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Former Mercantile Bank

Other Names Former Bank Of New Zealand ,  R.E.S.I. Building Society ,  Bank of Melbourne Location 345 - 349 Collins Street,, MELBOURNE VIC 3000 - Property No B4338 File Number B4338 Level State

[1/1] B4338 Former Mercantile Bank

Statement of Significance

The Mercantile Bank's headquarters were constructed in 1888 to a design by William Salway in association with Right and Lucas. This opulent and flambouyant building epitomises the short-lived incandescence of the "land banks" in the boom of the 1880s. Formed in 1885, the Mercantile Bank had crashed and been liquidated by 1892.
Statement of Significance: The Mercantile Bank was established in 1885 and the Australian headquarters were constructed in 1888, as a 5 storey brick and concrete building with cement rendered facade derived from Baroque and Mannerist architecture and executed in a characteristic 'boom style classicism' manner of 1880's Melbourne. The architects were William Salway, a noted Melbourne practitioner, in association with Wright and Lucas. The design featured prominent glazed roof domes and pavilions and circular motifs. The crash of the Mercantile Bank in 1892, under the chairmanship of Sir Matthew Davies, speaker of the Victorian Legislative Assembly, plunged the colony into economic chaos. Legal action against directors of this bank ensued for many years. The Mercantile Bank building is the last remaining " land bank" building in Collins Street and epitomises this opulent and flamboyant cultural phase of the 1880's and the 'land boom', with which it is indelibly associated. The architecture typifies the grandiose attitudes of this era and is an important example of 'boom style classicism'. The former Mercantile Bank was acquired by the Bank of New Zealand in 1910, and progressively the interior has been substantially modified to suit changing banking operation. The roof domes have also been removed.
Classified: 07/09/1994