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borrowed to invest, especially in urban areas. When the banks called in these loans further insolvencies occurred, and a number of banks, including the Bank of
Australia, failed in 1843. A number of leading colonial figures lost their fortunes, with many taking advantage of the
156:
In
September 1828, thieves tunnelled into the Bank of Australia in Lower George Street, Sydney and stole about £14,000, described in 2008 as "the largest documented bank theft" in Australian history (in relative values and expressed as a proportion of
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When investors responded to the depression of the late 1830s by the abrupt withdrawal of capital, leading to a chain of insolvencies, a number of colonial banks found that their unrestricted lending had sent land prices soaring as
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was a failed financial institution of early colonial New South Wales. It was formed in 1826 and collapsed in 1843.
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151:
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of the colony, but excluded the ex-convicts who had been associated with the Bank of New South Wales.
216:
British
Imperialism and Australia 1783 – 1833 : An economic history of Australasia
104:
240:
290:
95:
The Bank of
Australia was formed in 1826 by a producers' and merchants' group as a rival to the
276:, 7 February 2009, p 10 via factiva accessed 21 September 2011; book review: Carol Baxter,
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20:
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Vic
Carroll, "The old, old story: the rich get richer while the rest go under",
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96:
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Norman
Abjorensen, "Australians Have Always Distrusted Banks",
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263:, 22 May 1992, p 13 via factiva accessed 16 September 2011.
231:, 3 July 2010, p 36 via factiva accessed 21 September 2011.
293:, 8 March 1997 via factiva accessed 16 September 2011.
71:
57:
49:
41:
33:
16:Early colonial bank in New South Wales (1826–1843)
134:It was dubbed the "pure merino" bank because its
245:Foundations of the Australian Monetary System
218:(1939, London, George Allen & Unwin Ltd).
8:
28:
247:, (Sydney University Press, Sydney, 1968).
27:
255:
253:
340:Australian companies established in 1826
272:Mike Scanlon, "Crime of the centuries",
103:. The first directors of the bank were:
204:
7:
99:. The bank opened on 3 July 1826 in
335:1843 disestablishments in Australia
14:
310:History of Australia (1788–1850)
189:
1:
315:Economic history of Australia
330:Banks disestablished in 1843
123:, George Bunn, W.J. Browne,
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320:Defunct banks of Australia
280:(Allen & Unwin, 2008).
149:
18:
325:Banks established in 1826
261:The Sydney Morning Herald
152:Bank of Australia robbery
77:Colony of New South Wales
19:Not to be confused with
97:Bank of New South Wales
177:Insolvent Debtors Act
109:Edward Wollstonecraft
107:(managing director),
101:George Street, Sydney
274:The Newcastle Herald
241:Sydney James Butlin
229:The Daily Telegraph
30:
291:The Canberra Times
131:, and A.B. Spark.
125:Hannibal Macarthur
278:Breaking The Bank
212:Brian Fitzpatrick
115:, Richard Jones,
85:Bank of Australia
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29:Bank of Australia
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227:"On this day",
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146:1828 bank theft
105:Thomas Macvitie
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150:Main article:
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136:share register
113:John Macarthur
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21:Bank Australia
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138:included the
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197:Banks portal
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129:James Norton
117:Thomas Icely
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84:
82:
58:Headquarters
34:Company type
25:
172:speculators
73:Area served
304:Categories
183:References
140:plutocracy
121:John Oxley
66:Australia
165:Collapse
91:Founding
50:Defunct
42:Founded
179:1841.
62:Sydney
83:The
53:1843
45:1826
37:Bank
161:).
159:GDP
306::
252:^
243:,
214:,
127:,
119:,
111:,
64:,
23:.
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