Item:
1889 Bank Of Australasia Cheque - Ballarat Victoria
Description:
Here is a very nice example of a bank cheque from the Bank of Australasia. dated April 18th 1889 It has a small amount of fading through the banks insignia and some ink smears from poor penmanship. Overall it is still in great condition. Ballarat was reknowned for its vast riches during the goldrush of the 1850's and 60's. This cheque represents a unique piece of the latter part of that historical era and as such is highly collectible and desirable for all collectors.
A Time In Australian History When:
Premier of New South Wales – Henry Parkes (until 16 January), then George Dibbs (until 7 March), then Henry Parkes again.
1 February – Foster's Lager, brewed by the Foster brothers, goes on sale for the first time.
27 November – The Sydney Town Hall is officially opened.
Central banking came much later in Australia than in those more advanced industrial economies and its initial purposes were very different from those that shaped the character of the older central banks. Here, no bank had naturally evolved as a central bank able to provide a stabilising role. Commercial banks, known colloquially as trading banks, competed rather than cooperated in the nineteenth century. No bank acquired a strength or specialisation of function that would set it apart from the rest. Governments shared their banking business amongst all the banks, and banks issued their own bank notes. The fragility of the system without a central bank was shown in stark relief in the 1890s, when nearly all the land banks and building societies, and 12 of the 22 trading banks shut their doors after the collapse of an intense property boom. Depositors lost confidence in the safety of all banks, strong and weak alike, and rushed to withdraw their gold. There was no institution of any stature able to step in and support those banks whose business was sound. There were bank collapses in almost every decade of the 19th century. The climax came in 1893 after the failure of fraudulent land banks in Victoria triggered a wholesale run on banks. In the space of six weeks, 12 banks closed their doors. Those banks accounted for two-thirds of the total banking assets in Australia.
*All additional history taken from Wikipedia for educational purposes only.
