Scope

There are 7 records in this series; 4 deposit vouchers for the period 1856 to 1864, a pass book for an Australian Joint Stock Bank account dated 1856/57, a specimen pass book containing the rules and regulations of the Bank in 1863 (along with and names of President, Trustees & Managing Trustee, hours of business and legislation) and a depositors’ ledger dated 1863/64.  

While the records are largely transactional, they also contain personal information relating to the depositors and give some insight into how the Bank was administered.

Transfer of records

The assets of the Moreton Bay Savings Bank, including its records, were transferred to the Queensland Government Savings Bank in 1865. When this Bank was subsumed by the Commonwealth Bank in 1920/21, the Bank also inherited these early banking records.¹

In 1960, they were transferred to the Reserve Bank of Australia.² They are retained as part of the Bank’s Archives, and are classed as Commonwealth records under the Archives Act 1983.

Early History of Moreton Bay

Seeking a site for a new convict settlement in the Northern District of the Colony of New South Wales, John Oxley, Surveyor-General, surveyed Moreton Bay in December 1823 and a penal colony was established there in 1824. It was seen as a suitable location because it would be hard to escape from and had land that could be suitably cultivated.

Due to the inadequacy of water supplies, the original settlement was moved in 1825 to the North Bank of the Brisbane River, where fresh water could be readily sourced. Convict transportation to the area ended in 1839 and in 1842 the Moreton Bay District was declared open for free settlement. The district was developed initially as a pastoral area with towns at Ipswich and Brisbane.

Establishment of Savings Bank

The need for a savings bank in the growing District of Moreton Bay had been raised for some years prior to its eventual establishment. Initially it was thought that a branch of the existing Savings Bank of New South Wales could undertake the banking business in this district. However, due to its distance from Sydney and the fact that all business for the Savings Bank of New South Wales went through the Bank’s Head Office, it was felt it would be more efficient to establish a separate savings bank at Moreton Bay instead.

Further backing for a savings bank in Moreton Bay also came from the representatives of the Northern District in the Colonial Government of New South Wales, of which Queensland was then a part. They recognised the contribution a savings bank could make to the development of their area, and an Act to establish and incorporate a savings bank for the District of Moreton Bay, the Moreton Bay Savings Bank Act (No.25a), was assented to on 18 November 1854. The Bank was the first savings bank in what is now Queensland and opened for business in Queen Street, Brisbane, in January 1856.

Early Banking Business

The Colonial Government of New South Wales advanced the sum of £100 for the establishment expenses of the new bank. The Bank was guaranteed by the government and could invest its funds and lend on mortgages under certain conditions.

In the Act, the Savings Bank could accept a deposit of any sum of money not being less than one shilling from any person. By the end of 1856, of 49 accounts which had been opened, 39 remained with the Bank and, although the Bank’s growth was slow, the Trustees were content with the first year’s operations.

On 10 December 1859 the separation of Queensland from New South Wales was proclaimed. At the time the Savings Bank had 126 depositors’ accounts and held mortgages with interest amounting to £2675/1/7.

Amalgamation with the Queensland Government Savings Bank

In 1864 the Queensland Colonial Government established the Queensland Government Savings Bank, which opened for business on 3 January 1865. Under the Government Savings Bank Act 1864 it abolished the Moreton Bay Savings Bank and transferred its assets to the Queensland Government Savings Bank. At time of closure, the Moreton Bay Savings Bank had 520 depositor accounts with balances totalling £22,007/17/4, plus £1059/11/2 of unappropriated profit.

¹ The term ‘Bank’ refers to the continuous entity of the Commonwealth Bank of Australia which was renamed the Reserve Bank of Australia in 1960 when it commenced operations as Australia’s central bank.

² The Reserve Bank Act 1959 separated the Commonwealth Bank’s central banking functions from its commercial banking activities. The Commonwealth Bank was renamed the Reserve Bank of Australia and was constituted separately from the newly created Commonwealth Banking Corporation, which would operate as a trading bank.

The series is arranged by a Numeric numbering system, with the number ‘2’ denoting Moreton Bay.