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[[File:Bank of Otago Oamaru-Nueva Zelanda03 (cropped).JPG|thumb|265px|Oamaru branch building later bought by the since defunct [[National Bank of New Zealand|National Bank]]]]
[[File:Bank of Otago Oamaru-Nueva Zelanda03 (cropped).JPG|thumb|265px|Oamaru branch building later bought by the since defunct [[National Bank of New Zealand|National Bank]]]]
'''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.<ref>Money-Market & City Intelligence. ''The Times'', Saturday, April 25, 1863, Issue 24542, p.13.</ref><ref>Classified advertisements, ''The Times'', 29 April 1863, page 1</ref> The shares were listed on the London Stock Exchange and special enabling legislation enacted in New Zealand, (the) Bank of Otago Limited Act, 1863.<ref>[http://nzlii.org/nz/legis/hist_act/boola186327v1863n4340/ New Zealand Acts as Enacted]</ref><ref>[https://paperspast.natlib.govt.nz/newspapers/ODT18631010.2.15.1 The Bank of Otago Limited. ''Otago Daily Times''] 10 October 1863, Page 4</ref>
'''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.<ref>Money-Market & City Intelligence. ''The Times'', Saturday, April 25, 1863, Issue 24542, p.13.</ref><ref>Classified advertisements, ''The Times'', 29 April 1863, page 1</ref> The shares were listed on the London Stock Exchange and special enabling legislation enacted in New Zealand, (the) Bank of Otago Limited Act, 1863.<ref>[http://nzlii.org/nz/legis/hist_act/boola186327v1863n4340/ New Zealand Acts as Enacted]</ref>
==Objectives==
The Head Office was to be in London and the chief branch in Dunedin. Other branches or agencies were to be established at such settlements as the directors would determine. The many advertisements announced: "The Bank will receive money on deposit in London and New Zealand, repayable at long and short dates, open drawing accounts in the colony, issue Notes, discount Bills, conduct exchange operations, receive dividends, interest, &c, for customers, effect purchases and sales in funds, stock, &c, for them, and transact all other legitimate banking business."<ref>[https://paperspast.natlib.govt.nz/newspapers/ODT18631010.2.15.1 The Bank of Otago Limited. ''Otago Daily Times''] 10 October 1863, Page 4</ref>
==Open for business==
==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]].<ref>G. H. Scholefield, Bathgate, John. ''A Dictionary of New Zealand Biography'', Wellington 1940. page 48</ref>
[[John Bathgate]] aged 54 was sent by the London board to be colonial manager (chief executive in New Zealand) arriving in Dunedin 23 November 1863.<ref>[https://paperspast.natlib.govt.nz/newspapers/ODT18630917.2.9 The Money Market. ''Otago Daily Times''] 17 September 1863 Page 4</ref><ref>https://paperspast.natlib.govt.nz/newspapers/ODT18631124.2.5 Shipping Intelligence ''Otago Daily Times''] 24 November 1863 Page 4 </ref> 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]].<ref>G. H. Scholefield, Bathgate, John. ''A Dictionary of New Zealand Biography'', Wellington 1940. page 48</ref> <ref>[https://paperspast.natlib.govt.nz/newspapers/ODT18631111.2.26 The Bank of Otago ''Otago Daily Times''] 11 November 1863 Page 10</ref>


Bathgate left his Bank of Otago post in 1867 after two of his accounts proved to be unsatisfactory investments of bank funds.
Bathgate resigned his Bank of Otago post in 1867 after two of his accounts proved to be unsatisfactory investments of bank funds.<ref>[https://paperspast.natlib.govt.nz/newspapers/ODT18670910.2.4.3 Public Notices ''Otago Daily Times''] 10 September 1867 Page 3</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>
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>
==Take-over==
==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 [[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>
The National Bank of New Zealand was incorporated in London in 1872 by a quite different group of people including a number of former 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>


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>

Revision as of 06:56, 10 September 2019

The Bank of Otago (Limited)
Company typepublic listed company
IndustryBanking
FoundedApril 1863; 161 years ago (April 1863)
DefunctApril 1873 (April 1873) absorbed by The National Bank of New Zealand
HeadquartersDunedin,
New Zealand
Key people
ProductsNote-issuing, banking, financial and saving services
Oamaru branch building later bought by the since defunct National Bank

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]

Objectives

The Head Office was to be in London and the chief branch in Dunedin. Other branches or agencies were to be established at such settlements as the directors would determine. The many advertisements announced: "The Bank will receive money on deposit in London and New Zealand, repayable at long and short dates, open drawing accounts in the colony, issue Notes, discount Bills, conduct exchange operations, receive dividends, interest, &c, for customers, effect purchases and sales in funds, stock, &c, for them, and transact all other legitimate banking business."[4]

Open for business

John Bathgate aged 54 was sent by the London board to be colonial manager (chief executive in New Zealand) arriving in Dunedin 23 November 1863.[5][6] 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.[7] [8]

Bathgate resigned his Bank of Otago post in 1867 after two of his accounts proved to be unsatisfactory investments of bank funds.[9]

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.[10] 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.[11]

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 former New Zealand residents: former governor, Thomas Gore Browne, former Speaker Charles Clifford and former Wellington Provincial Superintendent Isaac Featherston.[12]

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.[13][14] Larnach remained manager of the new bank into 1874.[15]

John Bathgate, first manager, circa 1873
William Larnach, second manager

References

  1. ^ Money-Market & City Intelligence. The Times, Saturday, April 25, 1863, Issue 24542, p.13.
  2. ^ Classified advertisements, The Times, 29 April 1863, page 1
  3. ^ New Zealand Acts as Enacted
  4. ^ The Bank of Otago Limited. Otago Daily Times 10 October 1863, Page 4
  5. ^ The Money Market. Otago Daily Times 17 September 1863 Page 4
  6. ^ https://paperspast.natlib.govt.nz/newspapers/ODT18631124.2.5 Shipping Intelligence Otago Daily Times] 24 November 1863 Page 4
  7. ^ G. H. Scholefield, Bathgate, John. A Dictionary of New Zealand Biography, Wellington 1940. page 48
  8. ^ The Bank of Otago Otago Daily Times 11 November 1863 Page 10
  9. ^ Public Notices Otago Daily Times 10 September 1867 Page 3
  10. ^ Otago Daily Times 12 September 1867 Page 3
  11. ^ G. H. Scholefield, Larnach, William James Mudie. A Dictionary of New Zealand Biography, Wellington 1940. page 485
  12. ^ Classified advertisements, The Times, 16 August 1872, page 1
  13. ^ The Evening Post 17 April 1873 Page 2
  14. ^ Otago Daily Times 14 May 1873 Page 2
  15. ^ The Arrow Observer, Lake County Press Arrowtown, 16 January 1874 Page 2
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