The then Mayor of Central Shoalhaven, David Hyam, had read a story in The Nowra Leader in 1918 about a new branch of the Commerical Banking Company of Sydney set to be established in Nowra.

As a result, the bank in Terara that was opened in 1859, would close. 

However, the business community of Terara was not pleased. Hyam travelled to Sydney to have it out with the manager of the head branch, AT Dibbs. 

Dibbs went to his superior, Mr Gaydon who confirmed it was the bank’s intention to close the bank at Terara. 

Hyam made his case with a direct approach and after thinking about it, Gaydon replied with “Go home and tell the Terara people we won’t remove the branch.” 

The branch would remain open for another 10 years. 

David Hyam continued to bank at Terara but apparently learned its future was in doubt in 1893. 

He went to the manager to withdraw 200 gold sovereigns. 

Although the bank did not have that quantity on hand, the amount was paid in notes and a suggestion made that it could be exchanged for gold at Nowra. 

Hyam visited the Nowra banking chambers and asked for the notes equivalent in gold. 

Manager Flatt obliged and said, “I’ll put them in a little canvas bag for you, but you are not frightened, are you?”

Bravado took over. “No, I am not frightened,” Hyam said. 

However word spread around town that Hyam was riding back to Terara on a lop-sided horse, weighed down by the gold in his saddle bag. 

He also withdrew 50 pounds in sovereigns from the local branch but then started to worry about the amount he had in his home and returned a parcel of sovereigns to it. 

A few days later the Terara branch was closed, and Hyam approached manger John Horniman about getting his parcel back.