AGE 100 YEARS.

Auckland Star, Volume LXIX, Issue 226, 24 September 1938, Page 4

AGE 100 YEARS.

BANK OF AUSTRALASIA. FIRST IN MELBOURNE. MEMORIAL TABLET UNVEILED. ! Meibuut no's first bank a In.inch 01 til • i Bank of Australasia—was opened 100 >eai.- • ago in Little Collins Street. A tablet com- 1 memoiating tlie event was unveiled ' tecontly by tho acting Govoi 110;-Geneiai. ! Lord Huntingfield. at the bank's present: in cmises at tho coiuci ot ( nllins ami j Vuocn _ StreetK. in tho pivseiu-c ot a Lit iff 1 aathoiinp ot financial and bii>iiu"*s loadois. I'i etiK.in? his address with the 1 cinai k I tiutt lue Dutch ancostoif. liad been ii.aike.j in tlie 17th century. Lot.l liuntiiiuliciu -uiveyed tho evolution ot banking > icne.' tl'ioujih tho asros. Coming in-aicr t■» t uiixlern time-, he recalled that tho Bank i ••t Australasia had been opened in Sydney . 111 Dccoinber. under a Hnyal ( ha 1 t.-i • Ki.inted by Kiiiit William IV. in Ma\ ci j that \eiir. Branches in Hobart and Lauti- ' 1 oston had been established in .1 inuai v ■.>: '■ the tollowmz year and exton-inii to \ ie-' t:iia I then Port Phillip 1 had been plan!!,' i ! tor inline \ o;ii s later. Thi* nmvc had be. ii 1 hastiiu'd by ;i leipiest re-.-eiicu t"11 -in Sii ! liieli.ild Bniilko. (.tovcrilnl nl New S.mtii ! Wales, as ii ie-;ilt nt whiih Mi. I). 1 .1 Mc Aithu; 1 letc tnr Port Phillip on .In. 1■ ■ j :ft. IS'iS. with an iron < best containing in British silvct coin. I "Attoi a lima and tempest imns v..ya;:el o: -i.\ Mocks.' continued 1. u d Hunting-J field. "Mr. McArtliui arrived in Hnlwiin'.- 1 Bay. He npened .1 branch ni the Bank •.! j Austiala.-ia in tempoiary pnnii.-e> in Little Collins Street nit August '_>S. IS3S. j The aspect tutiue . it\ is :.-j i.iimitive as the bank pieini.-'s. Ko.noval 1 t.l CciMilll- St lec t ill ISi't S\ llclli nlliseil J with tin- nt the 'li 1111 irry iint : o-.'| when wn.'l prices sluiuped and Hade :a:d I iniiiineiio siitli'ied a severe s"tb,uk. With I the dWovery of » r .ild the outlook [ tor the bcttel . 11l 15."9 tile office of the I .-nperiiiti'iiilent tor Australia, and bite | New Zealand, was tl ailsferred from Sydney to Mellmurne. I Did Not Close Doors. ! After tracing the events which '. d op j t / the collapse of the laud boom in 180:!. | Li a d Hunt ingtield said that the Victoiiaiii (iovenunent. feat a general i nllaps '. j took tile unpl ecedelited step nl dei lariug ; a bank lioliday for five days. "The Bank j of Australasia," lie eon till tied, "was one | of the tew banks which did not avail ] themselves of this relief. It continued to pay it- depositors 011 demand. Thereattcr the Bank of Australasia had played its part ill restoring 11 ado and I commerce. Its growth was amply illustrated in figures which showed that 111 100 years it had expanded from a bank with i' 200.000 of capital to one with X. C.'iiXl.iXK) of capital, a leserve fund ni nearly the same amount, and total asset, j of £;itt.OO«J.ttGO. Lou! Huntinglield reminded the officials j of the bank that its success was their j ■Keess. "Von have a wonderful tradition 1 t i follow." lie said, "left you by the men mid women who helned to build this bar.iv j I in the last 100 years." The Federal Treasurer. Mr. Casey, said | that the respect in which the Bank oi ' Anstinlasia was held was never higlict than it was to-day. The bank had shown treat enterprise in being one of the first to break away from the old tradition ot not lending money on land and stocks, and it had performed a most usetul service iti pioneering small loans to wage earners ;ti temporary financial difficulties. He wished tho bank every success in moving from a great past to a still greater future. Banking Legislation. Mr. Casey, alluding to the ltoyal t bai - ters under which some banks were formed earlr' last century, said that some of tinrequirements had quite a modern flavour. He had noted one provision which obliged bankers to supply, in addition to the periodical statistics of their business, suca further information as the Lojds of the Treasury might see fit to call for. "That •teemed to have almost a futuristic touch.." lie commented. •'Manv fears have been expressed, acded Mr. Casey, "as to whether steps to be taken by the Federal Ministry as a result of the Banking Commissions report will impede private banking in Australia by the implementing of this or that recommendation. The Cjovernmen' proposes to take no action which wonl l in any wav weaken the ability or tli" financial institution® to serve the peopl. of Australia."