View source for London Chartered Bank of Australia

{{Short description|English-run bank in NSW and Victoria, Australia}}
The '''London Chartered Bank of Australia''' (from 1893 the '''London Bank of Australia''') was an [[England|English]]-run [[Australia]]n bank which operated from 1852 to 1921.<ref>{{cite web | url=https://natlib.govt.nz/records/22376955 | title=London Chartered Bank of Australia | publisher=National Library of New Zealand | accessdate=12 August 2021}}</ref>
==History==
The London Chartered Bank of Australia was formed in October 1852, with the issuing of a prospectus and granting of a royal charter for a new [[London]]-based joint stock bank to operate in the colonies of [[New South Wales]] and [[Victoria, Australia|Victoria]].<ref>{{cite news |url=http://nla.gov.au/nla.news-article12940959 |title=Late English News. Sydney Morning Herald Office, Friday, Half-past 1 p.m. |newspaper=[[Sydney Morning Herald]] |volume=XXXIII |issue=4818 |location=New South Wales, Australia |date=22 October 1852 |accessdate=12 August 2021 |page=1|via=National Library of Australia}} </ref><ref>{{cite web | url=https://privycouncil.independent.gov.uk/wp-content/uploads/2021/06/List-of-Charters-Granted.pdf | title=List of Charters Granted | publisher=Privy Council | accessdate=12 August 2021}}</ref> The chairman was [[Duncan Dunbar (junior)|Duncan Dunbar]], while the directors included numerous banking and business figures from England, Ireland and [[Australia]]. It was promoted as taking advantage of the economic boom associated with the [[Australian gold rushes]].<ref>{{cite news |url=http://nla.gov.au/nla.news-article12941035 |title=ENGLISH EXTRACTS. |newspaper=[[Sydney Morning Herald]] |volume=XXXIII |issue=4820 |location=New South Wales, Australia |date=25 October 1852 |accessdate=12 August 2021 |page=3 |via=National Library of Australia}} </ref> The appointment of serving New South Wales Auditor-General [[Francis Merewether (Australian politician)|Francis Merewether]] as a director led to controversy in New South Wales.<ref>{{cite news |url=http://nla.gov.au/nla.news-article668874 |title=Legislative Council. |newspaper=[[Maitland Mercury|Maitland Mercury & Hunter River General Advertiser]] |volume=XI |issue=936 |location=New South Wales, Australia |date=22 June 1853 |accessdate=12 August 2021 |page=4 |via=National Library of Australia}} </ref>
A manager and clerk staff were sent from England to New South Wales on the ''Harbinger'' in May 1853.<ref>{{cite news |url=http://nla.gov.au/nla.news-article65485309 |title=EUROPEAN INTELLIGENCE. |newspaper=[[The Inquirer (Perth)|Inquirer]] |volume=XIV |issue=674 |location=Western Australia |date=25 May 1853 |accessdate=12 August 2021 |page=3 |via=National Library of Australia}} </ref> Branches in [[Collins Street, Melbourne]] and [[George Street, Sydney]] opened in July 1853, the latter occupying the former premises of the defunct [[Bank of Australia]], with a [[Geelong]] branch following in October 1853.<ref>{{cite news |url=http://nla.gov.au/nla.news-article668802 |title=THE GOLD FIELDS. |newspaper=[[The Maitland Mercury and Hunter River General Advertiser]] |volume=XI |issue=935 |location=New South Wales, Australia |date=18 June 1853 |accessdate=12 August 2021 |page=2 |via=National Library of Australia}} </ref><ref>{{cite news |url=http://nla.gov.au/nla.news-article4794903 |title=Commercial Intelligence|newspaper=[[The Argus (Melbourne)]] |issue=1945 |location=Victoria, Australia |date=25 July 1853 |accessdate=12 August 2021 |page=4 |via=National Library of Australia}} </ref><ref>{{cite news |url=http://nla.gov.au/nla.news-article48526250 |title=HISTORY OF THE BANK. |newspaper=[[South Australian Register]] |volume=LVIII |issue=14,493 |location=South Australia |date=26 April 1893 |accessdate=12 August 2021 |page=5 |via=National Library of Australia}} </ref> A succession of branches in regional mining centres followed in 1855-56, with [[Ballarat]], [[Beechworth]] and [[Dunolly]] among them.<ref>{{cite news |url=http://nla.gov.au/nla.news-article64567031 |title=The Gold Gields|newspaper=[[Portland Guardian|Portland Guardian & Normanby General Advertiser]] |volume=XVI |issue=1229 |location=Victoria, Australia |date=15 October 1856 |accessdate=12 August 2021 |page=2 (EVENING.) |via=National Library of Australia}} </ref><ref>{{cite news |url=http://nla.gov.au/nla.news-article7142086 |title=Advertising |newspaper=[[The Argus (Melbourne)]] |issue=3288 |location=Victoria, Australia |date=23 December 1856 |accessdate=12 August 2021 |page=6 |via=National Library of Australia}} </ref>
By 1893, the bank had main offices in Melbourne and Sydney, thirty-four branches in Victoria, five other city and suburban branches in [[Sydney]], eight regional New South Wales branches ([[Bourke, New South Wales|Bourke]], [[Broken Hill]], [[Deniliquin]], [[Hay, New South Wales|Hay]], [[Katoomba, New South Wales|Katoomba]], [[Newcastle, New South Wales|Newcastle]], [[Waverley, New South Wales|Waverley]] and [[Wilcannia]]) and four branches in [[Queensland]] ([[Brisbane]], [[Ipswich, Queensland|Ipswich]], [[Townsville]] and [[Charters Towers]]).<ref name=finpos>{{cite news |url=http://nla.gov.au/nla.news-article13934554 |title=The Financial Position|newspaper=[[Sydney Morning Herald]] |issue=17,191 |location=New South Wales, Australia |date=26 April 1893 |accessdate=12 August 2021 |page=7 |via=National Library of Australia}} </ref>
The bank experienced a £300,000 [[bank run]] in April 1893 as part of the 1893 banking crisis, which caused it to abruptly close pending reconstruction on 26 April, despite the bank having generally been regarded as in a satisfactory position and having just announced a proposed dividend.<ref name=finpos /><ref>{{cite news |url=http://nla.gov.au/nla.news-article76926253 |title=Inter-Colonial|newspaper=[[Daily News (Perth, Western Australia)|The Daily News]] |volume=XI |issue=5,585 |location=Western Australia |date=26 April 1893 |accessdate=12 August 2021 |page=3 |via=National Library of Australia}} </ref><ref>{{cite news |url=http://nla.gov.au/nla.news-article13934553 |title=By Telegraph |newspaper=[[Sydney Morning Herald]] |issue=17,191 |location=New South Wales, Australia |date=26 April 1893 |accessdate=12 August 2021 |page=8 |via=National Library of Australia}} </ref> A voluntary winding-up order was granted in [[London]] in mid-May while reconstruction discussions continued.<ref>{{cite news |url=http://nla.gov.au/nla.news-article25653013 |title=PETITIONS FOR LIQUIDATION. |newspaper=[[The Advertiser (Adelaide)|The Advertiser]] |volume=XXXV |issue=10790 |location=South Australia |date=18 May 1893 |accessdate=12 August 2021 |page=5 |via=National Library of Australia}} </ref> The process of negotiating and approving a reconstruction scheme that would see a new institution, the '''London Bank of Australia''', take over the assets, liabilities and operations of the bank, went on through June and July. It reopened under the new name and structure on 7 August in Australia and 8 August in London.<ref>{{cite news |url=http://nla.gov.au/nla.news-article8569208 |title=MONETARY AND COMMERCIAL. |newspaper=[[The Argus (Melbourne)]] |issue=14,663 |location=Victoria, Australia |date=26 June 1893 |accessdate=12 August 2021 |page=4 |via=National Library of Australia}} </ref><ref>{{cite news |url=http://nla.gov.au/nla.news-article98532836 |title=LONDON BANK OF AUSTRALIA. |newspaper=[[Goulburn Evening Penny Post]] |location=New South Wales, Australia |date=8 August 1893 |accessdate=12 August 2021 |page=4 |via=National Library of Australia}} </ref>
In August 1920, the bank announced that it had received a takeover proposal by the [[English, Scottish & Australian Bank]] seeking a controlling interest in the bank and that the directors had reached a provisional agreement for amalgamation into the ES&A Bank if sufficient shareholders were willing to sell.<ref>{{cite news |url=http://nla.gov.au/nla.news-article117708793 |title=London Bank of Australia |newspaper=[[The Evening News (Sydney)|Evening News]] |issue=16,593 |location=New South Wales, Australia |date=20 August 1920 |accessdate=12 August 2021 |page=1 |via=National Library of Australia}} </ref> The ES&A Bank was successful in the takeover, and the London Bank ceased to exist when the ES&A Bank assumed control of its business from 2 May 1921.<ref>{{cite news |url=http://nla.gov.au/nla.news-article72057620 |title=General Cables|newspaper=[[The Capricornian]] |volume=XLVI |issue=19 |location=Queensland, Australia |date=7 May 1921 |accessdate=12 August 2021 |page=21 |via=National Library of Australia}} </ref>
==Heritage buildings==
Many of the bank's former branch buildings remain today, with several now heritage listed.<ref>{{cite web | url=https://vhd.heritagecouncil.vic.gov.au/search?kw=london+chartered+bank&aut_off=1&collapse=true&spage=1&tab=places&view=detailed&rpp=25&ppage=1 | title="London Chartered Bank" | publisher=Victorian Heritage Database | accessdate=12 August 2021}}</ref> They include:
* [[Beeac]], [[Victoria, Australia|Victoria]]
* [[Bourke Street]], [[Melbourne]]
* [[Clunes, Victoria]]
* [[Dunolly]], Victoria
* [[Fitzroy North]], Victoria
* [[Geelong]] Victoria
* [[Kerang]], Victoria
* [[St Arnaud, Victoria]]
* [[Wangaratta]], Victoria
* [[Bourke, New South Wales]]
==References==
{{reflist}}
[[Category:Banks established in 1852]]
[[Category:Banks disestablished in 1921]]
[[Category:Defunct banks of Australia]]
[[Category:1852 establishments in Australia]]
[[Category:1920 mergers and acquisitions]]
[[Category:1921 disestablishments in Australia]]