Bank of Western Australia - Banknotes
The Bank of Western Australia was established in Perth in 1837. The company was highly successful from its inception, as evidenced by a 14.5% dividend to shareholders after only one year of operation. The advent of competion caused the directors to rethink their business strategy and in 1841, a merger saw the bank become the Perth branch of the powerful London based Bank of Australasia, now part of the Australia and New Zealand Banking Group Limited.
Not everyone was happy with this turn of events. Dissident shareholders formed the Western Australian Bank and the subsequent competition led the Bank of Australasia to close its Perth branch in 1846, not to return again until 1894.
Before its merger, the Bank of Western Australia is believed to have issued only a limited number of notes to a value of approximately £2,500.