Sydney
Under the reign of Queen Victoria federation of the six colonies occurred on 1 January 1901. Sydney, with a population of 481,000, then became the state capital of New South Wales. The Great Depression of the 1930s had a severe effect on Sydney's economy, as it did with most cities throughout the industrial world. For much of the 1930s up to one in three breadwinners was unemployed. Construction of the Sydney Harbour Bridge served to alleviate some of the effects of the economic downturn by employing 1,400 men between 1924 and 1932. The population continued to boom despite the Depression, having reached 1 million in 1925.
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).