1916 Mount Lyell Mining And Railway Company Promissory Note

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SKU: BCMOUNTLYELLMINING-43Z Category:

Description

This is a wonderful piece of Tasmanian mining  history which was issued by a company that is still active to this day in mining the ore of Tasmania.

It is a promissory note for nine pounds and one shilling, dated 18 May 1916 and bearing the one penny duty stamps from both Victoria and Tasmania.

The note is crossed with the writing “accepted and payable at the National Bank Stanley to Mssrs Dean + Smith”

Private rail companies in Australia are an extremely rare venture so all together this encompasses a very unique part of Australian history.

Additional information

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Design

A promissory note is a legal instrument (more particularly, a financial instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. If the promissory note is unconditional and readily salable, it is called a negotiable instrument.

Referred to as a note payable in accounting (as distinguished from accounts payable), or commonly as just a “note”, it is internationally defined by the Convention providing a uniform law for bills of exchange and promissory notes, although regional variations exist. Bank note is frequently referred to as a promissory note: a promissory note made by a bank and payable to bearer on demand. Mortgage notes are another prominent example.

History

Mount Lyell Mining and Railway Company was a Tasmanian mining company formed on 29 March 1893, most commonly referred to as Mount Lyell. Mount Lyell was the dominant copper mining company of the West Coast from 1893 to 1994, and was based in Queenstown, Tasmania.

Following consolidation of leases and company assets at the beginning of the twentieth century, Mount Lyell was the major company for the communities of Queenstown, Strahan and Gormanston. It remained dominant until its closure in 1994.

The Mount Lyell mining operations produced more than a million tonnes of copper, 750 tonnes of silver and 45 tonnes of gold since mining commenced in the early 1890s – which is equivalent to over 4 billion dollars worth of metal in 1995 terms.

Mount Lyell was also the operator of the Queenstown to Regatta Point railway from 1893 to 1963, which used the Abt rack system of cog railway for steep sections. This railway was rebuilt and recommenced operation in 2002 as the Abt Wilderness Railway, and is now known as the West Coast Wilderness Railway operated by Federal Hotels.

On 29 March 1993 the company celebrated its centenary. At that stage it was known as the Copper Division of Renison Goldfields Consolidated Limited. The Mount Lyell Mining Field, and the various activities of the company in Queenstown and the west coast of Tasmania were celebrated throughout the community.

.*All historical info taken from Wikipedia for educational purposes only