Sydney Deposit Bank (Sydney) Undated 5 Pound Unissued Remainder MVR# 1 Extremely Fine
Sydney Deposit Bank (Sydney) Undated 5 Pound Unissued Remainder MVR# 1 Extremely Fine
Front: Sydney (original) coat of arms at upper centre, text below and value in each corner
Back: Denomination at the centre and in each corner
Period on Issue: 1885-1892
Measurements: 189mm x 110mm
This historic note is a relic of an attempt to bypass colonial capital raising regulations.
The Sydney Deposit Bank was was formed as a land banking company in Sydney in 1885. Despite the explicit claim in the business name, it was formed as a partnership and was not incorporated as a bank.
Without legal authority, the partnership accepted deposits from the general public and issued a modest number of notes. Historians believe these notes were a means for the partners to obtain additional capital from the general public and avoiding the normal administrative process.
Thomas Smith Richardson was the General Manager of the bank, he passed away early in 1892. When his estate was sold to pay the his business debt, the bank failed and suspended payments on January 29th, 1892. In April 1892, Richardson was posthumously sentenced to 4 years jail for false statements he had made to regulators prior to his death.
One of the news articles surrounding this bank states the following:
Another land bank manager appeared at tho police court this morning. Tho individual in question this time is Thomas Smith Richardson, manager of the Sydnoy Deposit Bank. At the time of night when ghosts slip on their pants to go out for their midnight, revelries Detectives Hinds and Rochaix drew nigh to the residence of the land bank manager at Enfield with a document in their possession for the apprehension of Thomas Smith Richardson, and soon after they returned to the city with that : gentleman in custody. Accused was brought before Mr. Leo, S.M., at tho Water Police Court, and on the application of Mr. Wilshire, Crown Solicitor, the case was remanded for a week, bail being sternly refused. Richardson seemed perfectly dazed. The information, which is laid at the instance of Detective Hinds, states that that officer had reason to believe that on January 19 last the accused, Thomas Smith Richardson; did wilfully falsely swear before Honry Gnrniun, Esq., Justice of the Peace, that, to the best of his knowledge, the general abstract showing the average assets and liabilities ot the Sydney Deposit Bank, and which was taken from the weekly statement, was correct, and that what Richardson then swore was on an occasion when the truth was material, and that he (Detective Hinds) believes that the said abstract is not a truo and. faithful one, and that Richardson woil know that it was not.
There is a lot more information online iin government archives and digitised news sources about the Sydney Deposit Bank and Thomas Richardson, I expect the full story will be quite interesting to collectors.
SKU: 210686
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| SKU | 210686 |
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