Bank of Queensland (1863–1866)

{{Short description|Australian (trading) bank}}

{{Use Australian English|date=June 2020}}

The Bank of Queensland was a bank in Queensland, Australia. Established in London[https://trove.nla.gov.au/newspaper/article/6483862 The Argus] (Melbourne, Vic. : 1848 - 1957) View title info Wed 4 Mar 1863 Page 7 it opened for business in Brisbane on 13 August 1863 in the renovated premises of the former Joint Stock Bank.[https://trove.nla.gov.au/newspaper/article/77293733 North Australian and Queensland General Advertiser] (Ipswich, Qld. : 1862 - 1863) Thu 13 Aug 1863 Page 3 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.[https://trove.nla.gov.au/newspaper/article/4608683 The Courier] (Brisbane, Qld. : 1861 - 1864) Sat 18 Oct 1862 Page 5

Branches of the Bank of Queensland were shortly opened at Ipswich, Dalby and Rockhampton[https://trove.nla.gov.au/newspaper/article/51568766 Rockhampton Bulletin and Central Queensland Advertiser] (Qld. : 1861 - 1871) Tue 7 Feb 1865 Page 2 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,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 sawmills and even newspaper proprietors.[https://trove.nla.gov.au/newspaper/article/1271190 The Brisbane Courier] (Qld. : 1864 - 1933) Wed 18 Jul 1866 Page 4 The bank suspended payments a week later.[https://trove.nla.gov.au/newspaper/article/5768801 The Argus] (Melbourne, Vic. : 1848 - 1957) Wed 25 Jul 1866 Page 5

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[https://trove.nla.gov.au/newspaper/article/160216939 The Age] (Melbourne, Vic. : 1854 - 1954) Sat 18 Aug 1866 Page 4 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.[https://trove.nla.gov.au/newspaper/article/123333928 Queensland Times, Ipswich Herald and General Advertiser] (Qld. : 1861 - 1908) Thu 27 Dec 1866 Page 4