Colesberg Bank

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Colesberg Bank was a South African bank established in 1861 and acquired by Standard Bank in 1863.

Contents 1 Formation 2 Capitalisation 3 Shareholding and Voting Rights 4 Directors 5 Premises 6 Investment Options 7 Operations 8 Bank Notes 9 Incorporation 10 External links 11 References

[edit] Formation

The decision to establish the Colesberg Bank was taken at a public meeting held on the 28th of December 1860 at Colesberg, 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.”

• Henry Green (British Resident) – Civil Commissioner for the District
• L.J. von Maltitz
• Richard Thomson
• Charles Wheatley Mathews
• R. A. Green
• James Murray
• A. A. Ortlepp
• S Roos
• Thomas Draper

[edit] Capitalisation

A total of 1250 shares were issued at £20 each giving an initial capitalisation of £25000. Payment for shares was staggered, being £1 at allotment, £2 three months after allotment, £2 after six months etc.

[edit] 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

[edit] 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.

[edit] Premises

On the 1st of 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

1. John H Davis – Reyneveld St.
2. R. A. Green – Reyneveld St.
3. James Ingram – Church St.
4. D.B. Muller – Stockenstrom St.
5. A. A. Ortlepp – Murray St.
6. 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 the 4th of 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 the 23rd of 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.

[edit] Investment Options

At a meeting held on the 1st of 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

[edit] Operations

The first record of operations is recorded for the 15th of July 1861 and a total of £2384.5.4 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.

[edit] Bank Notes

An initial run of bank notes were printed by Saul Solomon & Co., Printers in Cape Town 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 23rd 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.

[edit] Incorporation

The Colesberg Bank was incorporated into the Standard Bank 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.

[edit] External links

1. http://www.standardchartered.co.jp/home/global.html
2. http://www.thebarracks.co.za/history.htm
3. http://www.sa-venues.com/attractionsnc/colesberg.htm
4. http://www.sbgallery.co.za/
5. http://www.southafrica.info/travel/cultural/179925.htm
6. http://www.iob.co.za/

[edit] References