Private Bank Issues

Lot 2921    Session 10 (7.30pm Thursday)    Private Bank Issues

Estimate $3,000
Bid at live.noble.com.au
SOLD $3,500

AUSTRALIAN WOOL COMPANY, Sydney, one pound (payable at The Royal Bank of Australia, Sydney), not dated except 184-, printer's proof, on 'AUSTRALIAN WOOL COMPANY', imprint on the lower margin 'W.H. Bruce, Engraver and Printer Trump Street Cheapside' (Vort-Ronald p.208-9, details of bank, but Australian Wool Company not known). Much paper toning, one large hole, and other small holes, otherwise nearly fine and excessively rare, being the only known specimen.

Ex. Spink Australia Sale 1 (140) and Nicholson Collection (lot 1617). The is an interest bearing note and is inscribed 'Promise to pay the Bearer on the ...day of .... 184.. at the Royal Bank of Australia, Sydney. the sum of One Pound Sterling with Interest to that day at the rate of Five per Cent per Annum, For the Australian Wool Company'. The Royal Bank of Australia see below, failed in 1849, taking many years to sort its banking affairs out. There is a similarity on this note of the One on the lower left to that of the Bank of England One (pound) note. It is probable that the Australian Wool Company was one of Benjamin Boyd's business ventures but failed due to the depression of 1842-3. Bruce who printed these notes also printed the Royal Bank of Australia notes which had association with Boyd who founded that bank.