41:, who was Premier of Victoria in 1890-1892. He was also president on the Federal Building Society, established about the same time as the Federal Bank. Both institutions principally invested in speculative land companies, which boomed in the 1880s as the economy expanded, and property prices climbed to a frenzied peak in about 1890. The boom was followed by a crash, and the precipitous decline in property prices led to the collapse of building societies burdened by unsustainable debts, with the uncertainty soon spreading to banks. A
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52:. A provisional liquidator was appointed on 3 February 1893. The extent of the bank's debts, especially to English banks, was soon revealed. James Munro, already in debt (much to his own companies), had resigned as Premier in early 1892, and left for the UK, but returned voluntarily, and was declared bankrupt in February 1893. His personal debts amounted to £97,000, and his companies owed over £600,000.
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in 1881, and opened for business in April, 1882. Initially successful, the company expanded to New South Wales by absorbing the Sydney and
Country Bank Limited in 1882. Banknotes were issued at branches in Melbourne, Sydney and Adelaide. The headquarters was in a modest building on the corner of
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The doors never reopened, and the
Federal became the first bank, as opposed to building society, to fail as part of the
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in late 1892 forced the
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227:. Adelaide, S.A.: National Library of Australia. 3 February 1893. p. 2
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112:"A busy crossing: Elizabeth-Street and Collins-Street Melbourne. Vic"
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86:"Private Colonial Banknotes The Federal Bank of Australia Limited"
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88:. Australian Stamp & Coin Co Pty. Ltd. Archived from
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251:Table Talk (Melbourne, Vic. : 1885 - 1939)
171:Advertiser (Adelaide, SA : 1889 - 1931)
37:The managing director was the politician
289:Australian companies established in 1881
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253:. 24 February 1893. p. 6
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173:. 30 January 1893. p. 5
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294:Defunct banks of Australia
279:Banks established in 1881
224:South Australian Register
145:Reserve Bank of Australia
141:"6. The 1890s Depression"
23:Federal Bank of Australia
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25:was established in
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118:. 5 September 1889
199:. 30 January 1893
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70:Banks portal
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39:James Munro
273:Categories
257:11 January
177:11 January
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122:11 January
56:References
231:28 August
197:The Argus
27:Melbourne
203:23 April
96:23 April
147:. 2001
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