We are all aware of Governor Macquarie’s ingenious attempt in 1813 at keeping metallic money in the colony of New South Wales, by making two coins out of each Spanish dollar, thus rendering them at once more useful in New South Wales and much less useful elsewhere.
But Macquarie’s initiatives in granting a charter to the Bank of New South Wales in 1817, and those of Governor Darling in rescuing it from disaster in 1826, were perhaps more important milestones in the early financial development in this country. According to Trevor Sykes’ account, 5 both of these actions were contrary to the policy of the British Government.