Page 92 - SARB: 100-Year Journey

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The buildings
Between 1921 and 1931, the Bank ran its operations from the small building situated at Church Street East, between Andries Street and Church Square. In 1922, the building had to be expanded, owing to the growth of the Note Department. “At present a great deal of time and labour is expended in constantly having to move large quantities of notes backwards and forwards between the Note Department and the main strong room.” (South African Reserve Bank, Reports of Ordinary General Meetings, 1921–1929). The alterations cost £1 100.
By 1927 the SARB had engaged Sir Herbert Baker to design the new headquarters, also to be situated on Church Street.
Sir Herbert Baker shot to fame when Cecil John Rhodes asked the architect to restore the former Prime Minister of the Cape’s residence, Groote Schuur.
Baker accepted the SARB assignment and engaged the services of Mr Fleming, the local architect who oversaw the building plans. The completed work had founding Governor Clegg gushing about the building and it made headline news.
The new building boasted “... [doors] heavier than those which secure the strong-room of the Bank of England. ... The doors, each weighing 16 tons, were sent from England by Messrs. John Tann, who were the contractors for the Bank of England building.” (Rand Daily Mail, 16 June 1931).
The building’s interior was described as “elaborate and artistic”, and the appearance of its banking hall as “imposing”. The SARB’s new home in Church Square bore the hallmarks of an institution whose stature was now in ascendancy. Companies in the building and contracting world clamoured to have advert placements next to the article announcing the completion of the Bank’s building. To say the news item was a glowing review of the new building would be an understatement of note.
In addition to the imposing banking hall, its first floor was occupied by the Governor, the Deputy Governor and the heads of department. The boardroom was also located on the first floor. On the second floor, the Note Department had a place of prominence.
Initially, the Church Square structure was intended to be two storeys. It ended up being three storeys after South African Mutual constructed a building that was a floor higher in the same precinct. Not to be outdone, the SARB’s Board deliberated on the matter, and the building plans were duly altered. The Board’s annoyance at this development is palpable from the historical record of meetings.
“It had been decided at a previous meeting not to proceed with the third floor, but since the South African Mutual building had been completed, it was felt that something would have to be done to increase the height of the Bank’s building to overcome the over-shadowing effect of the Mutual’s building and to hide the uninteresting western wall of that building.”