The Savings Bank of New South Wales, 1832-1871

The Savings Bank of New South wales was established in 1832, and was modelled, with some minor variations (mainly as regards procedures for investing of funds) on the English trustee savings banks. Its purpose was primarily a social one, namely the encouragement of savings amongst the "industrious poor". The immediate reason for its creation was that the existing facilities for encouraging savings were felt to be in need of drastic reform. The existing New South Wales Saving Bank, established in 1819, had languished in its early years until Darling became Governor. He pursued with some zeal a policy, recommended by Commissioner Bigge, but enforced laxly by Governor Brisbane, of seizing the funds of convicts on their arrival in the colony and depositing the money in the savings bank. The funds were to be returned to them "as a special favour to the well—behaved convicts