Denison Miller facts for kids
Quick facts for kids
Denison Miller
|
|
|---|---|
 |
|
| Born | 8 March 1860 Fairy Meadow, New South Wales, Australia
|
| Died | 6 June 1923 (aged 63) Sydney, New South Wales, Australia
|
| Resting place | Waverley Cemetery |
| Occupation | Banker |
Sir Denison Samuel King Miller (born March 8, 1860 – died June 6, 1923) was a very important Australian banker. He is best known as the first leader, or governor, of the Commonwealth Bank of Australia.
Contents
Early Life and Education
Denison Miller was born in a place called Fairy Meadow, close to Wollongong, New South Wales. His father, Samuel King Miller, was a head teacher. Denison finished his schooling in Deniliquin.
A Career in Banking
Starting in Banking
When Denison was 16, he began working at the Bank of New South Wales in Deniliquin in 1876. Six years later, he moved to the main office in Sydney. He became an accountant in 1896. Four years after that, he became an assistant to the general manager. In 1909, he was made a metropolitan inspector.
Leading the Commonwealth Bank
In 1911, the federal Labour party decided to create a national bank. This bank would belong to the country. Denison Miller was asked to meet with the Prime Minister, Andrew Fisher, in Melbourne. They talked about the new bank. Miller was then asked to become its first governor. His salary was £4000 a year, which was a lot of money back then. It was even more than the Prime Minister's salary!
Many people were surprised by this choice. Miller was not very well known. But Prime Minister Fisher believed Miller had the right skills. He thought Miller had the knowledge, courage, and carefulness needed for the job.
Opening the Bank
Miller officially started his new job on June 1, 1912. In July, the bank opened in a small room in Collins Street, Melbourne. The staff was just Miller and one messenger. The bank started with only £10,000 from the government.
The first step was to open a savings bank. Then, on January 20, 1913, the general banking part opened. On the first day, over £2,000,000 was deposited. Most of this money came from the Australian government.
Building Trust and Growth
Miller led the bank very carefully and wisely. He wanted people to trust this new bank completely. He made sure the bank did not compete unfairly with other banks. In the first year, the bank grew slowly but steadily.
The bank really started to expand when World War I began in August 1914. The Commonwealth Bank played a huge role during the war. It loaned money to the government when things were uncertain. It also managed all the war loans in Australia. By the end of the war, people had given £190,000,000 to these loans.
Miller's advice and the bank's money were very helpful to the government. They were a great source of strength for Australia. By the end of the war, the bank was very strong. It had its main office in Sydney. It also had about 40 branches and 2758 smaller offices across Australia, nearby islands, and London.
Later Life and Legacy
.jpg)
After World War I, the bank helped with "repatriation." This meant helping soldiers return home and settle back into life. In 1920, the bank also took control of printing Australian banknotes.
Sir Denison Miller worked very hard. He died unexpectedly from heart disease in Sydney on June 6, 1923. He was buried in Waverley Cemetery.
Miller was married to Laura Constance. They had four sons and two daughters. He was given the honor of K.C.M.G. in 1920. A special scholarship, called the Denison Miller memorial scholarship, was created in his memory at the University of Sydney.
He cared about many charities and helped start the New South Wales Institute of Bankers. He believed Australia should encourage more people to move there after the war. He was very confident about Australia's future. After he died, the bank continued to make large profits. By 1940, the bank's total money and savings were almost £10,000,000. All of this came from the bank's earnings.
