Convicts & Colonials: Finance

Tales of Early Ipswich by Ern Patrick, Editor of the Queensland Times, 31 January 1953 featured an article on early banks in Ipswich. This article featured in Bremer Echoes, an Ipswich Genealogical Society publication in November 2019.

One hundred years ago come next September Ipswich was given its first bank. It was the Bank of New South Wales, and its manager then was a Mr. Craies. Today the Bank of New South Wales is still with us, and its present manager is a Mr. Craies. This certainly is a remarkable coincidence, and it is only natural that Mr. John H. Craies is keen to do something about a fitting celebration, for Ipswich's original banker was his grandfather, Mr. William Craies. The present manager is the third generation of "Craies the Bankers," for his father, Mr. W. H. Craies, also was associated with the local branch some years ago.

"The Wales" defeats the Bank of Australasia by two months for the honour of being Ipswich's first banking Institution. It opened for business in a place known as Moore's property in East Street, on the site of the present swimming baths [1953] on September 24 1853. Mr. W. Craies the man who initiated the business, held the dual position of manager at Brisbane and Ipswich. Subsequently the bank transferred its business to premises in Brisbane Street later occupied by Mr. Joe McCarthy's cycle depot. Mr Craies, who held the position until 1855, died in Rockhampton in 1863. After wards the respective resident accountants in charge of the bank were Messrs. H. V. Hassell and James Gibson.

Having purchased the site on the corner of East and 'Brisbane Streets a substantial two-storied building was erected; the bank was removed there on October 22, 1863. Mr. I. J George was then manager, having been installed as such in 1862, and holding the position until 1865 when he was succeeded by Mr. James Gibson. Later managers were Messrs. A. F. Whitehill and C. H. Hodgson The bank again moved to its present site on the corner of Brisbane and Bell streets in 1932.

"The A'sia"
The Bank of Australasia was first established on November 7, 1853, in Brisbane Street on property now occupied by Cribb and Foote Ltd. The manager was Mr. George Faircloth. Prior to the banks taking over, Mr. Savory (good name) had conducted a bakery business on the premises. It is worthy of note that the Ipswich branch of this bank was established eight years before the Brisbane branch. Mr. Faircloth, who brought his staff and machinery from the south in October, 1853, occupied the position of manager for nine years. During that period he had purchased considerable acreages of land in the area now known as Booval, and he built as a residence what was known in the early days as "Booval House." He was also prominent in many other activities tending to advance the interests of Ipswich. Mr. Faircloth assisted to establish the North Australian Club, the headquarters of which were in South Street. He was also a factor in the inauguration of the widely known North Australian Jockey Club. Later managers of the Bank of Australasia were Messrs. H. A. Kingsford, Andrew H. Barlow (who later represented the Ipswich electorate in the Legislative assembly), J. M. Gillespie, W. P. Lord and H. E. Barlow, son of Mr. A. H. Barlow.

 

A.B.C. Bank.
The Australian Joint Stock Bank (later the Australian Bank of Commerce) first opened its doors in May 1858, its situation having been a block of land in Bell Street, which later was the site of a station master's residence. The manager was Mr. F. O. Bryant, who was succeeded by Mr. W. J. Taylor. The bank later moved to the corner of Bell and Brisbane Streets on May 26, 1863; and was known for many years as "Darvall's Bank," on account of the long managership of Mr. Anthony W. Darvall.