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Surviving the Crash

The 1870's and 1880's were years of continual economic progress throughout Australia. The Commercial Bank grew strongly during the 1880's, with yearly profits averaging over £30 000, and by the turn of the century ten branches operated state wide. During this period the title of the company was changed to the Commercial Bank of Tasmania Ltd, to reflect its prominent position within the colony.

The failure of the Bank of Van Dieman's Land in 1891, however, marked the beginning of a market crash, and within weeks, five banks had collapsed in Melbourne and Sydney.

Disaster ensued for many banks - 34 never opened their doors again. The Commercial Bank of Tasmania was one of the few that survived the crisis. Despite this, competition between rival banks increased, and between 1890 and 1910 the Commercial Bank's business dropped considerably.

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