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Series Guide: Papua New Guinea

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Reserve Bank of AustraliaRBA Museum

Research Guide: Papua New Guinea Collection

Main

Topic summary

The Commonwealth Bank of Australia operated in the Territory of Papua New Guinea (TPNG) from 1916 to 1959, with a break from 1942 to 1944 due to the Second World War. The Bank’s initial purpose was to serve the military personnel stationed there, as well as European settlers. From 1960, the Commonwealth Bank of Australia was a commercial bank only, with all central banking functions retained in the newly named Reserve Bank of Australia (which was the legal successor to the original Commonwealth Bank).

The Reserve Bank of Australia assisted in the creation of the financial system in TPNG, in order to prepare the country for independence. This included educational programmes, supporting Savings and Loan Societies (Credit Unions), scholarships for Papua New Guinean students to study at university in Australia, and training Indigenous Papua New Guineans to take over the running of the central bank. The work of the Reserve Bank of Australia in TPNG began in 1960, and handover to the Bank of Papua New Guinea was achieved in 1973.

Further information

In 1916 the Administrator of New Guinea, Colonel Petheridge, requested through the Minister for Defence that the Commonwealth Bank of Australia open a branch in Rabaul, TPNG. This was to cater for the 1200 Australian military personnel stationed there.

Chief Accountant of the Commonwealth Bank, HT Armitage, left Sydney on 14 March 1916, accompanied by two officers of the Bank and two safes of Australian banknotes. On 15 April 1916 the establishment of the Commonwealth Bank in New Guinea was proclaimed and German currency called in. Australian banknotes and coinage were issued as the only legal tender.

The Branch was housed in the former German Administration’s Treasury building. JH Slatyer held the position of Manager, DH Gray the Acting Accountant and Teller, and E Harmer was the clerk. All military accounts were transferred to the Commonwealth Bank, and all outlying area agencies were attached to it.

By July 1917 agencies existed at Ablingi, Aitape, Gasmatta, Kaewieng, Kieta, Kokopo, Madang, Manus, Morobe, Namatanai and Talasea. Kaewieng became a full branch on 16 May 1921.

Second World War

As the Japanese advanced in 1942, all Bank branches and agencies were closed. Rabaul was the first to close, on 21 January 1942. Lae branch had only been open for six weeks when it was forced to close. By October 1944 hostilities were ended and the Territory was under Military Administration. A Commonwealth Savings Bank Branch was established at Port Moresby, becoming a full branch in October 1945.

Post-war period

In 1949, HC Coombs became Governor of the Commonwealth Bank (and later of the Reserve Bank of Australia). He brought with him experience as Director-General of the Department of Post-War Reconstruction, including the transfer of the TPNG Administration from military to civilian control.

Madang branch had opened in 1948, followed by Honiara in 1951 and Goroka, Wewak and Bulolo in 1956.

In 1955 the first four Papua New Guinean schoolboys were recruited as Bank clerks. Two were assigned to Port Moresby branch, and two to Rabaul branch. Savings accounts became very popular for Papua New Guineans. By June 1959 there were 53,442 savings accounts held by Papua New Guineans at the Bank, with a total balance of £1,123,000.

Reserve Bank of Australia

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 which would act as the nation’s central bank and was constituted separately from the newly created Commonwealth Banking Corporation which would operate as a trading bank.

On 18 August 1960, the Reserve Bank opened a branch in Port Moresby. There was a widespread movement after the Second World War to end colonisation and support developing economies. The Bank’s presence in TPNG was intended to support the creation of a financial system in the Territory, enabling it to secure economic and political independence. At this time, the Commonwealth Bank of Australia, which was now a completely separate business, continued operating in TPNG as a purely commercial entity.

The Reserve Bank’s initial work in TPNG involved establishing a savings and loan society system (credit union) and an education program aimed at giving Papua New Guineans knowledge about money, wealth and the use of banks. A multi-modal approach was adopted which involved the creation of films, pamphlets and educational courses. Field officers travelled the country, visiting remote communities to help groups establish savings societies and begin to manage their own money. In 1965 the TPNG Division of the Reserve Bank was created, which was responsible for all of the Reserve Bank’s activities in the Territory.

Papua New Guineans were increasingly trained and hired to staff the Bank in TPNG. This included Henry ToRobert, who was awarded a Bank scholarship to study Economics at Sydney University, and trained to eventually become the Governor of the country’s new central bank (Bank of Papua New Guinea) after the scheduled handover of functions and withdrawal of the Reserve Bank of Australia.

The Reserve Bank transferred control of the central bank functions, along with the Bank’s premises, to the Bank of Papua New Guinea (BPNG) on 1 November 1973. To celebrate the event, the new Governor, Henry ToRobert, presented the Governor of the Reserve Bank of Australia, John Phillips, with an Arawe Shield. This shield is still held in the Bank’s collection today. When the Reserve Bank left TPNG, the Commonwealth Bank remained in the capacity of a foreign commercial bank.

PNG became independent (self-governing) on 16 September 1975.

References

This information is drawn from records held by the Reserve Bank of Australia Archives.

Relevant materials

Files – Contain information on topics such as:

Articles & Addresses given by Bank staff
ACCENT (Advisory Committee on Central Banking in Papua New Guinea) Meeting Records
Banking in PNG
Central Bank
Currency
Development Plans
Economic Planning
Economy
Education
Film production
Meetings
PNG Development Bank
Premises
Quarterly Statistical Bulletin
Savings and Loan Societies
Staff – Accommodation, Conditions of Service, Training
Statistics
Surveys – District/ Economic

Photographs – Includes material from both the Commonwealth Bank branches and the Reserve Bank period. The majority of photographs feature:

Bank premises
Staff
Educational events

Cultural objects – Includes physical cultural objects obtained in TPNG at the time of the Bank’s operations there.

This collection also includes the Arawe Fighting Shield (19/1615) gifted to the Governor of the Reserve Bank, John Phillips, from the first Governor of Bank of Papua New Guinea, Henry ToRobert, during the handover of the central bank premises in Port Moresby (1 November 1973) to the Bank of Papua New Guinea.

Examples:

19/1598 Mask
19/1604 Mask
19/1605 Spirit Mask
19/1607 Slit Drum ‘Garamut’
19/1608 Mask
19/1609 Mask
19/1610 Walking Stick
19/1615 Arawe Fighting Shield
19/1616 Dancing Paddle
19/1617 Carved dish
19/1618 Walking stick with bird head design
19/1619 Mask
19/1620 Painted clay pot with two faces
19/1624 Pot with lid
19/1625 Woven plant-fibre bag
19/1627 Woven plant-fibre sheets
19/1628 Woven plant-fibre sheet
19/1629 Bow
19/1630 Arrows
19/1632 Arrows and Spears
19/1633 Large axe
19/1634 Small axe
19/1635 Painted paddle
19/1650 Carved male figure

Pamphlets and booklets – Created for the education of the Papua New Guinean people to introduce concepts such as money, banking and wealth. Most pamphlets are in English, but some are in Pidgin English or Kuana/Police Moto.

Examples:

PA-000432/2 ‘How to form a Savings & Loan Society’ (English) 1962
PA-000432/4 ‘How to form a Savings & Loan Society’ (Pidgin) 1962
PA-000433/8 ‘Your Money’ (English) 1968
PA-000433/14 ‘Your Money’ (Pidgin) c.1960s
PA-000433/15 ‘Your Money’ (Motu) 1963
PA-000431 ‘Three Men and their money’ (English) 1963
PA-000430/2 ‘Careers in the Reserve Bank in Papua New Guinea’ (English) 1967
18/7254 ‘Savings Clubs’ (English) 1963
18/7256 ‘Savings Clubs’ (Kuana) c.1960s
18/7259 ‘Savings Clubs’ (Pidgin) 1963
18/7466 ‘A Career for Young Women’ c.1960s
18/7467 ‘A Career for Young Men’ c.1960s

Posters – Created to support educational programmes.

Examples:

PA-000198 ‘Bananas Go Bad Money Keeps its Value’ c.1960s
PA-000195 ‘What is Wealth?’ c.1960s
PA-000196 ‘Wealth Comes From Work, Wealth Comes From Hard Work’ c.1960s
PA-000193 ‘The New Decimal Coins’ c.1966
PA-000197 ‘Money is Used to Pay for Our Work’ c.1960s
PA-000194 ‘The Creation of Wealth’ c.1960s
PA-000200 ‘Money Must be Used Wisely - Development’ c.1960s
PA-000201 ‘Money Must be Used Wisely – Saving’ c.1960s

Educational Films – Created to support the aims of the pamphlets above.

Examples:

AV-000049 Your Money, revised decimal currency version 1964-1967
AV-000051 What is Wealth? 1964
AV-000058 The Luluai’s Dream 1963-1964

Other Films

AV-000047 Registration of first Savings and Loan Society in PNG – attended by Messrs MJ Phillips and PS Ferguson 1962

Files & Documents

Bank Premises Department - Port Moresby - Douglas and Musgrave Streets - Construction - 1947-1950

Bank Premises Department - Port Moresby - Lease - Refrigeration - 1947-1948

Bank Premises Department - Port Moresby - Establishment - 1943-1944

Research Department - International Section - General Agreement on Tariffs and Trade (GATT) - Papua New Guinea - Cables - 1953 - 1956

Papua New Guinea - Savings and Loan - Re-Organisation of Savings and Loan Scheme

Papua New Guinea - Savings and Loan - Savings and Loan News

Papua New Guinea - Savings and Loan - Ordinances

Papua New Guinea - Savings and Loan - Missions

Papua New Guinea - Banks - P.N.G. Development Bank - 1972 - 1973

Papua New Guinea - Banks - P.N.G. Development Bank 1969 - 1971

Papua New Guinea - Savings and Loan - Gazelle League - Meetings

Papua New Guinea - Savings and Loan - Gazelle League - Conditions of Employment

Papua New Guinea - Banks - P.N.G. Development Bank 1967

Papua New Guinea - Savings and Loan - Federation - Budgets

Papua New Guinea - Savings and Loan - Defalcations

Papua New Guinea - Savings and Loan - Articles for Publication

Papua New Guinea - Banks - First National City Bank

Papua New Guinea - Reports - Indigenous Trade Survey - 1968/69

Papua New Guinea - Reports - District Survey - Sepik District

Papua New Guinea - Reports - District Survey - Morobe Distict

Papua New Guinea - Reports - Credit Survey - 1970 - 1971

Photographs

Premises - Branches - Port Moresby - Allot. 4, Douglas Street, c.1960s

HC Coombs - Rabaul - 1966

Hart, AS - Wartime Manager at Lae Branch, Territory of Papua and New Guinea

Samarai, Papua New Guinea - Premises of the Bank of NSW - c. 1915

Commonwealth Bank - Branches - Kaevieng, Territory of Papua New Guinea (plate 103)

Premises - Branches - Port Moresby - View of Manager's Residents & Staff Quarters

Port Moresby Project - October 1966-October 1970 - View from hill looking north east, 5 February 1969

Port Moresby Project - October 1966-October 1970 - Light court elevation looking west, 5 February 1969

Port Moresby Project - October 1966-October 1970 - Douglas Street facade, 5 February 1969

Port Moresby Project - October 1966-October 1970 - Douglas Street facade looking north west, 5 February 1969

Port Moresby Project - October 1966-October 1970 - Eastern elevation - Glazed brick piers to light court E3-E6 complete, 30 September 1968

Port Moresby Project - October 1966-October 1970 - Northern elevation - Glazed brick piers complete and window panels installed, 30 September 1968

Port Moresby Project - October 1966-October 1970 - Douglas Street and eastern elevation - Brickwork complete F1-F3 and exposed aggregate finish to roof beams, 30 September 1968

Port Moresby Project - October 1966-October 1970 - Glazed brick walls of incinerator and tank room, 7 July 1968

Port Moresby Project - October 1966-October 1970 - Roof - Condenser area beams and slabs and lift motor room roof slab being poured, 7 July 1968

Port Moresby Project - October 1966-October 1970 - Lift motor room from roof deck, 7 July 1968

Port Moresby Project - October 1966-October 1970 - Douglas Street facade, also showing progress of glazed brickwork in panels F1-F3 on eastern boundary, 7 July 1968

Port Moresby Project - October 1966-October 1970 - Western facade from upper side of Douglas Street, 7 July 1968

Port Moresby Project - October 1966-October 1970 - Roof slab poured (grids 5-8), 23 May 1968

Port Moresby Project - October 1966-October 1970 - Placing reinforcement to forecourt ceiling, 23 May 1968

Port Moresby Project - October 1966-October 1970 - View of building from upper level Douglas Street, 23 May 1968

Port Moresby Project - October 1966-October 1970 - West wall - Glazed brickwork complete to ground floor level, 13 February 1968

Port Moresby Project - October 1966-October 1970 - North wall (from yard area), 13 February 1968

Booklets & Pamphlets

Papua New Guinea - Report on Careers Advisors Seminars

Booklet - “Your Money” - Territory of Papua New Guinea - English - 1st edition - Jan.1962

Teacher's notes for use with the booklet “Your Money” - Territory of Papua New Guinea - English - 1st edition - March 1963

Booklet - “Your Money” - Territory of Papua New Guinea - Motu - 1st edition - March 1963

Booklet - “Your Money” - Territory of Papua New Guinea - Pidgin

Pamphlet -”How to form a Savings & Loan Society” - Territory of Papua New Guinea - Illustrated - 2nd Edition - Pidgin

Pamphlet -”How to form a Savings & Loan Society” - Territory of Papua New Guinea - 1st Edition - Pidgin - May 1962

Pamphlet -”How to form a Savings & Loan Society” - Territory of Papua New Guinea - 2nd Edition - English - December 1962 (illustrated)

Pamphlet - ”How to form a Savings & Loan Society” - Territory of Papua New Guinea - 1st Edition - English - March 1962

Pamphlet - “Three men and their money” - Territory of Papua New Guinea - Nov. 1963

Pamphlet - Careers in the Reserve Bank - in Papua New Guinea - 'Choosing a career with the Reserve Bank of Australia' - 1967

KEEPING A CHEQUE ACCOUNT - Keeping a Cheque Account - 1st edition, May 1964 - The Standard Bank Limited, Port Moresby

Pamphlet -'Reserve Bank of Australia in Papua New Guinea' PNG - June 1969

Bound

Papua New Guinea - Report of a Working Committee of the Australian National University Canberra March 1953

Papua New Guinea - Report of Survey on the use of Money and of the need for credit by the indigenous people of Territory of Papua and New Guinea

Papua New Guinea - Advisory Committee on Central Banking in Papua New Guinea (ACCENT) - Proceedings 1972 - 1973

Papua New Guinea - Advisory Committee on Central Banking in Papua New Guinea (ACCENT) - Proceedings 1970 - 1971

Papua New Guinea - Advisory Committee on Central Banking in Papua New Guinea (ACCENT) - Proceedings 1969 - 1970

Papua New Guinea - Advisory Committee on Central Banking in Papua New Guinea (ACCENT) - Proceedings 1968 - 1969

Papua New Guinea - Advisory Committee on Central Banking in Papua New Guinea (ACCENT) - Proceedings 1967 - 1968

Papua New Guinea - Advisory Committee on Central Banking in Papua New Guinea (ACCENT) - Proceedings 1966 - 1967

Video

The Luluai's Dream - educational film for use in PNG, 1963-64, film

What is Wealth - educational film about money for school children in PNG, 1964, film (revised decimal currency version)

What is Wealth - educational film about money for school children in PNG, 1963, film

Your Money - educational film about money for school children in PNG, 1964-1967, film (revised decimal currency version)

Your Money - educational film about money for school children in PNG, 1963, film

Registration of first Savings and Loan Society in PNG - attended by Messrs M.J. Phillips and P.S. Ferguson, 11 May 1962, film

Index Cards

Papua New Guinea - Bank Contacts on P.N.G Matters - Index Cards A-Z

Series Guides

Series Guide: Papua New Guinea

John Phillips, Registrar of the Society, presenting Certificates of Registration to James Deko, president of the first Savings and Loan Society, Sideia, Territory of Papua New Guinea, 1962, RBA Archives, PN-002403

Information

TitlePapua New Guinea CollectionDate1916–1973Research guide typeCollectionSuggested keyword searchesPort MoresbyLaeRabualT.P.N.G. or TPNGP.N.G. or PNGGuineaNote: Papua New Guinea (PNG) was known as the Territory of Papua and New Guinea (TPNG) prior to the country gaining independence.

Relationship

Related guidesSeries Guide: Papua New Guinea

Notes

Consultation

This material was released following consultation with Bank of Papua New Guinea.