File:Lachlan Macquarie 2010 - August highlight (4854616641).jpg

This month we highlight Macquarie's idea of establishing a bank in New South Wales; it was rejected by Whitehall. Written to Robert Peel, Under Secretary for War and the Colonies, conveying the disapproval of the Committee of Privy Council for Trade to a suggestion by Macquarie that a Government Colonial Bank be established in New South Wales. It was sent as an enclosure to a Despatch from the Earl of Liverpool to Governor Macquarie. A bank would eventually be established in 1817.

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TRANSCRIPT:

Dup Copy No 32 17 May 1811

Office of Committee of Privy

Council for Trade

Whitehall 17 May 1811

Sir,

The Lords of the Committee of

Council for Trade & Foreign Plantations having

had under consideration the Extract of a Letter

from Govr Macquarie dated Sydney New South

Wales 30 Apr 1810 (transmitted by you on the 11th

Inst) suggesting the Expediency of establishing a

Government Colonial Bank for the reasons

therein represented, I am therefore directed

to acquaint you for the information of the

Earl of Liverpool that it appears to their

Lordships that there are many objections

to the Establishment of a Bank in New South

Wales however advantageous such an Establish-

ment may have proved to the settlement at

the Cape of Good Hope. The Lords of the Com-

mittee, however are of the opinion that it

might be advisable that an issue of Dollars

of not more than £10,000 in amount, should

take place, as such a measure might prove

of

R. Peel Esqe

127

of essential service towards relieving

the difficulties complained of in the said

Letter of Govr Macquarie.

                               I am etc.