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.[1] The headquarters was in a modest building on the corner of Elizabeth and Collins Street in Melbourne.[2]
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 prices climbed to a frenzied peak in about 1890. The boom was followed by a crash, and the precipitous decline in property prices led to the collapse of building societies burdened by unsustainable debts, with the uncertainty soon spreading to banks.[3] A run by depositors in late 1892 forced the Federal to close its doors "temporarily" on 30 January 1893.[4][5]
The doors never reopened, and the Federal became the first bank,[3] as opposed to building society, to fail as part of the Australian banking crisis of 1893. A provisional liquidator was appointed on 3 February 1893.[6] The extent of the bank's debts, especially to English banks, was soon revealed.[7] James Munro, already in debt (much to his own companies), had resigned as Premier in early 1892, and left for the UK, but returned voluntarily, and was declared bankrupt in February 1893. His personal debts amounted to £97,000, and his companies owed over £600,000.
^"Private Colonial Banknotes The Federal Bank of Australia Limited". Australian Stamp & Coin Co Pty. Ltd. Archived from the original on 13 August 2011. Retrieved 23 April 2019.
^"A busy crossing: Elizabeth-Street and Collins-Street Melbourne. Vic". State Library Victoria. 5 September 1889. Retrieved 11 January 2020.
^ ab"6. The 1890s Depression". Reserve Bank of Australia. 2001. Retrieved 11 January 2020.
^"Federal Bank of Australia". Advertiser (Adelaide, SA : 1889 - 1931). 30 January 1893. p. 5. Retrieved 11 January 2020.
^"Suspension of the Federal Bank". The Argus. 30 January 1893. Retrieved 23 April 2019.
^ "Advertising". South Australian Register. Adelaide, S.A.: National Library of Australia. 3 February 1893. p. 2. Retrieved 28 August 2014.
^"The Federal Bank". Table Talk (Melbourne, Vic. : 1885 - 1939). 24 February 1893. p. 6. Retrieved 11 January 2020.
and 26 Related for: Federal Bank of Australia information
The Commonwealth BankofAustralia (CBA), or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States...
National AustraliaBank (abbreviated NAB, branded nab) is one of the four largest financial institutions in Australia (colloquially referred to as "The...
Bank robbery is the criminal act of stealing from a bank, specifically while bank employees and customers are subjected to force, violence, or a threat...
HSBC BankAustralia Limited (formerly the Hong Kong BankofAustralia Limited) is the Australian subsidiary of HSBC. The bank offers a wide range of financial...
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National AustraliaBank. There...
Australia refer to the holidays recognised in law in Australia. Although they are declared on a state and territory basis, they comprise a mixture of...
The Federal Court ofAustralia is an Australian superior court which has jurisdiction to deal with most civil disputes governed by federal law (with the...
banking crisis was a series ofbank failures and bankruptcies that took place in early 2023, with the United States federal government ultimately intervening...
of the Bankof America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in...
the Office of the Comptroller of the Currency or the Federal Deposit Insurance Corporation (FDIC) as their primary regulator. Many direct banks are insured...
list ofbanks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934. There are 12 public sector banks in India as of 1 March...
The 2007 Australianfederal election was held in Australia on 24 November 2007. All 150 seats in the House of Representatives and 40 of the seats in the...
An Australianfederal budget is a document that sets out the estimated revenues and expenditures of the Australian Treasury in the following financial...
Regional AustraliaBank is a member owned bank with roots in regional New South Wales and head office located in Armidale, Australia. Regional Australia Bank's...
authority of the Federal Reserve Act of 1913 and issues them to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve...
in bank rates affects customers as it influences prime interest rates for personal loans. In Australia, the Reserve BankofAustralia sets the bank rate...
is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney. Established in 1817 as the Bankof New South...
"forecast growth of 3.0% in 2012 and 3.5% in 2013", the National AustraliaBank in April 2012 cut its growth forecast for Australia to 2.9% from 3.2%...
The 1951 Australianfederal election was held in Australia on 28 April 1951. All 121 seats in the House of Representatives and all 60 seats in the Senate...
The 2019 Australianfederal election was held on Saturday 18 May 2019 to elect members of the 46th Parliament ofAustralia. The election had been called...
from the Federal Treasurer Paul Keating on 28 February 1985, making it only the second private trading bank to be established in Australia in modern...
Australia, officially the Commonwealth ofAustralia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania...