Home » Posts tagged 'Arthur Renwick'
Tag Archives: Arthur Renwick
The former Australian Competition and Consumer Commission chairman Professor Allan Fels, commenting on the revelations about banking behaviour in the Royal Commission, has said
“… it’s now out there in public that this behaviour has been going on, widespread, shocking, unconscionable … It’s worse than I thought, more systemic, more unconscionable.”
Jeff Morris, the whistleblower on Commonwealth Bank activities, recently in receipt of $700 million dollar fine for ‘dodgy’ behaviour, sees it arising in part from the
“untrammelled greed of management fuelled by out-of-control bonus schemes based on Key Performance Indicators”.
Such are things today, but I want to take you to a happier banking time which was motivated not by profit but by philanthropy; to the time of the Penny Bank. “A penny saved is a penny gained” was a slogan used in NSW to promote the formation of Penny Banks and to encourage the poor to bank very small sums.
Where did the idea of Penny Banks originate and what was their purpose?
The Penny Bank (PB) in origin seems to have several stands to its DNA. In 1861 J D Langley, himself a banker and future bishop of the Church of England in Australia, drew attention to Priscilla Wakefield in Tottenham as the founder of the PB. In 1798, she founded the first ‘frugality bank’ in England to help those on low incomes to save money. Members paid, according to age, a monthly sum which would give them a pension after they were 60 years old and money if they were sick. In this function, it was more like a Friendly Society than a bank for it was a form of superannuation, the benefit of which was only available to its beneficiary at a certain date.
In 1808, a society was formed in Bath for the purpose of receiving the savings of industrious and respectable servants upon which interest of four per cent was paid. The management of the scheme was undertaken by a committee of eight, four of whom were ladies. PBs, which were open to all and where funds could be drawn at any stage, was a Scottish innovation being formed in West Calder by its minister the Rev John Muckersey in 1807 and then a short time later by the Rev Henry Duncan of Ruthwell in Dumfriesshire in 1810. Such banks, however, did not become commonplace in Scotland until decades later in the 1860s.
The aim of the PB was to encourage the less well-off to save very small sums ‘to encourage and foster habits of regularity and frugal economy’ and place them with the PB. In turn, this money would be deposited by the Trustees of the PB in a Savings Bank which would pay interest that was passed on to the PB depositor. The PB was necessary as the Savings Banks normally would only accept a minimum deposit of one shilling. Initially, the first NSW PB did not pay interest as it was intended only to ‘be a poor man’s purse to save his pence until they became shilling and pounds’ upon which time they could place their funds in a savings bank. It was considered, quite correctly, that calculating interest would be a significant burden on the administrators and so this initial PB was promoted as a ‘Safety Bank’ and not a ‘Savings’ Bank’. This was soon to change and PBs did pay interest. Depositors were encouraged to become a PB member as
You will have the advantage of feeling you are doing your duty to your family and yourself, and that you are placing your money where it will be safe, until sickness or old age, or some other cause compels you to ask for it again.
The first PBs in the colonies of Australia were at Unley in South Australia (1858), Dalby in Queensland (1859), Liverpool in New South Wales (1859), Geelong in Victoria (1862) and Launceston in Tasmania (1862). The way the PBs were organised was outlined in a newspaper article encouraging their formation:
William Crane, (1826-1914) Magistrate and Governance Philanthropist
William Crane was born on October 5, 1826, at Castlereagh Street, Sydney. He was the son of William Christopher Crane (1799-1876) a publican who was the landlord of the Leather Bottle Inn in Castlereagh Street and Sarah McAvoy (1802-1857). He was educated at the Sydney College under the headmastership of William Timothy Cape and his fellow students included Sir James Martin, William Bede Daley, Sir Henry Stephen and Thomas Alexander Browne (aka Rolf Boldrewood). In his youth William was a keen sportsman. He was a cricketer and active member of the Newtown Cricket Club from its formation in 1858, a boxer, and a strong swimmer, frequently swimming the considerable distance from The Fig Tree, Woolloomooloo, to Garden Island and back.
In the 1850s, Crane and a number of companions went to the Ophir and Turon goldfields where he appears to have been unsuccessful in his gold prospecting unlike his younger brother, Christopher, who struck it rich at Gulgong. He returned to Sydney and became a law clerk in the law practice of solicitor Joseph Frey Josephson  after which, in 1853, he entered the New South Wales civil service as a clerk in the Department of Police. He was appointed clerk of Petty Sessions, Water Police in 1861, a magistrate of the colony in 1869, and then in 1875 Clerk of Petty Sessions in the Central Police court. In 1882, Crane was appointed one of Sydney’s first stipendiary magistrates and officiated at the Central Court until his retirement in 1885. He was highly regarded and an able magistrate as illustrated by, for the time, an unusual occurrence in his court when a young man stepped into the witness box, and when the Bible was tendered, shut the book. Said Mr Crane to him: “Why did you shut the book?” He said: “I am a Liberal or Freethinker.” He further stated he had no belief in the Bible, and there was nothing binding on his conscience, and he objected to take an oath. This at first seemed rather puzzling and brought the proceedings to a sudden standstill.
Samuel Watson (1842-1911) Superintendent Deaf and Dumb and Blind Institution, Sydney.
As early as March 1853 in colonial New South Wales attempts were made to commence education classes for deaf children. These efforts met with limited success and were short-lived until Thomas Pattison commenced his classes in October 1860. This developed into what became known as the Deaf and Dumb and Blind Institution (DDBI), later to be known as the Royal Institute for Deaf and Blind Children. The first decade of the DDBI was beset with difficulties as the organising committee sought to find a suitable person to lead the work and it was not until Samuel Watson was appointed in 1870 that the education of the deaf and blind began to thrive.
Life in Ulster
Samuel Watson was born in Glenhue, Ahoghill, County Antrim, Northern Ireland, on December 22, 1842, the fourth and youngest son of the eight children of William Watson a farmer, and his wife Jane McMaster. By 1857, both of his parents had died and the eldest son James (1827-1878) had assumed the role of head of the family. In May 1861, aged 18, Samuel was employed by the Ulster Institution for the Deaf, Dumb and Blind, as an assistant teacher and he remained in this position for seven and a half years until 1868. In this period of service he would, he said, ‘learn the art of teaching Deaf mutes and whatever power as well as impulses for good I have acquired.’ Samuel was well regarded by the Institution being considered by its Principal, the Rev John Kinghan, as ‘a young man of much amiable temper, good sense and good feeling, imbued with a sincere desire to Glorify God.’ In January of 1869, upon being recommended by Kinghan for the post, he commenced as a Teacher and Manager of the Church of Ireland Derry and Raphoe School for the Deaf and Dumb.
This institution, founded in 1846 in Strabane, was supported both personally and financially by the hymn writer Cecil Frances Alexander, the wife of the local minister. The proceeds of some of her hymns, such as ‘There is a green hill far away’ and ‘All Things bright and beautiful’, contained in her publication Hymns for Little Children, went to the support of the institution. Samuel was highly regarded by the Derry and Raphoe School, though he only served 18 months as its master apparently seeing that he would have greater opportunities and financial security in the colony of NSW. (more…)