1.
Shilling
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The shilling is a unit of currency formerly used in the United Kingdom, Australia, United States, and other British Commonwealth countries. The word shilling comes from scilling, a term that dates back to Anglo-Saxon times, and from there back to Old Norse. Slang terms for the old shilling coins include bob and hog, while the derivation of bob is uncertain, John Camden Hotten in his 1864 Slang Dictionary says the original version was bobstick and wonders if it is connected with Sir Robert Walpole. One abbreviation for shilling is s, often it was represented by a solidus symbol, which may have originally stood for a long s or ſ, thus 1/9 would be one shilling and ninepence. A price with no pence was sometimes written with a slash, the solidus symbol is still used for the shilling currency unit in former British East Africa, rather than sh. During the Great Recoinage of 1816, the mint was instructed to coin one troy pound of silver into 66 shillings. This set the weight of the shilling, and its subsequent decimal replacement 5 new pence coin, at 87.2727 grains or 5.655 grams from 1816 until 1990, in the past, the English world has had various myths about the shilling. One myth was that it was deemed to be the value of a cow in Kent or a sheep elsewhere, a shilling was a coin used in England from the reign of Henry VII. The term shilling was in use in Scotland from early medieval times, the common currency created in 1707 by Article 16 of the Articles of Union continued in use until decimalisation in 1971. In the traditional pounds, shillings and pence system, there were 20 shillings per pound and 12 pence per shilling, three coins denominated in multiple shillings were also in circulation at this time. In the Irish Free State and Republic of Ireland the shilling was issued as scilling in Irish and it was worth 1/20th of an Irish pound, and was interchangeable at the same value to the British coin, which continued to be used in Northern Ireland. The coin featured a bull on the reverse side, the first minting, from 1928 until 1941, contained 75% silver, more than the equivalent British coin. The original Irish shilling coin ) was withdrawn from circulation on 1 January 1993, Australian shillings, twenty of which made up one Australian pound, were first issued in 1910, with the Australian coat of arms on the reverse and King Edward VII on the face. The coat of arms design was retained through the reign of King George V until a new head design was introduced for the coins of King George VI. This design continued until the last year of issue in 1963, in 1966, Australias currency was decimalised and the shilling was replaced by a ten cent coin, where 10 shillings made up one Australian dollar. The slang term for a coin in Australia was deener. The slang term for a shilling as currency unit was bob, after 1966, shillings continued to circulate, as they were replaced by 10-cent coins of the same size and weight. New Zealand shillings, twenty of which made up one New Zealand pound, were first issued in 1933, in 1967, New Zealands currency was decimalised and the shilling was replaced by a ten cent coin of the same size and weight
2.
Penny
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A penny is a coin or a unit of currency in various countries. Borrowed from the Carolingian denarius, it is usually the smallest denomination within a currency system, presently, it is the formal name of the British penny and the informal name of one American cent as well as the informal Irish designation of 1 cent euro coin. It is the name of the cent unit of account in Canada. The name is used in reference to various historical currencies also derived from the Carolingian system, such as the French denier. It may also be used to refer to any similar smallest-denomination coin. The Carolingian penny was originally a. 940-fine silver coin weighing 1/240 pound, the British penny remained a silver coin until the expense of the Napoleonic Wars prompted the use of base metals in 1797. Despite the decimalization of currencies in the United States and, later, throughout the British Commonwealth, no penny is currently formally subdivided, although farthings, halfpennies, and half cents have previously been minted and the mill remains in use as a unit of account in some contexts. Penny is first attested in a 1394 Scots text, a variant of Old English peni, a development of numerous variations including pennig, penning, and pending. The etymology of the penny is uncertain, although cognates are common across almost all Germanic languages and suggest a base *pan-, *pann-. Recently, it has proposed that it may represent an early borrowing of Punic PN. Following decimalization, the British and Irish coins were marked new penny until 1982 and 1985, the regular plural pennies fell out of use in England from the 16th century, except in reference to coins considered individually. The informal name for the American cent seems to have spread from New York, in British English, prior to decimalization, values from two to eleven pence and of twenty pence are often written and spoken as a single word, as twopence, threepence, &c. Where a single coin represented a number of pence, it was treated as a single noun, thus, a threepence would be single coin of that value whereas three pence would be its value and three pennies would be three penny coins. In British English, divisions of a penny were added to such combinations without a conjunction, as sixpence-farthing, adjectival use of such coins used the ending -penny, as sixpenny. The British abbreviation d. derived from the Latin denarius and it followed the amount after a space. It has been replaced since decimalization by p, usually written without a space or period, from this abbreviation, it is common to speak of pennies and values in pence as p. In North America, it is common to abbreviate cents with the currency symbol ¢, elsewhere, it is usually written with a simple c. The medieval silver penny was modeled on similar coins in antiquity, such as the Greek drachma, the Carthaginian shekel, forms of these seem to have reached as far as Norway and Sweden
3.
Currency symbol
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A currency symbol is a graphic symbol used as a shorthand for a currencys name, especially in reference to amounts of money. The European Commission considers the global recognition of the euro sign € part of its success, in 2009, India launched a public competition to replace the ₨ ligature it shared with neighbouring countries. It finalised its new symbol, ₹ on 15 July 2010. It is a blend of the Latin letter R with the Devanagari letter र, when writing currency amounts the location of the symbol varies by currency. Many currencies in the English-speaking world and Latin America, place it before the amount, the Cape Verdean escudo places its symbol in the decimal separator position. The usage of many European countries, such as France, Germany, the decimal separator also follows local countries standards. For instance, the United Kingdom often uses an interpunct as the point on price stickers. Commas or decimal points are common separators used in other countries, see decimal separator for information on international standards. Older currency symbols have evolved slowly, often from previous currencies, the dollar and peso symbols originated from the mark employed to denote the Spanish real de a ocho, whereas the pound and lira symbols evolved from an L standing for libra, a Roman pound of silver. Newly invented currencies and currencies adopting new symbols have symbolism closer to their adopter, the added center bar in the real sign is meant to symbolize stability. The new Indian rupee symbol, ₹, is a combination of Latin. There are also considerations, such as the perception of the business community. For a new symbol to be used, software to render it needs to be promulgated, the EU was criticized for not considering how the euro symbol would need to be customized to work in different fonts. The original design was exceptionally wide. These two factors have led to most typefaces employing customized, font-specific versions, usually with reduced width, List of currencies List of circulating currencies Currency Symbols
4.
Australian ten-shilling note
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The 10/- banknote was first issued on 1 May 1913 as a blue banknote payable in gold. It was equal to a half sovereign gold coin, the sizes varied but the design was the same for the following issues, 1913–1914 issue was 194×83mm, 1915–1923 197×88 mm, 1923–1933 180×78mm. This issue was payable in gold but subsequent issues were legal tender, the 1913 note was the worlds first officially issued ten-shilling note. The first note, serial number M000001, was printed by Judith Denman, five-year-old daughter of the Governor-General of Australia, the last banknote issue had a print of 557,548,000 banknotes. C. Coombs and Roland Wilson Banknotes of the Australian pound Reserve Bank of Australia
5.
Coins of the Australian pound
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Federation in 1901 gave the Commonwealth a constitutional power to issue coins and removed this power from the States. However, British coins continued in use until 1910, when Australian silver coins were introduced and these included florins, shillings, sixpences and threepences. They had a portrait of King Edward VII on one side, Australian pennies and half-pennies were introduced into circulation the following year. In 1931 gold sovereigns stopped being minted in Australia, a crown or five-shilling coin was minted in 1937 and 1938. In 1898 the British government allowed two colonies, New South Wales and Victoria, to mint silver and bronze coins at their mints in Sydney and Melbourne respectively. In 1946, due to costs incurred during World War II, the content of the coins was reduced from 0.925 to 0.500 of the coin weight. One coin highly sought-after by collectors is the 1930 penny and its rarity is so well known amongst Australians, that demand for what is akin to a blue-chip investment has pushed prices to approximately A$26,000 for an average standard example. A proof example of the same coin recently changed hands for over A$620,000, Half Penny Penny Threepence Sixpence Shilling Florin Crown See also, Half penny, Penny, threepence, sixpence, shilling, florin, crown
6.
Australia
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Australia, officially the Commonwealth of Australia, is a country comprising the mainland of the Australian continent, the island of Tasmania and numerous smaller islands. It is the worlds sixth-largest country by total area, the neighbouring countries are Papua New Guinea, Indonesia and East Timor to the north, the Solomon Islands and Vanuatu to the north-east, and New Zealand to the south-east. Australias capital is Canberra, and its largest urban area is Sydney, for about 50,000 years before the first British settlement in the late 18th century, Australia was inhabited by indigenous Australians, who spoke languages classifiable into roughly 250 groups. The population grew steadily in subsequent decades, and by the 1850s most of the continent had been explored, on 1 January 1901, the six colonies federated, forming the Commonwealth of Australia. Australia has since maintained a liberal democratic political system that functions as a federal parliamentary constitutional monarchy comprising six states. The population of 24 million is highly urbanised and heavily concentrated on the eastern seaboard, Australia has the worlds 13th-largest economy and ninth-highest per capita income. With the second-highest human development index globally, the country highly in quality of life, health, education, economic freedom. The name Australia is derived from the Latin Terra Australis a name used for putative lands in the southern hemisphere since ancient times, the Dutch adjectival form Australische was used in a Dutch book in Batavia in 1638, to refer to the newly discovered lands to the south. On 12 December 1817, Macquarie recommended to the Colonial Office that it be formally adopted, in 1824, the Admiralty agreed that the continent should be known officially as Australia. The first official published use of the term Australia came with the 1830 publication of The Australia Directory and these first inhabitants may have been ancestors of modern Indigenous Australians. The Torres Strait Islanders, ethnically Melanesian, were originally horticulturists, the northern coasts and waters of Australia were visited sporadically by fishermen from Maritime Southeast Asia. The first recorded European sighting of the Australian mainland, and the first recorded European landfall on the Australian continent, are attributed to the Dutch. The first ship and crew to chart the Australian coast and meet with Aboriginal people was the Duyfken captained by Dutch navigator, Willem Janszoon. He sighted the coast of Cape York Peninsula in early 1606, the Dutch charted the whole of the western and northern coastlines and named the island continent New Holland during the 17th century, but made no attempt at settlement. William Dampier, an English explorer and privateer, landed on the north-west coast of New Holland in 1688, in 1770, James Cook sailed along and mapped the east coast, which he named New South Wales and claimed for Great Britain. The first settlement led to the foundation of Sydney, and the exploration, a British settlement was established in Van Diemens Land, now known as Tasmania, in 1803, and it became a separate colony in 1825. The United Kingdom formally claimed the part of Western Australia in 1828. Separate colonies were carved from parts of New South Wales, South Australia in 1836, Victoria in 1851, the Northern Territory was founded in 1911 when it was excised from South Australia
7.
Central bank
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A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy. Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and also issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt
8.
Reserve Bank of Australia
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The bank has the responsibility of providing services to the Government of Australia in addition to also providing services to other central banks and official institutions. Both boards consist of members of both the bank, the Treasury, other Australian government agencies, and leaders of other institutions that are part of the economy. The structure of the Reserve Bank Board has remained consistent ever since 1951, from the middle of the 19th century into the 1890s, the prospects of a national bank forming grew. In 1911, the Commonwealth Bank was established, but did not have the authority to print notes, during the Great Depression, the Australian pound became devalued, no longer worth the pound sterling, and formally departed from the gold standard with the Commonwealth Bank Act of 1932. Legislation in 1945 led to regulation of banks which H. C. Coombs was opposed to, and when he became Governor in 1949, when the monetary authorities implemented the advice of Coombs to have a flexible interest rate, it allowed the bank to rely more on open market operations. Soon afterwards the tender system was extended to the issue of longer term government bonds, the float of the Australian dollar happened in 1983, around the same period of time that the financial system in Australia was deregulated. The current Governor of the Reserve Bank is Philip Lowe, who succeeded Glenn Stevens as governor on 18 September 2016, the proposition of a national bank in Australia began to be raised in the middle of the 19th century. This interest accelerated significantly in the 1890s due to a collapse of the financial. The Australian Labor Party consequently formed during the decade and proposed a bank should be formed. The party designed a platform in 1908 for a Commonwealth Bank, regardless, Fishers Labor government introduced legislation in 1911 for a government-owned commercial bank, without a complete central banking component. He stated that Time and experience will show how its functions for usefulness may be extended. The only function at the time made the bank characteristic of a central one was that it was the banker to the Australian government. For the time being, the Treasury of Australia maintained the role of issuing notes through the Notes Act of 1910. The Commonwealth Bank of Australia gradually developed into the bank of Australia. In response to the disruption of trade during World War I the Commonwealth Bank began to manage the debt of the Australian government, nevertheless, at the end of the war, the bank continued to have a primary role as a savings and trading bank. The value of the Australian pound remained tied to the pound sterling, inflation in Australia thus increased, less than in Britain, but more than in the United States. The case for a bank was increased by the need for the government to cut spending after the war to reduce its debt
9.
Fixed exchange-rate system
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There are benefits and risks to using a fixed exchange rate. In doing so, the rate between the currency and its peg does not change based on market conditions, the way floating currencies do. A fixed exchange-rate system can also be used as a means to control the behavior of a currency, however, in doing so, the pegged currency is then controlled by its reference value. In other words, a currency is dependent on its reference value to dictate how its current worth is defined at any given time. The central bank provides the assets and/or the foreign currency or currencies which are needed in order to any payments imbalances. In the 21st century, the associated with large economies typically do not fix or peg exchange rates to other currencies. The last large economy to use a fixed exchange system was the Peoples Republic of China which, in July 2005. The European Exchange Rate Mechanism is also used on a basis to establish a final conversion rate against the Euro from the local currencies of countries joining the Eurozone. The gold standard or gold standard of fixed exchange rates prevailed from about 1870 to 1914. The period between the two wars was transitory, with the Bretton Woods system emerging as the new fixed exchange rate regime in the aftermath of World War II. It was formed with an intent to rebuild war-ravaged nations after World War II through a series of currency stabilization programs, the early 1970s saw the breakdown of the system and its replacement by a mixture of fluctuating and fixed exchange rates. Timeline of the exchange rate system, The earliest establishment of a gold standard was in the United Kingdom in 1821 followed by Australia in 1852. Under this system, the value of all currencies was denominated in terms of gold with central banks ready to buy. Each central bank maintained gold reserves as their official reserve asset, for example, during the “classical” gold standard period, the U. S. dollar was defined as 0.048 troy oz. of pure gold. Following the Second World War, the Bretton Woods system replaced gold with the U. S. dollar as the reserve asset. The regime intended to combine binding legal obligations with multilateral decision-making through the International Monetary Fund, the rules of this system were set forth in the articles of agreement of the IMF and the International Bank for Reconstruction and Development. S. Dollar and to exchange rates within 1% of parity by intervening in their foreign exchange markets. In December 1971, the Smithsonian Agreement paved the way for the increase in the value of the price of gold from US$35.50 to US$38 an ounce
10.
Pound sterling
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It is subdivided into 100 pence. A number of nations that do not use sterling also have called the pound. At various times, the sterling was commodity money or bank notes backed by silver or gold. The pound sterling is the worlds oldest currency still in use, the British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling, the Guernsey pound and the Jersey pound. The pound sterling is also used in the Isle of Man, Gibraltar, the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling is the fourth most-traded currency in the exchange market, after the United States dollar, the euro. Together with those three currencies it forms the basket of currencies which calculate the value of IMF special drawing rights, Sterling is also the third most-held reserve currency in global reserves. The full, official name, pound sterling, is used mainly in formal contexts, otherwise the term pound is normally used. The abbreviations ster. or stg. are sometimes used, the term British pound is commonly used in less formal contexts, although it is not an official name of the currency. The pound sterling is also referred to as cable amongst forex traders, the origins of this term are attributed to the fact that in the 1800s, the dollar/pound sterling exchange rate was transmitted via transatlantic cable. Forex brokers are sometimes referred to as cable dealers, as another established source notes, the compound expression was then derived, silver coins known as sterlings were issued in the Saxon kingdoms,240 of them being minted from a pound of silver. Hence, large payments came to be reckoned in pounds of sterlings, in 1260, Henry III granted them a charter of protection. And because the Leagues money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the Easterlings, and land for their Kontor, the Steelyard of London, which by the 1340s was also called Easterlings Hall, or Esterlingeshalle. For further discussion of the etymology of sterling, see sterling silver, the currency sign for the pound sign is £, which is usually written with a single cross-bar, though a version with a double cross-bar is also sometimes seen. The ISO4217 currency code is GBP, occasionally, the abbreviation UKP is used but this is non-standard because the ISO3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes, GGP, JEP, stocks are often traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices. A common slang term for the pound sterling or pound is quid, since decimalisation in 1971, the pound has been divided into 100 pence. The symbol for the penny is p, hence an amount such as 50p properly pronounced fifty pence is more colloquially, quite often, pronounced fifty pee /fɪfti, pi and this also helped to distinguish between new and old pence amounts during the changeover to the decimal system
11.
New Guinean pound
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The Pound was the currency of the Australian Territory of New Guinea between 1915 and 1966. It replaced the mark when Australia occupied the former German colony at the end of World War I and it was equal to the Australian pound and Australian currency circulated, alongside coins issued specifically for New Guinea between 1929 and 1945. The pound was subdivided into 20 shillings, each of 12 pence, between 1942 and 1945, the Oceania pound circulated, issued by the Japanese occupiers. Australian coins and banknotes resumed circulation after the war and continued until 1975, in 1929, nickel halfpennies and pennies, as well as cupro-nickel pennies were introduced. The inscription on the reverse read Georgius V. D G Rex et Ind, imp. which translates from Latin as, George the Fifth, by the Grace of God King and Emperor of India. The inscription on the obverse reads Territory of New Guinea and these coins were followed in 1935 by threepence, sixpence and shillings. The following year, pennies were minted under King Edward VIII, most other dominions and colonies featuring the British monarch on their currency did not have enough time to redesign their coins before the king abdicated. Coins of varying denominations were minted under the reign of George VI, in 1945, production of coins ceased until Papua New Guinea started minting their own currency in the 1970s. Online Coin Club / Coins from Territory of New Guinea
12.
Australian dollar
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Within Australia, it is almost always abbreviated with the dollar sign, with A$ or AU$ sometimes used to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents, in 2011, the Australian dollar was the fifth most traded currency in the world, accounting for 7. 6% of the worlds daily share. It trades in the foreign exchange markets behind the US dollar, the euro, the yen. The currency is referred to by foreign-exchange traders as the Aussie dollar. With pounds, shillings and pence to be replaced by decimal currency on 14 February 1966, in 1963, the Prime Minister, Sir Robert Menzies, a monarchist, wished to name the currency the royal. Other proposed names included more exotic suggestions such as the austral, the oz, the boomer, the roo, the kanga, the emu, the digger, the quid, the dinkum and the ming. Menzies influence resulted in the selection of the royal, and trial designs were prepared and printed by the Reserve Bank of Australia, the Treasurer, Harold Holt, announced the decision in Parliament on 5 June 1963. The royal would be subdivided into 100 cents, but the existing names shilling, florin, the name royal for the currency proved very unpopular, with Holt and his wife even receiving death threats. On 24 July Holt told the Cabinet the decision had been a terrible mistake, on 18 September Holt advised Parliament that the name was to be the dollar, of 100 cents. The Australian pound, introduced in 1910 and officially distinct in value from the pound sterling since devaluation in 1931, was replaced by the dollar on 14 February 1966. The rate of conversion for the new currency was two dollars per Australian pound, or ten Australian shillings per dollar. The exchange rate was pegged to the pound sterling at a rate of $1 =8 shillings, in 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow. It maintained its peg to the US dollar at the rate of A$1 = US$1.12, on 27 September 2012, the Reserve Bank of Australia stated that they had ordered work on a project to upgrade the current banknotes. The upgraded banknotes will incorporate a number of new features so that they remain secure into the future, the first new banknotes were issued from the 1st of September 2016, with the remaining denominations to be issued in the coming years. In 1966, coins were introduced in denominations of 1,2,5,10,20 and 50 cents. The initial 50-cent coins contained high silver content and were withdrawn after a year after the value of the silver content was found to exceed the face value of the coins. One-dollar coins were introduced in 1984, followed by two-dollar coins in 1988, the one- and two-cent coins were discontinued in 1991 and withdrawn from circulation. In commemoration of the 40th anniversary of decimal currency, the 2006 mint proof and uncirculated sets included one-, in early 2013, Australias first triangular coin was introduced, to mark the 25th anniversary of the opening of Parliament House
13.
Port Jackson
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Port Jackson, consisting of the waters of Sydney Harbour, Middle Harbour, North Harbour and the Lane Cove and Parramatta Rivers, is the ria or natural harbour of Sydney, New South Wales, Australia. The harbour is an inlet of the Tasman Sea and it is the location of the Sydney Opera House and Sydney Harbour Bridge. The location of the first European settlement in Australia, Port Jackson has continued to play a key role in the history and development of Sydney. Many recreational events are based on or around the harbour itself particularly the Sydney New Years Eve celebrations, the waterways of Port Jackson are managed by the Roads & Maritime Services. Sydney Harbour National Park protects a number of islands and foreshore areas, swimming spots, bushwalking tracks, the land around Port Jackson was occupied at the time of the European arrival and colonisation by the Eora clans, including the Gadigal, Cammeraygal, and Wangal. The Gadigal occupied the land stretching along the side of Port Jackson from what is now South Head. The Cammeragal lived on the side of the harbour. The area along the banks of the Parramatta River to Rose Hill belonged to the Wangal. The Eora occupied Port Jackson, south to the Georges River, the first recorded European discovery of Sydney Harbour, was by Lieutenant James Cook in 1770 - Cook named the inlet after Sir George Jackson. His ships log notation states at noon we were. about 2 or 3 miles from the land, eighteen years later, on 21 January 1788, after arriving at Botany Bay, Governor Arthur Phillip took a longboat and two cutters up the coast to examine Cooks Port Jackson. Phillip first stayed over night at Camp Cove, then moved down the harbour, landing at Sydney Cove, Phillip returned to Sydney Cove in HM Armed Tender Supply on 26 January 1788, where he established the first colony in Australia, later to become the city of Sydney. From 1938, seaplanes landed in Sydney Harbour on Rose Bay, in 1942, to protect Sydney Harbour from a submarine attack, the Sydney Harbour anti-submarine boom net was constructed. It spanned the harbour from Green Point, Watsons Bay to the battery at Georges Head, on the night of 31 May 1942, three Japanese midget submarines entered the harbour, one of which became entangled in the western end of the boom nets central section. Unable to free their submarine, the crew detonated charges, killing themselves in the process, a second midget submarine came to grief in Taylors Bay, the two crew committing suicide. The third submarine fired two torpedoes at USS Chicago before leaving the harbour, in November 2006, this submarine was found off Sydneys Northern Beaches. The anti-submarine boom net was demolished soon after World War II, and all that remains are the foundations of the old boom net winch house, today, the Australian War Memorial has on display a composite of the two midget submarines salvaged from Sydney Harbour. The conning tower of one of the submarines is on display at the RAN Heritage Centre, Garden Island. Fort Denison is a former site and defensive facility occupying a small island located north-east of the Royal Botanic Gardens in Sydney Harbour
14.
New South Wales
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New South Wales is a state on the east coast of Australia. It borders Queensland to the north, Victoria to the south and it has a coast line with the Tasman Sea on its east side. The Australian Capital Territory is an enclave within the state, New South Wales state capital is Sydney, which is also Australias most populous city. In March 2014, the population of New South Wales was 7.5 million. Just under two-thirds of the population,4.67 million. Inhabitants of New South Wales are referred to as New South Welshmen, the Colony of New South Wales was founded as a penal colony in 1788. It originally comprised a more than half of the Australian mainland with its western boundary set at 129th meridian east in 1825, in addition, the colony also included the island territories of New Zealand, Van Diemens Land, Lord Howe Island, and Norfolk Island. During the 19th century, most of the area was detached to form separate British colonies that eventually became New Zealand. However, the Swan River Colony has never administered as part of New South Wales. Lord Howe Island remains part of New South Wales, while Norfolk Island has become a federal Territory, as have the now known as the Australian Capital Territory. The prior inhabitants of New South Wales were the Aboriginal tribes who arrived in Australia about 40,000 to 60,000 years ago, before European settlement there were an estimated 250,000 Aboriginal people in the region. The Wodi Wodi people are the custodians of the Illawarra region of South Sydney. The Bundjalung people are the custodians of parts of the northern coastal areas. The European discovery of New South Wales was made by Captain James Cook during his 1770 survey along the eastern coast of the Dutch-named continent of New Holland. In his original journal covering the survey, in triplicate to satisfy Admiralty Orders, Cook first named the land New Wales, however, in the copy held by the Admiralty, he revised the wording to New South Wales. After years of chaos and anarchy after the overthrow of Governor William Bligh, macquaries legacy is still evident today. During the 19th century, large areas were separated to form the British colonies of Tasmania, South Australia, Victoria. Responsible government was granted to the New South Wales colony in 1855, following the Treaty of Waitangi, William Hobson declared British sovereignty over New Zealand in 1840
15.
Government of the United Kingdom
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Her Majestys Government, commonly referred to as the UK government or British government, is the central government of the United Kingdom of Great Britain and Northern Ireland. The government is led by the Prime Minister, who all the remaining ministers. The prime minister and the other most senior ministers belong to the supreme decision-making committee, the government ministers all sit in Parliament, and are accountable to it. After an election, the monarch selects as prime minister the leader of the party most likely to command a majority of MPs in the House of Commons. Under the uncodified British constitution, executive authority lies with the monarch, although this authority is exercised only by, or on the advice of, the prime minister, the Cabinet members advise the monarch as members of the Privy Council. They also exercise power directly as leaders of the Government Departments, the current prime minister is Theresa May, who took office on 13 July 2016. She is the leader of the Conservative Party, which won a majority of seats in the House of Commons in the election on 7 May 2015. Prior to this, Cameron and the Conservatives led a government from 2010 to 2015 with the Liberal Democrats. A key principle of the British Constitution is that the government is responsible to Parliament, Britain is a constitutional monarchy in which the reigning monarch does not make any open political decisions. All political decisions are taken by the government and Parliament and this constitutional state of affairs is the result of a long history of constraining and reducing the political power of the monarch, beginning with the Magna Carta in 1215. Parliament is split into two houses, the House of Lords and the House of Commons, the House of Commons is the lower house and is the more powerful. The House of Lords is the house and although it can vote to amend proposed laws. Parliamentary time is essential for bills to be passed into law, Ministers of the Crown are responsible to the House in which they sit, they make statements in that House and take questions from members of that House. For most senior ministers this is usually the elected House of Commons rather than the House of Lords, since the start of Edward VIIs reign, in 1901, the prime minister has always been an elected member of Parliament and therefore directly accountable to the House of Commons. Under the British system the government is required by convention and for reasons to maintain the confidence of the House of Commons. It requires the support of the House of Commons for the maintenance of supply, by convention if a government loses the confidence of the House of Commons it must either resign or a General Election is held. The support of the Lords, while useful to the government in getting its legislation passed without delay, is not vital, a government is not required to resign even if it loses the confidence of the Lords and is defeated in key votes in that House. The House of Commons is thus the Responsible house, the prime minister is held to account during Prime Ministers Question Time which provides an opportunity for MPs from all parties to question the PM on any subject
16.
Napoleonic Wars
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The wars resulted from the unresolved disputes associated with the French Revolution and the Revolutionary Wars, which had raged on for years before concluding with the Treaty of Amiens in 1802. Napoleon became the First Consul of France in 1799, then Emperor five years later, inheriting the political and military struggles of the Revolution, he created a state with stable finances, a strong central bureaucracy, and a well-trained army. The British frequently financed the European coalitions intended to thwart French ambitions, by 1805, they had managed to convince the Austrians and the Russians to wage another war against France. At sea, the Royal Navy destroyed a combined Franco-Spanish fleet at Trafalgar in October 1805, Prussian worries about increasing French power led to the formation of the Fourth Coalition in 1806. France then forced the defeated nations of the Fourth Coalition to sign the Treaties of Tilsit in July, although Tilsit signified the high watermark of the French Empire, it did not bring a lasting peace for Europe. Hoping to extend the Continental System and choke off British trade with the European mainland, Napoleon invaded Iberia, the Spanish and the Portuguese revolted with British support. The Peninsular War lasted six years, featured extensive guerrilla warfare, the Continental System caused recurring diplomatic conflicts between France and its client states, especially Russia. Unwilling to bear the consequences of reduced trade, the Russians routinely violated the Continental System. The French launched an invasion of Russia in the summer of 1812. The resulting campaign witnessed the collapse and retreat of the Grand Army along with the destruction of Russian lands. In 1813, Prussia and Austria joined Russian forces in a Sixth Coalition against France, a lengthy military campaign culminated in a large Allied army defeating Napoleon at the Battle of Leipzig in October 1813. The Allies then invaded France and captured Paris in the spring of 1814 and he was exiled to the island of Elba near Rome and the Bourbons were restored to power. However, Napoleon escaped from Elba in February 1815 and took control of France once again, the Allies responded by forming a Seventh Coalition, which defeated Napoleon at the Battle of Waterloo in June. The Congress of Vienna, which started in 1814 and concluded in 1815, established the new borders of Europe and laid out the terms, Napoleon seized power in 1799, creating a de facto military dictatorship. The Napoleonic Wars began with the War of the Third Coalition, Kagan argues that Britain was irritated in particular by Napoleons assertion of control over Switzerland. Furthermore, Britons felt insulted when Napoleon stated that their country deserved no voice in European affairs, for its part, Russia decided that the intervention in Switzerland indicated that Napoleon was not looking toward a peaceful resolution of his differences with the other European powers. The British quickly enforced a blockade of France to starve it of resources. Napoleon responded with economic embargoes against Britain, and sought to eliminate Britains Continental allies to break the coalitions arrayed against him, the so-called Continental System formed a league of armed neutrality to disrupt the blockade and enforce free trade with France
17.
Currency
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A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money in common use, under this definition, US dollars, British pounds, Australian dollars, and European euros are examples of currency. These various currencies are recognized stores of value and are traded between nations in exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance, other definitions of the term currency are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the systems of nations, is the topic of this article. Currencies can be classified into two systems, fiat money and commodity money, depending on what guarantees the value. Some currencies are legal tender in certain jurisdictions, which means they cannot be refused as payment for debt. Others are simply traded for their economic value, digital currency has arisen with the popularity of computers and the Internet. Currency evolved from two basic innovations, both of which had occurred by 2000 BC, originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia, then Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities and this formed the basis of trade in the Fertile Crescent for over 1500 years. Trade could only reach as far as the credibility of that military and it is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse, possibly produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end. In Africa, many forms of value store have been used, including beads, ingots, ivory, various forms of weapons, livestock, the manilla currency, the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, and in many various forms of barter still apply. These factors led to the metal itself being the store of value, first silver, now we have copper coins and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins and this was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they created a new unit of account. Most major economies using coinage had several tiers of coins, using a mix of copper, silver, gold coins were used for large purchases, payment of the military and backing of state activities, they were more often used as measures of account than physical coins
18.
Rum
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Rum is a distilled alcoholic beverage made from sugarcane byproducts, such as molasses, or directly from sugarcane juice, by a process of fermentation and distillation. The distillate, a liquid, is then usually aged in oak barrels. The majority of the rum production occurs in the Caribbean. Rums are produced in various grades, light rums are commonly used in cocktails, whereas golden and dark rums were typically consumed straight or neat, on the rocks, or used for cooking, but are now commonly consumed with mixers. Premium rums are also available, made to be consumed straight or iced. Rum plays a part in the culture of most islands of the West Indies as well as in The Maritimes and this beverage has famous associations with the Royal Navy and piracy. Rum has also served as a medium of economic exchange, used to help fund enterprises such as slavery, organized crime. The origin of the rum is generally unclear. In an 1824 essay about the origin, Samuel Morewood. He wrote, As spirits, extracted from molasses, could not well be ranked under the name whiskey, brandy, or arrack, it would be called rum, given the harsh taste of early rum, this is unlikely. Morewood later suggested another possibility, that it was taken from the last syllable of the Latin word for sugar, saccharum, other etymologists have mentioned the Romani word rum, meaning strong or potent. These words have been linked to the ramboozle and rumfustian, both popular British drinks in the mid-17th century, however, neither was made with rum, but rather eggs, ale, wine, sugar, and various spices. The most probable origin is as a version of rumbullion or rumbustion. Both words surfaced in English about the time as rum did. This is a far more convincing explanation, and brings the image of men fighting in entanglements at island tippling houses. Another claim is the name is from the large drinking glasses used by Dutch seamen known as rummers, from the Dutch word roemer, other options include contractions of the words iterum, Latin for again, a second time, or arôme, French for aroma. A short time later in May 1657, the General Court of Massachusetts also decided to make illegal the sale of strong liquor whether knowne by the name of rumme, strong water, wine, brandy, etc. In current usage, the used for a rum is often based on its place of origin
19.
New South Wales Corps
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The New South Wales Corps was formed in England in 1789 as a permanent regiment to relieve the New South Wales Marine Corps, who had accompanied the First Fleet to Australia. The regiment was formed in England in June 1789 as a permanent unit to relieve the New South Wales Marine Corps, the regiment began arriving as guards on the Second Fleet in 1790. The regiment, led by Major Francis Grose, consisted of three companies, a fourth company was raised from those Marines wishing to remain in New South Wales under Captain George Johnston, who had been Governor Arthur Phillips aide-de-camp. When Phillip returned to England for respite in December 1792, Grose was left in charge, Grose immediately abandoned Phillips plans for governing the colony. A staunch military man, he established military rule and set out to secure the authority of the Corps and he abolished the civilian courts and transferred the magistrates to the authority of Captain Joseph Foveaux. After the poor crops of 1793 he cut the rations of the convicts but not those of the Corps, in a connived attempt to improve agricultural production and make the colony more self-sufficient, Grose turned away from collective farming and made generous land grants to officers of the Corps. They were also provided with government-fed and clothed convicts as farm labour, Grose also relaxed Phillips prohibition on trading of rum, usually from Bengal. The colony, like many British territories at the time, was short of coins, by 1793 stills were being imported and grain was being used to make rum, exacerbating the shortage of grain. Due to poor health Grose returned to England in December 1794 and Captain William Paterson assumed temporary command until a permanent replacement, Governor John Hunter, arrived in September 1795. Paterson had obtained his commission with the backing of Sir Joseph Banks because he was interested in history and would explore and collect samples for Banks. Governor Hunter attempted unsuccessfully to use the troops of the Corps to guard imported rum, Hunter also tried to start up a public store with goods from England to provide competition and stabilise the price of goods, but Hunter was not a good businessman and supplies were too erratic. Hunter requested greater control by authorities in England and a duty on rum. He also issued an order restricting the amount of labour that officers could use. Hunter was opposed strongly by officers of the Corps, and pamphlets, John Macarthur wrote a letter accusing Hunter of ineffectiveness and trading in rum. Hunter was required by the Colonial Office to answer the charges, in 1799 Paterson, now a Lieutenant Colonel, returned from England with orders to stamp out the trading in rum by officers of the Corps. In 1800 he charged Major George Johnston, who had served as Hunter’s aide-de-camp. Johnston claimed he was being persecuted and demanded that he be sent to England for trial. The English courts decided that colonial affairs were not a matter for them and, as all the evidence and witnesses were in Sydney and they also decided that, as proper court martial could not be constituted in Sydney, no further action should be taken against Johnston
20.
Governor of New South Wales
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The Governor of New South Wales is the viceregal representative of the Australian monarch, Queen Elizabeth II, in the state of New South Wales. In an analogous way to the Governor-General of Australia at the national level, the Governor is appointed by the queen on the advice of the Premier of New South Wales, for an unfixed period of time—known as serving At Her Majestys pleasure—though five years is the norm. The current Governor is retired General David Hurley, who succeeded Dame Marie Bashir on 2 October 2014, the office has its origin in the 18th-century colonial governors of New South Wales upon its settlement in 1788, and is the oldest continuous institution in Australia. The office of Governor is required by the New South Wales Constitution Act,1902, besides the administration of the oaths of office, there is no set formula for the swearing-in of a governor-designate. The sovereign will also hold an audience with the appointee and will at that time induct the governor-designate as a Companion of the Order of Australia. The incumbent will generally serve for at least five years, though this is only a convention. The premier may therefore recommend to the Queen that the remain in her service for a longer period of time. A governor may also resign and three have died in office, furthermore, if the Lieutenant Governor becomes incapacitated while serving in the office of Governor, the next most senior judge of the Supreme Court is sworn in as the Administrator. Between 1788 and 1957, all governors were born outside of New South Wales and were members of the Peerage. Taylor once noted that out and governing New South Wales became the British aristocracys abiding consolation. Coincidentally the first Australian-born Governor, Sir John Northcott on 1 August 1946, was also the first Australian-born Governor of any state, the first Governors were all military officers and the majority of governors since have come from a military background, numbering 19. Samuels was the first governor in New South Wales history without either a political, public service or military background, the first woman to hold this position is also the first Lebanese-Australian governor, Dame Marie Bashir. In this capacity, the governor will issue royal proclamations and sign orders in council, the Governor alone is constitutionally mandated to summon parliament. The governor grants Royal Assent in the Queens name, legally, if the governor withholds the Queens assent, the sovereign may within two years disallow the bill, thereby annulling the law in question. No modern viceroy has denied Royal Assent to a bill, with most constitutional functions delegated to Cabinet, the governor acts in a primarily ceremonial fashion. He or she will host members of Australias royal family, as well as foreign royalty, also as part of international relations, the governor receives letters of credence and of recall from foreign consul-generals appointed to Sydney. The governor is also tasked with fostering unity and pride, the governor also traditionally serves as Honorary and Regimental Colonel in the Royal New South Wales Regiment and as Honorary Air Commodore of No.22 Squadron, Royal Australian Air Force. Since 1946, the governor has also always made the Chief Scout of New South Wales
21.
Philip Gidley King
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Captain Philip Gidley King RN was the third Governor of New South Wales, and did much to civilise the young colony in the face of great obstacles. When the First Fleet arrived in January 1788, King was detailed to colonise Norfolk Island for defence, as Governor of New South Wales, he helped develop livestock farming, whaling and mining, built many schools and launched the colonys first newspaper. But conflicts with the military wore down his spirit, and they were able to force his resignation, Philip Gidley King was born at Launceston England on 23 April 1758, the son of draper Philip King, and grandson of Exeter attorney-at-law John Gidley. He joined the Royal Navy at the age of 12 as captains servant, King served under Arthur Phillip who chose him as second lieutenant on HMS Sirius for the expedition to establish a convict settlement in New South Wales. On arrival, in January 1788, King was selected to lead a party of convicts and guards to set up a settlement at Norfolk Island. More convicts were sent, and these proved occasionally troublesome, early in 1789 he prevented a mutiny when some of the convicts planned to take him and other officers prisoner, and escape on the next boat to arrive. Whilst commandant on Norfolk Island, King formed a relationship with the female convict Ann Inett – their first son, another son was born in 1790 and named Sydney. Following the wreck of Sirius at Norfolk Island in March 1790, King left, Ann Inett was left in Sydney with the boys, she later married another man in 1792, and went on to lead a comfortable and respected life in the colony. King, who had arranged the marriage, also arranged for their two sons to be educated in England, where they became officers in the navy. Whilst in England King married Anna Josepha Coombe on 11 March 1791 and returned shortly after on HMS Gorgon to take up his post as Lieutenant-Governor of Norfolk Island, Kings first legitimate offspring, Phillip Parker King, was born there in December 1791, and four daughters followed. On his return to Norfolk Island, King found the population of one thousand torn apart by discontent after the strict regime of Major Robert Ross. However, he set about enthusiastically to improve conditions and he encouraged settlers, drawn from ex-convicts and ex-marines, and he listened to their views on wages and prices. By 1794 the island was self-sufficient in grain, and surplus swine were being sent to Sydney, the number of people living off the government store was high, and few settlers wanted to leave. As their conduct became mutinous, he sent twenty of them to Sydney for trial by court-martial, there Lieutenant-Governor Francis Grose censured Kings actions and issued orders which gave the military illegal authority over the civilian population. Grose later apologised, but conflict with the continued to plague King. King became Governor on 28 September 1800 and he set about changing the system of administration, and appointed Major Joseph Foveaux as Lieutenant-Governor of Norfolk Island. His first task was to attack the misconduct of officers of the New South Wales Corps in their trading in liquor. He tried to discourage the importation of liquor, and began to construct a brewery, however, he found the refusal of convicts to work in their own time for other forms of payment, and the continued illicit local distillation, increasingly difficult to control
22.
Rum Rebellion
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The Rum Rebellion of 1808 was the only successful armed takeover of government in Australian history. During the 19th century, it was referred to as the Great Rebellion. William Bligh, well known for his overthrow in the mutiny on the Bounty, was a naval officer and he succeeded Governor Philip Gidley King in 1805, having been offered the position by Sir Joseph Banks. It is likely that he was selected by the British Government as governor because of his reputation as a hard man and he stood a good chance of reining in the maverick New South Wales Corps, something that his predecessors had not been able to do. Bligh left for Sydney with his daughter, Mary Putland, even before his arrival, Blighs style of governance led to problems with his subordinates. The Admiralty gave command of the storeship Porpoise and the convoy to the lower ranked Captain Joseph Short and this led to quarrels which eventually resulted in Captain Short firing across Blighs bow in order to force Bligh to obey his signals. When this failed, Short tried to give an order to Lieutenant Putland, Blighs son-in-law, Bligh boarded the Porpoise and seized control of the convoy. The president of the court, Sir Isaac Coffin, wrote to the Admiralty and made several accusations against Bligh. Blighs wife obtained a statement from one of the officers denying this and Banks, supplies were divided up according to those most in need and provisions were made for loans to be drawn from the store based on capacity to repay. This earned Bligh the gratitude of the farmers but the enmity of traders in the Corps who had been profiting greatly from the situation. Bligh, under instructions from the Colonial Office, attempted to normalise trading conditions in the colony by prohibiting the use of spirits as payment for commodities, Bligh communicated his policy to the Colonial Office in 1807, with the advice that his policy would be met with resistance. Robert Stewart, Viscount Castlereagh, Secretary of State for War, the instructions were to stop the barter of spirits and H. V. Evatt concludes in his history of the Rebellion that, Evatt argues that the enmity of the monopolists within the colony stemmed from this and other policies which counteracted the power of the rich and promoted the welfare of the poor settlers. Bligh also dismissed Thomas Jamison from the magistracy, describing him in 1807 as being inimical to good government, Jamison was the highly capable Surgeon-General of New South Wales. He had accumulated significant personal wealth as a trader and was a friend. Jamison never forgave Bligh for sacking him as a magistrate and interfering with his business activities. It is clear that Bligh had made enemies of some of the most influential people in the colony and he also antagonised some of the less wealthy when he ordered those who had leases on government land within Sydney to remove their houses. Macarthur had arrived with the New South Wales Corps in 1790 as a lieutenant and he had quarrelled with Blighs predecessor governors and had fought three duels
23.
Spanish dollar
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Its purpose was to correspond to the German thaler. The Spanish dollar was used by many countries as the first international currency because of its uniformity in standard. Some countries countersigned the Spanish dollar so it could be used as their local currency, the Spanish dollar was the coin upon which the original United States dollar was based, and it remained legal tender in the United States until the Coinage Act of 1857. Because it was used in Europe, the Americas. Diverse theories link the origin of the $ symbol to the columns, millions of Spanish dollars were minted over the course of several centuries. They were among the most widely circulating coins of the period in the Americas. In the 16th century, Count Hieronymus Schlick of Bohemia began minting coins known as Joachimsthalers, named for Joachimsthal, the Joachimsthalers weighed 451 Troy grains of silver. So successful were these coins that similar thalers were minted in Burgundy, the Burgundian Cross Thaler depicted the Cross of Burgundy and was prevalent in the Burgundian Netherlands that were revolting against the Spanish king and Duke of Burgundy Philip II. After 1575, the Dutch revolting provinces replaced the currency with a daalder depicting a lion, specifically to facilitate export trade, the leeuwendaalder was authorized to contain 427.16 grains of.750 fine silver, lighter than the large denomination coins then in circulation. Clearly it was advantageous for a Dutch merchant to pay a foreign debt in leeuwendaalders rather than in other heavier. Thus, the leeuwendaalder or lion dollar became the coin of choice for foreign trade and it became popular in the Middle East, and colonies in the east and west. They also circulated throughout the English colonies during the Seventeenth and early Eighteenth centuries, from New Netherland the lion dollar spread to all thirteen colonies in the west. After the introduction of the Guldengroschen in Austria in 1486, the concept of a silver coin with high purity eventually spread throughout the rest of Europe. Monetary reform in Spain brought about the introduction of an 8-real coin in 1497, in 1537 the Spanish escudo gold coin was introduced, which was worth 16 reales. The later Gold Doubloon was worth 32 reales or 2 escudos and it is this divisibility into 8 which caused the silver coins to be named pieces of eight. In the following centuries, the coin was minted with different designs at various mints in Spain. In the 19th century, the denomination was changed to 20 reales. Spains adoption of the peseta in 1869 and its joining the Latin Monetary Union meant the end of the last vestiges of the Spanish dollar in Spain itself
24.
Holey dollar
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Holey dollar is the name given to coins used in the early history of two British settlements, Prince Edward Island and New South Wales. The middle was punched out of Spanish dollars, creating two parts, a coin, known as a dump in Australia, and a holey dollar. This coin was one of the first coins struck in Australia, from 1497, the Spanish government started to mint a large silver coin that, through wide circulation, became known as the Spanish dollar. It was also known as the peso of eight reales, or Piece of eight royals, around the end of the 18th century, the Spanish dollar was in constant circulation in Eastern Canada and the United States. The value of the coin varied in different centers but was highest in Halifax, therefore, whenever the merchants of Prince Edward Island secured them, they sent them to Halifax to take advantage of the higher rate. The resulting shortage of money in PEI prompted the governor in 1813 to gather in all the Spanish dollars he could and have their centers punched out, both the central plug and rims were stamped with a sunburst. The punched centers passed as shillings and the rims as five-shilling pieces. The combined value of the coins was thereafter 20 percent greater in PEI than outside the island, so as a consequence. When the colony of New South Wales was founded in 1788, foreign coins – including British, Dutch, Indian and Portuguese - were common in the early years, but much of this coin left the colony by way of trade with visiting merchant ships. Barter was a necessity amongst the colonists, with the most popular, one of the first attempts to restrict the practice was by Governor King, who on 19 November 1800 set an arbitrary price for foreign coinage, but there was never enough of it. To try and resolve the shortage, he requested the supply of sixpences to be used as shillings, the practice of using rum as a currency was prohibited by Governor Bligh in 1806, eventually culminating in the overthrow of the government in the Rum Rebellion. These coins to the value of 40,000 Spanish dollars came on 26 November 1812 on HMS Samarang from Madras, the central plug was valued at 15 pence, and was restruck with a new design, whilst the holey dollar received an overstamp around the hole. This distinguished the coins as belonging to the colony of New South Wales, creating the first official currency produced specifically for circulation in NSW. The combined nominal value in NSW of the dollar and the dump was 6s 3d, or 25 percent more than the value of a Spanish dollar. The project to convert the 40,000 Spanish coins took over a year to complete, of the 40,000 Spanish dollars imported,39,910 holey dollars and 39,910 dumps were made, with the balance assumed to have been spoiled during the conversion process. On 1 July 1813 Governor Macquarie issued a proclamation that the said Silver Money shall be a legal Tender, the converted coins went into circulation in 1814. From 1822 the government began to recall the coins and replace them with sterling coinage, by the time the holey dollar was finally demonetised in 1829, most of the 40,000 coins in circulation had been exchanged for legal tender and melted down into bullion. Experts estimate that only 350 Holey dollars and 1500 dumps remain, the rarity of the Australian holey dollar ensures that even those in relatively poor condition are valuable
25.
Westpac
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Westpac Banking Corporation, more commonly known as Westpac, is an Australian bank and financial-services provider headquartered in Westpac Place, Sydney. It is one of Australias big four banks and its name is a portmanteau of Western-Pacific. As of November 2015, Westpac has 13.1 million customers, and is Australias largest branch network, with 1429 branches, the bank is Australias second-largest bank by assets. It is also the second-largest bank in New Zealand, established in Sydney in 1817, the Bank of New South Wales was the first bank in Australia. Edward Smith Hall was its first cashier and secretary,1927, BNSW acquired the Western Australian Bank. 1931, BNSW acquired the Australian Bank of Commerce, which had branches in both New South Wales and Queensland,1942, BNSW suspended operations in Papua New Guinea as the Japanese Army captured many of the towns in which it had branches and agencies, and bombed Port Moresby. 1968, BNSW joins Databank Systems Limited consortium to provide joint data processing services,1970, BNSW established a branch on Tarawa in Kiribati, which also took over the government savings bank. Also, the company first became listed on 18 July 1970,1971, It established a branch in the New Hebrides. The next year HSBC and Commercial Bank of Australia also established branches,1973, BNSW became the corporate sponsor of the Rescue Helicopter service started by Surf Life Saving Australia. 1975, BNSW incorporated its local business in Papua New Guinea as Bank of New South Wales,1982, BNSW merged with the Commercial Bank of Australia and changed their name to Westpac Banking Corporation. WBC was framed with the mission to become a significant Western-Pacific bank from which the Westpac portmanteau is derived, the brandname incorporated the W which had been the logo of the Bank of New South Wales. 1984, The original agreement between BNSW and the government in the Gilbert and Ellice Islands expired and WBC and the government of Kiribati formed Bank of Kiribati as a 51–49% joint venture, Bank of Kiribati also fulfilled the functions of a reserve or central bank. 1985, WBC replaced Barclays Bank in the National Bank of Tuvalu in Tuvalu,1988, WBC acquired the European Pacific Banking Corporation in the Cook Islands and a HSBC subsidiary, the Solomon Islands Banking Corporation, which HSBC had established as a branch in 1973. WBC also acquired HSBCs operations in Fiji and the New Hebrides,1990, Bank of New Zealand sold half its shares in Bank of Tonga to WBC and half to Bank of Hawaii, giving each of them 30%. WBC bought Banque Indosuezs operations in New Caledonia and Tahiti,1992, WBC recorded a 1.6 billion dollar loss, which at the time, was the largest loss for an Australian corporation. In this environment, the Bank dismissed staff and raided the superannuation to sustain its viability, in the process WBC came close to insolvency, and slipped from being Australias largest to third largest bank. 1995, WBC sold its shares in National Bank of Tuvalu to that countrys government,1995, WBC acquired Challenge Bank in Western Australia. 1996, WBC Holdings NZ bought Trust Bank, a chain of banks owned by Community Trusts, for NZD1.2 billion to form NZ largest bank
26.
Lima
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Lima is the capital and the largest city of Peru. It is located in the valleys of the Chillón, Rímac and Lurín rivers, in the coastal part of the country. Together with the seaport of Callao, it forms an urban area known as the Lima Metropolitan Area. With a population of almost 10 million, Lima is the most populous area of Peru. Lima was founded by Spanish conquistador Francisco Pizarro on January 18,1535 and it became the capital and most important city in the Spanish Viceroyalty of Peru. Following the Peruvian War of Independence, it became the capital of the Republic of Peru, around one-third of the national population lives in the metropolitan area. Lima is home to one of the oldest higher-learning institutions in the New World, the National University of San Marcos, founded on May 12,1551 during the Spanish colonial regime, is the oldest continuously functioning university in the Americas. In October 2013 Lima was chosen to host the 2019 Pan American Games and it also hosted the December 2014 United Nations Climate Change Conference and the Miss Universe 1982 pageant. In October 2015 Lima hosted the 2015 Annual Meetings of the World Bank Group, according to early Spanish articles the Lima area was once called Itchyma, after its original inhabitants. However, even before the Inca occupation of the area in the 15th century and this oracle was eventually destroyed by the Spanish and replaced with a church, but the name persisted, the chronicles show Límac replacing Ychma as the common name for the area. Modern scholars speculate that the word Lima originated as the Spanish pronunciation of the native name Limaq, linguistic evidence seems to support this theory as spoken Spanish consistently rejects stop consonants in word-final position. Non-Peruvian Spanish speakers may mistakenly define the city name as the direct Spanish translation of lime, the city was founded in 1535 under the name City of the Kings because its foundation was decided on January 6, date of the feast of the Epiphany. This name quickly fell into disuse and Lima became the name of choice, on the oldest Spanish maps of Peru. The river that feeds Lima is called Rímac and many people assume that this is because its original Inca name is Talking River. However, the inhabitants of the valley were not Incas. This name is an innovation arising from an effort by the Cuzco nobility in colonial times to standardize the toponym so that it would conform to the phonology of Cuzco Quechua, later, as the original inhabitants died out and the local Quechua became extinct, the Cuzco pronunciation prevailed. Nowadays, Spanish-speaking locals do not see the connection between the name of their city and the name of the river runs through it. They often assume that the valley is named after the river, however, historically, the Flag of Lima has been known as the «Banner of Perus Kings City»
27.
Mexico City
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Mexico City, or City of Mexico, is the capital and most populous city of Mexico. As an alpha global city, Mexico City is one of the most important financial centers in the Americas and it is located in the Valley of Mexico, a large valley in the high plateaus at the center of Mexico, at an altitude of 2,240 metres. The city consists of sixteen municipalities, the 2009 estimated population for the city proper was approximately 8.84 million people, with a land area of 1,485 square kilometres. The Greater Mexico City has a domestic product of US$411 billion in 2011. The city was responsible for generating 15. 8% of Mexicos Gross Domestic Product, as a stand-alone country, in 2013, Mexico City would be the fifth-largest economy in Latin America—five times as large as Costa Ricas and about the same size as Perus. Mexico’s capital is both the oldest capital city in the Americas and one of two founded by Amerindians, the other being Quito. In 1524, the municipality of Mexico City was established, known as México Tenochtitlán, Mexico City served as the political, administrative and financial center of a major part of the Spanish colonial empire. After independence from Spain was achieved, the district was created in 1824. Ever since, the left-wing Party of the Democratic Revolution has controlled both of them, in recent years, the local government has passed a wave of liberal policies, such as abortion on request, a limited form of euthanasia, no-fault divorce, and same-sex marriage. On January 29,2016, it ceased to be called the Federal District and is now in transition to become the countrys 32nd federal entity, giving it a level of autonomy comparable to that of a state. Because of a clause in the Mexican Constitution, however, as the seat of the powers of the federation, it can never become a state, the city of Mexico-Tenochtitlan was founded by the Mexica people in 1325. According to legend, the Mexicas principal god, Huitzilopochtli indicated the site where they were to build their home by presenting an eagle perched on a cactus with a snake in its beak. Between 1325 and 1521, Tenochtitlan grew in size and strength, eventually dominating the other city-states around Lake Texcoco, when the Spaniards arrived, the Aztec Empire had reached much of Mesoamerica, touching both the Gulf of Mexico and the Pacific Ocean. After landing in Veracruz, Spanish explorer Hernán Cortés advanced upon Tenochtitlan with the aid of many of the native peoples. Cortés put Moctezuma under house arrest, hoping to rule through him, the Aztecs thought the Spaniards were permanently gone, and they elected a new king, Cuitláhuac, but he soon died, the next king was Cuauhtémoc. Cortés began a siege of Tenochtitlan in May 1521, for three months, the city suffered from the lack of food and water as well as the spread of smallpox brought by the Europeans. Cortés and his allies landed their forces in the south of the island, the Spaniards practically razed Tenochtitlan during the final siege of the conquest. Cortés first settled in Coyoacán, but decided to rebuild the Aztec site to erase all traces of the old order and he did not establish a territory under his own personal rule, but remained loyal to the Spanish crown
28.
Latin America
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Latin America is a group of countries and dependencies in the Americas where Romance languages are predominant. It is therefore broader than the terms Ibero-America or Hispanic America—though it usually excludes French Canada and it has an area of approximately 19,197,000 km2, almost 13% of the Earths land surface area. As of 2015, its population was estimated at more than 626 million and in 2014, Latin America had a combined nominal GDP of 5,573,397 million USD and a GDP PPP of 7,531,585 million USD. The term Latin America was first used in 1861 in La revue des races Latines, a further investigation of the concept of Latin America is by Michel Gobat in the American Historical Review. The term was first used in Paris in an 1856 conference by the Chilean politician Francisco Bilbao and this term was also used in 1861 by French scholars in La revue des races Latines, a magazine dedicated to the Pan-Latinism movement. Latin America is, therefore, defined as all parts of the Americas that were once part of the Spanish. By this definition, Latin America is coterminous with Ibero-America and this definition emphasizes a similar socioeconomic history of the region, which was characterized by formal or informal colonialism, rather than cultural aspects. As such, some sources avoid this oversimplification by using the phrase Latin America, the distinction between Latin America and Anglo-America is a convention based on the predominant languages in the Americas by which Romance-language and English-speaking cultures are distinguished. Latin America can be subdivided into several subregions based on geography, politics, demographics and it may be subdivided on linguistic grounds into Hispanic America, Portuguese America and French America. *, Not a sovereign state The concept of Latin America has been criticized by a number of intellectuals, the earliest known settlement was identified at Monte Verde, near Puerto Montt in Southern Chile. Its occupation dates to some 14,000 years ago and there is disputed evidence of even earlier occupation. Over the course of millennia, people spread to all parts of the continents, by the first millennium CE, South Americas vast rainforests, mountains, plains and coasts were the home of tens of millions of people. Some groups formed more permanent settlements such as the Chibcha and the Tairona groups and these groups are in the circum Caribbean region. The Chibchas of Colombia, the Quechuas and Aymaras of Bolivia, the region was home to many indigenous peoples and advanced civilizations, including the Aztecs, Toltecs, Maya, and Inca. The Aztec empire was ultimately the most powerful civilization known throughout the Americas, with the arrival of the Europeans following Christopher Columbus voyages, the indigenous elites, such as the Incas and Aztecs, lost power to the heavy European invasion. Hernándo Cortés seized the Aztec elites power with the help of local groups who had favored the Aztec elite, epidemics of diseases brought by the Europeans, such as smallpox and measles, wiped out a large portion of the indigenous population. Historians cannot determine the number of natives who died due to European diseases, due to the lack of written records, specific numbers are hard to verify. Many of the survivors were forced to work in European plantations, intermixing between the indigenous peoples and the European colonists was very common, and, by the end of the colonial period, people of mixed ancestry formed majorities in several colonies
29.
Adelaide
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Adelaide is the capital city of the state of South Australia, and the fifth-most populous city of Australia. In June 2016, Adelaide had a resident population of 1,326,354 million. South Australia, with a total of 1, the demonym Adelaidean is used in reference to the city and its residents. Adelaide is north of the Fleurieu Peninsula, on the Adelaide Plains between the Gulf St Vincent and the low-lying Mount Lofty Ranges which surround the city. Adelaide stretches 20 km from the coast to the foothills, and 94 to 104 km from Gawler at its northern extent to Sellicks Beach in the south. Named in honour of Adelaide of Saxe-Meiningen, queen consort to King William IV, Colonel William Light, one of Adelaides founding fathers, designed the city and chose its location close to the River Torrens, in the area originally inhabited by the Kaurna people. Lights design set out Adelaide in a layout, interspaced by wide boulevards and large public squares. Early Adelaide was shaped by prosperity and wealth—until the Second World War, it was Australias third-largest city and it has been noted for early examples of religious freedom, a commitment to political progressivism and civil liberties. It has been known as the City of Churches since the mid-19th century, as South Australias seat of government and commercial centre, Adelaide is the site of many governmental and financial institutions. Most of these are concentrated in the city centre along the boulevard of North Terrace, King William Street. Today, Adelaide is noted for its festivals and sporting events, its food and wine, its long beachfronts. It ranks highly in terms of liveability, being listed in the Top 10 of The Economist Intelligence Units Worlds Most Liveable Cities index in 2010,2011,2012 and 2015. It was also ranked the most liveable city in Australia by the Property Council of Australia in 2011,2012 and 2013, prior to its proclamation as a British settlement in 1836, the area around Adelaide was inhabited by the indigenous Kaurna Aboriginal nation. Kaurna culture and language was almost completely destroyed within a few decades of the European settlement of South Australia in 1836, however, extensive documentation by early missionaries and other researchers has enabled a modern revival of both language and culture. South Australia was officially proclaimed as a new British colony on 28 December 1836, the event is commemorated in South Australia as Proclamation Day. The site of the capital was surveyed and laid out by Colonel William Light. Adelaide was established as a colony of free immigrants, promising civil liberties and freedom from religious persecution. Wakefields idea was for the Government to survey and sell the land at a rate that would maintain land values high enough to be unaffordable for labourers and journeymen
30.
Sovereign (British coin)
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The sovereign is a gold coin of the United Kingdom, with a nominal value of one pound sterling. Prior to 1932 it was a circulating coin within Britains then Gold Standard currency. Today it is used as a coin and is sometimes mounted in jewellery. Named after the English gold sovereign, last minted in 1604, minting these new sovereigns began in 1817. The gold content was fixed by the act of 1816 at 1320/5607 troy ounces. This weight has remained almost constant — rounding at 10−6 g took place on its legal redefinition in the rather than fractional system of coin weights. Sovereigns have been minted in the United Kingdom from 1817 to 1917, in 1925, in the past Australia, Canada, and South Africa all occasionally minted the coins. Today, they are minted at the Royal Mint in Llantrisant, Wales, in addition to the sovereign, the Royal Mint also struck ten-shilling half sovereigns, two-pound double sovereigns, and five-pound quintuple sovereign coins. Only the sovereign and the sovereign were commonly struck for circulation. In 2009, The Royal Mint released a new coin in the sovereign series and this was succeeded by a portrayal of Saint George killing a dragon, engraved by Benedetto Pistrucci. In Victorian times it was the practice of the Bank of England to remove worn sovereigns and half sovereigns from circulation, consequently, although a billion sovereigns have been minted in total, that figure includes gold that has been coined and recoined a number of times. When gold coins were withdrawn from circulation in 1933 in the US. It was actually the half-sovereign that had the most circulation in Victorian Britain, many sovereigns languished in bank vaults for most of their lives. In 1889 and 1890 Orders in Council were made permitting members of the public to hand in any gold coins that were underweight and have them replaced by full-weight coins. A proclamation was issued in November 1890 that any gold coin struck before 1837 would cease to be legal tender with effect from 28 February 1891. This recycled gold was subsequently reminted into 13,680,486 half sovereigns in 1892 and 10,846,741 sovereigns in 1900, Sovereign obverse dies were also used in the nineteenth century to create farthings once they had become worn. Sovereigns were produced in large quantities until World War I, at time the UK came off the gold standard. From then until 1932, sovereigns were produced only at branch mints at Melbourne, Sydney, Perth, Bombay, Ottawa, the last regular issue was in 1932
31.
Sydney
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Sydney /ˈsɪdni/ is the state capital of New South Wales and the most populous city in Australia and Oceania. Located on Australias east coast, the metropolis surrounds the worlds largest natural harbour, residents of Sydney are known as Sydneysiders. The Sydney area has been inhabited by indigenous Australians for at least 30,000 years, the first British settlers, led by Captain Arthur Phillip, arrived in 1788 to found Sydney as a penal colony, the first European settlement in Australia. Since convict transportation ended in the century, the city has transformed from a colonial outpost into a major global cultural. As at June 2016 Sydneys estimated population was 5,005,358, in the 2011 census,34 percent of the population reported having been born overseas, representing many different nationalities and making Sydney one of the most multicultural cities in the world. There are more than 250 different languages spoken in Sydney and about one-third of residents speak a language other than English at home and it is classified as an Alpha+ World City by the Globalization and World Cities Research Network, indicating its influence in the region and throughout the world. Ranked eleventh in the world for economic opportunity, Sydney has a market economy with strengths in finance, manufacturing. Its gross regional product was $337 billion in 2013, the largest in Australia, there is a significant concentration of foreign banks and multinational corporations in Sydney and the city is promoted as one of Asia Pacifics leading financial hubs. Its natural features include Sydney Harbour, the Royal National Park, man-made attractions such as the Sydney Opera House, Sydney Tower and the Sydney Harbour Bridge are also well known to international visitors. The first people to inhabit the now known as Sydney were indigenous Australians having migrated from northern Australia. Radiocarbon dating suggests human activity first started to occur in the Sydney area from around 30,735 years ago, the earliest British settlers called them Eora people. Eora is the term the indigenous used to explain their origins upon first contact with the British. Its literal meaning is from this place, prior to the arrival of the British there were 4,000 to 8,000 native people in Sydney from as many as 29 different clans. Sydney Cove from Port Jackson to Petersham was inhabited by the Cadigal clan, the principal language groups were Darug, Guringai, and Dharawal. The earliest Europeans to visit the area noted that the people were conducting activities such as camping and fishing, using trees for bark and food, collecting shells. Development has destroyed much of the citys history including that of the first inhabitants, there continues to be examples of rock art and engravings located in the protected Ku-ring-gai Chase National Park. The first meeting between the people and the British occurred on 29 April 1770 when Lieutenant James Cook landed at Botany Bay on the Kurnell Peninsula. He noted in his journal that they were confused and somewhat hostile towards the foreign visitors, Cook was on a mission of exploration and was not commissioned to start a settlement
32.
Melbourne
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Melbourne is the capital and most populous city of the Australian state of Victoria, and the second-most populous city in Australia and Oceania. The name Melbourne refers to an urban agglomeration spanning 9,900 km2, the metropolis is located on the large natural bay of Port Phillip and expands into the hinterlands towards the Dandenong and Macedon mountain ranges, Mornington Peninsula and Yarra Valley. It has a population of 4,641,636 as of 2016, and its inhabitants are called Melburnians. Founded by free settlers from the British Crown colony of Van Diemens Land on 30 August 1835, in what was then the colony of New South Wales, it was incorporated as a Crown settlement in 1837. It was named Melbourne by the Governor of New South Wales, Sir Richard Bourke, in honour of the British Prime Minister of the day, William Lamb, 2nd Viscount Melbourne. It was officially declared a city by Queen Victoria, to whom Lord Melbourne was close, in 1847, during the Victorian gold rush of the 1850s, it was transformed into one of the worlds largest and wealthiest cities. After the federation of Australia in 1901, it served as the interim seat of government until 1927. It is a financial centre in the Asia-Pacific region. It is recognised as a UNESCO City of Literature and a centre for street art, music. It was the host city of the 1956 Summer Olympics and the 2006 Commonwealth Games, the main passenger airport serving the metropolis and the state is Melbourne Airport, the second busiest in Australia. The Port of Melbourne is Australias busiest seaport for containerised and general cargo, Melbourne has an extensive transport network. The main metropolitan train terminus is Flinders Street Station, and the regional train. Melbourne is also home to Australias most extensive network and has the worlds largest urban tram network. Before the arrival of settlers, humans had occupied the area for an estimated 31,000 to 40,000 years. At the time of European settlement, it was inhabited by under 2000 hunter-gatherers from three indigenous tribes, the Wurundjeri, Boonwurrung and Wathaurong. The area was an important meeting place for the clans of the Kulin nation alliance and it would be 30 years before another settlement was attempted. Batman selected a site on the bank of the Yarra River. Batman then returned to Launceston in Tasmania, in early August 1835 a different group of settlers, including John Pascoe Fawkner, left Launceston on the ship Enterprize
33.
India
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India, officially the Republic of India, is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and it is bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast. It shares land borders with Pakistan to the west, China, Nepal, and Bhutan to the northeast, in the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives. Indias Andaman and Nicobar Islands share a border with Thailand. The Indian subcontinent was home to the urban Indus Valley Civilisation of the 3rd millennium BCE, in the following millennium, the oldest scriptures associated with Hinduism began to be composed. Social stratification, based on caste, emerged in the first millennium BCE, early political consolidations took place under the Maurya and Gupta empires, the later peninsular Middle Kingdoms influenced cultures as far as southeast Asia. In the medieval era, Judaism, Zoroastrianism, Christianity, and Islam arrived, much of the north fell to the Delhi sultanate, the south was united under the Vijayanagara Empire. The economy expanded in the 17th century in the Mughal empire, in the mid-18th century, the subcontinent came under British East India Company rule, and in the mid-19th under British crown rule. A nationalist movement emerged in the late 19th century, which later, under Mahatma Gandhi, was noted for nonviolent resistance, in 2015, the Indian economy was the worlds seventh largest by nominal GDP and third largest by purchasing power parity. Following market-based economic reforms in 1991, India became one of the major economies and is considered a newly industrialised country. However, it continues to face the challenges of poverty, corruption, malnutrition, a nuclear weapons state and regional power, it has the third largest standing army in the world and ranks sixth in military expenditure among nations. India is a constitutional republic governed under a parliamentary system. It is a pluralistic, multilingual and multi-ethnic society and is home to a diversity of wildlife in a variety of protected habitats. The name India is derived from Indus, which originates from the Old Persian word Hindu, the latter term stems from the Sanskrit word Sindhu, which was the historical local appellation for the Indus River. The ancient Greeks referred to the Indians as Indoi, which translates as The people of the Indus, the geographical term Bharat, which is recognised by the Constitution of India as an official name for the country, is used by many Indian languages in its variations. Scholars believe it to be named after the Vedic tribe of Bharatas in the second millennium B. C. E and it is also traditionally associated with the rule of the legendary emperor Bharata. Gaṇarājya is the Sanskrit/Hindi term for republic dating back to the ancient times, hindustan is a Persian name for India dating back to the 3rd century B. C. E. It was introduced into India by the Mughals and widely used since then and its meaning varied, referring to a region that encompassed northern India and Pakistan or India in its entirety
34.
Queensland
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Queensland is the second-largest and third-most-populous state in the Commonwealth of Australia. Situated in the north-east of the country, it is bordered by the Northern Territory, South Australia and New South Wales to the west, south-west, to the east, Queensland is bordered by the Coral Sea and Pacific Ocean. Queensland has a population of 4,750,500, concentrated along the coast, the state is the worlds sixth largest sub-national entity, with an area of 1,852,642 km2. The capital and largest city in the state is Brisbane, Australias third largest city, often referred to as the Sunshine State, Queensland is home to 10 of Australias 30 largest cities and is the nations third largest economy. Tourism in the state, fuelled largely by its tropical climate, is a major industry. Queensland was first inhabited by Aboriginal Australians and Torres Strait Islanders, the first European to land in Queensland was Dutch navigator Willem Janszoon in 1606, who explored the west coast of the Cape York Peninsula near present-day Weipa. In 1770, Lieutenant James Cook claimed the east coast of Australia for the Kingdom of Great Britain. The colony of New South Wales was founded in 1788 by Governor Arthur Phillip at Sydney, New South Wales at that time included all of what is now Queensland, Queensland was explored in subsequent decades until the establishment of a penal colony at Brisbane in 1824 by John Oxley. Penal transportation ceased in 1839 and free settlement was allowed from 1842, the state was named in honour of Queen Victoria, who on 6 June 1859 signed Letters Patent separating the colony from New South Wales. The 6th of June is now celebrated statewide as Queensland Day. Queensland achieved statehood with the Federation of Australia on 1 January 1901, the history of Queensland spans thousands of years, encompassing both a lengthy indigenous presence, as well as the eventful times of post-European settlement. The north-eastern Australian region was explored by Dutch, Spanish and French navigators before being encountered by Lieutenant James Cook in 1770, the Australian Labor Party has its origin as a formal organisation in Queensland and the town of Barcaldine is the symbolic birthplace of the party. June 2009 marked the 150th anniversary of its creation as a colony from New South Wales. The Aboriginal occupation of Queensland is thought to predate 50,000 BC, likely via boat or land bridge across Torres Strait, during the last ice age Queenslands landscape became more arid and largely desolate, making food and other supplies scarce. This led to the worlds first seed-grinding technology, warming again made the land hospitable, which brought high rainfall along the eastern coast, stimulating the growth of the states tropical rainforests. In February 1606, Dutch navigator Willem Janszoon landed near the site of what is now Weipa and this was the first recorded landing of a European in Australia, and it also marked the first reported contact between European and Aboriginal Australian people. The region was explored by French and Spanish explorers prior to the arrival of Lieutenant James Cook in 1770. Cook claimed the east coast under instruction from King George III of the United Kingdom on 22 August 1770 at Possession Island, naming Eastern Australia, including Queensland, the Aboriginal population declined significantly after a smallpox epidemic during the late 18th century
35.
United States Treasury security
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United States Treasury securities are government debt instruments issued by the United States Department of the Treasury to finance the national debt of the United States. Treasury securities are often referred to simply as Treasuries, since 2012 the management of government debt has been arranged by the Bureau of the Fiscal Service, succeeding the Bureau of the Public Debt. There are four types of marketable securities, Treasury bills, Treasury notes, Treasury bonds. All of the marketable Treasury securities are very liquid and are traded on the secondary market. The non-marketable securities are issued to subscribers and cannot be transferred through market sales, Federal Reserve Banks are required to hold collateral equal in value to the Federal Reserve notes that the Federal Reserve Bank puts into circulation. This collateral is chiefly held in the form of U. S. Treasury debt, to finance the costs of World War I the U. S. Government increased income taxes and government debt, called war bonds. Traditionally, the government borrowed from countries, but there were no other countries from which to borrow in 1917. The Treasury raised funding throughout the war by selling $21.5 billion in Liberty bonds and these bonds were sold at subscription where officials created coupon price and then sold it at par value. At this price, subscriptions could be filled in as little as one day, after the war, the Liberty bonds were reaching maturity, but the Treasury was unable to pay each down fully with only limited budget surpluses. The resolution to this problem was to refinance the debt with variable short, again the Treasury issued debt through fixed-price subscription, where both the coupon and the price of the debt were dictated by the Treasury. The problems with debt issuance became apparent in the late-1920s, the system suffered from chronic over-subscription, where interest rates were so attractive that there were more purchasers of debt than supplied by the government. This indicated that the government was paying too much for debt, as government debt was undervalued, debt purchasers could buy from the government and immediately sell to another market participant at a higher price. In 1929, the US Treasury shifted from the subscription system to a system of auctioning where Treasury Bills would be sold to the highest bidder. Securities were then issued on a pro rata system where securities would be allocated to the highest bidder until their demand was full, if more treasuries were supplied by the government, they would then be allocated to the next highest bidder. This system allowed the market, rather than the government, to set the price, on December 10,1929, the Treasury issued its first auction. The result was the issuing of $224 million three-month bills, the highest bid was at 99.310 with the lowest bid accepted at 99.152. Note that the Bank of England issues these in the United Kingdom, Treasury bills mature in one year or less. Like zero-coupon bonds, they do not pay interest prior to maturity, regular weekly T-Bills are commonly issued with maturity dates of 28 days,91 days,182 days, and 364 days
36.
Australian Labor Party
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The Australian Labor Party is a political party in Australia. The party has been in opposition at federal level since the 2013 election, Bill Shorten has been the partys federal parliamentary leader since 13 October 2013. The party is a party with branches in each state. Labor is in government in the states of Victoria, Queensland, Western Australia, South Australia, the party competes against the Liberal/National Coalition for political office at the federal and state levels. Labors current National Platform describes the party as a social democratic party, the party of opportunity and security for working people. The ALP was not founded as a party until after the first sitting of the Australian Parliament in 1901. Nevertheless, it is regarded as descended from labour parties founded in the various Australian colonies by the labour movement in Australia. Labor is thus the countrys oldest political party, colonial labour parties contested seats from 1891, and federal seats following Federation at the 1901 federal election. Labor was the first party in Australia to win a majority in either house of the Australian Parliament, internationally, the ALP is a member of the Progressive Alliance network of social-democratic parties, having previously been a member of the Socialist International. The Australian Labor Party has its origins in the Labour parties founded in the 1890s in the Australian colonies prior to federation, Labor tradition ascribes the founding of Queensland Labour to a meeting of striking pastoral workers under a ghost gum tree in Barcaldine, Queensland in 1891. The Balmain, New South Wales branch of the party claims to be the oldest in Australia, Labour as a parliamentary party dates from 1891 in New South Wales and South Australia,1893 in Queensland, and later in the other colonies. The first election contested by Labour candidates was the 1891 New South Wales election, the major parties were the Protectionist and Free Trade parties and Labour held the balance of power. It offered parliamentary support in exchange for policy concessions, the United Labor Party of South Australia was founded in 1891, and three candidates were that year elected to the South Australian Legislative Council. The first successful South Australian House of Assembly candidate was John McPherson at the 1892 East Adelaide by-election, at the 1893 South Australian elections the ULP was immediately elevated to balance of power status with 10 of 54 lower house seats. The liberal government of Charles Kingston was formed with the support of the ULP, so successful, less than a decade later at the 1905 election, Thomas Price would form the worlds first stable Labor government. John Verran led Labor to form the states first of many majority governments at the 1910 election, in 1899, Anderson Dawson formed a minority Labour government in Queensland, the first in the world, which lasted one week while the conservatives regrouped after a split. The colonial Labour parties and the unions were mixed in their support for the Federation of Australia. They feared that federation would further entrench the power of the conservative forces, the first Labour leader and Prime Minister, Chris Watson, however, was a supporter of federation
37.
Prime Minister of Australia
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The Prime Minister of the Commonwealth of Australia is the head of government of Australia. The individual who holds the office is the most senior Minister of the Crown, the leader of the Cabinet, the office is not mentioned in the Constitution of Australia and exists only through longstanding political convention and tradition. Despite this, in practice it is the most powerful position in Australia. The individual who holds the office is commissioned by the Governor-General of Australia, almost always and according to convention, the Prime Minister is the leader of the majority party or largest party in a coalition of parties in the House of Representatives. However, there is no requirement that the prime minister sit in the House of Representatives. The only case where a member of the Senate was appointed minister was John Gorton. Malcolm Turnbull has held the office of Prime Minister since 15 September 2015, the Prime Minister and Treasurer are traditionally members of the House, but the Constitution does not have such a requirement. Before being sworn in as a Minister of the Crown, a person must first be sworn in as a member of the Federal Executive Council if they are not already a member. Membership of the Federal Executive Council entitles the member to the style of The Honourable for life, the senior members of the Executive Council constitute the Cabinet of Australia. The Prime Minister is, like ministers, normally sworn in by the Governor-General. When defeated in an election, or on resigning, the Prime Minister is said to hand in the commission, in the event of a Prime Minister dying in office, or becoming incapacitated, the Governor-General can terminate the commission. Despite the importance of the office of minister, the Constitution does not mention the office by name. The conventions of the Westminster system were thought to be entrenched in Australia by the authors of the Constitution that it was deemed unnecessary to detail them. The formal title of the portfolio has always been simply Prime Minister, except for the period of the Fourth Deakin Ministry, Page was the leader of the smaller party in the governing coalition, the Country Party. He held the office for three weeks until the UAP elected a new leader, Robert Menzies, in August 1941 Menzies resigned as prime minister. In July 1945 John Curtin died suddenly and his deputy, Frank Forde, was sworn in the next day as prime minister, although the Labor Party had not had an opportunity to meet and elect a new leader. Forde served for eight days until Ben Chifley was elected leader, Chifley was then sworn in, replacing Forde, who became Australias shortest-serving prime minister. Harold Holt disappeared while swimming on 17 December 1967 and was declared presumed dead on 19 December, the governor-general, Lord Casey, commissioned the Leader of the Country Party, John McEwen, to form a government until the Liberal Party elected a new leader
38.
Andrew Fisher
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Andrew Fisher was an Australian politician who served as Prime Minister of Australia on three separate occasions between 1908-1915. Fishers second government between 1910-13 completed a vast legislative programme which made him, along with Protectionist Alfred Deakin, the Fisher government legacy of reforms and national development lasted beyond the divisions that would later occur with World War I and Billy Hughes conscription push. After the minority governments of 1904 Chris Watson and his own in 1908-1909 it was the worlds third Labour Party government at a national level. It was the first time a Labour Party had controlled any house of a legislature, at the time, it represented the culmination of Labours involvement in politics. Passing 113 Acts, the 1910–13 government was a period of reform unmatched in the Commonwealth until the 1940s under John Curtin, serving a collective total of four years and ten months, Fisher is second to Bob Hawke as Australias longest serving Labor Prime Minister. The original spelling of Labour was changed to Labor in 1912 at the instigation of King OMalley, Fisher was born in Crosshouse, a mining village near Kilmaurs, East Ayrshire, Scotland. He was the second of eight children of Robert Fisher and Jane Garvin, Fishers education consisted of some primary schooling, some night schooling, and the reading of books in the library of the cooperative his father had helped to establish. At the age of ten, he working in a coal mine. He worked six days a week for hours a day. He then had to walk 2 and 1/2 miles to attend night school, at 17 years old, Fisher was elected secretary of the local branch of the Ayrshire Miners Union, the first step on a road to politics. The union called a strike in 1881 to demand a 10% increase to wages, after finding employment at another mine, he once again led miners to strike for higher wages in 1885. This time, he was not only sacked but also blacklisted, unable to find work, Fisher and his brother emigrated to Queensland in 1885. Despite leaving Scotland, Fisher is said to have retained a distinctive Scottish accent for the rest of his life, here, Fisher worked as a miner, first in Burrum and then in Gympie. He became a driver after attaining the necessary qualifications in 1891. In the same year, he was elected as the president of an engine drivers union. He was also active in the Amalgamated Miners Union, becoming President of the Gympie branch by 1891, in 1891, Fisher was elected as the first president of the Gympie branch of the Labour Party. In 1893, he was elected to the Legislative Assembly of Queensland as Labour member for Gympie, in his maiden speech, he pushed for a 50% decrease in military spending and declared support for a federation. Another policy area that captured his attention during this term, was the employment of workers from the Pacific Islands in sugar plantations, the 1896 establishment of the Gympie Truth, a newspaper that he was to partly own, was part of his response
39.
Department of the Treasury (Australia)
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The Department of the Treasury is an Australian Government department, formed at Federation. Its role is to develop policy and prepare the Australian federal budget. The Commonwealth Treasury was established in Melbourne in January 1901, the department is focused on developing Australian taxation system, land and income tax and economic policies. The department is divided into four groups, Fiscal, Macroeconomic, Revenue, the Secretary to the Treasury is the public service head of the department. Below is the list of Secretaries, in 2008, Treasurer Wayne Swan called Secretary to the Treasury Ken Henry an independent economic regulator, similar to the Governor of the Reserve Bank. When asked after the 2009 Budget about Treasury’s independence, Henry replied, the Treasury Department is a department of state. It is part of the executive government and it works to the government of the day, whatever the political persuasion of the government of the day. And so in that sense of course the Treasury is not independent from government, but theres another sense in which it does have a degree of independence and that is that the Treasury conducts its analysis without government interference. Its up to the government of the day to decide whether to accept that analysis or whether to reject that analysis, Henry Tax Review List of Australian Commonwealth Government entities Official website Reserve Bank Board Members
40.
Commonwealth Bank
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The Commonwealth Bank of Australia is an Australian multinational bank with businesses across New Zealand, Fiji, Asia, USA and the United Kingdom. Commonwealth Bank is also the largest bank in the Southern Hemisphere, founded in 1911 by the Australian government, the Commonwealth Bank is one of the big four Australian banks, with National Australia Bank, ANZ and Westpac. The bank listed on the Australian Stock Exchange in 1991 and the government fully privatised it in 1996. The headquarters were moved to two new buildings which were built at the site of the former Sega World Sydney. The Commonwealth Bank of Australia was founded by the Commonwealth Bank Act on 22 December 1911, introduced by the Andrew Fisher Labor Government, in a rare move for the time, the bank was to have both savings and general bank business. The bank was also the first bank in Australia to receive a Federal Government guarantee, the banks earliest and most strenuous proponent was the flamboyant American-Australian Labor politician, King OMalley, and its first Governor was Sir Denison Miller. The bank opened its first branch in Melbourne on 15 July 1912, in an agreement with Australia Post that exists to this day, the bank also traded through post office agencies. In 1912, it merged with the savings bank in Tasmania. In 1916, the bank moved its office to Sydney. It also followed the Australian army into New Guinea, where it opened a branch in Rabaul, in 1920, the bank took over from the Department of the Treasury the responsibility for the issue of Australian bank notes, the beginning of its acquisition of central bank powers. In 1920, the Commonwealth Bank merged with the savings bank in Queensland. The bank also acquired the State Savings Bank of Western Australia, the banks role in central banking expanded gradually after 1920. In 1931, the board came into conflict with the Labor government of James Scullin. The banks chairman Robert Gibson refused to credit in response to the Great Depression unless the government cut pensions. Conflict surrounding this issue led to the fall of the government, in 1942, the Commonwealth Banking Corporation suspended its operations in Papua New Guinea as the Imperial Japanese Army captured many of the towns in which it operated, and bombed Port Moresby. The bank resumed operations later, possibly in 1944, the bank had many branches across Papua New Guinea including Port Moresby, Boroko, Rabaul, Lae, Wau, Bulolo, Goroka, Kavieng, Madang, Mount Hagen, Kundiawa, Popondetta and Wewak. On Bougainville there was Kieta, Panguna, Arawa and early on a sub branch at Loloho. The bank maintained those facilities to support trade, local business, government, the government also colossally expanded immigration programmes
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Gold standard
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A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types can be distinguished, specie, bullion, and exchange, the gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for the circulating currency. The gold exchange standard usually does not involve the circulation of gold coins. This creates a de facto standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself. Most nations abandoned the standard as the basis of their monetary systems at some point in the 20th century. An estimated total of 174,100 tonnes of gold have been mined in human history and this is roughly equivalent to 5.6 billion troy ounces or, in terms of volume, about 9,261 cubic metres, or a cube 21 metres on a side. There are varying estimates of the volume of gold mined. One reason for the variance is that gold has been mined for thousands of years, another reason is that some nations are not particularly open about how much gold is being mined. In addition, it is difficult to account for the output in illegal mining activities. World production for 2011 was at 2,700 tonnes, since the 1950s, annual gold output growth has approximately kept pace with world population growth of around 2x, although far less than world economic growth of some 8x, or some 4x since 1980. The gold specie standard arose from the acceptance of gold as currency. Various commodities have been used as money, typically, the one that loses the least value over time becomes the accepted form, the use of gold as money began thousands of years ago in Asia Minor. During the early and high Middle Ages, the Byzantine gold solidus, commonly known as the bezant, was used widely throughout Europe, however, as the Byzantine Empires economic influence declined, so too did the use of the bezant. In its place, European territories chose silver as its currency over gold, Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa, circa CE 757–796. Similar coins, including Italian denari, French deniers, and Spanish dineros circulated in Europe, Spanish explorers discovered silver deposits in Mexico in 1522 and at Potosí in Bolivia in 1545. International trade came to depend on such as the Spanish dollar, the Maria Theresa thaler, and later. In modern times, the British West Indies was one of the first regions to adopt a gold specie standard, following Queen Annes proclamation of 1704, the British West Indies gold standard was a de facto gold standard based on the Spanish gold doubloon. A formal gold specie standard was first established in 1821, when Britain adopted it following the introduction of the sovereign by the new Royal Mint at Tower Hill in 1816
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Deflation
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In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0%, Inflation reduces the real value of money over time, conversely, deflation increases the real value of money – the currency of a national or regional economy. This allows one to buy goods and services than before with the same amount of money. Economists generally believe that deflation is a problem in a modern economy because it may increase the value of debt. Deflation may also aggravate recessions and lead to a deflationary spiral, Deflation is distinct from disinflation, a slow-down in the inflation rate, i. e. when inflation declines to a lower rate but is still positive. In the IS–LM model, deflation is caused by a shift in the supply and demand curve for goods and this in turn can be caused by an increase in supply, a fall in demand, or both. When prices are falling, consumers have an incentive to delay purchases and consumption until prices fall further, when purchases are delayed, productive capacity is idled and investment falls, leading to further reductions in aggregate demand. Deflation is also related to risk aversion, where the risk-adjusted return on assets drops to near zero, investors and buyers will hoard currency rather than invest it, even in the most solid of securities. This can produce a liquidity trap or it may lead to shortages that entice investments yielding more jobs, a central bank cannot, normally, charge negative interest for money, and even charging zero interest often produces less stimulative effect than slightly higher rates of interest. In a closed economy, this is because charging zero interest also means having zero return on government securities, in an open economy it creates a carry trade, and devalues the currency. A devalued currency produces higher prices for imports without necessarily stimulating exports to a like degree, Deflation is the natural condition of economies when the supply of money is fixed, or does not grow as quickly as population and the economy. When this happens, the amount of hard currency per person falls, in effect making money more scarce, and consequently. Deflation also occurs when improvements in production efficiency lower the price of goods. Competition in the marketplace often prompts those producers to apply at least some portion of these cost savings into reducing the price for their goods. When this happens, consumers pay less for goods, and consequently deflation has occurred. There was inflation during World War I, but deflation returned again after that war, most nations abandoned the gold standard in the 1930s. There is less reason to expect deflation, aside from the collapse of asset classes. Studies of the Great Depression by Ben Bernanke have indicated that, in response to decreased demand, a structural deflation existed from the 1870s until the cycle upswing that started in 1895
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Inflation
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In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time resulting in a loss of value of currency. When the price rises, each unit of currency buys fewer goods. Consequently, inflation reflects a reduction in the power per unit of money – a loss of real value in the medium of exchange. A chief measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index. The opposite of inflation is deflation, Inflation affects economies in various positive and negative ways. Economists generally believe that high rates of inflation and hyperinflation are caused by a growth of the money supply. However, money supply growth does not necessarily cause inflation, some economists maintain that under the conditions of a liquidity trap, large monetary injections are like pushing on a string. Views on which factors determine low to moderate rates of inflation are more varied, low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities. However, the view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth. Today, most economists favor a low and steady rate of inflation, the task of keeping the rate of inflation low and stable is usually given to monetary authorities. Rapid increases in quantity of the money or in the money supply have occurred in many different societies throughout history. By diluting the gold with other metals, the government could issue more coins without also needing to increase the amount of used to make them. When the cost of each coin is lowered in this way and this practice would increase the money supply but at the same time the relative value of each coin would be lowered. As the relative value of the coins becomes lower, consumers would need to give more coins in exchange for the same goods and these goods and services would experience a price increase as the value of each coin is reduced. Song Dynasty China introduced the practice of printing paper money in order to create fiat currency, during the Mongol Yuan Dynasty, the government spent a great deal of money fighting costly wars, and reacted by printing more money, leading to inflation. Fearing the inflation that plagued the Yuan dynasty, the Ming Dynasty initially rejected the use of paper money, historically, large infusions of gold or silver into an economy also led to inflation. This was largely caused by the influx of gold and silver from the New World into Habsburg Spain. The silver spread throughout a previously cash-starved Europe and caused widespread inflation, demographic factors also contributed to upward pressure on prices, with European population growth after depopulation caused by the Black Death pandemic
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British Empire
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The British Empire comprised the dominions, colonies, protectorates, mandates and other territories ruled or administered by the United Kingdom and its predecessor states. It originated with the possessions and trading posts established by England between the late 16th and early 18th centuries. At its height, it was the largest empire in history and, for over a century, was the foremost global power. By 1913, the British Empire held sway over 412 million people, 23% of the population at the time. As a result, its political, legal, linguistic and cultural legacy is widespread, during the Age of Discovery in the 15th and 16th centuries, Portugal and Spain pioneered European exploration of the globe, and in the process established large overseas empires. Envious of the great wealth these empires generated, England, France, the independence of the Thirteen Colonies in North America in 1783 after the American War of Independence caused Britain to lose some of its oldest and most populous colonies. British attention soon turned towards Asia, Africa, and the Pacific, after the defeat of France in the Revolutionary and Napoleonic Wars, Britain emerged as the principal naval and imperial power of the 19th century. In the early 19th century, the Industrial Revolution began to transform Britain, the British Empire expanded to include India, large parts of Africa and many other territories throughout the world. In Britain, political attitudes favoured free trade and laissez-faire policies, during the 19th Century, Britains population increased at a dramatic rate, accompanied by rapid urbanisation, which caused significant social and economic stresses. To seek new markets and sources of raw materials, the Conservative Party under Benjamin Disraeli launched a period of imperialist expansion in Egypt, South Africa, Canada, Australia, and New Zealand became self-governing dominions. By the start of the 20th century, Germany and the United States had begun to challenge Britains economic lead, subsequent military and economic tensions between Britain and Germany were major causes of the First World War, during which Britain relied heavily upon its empire. The conflict placed enormous strain on the military, financial and manpower resources of Britain, although the British Empire achieved its largest territorial extent immediately after World War I, Britain was no longer the worlds pre-eminent industrial or military power. In the Second World War, Britains colonies in Southeast Asia were occupied by Imperial Japan, despite the final victory of Britain and its allies, the damage to British prestige helped to accelerate the decline of the empire. India, Britains most valuable and populous possession, achieved independence as part of a larger movement in which Britain granted independence to most territories of the empire. The transfer of Hong Kong to China in 1997 marked for many the end of the British Empire, fourteen overseas territories remain under British sovereignty. After independence, many former British colonies joined the Commonwealth of Nations, the United Kingdom is now one of 16 Commonwealth nations, a grouping known informally as the Commonwealth realms, that share a monarch, Queen Elizabeth II. The foundations of the British Empire were laid when England and Scotland were separate kingdoms. In 1496, King Henry VII of England, following the successes of Spain and Portugal in overseas exploration, Cabot led another voyage to the Americas the following year but nothing was ever heard of his ships again
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