Colesberg Bank
Encyclopedia
Colesberg Bank was a South Africa
n bank
established in 1861 and acquired by Standard Bank
in 1863.
, Cape of Good Hope
.
Mr. L.J. von Maltitz chaired the meeting and Mr. George Edington acted as Secretary.
The motion to establish the bank was put forward by Mr. J.H. Davies and was seconded by Mr. R. A. Green and unanimously agreed to by those present.
The following were selected to form a Committee “for the purpose of carrying out this scheme”.
Payment for shares was staggered, being £1 at allotment, £2 three months after allotment, £2 after six months etc.
Henry Green was hereafter elected Chairman of the Bank by the Directors.
The following tenders were received
After considering the options, the Board decided to investigate whether a Mr. Kisch’s premises in Church Street was available for lease or sale.
On 4 June 1861 Mr. Mathews who was acting as agent for Mr. Kisch reported that he was not in a position to tender the house in Church Street.
Mr. Ortlepp rejected the offer made to him and after consideration, it was decided to buy the property of Mr. R. A. Green in Reyneveld Street for £900, payable in two instalments at six and twelve months, bearing an interest rate of six percent per annum as of the 1st of July 1861 when occupation was taken.
On 23 September 1861, a Building Committee comprising Messrs. H. Green and Thomson were appointed to meet with the architect Mr. Welchman and to explain to him the wishes of the Board regarding new Buildings.
Operating hours were set from 10 o’clock am. ‘till 3 o’clock pm during the week and from 9 ‘till 1 o’clock on Saturdays.
and a £5 pound cancelled note signed by R Thomson and R.A. Green, issued on the 24th October 1861 is known to exist at the Gallery and Heritage Centre - Standard Bank of South Africa in Simmonds Street Johannesburg
.
Other notes include a rare £4 note issued on the 30th of January 1862 and signed by Thomas Draper Jr. and R.A. Green as well as a £5 note signed by C.W. Mathews and Thomas Draper Jr. on 23 January 1862. The latter notes were printed by William Brown & Co. Sc 40 & 41, Old Broad St. London who were represented locally by Ewan Christian
of Cape Town.
Between 1822 and 1891 the issue by firms and individuals of notes for less than Rds.50 or £3.15.0 was forbidden by law which led to several Private Cape Banks issuing £4 pound notes as the smallest denomination.
Other known locations where notes are kept include the MuseuMAfricA
in Johannesburg and the Institute of Bankers of South Africa.
of South Africa in 1863 with five Standard Bank shares with £25 paid for twelve Colesberg Bank shares with £10. This was at a premium of 3s. 4d. per share.
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
n bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
established in 1861 and acquired by Standard Bank
Standard Bank (historic)
The Standard Bank was a British overseas bank, which operated mainly in Africa from 1863 to 1969. It merged with the Chartered Bank in 1969 to form Standard Chartered.-History:...
in 1863.
Formation
The decision to establish the Colesberg Bank was taken at a public meeting held on 28 December 1860 at ColesbergColesberg
Colesberg is a town with 17,354 inhabitants in the Northern Cape province of South Africa, located on the main road from Cape Town to Johannesburg....
, Cape of Good Hope
Cape of Good Hope
The Cape of Good Hope is a rocky headland on the Atlantic coast of the Cape Peninsula, South Africa.There is a misconception that the Cape of Good Hope is the southern tip of Africa, because it was once believed to be the dividing point between the Atlantic and Indian Oceans. In fact, the...
.
Mr. L.J. von Maltitz chaired the meeting and Mr. George Edington acted as Secretary.
The motion to establish the bank was put forward by Mr. J.H. Davies and was seconded by Mr. R. A. Green and unanimously agreed to by those present.
The following were selected to form a Committee “for the purpose of carrying out this scheme”.
- Henry Green (British Resident)Henry Green (British Resident)Henry Green was British Resident of the Orange River Sovereignty, a civil servant and a diamond miner in Griqualand West....
– Civil Commissioner for the District - L.J. von Maltitz
- Richard ThomsonRichard ThomsonRichard Thomson, sometimes spelled Thompson, was a Dutch-born English theologian and translator. He was Fellow of Clare Hall, Cambridge and the translator of Martial's epigrams and among the "First Westminster Company" charged by James I of England with the translation of the first 12 books of the...
- Charles Wheatley Mathews
- R. A. Green
- James MurrayJames Murray-Politicians:* Lord James Murray , MP for Perthshire* James Murray, 2nd Duke of Atholl , Whig MP and lord of the Isle of Man from 1736–1764* Hon. James Murray -Politicians:* Lord James Murray (1663–1719), MP for Perthshire* James Murray, 2nd Duke of Atholl (1690–1764), Whig MP and lord of the Isle...
- A. A. Ortlepp
- S Roos
- Thomas DraperThomas DraperThomas "Shang" Draper was a professional criminal in New York City.Draper ran a waterfront saloon in his native New York City where he performed a confidence scam using an underage girl to lure a mark to a dark hotel room only to rob him...
Capitalisation
A total of 1,250 shares were issued at £20 each giving an initial capitalisation of £25,000.Payment for shares was staggered, being £1 at allotment, £2 three months after allotment, £2 after six months etc.
Shareholding and Voting Rights
It was proposed that no shareholder be allowed to hold more than 50 shares and that the proportion of votes be as follows:| Shares | Votes |
|---|---|
| 5 | 1 |
| 10 | 2 |
| 20 | 3 |
| 35 | 4 |
| 50 | 5 |
Directors
The initial Directors of the bank were chosen by ballot on the 16th May 1861 and Messrs. H Green and Bedford Jnr. were appointed scrutineers. The results were as follows:| Nominee | Votes |
|---|---|
| Henry Green C.C | 141 |
| P von Maltitz | 135 |
| Richard Thomson | 130 |
| R. A. Green | 106 |
| Charles Wheatley Mathews | 98 |
| Thomas Draper Jnr. | 73 |
| A. A. Ortlepp | 70 |
Henry Green was hereafter elected Chairman of the Bank by the Directors.
Premises
On 1 June 1861, a meeting of the Board of Directors was held to consider tenders for the establishment of banking premises.The following tenders were received
- John H Davis – Reyneveld St.
- R. A. Green – Reyneveld St.
- James Ingram – Church St.
- D.B. Muller – Stockenstrom St.
- A. A. Ortlepp – Murray St.
- John Norval – Market Sq.
After considering the options, the Board decided to investigate whether a Mr. Kisch’s premises in Church Street was available for lease or sale.
On 4 June 1861 Mr. Mathews who was acting as agent for Mr. Kisch reported that he was not in a position to tender the house in Church Street.
Mr. Ortlepp rejected the offer made to him and after consideration, it was decided to buy the property of Mr. R. A. Green in Reyneveld Street for £900, payable in two instalments at six and twelve months, bearing an interest rate of six percent per annum as of the 1st of July 1861 when occupation was taken.
On 23 September 1861, a Building Committee comprising Messrs. H. Green and Thomson were appointed to meet with the architect Mr. Welchman and to explain to him the wishes of the Board regarding new Buildings.
Investment Options
At a meeting held on 1 July 1861 the Board decided that the following rates of interest would be offered:| Period | Interest Rate (%/annum) |
|---|---|
| For 3 months + under 6 months | 3 |
| For 6 months + under 12 months | 4 |
| For 12 months | 5 |
| For 12 months with notice of 3 months | 6 |
Operations
The first record of operations is recorded for 15 July 1861 and a total of £2,384.5.4 in bills were presented before the board for discount.Operating hours were set from 10 o’clock am. ‘till 3 o’clock pm during the week and from 9 ‘till 1 o’clock on Saturdays.
Bank Notes
An initial run of bank notes were printed by Saul Solomon & Co., Printers in Cape TownCape Town
Cape Town is the second-most populous city in South Africa, and the provincial capital and primate city of the Western Cape. As the seat of the National Parliament, it is also the legislative capital of the country. It forms part of the City of Cape Town metropolitan municipality...
and a £5 pound cancelled note signed by R Thomson and R.A. Green, issued on the 24th October 1861 is known to exist at the Gallery and Heritage Centre - Standard Bank of South Africa in Simmonds Street Johannesburg
Johannesburg
Johannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
.
Other notes include a rare £4 note issued on the 30th of January 1862 and signed by Thomas Draper Jr. and R.A. Green as well as a £5 note signed by C.W. Mathews and Thomas Draper Jr. on 23 January 1862. The latter notes were printed by William Brown & Co. Sc 40 & 41, Old Broad St. London who were represented locally by Ewan Christian
Ewan Christian
Ewan Christian was a British architect. He is most notable for the restoration of Carlisle Cathedral, the alterations to Christ Church, Spitalfields in 1866, and the extension to the National Gallery that created the National Portrait Gallery. He was architect to the Ecclesiastical Commissioners...
of Cape Town.
Between 1822 and 1891 the issue by firms and individuals of notes for less than Rds.50 or £3.15.0 was forbidden by law which led to several Private Cape Banks issuing £4 pound notes as the smallest denomination.
Other known locations where notes are kept include the MuseuMAfricA
MuseuMAfricA
MuseuMAfricA is an historical museum in Johannesburg, South Africa.-History:The museum was established in 1933, when the Johannesburg Public Library bought a large quantity of African material culture and books from John Gaspard Gubbins...
in Johannesburg and the Institute of Bankers of South Africa.
Incorporation
The Colesberg Bank was incorporated into the Standard BankStandard Bank
The Standard Bank of South Africa Limited is one of South Africa's largest financial services groups. It operates in 30 countries around the world, including 17 in Africa.-History:...
of South Africa in 1863 with five Standard Bank shares with £25 paid for twelve Colesberg Bank shares with £10. This was at a premium of 3s. 4d. per share.
External links
- http://www.standardchartered.co.jp/home/global.html
- http://www.thebarracks.co.za/history.htm
- http://www.sa-venues.com/attractionsnc/colesberg.htm
- http://www.sbgallery.co.za/
- http://www.southafrica.info/travel/cultural/179925.htm
- http://www.iob.co.za/