Colonial Bank of Issue
Bank in New Zealand
The Colonial Bank of Issue was a New Zealand state owned bank that operated between 1847 and 1856 in an early unsuccessful attempt to create a government-owned issuer of bank notes in New Zealand. The bank was created by an Ordinance of the Governor of New Zealand, Sir George Grey. Its first manager was Charles Knight.
Pressure from the newly formed Colonial Parliament, the Union Bank of Australasia, and the local commercial sector, along with views developed in the Colonial Office in the United Kingdom to allow experimentation on competition in the issue of banknotes, led to the bank being wound up by the New Zealand Colonial Bank of Issue Winding-Up Act 1856.
Sources and credits
This article is adapted from the Wikipedia article “Colonial Bank of Issue”, written by its contributors and licensed under CC BY-SA 4.0. Fathomly has changed the layout, removed citation markers, navigation and maintenance notices, and adjusted punctuation. This adapted version is shared under the same license. For references, see the original article.
Images, from Wikimedia Commons:
- Promissory note (AM 605759-3).jpg by Unknown authorUnknown author, CC BY 4.0
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