Banks were set up either as regular commercial institutions, such as the Bank of Van Diemen's Land (1823), or in philanthropical vein to encourage the lower classes to save their money. Sometimes these aims were combined. When the Derwent Bank was established in 1829, attached to it was the Convict Savings Bank, an attempt to encourage convicts to improve their miserable status. The major banks of this type, both aiming at all the 'lower classes', were the Launceston (1835) and Hobart (1845) Savings Banks. In 1834 Henry Dowling opened a stationery warehouse in Brisbane Street, Launceston; here in the Reading Room he began the Launceston Bank for Savings in 1835. Dowling was its secretary and in 1844-68 served as its manager/actuary. Dowling, Oakden and Browne were the principal trustees with Sherwin, Gilles, Ball, Whitcomb and Bartley completing the management committee.