THE BANK OF VICTORIA.
But if the first attempt at local Bank-making was a decided failure, the second eventuated in a decided success, and as such merits special mention. In the year 1852, when Melbourne yvas floundering in the throes of the incipient revolution, evolved by the gold discoveries, the Bank of Victoria yvas originated in this unpretentious manner. Dr. T h o m a s Black, a physician of high professional and social status, occupied, in 1852, the mansion at Richmond, well-knoyvn as Pine Grove (now, 1888, the residence of Mr. George Coppin) and here one evening he entertained at dinner Messrs. William Highett, H . J. Chambers, and R. M'Arthur of Gippsland. Inspired by the exhilarating influence of yvine and walnuts, the host, in the midst of a desultory conversation, was suddenly seized with a banking mania, and suggested to his friends the feasibility of starting a local bank. A s to its success he had not the slightest doubt, and he thought it not at all to the credit of Victorian enterprise that the English Banking Institutions should have everything their own way. T h e suggestion took, and Highett, w h o was not only an experienced Bank Manager, but a m a n of mark, expressed himself in favour of the project, and promised his hearty co-operation. T h e subject yvas pretty exhaustively talked over, and the Doctor determined that on the following morning he yvould set out on his mission of bank-manufacturer. H e and Chambers met early in the toyvn, and started forth to beat up recruits. T h efirstperson they visited was Captain George Ward Cole, pottering about his yvharf, and on mentioning the subject to him he shook himself, after the manner of one disturbed from a deep reverie, and roared out: " I'll have nothing to do yvith it ! " T h e pair returned to town and went in quest of Mr. Henry Miller. O n reaching the eastern extreme of Collins Street, knoyvn as Howitt's Corner, they beheld the object of their anxiety plodding quietly up the hill with the precision of a slow going locomotive ; but Miller, yvhen informed of what was in the wind, curtly and emphatically exclaimed, " I'll have nothing yvhatever to do with it, Doctor Black !" Cold blanket No. 2, but Black declared he should and would have a new bank. They then called on M r . Germain Nicholson, in his well-known shop at the corner of Collins and Swanston Streets, and he yvas thefirstthey enlisted. Mr. William Nicholson also agreed to go in with them. Mr. H u g h Glass was next button-holed, and he not only promised to become a shareholder, but declared his readiness to take up any shares remaining after a public meeting, which was to be called to set the speculation afloat. M r . William Westgarth also offered to help the project in every possible way. T h e stone set going kept rolling along, though unlike the generality of rolling stones it gathered a good deal of moss. T h e public meeting was promptly held at the Royal Hotel, in Collins Street.* Mr. Westgarth presided, resolutions affirming the expediency of starting the bank were passed, the amount of capital and number of shares determined, and ere the close of the proceedings all the shares except 500 yvere taken up. Black, seeing this result, hurried away to find H u g h Glass, but he was followed by Westgarth, who told him he need not trouble himself with Glass, because Mr. Miller, who had been in the room, had taken the remaining shares. T h e next question was to procure suitable bank premises. Dr. Black had three two-storied houses on the east side of Swanston Street, between Collins and Little Flinders Streets, yvhich he knocked into oneforthe purpose. This was agreed to, and Dr. Black dreyv £ 1 5 0 0 per annum rent for eleven years, when the bank removed into new premises. Chambers also received the solatium of appointment as the Bank Solicitor, but he did not stick to it as he ought, or he might have done well out of it. The career of the Bank of Victoria has been one of marked prosperity. Its capital yvas £1,000,000, and itsfirstBoard of Management comprised Mr. Henry Miller, Chairman; Mr. William Highett, DeputyChairman ; Directors: Messrs. W . Nicholson, W . F. Splatt, W . H . Tuckett and Alexander Wilson ; Manager, Mr. John Matheson. It was opened on 3rd January, 1853, and on 30th June the same year, the first dividend yvas declared, at the rate of 10 per cent, per annum. T h e present bank in Collins Street is erected on land which cost, in 1863, £12,000, to which was subsequently added £10,000 worth more extending to Little Flinders Street, or a total land cost of £22,000; and the present buildin°- involved an outlay of £40,000. Mr. Matheson continued itsfirstand only Manager until the end of 1881. H e died on the ioth July, 1882. •The name of this hotel was afterwards changed to the Criterion, where, in 1854 three pardoned Irish State Prisoners (Smith O'Brien , Martin and O'Dogherty) were feted on their return via Melbourne from Van Diemen's' Land to Europe.
