The London Chartered Bank of Australia (from 1893 the London Bank of Australia) was an

English English usually refers to: * English language * English people English may also refer to: Peoples, culture, and language * ''English'', an adjective for something of, from, or related to England ** English national ide ...

-run

Australia Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...

n bank which operated from 1852 to 1921.

History

It was formed in October 1852, with the issuing of a prospectus and granting of a Royal Charter for a new

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

-based joint stock bank to operate in the colonies of

New South Wales ) , nickname = , image_map = New South Wales in Australia.svg , map_caption = Location of New South Wales in AustraliaCoordinates: , subdivision_type = Country , subdivision_name = Australia , established_title = Before federation , es ...

and

Victoria Victoria most commonly refers to: * Victoria (Australia), a state of the Commonwealth of Australia * Victoria, British Columbia, provincial capital of British Columbia, Canada * Victoria (mythology), Roman goddess of Victory * Victoria, Seychelle ...

. The chairman was Duncan Dunbar, while the directors included numerous banking and business figures from England, Ireland and

. It was promoted as taking advantage of the economic boom associated with the

Australian gold rushes During the Australian gold rushes, starting in 1851, significant numbers of workers moved from elsewhere in Australia and overseas to where gold had been discovered. Gold had been found several times before, but the colonial government of Ne ...

. The appointment of serving New South Wales Auditor-General Francis Merewether as a director led to controversy in New South Wales. A manager and clerk staff were sent from England to New South Wales on the ''Harbinger'' in May 1853. Branches in Collins Street,

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 met ...

and George Street,

Sydney Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mountain ...

opened in July 1853, the latter occupying the former premises of the defunct

Bank of Australia The Bank of Australia was a failed financial institution of early colonial New South Wales formed in 1826 by a producers' and merchants' group as a rival to the Bank of New South Wales. Brian Fitzpatrick, ''British Imperialism and Australia 178 ...

, with a

Geelong Geelong ( ) (Wathawurrung: ''Djilang''/''Djalang'') is a port city in the southeastern Australian state of Victoria, located at the eastern end of Corio Bay (the smaller western portion of Port Phillip Bay) and the left bank of Barwon River, ...

branch following in October 1853. A succession of branches in regional mining centres followed in 1855-56, with

Ballarat Ballarat ( ) is a city in the Central Highlands (Victoria), Central Highlands of Victoria (Australia), Victoria, Australia. At the 2021 Census, Ballarat had a population of 116,201, making it the third largest city in Victoria. Estimated resid ...

Beechworth Beechworth is a well-preserved historical town located in the north-east of Victoria, Australia, famous for its major growth during the gold rush days of the mid-1850s. At the , Beechworth had a population of 3,859. Beechworth's many histor ...

and Dunolly among them. By 1893, the bank had main offices in Melbourne and Sydney, thirty-four branches in Victoria, five other city and suburban branches in

, eight regional New South Wales branches ( Bourke,

Broken Hill Broken Hill is an inland mining city in the far west of outback New South Wales, Australia. It is near the border with South Australia on the crossing of the Barrier Highway (A32) and the Silver City Highway (B79), in the Barrier Range. It is ...

Deniliquin Deniliquin () is a town in the Riverina region of New South Wales, Australia, close to the border with Victoria. It is the largest town in the Edward River Council local government area. Deniliquin is located at the intersection of the Riverina ...

Hay Hay is grass, legumes, or other herbaceous plants that have been cut and dried to be stored for use as animal fodder, either for large grazing animals raised as livestock, such as cattle, horses, goats, and sheep, or for smaller domesticat ...

, Katoomba,

Newcastle Newcastle usually refers to: *Newcastle upon Tyne, a city and metropolitan borough in Tyne and Wear, England *Newcastle-under-Lyme, a town in Staffordshire, England *Newcastle, New South Wales, a metropolitan area in Australia, named after Newcastle ...

Waverley Waverley may refer to: Arts and entertainment * ''Waverley'' (novel), by Sir Walter Scott ** ''Waverley'' Overture, a work by Hector Berlioz inspired by Scott's novel * Waverley Harrison, a character in the New Zealand soap opera ''Shortland Stree ...

and

Wilcannia Wilcannia is a small town located within the Central Darling Shire in north western New South Wales, Australia. Located on the Darling River, the town was the third largest inland port in the country during the river boat era of the mid-19th ce ...

) and four branches in

Queensland ) , nickname = Sunshine State , image_map = Queensland in Australia.svg , map_caption = Location of Queensland in Australia , subdivision_type = Country , subdivision_name = Australia , established_title = Before federation , established_ ...

(

Brisbane Brisbane ( ) is the capital and most populous city of the states and territories of Australia, Australian state of Queensland, and the list of cities in Australia by population, third-most populous city in Australia and Oceania, with a populati ...

Ipswich Ipswich () is a port town and borough in Suffolk, England, of which it is the county town. The town is located in East Anglia about away from the mouth of the River Orwell and the North Sea. Ipswich is both on the Great Eastern Main Line r ...

Townsville Townsville is a city on the north-eastern coast of Queensland, Australia. With a population of 180,820 as of June 2018, it is the largest settlement in North Queensland; it is unofficially considered its capital. Estimated resident population, 3 ...

and

Charters Towers Charters Towers is a rural town in the Charters Towers Region, Queensland, Australia. It is by road south-west from Townsville on the Flinders Highway. During the last quarter of the 19th century, the town boomed as the rich gold deposits under ...

). The bank experienced a £300,000

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 no ...

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. A voluntary winding-up order was granted in

in mid-May while reconstruction discussions continued. 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. In August 1920, the bank announced that it had received a takeover proposal by the

English, Scottish and Australian Bank The English, Scottish & Australian Bank Limited was an Australian bank founded in 1852 by Royal Charter in London and named English, Scottish and Australian Chartered Bank. Following a financial reconstruction in 1893 its business was renamed ...

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. 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.

Heritage buildings

Many of the bank's former branch buildings remain today, with several now heritage listed. They include: *

Beeac, Victoria Beeac is a town in the Western District of Victoria, Australia. The town is located on the shore of the hyper-saline Lake Beeac in the Colac Otway Shire local government area, 160 kilometres southwest of the state capital, Melbourne. At th ...

Bourke Street Bourke Street is one of the main streets in the Melbourne central business district and a core feature of the Hoddle Grid. It was traditionally the entertainment hub of inner-city Melbourne, and is now also a popular tourist destination and tr ...

Clunes, Victoria Clunes is a town in Victoria, Australia, 36 kilometres north of Ballarat, in the Shire of Hepburn. At the 2016 census it had a population of 1,728. History Pre-colonial The Djadja Wurrung people were the first inhabitants of the region ...

Dunolly, Victoria Dunolly is a town in Victoria, Australia, located on the Dunolly - Maryborough Road, in the Shire of Central Goldfields. At the 2016 census, Dunolly had a population of 893, down from 969 in 2006. History The town began during the Victorian ...

Fitzroy North, Victoria Fitzroy North is an inner-city suburb in Melbourne, Victoria, Australia, north-east of Melbourne's Central Business District, located within the Cites of Merri-bek and Yarra local government areas. Fitzroy North recorded a population of 12, ...

Geelong, Victoria Geelong ( ) (Wathawurrung: ''Djilang''/''Djalang'') is a port city in the southeastern Australian state of Victoria, located at the eastern end of Corio Bay (the smaller western portion of Port Phillip Bay) and the left bank of Barwon River, a ...

Kerang, Victoria Kerang is a rural town on the Loddon River in northern Victoria in Australia. It is the commercial centre to an irrigation district based on livestock, horticulture, lucerne and grain. It is located north-west of Melbourne on the Murray Val ...

St Arnaud, Victoria St Arnaud is a town in the Wimmera region of Victoria, Australia, 244 kilometres north west of the capital Melbourne. It is in the Shire of Northern Grampians local government area. At the , St Arnaud had a population of 2,318. It is named af ...

Wangaratta, Victoria Wangaratta ( ) is a city in the northeast of Victoria, Australia, from Melbourne along the Hume Highway. The city had an estimated urban population of 19,318 at June 2018. Wangaratta has recorded a population growth rate of almost 1% annually ...

Bourke, New South Wales Bourke is a town in the north-west of New South Wales, Australia. The administrative centre and largest town in Bourke Shire, Bourke is approximately north-west of the state capital, Sydney, on the south bank of the Darling River. it is also ...

References

{{reflist 1852 establishments in Australia Australian companies established in 1852 Defunct banks of Australia Banks established in 1852 Banks disestablished in 1921 1921 disestablishments in Australia English-Australian culture 1920 mergers and acquisitions