Charles Swanston
Encyclopedia
Charles Swanston merchant, banker and politician was a financial backer of the Port Phillip Association
. He was born in Berwick upon Tweed, England
the son of Robert and Rebecca (née Lambert) Swanston. At 16 he was commissioned a lieutenant in the private army of the British East India Company
.
In 1810 he was a member of an expedition which obtained the political overthrow of Mauritius
and was appointed to survey the island.
In May 1814 Swanston left England and returned to duty in India via Scutari
and Baghdad
, a distance of 3000 km on horseback in 48 days. In September 1817 he was ordered to raise 1000 men for the Poona Auxiliary Horse brigade and was appointed commander. In command of these troops he was involved in several actions and was wounded three times. In 1818 he captured Trimbackjee Dainglia an agitator on whose head the British had placed a price of £10,000. In January 1819 Swanston was promoted captain, but within a year lost his command because of great reductions in the army. In 1821 he was offered the position of assistant quartermaster-general of the army but declined, accepting instead the office of military paymaster in the provinces of Travancore
and Tinnevelly a position he held for six years. In September 1828 he was granted a year's leave to Van Diemen's Land
on account of ill health.
He arrived at Hobart Town in HMS Success
on 4 January 1829 with his wife Georgina (née Scherson) and young family. Although on leave, he soon purchased 'Fenton Forest' an estate on the river Styx. He also bought several other properties of over 3000 acres (12 km²). He returned briefly returned to India in 1830 at the expiration of his leave where he resigned his military commission and returned to Tasmania in May 1831.
In November 1831 he was appointed managing director of the Derwent Bank which had recently established as a partnership by a group of Hobart citizens. He was soon to buy a controlling interest in the bank. Under his control the enterprise prospered attracting large amounts of overseas capital for investment at high rates of interest. He was responsible for introducing the overdraft system to Australian banking in 1834 in which year he established the Derwent Savings Bank. His influence in the colony increased when he was nominated to the Tasmanian Legislative Council
. In addition to banking he conducted an import-export business for commodities such as tea, rum and wool. On behalf of many officers and officials in India he invested money in Van Diemen's land in mortgages and bank shares.
In 1835 John Batman
's expedition landed at Port Phillip and bought 600,000 acres (2400 km²) including the future sites of Melbourne
and Geelong
. It had been bankrolled by a group of Hobart investors, including Swanston, who acted as the syndicate's banker. Recognition of the title to this land was refused by the government in Sydney
and London
despite strenuous claims by the Port Phillip Association
of its legality. The Port Phillip Association was granted compensation of £7,000, allowed as a reduction on the purchase price of land bought by the association in Melbourne at public auction. Most of the members of the association sold their entitlements to Swanston.
In 1844 Swanston, in partnership with his son-in-law Edward Willis, began trading as a grazier and merchant in Geelong. They controlled several properties in western Victoria totaling over 150,000 acres (600 km²).
In 1841 Swanston had converted the Derwent Bank into a mortgage bank. As the economic depression of the 1840s deepened the flow of overseas capital to the bank greatly diminished, the value of the land over which the bank held mortgages dropped and the price of wool fell. He managed the bank to last for another five years; he was forced to resign and the Derwent Bank went into liquidation. His liabilities were estimated at £104,375. He became a bankrupt and settled with his creditors at 10 shillings in the pound. In 1850 he fled Australia and sailed for America but stayed only briefly. Departing California he died on 5 September on board "Raven" and was buried at sea.
Swanston Street
in Melbourne is named after him.
Port Phillip Association
The Port Phillip Association was formally formed in June 1835 to settle land in what would become Melbourne, which the association believed had been acquired by John Batman for the association from Wurundjeri elders after he had obtained their marks to a document, which came to be known as...
. He was born in Berwick upon Tweed, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
the son of Robert and Rebecca (née Lambert) Swanston. At 16 he was commissioned a lieutenant in the private army of the British East India Company
British East India Company
The East India Company was an early English joint-stock company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian subcontinent and China...
.
In 1810 he was a member of an expedition which obtained the political overthrow of Mauritius
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
and was appointed to survey the island.
In May 1814 Swanston left England and returned to duty in India via Scutari
Scutari
Scutari may refer to:*Üsküdar , in Anatolia, Turkey*Scutari Barracks in Üsküdar; former hospital where Florence Nightingale worked*Shkodër, in Albania; also known as Scutari in antiquity...
and Baghdad
Baghdad
Baghdad is the capital of Iraq, as well as the coterminous Baghdad Governorate. The population of Baghdad in 2011 is approximately 7,216,040...
, a distance of 3000 km on horseback in 48 days. In September 1817 he was ordered to raise 1000 men for the Poona Auxiliary Horse brigade and was appointed commander. In command of these troops he was involved in several actions and was wounded three times. In 1818 he captured Trimbackjee Dainglia an agitator on whose head the British had placed a price of £10,000. In January 1819 Swanston was promoted captain, but within a year lost his command because of great reductions in the army. In 1821 he was offered the position of assistant quartermaster-general of the army but declined, accepting instead the office of military paymaster in the provinces of Travancore
Travancore
Kingdom of Travancore was a former Hindu feudal kingdom and Indian Princely State with its capital at Padmanabhapuram or Trivandrum ruled by the Travancore Royal Family. The Kingdom of Travancore comprised most of modern day southern Kerala, Kanyakumari district, and the southernmost parts of...
and Tinnevelly a position he held for six years. In September 1828 he was granted a year's leave to Van Diemen's Land
Van Diemen's Land
Van Diemen's Land was the original name used by most Europeans for the island of Tasmania, now part of Australia. The Dutch explorer Abel Tasman was the first European to land on the shores of Tasmania...
on account of ill health.
He arrived at Hobart Town in HMS Success
HMS Success (1825)
HMS Success was an Atholl-class 28-gun sixth-rate wooden sailing ship notable for exploring Western Australia and the Swan River in 1827 as well as being one of the first ships to arrive at the fledgling Swan River Colony two years later, at which time she ran aground off Carnac Island.- History...
on 4 January 1829 with his wife Georgina (née Scherson) and young family. Although on leave, he soon purchased 'Fenton Forest' an estate on the river Styx. He also bought several other properties of over 3000 acres (12 km²). He returned briefly returned to India in 1830 at the expiration of his leave where he resigned his military commission and returned to Tasmania in May 1831.
In November 1831 he was appointed managing director of the Derwent Bank which had recently established as a partnership by a group of Hobart citizens. He was soon to buy a controlling interest in the bank. Under his control the enterprise prospered attracting large amounts of overseas capital for investment at high rates of interest. He was responsible for introducing the overdraft system to Australian banking in 1834 in which year he established the Derwent Savings Bank. His influence in the colony increased when he was nominated to the Tasmanian Legislative Council
Tasmanian Legislative Council
The Legislative Council, or upper house, is one of the two chambers of the Parliament of Tasmania in Australia. The other is the House of Assembly. It sits in Parliament House in the state capital, Hobart...
. In addition to banking he conducted an import-export business for commodities such as tea, rum and wool. On behalf of many officers and officials in India he invested money in Van Diemen's land in mortgages and bank shares.
In 1835 John Batman
John Batman
John Batman was an Australian grazier, businessman and explorer who is best known for his role in the founding of a settlement which became Melbourne and the colony of Victoria.-Life:...
's expedition landed at Port Phillip and bought 600,000 acres (2400 km²) including the future sites of Melbourne
Melbourne
Melbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
and Geelong
Geelong, Victoria
Geelong is a port city located on Corio Bay and the Barwon River, in the state of Victoria, Australia, south-west of the state capital; Melbourne. It is the second most populated city in Victoria and the fifth most populated non-capital city in Australia...
. It had been bankrolled by a group of Hobart investors, including Swanston, who acted as the syndicate's banker. Recognition of the title to this land was refused by the government in Sydney
Sydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
and London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
despite strenuous claims by the Port Phillip Association
Port Phillip Association
The Port Phillip Association was formally formed in June 1835 to settle land in what would become Melbourne, which the association believed had been acquired by John Batman for the association from Wurundjeri elders after he had obtained their marks to a document, which came to be known as...
of its legality. The Port Phillip Association was granted compensation of £7,000, allowed as a reduction on the purchase price of land bought by the association in Melbourne at public auction. Most of the members of the association sold their entitlements to Swanston.
In 1844 Swanston, in partnership with his son-in-law Edward Willis, began trading as a grazier and merchant in Geelong. They controlled several properties in western Victoria totaling over 150,000 acres (600 km²).
In 1841 Swanston had converted the Derwent Bank into a mortgage bank. As the economic depression of the 1840s deepened the flow of overseas capital to the bank greatly diminished, the value of the land over which the bank held mortgages dropped and the price of wool fell. He managed the bank to last for another five years; he was forced to resign and the Derwent Bank went into liquidation. His liabilities were estimated at £104,375. He became a bankrupt and settled with his creditors at 10 shillings in the pound. In 1850 he fled Australia and sailed for America but stayed only briefly. Departing California he died on 5 September on board "Raven" and was buried at sea.
Swanston Street
Swanston Street, Melbourne
Swanston Street is a major thoroughfare in the centre of Melbourne, Australia. It is historically one of the main streets of central Melbourne, laid out in 1837 as part of the Hoddle Grid, the layout of major streets that makes up the central business district...
in Melbourne is named after him.