Private Bank Issues

Lot 2995    Session 10 (7.30pm Thursday)    Private Bank Issues

Estimate $6,000
Bid at live.noble.com.au
SOLD $15,500

LONDON BANK OF AUSTRALIA LIMITED, Melbourne, one pound, dated originally 1st June 1891 and black overprinted date 1st July 1893, (dates printed), numbered No. T97958, signature of Manager Wm. Simpson and entered by T.E.Shore, imprint of 'Bradbury Wilkinson & Co Engravers &c London' (Vort-Ronald, Fig.178 and [p.167], comments p.165-170 on bank). Many creases and folds, stains, otherwise nearly fine and excessively rare, being one of three or four known.

The financial crises of 1893 brought some attempts to prevent recurrence of the disasters. Banks that did survive in most cases had to be reconstructed. The London Chartered Bank of Australia was one of the larger and more successful banks which was able to survive the financial crises and re-open. It also (as noted on the banknote), altered its status and became a limited Company by renaming itself as The London Bank of Australia Limited, and consequently became subject to the various Companies Acts, which was one of many attempts by banks to prevent a similar disaster happening again. The date was changed, the name of the bank was changed, and a new note was placed into circulation, which for this note was to circulate for many years.