Page:History of Adelaide and vicinity.djvu/625

 The Bank of Adelaide ADELAIDE AND VICINITY 599 G. P. Harris, T. S. Henry. Thomas Magarey, William Morgan (afterwards Knighted), William Peacock, R. Barr Smith, R. A. Tarlton, and T. G. Waterhouse. Except for the historical Bank of South Australia, founded in March, 1837, three months after the proclamation of the Province, under the auspices of the celebrated South Australian Company, there had been no very important locally-owned institution of the kind, and the proposals were welcomed by certain prominent commercial men, among whom the promoters were not the least. The subscribed capital of the Bank was ^250,000, in 50,000 shares of ^5 each, of which the sum of ;/,'; 5,000 was paid up. The trustees under the deed of settlement were Mr. Joseph Fisher, and the late Messrs. Anthony Hall and James Smith. No trouble was experienced in getting the institution incorporated, and the incorporating Act of Parliament was assented to on December 5, 1865. Men of high reputation and position were appointed to the first Board of Directors, such as the Hon. Henry Ayers, Messrs. T. G. Waterhouse, R. Barr Smith, Thomas Magarey, and G. P. Harris; whilst Mr. John Souttar was entrusted with the responsible duty of managing the concern. On December 11, 1865, The Bank of Adelaide formally opened its doors to business. Under excellent management it quickly acquired a substantial connection, and three years after its foundation it paid a dividend of 6s. per share. Important current accounts were opened and encouraging deposits were received, and the popularity and utility of the institution has increased year by year. It early became evident that the expanding business of the Bank would demand an increase of subscribed capital. During the three years following its projection the paid-up capital was increased to ^200,000, and in 1872 it was deemed especially necessary to further add to the capital. An additional lot of 50,000 .^^5 shares was accordingly issued at a premium of £ per share, and was readily taken up. By the year 1875 the paid-up capital had reached ;^400,ooo, at which tigure it has remained. Mr. John Souttar managed the Bank until October, 1879, when he retired, and in April, 1880, Mr. R. G. Wilkinson succeeded him. The latter gentleman was eminently fitted for the onerous work, and for nine years he carried on the duties with marked success. The Bank took a firm hold on local industry, and extended its field of operations. It filled a useful and very neces.sary [)lace in the community and consequently increased in popularity and power with its growth. Mr. Wilkinson was a financier of superior powers, and he seemed to grasp the essentials of local business life. He was esteemed as a strong force in the Province. He retired from the office of manager in August, 1889, and was appointed superintendent, which position he held until 1890, when he retired from the Bank's service. In Mr. John Shiels an efficient substitute as manager was found. Mr. Shiels possessed a long experience of banking matters in Victoria, and his expert knowledge was bound to be advantageous to the local institution. This has been abundantly proved during subsequent years, as a reference to the appended statistics will show. During the financial panic of 1893, when so many banking institutions doing- business in Australia collapsed. The Bank of Adelaide lived on in a dignified and quiet security, and shareholders and depositors were consequently exempt from the annoyance and loss caused by reconstruction or liquidation. The Bank continued to ri.se steadily in public estimation, and it now occupies the leading position among similar institutions doing