A PROUD RECORD

Manawatu Standard, Volume LX, Issue 72, 22 February 1940, Page 3

A PROUD RECORD

ICO YEARS OF SERVICE. The completion of 100 years of continuous banking service in New Zealand will be celebrated by the Union Bank of Australia, Ltd., on March 24. The history of the bank lias naturally come into- prominence with the research that lias taken plaec in comiecttion with the Dominion’s Centennial. The first manager of the Union Bank. l Mr John Smith, and the accountant for the Wellington establishment sailed from London in Hie New Zealand Company’s store ship Glenbervie in October, 1839. On board were also the safe (still being used J’or the storage of books and documents) hooks, and other essential equipment for the branch, not forgetting the bullion. The ship’s hold also contained several casks ol copper coins. Wlieij.. the oliicc was opened at Briannia on March 24. JB4U, much local inconvenience caused by the lack ol currency was relieved. Monetary transactions were ell'ccted \>'iui sister settlements in Van Diemen’s Land and New South Wales and with the principal office in London. From the bank’s books it is evident that, though the New Zealand settlements were sometimes bitterly divided on local development issues, the Union Bank at Wellington provided a channel through which a great deal of capital was introduced to the country from the Homeland and distributed among them all. The number of branches was steadily increased. Nelson was arranged lor by the London board during 1841, Auckland in 1547, Lyttelton in 18-50, Christchurch and Dunedin in 1850, and Napier in 1857. The branch at Invercargill was opened late in ISGO. Throughout the century the l m’ou Bank lias been operating in Wellington a steady development in trade and industry has been seen. Increasing prosperity resulted from the export of wool, hut the discovery of gold and the immense trade impetus that later attended the successful sliinment oi refrigerated meat were perhaps even greater factors contributing to the laying of sound foundations of economic well-being. These successful enterprises encouraged many new banks to make tin appearance in New Zealand, ami from 1800 onward the increase in the number of banks operating is an index to tho increase in national prosperity. With ils unique record as tho oldest business enterprise and tho pioneer hank in New Zealand the Union Bank lias a justifiable pride in recalling its associations with the past and the part it ha« played in aiding development over the century. Not only has tho hank (lie honour of being the “city’s oldest trading bank” iii each of the four principal centres, but the institution as a whole also holds a cen-tury-old record of service in the land. During this time it lias proved a bulwark of .security through good times and bad, sometimes tested severely, but never known to fail. The Union Bank’s board of directors is in London. Major General Sir John H. Davidson, K.C.M.G.. ('.lb. D. 5.0.. is chairman. Air A. E. B. Goode is general manager. Air T. I’. Fotber-ingh-am is the inspector lor New Zealand. and Mr F, T. Porter is manager of the Wellington branch.