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289:. The two stones were used to create alternating bands along the building's façade. Constructed at a cost of £21,000, the premises officially opened on the 12 October 1885. The two-story building was demolished in 1958. The sandstone lions sculpted by artist W. Paterson which stood over the original doorway were relocated to the entranceway of
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Throughout Read's tenure, the Bank of Van Diemen's Land was well-managed and conservative in its lending practices. This helped to ensure the bank's financial stability and reduced the risk of bad debts. Additionally, the bank benefited from the growth of the colony's economy during the 19th century,
208:
the bank commenced trading on Monday 15 March 1824. Merchant George
Frederick Read served as the Bank of Van Diemen's Land's managing director from 1827 to 1849 and was one of the institution's founding shareholders. Other founding shareholders included former convict and brewer George Gatehouse and
220:, providing banking services to businesses, farmers, and free settlers. It played a significant role in the economic development of the island, financing the construction of roads, bridges, and other infrastructure.
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The Bank of Van Diemen's Land started issuing its official banknotes in 1825. The bank held a commercial monopoly in Van Diemen's Land until the establishment of the
Derwent Bank in 1828.
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Although it had a reputation for reliability, during the 1880s the bank lent heavily to settlers who invested heavily in silver mining ventures. When the mineral prices crashed during the
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The bank was headed by a president with six directors, two of which would rotate out each year, a cashier, a principle, and an assistant accountant overseeing company operations.
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and a 25-metre (83 ft) frontage along
Elizabeth Street in downtown Hobart. The building was constructed with white sandstone from Tea Tree quarries,
204:, with capital divided into shares worth 200 dollars each. The Bank of Van Diemen's Land was established on 11 August 1823. Located within a premises on
37:
688:
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232:, the bank was unable to survive the number of defaulting loans. The bank closed in August 1891, and offered up its banking premises as a
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180:, the Bank of Van Diemen's Land traded for 68 years before becoming the first major bank failure in what would eventuate into the
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277:, the Bank of Van Diemen's Land headquarters stood 17 metres (55 ft) tall with a 22-metre (72 ft) frontage along
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Over time, the Bank of Van Diemen's Land became an important financial institution in Van Diemen's Land and later for the
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521:. Vol. XLVII, no. 4, 878. Tasmania, Australia. 12 October 1885. p. 3
612:
639:
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594:
The Story of
Australia's People: The Rise and Rise of a New Australia
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was established to investigate allegations of fraudulent activities.
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as new industries such as agriculture and mining emerged.
513:"THE BANK OF VAN DIEMEN'S LAND LIMITED. THE NEW PREMISES"
261:
A commissary banknote fraudulently altered from £1 to £20
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was the first financial institution to be established in
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Tasmanian Museum and Art
Gallery (15 February 2013).
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152:
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107:
89:
71:
57:
47:
209:John Beamont, a free settler and public servant.
16:Former commercial bank in the Colony of Tasmania
699:Demolished buildings and structures in Hobart
42:Photo taken on day of closure (3 August 1891)
8:
21:
557:
529:– via National Library of Australia.
481:"Banking and Finance in Van Diemen's Land"
36:
27:
20:
573:Stone, Carolyn R.; Tyson, Pamela (1978).
694:Australian companies established in 1823
541:"The Bank of Van Diemen's Land building"
447:
309:
575:Old Hobart Town and Environs 1802-1855
7:
354:"Read, George Frederick (1788–1860)"
339:
679:1893 disestablishments in Australia
617:. Vol. 1. Dowling, Launceston.
323:The Companion to Australian History
479:Jones, Callum J. (24 April 2021).
423:Australian Dictionary of Biography
391:Australian Dictionary of Biography
359:Australian Dictionary of Biography
14:
182:Australian banking crisis of 1893
194:British colonisation of Tasmania
386:"Gatehouse, George (1778–1838)"
239:Following the bank's demise, a
176:. Affectionally referred to as
1:
689:Banks disestablished in 1891
669:Economic history of Tasmania
418:"Beamont, John (1789–1872)"
715:
674:Defunct banks of Australia
640:42.8821056°S 147.3286222°E
592:Blainey, Geoffrey (2016).
577:. Pioneer Design Studios.
428:Melbourne University Press
416:Mead, Isabella J. (1966).
396:Melbourne University Press
364:Melbourne University Press
352:Langdon, H. C. C. (1967).
317:Felmingham, Bruce (2006).
250:
684:Banks established in 1823
170:Bank of Van Diemen's Land
35:
26:
22:Bank of Van Diemen's Land
645:-42.8821056; 147.3286222
384:Stilwell, G. T. (1966).
206:Macquarie Street, Hobart
614:The History of Tasmania
95:; 133 years ago
558:Stone & Tyson 1978
462:"One pound note: 1881"
327:University of Tasmania
273:Designed by architect
262:
158:George Frederick Read
319:"Banking and Finance"
260:
168:Founded in 1823, the
269:Head office building
77: (201 years ago)
664:History of Tasmania
636: /
611:West, John (1852).
202:Sir Thomas Brisbane
75:11 August 1823
23:
547:. 19 January 2016.
450:, p. 163–164.
263:
236:1 lottery ticket.
218:Colony of Tasmania
143:Colony of Tasmania
93:3 August 1891
66:financial services
596:. Penguin Books.
174:Van Diemen's Land
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135:Van Diemen's Land
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118:Hobart, Tasmania
113:Elizabeth Street
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631:147°19′43.04″E
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603:9780670078028
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161:(1827 – 1849)
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147:(1855 – 1891)
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139:(1823 – 1855)
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523:. Retrieved
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490:. Retrieved
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448:Blainey 2016
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431:. Retrieved
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399:. Retrieved
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367:. Retrieved
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275:Henry Hunter
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178:the old bank
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108:Headquarters
48:Company type
18:
643: /
518:The Mercury
287:Bridgewater
192:During the
130:Area served
658:Categories
584:0909674086
305:References
297:Operations
251:See also:
154:Key people
100:1891-08-03
82:1823-08-11
340:West 1852
123:Australia
545:ABC News
525:19 April
492:19 April
433:23 April
401:23 April
369:23 April
283:Brighton
224:Collapse
58:Industry
567:Sources
279:Collins
198:charter
188:History
98: (
90:Defunct
80: (
72:Founded
62:Banking
600:
581:
52:Public
598:ISBN
579:ISBN
527:2023
494:2023
435:2023
403:2023
371:2023
196:, a
64:and
111:40
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515:.
502:^
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329:.
234:£
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84:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
