Everything about The Colonial Bank Of Issue totally explained
The
Colonial Bank of Issue was a New Zealand state owned bank that operated between 1847 and 1856 in an early unsuccessful attempt to create a government-owned issuer of bank notes in New Zealand. The bank was created by an
Ordinance of the
Governor of New Zealand Governor FitzRoy.
Pressure from the newly formed Colonial Parliament, the
Union Bank of Australasia, and the local commercial sector, along with views developed in the Colonial Office in the United Kingdom to allow experimentation on competition in the issue of banknotes, led to the bank being wound up by the New Zealand Colonial Bank of Issue Winding-Up Act
1856.
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