Reference to index of correspondence and accounts of Archer, Gillies & Co Bank Launceston 1840-1844
Archer, Gillies & Co, (2010) Reference to index of correspondence and accounts of Archer, Gillies & Co Bank Launceston 1840-1844. University of Tasmania Library Special and Rare Materials Collection, Australia. (Unpublished)
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Archer Gilles & Co's bank was established in Launceston, in Brisbane Street, in 1840. A partnership agreement took effect from 1 August 1840, but the books show that the business was in operation from at least 12 June 1840. The bank had a capital joint stock of £50,000, mainly in shares of £500 held by the partners. The partners were: William Archer, Edward Archer, Joseph Archer, James Cox, William Dallas Bernard and Lewis William Gilles. Lewis W. Gilles was appointed manager.
The first half year showed a profit of £1754 and paid a dividend of 8%. Edward Archer and L.W. Gilles both made a further contribution to the capital. The business was more of a trading bank than a savings bank and held estates and traded in produce, especially wool, and imports of sugar etc. An agency was established in London during a visit there by Joseph Archer and the bank negotiated with other banks for nomination as their agents. In the next few years, however, business grew steadily worse and estates held as security were also in difficulties owing to the uncertainty of the wool and wheat markets. In December 1843 L.W. Gilles wrote to the London agent, Robert Brooks, to inform him of the intention to discontinue the business at the end of the year, although he mentioned a slight improvement in the wool market and the hope of future shipments. Many other banks had already been wound up and in January 1844 Gilles formally resigned as manager when making his annual report. The bank's securities were only expected to raise about 4s or 5s in £1. The bank was then absorbed by the Union Bank of Australia with which it had previously dealt in many matters. The Union Bank merged in 1951 with the Bank of Australasia to become the Australia and New Zealand Bank Ltd.
These records were formerly kept in a barn at "Woolmers" by descendants of the Archers. Some of the books contained pieces of straw, grit and red powder. Some pages are tom or missing and a few charred at the edges. One volume A4/A3 (1) has several pages scorched through in the centre of the volume where a hot, round object like a pan has apparently rested.
|Additional Information:||University of Tasmania Library, Special and Rare Materials Collection - Private Deposit A4|
|Keywords:||Tasmania, van diemens land, social history, history, colony, colonial, Australia, indexes, University of Tasmania, Library, private deposits, archives, Collections, catalogue, Special, index, |
|Deposited By:||UTAS ePrints Officer|
|Deposited On:||10 May 2011 13:39|
|Last Modified:||15 Dec 2011 10:14|
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