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Bank of Australia Share Certificate number 167 issued to Phillip Cavenagh
Bank of Australia Share Certificate number 167 issued to Phillip Cavenagh

Bank of Australia Share Certificate number 167 issued to Phillip Cavenagh

Subject or historical figure (1790 - 1834)
Date1 July 1826
Object number00056562
NameCertificate
MediumVellum, iron gall ink
DimensionsOverall: 140 x 223 mm,
ClassificationsEphemera
Credit LineAustralian National Maritime Museum Collection
DescriptionGeorge Bunn (1790-1834) was a convict transport ship master who sailed the COUNTESS OF HARCOURT on three voyages carrying more than 500 male convicts to Hobart and Sydney in the early 1820s, with return voyages via Melville Island or China. In 1826 Bunn migrated to Sydney as a representative of shipping agents Buckle, Bagster and Buchanan on their chartered vessel JOHN DUNN. He became a successful shipping agent, a founding member of the Chamber of Commerce, magistrate and JP. The ten share certificates for bank capital stock, each to the value of 100 pounds, were issued to George Bunn by the Bank of Australia. The Bank was established in 1826 by John Macarthur, Hannibal's prosperous uncle, as a competitor to the Bank of New South Wales and both men were founding directors. It was a period of economic depression, drought and financial turmoil and the Bank of New South Wales almost failed. Bunn, Macarthur and others secured a government loan to bail out both banks. Bunn bequeathed his bank stocks to members of his family, stipulating in his will that they not be sold. The Bank of Australia failed during the economic depression in 1843. HistoryBorn in London in 1790, George Bunn was one of 11 children of Benjamin Bunn (c. 1763 – 1834), who from 1806 to 1827 was paymaster of the 39th Dorsetshire Foot Rgt. Four of his brothers were in the Royal Navy or the merchant service in the employ of merchant house Buckle Bagster and Buchanan (Buckle & Co) and George began his maritime career in 1807, possibly in non-commissioned service in the Royal Navy (according to Holcomb UNE 2012) Between 1821 and 24 Bunn brought three transports of convicts to Port Jackson and Hobart in the COUNTESS OF HARCOURT, under charter by Buckle & Co. On the return voyage in 1824 in company with the HMS TAMAR and colonial brig LADY NELSON the COUNTESS OF HARCOURT carried troops, families, and supplies to Melville Island in an attempt to open up trade to the north (at the fledgling outpost of Port Essington). On 26 January 1826 Bunn returned to Sydney to settle as shipping agent for Buckle & Co on their chartered brig JOHN DUNN as a passenger. He brought rope, iron, gunpowder, wine, brandy, rum and gin for his employers, and secured cargoes of wool, timber, treenails and sealskins in Sydney and Hobart on the ship’s return voyage to the UK. Operating as George Bunn & Co at 98 George St Sydney, largely but not exclusively for Buckle & Co, Bunn immersed himself in civic and business circles, with his valuable London connections and access to funds. Buckle & Co had contracts with the East India Company and with HM Naval Commissioners for convict transports. The company diversified in the 1820s to become a major importer of wool from the Australian colonies for the British textile industry. On Buckle & Co’s behalf Bunn offered consignees free warehousing in George St or on the ship ST MICHAEL in Newcastle. In November 1826 George Bunn was listed among the 24 shipping agents - owners and/or merchants - in the Port of Australia along with prominent names such as Robert Campbell (Snr and jnr), Simeon Lord and Berry & Wollstonecraft. (The Sydney Gazette and New South Wales Advertiser 25 Nov 1826 p3) From 1832 Bunn began developing new sites to expand his operations - whaling facilities in Mosman and, on the western shore of Cockle Bay a wharf, warehouses and in 1833, Newstead at Pyrmont. Newstead was located at what is now Bunn St adjacent to the Novotel, Darling Harbour. It was to be a new home for his growing family with Anna Maria and children John born 1830, George 1831, and Ellen 1833. George Bunn died suddenly on 9 January 1834, aged 43. His funeral was grand and well attended. These bank share certificates were issued to George Bunn in 1826. He joined fellow businessmen farmers including John Macarthur's nephew Hannibal Macarthur in developing banking interests as founding directors of the Bank of Australia. Founded in 1826 as counterpart of the Bank of New South Wales, one decisive difference between the Bank of Australia and the Bank of New South Wales was that the bank would not permit any ex-convicts to become share-holders or assistants. After a short time it received the nickname of "the poor merino bank". There was a period of economic depression, drought and financial turmoil in the colony when the Bank of New South Wales almost failed and Bunn, Macarthur and others secured a government loan to bail out both the Bank of New South Wales and the Bank of Australia. Bunn bequeathed his bank stocks to members of his family, stipulating in his will that they not be sold. The Bank of Australia failed during the economic depression in 1843. SignificanceThese rare financial documents relate to the career of Captain George Bunn in early colonial New South Wales.
Bunn (1790-1834) was a convict transport ship master who sailed the COUNTESS OF HARCOURT on three voyages carrying more than 500 male convicts to Hobart and Sydney in the early 1820s; with return voyages via Melville Island or China. In 1826 Bunn migrated to Sydney as a representative of shipping agents Buckle, Bagster and Buchanan on their chartered vessel JOHN DUNN. He became a successful shipping agent, a founding member of the Chamber of Commerce, magistrate and JP.

The ten share certificates for bank capital stock, each to the value of 100 pounds, were issued to George Bunn by the Bank of Australia. The Bank was established in 1826 by John Macarthur, Hannibal's prosperous uncle, as a competitor to the Bank of New South Wales and both men were founding directors. It was a period of economic depression, drought and financial turmoil and the Bank of New South Wales almost failed. Bunn, Macarthur and others secured a government loan to bail out both banks. Bunn bequeathed his bank stocks to members of his family, stipulating in his will that they not be sold. The Bank of Australia failed during the economic depression in 1843.

Loan amounts against the shares are listed on the back on the back of the documents, signed by Thomas MacVitie, managing director of the Bank of Australia and an important figure in early colonial finance.

These financial documents are rare records relating to this crisis in the young colony, the development of banking and commerce and to Bunn's aspirations in the mercantile life of the settler colony. The former ship master also ran sheep and cattle, developed whaling interests in New Zealand and invested in a steam navigation company.