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5 April 1853 George Tinline

 5 April 1853   George Tinline

On the 5 April 1853 a public dinner, presided over by George Elder, was given for George Tinline. Tinline was deemed to be the saviour of South Australia when the colony was in deep financial trouble due to the exodus of many men to the Victorian goldfields, and the heavy withdrawal of specie from the colony.

The legislation known as the Bullion Act, which was passed on the 28 January 1852, was largely the work of Tinline, a shrewd banker. The Act authorised the assaying by the Government of uncoined gold and its purchase by the banks at £3 11s an ounce, the banks issuing notes as legal tender over and above ordinary circulation.

The diggers in Victoria were getting £3 per ounce so the attraction to send it to South Australia was there. The legislation limited the buying to 12 months and in that time, (the Government Assay Office opened on 10 February 1852) gold to the value of £2 million was introduced into South Australia from Victoria and New South Wales. Public and private credit had been restored.

Mail, 10 December 1927, Newspaper Cuttings Book, Volume 1. SLSA.

Tags: Tinline George

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