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词条 Australian banking crisis of 1893
释义

  1. Foundations

  2. Crisis

  3. Critique

     Social commentary 

  4. See also

  5. References

{{Use Australian English|date=March 2018}}{{Use dmy dates|date=March 2018}}

The 1893 banking crisis occurred in Australia when several of the commercial banks of the colonies within Australia collapsed.

Foundations

During the 1880s there was a speculative boom in the Australian property market. Australian banks were operating in a free banking system, in addition to few legal restrictions on the operation of banks, there was no central bank and no government-provided deposit guarantees. The commercial banks lent heavily, but following the asset price collapse of 1888, companies that had borrowed money started to declare bankruptcy.

Crisis

The full banking crisis became apparent when the Federal Bank failed on 30 January 1893. On 1 May 1893, the Victorian government implemented a five-day bank holiday to address the panic.[1] By 17 May, 11 commercial banks in Sydney, Melbourne and other locations across the country had suspended trading.

Many institutions temporarily or permanently closed their doors, including:

  • August 1891 – Van Diemen's Land Bank[2]
  • September 1891 – Mutual Provident, Land, Investing, and Building Society[3]
  • February 1892 – Toowoomba Deposit Bank[4]
  • July 1892 – Victoria Mutual Building and Investment Society[5]
  • February 1893 – Federal Bank,[6] and the Queensland Deposit Bank.[7]
  • April/May 1893 – Within seventeen days, three banks collapsed: the Australian Joint Stock Bank, the Commercial Bank of Australia, and the English, Scottish and Australian Chartered Bank[8][9]
  • May 1893 – the Bank of North Queensland,[10] the Brisbane Permanent Building and Banking Company,[11] the City of Melbourne Bank,[12] the Commercial Banking Company of Sydney,[13][14] Federal Building, Land, and Investment Society, Limited, and Deposit Bank,[13] the National Bank,[15] the Queensland National Bank,[14][14] and the Royal Bank of Queensland.[16][17]

Critique

Whilst gold and securities were held by certain banks, many Australian institutions did not make representations to their London branches which held those deposits.[13][18]

By 1894, the worst of the economic crisis was over and the task of rebuilding society started. Criticisms were levelled at board directors:

The first result is that colonial banks have frequently opportunities for making larger profits in comparison with the volume of business than is possible with home banks. The second result arising from this possibility of larger profits is that there is a greater element of risk attaching to the business than attaches to the ordinary business of a British bank, and consequently need for greater caution in investments. It needs but a moment's consideration to reveal the fact that money advanced for the carrying on of our staple industry — the pastoral industry — is exposed to greater risk than money advanced on the comparatively steady staple businesses in Britain. Our staple industry is exposed to the caprices of climate and the invasion of insects, insignificant when considered singly but terribly significant when considered in the muss. Droughts, frequently recurring, blast the hopes of the pastoralist by robbing him of all prospect of return for his labour and anxieties, and that blasting of the squatter's hopes means loss to the institution which has advanced him money.[18][19][20]

These comments of 1897 were made as the Federation Drought (1896 to 1902) commenced, which resulted in the forthcoming widespread death of livestock and strains of livelihoods. There were some reforms to regulation and law with a view to preventing future abuse.[21]

Social commentary

Poets of the time were critical towards financial institutions and mortgagees. 'Bankers' ruthlessness... were so much a feature of the 'Australian way of life' fifty years ago [1947], that they brought words of burning protest from the pens of some of Australia's leading poets.' [22]

  • E. J. Rupert Atkinson's In the bank

Here in this sacred place God is secure!

His golden blood, hence, here and hither drugs

Life. Ships, lands, cables, railways, roads, entice

Spoil to this great hushed temple; men immure

Their sons, all future hope here; here Death hugs,

Slimes and devours their gluttony and vice.

  • Bernard O'Dowd's The mortgagee [23]

We bring the wilderness to bounds;

We grub the land to roads.

In sour or sullen savage grounds

We sow Advance's seeds;

We grade the mountains, paint the hills

With patterned greenery,

And through Saharas lead the rills—

To feed the mortgagee.

  • Will H. Ogilvie's Taken over (1895) [24]

The banks are taking charge, old man ... I knew how it would be:

The Flags are flying halfmast high for death of Tringadee...

  • Banjo Paterson's Kiley run [25]

But droughts and losses came apace

To Kiley's run,

Till ruin stared him in the face;

He toiled and toiled while lived the light,

He dreamed of overdrafts at night;

At length, because he could not pay.

His bankers took his stock away

From Kiley's run.

... The owner lives in England now

Of Kiley's run.

He knows a racehorse from a cow;

But that is all he knows of stock;

His chiefest care is how to dock

Expenses, and he sends from town

To cut the shearers' wages down

On Kiley's run.

  • Steele Rudd's When the bailiff brings a warrant

...Then you'll see a glorious future and you'll dream by night and day

Of corn and wheat and "taters" and such things that never pay;

And you wonder why they hang around the blessed town below

Till the bailiff brings a warrant and your cows have got to go—

Till your cows have got to go.

See also

  • History of Australia (1851–1900)

References

1. ^{{cite news | url=http://150.theage.com.au/list_event.asp?intera=3 | newspaper=The Age | year=2003 | title=Timeline: Depression | accessdate=29 November 2007 | archive-url=https://web.archive.org/web/20070831065642/http://150.theage.com.au/list_event.asp?intera=3 | archive-date=31 August 2007 | dead-url=yes | df=dmy-all }}
2. ^{{cite news |url=http://nla.gov.au/nla.news-article216217031 |title=V.D.L. Bank. |newspaper=The Coastal News and North Western Advertiser |volume=I |issue=51 |location=Tasmania|date=22 August 1891 |accessdate=28 October 2017 |page=2 |via=National Library of Australia}}
3. ^{{cite news |url=http://nla.gov.au/nla.news-article48238908 |title=The Sydney financial scare: Yet another building society failure.. |newspaper=South Australian Register |volume=LVI |issue=14,002 |date=29 September 1891 |accessdate=28 October 2017 |page=5 |via=National Library of Australia}}
4. ^{{cite news |url=http://nla.gov.au/nla.news-article3537655 |title=Toowoomba Deposit Bank failure. |newspaper=The Brisbane Courier |volume=XLVIII |issue=10,638 |date=18 February 1892 |accessdate=28 October 2017 |page=7 |via=National Library of Australia}}
5. ^{{cite news |url=http://nla.gov.au/nla.news-article71201557 |title=Victorian News. |newspaper=Australian Town and Country Journal |volume=XLIV |issue=1174 |location=New South Wales, Australia |date=16 July 1892 |accessdate=28 October 2017 |page=14 |via=National Library of Australia}}
6. ^{{cite news |url=http://nla.gov.au/nla.news-article90216433 |title=Federal Bank |newspaper=Launceston Examiner |volume=LIII |issue=36 |location=Tasmania|date=11 February 1893 |accessdate=28 October 2017 |page=5 |via=National Library of Australia}}
7. ^{{cite news |url=http://nla.gov.au/nla.news-article229598625 |title=Financial failure. |newspaper=The Australian Star |issue=1308 |location=New South Wales|date=9 February 1892 |accessdate=28 October 2017 |page=6 |via=National Library of Australia}}
8. ^{{cite news |url=http://nla.gov.au/nla.news-article135997488 |title=Another bank gone. |newspaper=Newcastle Morning Herald and Miners' Advocate |issue=12,289 |location=New South Wales, Australia |date=6 April 1893 |accessdate=28 October 2017 |page=4 |via=National Library of Australia}}
9. ^{{cite news |url=http://nla.gov.au/nla.news-article194112637 |title=The Banks. |newspaper=Katoomba Times |volume=IV |issue=209 |location=New South Wales|date=5 May 1893 |accessdate=28 October 2017 |page=4 |via=National Library of Australia}}
10. ^{{cite news |url=http://nla.gov.au/nla.news-article20341547 |title=The Bank of North Queensland. |newspaper=The Queenslander |date=20 May 1893 |accessdate=28 October 2017 |page=946 |via=National Library of Australia}}
11. ^{{cite news |url=http://nla.gov.au/nla.news-article20341549 |title=The Brisbane Permanent Building Company. |newspaper=The Queenslander |date=20 May 1893 |accessdate=28 October 2017 |page=947 |via=National Library of Australia}}
12. ^{{cite news |url=http://nla.gov.au/nla.news-article76642899 |title=City of Melbourne Bank. |newspaper=Warwick Argus |volume=XXVII |issue=2207 |location=Queensland|date=20 May 1893 |accessdate=28 October 2017 |page=2 |via=National Library of Australia}}
13. ^1 2 {{cite news |url=http://nla.gov.au/nla.news-article20341552 |title=Federal Building Society. |newspaper=The Queenslander |date=20 May 1893 |accessdate=28 October 2017 |page=947 |via=National Library of Australia}}
14. ^1 2 {{cite news |url=http://nla.gov.au/nla.news-article20341551 |title=Country Telegrams |newspaper=The Queenslander |date=20 May 1893 |accessdate=28 October 2017 |page=947 |via=National Library of Australia}}
15. ^{{cite news |url=http://nla.gov.au/nla.news-article66241152 |title=The Inquirer. FRIDAY, MAY 5, 1893. |newspaper=The Inquirer and Commercial News |volume=LIII |issue=2,923 |location=Western Australia |date=5 May 1893 |accessdate=28 October 2017 |page=18 |via=National Library of Australia}}
16. ^{{cite news |url=http://nla.gov.au/nla.news-article20341546 |title=Suspension of the Royal Bank. |newspaper=The Queenslander |date=20 May 1893 |accessdate=28 October 2017 |page=946 |via=National Library of Australia}}
17. ^{{cite news |url=http://nla.gov.au/nla.news-article123347636 |title=Financial Crisis. |newspaper=Queensland Times, Ipswich Herald and General Advertiser |volume=XXXIV |issue=4973 |date=18 May 1893 |accessdate=28 October 2017 |page=3 |via=National Library of Australia}}
18. ^1 {{cite news |url=http://nla.gov.au/nla.news-article172387881 |title=Banks' Prospects. |newspaper=The Telegraph |issue=7806 |location=Brisbane |date=2 November 1897 |accessdate=28 October 2017 |page=4 |via=National Library of Australia}}
19. ^{{cite news |url=http://nla.gov.au/nla.news-article172074654 |title=Australian Banking Collapse. |newspaper=The Telegraph |issue=6,591 |location=Brisbane |date=30 November 1893 |accessdate=28 October 2017 |page=4 |via=National Library of Australia}}
20. ^{{cite news |url=http://nla.gov.au/nla.news-article72546578 |title=Land-Mortgage Banks. |newspaper=Windsor and Richmond Gazette |volume=5 |issue=248 |location=New South Wales|date=15 April 1893 |accessdate=28 October 2017 |page=11 |via=National Library of Australia}}
21. ^{{cite book|last=Cannon|first=Michael|title=The Land Boomers|publisher=Melbourne University Press|year=1966|page=197}}
22. ^{{cite news |url=http://nla.gov.au/nla.news-article206692605 |title=Australian Poets’ Hate For Private Bankers |newspaper=Tribune |volume= |issue=347 |location=New South Wales|date=3 September 1947 |accessdate=22 February 2018 |page=4 |via=National Library of Australia}}
23. ^{{cite news |url=http://nla.gov.au/nla.news-article110202421 |title=The mortgagee. |newspaper=The Herald |volume=X |issue=444 |location=South Australia |date=11 April 1903 |accessdate=22 February 2018 |page=8 |via=National Library of Australia}}
24. ^{{cite news |url=http://nla.gov.au/nla.news-article218304386 |title=Selected poetry. |newspaper=Toowoomba Chronicle and Darling Downs General Advertiser |issue=5265 |location=Queensland|date=7 September 1895 |accessdate=22 February 2018 |page=6 |via=National Library of Australia}}
25. ^{{cite news |url=http://nla.gov.au/nla.news-article211978342 |title=Interesting Lecture |newspaper=The W.A. Record |volume=XXX |issue=1284 |location=Western Australia |date=6 May 1905 |accessdate=22 February 2018 |page=25 |via=National Library of Australia}}
  • Hickson, C. R. and Turner, J. D. 2002. "Free banking gone awry: the Australian banking crisis of 1893." Financial History Review 9:147–167
{{Economy of Australia}}

4 : 1893 in Australia|Banking in Australia|Banking crises|Stock market crashes
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