Private Bank Issues

Lot 3265    Session 10 (7.30pm Thursday)    Private Bank Issues

Estimate $900
Bid at live.noble.com.au
SOLD $1,400

NEW SOUTH WALES, Specimen unissued gold fund bond for US one thousand dollars printed for the Equitable Trust Company of New York by the American Bank Note Company, as the Fiscal agent, on April 1, 1927 for a period 31 years with attached 62, six monthly $25 coupons signed by Jack Lang, Premier and Colonial Treasurer of New South Wales, each signature has small circular punch through it, all numbered as No.00000. The rate of interest was set at 5% per annum, and the full sum of $1,000 to be redeemed on April 1, 1958. As issued with immense historical value, extremely fine and believed to be unique.

Ex. Estate of Jack Lang, former Premier and Treasurer of New South Wales. These bonds were to provide $25,000,000 as an external loan to the State of New South Wales created under authority of the Government Loan Act of December 30, 1926 by the N.S.W. Parliament. This was a time of immense political activity for and against Jack Lang (see 661-7, Australian Dictionary of Biography), and a time of lack of revenue which culminated in the non-payment of interest on April 1, 1931 to the British Bond-holders. This above projected bond issue failed to eventuate and bond issues were taken up in Great Britain to overcome the liquidity problem. One of the main outcomes of these borrowings was the financing of the Sydney Harbour Bridge, completed in 1932.