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Federal Bank Of Australia
The Federal Bank of Australia was established in Melbourne in 1881, and opened for business in April, 1882. Initially successful, the company expanded to New South Wales by absorbing the Sydney and Country Bank Limited in 1882. Banknotes were issued at branches in Melbourne, Sydney and Adelaide. The headquarters was in a modest building on the corner of Elizabeth and Collins Street Collins Street or Collins St. may refer to: Structures Places of worship * Collins Street Baptist Church, a church in Melbourne, Australia * Collins Street Independent Church, a church in Melbourne, Australia Skyscrapers * 101 Collins Street, a sk ... in Melbourne. The managing director was the politician James Munro, who was Premier of Victoria in 1890-1892. He was also president on the Federal Building Society, established about the same time as the Federal Bank. Both institutions principally invested in speculative land companies, which boomed in the 1880s as the economy expanded, and property ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Melbourne
Melbourne ( ; Boonwurrung/Woiwurrung: ''Narrm'' or ''Naarm'') is the capital and most populous city of the Australian state of Victoria, and the second-most populous city in both Australia and Oceania. Its name generally refers to a metropolitan area known as Greater Melbourne, comprising an urban agglomeration of 31 local municipalities, although the name is also used specifically for the local municipality of City of Melbourne based around its central business area. The metropolis occupies much of the northern and eastern coastlines of Port Phillip Bay and spreads into the Mornington Peninsula, part of West Gippsland, as well as the hinterlands towards the Yarra Valley, the Dandenong and Macedon Ranges. It has a population over 5 million (19% of the population of Australia, as per 2021 census), mostly residing to the east side of the city centre, and its inhabitants are commonly referred to as "Melburnians". The area of Melbourne has been home to Aboriginal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collins Street, Melbourne
Collins Street is a major street in the central business district of Melbourne, Victoria, Australia. It was laid out in the first survey of Melbourne, the original 1837 Hoddle Grid, and soon became the most desired address in the city. Collins Street was named after Lieutenant-Governor of Tasmania David Collins who led a group of settlers in establishing a short-lived settlement at Sorrento in 1803.Judith Buckrich: ''Collins – The Story of Australia's Premier Street'', 2005, The eastern end of Collins Street has been known colloquially as the 'Paris End' since the 1950s due to its numerous heritage buildings, old street trees, high-end shopping boutiques, and as the location for the first footpath cafes in the city. As with all main streets in the Melbourne city centre, the Hoddle Grid is exactly 99 feet wide which would allow for the installation of trams in 1885. Blocks further west centred around Queen Street became the financial heart of Melbourne in the 19th century, t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Munro (Australian Politician)
James Munro (7 January 1832 – 25 February 1908) was a Scottish born Australian businessman and colonial politician, and the 15th Premier of Victoria. He is best known as one of the leading figures in the land boom of the 1880s and especially the subsequent crash of the early 1890s, where his Christian morals were seen to clash with his business activities. Early life James Munro was born in Armadale, Sutherland, Scotland, to Donald Munro and his wife, Georgina. James Munro's grandparents were an Alexander Munro of the family of Foulis, Ross-shire and Barbara Mackay, a relative of the chief of Clan Mackay. After a primary education at a village school in Armadale, Sutherland he left home for Edinburgh and joined a firm of publishers. In December 1853, he married Jane MacDonald, and had a family of four sons and three daughters. In 1858, he emigrated to Victoria where he set up a printing business. In the 1860s, he expanded into banking and promoting building societies. In 1865, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Run
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Banking Crisis Of 1893
The 1893 banking crisis in the Australian colonies involved the collapse of a considerable number of commercial banks and building societies, and a general economic depression. It occurred at the same time as the US Panic of 1893 (1893–1897). Foundations During the 1880s, there had been a speculative boom in the Australian property market. The optimistic climate was fostered by the commercial banks, and also led to the proliferation of non-bank institutions such as building societies; as they were operating in a free banking system, there were few legal restrictions on their operations, and there was no central bank or government-provided deposit guarantees. Consequently, these banks and related bodies lent extravagantly, for property development in particular, but following the collapse of the land boom after 1888, a large number of enterprises that had borrowed money found themselves unable to repay these debts, and many began to declare bankruptcy. Crisis Banks and non-b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Australian Register
''The Register'', originally the ''South Australian Gazette and Colonial Register'', and later ''South Australian Register,'' was South Australia's first newspaper. It was first published in London in June 1836, moved to Adelaide in 1837, and folded into '' The Advertiser'' almost a century later in February 1931. The newspaper was the sole primary source for almost all information about the settlement and early history of South Australia. It documented shipping schedules, legal history and court records at a time when official records were not kept. According to the National Library of Australia, its pages contain "one hundred years of births, deaths, marriages, crime, building history, the establishment of towns and businesses, political and social comment". All issues are freely available online, via Trove. History ''The Register'' was conceived by Robert Thomas, a law stationer, who had purchased for his family of land in the proposed South Australian province after be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Established In 1881
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a Bank regulation, high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure accounting liquidity, liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concept ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
