The robbery of the Bank of Australia does not properly, perhaps, come under the head of bushranging, but as the later bushrangers made bank robbery a feature of their depredations the record would not be complete if this, the first and in some respects the most remarkable of the bank robberies which have taken place in Australia, was omitted. The Bank of Australia was established in 1826 and was spoken of as the "new bank" to distinguish it from the older Bank of New South Wales. It was also sometimes called "the squatters' bank." Its president was Mr. John Macarthur, the first of the squatters. It was situated in George Street, Sydney. The strong room was constructed under ground, and had walls nine feet thick. Near the foundation of the bank was a large drain or shore, one of the openings of which was on an unoccupied plot of ground on the opposite side of the street to that in which the bank stood. The other end of the drain terminated on the shore of the harbour. Into this drain the thieves must have entered, and judging from the amount of work done and the quantity of the remains of provisions found afterwards they must have been at work for a week or more. As they were too deep underground for the strokes of their picks or hammers to be heard, they may have worked night and day. However that may be, they took the bricks out of the side of the drain facing the bank and then dug a tunnel until they reached the foundations of the bank. How they disposed of the earth dug out is not known, but it was surmised that they carried it away in bags. With great labour they dislodged a stone at the corner of the foundations, and then gradually enlarged the hole until there was sufficient room for a man to get through. Having effected an entrance in this way into the strong room, they found there forty boxes each containing £100 worth of British silver coins; a smaller box containing two thousand sovereigns; a box containing one thousand dollars, and another containing five hundred dollars. But the robbers took only the two boxes containing dollars and seven of the forty boxes containing British silver; leaving thirty-three boxes of silver and the box of sovereigns. They took also some bundles of bank notes, amounting to between ten and twelve thousand pounds worth. The forty boxes of silver weighed a ton, and it was believed that the thieves had been disturbed by some noise before they had time to remove so great a quantity. The locks on the boxes left in the vault were found to have been so rusted by damp as to be useless. No arrests were made and no traces of the robbers could be found. Notifications were issued denying that the loss, heavy as it was, would affect the stability of the bank, but it appears that it never recovered. In 1833 it was re-organised. In 1845 the Government passed a Lottery Bill to enable the bank to raise money, but to no purpose. The bank failed in 1848 and caused a great many other failures and much distress.