10 Shillings - Union Bank of Australia Limited, Blue

The Union Bank of Australia Limited was incorporated in London in 1837 and maintained its head office there throughout its existence — which meant notes were routinely printed in Britain and shipped to the colonies, a logistical reality that sometimes left branches short during periods of high demand. Waterlow & Sons had a long relationship with Australian colonial and private banks, producing security printing of consistently high technical quality.

The Union Bank was absorbed by the Bank of Australasia in 1951, forming what would become ANZ. By 1920, private banknote issue in Australia was already in terminal decline following the Commonwealth Bank Act of 1911, making late-series notes like this one products of a system already counting its final years.