Bank of 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 to form the Westpac Banking Corporation.

Bank of New South Wales
company 
IndustryFinancial services
SuccessorsWestpac Banking Corporation
Founded8 April 1817 in Sydney, New South Wales
Defunctrenamed Westpac 4 May 1982
HeadquartersMartin Place
Area served
New South Wales

History

Established in 1817 in Macquarie Place, Sydney premises leased from Mary Reibey,[1][2] 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,[3] Thomas Wylde,[nb 1] Alexander Riley, William Redfern and John Thomas Campbell. Campbell was elected the bank's first president[4] and Edward Smith Hall as its first cashier and secretary.[5] 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:

  • 1927: BNSW acquired the Western Australian Bank,[6] which had been established in 1841 or 1842.
  • 1931: BNSW acquired the Australian Bank of Commerce, which had branches in both New South Wales and Queensland.[7]
  • 1942: BNSW suspended operations in Papua after the Japanese Army captured many of the towns in which it had branches and agencies, and bombed Port Moresby. It resumed operations in 1946.
  • 1957: BNSW buys 40% of finance company Australian Guarantee Corporation and over the years progressively increased its interest to a majority stake of 76% and then acquired all remaining shares in 1988.
  • 1968: BNSW joins Databank Systems Limited consortium in New Zealand to provide joint data processing services. Around this time the bank started going 'on line' with the use of their computer nicknamed 'Fabicus' the letters standing for First Australian Banking Institution Computer Used in Sydney. Fabicus had been in use since 1958 in the processing of some records. With advanced programming, The use of this computer changed the whole concept of banking as it had been done in years previously with its combination of hand-written and machined records. Branches slowly became attached to the data processing centre and other banks slowly joined the ranks of computer generated reports, records and expansion.
  • 1970: BNSW established a branch on Tarawa in Kiribati (ex-Gilbert Islands), which also took over the government savings bank. Also, the company first became listed on 18 July 1970.
  • 1971: Branch established in the New Hebrides.
  • 1973: BNSW became the corporate sponsor of the Rescue Helicopter service started by Surf Life Saving Australia. The service is known today as the Westpac Life Saver Rescue Helicopter Service
  • 1974: it participated in a joint venture to establish the Bank of Tonga.
  • 1975: BNSW incorporated its local business in Papua New Guinea as Bank of New South Wales (PNG).
  • 1977: BNSW formed Pacific Commercial Bank in Samoa as a joint venture with Bank of Hawaii, buying into Pacific Savings and Loan Company (est. 1969), in which Bank of Hawaii had had an ownership interest since 1971.
  • 1982: BNSW merged with the Commercial Bank of Australia to form Westpac Banking Corporation ending the use of the Bank of New South Wales name.[8] The Parliament of New South Wales passed the Bank of New South Wales (Change of Name) Act 1982 on 4 May 1982, completing the name change.[9] The new Westpac brand-name incorporated the "W" which had been the logo of the Bank of New South Wales (popularly known as "the Wales"). The name Westpac is a portmanteau of Western Pacific.

Executive leadership

Chief executive

  • Sir Alfred Davidson KBE, General Manager, 1929–1945[10]
  • Bob White AO, Chief General Manager, 1977–1982[11]

President/Chairman

OrdinalNameTitleTerm startTerm endTime in officeNotes
1John Thomas CampbellPresident181718213–4 years[12]
2John Piper1825January 1827 (1827-01)1–2 years[13]
3John Holden185118520–1 years[14]
4Daniel Cooper185518615–6 years[15]
5Robert Tooth186218630–1 years[16]
6Robert Towns186618670–1 years[17]
7Frederick Tooth186818690–1 years[18]
8Thomas Walker1869188616–17 years[19][20]
9Thomas Buckland188618947–8 years[21][22][23]
10James Richard Hill189418983–4 years[24][25]
11James Walker189819010–1 years[26][27]
12Sir Charles Mackellar1901192220–21 years[28]
13Sir Thomas Buckland1922193714–15 years[29][30]
14Sir Robert Gillespie193719457–8 years[31]
15Sir Frederick Tout194519504–5 years[32]
16Sir Martin McIlrath195019521–2 years[33][34]
17Sir Colin Sinclair KBE195219541–2 years[35][36]
18Sir Leslie Morshead KCB, KBE, CMG, DSO, ED195419594–5 years[37]
19Sir John Cadwallader1959197818–19 years[38][39]
20Sir Noel Foley OBEChairman197819823–4 years[40]

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 (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", 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.[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]

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

Queensland

Victoria

See also

References

  1. "Bank of New South Wales". Dictionary of Sydney. 2008. Retrieved 25 November 2018.
  2. Bank of New South Wales (1974). Australia's first bank : a brief history (2nd ed.). Bank of New South Wales. ISBN 978-0-909719-14-2.
  3. Holder, R. F. "Jenkins, Robert (1777–1822)". Australian Dictionary of Biography. Archived from the original on 7 January 2017. Retrieved 6 January 2017.
  4. Holder, Reginald Frank; Bank of New South Wales (1970), Bank of New South Wales : a history, 1 (1817-1893), Angus and Robertson, ISBN 978-0-207-95362-0
  5. M. J. B. Kenny. "Biography – Edward Smith Hall – Australian Dictionary of Biography". Adb.online.anu.edu.au. Archived from the original on 24 May 2011. Retrieved 25 December 2012.
  6. "Diay of Events". Western Mail. XLII (2151). Western Australia. 21 April 1927. p. 32. Retrieved 16 January 2017 via National Library of Australia.
  7. Australian eHeritage Portal: Australian Bank Of Commerce (former) Archived 8 December 2015 at the Wayback Machine
  8. "Westpac's name adopted". The Canberra Times. 56 (16, 927). Australian Capital Territory, Australia. 31 January 1982. p. 3. Retrieved 23 March 2018 via National Library of Australia.
  9. "Bank of New South Wales (Change of Name) Act 1982 No 31". legislation.nsw.gov.au. NSW Government. Archived from the original on 29 March 2018. Retrieved 23 March 2018.
  10. Holder, R. F. (1981). "Davidson, Sir Alfred Charles (1882–1952)". Australian Dictionary of Biography. National Centre of Biography, Australian National University. Archived from the original on 22 March 2018. Retrieved 22 March 2018.
  11. Frost, James (12 June 2017). "Vale Bob White: Banking sector mourns passing of former Westpac CEO". Australian Financial Review. Archived from the original on 30 September 2017. Retrieved 22 March 2018.
  12. Holder, R.F. (1966). "Campbell, John Thomas (1770–1830)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 26 August 2012.
  13. Barnard, Marjorie (1967). "Piper, John (1773–1851)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 6 November 2009.
  14. Parsons, Vivienne (1966). "Holden, John Rose (1810–1860)". Australian Dictionary of Biography. National Centre of Biography, Australian National University. Archived from the original on 23 March 2018. Retrieved 23 March 2018.
  15. Martin, A. W. "Cooper, Sir Daniel (1821–1902)". Australian Dictionary of Biography. National Centre of Biography, Australian National University. Archived from the original on 21 March 2007. Retrieved 23 March 2018.
  16. Walsh, G. P. (1976). "Tooth, Robert (1821–1893)". Australian Dictionary of Biography. National Centre of Biography, Australian National University. Archived from the original on 23 March 2018. Retrieved 23 March 2018.
  17. Shineberg, D. (1976). "Towns, Robert (1794–1873)". Australian Dictionary of Biography. National Centre of Biography, Australian National University. Archived from the original on 23 March 2018. Retrieved 23 March 2018.
  18. "THIRTY-SIXTH REPORT OF THE DIRECTORS OF THE BANK OF NEW SOUTH WALES". The Goulburn Herald And Chronicle. New South Wales, Australia. 31 October 1868. p. 3. Retrieved 23 March 2018 via National Library of Australia.
  19. "MR. THOMAS WALKER". The Sydney Morning Herald (15, 114). New South Wales, Australia. 3 September 1886. p. 5. Retrieved 23 March 2018 via National Library of Australia.
  20. "The Late Thomas Walker". Evening News (6019). New South Wales, Australia. 3 September 1886. p. 5. Retrieved 23 March 2018 via National Library of Australia.
  21. "Bank of New South Wales". Evening News (8406). New South Wales, Australia. 12 May 1894. p. 6. Retrieved 23 March 2018 via National Library of Australia.
  22. "THE LATE MR. THOMAS BUCKLAND". The Sydney Morning Herald (18, 256). New South Wales, Australia. 19 September 1896. p. 7. Retrieved 23 March 2018 via National Library of Australia.
  23. "PERSONAL". The Daily Telegraph (5382). New South Wales, Australia. 19 September 1896. p. 9. Retrieved 23 March 2018 via National Library of Australia.
  24. "DEATH OF MR. J. R. HILL". The Daily Telegraph (5989). New South Wales, Australia. 24 August 1898. p. 5. Retrieved 23 March 2018 via National Library of Australia.
  25. "Death of Mr. J. R. Hill". The Sydney Mail And New South Wales Advertiser. LXVI (1991). New South Wales, Australia. 3 September 1898. p. 570. Retrieved 23 March 2018 via National Library of Australia.
  26. "NEW SOUTH WALES". The Brisbane Courier. LV (12, 698). Queensland, Australia. 22 September 1898. p. 5. Retrieved 23 March 2018 via National Library of Australia.
  27. "PRESIDENT OF THE BANK OF NEW SOUTH WALES". The Brisbane Courier. LVIII, (13, 564). Queensland, Australia. 3 July 1901. p. 6. Retrieved 23 March 2018 via National Library of Australia.CS1 maint: extra punctuation (link)
  28. "BANK OF NEW SOUTH WALES". The Sydney Morning Herald (26, 265). New South Wales, Australia. 11 March 1922. p. 12. Retrieved 23 March 2018 via National Library of Australia.
  29. Holder, R. F. (1979). "Buckland, Sir Thomas (1848–1947)". Australian Dictionary of Biography. National Centre of Biography, Australian National University. Retrieved 22 March 2018.
  30. "No. 34166". The London Gazette (1st supplement). 31 May 1935. p. 3593.
  31. Amos, Keith (1983). "Gillespie, Sir Robert Winton (1865–1945)". Australian Dictionary of Biography. National Centre of Biography, Australian National University. Retrieved 22 March 2018.
  32. "Death Of Sir Frederick Tout". The Sydney Morning Herald (35, 114). New South Wales, Australia. 6 July 1950. p. 5. Retrieved 22 March 2018 via National Library of Australia.
  33. Walsh, G. P. (1986). "McIlrath, Sir Martin (1874–1952)". Australian Dictionary of Biography. National Centre of Biography, Australian National University. Archived from the original on 3 March 2016. Retrieved 22 March 2018.
  34. "APPOINTMENTS". The Sydney Morning Herald (35, 120). New South Wales, Australia. 13 July 1950. p. 6. Retrieved 22 March 2018 via National Library of Australia.
  35. "New President Of Bank Of NSW". The Dubbo Liberal and Macquarie Advocate. 41, (610). New South Wales, Australia. 31 December 1952. p. 3. Retrieved 17 March 2018 via National Library of Australia.CS1 maint: extra punctuation (link)
  36. "Sir C. Sinclair President Of Bank Of N.S.W." The Sydney Morning Herald (35, 891). New South Wales, Australia. 2 January 1953. p. 2. Retrieved 17 March 2018 via National Library of Australia.
  37. "Bank Job for Morshead". Barrier Miner. LXVII (20, 050). New South Wales, Australia. 27 November 1954. p. 12. Retrieved 17 March 2018 via National Library of Australia.
  38. "BANK'S NEW PRESIDENT". The Biz. New South Wales, Australia. 14 October 1959. p. 8. Retrieved 22 March 2018 via National Library of Australia.
  39. "President of bank re-elected". The Canberra Times. 51, (14, 596). Australian Capital Territory, Australia. 29 January 1977. p. 1. Retrieved 22 March 2018 via National Library of Australia.CS1 maint: extra punctuation (link)
  40. "Bank of NSW, CBA to merge". The Canberra Times. 55, (16, 667). Australian Capital Territory, Australia. 15 May 1981. p. 1. Retrieved 22 March 2018 via National Library of Australia.CS1 maint: extra punctuation (link)
  41. "A BANK'S NEW EMBLEM". The West Australian. XLVII (9075). Western Australia. 27 July 1931. p. 12. Retrieved 23 June 2016 via National Library of Australia.
  42. "Bank of NSW – Advance Australia Arms on a Bank of NSW building". Office of Environment and Heritage. NSW Government. Retrieved 23 June 2016.
  43. "Westpac Bank, 341 George Street, Sydney". NSW State Heritage Register. NSW Office of Environment and Heritage. 12 September 2008. Retrieved 25 February 2017.
  44. "Bank of NSW, 107-109 Bathurst Street, Sydney". NSW State Heritage Register. NSW Office of Environment and Heritage. 11 July 2008. Retrieved 25 February 2017.
  45. "Former Bank of NSW". NSW State Heritage Inventory. NSW Office of Environment and Heritage. Retrieved 5 October 2019.
  46. "Bank". NSW State Heritage Register. NSW Office of Environment and Heritage. 18 March 2011. Retrieved 16 August 2017.
  47. "Westpac Bank". Parramatta Heritage Register. Retrieved 31 October 2017.
  48. "Bank of New South Wales, 368-374 Collins Street, Melbourne". Victorian Heritage Database. Heritage Victoria. Retrieved 25 February 2017.

Footnotes

  1. Thomas Wylde / Wilde retired founder of London's solicitors Wilde Sapte
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