History of Sydney
From 1788 to 1900 Sydney was the capital of the British colony of New South Wales. An elected city council was established in 1840. In 1900, Sydney became a state capital, when New South Wales voted to join the Australian Federation. Sydney today is Australia's largest city and a major international capital of culture and finance. The city has played host to many international events, including the 2000 Summer Olympics.
Bank of New South Wales
Established in 1817 in Macquarie Place, Sydney premises leased from Mary Reibey, the Bank of New South Wales (BNSW) was the first bank in Australia. It was established under the economic regime of Governor Lachlan Macquarie (responsible for transitioning the penal settlement of Sydney into a capitalist economy). At the time, the colony of Sydney had not been supplied with currency, instead barter and promissory notes was the payment method of choice. Governor Macquarie himself used cattle and rum as payment for the construction of Sydney Hospital and the road from Sydney to Liverpool. The suggestion of establishing a bank was raised in March 1810; but it wasn't until November 1816 that a meeting was held to discuss the real possibility of such a proposal. In February 1817 seven directors of the bank were elected: D'Arcy Wentworth, John Harris, Robert Jenkins, Thomas Wylde, Alexander Riley, William Redfern and John Thomas Campbell. Campbell was elected the bank's first president and Edward Smith Hall as its first cashier and secretary. During the 19th and early 20th century, the Bank opened branches throughout Australia and Oceania. This included at Moreton Bay (Brisbane) in 1850, then in Victoria (1851), New Zealand (1861), South Australia (1877), Western Australia (1883), Fiji (1901), Papua (now part of Papua New Guinea) (1910) and Tasmania (1910).