell was elected the bank's first president and Edward Smith Hall as its first cashier and secretary. 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 in 1850, then in Victoria, New Zealand, South Australia, Western Australia, Fiji, Papua and Tasmania.
Besides expanding its branch network, the bank also expanded by acquiring other banks:

Chief executive

OrdinalNameTitleTerm startTerm endTime in officeNotes
John Thomas CampbellPresident18171821 years
John PiperPresident1822 years
John HoldenPresident18511852 years
Daniel CooperPresident18551861 years
Robert ToothPresident18621863 years
Robert TownsPresident18661867 years
Frederick ToothPresident18681869 years
Thomas WalkerPresident18691886 years
Thomas BucklandPresident18861894 years
James Richard HillPresident18941898 years
James WalkerPresident18981901 years
Sir Charles MackellarPresident19011922 years
Sir Thomas BucklandPresident19221937 years
Sir Robert GillespiePresident19371945 years
Sir Frederick ToutPresident19451950 years
Sir Martin McIlrathPresident19501952 years
Sir Colin Sinclair President19521954 years
Sir Leslie Morshead President19541959 years
Sir John CadwalladerPresident19591978 years
Sir Noel Foley Chairman19781982 years

Coat of arms

In 1931 the bank was granted a coat of arms from the College of Arms, and symbolised the bank's 1927 acquisition of the Western Australian Bank. The arms featured an Emu and a Black swan 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", variously 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.
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.

Heritage-listed buildings

The Bank of New South Wales built many bank buildings in Australia, some of which survive and some are heritage-listed. However, very few are still used as banks. Surviving buildings with heritage listing include:

New South Wales

Footnotes