Our fourth treasure details the boom and decline of the gold industry of Charters Towers at the turn of the 20th Century. From the Library Archives comes the Minute Book of the Charters Towers Stock Exchange.
Dr. Jacqueline Stockdale answers the question "why is this significant?"
At first glance, the cover of the 1890 Charters Towers Stock Exchange Minute Book, with its peeling layers, water damage, and half-eaten label proclaiming ‘EMBERS’ MINUTE BOOK’, offers little indication of the significant content of the pages within. But, to leaf through to the first numbered page, upon which is written ‘Minutes of the First Meeting for The Formation of The Charters Towers Stock Exchange’ is to behold the record of a significant era in Australia’s history.
The stock exchange story started with the discovery of gold by a young Aboriginal boy, Jupiter Mosman. In February 1872, newspapers were reporting the discovery of a vast, very rich, reefing area about one hundred miles from Townsville. With more than one hundred prospecting claims already taken up, a rush from the south to the newly-named Charters Towers goldfield was anticipated. As expected, prospectors flocked in such numbers to what became Queensland’s premier goldfield that Charters Towers was for a time the second-largest city in the colony.
With the mining industry in North Queensland growing rapidly, the Queensland Great Northern Railway line opened in 1882 to connect the goldfields to the port at Townsville. This facilitated not only gold exports, but wool and other commodities, and the import of supplies to the growing north. Mining growth was so phenomenal that in July 1885 a public meeting was called in order to form the original Charters Towers Stock (& Mining) Exchange. By 1889, Queensland was the largest gold-producer of all Australasian colonies (New Zealand included), producing 39.53 per cent.
By 1890, however, the majority of brokers were dissatisfied with the practice of the Stock Exchange’s private-chamber calls. Having dissolved the existing stock exchange, a foundation group of nine men held a meeting at the premises of Gorringe and Thorp in Bow Street, Charters Towers, at 11am on Thursday 22 May 1890. Mr WL Davies, having been elected Chair, moved ‘that a new Stock Exchange be formed, to be named The Charters Towers Stock Exchange.’ This new version of the company was registered on 27 May 1890 with capital of £1000, being the sum of 1000 shares valued at £1 each. Along with Davies, those present at the meeting were Messrs Beanup, Thorp, Dyer, Hinsch, Bradshaw, Johnston, Fitz, Dunsford, and Wellington - names identifiable with the town’s history. Under the new exchange, free calls would be conducted every evening at 7.30 pm, allowing the public in and brokers to be in better touch with their investing public.
As the stock exchange had by this time become a major business not only in Charters Towers but in Queensland, a motion was moved at a Special Meeting on 27 May that the agents for Mr A Malcolm’s Royal Arcade be contacted to secure a three-year lease. Relocating to these premises in the centre of town meant the exchange was in close proximity to the banks, mining surveyors, and brokers, with whom brisk business was conducted daily. The company and its premises became so synonymous, that the Royal Arcade became the Charters Towers Stock Exchange building.
In 1901, Charters Towers was ‘the premier goldfield of Australia’ having for several years produced Australia’s largest gold outputs, including 511,021 ounces in 1899. It also boasted the second-highest population in the state, with 20976 people. The Charters Towers electorate had the highest population in the state and the highest number of eligible voters. The vast majority of workers in the town at this time were miners, and the remainder were involved in businesses ministering to their wants, particularly the getting of timber for fuel and construction. In the booming town a School of Mines was established, as well as a General Hospital, a Children’s Hospital, an Ambulance Brigade, a Benevolent Society, and a modern telephone exchange capable of long-distance calls to Townsville.
In 1906, Charters Towers was still a major gold producer with the fields producing 205,632 ounces. In 1914 it produced 62610 ounces, eclipsed only by Mount Morgan with 106,520 ounces. By 1917, however, both the Mount Morgan and Gympie goldfields had outstripped Charters Towers. By 1920 Charters Towers produced only 8622 ounces, and the 1921 census recorded the population as 4551, with 780 of the male population unemployed. The minute books reflect the decline, with entries dwindling and thinning, until the last word was written in 1924, confirming the minutes of the last meeting, held in 1922.
Though the gold-rush chapter of Charters Towers’ history has long since been written, and the pages of the minute book closed almost a century ago, these golden treasures live on in the archives of Special Collections. In this, James Cook University’s golden anniversary year, the online digital archives of NQHeritage allow the richly significant Charters Towers Stock Exchange records to be leafed through anytime, anyplace.
Over the course of 2020, JCU Library's Special Collections will be unveiling 50 Treasures from the collections to celebrate 50 years of James Cook University.
Author Biography:
Jacqueline Stockdale is one of a small team of Access Archivists who deal with public enquiries at Queensland State Archives. She has worked and volunteered variously in archives, special collections, universities, libraries, museums, and historical societies. Customer service has constituted an important component of her career, from assisting researchers with archival collections, working with students in university learning, teaching and student engagement roles, to earlier customer service roles with major banks. Jacqui is an experienced researcher and writer who holds a Bachelor of Arts Hons majoring in English and History, and a PhD Social Science (History) from James Cook University.
References
Australian Bureau of Statistics Yearbooks
Queensland State Archives Item ID 341035 Register – companies, firms
The Northern Miner (Charters Towers, Qld: 1874 - 1954).
Dr. Jacqueline Stockdale answers the question "why is this significant?"
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| Minute Book of the Charters Towers Stock Exchange. Photograph by Michael Marzik. |
The stock exchange story started with the discovery of gold by a young Aboriginal boy, Jupiter Mosman. In February 1872, newspapers were reporting the discovery of a vast, very rich, reefing area about one hundred miles from Townsville. With more than one hundred prospecting claims already taken up, a rush from the south to the newly-named Charters Towers goldfield was anticipated. As expected, prospectors flocked in such numbers to what became Queensland’s premier goldfield that Charters Towers was for a time the second-largest city in the colony.
With the mining industry in North Queensland growing rapidly, the Queensland Great Northern Railway line opened in 1882 to connect the goldfields to the port at Townsville. This facilitated not only gold exports, but wool and other commodities, and the import of supplies to the growing north. Mining growth was so phenomenal that in July 1885 a public meeting was called in order to form the original Charters Towers Stock (& Mining) Exchange. By 1889, Queensland was the largest gold-producer of all Australasian colonies (New Zealand included), producing 39.53 per cent.
By 1890, however, the majority of brokers were dissatisfied with the practice of the Stock Exchange’s private-chamber calls. Having dissolved the existing stock exchange, a foundation group of nine men held a meeting at the premises of Gorringe and Thorp in Bow Street, Charters Towers, at 11am on Thursday 22 May 1890. Mr WL Davies, having been elected Chair, moved ‘that a new Stock Exchange be formed, to be named The Charters Towers Stock Exchange.’ This new version of the company was registered on 27 May 1890 with capital of £1000, being the sum of 1000 shares valued at £1 each. Along with Davies, those present at the meeting were Messrs Beanup, Thorp, Dyer, Hinsch, Bradshaw, Johnston, Fitz, Dunsford, and Wellington - names identifiable with the town’s history. Under the new exchange, free calls would be conducted every evening at 7.30 pm, allowing the public in and brokers to be in better touch with their investing public.
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| The Charters Towers Stock Exchange was housed in the Royal Arcade. North Queensland Photographic Collection, NQID13274 |
As the stock exchange had by this time become a major business not only in Charters Towers but in Queensland, a motion was moved at a Special Meeting on 27 May that the agents for Mr A Malcolm’s Royal Arcade be contacted to secure a three-year lease. Relocating to these premises in the centre of town meant the exchange was in close proximity to the banks, mining surveyors, and brokers, with whom brisk business was conducted daily. The company and its premises became so synonymous, that the Royal Arcade became the Charters Towers Stock Exchange building.
In 1901, Charters Towers was ‘the premier goldfield of Australia’ having for several years produced Australia’s largest gold outputs, including 511,021 ounces in 1899. It also boasted the second-highest population in the state, with 20976 people. The Charters Towers electorate had the highest population in the state and the highest number of eligible voters. The vast majority of workers in the town at this time were miners, and the remainder were involved in businesses ministering to their wants, particularly the getting of timber for fuel and construction. In the booming town a School of Mines was established, as well as a General Hospital, a Children’s Hospital, an Ambulance Brigade, a Benevolent Society, and a modern telephone exchange capable of long-distance calls to Townsville.
In 1906, Charters Towers was still a major gold producer with the fields producing 205,632 ounces. In 1914 it produced 62610 ounces, eclipsed only by Mount Morgan with 106,520 ounces. By 1917, however, both the Mount Morgan and Gympie goldfields had outstripped Charters Towers. By 1920 Charters Towers produced only 8622 ounces, and the 1921 census recorded the population as 4551, with 780 of the male population unemployed. The minute books reflect the decline, with entries dwindling and thinning, until the last word was written in 1924, confirming the minutes of the last meeting, held in 1922.
Though the gold-rush chapter of Charters Towers’ history has long since been written, and the pages of the minute book closed almost a century ago, these golden treasures live on in the archives of Special Collections. In this, James Cook University’s golden anniversary year, the online digital archives of NQHeritage allow the richly significant Charters Towers Stock Exchange records to be leafed through anytime, anyplace.
Over the course of 2020, JCU Library's Special Collections will be unveiling 50 Treasures from the collections to celebrate 50 years of James Cook University.
Author Biography:
Jacqueline Stockdale is one of a small team of Access Archivists who deal with public enquiries at Queensland State Archives. She has worked and volunteered variously in archives, special collections, universities, libraries, museums, and historical societies. Customer service has constituted an important component of her career, from assisting researchers with archival collections, working with students in university learning, teaching and student engagement roles, to earlier customer service roles with major banks. Jacqui is an experienced researcher and writer who holds a Bachelor of Arts Hons majoring in English and History, and a PhD Social Science (History) from James Cook University.
References
Australian Bureau of Statistics Yearbooks
Queensland State Archives Item ID 341035 Register – companies, firms
The Northern Miner (Charters Towers, Qld: 1874 - 1954).
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