An illustration of a street parade in Collins Street, Melbourne, drawn from the perspective of the Treasury Buildings. Crowds of spectators line the street to watch as a procession of horse-drawn floats and trade banners are paraded along Collins Street as part of the Centennial International Exhibition. The Exhibition was held at the Royal Exhibition Building in Carlton Gardens in 1888.Trade banners have a medieval predecessor in the banners used by guilds (an association of craftsmen in the same trade), with each guild having a banner to show their trade. Some historians consider trade unions to be the successors of medieval guilds.
For an example of recreation guild banners from 1909 in York see http://www.theyorkcompany.co.uk/find_out_more/page020104.php