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Convict Savings Bank (1828 - 1851)

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The Convict Saving Bank was established by Lt Governor Arthur, in Van Diemen's Land, following instructions from Lord Bathurst, that all convict moneys had to be deposited in a savings bank. The `Savings Bank' for convicts was proclaimed in the Hobart Town Gazette on 21 June 1828. The bank was operated by the Derwent Bank, on behalf of the Government. Money was compulsorily acquired from convicts upon their arrival and those convicts eligible to earn money could make voluntary deposits of 5s. and upwards, which received interest at the rate of 10% p.a. Scheme ended when the Derwent Bank was wound up in 1849. The deposits of 10,000 convicts, totalling 5,000, were transferred to the Union Bank of Australia in 1851, after which the Convict Savings Bank ceased operation.
 
Sources used to compile this entry: Information provided by RMIT, MBIT student, Catherine Nolan.
 
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Previous and Subsequent Entities

 1828 - 1851 Convict Savings Bank
       1837 - 1951 Union Bank of Australia Ltd
             1951 - 1970 Australia and New Zealand Bank Ltd
                   1970 - Australia and New Zealand Banking Group Ltd

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Structure based on ISAAR(CPF) - click here for an explanation of the fields.Prepared by: Bruce A. Smith
Created: 31 December 1999
Modified: 1 May 2005

Published by Archive Research Consultancy, 1999-2006
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Updated: 3 December 2006
http://www.gabr.net.au/biogs/ABE0208b.htm

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