94-568: The Bank of New South Wales is a heritage-listed former bank at 242 Mary Street, Gympie , Gympie Region , Queensland , Australia. It was designed by Richard Gailey and built from 1890 to 1891 by T. Kelly. It is also known as Widgee Shire Council Chambers, Coolooa Shire Council Chambers and Gympie Regional Council Chambers. It was added to the Queensland Heritage Register on 15 April 2011. The former Bank of New South Wales building located in upper Mary Street, Gympie
188-834: A Dollar) was issued to commemorate the coronation of King George VI . This coin proved unpopular in circulation and was discontinued shortly after being reissued in 1938. In 1946, the fineness of Australian silver sixpences, shillings, and florins was reduced to .500, a quarter of a century after the same change had been made in Britain. In New Zealand and the United Kingdom, silver was soon abandoned completely in everyday coinage, but Australian .500 silver coins continued to be minted until after decimalisation. Examples of private issue paper currency in New South Wales, denominated in sterling, exist from 1814 (and may date back to
282-420: A balustraded parapet and a blind balustrade below the upper-level windows give horizontal unity. Projecting banded pilasters frame the central bay which accommodates a rusticated portal entrance below a serlian-inspired window . The upper-level outer bays accommodate pedimented full pane sash windows framed by plain projecting architraves with base ears. The street level accommodates two full pane sash windows to
376-412: A bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account. Banks issue new money when they make loans. In contemporary banking systems, regulators set a minimum level of reserve funds that banks must hold against the deposit liabilities created by
470-409: A bank varies from country to country. See the relevant country pages for more information. Under English common law , a banker is defined as a person who carries on the business of banking by conducting current accounts for their customers, paying cheques drawn on them and also collecting cheques for their customers. In most common law jurisdictions there is a Bills of Exchange Act that codifies
564-452: A central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena (founded in 1472), while the oldest existing merchant bank is Berenberg Bank (founded in 1590). Banking as an archaic activity (or quasi-banking ) is thought to have begun as early as the end of the 4th millennium BCE, to the 3rd millennia BCE. The present era of banking can be traced to medieval and early Renaissance Italy, to
658-478: A classical idiom, the former Bank of New South Wales stands prominently to upper Mary Street, Gympie. Built on a sloping site with frontages to Mary and Reef streets, the three-bay main elevation to Mary Street is defined by the corner banded pilasters and articulated by two implied orders of pilasters, Corinthian to the upper level and Doric within a rusticated treatment to the ground level. Projecting cornices and continuous window sills to each level together with
752-462: A decade of rapid growth and development and rising land prices in Queensland. Mainly due to Queensland's three major gold mining centres - Gympie, Charters Towers and Mount Morgan - the value of gold output rose from £ 698,000 in 1883 to £ 2.75 million in 1889, exceeding the value of exported wool. Gold production contributed between 21.61 and 35.53 percent of Queensland's export income during
846-501: A heavy metal door with the maker's plate "Milners' 212 Patent Thief-Resisting". The strong room houses a small safe with the maker's plate "John Tann's Reliance Safe". The accountant/clerk's office, a large rectangular room to the southwest of the banking chamber is notable for its decorative plaster ceiling in an art deco style. The interior walls of the former banking floor spaces, except the strong room, are plaster finished and are distinguished by timber veneer wall panelling. The office in
940-425: A large number of small to medium-sized institutions in its banking system. As of November 2009, China's top four banks have in excess of 67,000 branches ( ICBC :18000+, BOC :12000+, CCB :13000+, ABC :24000+) with an additional 140 smaller banks with an undetermined number of branches. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches – more than double
1034-658: A large scale, financing the purchase of shares in the Suez canal for the British government in 1875. The word bank was taken into Middle English from Middle French banque , from Old Italian banco , meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during the Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths. The definition of
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#17327901367041128-485: A record yield in 1899. Gold production in Queensland peaked in 1903, due largely to a final burst of production at Gympie, which was followed by a 60% decrease in production between 1903 and 1913 as the three major Queensland goldfields (Charters Towers, Gympie, and Mount Morgan) declined simultaneously. The Gympie field passed through its most profitable period from 1901 to 1906 and in 1903 recorded an output of 146,000 fine ounces (surpassing Mount Morgan that year). After 1906
1222-604: A select committee of the House of Representatives , chaired by George Edwards , had recommended that Australia adopt a decimal currency with the florin (two shillings) as its base. In February 1959 the Commonwealth Government appointed a Decimal Currency Committee to investigate the advantages and disadvantages of a decimal currency, and, if a decimal currency was favoured, the unit of account and denominations of subsidiary currency most appropriate for Australia,
1316-544: A shilling was equal to twelve pence, a new cent was worth slightly more than a penny. In 1855, gold full and half sovereigns (worth, respectively, £1 and 10/– sterling) were first minted by the Sydney Mint. These coins were the only non-Imperial denominations issued by any of the Australian mints until after Federation (the Sydney Mint struck Imperial gold sovereigns and half sovereigns starting in 1871, and
1410-469: A system known as fractional-reserve banking , under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity , banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords . Banking in its modern sense evolved in the fourteenth century in
1504-478: A transitional measure lasting three years, blank note forms of 16 banks were supplied to the government in 1911 to be overprinted as redeemable in gold and issued as the first Commonwealth notes. Some of these banknotes were overprinted by the Treasury, and circulated as Australian banknotes until new designs were ready for Australia's first federal government-issued banknotes, which commenced in 1913. In May 2015,
1598-399: A variety of different ways including interest, transaction fees and financial advice. Traditionally, the most significant method is via charging interest on the capital it lends out to customers. The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference
1692-663: A verandah on the lower (eastern) side of the first floor. The building's architect, Richard Gailey (1834–1924) was a Londonderry man who had settled in Brisbane in 1864. He established his own practice there in 1865, and over the next 60 years built up a thriving business; working until his death in 1924. He designed Baptist churches including the Baptist City Tabernacle in Brisbane, the former Baptist Church in Ipswich ; commercial buildings such as banks including
1786-446: Is a bank regulation , which sets a framework within which a bank or depository institution must manage its balance sheet . The categorisation of assets and capital is highly standardised so that it can be risk weighted . After the financial crisis of 2007–2008 , regulators force banks to issue Contingent convertible bonds (CoCos). These are hybrid capital securities that absorb losses in accordance with their contractual terms when
1880-436: Is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans . Lending activities can be directly performed by the bank or indirectly through capital markets . Whereas banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized
1974-403: Is a list of the largest deals in history in terms of value with participation from at least one bank: Currently, commercial banks are regulated in most jurisdictions by government entities and require a special bank license to operate. Usually, the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to
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#17327901367042068-400: Is important because of its aesthetic significance. The former bank building has aesthetic significance for its architectural qualities expressed in the craftsmanship and detailing of the joinery and finishes, and for its streetscape value through its form, scale and design. These qualities complement other surviving 19th-century buildings in the street, particularly other banks also entered in
2162-414: Is notable for the decorative metal awning to the upper sash window. The southeast elevation is divided into four bays by plain pilasters, is crowned by a blind parapet concealing the hipped roof beyond, and is punctuated by full pane sash windows to each level. The entablature and cornice of the upper level of the front elevation continues around in the southeast elevation. A lower curved parapet screens
2256-431: Is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the economic cycle . Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance. In
2350-560: The British Empire , Australia and the world. In 1929, as an emergency measure during the Great Depression , Australia left the gold standard, resulting in a devaluation relative to sterling. A variety of pegs to sterling applied until December 1931, when the government devalued the local unit by 20%, making one Australian pound equal to 16 shillings sterling and one pound sterling equal to 25 Australian shillings. Coins of
2444-684: The Commonwealth Treasury ". It also prohibited the circulation of state notes and withdrew their status as legal tender. In the same year the Bank Notes Tax Act 1910 was passed imposing a prohibitive tax of 10% per annum on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, and not redeemed", which effectively ended the use of private currency in Australia. As
2538-533: The Empire of Japan produced currency notes denominated in the Australian pound for use in Pacific island countries intended for occupation. Since mainland Australia was never occupied or intended to be occupied , the occupation currency was not used there, but it was used in the captured parts of the then-Australian territories of Papua and New Guinea . In 1949, when the United Kingdom devalued sterling against
2632-742: The Federal Deposit Insurance Corporation (FDIC) as a regulator. However, for soundness examinations (i.e., whether a bank is operating in a sound manner), the Federal Reserve is the primary federal regulator for Fed-member state banks; the Office of the Comptroller of the Currency (OCC) is the primary federal regulator for national banks. State non-member banks are examined by the state agencies as well as
2726-585: The Great Depression , the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the sub-prime mortgage crisis in the 2000s. The 2023 global banking crisis is the latest of these crises: In March 2023, liquidity shortages and bank insolvencies led to three bank failures in the United States , and within two weeks, several of the world's largest banks failed or were shut down by regulators Assets of
2820-603: The Mary River district in October 1867. The new goldfield turned Queensland into a significant gold producer, contributing much-needed finances to the young colony. Thousands of people arrived at the Gympie goldfield in the months after the discovery and a fledgling settlement emerged. In a year the alluvial gold had been exhausted and shallow reef mining commenced. As Gympie evolved from a hastily established mining settlement,
2914-485: The National Library of Australia announced that it had discovered the first £A 1 banknote printed by the Commonwealth of Australia, among a collection of specimen banknotes . This uncirculated Australian pound note, with the serial number (red-ink) P000001, was the first piece of currency to carry the coat of arms of Australia . The Australian currency was fixed in value to sterling. As such Australia
Bank of New South Wales building, Gympie - Misplaced Pages Continue
3008-518: The State of Queensland under CC-BY 3.0 AU licence (accessed on 7 July 2014, archived on 8 October 2014). The geo-coordinates were originally computed from the "Queensland heritage register boundaries" published by the State of Queensland under CC-BY 3.0 AU licence (accessed on 5 September 2014, archived on 15 October 2014). [REDACTED] Media related to Bank of New South Wales building, Gympie at Wikimedia Commons Bank A bank
3102-826: The Treasurer the power to issue silver, bronze and nickel coins, with the dimensions, size, denominations, weight and fineness to be determined by proclamation of the Governor-General . The first coins were issued in 1910, produced by the Royal Mint in London. The Fisher Government 's Australian Notes Act 1910 gave the Governor-General the power to authorise the Treasurer to issue "Australian notes" as legal tender, "payable in gold coin on demand at
3196-459: The US dollar , Australian Prime Minister and Treasurer Ben Chifley followed suit so the Australian pound would not become over-valued in sterling zone countries with which Australia did most of its external trade at the time. As one pound sterling went from US$ 4.03 to US$ 2.80, the Australian pound went from US$ 3.224 to US$ 2.24. Decimalisation had been proposed for Australian currency since 1902, when
3290-684: The Westpac Bank Building in Normanton ; and many hotels including the Jubilee Hotel , Orient Hotel , Regatta Hotel and Wickham Hotel (all in Brisbane). Many commercial buildings in Brisbane designed by Gailey during the 1880s were characterised by classical idioms and details. Substantial changes in the Queensland mining sector occurred after 1900. A treatment process for mine tailings that used cyanide had provided Gympie
3384-546: The symbol s or /– ), each of 12 pence (denoted by the symbol d ). The establishment of a separate Australian currency was contemplated by section 51(xii) of the Constitution of Australia , which gave Federal Parliament the right to legislate with respect to "currency, coinage, and legal tender". The Deakin government 's Coinage Act 1909 distinguished between "British coin" and "Australian coin", giving both status as legal tender of equal value. The Act gave
3478-417: The 15,000 branches in the United Kingdom. Between 1985 and 2018 banks engaged in around 28,798 mergers or acquisitions, either as the acquirer or the target company. The overall known value of these deals cumulates to around 5,169 bil. USD. In terms of value, there have been two major waves (1999 and 2007) which both peaked at around 460 bil. USD followed by a steep decline (−82% from 2007 until 2018). Here
3572-551: The 1790s). Denominated in sterling (and in some cases Spanish dollars ), these private banker and merchant scrip notes were used in Sydney and Hobart through 1829. Private issue banknotes were issued between 1817 and 1910 in denominations ranging from £1 to £100. In 1910, superscribed banknotes were used as the Commonwealth's first national paper currency until the Treasury began issuing Commonwealth banknotes in 1913. The Commonwealth Bank Act of 1920 gave note-issuing authority to
3666-523: The 1880s and 1890s. These enormous amounts of gold were purchased by banks such as the BNSW, which played a vital role in this process of wealth creation and distribution. In 1881, the bank was burned down along with a number of other buildings in a large fire. In February 1890 Brisbane architect Richard Gailey advertised for tenders to build a brick building for the Bank of New South Wales in Gympie. On 24 March
3760-535: The Australian pound also circulated freely in New Zealand, although they were never legal tender. By 1931, Australian coins made up approximately 30% of the total circulation in New Zealand. The devaluation of Australian and New Zealand exchange rates relative to the pound sterling led to New Zealand's Coinage Act 1933 and the issuing of the first coinage of the New Zealand pound . During World War II,
3854-577: The BNSW made alterations and additions to the bank premises and installed a septic system. After purchase by the Widgee Shire Council in 1940 the building was used as shire chambers and office space after some changes were made for this purpose by architects Addison and McDonald who called tenders in June 1940. In February 1981, extension and alterations to the south-east of the building to provide offices facing Mary Street took place. In 1993,
Bank of New South Wales building, Gympie - Misplaced Pages Continue
3948-418: The Bank of New South Wales operating from a weatherboard-clad building with a shingle roof. Over the ensuing years, as it became increasingly clear that the Gympie goldfield was a long-term proposition, a series of steps towards permanency were taken by the bank reflecting this longevity. Firstly, in 1872 the BNSW agency converted to a branch with the increased banking services that entailed. Secondly, in 1879
4042-492: The Bank purchased a block of land closer to the commercial centre of the town at the corner of Mary and Smithfield Streets and new premises were erected. The BNSW building at 242 Mary Street was sold to the Widgee Shire Council in the same year. Alterations to the former BNSW building were made on several occasions. In 1902 "steel" [metal] ceilings were fitted in the BNSW building by Messrs Crane and son. In 1938
4136-529: The FDIC. National banks have one primary regulator – the OCC. Each regulatory agency has its own set of rules and regulations to which banks and thrifts must adhere. The Federal Financial Institutions Examination Council (FFIEC) was established in 1979 as a formal inter-agency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although
4230-522: The FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing. Australian pound The pound ( sign : £ , £A for distinction) was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar . Like other £sd currencies, it was subdivided into 20 shillings (denoted by
4324-479: The Melbourne Mint starting in 1872). In 1910, .925 fineness sterling silver coins were minted in denominations of 3d, 6d, 1/– and 2/– (known as a Trey, Zac, Deena, and Florin respectively). Unusually no half crown (worth 2/6) was ever issued. Bronze ½d and 1d coins followed in 1911. Production of half sovereigns ceased in 1916, followed by that of sovereigns in 1931. In 1937 a crown (5/– piece, known as
4418-592: The Queensland Heritage Register including the nearby former Australian Joint Stock Bank (later the Gympie Stock Exchange ). Its balanced classical design, often associated with banks, projects the concept of stability that financial institutions of this era sought to convey through their buildings' architecture. [REDACTED] This Misplaced Pages article was originally based on "The Queensland heritage register" published by
4512-486: The Reef Street side. All interior walls are plastered and this level is notable for decorative pressed metal ceilings to rooms, hall, corridor, and staircase soffits and the retention of much original cedar joinery including skirtings, architraves, doors, and windows. The front rooms have back to back fireplaces with marble surrounds. Decorative arches with prominent keystones at the top of the stairs and part way along
4606-874: The Shire of Widgee was amalgamated with the City of Gympie to create the Shire of Cooloola . The building continued to be used as the Cooloola Shire Council Chambers. In 2008, the Shires of Cooloola and Kilkivan and part of the Shire of Tiaro were amalgamated into the Gympie Region. The building continues to be used as the Gympie Regional Council Chambers. A compact but grand, three-storey, rendered brick building in
4700-586: The UK, for example, the Financial Services Authority licenses banks, and some commercial banks (such as the Bank of Scotland ) issue their own banknotes in addition to those issued by the Bank of England , the UK government's central bank. Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer – defined as any entity for which
4794-639: The bank agrees to conduct an account. The law implies rights and obligations into this relationship as follows: These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms or create new rights, obligations, or limitations relevant to the bank-customer relationship. Some types of financial institutions, such as building societies and credit unions , may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules. The requirements for
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#17327901367044888-401: The bank is structured or regulated. The business of banking is in many common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business . When looking at these definitions it is important to keep in mind that they are defining the business of banking for
4982-416: The bank is to restore, not the same money, but an equivalent sum, whenever it is demanded and money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of the banker, who is bound to return an equivalent, by paying a similar sum to that deposited with him, when he is asked for it. The goldsmith paid interest on deposits. Since
5076-419: The bank purchased the 22 perches (560 m) allotment on which the current building stands and occupied the timber and tin building on the site until selling it prior to the building of the current structure. Thirdly, the decision at the end of the 1880s to build a masonry building followed the growth of deep reef mining on the goldfield and the rise in Gympie's gold output throughout the decade. The 1880s were
5170-411: The bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans). Banking crises have developed many times throughout history when one or more risks have emerged for the banking sector as a whole. Prominent examples include the bank run that occurred during
5264-667: The bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer , EFTPOS , and automated teller machines (ATMs). Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits , and by issuing debt securities such as banknotes and bonds . Banks lend money by making advances to customers on current accounts, by making installment loans , and by investing in marketable debt securities and other forms of money lending. Banks provide different payment services, and
5358-533: The capital of the issuing bank falls below a certain level. Then debt is reduced and bank capitalisation gets a boost. Owing to their capacity to absorb losses, CoCos have the potential to satisfy regulatory capital requirement. The economic functions of banks include: Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals in excess of available funds), credit risk (the chance that those who owe money to
5452-422: The centre of the town moved eastwards after gold production ceased also illustrate the evolution of Gympie's development. The place is important in demonstrating the principal characteristics of a particular class of cultural places. The former bank building, designed by Richard Gailey, is important in demonstrating the principal characteristics of a regional bank of its era. This two-storey masonry structure in
5546-470: The change. On 7 April 1963 the Commonwealth Government announced that a system of decimal currency was to be introduced into Australia at the earliest practicable date, and gave February 1966, as the tentative change-over date. On 14 February 1966, a decimal currency, the dollar of one hundred cents , was introduced. Under the implementation conversion rate, £A1 was set as the equivalent of $ 2. Thus, ten shillings became $ 1 and one shilling became 10¢. As
5640-483: The cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques . Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers in
5734-540: The classical style retains its banking chamber, offices, strong room, vaults, and manager's residence. It is sitting with other important gold-related buildings, high above the gold diggings, illustrates the significance of banks in the gold mining town of Gympie. Its intactness is demonstrated in its planning, room volumes, joinery, strong room, and pressed metal ceilings. The former manager's residence, including its ground floor entry, retains its floor plan, decorative plaster cornices, windows, doors, and joinery. The place
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#17327901367045828-475: The corridor define the hall. Accessed from the rear verandah, the single room west wing is lit by full pane sash windows on three sides and has a recent plain plaster ceiling. A concrete parking area runs to the rear of the building accessed from Reef Street. Recent partitioning and extensions to the southwest of the building at all levels and a new wing to the southeast are not considered to be of heritage significance. The former Bank of New South Wales building
5922-518: The corridor extending from the northern entrance off Mary Street. The staircase has with finely turned balustrades and carved newel posts. The upper level is organised around a central corridor incorporating a hall at the top of the stairs with two rooms to the Mary Street side and two to Reef Street. French windows to the rooms on the Reef Street side open onto a verandah, now enclosed with weatherboard cladding and casement windows, running along
6016-423: The cross-selling of complementary products. Banks face a number of risks in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much capital a bank is required to hold. Bank capital consists principally of equity , retained earnings and subordinated debt . Some of the main risks faced by banks include: The capital requirement
6110-408: The customer's order – although money lending, by itself, is generally not included in the definition. Unlike most other regulated industries, the regulator is typically also a participant in the market, being either publicly or privately governed central bank . Central banks also typically have a monopoly on the business of issuing banknotes . However, in some countries, this is not the case. In
6204-504: The decline that had set in at Gympie in 1904 accelerated, finally resulting in the closure of the last mine c. 1927 . In conjunction with this downturn, Gympie evolved into a service town for the region's growing dairy and agricultural industries. Over time the commercial centre of the town moved eastward down Mary Street in response to the commercial activity clustered around the railway station. The BNSW continued to operate from its location in upper Mary Street until June 1940 when
6298-496: The early makeshift structures of the 1860s gradually gave way to more permanent and substantial public and private buildings from the mid-1870s. With the change to deep reef mining from 1875, came the need for extensive capital investment through the formation of companies using foreign as well as local capital. During 1881, mines began yielding large amounts of gold, marking a new era of wealth and prosperity for Gympie as an intensive phase of underground reef mining began, facilitated by
6392-427: The entrance to the residence above. The banking chamber is accessed from the central main entrance off Mary Street and is notable for its decorative pressed metal ceiling. The manager's office, opening off the chamber to the northwest, has a pressed metal ceiling, granite surround fireplace, and a substantial strong room to the southwest. The strong room, a painted brick rectangular space with a barrel-vaulted ceiling, has
6486-485: The first to a new location to set up a gold-buying agency. By 1861 the BNSW had grown from a single Sydney office in 1850 to a network of 37 branches in Australia and New Zealand. Subsequently, with the discovery of gold at Gympie the Bank opened an agency on the goldfield on 21 March 1868, less than six months after the goldfield's establishment. In the same year, the bank transferred to a building owned by Merry and Davis. An 1868 photograph of lower Mary Street, Gympie shows
6580-589: The funding of these loans, in order to ensure that the banks can meet demands for payment of such deposits. These reserves can be acquired through the acceptance of new deposits, sale of other assets, or borrowing from other banks including the central bank. Activities undertaken by banks include personal banking , corporate banking , investment banking , private banking , transaction banking , insurance , consumer finance , trade finance and other related. Banks offer many different channels to access their banking and other services: A bank can generate revenue in
6674-467: The goldsmiths of London became the forerunners of banking by creating new money based on credit. The Bank of England originated the permanent issue of banknotes in 1695. The Royal Bank of Scotland established the first overdraft facility in 1728. By the beginning of the 19th century Lubbock's Bank had established a bankers' clearing house in London to allow multiple banks to clear transactions. The Rothschilds pioneered international finance on
6768-419: The injection of capital into mining companies for machinery and employees. The influx of money and the resultant yield of gold was reflected in the redevelopment of upper Mary Street during the 1880s and 1890s with substantial commercial buildings such as banks, company secretaries' and brokers' offices. One of these was the Bank of New South Bank building, which opened in 1891. The Bank of New South Wales (BNSW)
6862-406: The issue of banknotes emerged in the 17th and 18th centuries. Merchants started to store their gold with the goldsmiths of London , who possessed private vaults , and who charged a fee for that service. In exchange for each deposit of precious metal, the goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee ; these receipts could not be assigned, only
6956-442: The issue of a bank license vary between jurisdictions but typically include: Banks' activities can be divided into: Most banks are profit-making, private enterprises. However, some are owned by the government, or are non-profit organisations . The United States banking industry is one of the most heavily regulated and guarded in the world, with multiple specialised and focused regulators. All banks with FDIC-insured deposits have
7050-409: The largest 1,000 banks in the world grew by 6.8% in the 2008–2009 financial year to a record US$ 96.4 trillion while profits declined by 85% to US$ 115 billion. Growth in assets in adverse market conditions was largely a result of recapitalisation. EU banks held the largest share of the total, 56% in 2008–2009, down from 61% in the previous year. Asian banks' share increased from 12% to 14% during
7144-436: The law in relation to negotiable instruments , including cheques, and this Act contains a statutory definition of the term banker : banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that the legal basis for bank transactions such as cheques does not depend on how
7238-511: The method of introduction and the cost involved. The committee presented its report in August 1960. It recommended the introduction of the new system on the second Monday in February 1963. In July 1961 the Commonwealth Government confirmed its support of a decimal currency system, but considered it undesirable to make final decisions on the detailed arrangement that would be necessary to effect
7332-402: The old bank building on the site was sold and building of the new premises commenced. Business commenced in the new premises on 31 March 1891, completed at a cost of £ 4000. The two-storey building comprised rendered brick walls and an iron roof. At the rear was a two-stall stable with harness room. The second storey of the building comprised the manager's residence and an early photograph shows
7426-420: The original depositor could collect the stored goods. Gradually the goldsmiths began to lend money out on behalf of the depositor , and promissory notes , which evolved into banknotes, were issued for money deposited as a loan to the goldsmith. Thus, by the 19th century, we find in ordinary cases of deposits, of money with banking corporations, or bankers, the transaction amounts to a mere loan, or mutuum , and
7520-455: The past 20 years, American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. This helps in making a profit and facilitates economic development as a whole. Recently, as banks have been faced with pressure from fintechs, new and additional business models have been suggested such as freemium, monetisation of data, white-labeling of banking and payment applications, or
7614-438: The promissory notes were payable on demand, and the advances (loans) to the goldsmith's customers were repayable over a longer time-period, this was an early form of fractional reserve banking . The promissory notes developed into an assignable instrument which could circulate as a safe and convenient form of money backed by the goldsmith's promise to pay, allowing goldsmiths to advance loans with little risk of default . Thus
7708-731: The prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancient world . In the history of banking , a number of banking dynasties – notably, the Medicis , the Pazzi , the Fuggers , the Welsers , the Berenbergs , and the Rothschilds – have played
7802-487: The purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking. However, in many cases, the statutory definition closely mirrors the common law one. Examples of statutory definitions: Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking ,
7896-428: The rear upper-level verandah roof and the elevation houses a narrow rectangular louvred window. There is evidence of the removal of French windows and replacement with the sash windows to the upper level of the southeast elevation. The earlier verandah has been replaced by a suspended awning. The building is sheltered by hipped roofs clad with corrugated metal sheeting and three rendered masonry chimneys project through
7990-576: The rich cities in the centre and north like Florence , Lucca , Siena , Venice and Genoa . The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. Giovanni di Bicci de' Medici set up one of the most famous Italian banks, the Medici Bank , in 1397. The Republic of Genoa founded the earliest-known state deposit bank, and Banco di San Giorgio (Bank of St. George), in 1407 at Genoa , Italy. Fractional reserve banking and
8084-457: The roof. Square in plan with a projecting west wing, the building is organised over three levels. The former banking chamber is accommodated at the Mary Street level, the bank vaults and storage are housed in the basement and the former bank manager's residence occupies the upper level. The ground floor retains the major spaces of the former bank including the main banking chamber, manager's office, and strong room and accountant/clerks office, and
8178-399: The south bay and a sash window and six-panel timber door with large fanlight to the north. The Reef Street elevation consists of the west wing, each level of which is punctuated by a central full pane sash window, and the enclosed extension beyond the upper-level verandah. The northwest and southeast elevations are partly obscured by adjacent buildings. The northwest elevation of the west wing
8272-473: The west wing retains its fireplace cavity now housing a cupboard. The basement, level with Reef Street, has a concrete floor and concrete and brick walls and accommodates a number of vaults and storage rooms below the banking floor. In some spaces the timber frame of the floor above is unlined. The rear office has a painted off-form concrete finish to the walls and fireplace and the ceiling is lined with fibre cement sheeting. A handsome cedar staircase rises from
8366-462: The year, while the share of US banks increased from 11% to 13%. Fee revenue generated by global investment in banking totalled US$ 66.3 billion in 2009, up 12% on the previous year. The United States has the most banks in the world in terms of institutions (5,330 as of 2015) and possibly branches (81,607 as of 2015). This is an indicator of the geography and regulatory structure of the US, resulting in
8460-468: Was designed by Richard Gailey and built in 1890–1891. This two-storey neo-classical building was purpose-built as the Gympie branch of the Bank of New South Wales , which had been operating at the Gympie goldfield since March 1868. It comprised ground floor banking facilities, upper floor manager's residence and a basement. Gympie (initially known as Nashville) was established after the discovery of gold in
8554-580: Was listed on the Queensland Heritage Register on 15 April 2011 having satisfied the following criteria. The place is important in demonstrating the evolution or pattern of Queensland's history. The former Bank of New South Wales building and the important gold-era precinct of which it is a part are physical evidence of the evolution of Gympie gold mining, a major contributor to the wealth of Queensland for approximately 60 years from 1867. As Gympie gold production continued and evolved from alluvial to shallow reef mining to deep reef mining from 1875, this change
8648-403: Was on the gold standard so long as Britain was. In 1914, the British government removed sterling from the gold standard. When it was returned to the gold standard in 1925, the sudden increase in its value (imposed by the nominal gold price) unleashed crushing deflationary pressures. Both the initial 1914 inflation and the subsequent 1926 deflation had far-reaching economic effects throughout
8742-445: Was reflected in the erection of more permanent and elaborate buildings in the town centre. The bank building, erected during the third stage of Gympie mining, symbolised the wealth and permanence of the town. For almost fifty years the building served as a Bank of New South Wales branch and manager's residence. Its siting near Commissioner's Hill in the vicinity of important government and gold-related buildings, and its later sale when
8836-675: Was the first bank established in Australia (February 1817) but it was restricted to trading in Sydney until 1850. After restructure in that year it opened its first branch outside Sydney , in Brisbane , on 14 November 1850. It expanded rapidly thereafter with the rush of gold discoveries in New South Wales and Victoria . The bank set up agencies and gold-buying agents at each new diggings to spread its network and consolidate its position. Bank officers were urged on by their superiors to be
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