Bank of Auckland was an Auckland, New Zealand note-issuing bank which took up deposits, made loans and was entitled to deal in precious metals but was not permitted to purchase real estate except to carry on its proper business.[1] Its business focus was on Auckland Province.
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Bank of Auckland operated at The Banking House on the corner of Auckland's O'Connell and Shortland Streets for almost three years from 11 July 1864[2] until its collapse reported on 1 April 1867.[3] It was incorporated under the Bank of Auckland Act 1864.[1] The capital was raised by public subscription to form a local provincial (i.e. Auckland Province) bank.[4]
The first directors when the company shares were promoted to the public were reported to be: James O'Neill (President), Henry Isaacs, David Nathan, G. M. O'Rorke, and Allan K. Taylor and the Manager was Charles F. Johns. Both O'Neill and Nathan were directors of the Bank of New Zealand.[5] Mr Nathan was an original shareholder but did not take up a seat on the board of the new bank.[6]
A few days after its collapse the four other banks then operating in Auckland: Union Bank of Australia, Bank of New South Wales, Bank of New Zealand and Bank of Australasia agreed to take up the bank's business and discharge the bank's liabilities.[7]
Market share
editThe bank had less than 4% of the country's banking business in the quarter ending 30 June 1866.[8]
References
edit- ^ a b New Zealand Acts as enacted
- ^ Bank of Auckland is now opened New Zealand Herald 11 July 1864 Page 1
- ^ Te Ara banking and finance
- ^ The Bank of Auckland New Zealander 28 May 1864 Page 1
- ^ Monetary and Commercial. Daily Southern Cross 28 May 1864 Page 4
- ^ Makers of Auckland. New Zealand Herald 1 August 1929 Page 6
- ^ Bank of Auckland. New Zealand Herald 3 April 1867 Page 3
- ^ Woodward, J. (8 October 1866). "General Abstract of the Liabilities and Assets, and of the Capital and Profits of the Undermentioned Banks of the Colony of New Zealand, for the Quarter ended 30th June, 1866". New Zealand Herald. p. 6.
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