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V - THE CURRENCY

Published online by Cambridge University Press:  05 August 2011

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Summary

When the First Fleet set sail from England, it was not thought necessary that it should be supplied with any coin, as the authorities could not conceive what use money would be in a settlement, where there were to be no shops, where the public Stores would supply all that officers, settlers, and convicts required, and where accounts would be adjusted in the books of the Commissary, and balances liquidated by drafts on the Paymaster's Office in London. This doing without money might conceivably have been possible in a hermit colony, in which the members had no business transactions with one another, and with which there would be no communications from the outside world except through the few relief-ships, that were periodically to bring from England fresh batches of convicts and stores for the public use. Matters, however, did not work out quite in this way. There were many little transactions between the colonists that required money for their adjustment, and at a very early period of the colony's history private ships began to call at Port Jackson for purposes of trade or refitting. A small quantity of coin had been brought out by the officers and other free settlers, but this proved wholly inadequate to the requirements of the settlement, and almost immediately after his arrival Phillip wrote to England for a supply of money.

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Labour and Industry in Australia
From the First Settlement in 1788 to the Establishment of the Commonwealth in 1901
, pp. 67 - 84
Publisher: Cambridge University Press
Print publication year: 2011
First published in: 1918

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  • THE CURRENCY
  • T. A. Coghlan
  • Book: Labour and Industry in Australia
  • Online publication: 05 August 2011
  • Chapter DOI: https://doi.org/10.1017/CBO9781139013086.006
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  • THE CURRENCY
  • T. A. Coghlan
  • Book: Labour and Industry in Australia
  • Online publication: 05 August 2011
  • Chapter DOI: https://doi.org/10.1017/CBO9781139013086.006
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • THE CURRENCY
  • T. A. Coghlan
  • Book: Labour and Industry in Australia
  • Online publication: 05 August 2011
  • Chapter DOI: https://doi.org/10.1017/CBO9781139013086.006
Available formats
×