Bank of Queensland (1863–1866) explained

The Bank of Queensland was a bank in Queensland, Australia. Established in London^[1] it opened for business in Brisbane on 13 August 1863 in the renovated premises of the former Joint Stock Bank.^[2] There had been just four (trading) banks established in Queensland by late 1862 but all from other Australian colonies, branches of New South Wales Bank, Union Bank of Australia, Australian Joint Stock Bank and the Bank of Australasia.^[3]

Branches of the Bank of Queensland were shortly opened at Ipswich, Dalby and Rockhampton^[4] as well as at Toowoomba and elsewhere.

In the midst of the July 1866 collapse of the major London discount house Overend, Gurney and Company the London board of the Bank of Queensland took the opportunity to announce that a major portion of their bank's capital had been lost by poorly chosen advances made on securities of sheep and cattle stations,^[5] sawmills and even newspaper proprietors.^[6] The bank suspended payments a week later.^[7]

In the following days it became known that the immediate reason for the suspension of payments was the Queensland's Government's failure to honour its cheques^[8] and that happened because the Agra and Masterman's Bank had failed, following Overend, Gurney. The panic in London also brought an Australian run on the Bank of Queensland and at the end of 1866 the shareholders agreed to voluntarily wind the bank up.^[9]

Other trading banks named Bank of Queensland

1917–1922A new Bank of Queensland was created by the January 1917 merger of the Royal Bank of Queensland with the Bank of North Queensland.^[10] It was bought by the National Bank in 1922.^[11]

1970—The Bank of Queensland's name has since been taken by the Brisbane Permanent Benefit Building and Investment Society, Queensland's first permanent building society founded in 1874 and incorporated in 1887 when it began operations as a savings bank.

Licensed as a trading bank in 1942 it took on the name Bank of Queensland in 1970.

Notes and References

1. https://trove.nla.gov.au/newspaper/article/6483862 The Argus
2. https://trove.nla.gov.au/newspaper/article/77293733 North Australian and Queensland General Advertiser
3. https://trove.nla.gov.au/newspaper/article/4608683 The Courier
4. https://trove.nla.gov.au/newspaper/article/51568766 Rockhampton Bulletin and Central Queensland Advertiser
5. The London directors seemed to fail to understand the advances were on livestock and wool to be sold in England but it might have been a shield for Queensland's Colonial Treasurer
6. https://trove.nla.gov.au/newspaper/article/1271190 The Brisbane Courier
7. https://trove.nla.gov.au/newspaper/article/5768801 The Argus
8. https://trove.nla.gov.au/newspaper/article/160216939 The Age
9. https://trove.nla.gov.au/newspaper/article/123333928 Queensland Times, Ipswich Herald and General Advertiser
10. https://trove.nla.gov.au/newspaper/article/185018236 The Week
11. https://trove.nla.gov.au/newspaper/article/177226842 Warwick Daily News