Following an investigation into the administration and governance of the colony by British Commissioner Thomas Bigge, merchant William Balcombe (1779-1829) was appointed to the newly created role of Colonial Treasurer of New South Wales.
Prior to his appointment as the first Colonial Treasurer, British-born Balcombe had been stationed on the remote island of St Helena, where he worked as a Superintendent of Public Sales under the East India Company. Having lived on the island since 1804, Balcombe was also purveyor to Longwood – the residence that famously housed Napoleon Bonaparte during his years of exile on St. Helena.
Historical accounts note Balcombe’s close relationship with Napoleon as the primary reason for his dismissal from the island. Regardless, his new position as Colonial Treasurer was a significant one, and his arrival via the Hibernia in 1824 coincided with a period of growth and development for the colony.
Balcombe’s role as Colonial Treasurer and arrival in New South Wales also culminated in the establishment of the first Colonial Treasury; signifying a maturation in the governance and administrative structures of the colony and a new chapter of fiscal management.
Though he may be remembered for his ‘tentative approach’ to financial stewardship, Balcombe’s legacy in establishing the Colonial Treasury ultimately laid the foundations for Treasury’s current role as the NSW Government’s principal economic and financial advisor.
