WORLD OF FINANCE

Waimate Daily Advertiser, Volume XXIV, 23 April 1927, Page 6

WORLD OF FINANCE

AUSTRALIAN BANKING. fOV* OWX COBBESroNDKXT. I WELLINGTON, April 21 Most of the banks io Australia m New Zealand can now boast ot sun age, and some interesting statistics connection with the matter were girt by Mr George I). Meuridl, F.S.S., i a paper read by him before the Histor nil Society of Victoria on Febrinr 28. The Bank of New South Wales i the oldest bank in Australasia, for i was established as far back as 181 with a paid-up capital of £3625 Th paid-up capital now is, or will slrortl :to £7,500,000. Two years later, 1819, the Government Savings Dank u New South Wales was established These two institutions were apparent! sufficient for the needs of the c-ountr for many years, for it was not anti 1831 that another institution came in to existence. This was the Commercial Banking Company of Sydney, with I paid-up capital of £30,000. fn the to lowing year (1835) the Bank of Austn lasia, with a capital of £200.000, con menced business, and two years later in 1837, the Union Bank of Australia with £268.930 of paid-up capital, wa established. In 1841 the Wester Australian Bank, with a paid-up cap tai of £200,006. set up in business, bn this institution has just been absorb* by the Bank of New South Wales. Ti: first banking institution in Victors appears to have been the State Sat ings Bank, which was established » 1842. The Bank of Victoria with paid-up capital of £500,000; came int existence in 1852, but this bank noi loses its identity, for it has just beci absorbed by the Commercial Bunko Sydney. The English, Scottish an Australian Bank, with a capital » £250,000, and the Australian Bank o Commerce' were also established « 1852. the gold diggings no doubt ben: responsible for three banks being <* tablisiied in that year. Six years later the National Bank of Ans tralasia, with a capital of £90,563 came into existence. The first joW stock bank to be established in N’ e ’ Zealand was the Bank of New Zealand which started .in 1861 with a paid-®! capital of £108,785. The Bank of Ade laide. with a capital of £75.000, an' the Ballarat Banking Company, wit £7393 of paid-up capital, comment's operations in 1865, and in the toll o * ing year the Commercial Bank of Au s tralia with paid-up capital of £106.2 came into existence. Six years lau” iu 1872, the National Bank of • «’ Zealand with a capital of £183,334, the Queensland National Bank *'* paid-up capital of £105,826 were esU lished. Then followed a long inter's and in 1888 the Royal Bank of A«’ tralia with £300,000 of paid-up MP'* 1 * commenced business. The Royal has just been absorbed by the ®' nil Scottish and Australian Bank. I» the Commonwealth Bank was csta i 1 ed, and in 1923 the Primary I’ t " Bank made its entry into the field. The total assets of tin mentioned amounted last year huge sum of £714,794,406.