Bank of Otago: Difference between revisions
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He was replaced by Australian-born [[William Larnach]] aged 34, appointed from London, who arrived in Dunedin in September 1867 to be chief colonial manager of the Bank of Otago.<ref>[https://paperspast.natlib.govt.nz/newspapers/ODT18670912.2.4.2 ''Otago Daily Times''] 12 September 1867 Page 3</ref> Larnach had joined the [[Bank of New South Wales]] about 1863 and risen to manager of their [[Geelong]] branch at a time when poor communications placed heavy responsibility on branch managers. Larnach was well-connected. His uncle, [[Donald Larnach]], was later chairman of the London board of the Bank of New South Wales. William Larnach was also a family friend of [[William John Turner Clarke|W. J. T. Clarke]] said at that time to be the richest man in Australasia. After Bank of Otago merged with the [[National Bank of New Zealand|National Bank]] he remained with them a further twelve months.<ref>G. H. Scholefield, Larnach, William James Mudie. ''A Dictionary of New Zealand Biography'', Wellington 1940. page 485</ref> |
He was replaced by Australian-born [[William Larnach]] aged 34, appointed from London, who arrived in Dunedin in September 1867 to be chief colonial manager of the Bank of Otago.<ref>[https://paperspast.natlib.govt.nz/newspapers/ODT18670912.2.4.2 ''Otago Daily Times''] 12 September 1867 Page 3</ref> Larnach had joined the [[Bank of New South Wales]] about 1863 and risen to manager of their [[Geelong]] branch at a time when poor communications placed heavy responsibility on branch managers. Larnach was well-connected. His uncle, [[Donald Larnach]], was later chairman of the London board of the Bank of New South Wales. William Larnach was also a family friend of [[William John Turner Clarke|W. J. T. Clarke]] said at that time to be the richest man in Australasia. After Bank of Otago merged with the [[National Bank of New Zealand|National Bank]] he remained with them a further twelve months.<ref>G. H. Scholefield, Larnach, William James Mudie. ''A Dictionary of New Zealand Biography'', Wellington 1940. page 485</ref> |
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==Take-over== |
==Take-over== |
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The National Bank of New Zealand was incorporated in London in 1872 by a quite different group of people including a number of New Zealand residents: former governor, [[Thomas Gore Browne]], former Speaker [[Charles Clifford]] and former Wellington Provincial Superintendent [[Isaac Featherston]].<ref>Classified advertisements, ''The Times'', 16 August 1872, page 1</ref> |
The National Bank of New Zealand was incorporated in London in 1872 by a quite different group of people including a number of New Zealand residents: former governor, [[Thomas Gore Browne]], former Speaker [[Sir Charles Clifford, 1st Baronet|Charles Clifford]] and former Wellington Provincial Superintendent [[Isaac Featherston]].<ref>Classified advertisements, ''The Times'', 16 August 1872, page 1</ref> |
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The negotiation of the terms on which The [[National Bank of New Zealand]] would absorb The Bank of Otago were completed on 17 April 1873 and the business was handed over by William Larnach.<ref>[https://paperspast.natlib.govt.nz/newspapers/EP18730417.2.12.8 ''The Evening Post''] 17 April 1873 Page 2 </ref><ref>[https://paperspast.natlib.govt.nz/newspapers/ODT18730514.2.4 ''Otago Daily Times''] 14 May 1873 Page 2</ref> Larnach remained manager of the new bank into 1874.<ref>[https://paperspast.natlib.govt.nz/newspapers/LCP18740116.2.4 ''The Arrow Observer,''] Lake County Press Arrowtown, 16 January 1874 Page 2</ref> |
The negotiation of the terms on which The [[National Bank of New Zealand]] would absorb The Bank of Otago were completed on 17 April 1873 and the business was handed over by William Larnach.<ref>[https://paperspast.natlib.govt.nz/newspapers/EP18730417.2.12.8 ''The Evening Post''] 17 April 1873 Page 2 </ref><ref>[https://paperspast.natlib.govt.nz/newspapers/ODT18730514.2.4 ''Otago Daily Times''] 14 May 1873 Page 2</ref> Larnach remained manager of the new bank into 1874.<ref>[https://paperspast.natlib.govt.nz/newspapers/LCP18740116.2.4 ''The Arrow Observer,''] Lake County Press Arrowtown, 16 January 1874 Page 2</ref> |
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Revision as of 19:46, 9 September 2019
.jpg) Banknote dated 12 June 1872 | |
| Company type | public listed company |
|---|---|
| Industry | Banking |
| Founded | April 1863 |
| Defunct | April 1873 absorbed by The National Bank of New Zealand |
| Headquarters | Dunedin, New Zealand |
Key people | |
| Products | Banking, financial and saving services |
.JPG)
The Bank of Otago Limited was incorporateded in London in 1863. The sale of its shares was promoted by its board of directors, including Alexander Lang Elder, referring to the Otago goldfields and the spectacular growth in the amount of gold exported from Otago.[1][2] The shares were listed on the London Stock Exchange and special enabling legislation enacted in New Zealand, (the) Bank of Otago Limited Act, 1863.[3][4]
Open for business
John Bathgate aged 54 was sent by the London board to be colonial manager (chief executive) arriving in Dunedin in late 1863. He was a Scottish solicitor with banking experience, his practice in Peebles —then a centre of the Scottish woollen industry— had extended to his taking on the Peebles agency for the Union Bank of Scotland.[5]
Bathgate left his Bank of Otago post in 1867 after two of his accounts proved to be unsatisfactory investments of bank funds.
He was replaced by Australian-born William Larnach aged 34, appointed from London, who arrived in Dunedin in September 1867 to be chief colonial manager of the Bank of Otago.[6] Larnach had joined the Bank of New South Wales about 1863 and risen to manager of their Geelong branch at a time when poor communications placed heavy responsibility on branch managers. Larnach was well-connected. His uncle, Donald Larnach, was later chairman of the London board of the Bank of New South Wales. William Larnach was also a family friend of W. J. T. Clarke said at that time to be the richest man in Australasia. After Bank of Otago merged with the National Bank he remained with them a further twelve months.[7]
Take-over
The National Bank of New Zealand was incorporated in London in 1872 by a quite different group of people including a number of New Zealand residents: former governor, Thomas Gore Browne, former Speaker Charles Clifford and former Wellington Provincial Superintendent Isaac Featherston.[8]
The negotiation of the terms on which The National Bank of New Zealand would absorb The Bank of Otago were completed on 17 April 1873 and the business was handed over by William Larnach.[9][10] Larnach remained manager of the new bank into 1874.[11]
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References
- ^ Money-Market & City Intelligence. The Times, Saturday, April 25, 1863, Issue 24542, p.13.
- ^ Classified advertisements, The Times, 29 April 1863, page 1
- ^ New Zealand Acts as Enacted
- ^ The Bank of Otago Limited. Otago Daily Times 10 October 1863, Page 4
- ^ G. H. Scholefield, Bathgate, John. A Dictionary of New Zealand Biography, Wellington 1940. page 48
- ^ Otago Daily Times 12 September 1867 Page 3
- ^ G. H. Scholefield, Larnach, William James Mudie. A Dictionary of New Zealand Biography, Wellington 1940. page 485
- ^ Classified advertisements, The Times, 16 August 1872, page 1
- ^ The Evening Post 17 April 1873 Page 2
- ^ Otago Daily Times 14 May 1873 Page 2
- ^ The Arrow Observer, Lake County Press Arrowtown, 16 January 1874 Page 2
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