MS 119 comprises 16 copper printing plates and 32 printer's proofs (2 of each) of company promissory notes of denominations 2/6, 5/-, 10/-, £1 (4 varieties), 1 Spanish dollar, 2 Spanish dollars, 4 Spanish dollars, 20 Spanish dollars, 10 dollars, £10 (2 varieties) issued by Lachlan and Waterloo Mills Co., Waterloo Warehouse and Waterloo Warehouse and Bank.
The Lachlan and Waterloo Mills Co. began as a flour-milling business in Sydney around 1820. In June 1822 it added note issue and moneylending to its store, ship owning and importing activities under the name Waterloo Company. The first notes issued were for 1, 2, 4 and 20 dollars. In 1825 control of the Lachlan Waterloo Mills Co. was sold to Daniel Cooper and Solomon Levey. The business name became Cooper & Levey but was more commonly known by its place of business, Waterloo Warehouse. By May 1826 notes were issued in sterling denominations of 10/-, £1, £5 and £10 and watermarked Waterloo Company. Although regarded as a private bank at the time, Waterloo Warehouse notes were actually company promissory notes and were one of the few paper currencies of the day worth their full face value. After Levey's death in 1833, note issue was abandoned and the company business wound up in 1834, thus ending the last instance of an important Sydney merchant enterprise participating in banking.