The Standard Chartered Bank history in Penang during 19th Century

Did you know Standard Chartered Bank created as a result Chartered Bank merged with Standard Bank in 1969 ?
The full name for Chartered Bank is Chartered Bank of India , Australia & China. Today i will focus Chartered Bank of India , Australia & China because it is related to the history of my country in the state of Penang .
Standard Bank operated mainly in Africa from 1863 to 1969 so i won't be talking about it here.

Brief history on Chartered Bank of India , Australia & China

(All information is from Malaysia, Singapore & Brunei Banknote & Coins book by K.N. Boon)
The founder is unknown. It is presumed that a far-sighted Scot, namely James Wilson, had inspired the idea of establishing the bank. He foresaw the inevitable end of the East India Company in the middle of the nineteenth century. He started a weekly paper for financial and businessmen, discussing the commercial opportunities widely opening before the British .

Back in 1851, Australia has already developed considerable trade with India, China, Singapore & East Indies, long before gold was discovered in the region. The financial crisis in 1847, witnessed the downfall of numerous bank of East India Company. Those that survived were inadequate to handle the company's trade, not to mention the extending trade with Australia and other markets of the east . Finally, the Chartered Bank of India, Australia, and China was established, with the branches in Australia, India, Singapore, and China. This bank was also known as Makalee Bank to the Chinese. It is believed that the name was an adaptation of Mackellar, the bank's first manager in China. But some have argued that it was the name of the hamlet of the bank's original premises. However, there is no such "Makalee" village on the modern map of China.

The bank opened its branch office in Singapore in 1859. Prior to 1861, it was not authorized to print banknotes, In order to overcome the shortage of banknotes, the bank launched replacement banknote "Post Bill". In 1861, the bank printed its first banknotes. The bank then opened its branches in Pulau Pinang and printed banknotes valued at 5. 10, 20, 50, 100, and 500 dollars. Thus far, only 5 and 10 dollars have been found. Printing of the banknotes was discontinued upon the request by the Straits Government. The official circulation of the banknotes was started by the Straits Government in 1899.

When the bank first opened in Singapore in 1859, it was warmly welcomed by the locals. However, the bank's first agent, Mr. David Duff, made some unauthorized transactions and soon caused anxiety to the directors of the bank and the public. In 1865 when there was some unexpected failure among the commercial houses in Singapore. The local Chinese merchants raised their anxiety towards the bank and rushed to exchange the banknotes for silver dollars. Even the Chettiars refused to accept the banknotes in payment for opium in Singapore. However, the bank managed to slowly get back on track again in the following years.