Before the budget: how Governor Phillip managed without cash in the colony

On January 18 1788, Captain Arthur Phillip and the ships of the First Fleet landed on the shores of New South Wales.

They brought a supply of food, agricultural tools and livestock. Everything the British government thought they’d need to establish a colony on the other side of the world.

But Phillip wasn’t supplied with one thing: money.

The British government had chosen not to give Phillip coins or banknotes (i.e. currency). The only coins and banknotes that existed were those brought out by the officers, sailors and some convicts.

As to why Phillip…

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