Founding of the Commercial Bank of South Australia
Financial Event
1878AD
Bill introduced to Parliament of South Australia
On June 29th the Geelong Advertiser reports: "At a meeting of leading men it was resolved to form a new bank, to be called the Commercial Bank of South Australia, with a capital of £50,000 in £5 shares, a large number of which have been already taken up". On August 27th Mr Joseph Fisher introduces a Bill to the Legislative Council. The Bill states the capital of the Bank should be £250,000 divided into 50,000 £5 shares. The Bill passes without debate, as is the case in the House of Assembly where the Bill is introduced by the Hon, R. D. Ross.