 |
 |
 |
 |
 |
| |
This site is © 2001 - 2003
Material and images on this site may not be used with out written consent.
BANKING INSTITUTIONS
By Fitzroy
One of the drawbacks of early Rockhampton and Central Queensland was the paucity of cash, so that the opening of branches of the banks established in southern cities was of paramount importance. This state of affairs meant that a lot of the business of the rising town was done by cheques or order on Brisbane or further south. With such a large floating population in many cases there was no means of ascertaining whether such cheques were negotiableable or not, and occasionally they were not worth the paper they were written on.
The announcement therefore that the Australian Joint Stock Bank (now
the Australian Bank of Commerce) intended to open a branch in Quay street,
was heard with widespread pleasure. Premises were ready in 1861 and Mr.
Hohn A Larnach was the first manager. He was a good man for such an undertaking,
and assumed all the importance of the Governor. As he was one of the
first in the town to possess a buggy, the vehicle gave him an added dignity,
particularly when he drove his wife round the streets shopping.
The Bank of course did a big business, but did not by any means do away
with the excessive cheque system of exchange, Gold and silver coinage
remained very scarce, and it was only rarely that copper pennies and
half pennies were met with. Instead several prominent firms had copper
tokens struck advertising their business. Among others D. T. Mulligan,
a general merchant, distributed a considerable number of these tokens.
The resembled genuine pence only in shape and size, in fact they were
considerably larger than the bronze coinage. These copper coins were
taken in general business, but, of course, were not really negotiable.
They were a convenience undoubtedly, though many people left that portion
of their change rather than be burdened with the weight. It was some
years before the bronze coinage was sufficient to do away with these
undesirable tokens.
As manager of the only Bank John Larnach soon became an important man in the business life of the thriving town, and there were very few public movements that he was not identified with, and influenced to a considerable extent.
George Ranken was sent to Rockhampton to open a branch of the Bank of
New South Wales about 1862. He was succeeded by a Buchanan, and then
the present “Cooinda” was built at the corner of Denham and
Bolsover streets. It was at that time about the finest building in the
town, and a ball was given in honour of the occasion and all the elite
of the town and district was present. The manager at that time was the
popular R. H.
D. White, who became Captain White, of the Rifle Volunteers.
Then followed the Union Bank of Australasia, with J. T. Sale as opening
manager. The same site was occupied as at present. In a short time E.
P.
Tregurtha took up the management of the branch, and after a few years
was succeeded by G. E. Tuson, who held the position for some years.
Rockhampton was then well supplied with banking institutions and smaller
branches were with all expedition extended to outside places like Clermont,
Mackay, and Gladstone.
The mention of Mr. Tuson’s name recalls the fact that he stuttered
in his speech, a decided drawback to a public man. Mr. Hardie Buzacott,
then proprietor of the “Bulletin,” also had an impediment
in his speech.
When these two gentlemen met, as they frequently did, their stammering
appeared almost comical to a third person, as it seemed as though they
might be mocking each other. Mr. W. R. O. Hill, a Police Magistrate of
early days, yes also a stutterer. All three of these gentlemen were good
singers, when the inflicion was absent.
The writer has forgotten when the Commercial Bank started business, but it was fairly early. It was in the seventies that the Queensland National Bank opened business in a very small way in the building next to the old Bulletin Office, in which the Northern Argus had started business. All of these and other branches started in a modest way, but blossomed out some buildings in which their business into important concerns as the hand is now conducted abundantly testifies.
John Larnach was so closely identified with the early life of Rockhampton,
apart from his being its first banker, that some further particulars
of this remarkable gentleman may be given. He was promoted elsewhere
after some years, and is believed to have lost his wife through death.
He returned to Rockhampton alone about 1880, having retied from the bank,
probably on the account of age. He still remained the fiery and irascible
man of his younger days, and the writer remembers Mrs. M’Master,
then licensee of the Blue Bell Hotel, Emu Park, complaining of the trouble
he gave as a temporary boarder. Like Bret Harte’s Heathen Chinee,
the old gentleman’s language “was frequent under free,” as
many were able to testify. However, his end came in a startling and tragic
manner. Blazius Brogli kept the Victoria Hotel at the corner of Kent
and Denham streets, and Larnach when he returned from Emu Park became
a boarder. One night he was reading in bed by the light of a kerosene
lamp. Somehow the lamp exploded or capsized, and set the mosquito curtains
and bed sheets on fire. In a few seconds John Larnach’s clothing
was in flames, and the poor old man was so terribly burned that his recovery
was hopeless, and after enduring great agony for a day or two death relieved
him of his sufferings. It was a sad ending to a life of energetic effort
and usefulness, but “He that dies pays all debts.”