Dhananjayarao Gadgil Library
111111111111111111111111111111111111111 GIPE-PUNE-O I 0590 A ~{JNDRED' YEARS' OF JOINT .' STOCJ{. 'RANKING CHARLES GE:\CH fa.. HUNDRED YEARS OF JOINT STOCK ~f\.NKI~G . by W.F. Crick and J .. E. Wadsworth . with a Foreword by The Rjght· Honourable Reginald McKenna
HODDER & STOUGHTON. . PUBLISHERS At ST. PAUL'S 'HOUSE
LO~DON, E.C.4 First, printed ~936 .
• XM'~)b2...; 3.N6 ~~
IOS~O FOREWORD
. ~ , OR those of 'us born in fhe.nrld-Victorian era the history "F related in tJrls bookserv.es ~ a 'I'emarkable record of the . profound changes br~ught·about in our lifetime. It extends' . over a full century-i century of pronounced'gi-owth.and develop ment in every branch qf-economic.life. Whiletlie population of England and Wales has~ost Q.oubled, tJ1e ptocess of consoli dation in .comm~r.ce .$.d indus~ry. has ·~eQ. t9 ·an even more
remarkable, expansforl of individual:busiriess units. I The .old family undertaking.and the sm911-scale commerqial and industrial firm have been replaced in great ,meas!lre J;y. the company' organization, and companies have in their .t1l;r.I1 been fused intd large combinations which have developed intO' corporate entities of vast capital resources and scope of operations. The process. has found expression'throughout the whole field of our .busi~ess life. Wh~n we compare ol,lI' past and present organization, the contrast in the size and range of our industrial and commercial units is, next to the general improvement in the standard of living,' the most important econopUc feat~re of the last seventy years. In no sphere has the process of cOIJ,Solidation beed more marked than in that of finance. The immensity of our economic develop ment has been described by numer?us historians, but in the book before,us one particular example of this development is dealt with in striking detail. The general transformation has been ama,zing, . but nowhere more complete and successful than in banking, .with which this book is concerned. It shows that out. of aImost chaotic. conditions there has been evolved .an ordered, system, fin.n1y grounded on the habits and confidence of the people, and adapting itself to the needs of a progressive economic life. Seventy years ago there were more than four hundred commercial . . . banks in England and Wal~,··~d probably none of them. outside London had deposits of more than five millions; over two hundred FOREWORD " varieties of bank notes, of all sliapes, :colours and designg, were in circulation along. with golcj coins and five-shilling, pieces; cheques were almost unknowiJ, ~ to ordinary private people; bank failures were by po means rare;' few \of the banks dutside London . . . '. published balance sheets, and auditing pt the m~dem sense was, l>~ctically non-existent. In' tp,e tit~:i~~elf. t~e Royal· Exchange , was still the venue of London's; el~entary)oreign: exchange: 'market, as wellas~hescene 'of liveJjt'dea.!ings in commodities.: freights and insuraii~e; stock exchange dealings were confined to a relatively shOrt list; mainly of Govel1lmerit and corporation loans. railway se~riti~s ,and bal}k an,d insurance 'company shares; and financial jOUl:nalism wllS.comparatively undeveloped. When' \he .~ork of' prep\trlng thi~ book ~~s begun. six years ago, it waS not expected .that .the available material was so plentiful, still les~ that it contained within itself the data for a ~ettion~ study,in:~conomic evolution such as the authors have undertaken. 'In'the result they have given us a story which 'typifies the responsive character of human institutions. Just as, the British constitution has shaped itself to fit the special qualities ,of the British character, so our business organizations have. taken the forin demanded by the adventUrous exploitation :of greal resources. For such,.~' process to be maintained an efficient, stable and yet flexible banking,system is essential. The authors of thiS book,· by. stu.dy a~d ~resentation of a particular example, have Shown how this'need has been met. In doing so they have used their material wisely; they have not given us a mere recital of the facts in the life of a groWing organism. but 'have produced a picture of structural evolution and impro~ement of ,method. I congratulate them on the presentation of a living history. dealing with a branch of our economic activity which. so ~ar as I know, has been nowhere similarly treated.
R. McKENNA June I~j5,. CONTENTS
PAGK Introduction ••...... 1 Chapter I The Backgro~d': "English Banking History in Modern Times" ... 9 .. II Early Banking Enterprise in the Midlands 43 .. III Extensions from Birmingham 83 IV Expansiowinto the North-west ... V .. Cotton Banks .. " '" .. VI The .. Wales Bank .. .. VII Yorkshire Amalgamations ... VIII The East Midlands and Beyond ... 241 .. IX Early Joint Stock Banking in London ~76 X Consolidation in London Banking 302 XI The Welded Whole •.. 327 XII The Northern Irish Affiliation 348 .. XIII North of the Tweed - 366 Biographical Sketches : Thomas Leyland 408 Charles Geach 419 George Rae ••• 425 • Edward Holden 436 Appendix A The Channel Islands Bank 444 B Alphabetical list of banks directly or indirectly absorbed into the Midland or its affiliations 446 Index of Banks- 451 6 " " Places '" 45 General Index 459 LIST OF ILLUSTRATIONS"
PORTRAIT-CHARLES GEACH F,ontispiece
CHART-THECONNECTlON IN THE MIDLANDS ••• Page 44
MAP-THE MIDLAND AS A COUNTRY BANK Page 100
PORTRAIT-GEORGE RAE ••• • •• Facing page 170
CHART-MIDLAND BANK: YORKSffiRE CONNECTION Page 196
PORTRAIT-SIR EDWARD HOLDEN, ~;.;_.. • •• Facing page 236
CHART-MIDLAND BANK: LONDON CONNECTION Page 277
PORTRAIT-THE RIGHT HON. R. McKENNA ••• Facing page 330
MAP-MIDLAND BANK AMALGAMATIONS... Page 331
PORTRAIT-FREDERICK HYDE .. ... Facing page 390
MAP-SCOTTISH BANKS AFFILIATED WITH THE MIDLAND Page 401
CHART OF ABSORPTIONS AND AFFILIATIONS OF THE MIDLAND BANK End of book APPENDI~"A
THE CHA:l~NEL ISLANDS BANK..
HE remoteness of the Cha.n.nel Islands from the mainland of Great Britain has been emph~ized by differences in law and T custom reaching back through many centuries. Never thel'ess, broadly speaking, it may be said that banking development followed a similar course to that of England, for the several private firms in existence early in the nineteenth century all merged into joint stock institutions and eventually became part of the E~glish banking system. In r858 a bank was eStablished in Jersey under the name of Horman,· Anthoine, Ahier, Le Gros and Co., but generally known as the Channel Islands Bank. Although' Jersey' already boasted several banks, this new institution was successful, and for several years its course was uneventful. In r873, however, a local banking crisis brought about a change of constitution' and membership. As from March r874 it became a joint stock company with Peter Briard as president, assisted by eight directors. (1) The capital stood at £rz,ooQ, and as this was divided into only forty shares (of £300, fully paid up), it is clear that the bank was, in fact, nearer to a private firm than a Company, though it had always been described as a " joint stock" institution. Indeed, thirteen years later, in r887, when the bank was registered with limited liability, there were only eleven shareholders, and seven of them were directors. At that time the subscribed capital was made up of z,ooo shares of £50 each, with £ro paid up, while deposit~ had risen to £u8,000 from £59,000 in r874. Four years latera notable acquisition was made by the purchase for £5,000 of the business of the J ersey O~d :B.kk, a long-established private firm of which Charles Godfray.jwas the sole proprietor. In Jersey, as in England, the busineSs 6i:.banking arose out of commercial and trading enterprises, and' this firm, then just one hundred years old, had been grafted upon the business of a wine and spirit merchant, which was contiIiued side by side with that of banking. Charles Godfray, though accepting office as a director of the Channel Islands Bank, rented back that portion III These were: John Gibaut, George Balleine, Thomas Vibert, Matthew Gallichan, John Simon, junior, Edward Orange, Joshua Brayn and Moses F. Gibaut. THE C HAN N ELI S LAN D S BAN K 445 of the premises devoted to the wine business, and continued the trading side of his activities; , The Channel Islands Bank thereafter proceeded on its moderately prosperous way, paying regular dividends of ten per cent' and conducting a steadily increasing business in Jersey. But now the Channel Islands were being drawn into closer contact with the mainland of Great Britain, not only through the export of horticultural products but also by their growing popularity as holiday centres. The London and Southampton Railway had been opened in :r839, but it was not until :r862 that a regular service of cargo steamers was inaugurated from Southampton to Jersey. Thereafter the traffic increased rapidly. Accordingly, some of the large English banks found it desirable to establish direct representation, and naturally sought to do so by taking over established institutions. In :r897 the Midland Bank ,began negotiations for absorbing the Channel Islands Bank, and these were carried to a successful conclusion in March. (1) Thus the Midland Bank made its solitary southward amalgamation, taking over a business represented by deposits of £3H,OOO.
CHANNEL ISLANDS BANK
EXTRACTS FROM BALANCE SHEET FIGURES
(£000 omitted) Capital Reserve paid up fund Dep~ts Loans and bills :r2 75 44 ,', 20' 6 85 50 20 :19 3U :ro:r
III The Midland paid £60,000 in cash for the business of the Channel Islands Bank, which was voluntarily liquidated. APPENDIX, B
ALPHABETICAL LIST OF BANKS DIRECTLY OR INDIRECTLY ABSORBED INTO TIlE MIDt-AND OR ITS AFFILIATIONS
The route by which absorption took place is indicated in the last column of the table, where for each entry the number is inserted of the bank through which connection was established.
Num- Name Principal Numerical ber place Dates reference Aberdeen Town and County Bank ... see 105 I Albion Bank London •... 1864-187:I 72 2 Backhouse, J., and Co. (Thirsk branch),.~ •. 1774-1873 III 3 Bala Banking Company Bala...... 1864-1877 82 4 Banc yLlong ... Aberystwyth 1762-I81S~ , 10 5 Bank of Binningham ... Birmingham 1832-1838 II 6 Bank of England (Portsmouth . branch) ..• 1834-1914 72 7 Bank of Westmorland J(endaJ. . 1833-1893 78 8 Barnsley Banking Company ... BarnsIey ... 1832-1897 III 9 Bate and Robins StoUfbridge 1770-1851 78 10 Benson and Co. Aberystwyth 1 ~815-1836 82 II Birmingham Banking Company Birmin[~am 1~29-~889 76 Birmingham and ~idIand Bank see 78 12 Borough of Tynemouth Trading '·t' . Bank '" North Shields 1885-1897 III I3 Bradbrook, H .... BethnalGreen 1I840-I889 20 I4 Bradford Banking Company ... Bradford I827-I9IO • 78 I5 Britain and Co .... Thirsk, 1I8Io-I835 IIO I6 Bunney, Bunney and Pepper... ' CoventrY 1I800-1I836 30 I7 Carlisle City and District Bank- . ing Company ... Carlisle I837-I896 78 I8 Carrick and Lee Brampton ... I830-I872 I7 I9 Cassons and Co. Portmadoc ... I847-I875 82 20 Central Bank of London, formerly East London Bank London I863-I89I 78 2I Challis and Son ... London I85I- I864 I . 22 Channel Islands Bank, formerly Horman, Anthoine, Ahier, Le Gros and Co .... Jersey I858-I897 78 LIST OF .BANKS ABSORBED IliTO THE MIDLAND 447.
Num Name Principal Dates Numerical .ber place reference 23 Chapman and Co. Atherstone .;. ?r800-1836 30 24 City Bank London '" 1855-1898 78 25 City of Birmingham Bank. Birmingham 1897-1899 78 Clarke, Richardson and Hodgson see91 26 Coates and Co .... Knaresborough pre 1804-1835 IIO 27 Collis, W. B. Stourbridge 1762-1770 9 28 Connell, J., and Co. Carlisle ... ?I825-1836 17 29 Cooper, Purton and Sons Bridgnorth ... 1817-1889 II Cousins, Allen and Co. see 42 30 Coventry Union Banking Com pany ... Coventry ••• 1836-1889 31 Cumberland Union Banking Company Workington III 32 Darlington District Joint Stock Banking Company Darlington... 1831-1883 Kington ... '} -,19IO 33 Davies and Co .... 1808 { Krughton ... -I856 82 34 Derby Commercial Bank. Derby... 1868-1890 78 35 Dickinson, Joseph Alston ... 1847-1890 17 36 Douglas, Smalley and Co. Holywell pre 1822-1839 82 37 Dresser, Joseph, and Co. Thirsk '" ?I820-1835 IIO 38 Duignan and Son Walsall '" ?I840-1864 IOI 39 Dundee Commercial Bank Dundee 1825-1838 40 East London Bank 40 Eastetn Bank' of Scotland Dundee 41 Edinburgh and Glasgow Bank, formerly Edinburgh and LeithBank ... Edinburgh... 1838-1858 II3 42 . Exchange and Discount Bank, formerly J. J. Cousins, then Cousins, Allen & Co .... Leeds 1862-1890 43 Farrer, Williamson aild Co. , .. Ripon ?I8 -I838 44 Fishers and Co., formerly Joseph Wilkes and Co .. Ashby-de-Ia- Zouch 1780-1835 45 Fletcher and Stubbs ... Borough- bridge pre 1813-1833 III 46 Forster, Charles, and Sons Walsall pre 1793-1848 II 47 Frankland and Wilkinson, formerly Thomas Peirson Whitby 1778-1845 III 48 Galton and James Birmingham 1804-1829 II " 4,48 LIST OF BAl)TKS Al\SORBEllINTO THE MIDLAND
Num- Principal Name Dates Numerical be~ place reference. 49 Gee, Thomas, arid Co .•.. Boston 1788-1874' 70 50 Gibbins and Lovell Birmingham 1825-1829 iI 51 Glasgow Joint Stock Bank" ..: Glasgow 1840-18« 41 52 Godfray, Major and Godfray ..• Jersey 1797-1891 22 53 Gordon and Co. ... ;', ' ... Belfast 1808-1827 II2 54 Greenock Union Bank ... Greenock 1840-18« 113 55 Greenway, Smith and Greenway Warwick 1791- 1887 101 56 Harding and Co. Bridlington ..• 1802-1878 III ' '57 Hardyand~.... Grantham ... 1819-1895 67 58 Head, Charles, and Co .... Hexham ?I830-I865 31 59 Head, J. M., and Co. ... Carlisle 1804-1865 31 Horman, Anthoine, Ahier, Le Gros and Co. .... see 22 60 Huddersfield Banking Company Hudd~rsfi~ld." ~827"';I897 78 61 Hull Banking Company... Hull '.'. :':.',1833-1894 III ~ ,It ,I, •. 62 Imperial Bank ... .:'4 Londoq' ', ... 1862-1893 72 63 Jones, William, and Son BilstoIV 1824-1864 101 64 Lacy, Hartland, Woodbridge and Co., formerly PocklingtO!l and Lacy Loridon ... 1809-1891 78 65 Leamington Priors and warwick- LeaIDington shire Banking Company 'Spa 1835-1889 78 66 Leeds and County Bank Leeds J~62-I890 78 67 Leicestershire Banking Company Leicester 1829-1900 78 68 Leith Banking Company (Carlisle ':, braIich~" ... 1792- 1837 17 69 Leyland and BWliIis ... Liverpool 1807-1901 82 70 Lincoln and Lindsey Banking' Company Lincoln 1833-1913 78 71 Little and Woodcock ... Coventry 1762-1865 II London and Midland Bank ••• ( London City and Midland Bank .~ ... see 78 Lo~:k ~~int C~~: and.~idl~~ . '1 • . 72 London Joint Stock Bank London 1836-1918 78 73 Manchester Joint Stock Bank, formerly Robertson, Fraser and Co. Manchester 1863-1892 78 74 Mercantile Bank London 1861-1862 75 75 MetropolitanandProvincialBank, later Royal Exchange Bank London 1861-1889 76 LIST OF BANKS ABSORBED ItlTO THE MIDLAND 449
Num Principal Numerical ber Name place Dates reference 76 Metropolitan and Birmingham Bank, later Metropolitan, Binningham and South Wales Bank,later Metropolitan Bank (of England and Wales) London x889-X914 77 Middleton, Cradock and Middleton Loughborough X790-x878 78 Midland Bank : .. x836- 79 Miller and Co .... Leicester '" ?x8x4-x835 67 Moss and Co. '" see 83 . 80 National Bank of Wales Cardiff x879-x893 76 8x Nichols, Baker and Crane Bewdley x782-x862 78 82 North and South Wales Bank Liverpool x836-x908 78 83 North-Western Bank, formerly Moss and Co .... Liverpool x807-x897 78 84 Nottingham Join1:Stock Bank Nottingham x865-X905 78 85 Oldham Joint Stock Bank ... Oldham x880-x898 78 86 Parker, Shore and Co .... Sheffield x774-x843 97 Peirson, Thomas see 47 87 Perfect and Co .... Leeds ?x809-x834 xxo Pocklington and Lacy ... see 64 88 Pontefract· and Goole joint Stoc~ ~ank ... Pontefract... x86x-x862 66 89 Preston Ban.king Company ... Preston x844-x894 78 90 Pugh, Jones and Co .... Pwllheli x848--x89x 80 9x Richardson, Holt· and Co. formerly Clarke,' Ric;:hardson and Hodgson .. Whitby x786-x843 xu 92 Rimingtons and Younges Sheffield x8x6-x843 98 Robertson, Fraser and Co. see 73 93 Rochdale Joint Stock Bank, for merly Rochdale Commercial Loan and Discount Company Rochdale x86x-x882 85 Royal Exchange Bank see 75 94 Sanderson;-Joseph Cockermouth ?X82g-x837 x7 95 Sankey, R., and Co. ... 'Denbigh x790-x836 82 96 Sheffield and Hallamshire B3.nk Sheffield x836-x913 78 97 Sheffield Union Banking Company Sheffield x843-x90X 98 Sheffield and Retford Bank ... (Retford branch) x839-x846 99 South Wales Union Bank, formerly Swansea Bank ... Swansea x873-x892 EE 450 LIST OF BANKS A~SORBED I~TO THE MIDLAND , , Principal Num- Name Dates Numerical her place reference xoo Southern Bank of Scotland Dumfries ... x838-1842 4X xox Staffordshire Joint Stock Bank Bilston x864-1889 IX I X02 Stourbridge and Kidderminster Banking Company •.• f _to_ Stourbridge .•• x834-1880 u Swansea Bank ••• see 99 x03 Tennent and Co. Belfast 1809-1827 112 104 Tomes, Chattaway and Ford Stratford-od- Avon or ... x8xo-I834 102 x05 Town and County Bank,formerly Aberdeen Town and County Bank ••• ' Aberdeen .••• X825-1908 II4 106 Union Bank of Birmingham •.• Birmingham 1878-1883 78 x07 Wakefield, Crewdson and Co .••• (Carlisle branch) ••• 1788-1837 x7 Wilkes, Joseph, and Co. .... see 44 108 Williams and Son Dolgel1;ey '-••• 1803-x873 82 x09 Wright and Co .... London " 1759-1840 72 uo Yorkshire Banking, ~Company, formerly Yorkshire District Banking Company ••• Leeds x834:'190X 78 XII York City and County Bank .•• York 1830-x909 72
AFFILIATIONS OF MIDLAND ,BANK
Principal Date of Date of Name establish. affiliation place . ment with Midland II2 Belfast Banking Company Belfast X827 1917 II3 The Clydesdale Bank.... Glasgow x838 1920 II4 North of Scotland Bank .Aberdeen x8l,6 1924 INDEX OF BANKS
Aberdeen Town and County Bank, Barned's Bank,302 400, 40 7 Barnsley Banking Company, 202, foundation, 372 215 et seq., 228, 230, 231, 239 ' branch system, 378, 393, 402 Bate and Robins, 46, 58, 64 note issue, 384 . Batt and Co., 352, 354 small deposits, 393 • Belfast Banking Company, 40, 352 accounts, 398 et seq. adoption of limited liability, 399 foundation, 352, 3'54 amalgamation, 403 branch system, 355, 363 Agricultural and Commercial Bank, note issue, 357, 363 355 affiliation, 360 Albion Bank, 300, 306, 307 separate management, 362 Alliance Bank of London and Liver sale of Free Sta,te branches, 363 pool, 297, 307 Benson and Jones, 174,' 178 Attwood, ~ooner and ~o., 68 Bethnal Green Bank, 312 Ayr BaRk, 371, 388 . Birkbeck Bank, 237 Birmingham Banking Company, 54 Backhouse and Co., 200, 229 et seq., 67, 74 Bala Banking Company, 189 foundation, 54 Bane y LIong, 174 branch system, 58, 65, 68 Bank of Birmingham, 54, 67 absorptions, 55, 63, 65, 68, 74, 77, Bank of ,England, 9 et seq. 78, 85, 91 charters, Io-II, 18, 24 difficulties in 1836, 63 note circulation, J8, 23, 24, 27, 28, suspension, 68 , ' 32, 289 ' .. re-organization as Birmingliam branch system, 17, 48, 53, 204, Banking Co. Ltd.: 69 256, 322 . , entry into London. as Metropolitan and Baring difficulties, 38, 314 and Birmingham Bank, 78, 99, - Overend, Gurney crisis, 302 3'n - Yorkshire Penny Bank, 23'7 (see also Metropolitan Bank (of Joplin on monopoly, IS, 18 England and Wales) relations with other banks, in Birmingham Exchange Bank, 56 provinces, 49, 55, 60, 61, 88, II5 Birmingham Joint Stock Bank, in London, 282, 285 263 as a central bank, IS, 36, 38, Birmingham and Midland Bank, see 302-3 Midland Bank (see also General Index: Legisla Birmingham Town and District tion ; Monopoly in banking; Bank, 55, 263 . Structure of banking system j Borough Bank of Carlisle, 120 , Reserve; Gold) Borough Bank of Sheffield, 216 Bank of France, 307 Borough of Tynemouth Trading Bank of Glasgow, 385 .' Bank, 231 ' Bank of Ireland, 148, 350-2, 357 Bradford Banking Company, 198, Bank of Liverpool, 13'7 ' 202, 204 et seq., 217, 219, 228, Bank of Manchester, 179 236, 239 Bank of Oldham, 162 Britain and Co., 201, 212 Bank of Scotland, 369, 371, 394 British Linen Company, 370, 371 Bank of Westmorland, II7, 124, 127,' Bunney, Bunney and Pepper, 87 134 et seq., 139 Burlington and Driffield Bank, 217 Bank of Whitehaven, 134 Bardays Bank, 37, 98 Caernarvonshire and District Bank, Barings, 38, 314 103
BB 2 452 INDEX OF BANKS Caledonian Bank, 380, 403 Cumberland Union Banking Com- Carlisle City .and District Bank, pany-contd. 120 et seq., ,132, 134, 137, 139 note issue, 125, 217 '. , Carlisle and Cumberland Bank, 120, and Overend. Gurney am' Co., -130 134 amalgamation, 138, 231 Carrick, Oavid, ~nd Sons, 113 Carrick and Lee; 116, u4, 131 Darlington District Joint Stock Cassons and Co., 185, 189 Bank, 125, 202, 217, 230, 239 Central Bank of London, 37, 3'05, Davies and Co., 187. 320 311 , 32 5 Derby Commercial Bank, 97, loS, Challis, T. M., and Son, 294, 301 340 ,- Channel Islands Bank, 444 Dickinson, Jgseph, 124, 135 Chapman and Co., 88 Dixon and Co., 65 . City Bank. 294-7. 303, 308. 315. 3'25 Douglas, Smalley and Co., 146, 170, foundation. 294 173, 181 and limited liability. 309 Dresser and Co., 201, 212 - Baring difficulties. 314 Duignan and Son, 76 amalgamation, 317 Dumbells Banking Company,. 138 City of Birmingham Bank, So. 82 Dundee Commercial Bank, 381 City of Glasgow Bank. 33. 190, 315, 386, 389, 396-8. 428 , East London Bank, 299, 304 Clarke. Mitchell. Philips and Smith. East Lothian Bank, 113' , 256 , Eastern Bank of Scotland, 380-3, Clarke, Richardson and Hodgson, 384, 386, 391 200 Edinburgh and Glasgow Bank, 383, Clarkes and Roscoe, 144. 411 384, 388, 389 Clydesdale Bank, 373 et seq., 407 Edinburgh and Leith Bank, 378, 382 foundation. 373 Elliott and Forster, 113 branch system, 375, 388, 394, 400 English Joint Stock Bank, ','2n, 264 absorptions, 367,' 371,386, 388, European Bank, 69 " 390, 391• 398 , Exchange and Discount Bank, 222, note issue._ ~84 . 228, 234, 239 . (.. London ,office, 395-6 'Cumberland branches. 133. 396 Farrer, Williamson 'ana Co., 200, 20S and City of Glasgow Bank failure, Fishers and Co., 244, 251 397 ' Fletcher and Stubbs, 201, 208 audited accounts. 398 Flintshire Bank, 172 adoption of limited liability, 399 Forster and Sons, 48 directors, 404 ' ' . Forster, Charles, 48; 62, 65 affiliation, 406 Forster, Thomas, and Co., 112, II6, Coates and Co., 201. 212 u8 Collis. W.B.• 46 Foster and Baldwin, 48 Commercial Bank' (Belfast), 352 Fox, Fowler and Co., 41 Commercial Bank of England, 55 Frankland and Wilkinson, 200; 208 Commercial Bank of London, 2gB Connell and Co., II4. II9, 120, 122, Galton and Co., 51, 54, 62 Cooper, Purton and Sons. 78 ' gee, Thomas, and Co., 246, 258, COl,lsins, Allen and Co.', 222 • 262 Coventry Union Banking Company, ,Gibbins and Lovell, 53-4 85. 87 fit seq., 92, loS Gibbins, Smith and Goode, 53 Coventry and Warwickshire Bank, Glasgow Joint Stock Bank, 375, 383 92 Gordon and Co., .352, 354 Cradock and Bull, 266 Gotch and Sons, 261 Crewdson and Co., II3, 125 I Greenly, Harris, Thomas, Meredith Cumberland Union Banking Com- and Co., 174 pany, II5 et seq., 139 ". Greehock Union Bank, 376 foundation, 115 Greenway, Smith and Greenway, 77, branch system, II 6, 130, 132 94 INDEX OF BANKS 453 Hammersley and Co., 288 Leith Banking Company, 113, U9, Harding and Co., 201, 217, 229 123, 125 Hardy and Co., 246, 258, 270 Leyland and Bullins, 144, 154, 158, Hart and Fellows, 244 192 , 341, 'toS et seq. Head, Charles, and Co., 130 Lincoln and Lindsey Banking Com Head, J. M., and Co., 32, 113, 119, pany, 210, 253-5, 256-60, 261, 127, 128, 302 26g,275 Heywood, Kennard and Co., 32 foundation, 253 Holt, King and Newcome, 247 branch system, 254, 269, 274 Horman, Anthoine, Ahier, Le Gros absorption, 262 and Co., 444 note issue, 257 Huddersfield Banking Company, amalgamation, 274 202, 205, 215, 217, 228, 239 Little"and Woodcock, 68, B4, 91 foundation, 204 L,iverpool Banking Company, 184 branch system, 203, ~07, 221, 232 Lloyds Bank, 37, 53, 75, 81, 92, 169 small deposits, 224 London, Birmingham" and South amalgamation, 234' Staffordshire Bank, 70 Hull Banking Company, 202, 205, London City and Midland Bank, see 217, 228, 239 Midland Bank foundation, 209 London and County Bank, 22, 37, branch system, 203, 209, 211 307, 322 branches in Lincolnshire, 210, 255 London Joint City and Midland amalgamation, 230 Bank, see Midland Bank Hull, Smith and Co., 313 London Joint Stock Bank, 279 et seq., 325 Imperial Bank, 297-9, 305, 314, 319, foundation, 279 32 5 branch system, 306, 318, 319, 322, Imperial Bank of Germany, 30S 333 Inkerso,Ie and Goddard, 251, 256 absorptions, 236, 2GG, 306, 315, James, \Villiam, 116 319,321 Jersey Old Bank, 444 contes~ with Bank of England,' )185 Jones, Thomas and Hugh, 173 foreign business, 283.285, 307 '"" Jones, William, and Son, 48, 76 interest on accounts, 282, 290 Jones, Lloyd and Co., 32 adoption of limited liability, 309 Jones, Son and Foster, 48 and· Baring difficulties, ~14 amalgamation, '323 Kewney and King, 270 London and Middlesex Bank, 304 Kington and Radnorshire Bank, 174, London an4 Midland Bank, see 187, 341 Midland Bank Knaresborough and Claro Bank, 230 London and Westminster Bank, ISo, 281, 282, 298, 304, 322 Lacy, Hartland and Woodbridge, 3'13 (see also Pocklington and Lacy) MacIlwaine, Gilbert, and Co., 352 Lancaster Banking Company, 127 Manchester and County Bank, 436 Lawe, Robert, and Co., 149 Manchester Joint Stock Bank, 137, Leamington Priors "and Warwick- 160, 166 shire Banking Company, 86, 90, Manchester and Liverpool District 93, 95, 108' Bank, 54, 146 Leeds and County Bank, 222, 2<18, Manchester and Oldham Bank, 162 230, 233, 239 • Mercantile Bank, 297 Leicestershire Banking Company, Meredith and Co., 175 89, 249, 256, "260, 275 Metropolitan Bank (of England and foundation, 249 Wales), 105, 108, 303, 325 branch system, 268 branch system, 106, 333 absorptions, 251-2, 266, 270 absorptions, i05, 319, 320 note issue, 257 purchase of National Bank of amalgamation, 271. Wales, 105, 320 Leith Bank, 382 amalgamation, 323 454 INDEX OF BANKS Metropolitan 'and Provincial Bank, North of Scotland Bank, 379, 387, 297 et seq •. 391, 398, 402, 407 foundation, :297, foundation, 379 re-organization, 3'04 branch system, 380, 393, 400, 402, becomes Royal Exchange· Bank, 40 3 . 3Il note issue, 384 amalgamation' with Birmingham small deposits, 393 Banking Company, 3Il amalgamation, 403 Middleton and Co., 244, 258, 266 directors, 405 Midland Bank, 37, 43, 62, 70, 82, Rae, George, 426 106, loS, 137, 159, 202, 325, 347 affiliation, 406 foundation, 55 North and South Wales Bank, 103, branch system, 58, 78, 80, 95, 107, 167 et seq., 194, 314 157,161,234,271,321,327 et seq. foundation, 176 absorptions, list of, 328 branch system, 177, 179, 182, 185, affiliations, list of; 328 187, 189, 192 dispute with Bank of England, 60 absorptions, '168, 178, 189 entry into J,.ondon, 312 note Issue, 182 consolidation in London, 316 suspension (1847), 184 amalgamation policy, 93, 99,161, Cassons and Co., 185 233, 3'16, 327 et seq. Pugh and Co., 185 proposed Irish branches, 360 crisis of 1878, 190 proposed Glasgow branch, 406 small deposits, 187 problems of unification, 340 limited liability, 190 changes of name, 343-4 Rae, George, see General Index position between 1860 and 1890, amaIgamation,193 71, 73, 80 North Wales Bank, 172 balance sheet summaries, 82, loS, North Western Bank, 145, '155-8, 166 326,347 Nottingham Joint Stock Bank, 263-6, capital structure, 341 272, 275 foreign exchange busmess, 39, 338 Nottingham and Nottinghamshire Executor and Trustee Company, . Bank, 269 338 Geach, Charles, see General Index Holden, Edward, see General Oldham Borough Bank, 162 Index Oldham Joint Stock Bank, 162-5, Midland Banking Company, 98 166 Miller and Co., 244,' 252 Oliver and Mansfield, 243 Montgomery, H., "and Co., 353, 354 Overend, Gurney and Co., 32, 130, Moss and Co., 144, 155 188, 302 National Bank" 395 Pagets, 256 National Bank of Scotland, 159, 394 Paisley Banking Company, 113 National Bank of Wales, 99, 103, Paisley Union 'Bank, 113 105, loS, 319, 321 Pares' Bank, 244 National Provincial Bank, 36, 55, Patker, Shore and Co., 200, 216 89, 188, 216, 245, 285, 30 9 Peels, Wilkes, Dickenson and Newcastle, Shields and Sunderland . Goodall, 244 Joint Stock Bank, 136 • Perfect and Co., 201, 212 Nicholls, Baker and Crane, 47, 66 Pierson, Thomas, 200 Northamptonshire Banking Com- Pocklington and Lacy, 248, 279, 294, pany, 252 313 • • Northamptonshire Union Bank, 273 Pontefract Joint' Stock Banking North British Bank, 386 . Company, 222 Northern Banking Company, 354 Preston Banking Company, 136, 137. Northern and Central Bank of 146, 166, 303 England, 19, 55, 58, 179 foundation, 147 North London Bank, 299 branch system, 147, 149, 15~ INDEX Oll' BANKS 455
Preston Banking Company-contd. Tennent and Co., 3S2 , 354 suspension (1866), ISO Tomes, Chattaway and Ford, 59, 86 re-organization, lSI Turner, Hardy arid N,ewcome, 247 amalgamation, IS4 Provincial Bank of Ireland, 177, 354 Ulster Bank, 355, 361 Pugh, Jones and Co., 103, 106, 185 Union Bank of Birmingham, 79, 82 Union Bank of London, 62, 153, Ramsays, Bonars and Co., 374 245 Richardson, Holt and Co., 200, 208 Union Bank of Scotland, 374 Rimingtons and Younges, 201, 216 Roberts, Skey and Kenrick, 47 Robertson, Fraser and Co., ISg-OO Wakefield and Sons, II3', 123 Rochdale Joint Stock Bank, 163, 166 Wakefield Banking Company, 203 Rocke, Eyton and Co., 182 Wakefield, Crewdson and Co., 12S, Royal Bank of Ireland, 363 137 Royal Bank of Liverpool, 184 "Wales Bank ", see North and Royal Bank of Scotland, 370, 371, South Wales Bank 374,390 Weaver and Co., 252 Royal British Bank, 27, 87, 391 Wentworth, Chaloner and Rish Royal Exchange Bank, 3'1 I, 325 worth,20l' Rufford, Biggs and Co., 66 West of England and South Wales Ruffords and Wragge, 66 District Bank, 102 Western Bank of Scotland, 376, 388, Sanderson, Joseph, 124 391 Sankey and Co., 172, 178 Westminster Bank, 361 Scholfield Clarkson and Clough, 20S (see also London and West Sewell and Nephew, 159 minster Bank) Sheffield Banking Company, 216 Weston and Co., 304 Sheffield' and Hallamshire Bank, Wilkes, Joseph, and Co., 244, 251 202, 215, 217, 225, 228, 238, 240 Wi11iams and Sons, 173, 189 Sheffield and Retford Bank, 216 Wi11iams, Davies and Co., 174 Sheffield and Rotherham Bank, 215 Wi11iams Deacon and Co., 281 Sheffield Union Banking Company, Wolverhampton and Staffordshire 202, 216, 219, 228, 235, 240 Bank,67 Ship Bank, see Banc y Llong Wright and Co., 287 Smith, Thomas, 243 Smith, Etlison and Co., 245, 258 Smith, Gray and Cooper, 53 York City and County Banking Southern Bank of Scotland, 377, 383 Company, 138, 202, 205, 217, South London Bank, 299 226, 228, 240 South Wales Union Bank, 99, 105, loS foundation, 207 Staffordshire Joint Stock Bank, 76, branch system, 2oS, 2Il, 229, 232 82,94 absorptions, 2oS, b9-31 Stamford and Spalding Joint Stock amalgamation, 236, 321 Banking Company, 253 Yorkshire Agricultural and Commer_ Stourbridge and Kidderminster cial Bank, 212 Banking Company, S9 et seq., Yorkshire Banking Company, 202, 66, 73, 74, 82 205, 217, 226, 228, 240 foundation, 59 foundation, 21 I branch system, 59, 71, 75 branch system, 203, 2IJ, 212, 214 absorptions, 59 absorptions, 212 note issue, 62, liS re-organization, 214 amalgamation, 75 amalgamation, 235 Stuckey'S Bank, 17 Y orkshi.re Penny Bank, 224, 237 Swansea Bank, 101 et seq. Young ~nd Co., 304 INDEX OF PLACES
AbUdare, 103 Caernarvon, 169 Aberdeen, 369, 372, 378, 387, 393, 400 Caistor, 254 Aberdovey. 174 Campbeltown, 375 Aberystwyth, 174, ISo Cardiff, 99, 103, 104, 107, 179 Alston, 124, 136 Cardigan, 182, 185 Ambleside, 135 Carlisle, III et seq., 396 Anglesey, 170, '171 Castleton, 163 Appleby, Lines, 246 Channel Islands, 37, 444 ~ppleby, Westmorland, 124 Chipping Norton, 59 Ashby-de-Ia-Zouch, 244, 251 Cleator Moor, 132 Atherstone, 88, 89, 252 Cleobury Mortimer, 47 Cleveland, 198, 226 Bala, 189 Cockermouth, I IS, 124 Ballymena, 355 Coleshill, 88 Ballymoney, 355 Cornwall, 170 Banbury, 16, 86, 90 Corwen, 189 Bangor, 103, 185 Coventry, 68, 83, 88, 91, 421 Barmouth, 173 Croydon, 316, 319 . Barnsley, 197, 215 Cumberland, 109 et seq., 127, 132 Barrow-in-Furness, 132 Barton, 2II Dalton-in-Furness, 133 Batley, 198, 221 Darlington, 200 Belfast, 348 et seq., 357 Denbigh, 169, 171, 172 Bersham, 169, Derby, 58, 83, 95, 241 Beverley, 209, 2II Dewsbury, 198, 221 Bewdley, 46, 66 Dolgelley, 173, 185, 189 BUston, 47, 50, 73, 75 Dolobran, 169 Birkenhead, 183, 186, 432 ~ Dowles,46 Birmingham, 3,.17, 23, 43, 49 et Driffield, 201 seq., 72, 83 et seq., 263, 332, 419 Dublin, 3, 350, 360, 363 Blackburn, J49. 151 Dudley, 65, 69 Blackpool, 135, 149 Dumfries, 377, 403' Blaenau Festiniog, 103, 189 Dundee, 368, 3So, 392 Bolton, 146 Boroughbridge, 201 Eastbourne, 332 Edinburgh, 3, 368, 369, 389, 403' Boston, 246 • Egremont, 132 Bournemouth, 332 Erdington, So Bowness, 135 Bradford, 17, 91, 197, 206, 222 Exeter, 17, 51 Brampton, 1I6, 124, 129, 131 Falkirk, 369, 403 Brecon, 179 Farnley, 197 Bridgnorth, 78 Festiniog, 185 Bridlington, 201 Fleetwood, 149 Brierley Hill, 71 Flintshire, 167 Brigg, 209, 254 Frodingham, 246 • Brighton, 332 .Furness, 112, 132 . Bristol, 17, 51, 409 Bromley, 316 Gainsborough, 209, 254, 269 Bromsgrove, 59, 66 Galashiels, 377 Brymbo, 169 Garstang, 149 Burry Port, 102 Glasgow, 3, 28, 368, 373, 385, 38 Burton, 268 399 .INDEX OF PI,.ACES 457 Gloucester, 17, 58 Lincolnshire, 241, 245, 248, 269 Goole, 208, 209, 222 Liverpool, 3, 17, 23'; 28, 51, 58, 101, , Grantham, 246, 266, 268 140, 145, 176', 178, 187, 408, 426 Greenock, 3i6 Llandrindod Wells, 174: . Grimsby, 209, 2JI, 246, 254, 269, 270, Llanelly, 102 274 Llangollen, 171 London, 28, 36, 70, 99, 276 et seq., Halifax, 17, 91, 197, 212 332, 394 . Haltwhistle, 131 Londonderry, 349, 355 Handsworth, 72 Loughborough, 243, 244, 266 Harlech, 189 Louth, 209, 254 Harrington, 130 Lytham, 149 Hawick, 377 Heckmondwike, 221 Malton, 208 Henley-in-Arden, 59 Manchester, 3, 17, 23, 51, 103, 140, Hexham, 130, 138 145, 159, 176, 437 Heywood, 440 Market Harborough, 251, 252, 256 Hinckley, 251 Market Rasen, 210, 254 Hindpool, 132 Market Weighton, 210 Holywell, 170-3, 181 Maryport, JJ2, lIS, 126 Horncastle, 254 Measham, 244, 251 Howden, 208, 210 Melton Mowbray, 256 Huddersfield, 17, 197, 201, 234 Middlesbrough, 226 Hull, Ii, 198, 209, 212, 222, 230 Midlothian, 366 Mold, 171, 173 Ilkeston, 264, 266 Montrose, 391 Inverness, 400 Moreton-in-Marsh, 59 Ireland, 353' Morley, 19B (see also Northern Ireland) Isle of Man, 3'7, 41, 138 Newcastle, 15, 17, 126 Newport, Mon, 107 Jedburgh, 377 Northampton, 16, 95, 268 Jersey, 444 North Riding, 199 North Shields, 231 Kendal, I JI, JI3, IJ6, 126 North Wales, 16; et seq., 175 Kenilworth, 86, 94 North Witham, 246 Kettering, 260, 261, 273 Northern Ireland, 7, 348 et seq. Kidderminster, 59, 67 Norwich, 17, 332 Kilmarnock, 403 Nottingham, 51, 243, 262 Kingston-on-Thames, 319 Nottinghamshire, 241, 248, 263, 272 Kingstown, 363 Nuneaton, 83, 88, 245, 266 Kington, 174, 187 Kirkoswald, 130 Knaresborough, 201, 212 Oldham, 161 Knighton, 174, 187, 320 Ormskirk, 149, 151 Oswestry, 186 Lanark, 366 Oxen holme, 127 Lancashire, 132, 140 et seq., 150 Lancaster, 17, 126, 151 Penrhyn, 169 Leamington Spa, 77, 85, 90 Penrith, II2, JI6 Leeds, 17,51, 197, 201, 2JJ, 214, 221, Penybont, 174 233 Perth, 393 Leicester, 17, 95, 145, 243, 249, 252, Peterborough, 16, 268 256, 261, 266, 270 Pickering, 208 Leicestershire, 241, 246, 248, 261 Plymouth, 17 Leith, 3'69, 383 Pontefract, 201, 222, 227 Lerwick, 400 Port Glasgow, 376 Lincoln, 210, 253, 269 Portmadoc, 185 INDEX OF PLACES.. Portsmouth, 17, 322 Sussex, '45 Preston, 146 et ~eq •• 170 Swansea, 17, 50, 99 et seq., 107 PwllheIi, 103, 185,~ Tamworth, 244 Redditch, 59 Thirsk, 200, 201, 2~g Retford, 210, 216. Tobermory, 389 Rhayader, 174 . Rhyl, 187 Ulverston, 124 Richmond, Yorks, 212 Upton-on-Severn,46 Ripon, 200 Uxbridge, 313 Rochdale, 91, 163 Rotherham, 232 Wakefield, 203, 222 Wales, II, 13 (see also North Wales and South Saadleworth, 203 Wales) St. Andrews, 3'75 Walsall, 47, 62, 76, 80 St,Austell, 419 Wardle, 163 Salford, 3, 145 Warwick, 77, 86, go, 94 Scarborough, 208 Warwickshire, 51 Scotland, 7, 27, 366 et seq. Wednesbury, 68, 73', 78 Scunthorpe, 246 Wellingborough, 268 Sedbergh, 135 Wellington, Somerset, 41 Selby, 208 Westmorland, Jog et seq., 133 Sheffield, 197, 200, 212, 2I5, 232, 235 West Riding, J95 et seq., 21I, 219 Shipston-on-Stour, 59 Whitby, 199, 200 Shrewsbury, 182 Whitehaven, 17, III, lIS, 125, 396 Shropshire, 45 Wick,378 Soho; Birmingham, 49, 169 Wigton, 112, 1I6 Southam, 86 Willenhall, 48 Southampton, 16 Windermere, 127 South Cave, 210 Wirrall, 192 Southport, 149, 151 Wolverhampton, 48, 77 South Wales, 45, 72, 99, 169, 179, 332 Worcester, 46, 47, 71 Spalding, 274 Worcestershire, 45, 60 Spilsby, 254 Workington, 17. II3, lI5, 125, 396 Staffordshire, 45, 60, 72 Worksop, 216 Stamford, 253 Wrexham, J70 Stonehaven, 378 Stourbridge, 46, 58, 62, 64, 66, 71 York, 207 Stratford-on-Avon, 59, 86 Yorkshire, 13, 143, 195 et seq., 225 Summerseat, 436 Y oughal, 352 GENERAL INDEX
See also Index of Banks, page 451 Index of Places, page 456
Acceptance business of London Assay office at Birmingham, So banks, 20, 23, 285-6, 288, 303 Association of English Country (see also London banking, inter Bankers, 427 national business) Attacks on banks, II7, 122, 130', 190, Accounts - 249-50, 265, 364, 420 (see also Balance sheets;· Sav Audus, James, 205 ings accounts; Interest, rates of) current and deposit, 191, 206, 290 elementary methods, 21-2, 213-4 Balance sheets Acts of Parliament, see Legislation publication of, 20, 26, 30, 31, 34. Advances, see Loans 39, 62, 92, 147-8, 189, 310, 388 Affiliation between banks, 40, 360, summary of figures for various 361 , 406, 443 banks, 82, 108, 139, 166, 194, Agreements between banks 228, 239-40, 242, 275, 325-6, 365. in Willes, 188 407,445 - Lincolnshire, 257 audit of, 26, 147, 398 - London, 291 examples of, 92, 148, 152, 284 - Yorkshire, 227 ratios, 39, 186, 190, 191, 229, 332 - Ireland, 353 Bank Acts and charters, see Legis - Scotland, 393, 404-5 lation Agriculture, 2, 86, 109, 129, 143, 167, Bankers as shopkeepers, etc., see 195, 199, 241, 245-6, 249, 256, P~iv.ate banks and banking, 274, 3'58, 366, 368, 378 ongm of Allen, G. C., 51 Banks, see separate Index of Banks 2 Baster, A. S. J., 32 Amalgamations, 7, 25, 3 , 37, 40, 83, Belfast Harbour Commissioners, 105-6, 157, 29, 334, 339-40, 403, 3 358, 361 439 Bessemer process, see Iron. and steel process and reasons for, 4, 35, 75. industry - 77, 80, 92, 95, 98, 105, 134, 137, 2 Bicycles, manufacture of, 81, 272 16+5, 192, 230-1, 233-5., 27 , 274, Bills of exchange 317, 322-3', 345, 403 Committee on, 40-1, 324, W (see .also Acceptance business of tables for Midland Bank: London banks; Balance sheets direct amalgamations, 328 summaries; Cheques;' Dis: direct and indirect counts; Interest, rates of) in midlands I\n~ South Wales, principal means' of payment, 14, 23, 35, 143, 336-7 - ~umberland ~nd Westmor- as. instrument for borrowing and land, IIO . Investment, IS, 23, 35, 191, 254, - Lancashire, 141 284, 336-7, 359-60, 378 - North Wales, 168 post bills, or composition bills 14 - Yorkshire, 196 23, 258, 336 ' , - Leicestershire, Lincolnshire accommodation bills, 67, 143, lSI, and Nottinghamshire, 242 191, 296 - London, 277 Boulton, M., 49-50 f,?r Scottish affil.iations, 367 Branch systems Amenca, see Umted States of difficulties' with, 21-2, 180, 185. America 202-3, 210, 211, 215 Ander~on, AI~xander, 378, 387, 391 reluctance to extend, 35, 58,. 88, Arkwright, Richard, 140, 146, 170 92, 124, 149, 21 5, 254 GENEltAL INDEX
Bnmc:h system ~ geoeraI spread. :t8. 60. Ift'j. 153. IsS. 268" rn. lJIO-4. 341-30 403 resulting f:ru:n amalgamation. J3O-4 10_ and suburban branches. 160. 187. JOf-5. 319. J3Z in London, z86.8. Jo6. 318 - Scotland, 370-1• 379. J83. 393. 3940 400 - Ireland. 355. 363 Bubble Act (1719), 10 BuIIioo Report (1810)' 13. 351 Burgess' Cin:uJac 10 Bankers. :10, 35, 28s, 286. 287, 288 Canals, 2, 46. 16c), z76 Capital, see Shares Carden, R. W., 2940 JOr4, 3 10 Cash credit, 370 Cash ratio, see Ba1am:e sheets" ratios Cash reserve, see Reserves Centralization, see Head office Cbartered banks, see Joint stock banks, and Legislation 0Iartist riots, 19B, .po Cheques, 11.23, 3D. 35. 156, 3J5,:u6, 427 Clapham, J. H., 2 Clearing House. London, :10, 281, z8g. 299. 3 10, J42, 395 established, 12 joint stock banks admitted., 29 tmnover (1R40 and ISSf). 35 Clothing manufacture, 19B Coal industry in midlands, 4S, 72 - Derbyshire, 96 - South Wales, 99. 101 - North Wales, 167, 183 - Yorkshire, 195 - Cumberland, III, 112, 127, 137 - Lancashire, 142 Deeds of settJemeot 01' c:o.partDer ship. 16 - Leicestershire and Nottingham- •• safety clause ,. in, J87 shire, 243 Cobden Treaty (1860). 91, 221 DirectorS, :10,' 21. 102, lSI, aDf-5, Cohesion, see Structure of banking 254. 4DS • system managing 01' speciaJ. 117. 205. 2.;0. Common law companies. 10 254 Competition ~ banks, 39. 400 fees, 205. 206, zz8 191• 231, 2J4, aSs, 316, 334-5, extraordinary, J8z, J88 339 Discounts and re-discounts, 40 IS, at formation, 17, 19, 38, SS~ 86, 67. 156, 183. 219. 223. 2%6, 254- 120, 162, 249-50. 255 2650 279t 2CJ6. 2C)7, 311 Compositino bills, see BiDs of ex (see also Interest, nates of) change Distilling. 3;,7 CoosoIidatioa" see Structure of bank Dodd, A. H., 172. 175 ing system Dyeng and bleaching. 1420 19B GENERAL IND,EX EcOftomist, The, 34, 37, 41, 438. Holden, E. H., .p, 81, 93, 95, 107, English banking position summ~ 1% 237, 317, 324> 339, 360-1, (see also Structure of banking 406, 43~3 system) Home safes, 338 in IB44, 2Z Horrocks, J., 140, 146 - 1884,34 Hosiery industry, 241, 243-4, 248, - 1904,37 261, 272 - 1934,41 Hours of business, 207, 278, 292 t Exchange companies, 3B4, 386 Hudson, G., 218 Hyde, F., 8, 339-40, 343 Factory system, 2, 140, 170-1, 195, IgB,368 Inclosures Acts, 2, 248 Failures, 14, 21, 53, 68, 94, 150, IB4, Industry in nineteenth century, 189, 213, 371, 388, 396 2,35, 1% 225 Fishing trade and banks, 3, 4, 50, I~, 176 in Yorkshire, 199 (see also separate industries) , - Grimsby, 246, 270, 274 Institute of Bankers, .p8 - Scotland, 36g, 379, 400, 402 Interest, rates of, 20, 29, 36, 127, Foreign exchange business, 14> 39, IB4, 206, 250, 254, 261, 282-3, 219, 3oa. 338, 442 • 285, 2B9-9I, 295, 299, 352 Foreign trade, see Acceptance buSI International business, see London ness of London banks; London banking; Foreign exchange banks international business business Forgeries and fraud, 79, 106, 131, Ireland, banking in, 348 et seq. 156-7, 266, 397 Irish trade, 148, 408-g Iron and steel industry, 2, 3 in midlands, 43', 45, 47, 58, 65, Geach, Charles, 55, 60, 64t 41~4 72-3, 81, .pI Gibbins, Joseph, 50, 52-4 Gilchrist-Thomas process, see Iron - north-west, 1I2, 132, 133, 135, 137 and steel industry - South Wales, 99 Glass manufacture, 46, ~ Gold - Yorkshire, 197-8, 219-21, 225-7 - north-east, 226-7 as currency, 25 - Lancashire, 142 wheelbarrow of, 59, 252 - North Wales, 16g affects prices, 2~ :ilI9-20 relieves crisis ' , • - Leicestershire, 243 in Leamington, 91 - Lincolnshire, 245-6, 262 - Hull, 210 - Belfast, 357 - Ireland, 355 - Scotland, 368-9, 373, 399 - Scotland, 397 Siemen's process, 72, 99, 104t 225 Bank of England, custodian of, 3'6, Bessemer process, 72, 132, 225, 226 442 Gilchrist-Thomas process, 225 Goldsmith bankers, II, 287 Ironmasters as bankers, 47, 172, 205 Goodman, J. D., 78, BI, 438 Goschen, Lord, 39 James, P. M., 52, 54 Government securities, 192, 274 Joint stock banks (or co-partner Granite industry, 36g, 378 ships) Gregory, T. E., 6 (see also Index of Ban.ks; Guarantee fund, see Reserve fund Balance sheets, summanes ; Gun making, 52, 72 Legislation; London b!lnking; Private banks and banking) first in provinces, 16-7 Hamilton, H., 378 - London, 18, 29, 279 et seq., Head office 286 in London,s, 36, 235 .opposition to, 19-20, 122, 249-50, operation of, 341-3 281 dual in Scotland, 380-2, 383, 386, Committee on (1836), 21 389 - (1838), 180 GE.NERAL INDEX Joint stock banks (or ,co-partner Legislation ' concerning banking- ships}--contd. Scotland-contd. ' chartered, 25, 27, 146, 153, 293-5 (1746), British. Linen Company, popular in industrial 'areas, 17/21, 370 202, 258 , ' (1845), regula~g note issues, rapid development" 17, 30, 85, 86 383 changing type, '4, 36; 38 Leyland, Thomas, 143, +08-18 rise to dominance, 34 et seq., 329 Limited liability, 28, 30-3, 34, 74, 79, , contribution to Midland Bank, 33'0 93, 128, 162, 190, 228, 263. 428, t suspensions 430-1 in Birmingham, 68 i,.n London, 297, 3'00-1, 303, 309, 39.$' - Preston, ISO ,.- Scotland, 399 . - Liverpool, 184 and amalgamations, 3'10' , ....,. Leeds, 213 (see also Legislation),. " - Scotland, 388, 396 Linen manufacture, Ill, 19B, 215 public officers and trustees, 16, 19, in Ireland, 349, 357-8 177 - Scotland, 368, 370, 3So', 387, 392 ' Joplin, T., 15-6, 18, 21, 22, 31, uS;, Liquid resources, 14, 36, 38, 219, 342 145, 203, 354 lack of, 68, 134, ISQ, 184, 213, Jute manufacture, 2, 392 220, 224 '. ; , (see also Balance, ~heets, sum- Kay, J., 140, 146 ... • ,l1li maries j Reserve) • Knitting, see Hosiery Loans, advances j overdrafts, 35, 62" 75, 102, 104, 134,,137, 148,.155-6, Lace in dills try, 248, 262-3, 272 160~ 164, ISo, 185, 189, 229, 255, Lead mining, 171 332, 335, 337, 3H-3, 345-6, 359' Leather trade, 297 replace bill of exchange, 35, 336-7 Leeman, G., 33, 205, 213 (see also Balance sheets, sum- Legislation concerning banking maries) '. England and Wales-Bank of London, 276 et seq. England Acts and Charters: markets, 279, 293-4, 301, 306, 313 1694-1708), 10 as' ban¥ing centre,s, 36 et seq~, 248, 302, 307, 309, 395, 404 1833,1742~' II18, London agents, 14, 23, 3'0, .36, 88, 11844 , 24, 27, 29, 35, 65, 182, ISo, 233, 281 288, 336, 356, 426, 432, 441 London banking, 11, 12, 14, ,.18, 20, • Joint stock banks (1826), permit 29, 36, 278 et seq, ting formation, 3, 16, 19 metpods, 282, 291 (1838-44), 19 grewth, 296 (1844), Banking code, 25-6, 147, boom, 299 15l, 295 losses, 303-4 . 1857), repealing code, 28 international business: 5, '283, 285, 1858l' limited liability, 3 I 298, 307-9 1862 , 32, 297, 395 distinct fro~ country banking, 1867 , Leeman's Act, 33 35-7, 38, j 09, 316 11879, reserved liability, 33, 93, (see also Private., banks and 428 banking) Ireland (1759), private bankers, Lottery loans, 409-10 Lumsden, J., 3'74, 40 5 i~;82)' Bank of Ireland, 350 Lusk, A., 298, 315 (1821 and 1824), permitting joint stock banks, 354 Machinery making '(1845), restricting note issues, in midlands, 45, 71-2 . 356 , - Lancashire, 142 .- (1928); note issues, 362-3 • - Yorkshire, 197 Scotland (1695), Bank of Scotland, - Leicester and Nottingham, 243, 369 261', 272 . (1727), Royal Bank, 370 - Lincolnshire, 246 GENERAL INDEX McKenna, R., 8, 340 Private banks' and banking--contd. Macmillan Committee (193 1), 343 rise and decline Metal ~anufactures in Birmingham and district, in Birmingham and district, 49-50, 46-8, 51-3, 61-2, 65, 68, 75-6, 72 • 87-9 - Coventry and Derby, 83' -=- Coventry and district, 84-8 Money Market, 23, 36, 150 - Cumberland, 112-5, II 9-20, (see also London, as banking 129-30 centre) . - Lancashire, 142, 149, 158 , Monopoly in banking, 9-II, 17, 19, - North Wales, 172-4, 178, 182~ • 285-6,,288, 350, 354, 371, 38,.-6 189 ' Moss, John, 144 - Yorkshire, 196, 200-1, 208, · 11otor car manufacture, 92 212 - Leicestershire, 243-4, 252, 268 · Na~l-m'aking, 45; 46, 72 "~ - Lincolnshire, 245-6, 271 Naylor, Vickers and Co., 220 - Ireland, 349-54 i · Night. safes, 338 - Scotland, 371, 374-5 Notes, issue of, II, 13, 18, 23, 24-5, weaknesses of, 13, 15, 20, 68, II6, 35, 36, 41, 49, 87, 175, 336, 427, 131, 203-4, 266-8, 287 43 1- 2 , "Hi Pri.vateering, 144, 409-10 in Ireland, 350-2, 356-7, 3'62 ;Prospectuses, 56-7, 120, 204, 2II, - Scotlana, 371-2, 376, 384, 404 . 280, 282 Scottisl). notes in England, 112-3 Pl.lblic officers, 16 speciatarrangements with Bank of England, 55, 60-2, 217, 221 . Rae, .George, 33, 183, 184,' 186, 188, • absent from Lancashire, 142-3 I,}O, 191, 302, 309, 379, 425-35 development in Yorkshire, 200-2 'Railways, 5, 26, 58, 86, 90, II8, 126, authori2ed circulations: 18 'Birmingham.. 62 .145, 148, 7, 197, 198, 217, 218, 247, 258, 260, 278, 293, 357, 369, Coventry, 85 8 2 'C1Jmberland and Westmorland, 3 6-7, 39 , 393, 421 i25, ' . Rag trade, 198 'Ratios, see Balance sheets, ratios North Wales, 182 .Re-discount, see Discounts Yorkshire, z}7 "Reserve . ' , Lincolnshire, 257 (see, also Balance jlheets, sum- Leicestershire, 257-8 o maries) , (see also" Legislation; Lon~on of bank cash, 14, 36, 39, 342, 362, . banking .. Private banking) 395, 403. 404. 429, 43 1, 442 ~,. fund (or Guarantee Fund), 62, 74, Oil-seed crushing, 199, 230 75, 104, 106, 137, 165, 189, 193, • Oldham' ... Limiteds ", 162 220, 234, 236, 274, 284, 317 One pound Hote, 13, II2-4, 372, 384, ReserVed liability, see Limited lia- 13 1 . bility (see also Notes, issue of) , RibboQ. manufacture, 84, 91, 92 ',Overdrafts, see Loans 'Richards, R. D., II Rivers Patent Shaft and Axle Tree Co., 421 for transport, 45, 47, 243, 246, , Peel, R., 4,,24, 30, 244, 383, 426 source of power, 140, 167, 171, 368 , Plug-drawing riots, 198 Rope-making, 357 ',Political influences, 121, 124, 179, Roscoe, W., 411 253 Runs on banks. 14, So, 118, 126, 184, Population. 3 8 (see also Index of Places) 210, 256, 353, 355, 3 9, 397 Post bill. see Bills of exchange Post Office Savings Bank, 224 Safe deposit, 338 • · Powell, E. T., 297 Savings accounts, small depOSits, 40, Private banks and banking, 4, 11-3, _ 87, 187, 224-5, 273, 335, 338, 393 20, 27: 34, 38 Scott, Sir W., 372, 382 , ~cottish banks, 366,et sliq:,' . • • Staff, ' in north-western counties; U2-4, . ," ~I.Y difficulties~' 22,: 6~)9.~, ~, , ' 133, 134 . ~., .' 203, 213 :" ',',',< ;, , '" :methods in Englan": r6, 21; 207 .other'employment"59,.7.3",'257 .English branches, .113.;, .133, 394-6 ' salarie~ an
, !~
PIUNTED BY BLADIS. IIAS'r AND RUDIS LTD. 17. ABCHt1RCB UNI, LONDON, •.C. 4· \ ',1 P" , ? 1782 , 1827 1807 181& 1774 1827 1768 ? 1804 1829 1774 1778 1786 ? 1813 lS02 1825 1808 1762 1797 182:5 1788 ? ? IS09 ? 1191 1790 1822'" 1803 1807 .604 'BOg 1820 , 1819 '790 1814 1829 I T • T , , T T "T T "T T T '" T T t POCl BORO GI't BANI< 1839 ? of5H Fflt:LO 1840 1840 1$40 ~T"CO I ( LondQJl) PAR ER I S': c~ .847 SOUlI1E~ 1843 J!I~~ IB43 O~5o:;U'tWH"O RIMIN~ R'CNARO!iON (O~mr,..j"~l &Y.oUNGE!!. HOLT ~eo.(Wh;tby) 1844 1844 GLASGOW EOIHI3;URGH ~fjOCIC, 'M' Jonn S"OCI( .. llrltl SAN"" \jlolIOH SAl1K 8AHI(, NORTH e. SOUTH WA.LES B~"K 1847 !847 (Pwllhlilli br"'U1C~) 8 1848 ~~L!.S :RA50~.s , 1.. 11) I I 1851 1851 ~fBt I ~RO'8IN5 (5t<>l.,rb-ridql', \ I 18S5 18S6 DAII.lSA. 0 Knlqf\oon 'HORMAN. branch) A"THOIHE', AHlfII uG~~&CO IS58 1858 ED''''\!IuRO:;", .. GI...A!H'OW 8A""1( 1860 1 1861 J.J.COUSINS 1862 1862 ffICH~ C H .... L LIS • ~... ,.."."'" 'OAI'lv.. - 1&63 SAKfFl/lr 1863 ,. C~""NE & SON \ MOSSACO.I [ASTER'" BANI( j Be .... dlcy) 1864 ,864 1864 (IF SCOTl.AND IS65 1865 MET~OPOLrT/I."" lITTL.t. " PROVINCIAL. WOODCOCIt s. ep.~K (Co\'f:nt"ry) COUSI"IS 18 67 ALL~ti&CO.I EA"ST LONDON BANK IE 10 1811 AL,&ION~ I '872 ( london) I, ~KI;ltE 1873 (~~~pton) 1873 1'873 ROBE SON j WIL~IA~S. Oli Fe:.&.SI a.CQ. i , , ( h1l1!rlonethih re) 167S CASSON~ a. Co. 1877 1878 " 1878 1818 HARDINC 81 Co. 1879 MIDfc~~aH ( Bridlinqtoo) (Low~r.bCM') 1880 1880 'BOO $TOUllaR.I~6E." KIDD~R~INSTEA BMI/,INaCO. ,I ,Ba3 1883 I U~IOH BANK DARLINGTON D'STRI4:T /IF IIIRMINIOHAM JOlliT STOCK B' .....'G. Co. 1885 !887 SWAN fA I SA • :~I!R"IE~~YW~~'T'II Wiir"';':kItL.. m'ngfon) '8 • MEr~OPOLIT"''' 8. 1889 61RMINGIIAM SANK 1669 1689 1889 STA'F,"ORO~HIRE ROYAl >:.CHANGE IIU,"fiGHA.r.1 OOPER: B .... t 1908 190B I 1908 NORT", OF NORTH I. OUTH ----1------SCOTLAND WAI.£S BAtiK BANk I '909 ISiIO 'S '0 191(1 DAVlIlS. e,6,NKS '" Co. ( ~m9tonl f 19 13 I 1913 1914 SUFFIEL..D a: METROP~O~'~'T~A~. 1911 BELFAST AFFILIATED 1917 LONDON JOINT ,918 BANK'NGCO, C lTV 6; M I DLt-~;"-;'N7'o::-'-'--FB'A~N;-;K-;------+------,L"O.::.;:",,:::J. JO,.T STOCK a.... "K 1920 HORTH OF SCOTLAND AFFILIATED 1920 CLYDESDALE. .!1: TOWNa COUNTY B .... Nt< BANK 1912:3 cha"" ed. ,9 , ______'). NOR,..,~1,.~2~*~------1------O~ AFFILIATED '924 SCOTLAND BANK ! THE CHART IS DRAWN TO SCALE FROM THE YEAR 182.9, UNBROKEN LiNES GIVING A TRUE REPRESENTATION OF THE LIFE OF THE BANK CONCERNED. WHERE THE LINE IS BROKEN !T INDICATES EITHER THAT THE SCALE HAS NOT BEEN FOLLOWED OR THAT SOME DOUBT EXISTS AS TO THE CONNECTION. A SIMILAR METHOD HAS BEEN MI DLAN D BANK ADOPTED WITH ALL SMAL.LER DIAGRAMS IN THE TEXT. t