"Bridgeheads", "colonial places" and the Queensland Financial Crisis of 1865

This article provides a new perspective on the links between British imperialism and metropolitan finance by showing how formal power reinforced ‘money power’ at a formative stage in the political development of the colony of Queensland. In 1866, despite the contraction of the bridgeheads of formal British authority in eastern Australia, local imperial representatives quickly aligned with private interests when British investments appeared to be threatened by a proposal to introduce a fiduciary note issue. Subsequently, Queensland politicians continued to contest the control of money and the scope of government intervention in the colonial economy. Ultimately, however, the inflow of British capital created new bridgeheads of British power in Queensland, re-constituting it as a ‘colonial place’ in the informal empire of investment and influence.