Denison Miller
Encyclopedia
Sir Denison Samuel King Miller KCMG
, (8 March 1860 – 6 June 1923) was the first governor of the Commonwealth Bank of Australia
.
, the son of Samuel King Miller, head teacher of the Deniliquin public school and his wife Sarah Isabella, née Jones where the boy completed his education.
. Showing great attention to his work Miller became an accountant
in 1896, and four years later, assistant to the general manager. In 1909 he was appointed metropolitan inspector.
In 1911 the federal Labour party
decided to bring in a bill to establish a national bank. Miller was summoned to Melbourne
(then federal capital) to see the prime minister, Andrew Fisher
. The bill was discussed and Miller was asked to become the first governor on a salary of £4000 a year; significantly more than the salary of the prime minister. The appointment was somewhat surprising, Miller relatively unknown, but inquiries must have been made which satisfied Fisher that Miller was a man with the knowledge, courage and caution, required for the office. His appointment was dated 1 June 1912, and in July the bank's business was started in a small room in Collins Street, Melbourne
, the staff consisting of Miller, and a messenger lent by the department of the treasury. The sole capital was £10,000 advanced by the government. The first step was the establishment of a savings bank department, which was followed by the opening of the general banking department on 20 January 1913. On the opening day over £2,000,000 was received in deposits, the greater part being Commonwealth government accounts.
Miller began his work as governor with great soundness and caution, it was essential that the public should have complete faith in the new venture, and he was careful to avoid competition with the established banks which might be considered unfair. In the first year progress was comparatively slow though steady, but the bank soon began to expand, and when World War I
came in August 1914 it was in a position to do its most important work. In the uncertain early days of the war it made advances to the government, and it took complete charge of the issue of war loans in Australia. Before the war had ended £190,000,000 had been subscribed. The government took control of the primary products of Australia, and the control of the issuing of new capital by public companies. In the transactions which consequently arose Miller's advice and the resources of the bank were always at the service of the various governments, and were sources of great strength to them. By the end of the war the bank was firmly established, with its head office at Sydney, about 40 branches, and 2758 agencies and receiving offices in Australia, the islands, and London
.
.
Miller married in 1895 Laura Constance, daughter of Dr J. T. Heeley, who survived him with four sons and two daughters. He was created K.C.M.G. in 1920. A Denison Miller memorial scholarship was founded in his memory at the University of Sydney
. He was interested in various charities, and was a founder and for some time honorary treasurer of the New South Wales Institute of Bankers. He advocated a strong immigration policy after the war, and had great confidence in the future of Australia in spite of the war debt. Since his death profits from the note issue have brought large sums to the consolidated revenue every year, and the combined capital and reserves of the bank in 1940 were approaching £10,000,000, all built up out of profits.
Order of St Michael and St George
The Most Distinguished Order of Saint Michael and Saint George is an order of chivalry founded on 28 April 1818 by George, Prince Regent, later George IV of the United Kingdom, while he was acting as Prince Regent for his father, George III....
, (8 March 1860 – 6 June 1923) was the first governor of the Commonwealth Bank of Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
.
Early life
Miller was born at Fairy Meadow, near Wollongong, New South WalesWollongong, New South Wales
Wollongong is a seaside city located in the Illawarra region of New South Wales, Australia. It lies on the narrow coastal strip between the Illawarra Escarpment and the Pacific Ocean, 82 kilometres south of Sydney...
, the son of Samuel King Miller, head teacher of the Deniliquin public school and his wife Sarah Isabella, née Jones where the boy completed his education.
Career
At 16 years of age, Miller entered the service of the Bank of New South Wales at Deniliquin (1876), and six years later was transferred at his own request to the head office at SydneySydney
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...
. Showing great attention to his work Miller became an accountant
Accountant
An accountant is a practitioner of accountancy or accounting , which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.The Big Four auditors are the largest...
in 1896, and four years later, assistant to the general manager. In 1909 he was appointed metropolitan inspector.
In 1911 the federal Labour party
Australian Labor Party
The Australian Labor Party is an Australian political party. It has been the governing party of the Commonwealth of Australia since the 2007 federal election. Julia Gillard is the party's federal parliamentary leader and Prime Minister of Australia...
decided to bring in a bill to establish a national bank. Miller was summoned to 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...
(then federal capital) to see the prime minister, Andrew Fisher
Andrew Fisher
Andrew Fisher was an Australian politician who served as the fifth Prime Minister on three separate occasions. Fisher's 1910-13 Labor ministry completed a vast legislative programme which made him, along with Protectionist Alfred Deakin, the founder of the statutory structure of the new nation...
. The bill was discussed and Miller was asked to become the first governor on a salary of £4000 a year; significantly more than the salary of the prime minister. The appointment was somewhat surprising, Miller relatively unknown, but inquiries must have been made which satisfied Fisher that Miller was a man with the knowledge, courage and caution, required for the office. His appointment was dated 1 June 1912, and in July the bank's business was started in a small room in Collins Street, Melbourne
Collins Street, Melbourne
Collins Street is a major street in the Melbourne central business district and runs approximately east to west.It is notable as Melbourne's traditional main street and best known street, is often regarded as Australia's premier street, with some of the country's finest Victorian era buildings.The...
, the staff consisting of Miller, and a messenger lent by the department of the treasury. The sole capital was £10,000 advanced by the government. The first step was the establishment of a savings bank department, which was followed by the opening of the general banking department on 20 January 1913. On the opening day over £2,000,000 was received in deposits, the greater part being Commonwealth government accounts.
Miller began his work as governor with great soundness and caution, it was essential that the public should have complete faith in the new venture, and he was careful to avoid competition with the established banks which might be considered unfair. In the first year progress was comparatively slow though steady, but the bank soon began to expand, and when World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
came in August 1914 it was in a position to do its most important work. In the uncertain early days of the war it made advances to the government, and it took complete charge of the issue of war loans in Australia. Before the war had ended £190,000,000 had been subscribed. The government took control of the primary products of Australia, and the control of the issuing of new capital by public companies. In the transactions which consequently arose Miller's advice and the resources of the bank were always at the service of the various governments, and were sources of great strength to them. By the end of the war the bank was firmly established, with its head office at Sydney, about 40 branches, and 2758 agencies and receiving offices in Australia, the islands, 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...
.
Late life and legacy
After World War I the bank was able to be of great use in connection with repatriation, and in 1920 it was given control of the Australian note issue. Miller was an indefatigable worker until his unexpected death from heart disease in Sydney on 6 June 1923. He was buried in Waverley CemeteryWaverley Cemetery
The Waverley Cemetery opened in 1877 and is a cemetery located on top of the cliffs at Bronte in the eastern suburbs of Sydney. It is noted for its largely intact Victorian and Edwardian monuments. The cemetery contains the graves of many significant Australians including the poet Henry Lawson and...
.
Miller married in 1895 Laura Constance, daughter of Dr J. T. Heeley, who survived him with four sons and two daughters. He was created K.C.M.G. in 1920. A Denison Miller memorial scholarship was founded in his memory at the University of Sydney
University of Sydney
The University of Sydney is a public university located in Sydney, New South Wales. The main campus spreads across the suburbs of Camperdown and Darlington on the southwestern outskirts of the Sydney CBD. Founded in 1850, it is the oldest university in Australia and Oceania...
. He was interested in various charities, and was a founder and for some time honorary treasurer of the New South Wales Institute of Bankers. He advocated a strong immigration policy after the war, and had great confidence in the future of Australia in spite of the war debt. Since his death profits from the note issue have brought large sums to the consolidated revenue every year, and the combined capital and reserves of the bank in 1940 were approaching £10,000,000, all built up out of profits.