TH E H STO RY

OF A BAN K N O H O U S E

M ITH PAYN E AN D SM lTHS . (S , )

H A Y T CK A TO RR U ER E S N ,

‘ sss s sa t ns tz tu te o k s t/I : l f B an er .

LO N DON

PRINT E D A N D PUBLIS H E D B Y B LA DE S E AS T B LA DE , S ,

2 ABC URC LANE 3 , H H , B LADE S E AS T B LADE S , ,

Printers ,

AB H UR AN E N D N 2 C C E . C . 3 , H L , LO O , C ON T E N T S .

P A GE

INTRODUCTION

FAMILY H ISTOR Y

N OTTINGHAM

LINCOLN

H ULL A N D DERB Y

M ESSRS SMIT PAY NE SMIT S . H , H

LONDON PREMISES

GOV ERNMENT LOANS

N OTE ISSUES

LONDON CLEARING H OUSE

CONCLUSIO N

GE N EALO GICAL TREE

I N DE!

LIST OF SU B SCRI B ERS LIS T OF ILLUSTRATIONS .

PAGE

O B 1 : L M ARD STREET, 7 5 A B EL SMITH OF N OTTINGHAM B FO I OF M . P Y A EL SMITH , UNDER ESSRS SM TH , A NE SMITHS HULL B ANK OB F O C O R ERT SMITH , IRST L RD ARRINGT N SAMUEL SMITH OF WOODHALL PARK

B M . P A EL SMITH , . J OHN A B EL SMITH SCENE IN THE H OUSE OF COMMONS MARTIN TUCKER SMITH OSWALD AUGUSTUS SMITH DUDLEY ROB ERT SMITH O B OLD P N TTINGHAM ANK, REMISES O B W B N TTINGHAM ANK , NE UILDING MANSFIELD B ANK LIN COLN B ANK V A . LESLIE MEL ILLE CO B B Y OC LIN LN ANK , GRIMS D KS WILLIAM WILB ERFORCE WILB ERFORCE H OUSE DER B Y B ANK B ILL OF E! CHANGE DATED 1 740 OSWALD SMITH OF B LENDON HALL GEORGE SMITH OF S E LSDON

O M . P . J HN SMITH ,

O M . P . SAMUEL GE RGE SMITH, R OB ERT SMITH

P Y O B E . C . SMITH , A NE SMITHS, I , L M ARD STREET, WILLIAM P ITT REGINALD A B EL SMITH

' CHEQ UE DATED I 7 c 5 B O P C OF ANK N TES, S E IMENS J E R VOISE SMITH

PR E FA C E.

' H pu rpose o f this volume isfiot only to write

the o of k hou s e hist ry an eminent ban i ng , but also to give some particulars respecting the

early history of banking in this country .

T he S mith fa mily have an unique ex

' A s o u o the irv C s s k m a cr se . e i l i s an tc me of suQ as ban ers ,

‘ - i e d e o . t e fi o L J ta n a well known r putati n in { h nancial w rld .

' ' a rto k me n tof b n They ppea een usi ess , imbued

i f m nd com li w a : m er than bril ant ability, a quality which re importance . We might attribu te Ai w i r to a marvellous insight into the me thods o f bu s i nes s : a bank which has subscribed for the of a C o w rnme nt loan must i n itself be possessed of

mmIgAma tion of private ba nks with j oint

i i 5h mm is to o the t o f . t rem ve iden ity banking

PR E FA C E .

H E purpose of this volume is not only to write

Of k the history an eminent ban ing house, but also to give some particulars respecting the

o f early history banking in this country .

T he Smith family have an unique ex pe rie nce ; their banking career began more than tw o centuries ago , and during that period successfully passed through great

Of commercial crises . As an outcome their success as bankers ,

- n o they obtained a well k own reputation i n the financial w rld .

T en Of hey appear to have be keen men business , imbued

With sound common sense rather than brilliant ability, a

of quality which possibly is more importance . We might attribute their great success to a marvellous insight into the methods of business ; a bank which has subscribed for the whole of a G o ve rhme n t l oan must i n itself be possessed of great resources .

T he recent amalgamation o f private banks with j oi n t stock instituti ons tends to remove the identity of banking houses which have contributed i n some degree towards

’ building up the nation s prosperity ; the author thinks that some permanent record S hould be made Of private firms which have in many ways been associated with the com me rcial

o f success this country .

T he o Smith family were not nly successful bankers , but al s o took their part in the affairs Of the natio n in o n e H ouse o f T Commons they held no less than five seats . hey were

- connected by marriage with some well known families , and we t have ypical examples in Lord Carrington , Lord Rosebery ,

William Wilberforce , the great philanthropist, and Lord

Pau nce fote , the late Ambassador to the U nited States . I t was thought that the paper read by the author before the I n stitute Of B ankers might be enlarged S O as to give more T details respecting the family history . his , however, could not have been accomplished without the cordial co - Operation o n the part of various members of the family w ho have kindly assisted hi m with various details . Amongst them he Wishes

Chatfie ld o f especially to thank M r . Frederic Smith ,

o n o f N ottingham , for many valuable notes the early history

O f I Lom the N ottingham bank ; M r . Lindsay E ric Smith , ,

n bard Street , has ki dly supplied many particulars respecting

Messrs . Smith , Payne Smiths .

t n n Wi h regard to the Li col bank , Mr . E ustace Abel Smith has practically furnished all the information respecting that i n sti tutio n . P r ef a ce .

Some interesting particulars respecting the co n n ectio n of

the Smith family with the great philanthropist , William H Wilberforce , and his association with the ull bank , have been

furnished by M r . Alwyn Dudley Smith , and incidents of the political career of some members of the firm are due to

M r . Gerald Dudley Smith .

T he author has been able to reproduce portraits of Abel

o f n r S mith , the founder the London ba k , and othe part

n k ers , through the indness of Lord Carrington , who has also furn ished interesting details as to the Parliamentary

o f career the family .

M abe rl M r . y Phillips , of the Bank of E ngland , has allowed the author to reprod u ce specimens of ban k n otes which

“ ” Con n oi ss e u r appeared in his paper on Note Collecting in the , the editor of that magaz ine having kindly given permission

for their publication .

T he early history of the family was written by M r .

T Is le s Augustus Smith , of resco Abbey , i n the of Scilly ,

T 1 8 — 1 8 6 o f M . P. for ruro , 5 7 5 , a descendant the eldest son f k o f the founder o the ban .

“ H is work , Stemmata Smithiana Ferraria , has been of

great assistance ; in fact , most of the particulars respecting the

1 6 1 1 86 family from 3 to 0 are taken from this book .

o k M r . Leopold de R thschild has indly allowed the author

to of H of reproduce a copy of the painting the ouse Commons , P r ef ace . on the occasion w hen Baron Rothschild was introduced by

M r . j ohn Abel Smith as the first J ewish Member of the H ouse .

T he author hopes that the account of this banking house is worthy of record it has been a source of great pleasure to write its history , and he trusts that banking in the future may be conducted on the same high principles which , no doubt , has contributed i n some degree towards making ou r country the

financial centre of the world . INTRODUCTION .

H E R E are two reasons fo r a record of the banking house : in the first place it was the oldest provincial firm in the U nited Kingdom

in existence , and the business had practically been carried on by the Smith family for over

2 00 n al s o years , thei r i fluence , not only in the M idlands , but

of C in the M etropolis , has always been a powerful haracter .

T he of . London firm Messrs Smith , Payne Smiths ,

1 8 however , was founded in 7 5 , but there are several private

of banks now in existence an earlier date .

f T B a r . 8: Co . o Messrs Child , emple , have the great distinction of being the oldest London bankers ; the business of that firm has been carried on in Fleet Street prior to the

e a r 1 600 y , and they have occupied the same premises since

1 6 — 3 0 40 .

Again , it will be shown that early in the last century the firm occupied a leadi n g position as the principal lender to the Government practically identical with the great financial ’ ' [u l r oa zzetz om

c a n d E houses such as the Roths hilds ari ngs, with the former

n n ot of whom it has been i timately associated . I t must be forgotten that banking in this country was entirely i n the hands of the private banks prior to the fou n dation of the

B n n 1 6 T a k of E ngla d in 9 3 , five years after homas Smith had

n k commenced busi ess as a banker, the first joint stoc

n n 1 2 i stitutio not being formed until 8 6 .

T he private bankers had to study the needs of the

n community , and to lear from practical experience the best f methods to meet the requirements of the country . I n act ,

t o f n the presen system ba king by means of deposits , notes ,

n and bills of exchange is due to those early ba kers , and we

fin d n that our Colonies , America , and other cou tries , have practically adopted the methods which for a great number of years were prevalent in this country .

T he o f business banking, however, arose from the

n necessities of trade or other exter al circumstances . Although

n n the private ba kers have been the pio eers , it seems that j oint stock ba n ki ng is gradually superseding the Old system ; if we

fin d S ix take the last ten years as an illustration , we that j oint

k - fiv e n stock ban s have absorbed eighty private i stitutions, and there are now only forty - two left o u t o f a total of 1 04 that were in existence at that date . When we realise the great changes that have taken place

o n e ou r during the last century , cannot be surprised that banking system required some revision in order to meet t t I n rodu c i on . xv

T f modern requirements . his has been ef ected by means of bran ch establishments throughout the cou n try ; a joi n t s tock bank is better equipped for this modern system o f business .

T here are two causes why the old system o f banking

In n n o f has been superseded . the first place the ope i g branches has enabled banking establishments to be carried on o f at a less cost, and the concentration capital under the management and control of large banks has co n siderably

f n O . reduced the cost banki g facilities Again , we must not forget that the establishment o f branches has been the cause o f n f T S n a large accumulatio o capital i n banks . his is how by the fact that i n 1 8 7 3 the capital and deposits o f our banks amounted to whereas i n 1 898 the total was From this we observe that the banki n g resources of the country have doubled in a quarter o f a T century . his accumulation has been obtained principally through the multiplication o f branch establishments by joi n t

o u r stock banks , which has extended banking facilities to very doors .

D uring the last twenty years ni n e hu n dred new branch

n n ba ks have bee establ ished , consequently a material

n d I n increase in ba king resources has naturally followe . order to carry on this increase o f business a larger amou n t of ca ital p was required , and as the private bankers were unable

n e w to obtain the same , the business naturally was taken by their rivals . I t is not difficult to obtain additio n al capital ’ '

I ncr oa u ctz on . from a large body of shareholders when substant i al dividends are paid . N o doubt this was the principal reason why a great change in our system of banking has taken place .

Tbe H i stor o a B ank n H u se y f i g o .

of Possibly the members the family were not brilliant , but

they possessed great business capacity, which even in the

present day is of considerable importance .

T w heir political career is also orthy of mention , because in one H ouse o f Commons they held no less than five seats

reference will be subsequently made to Lord Carrington ,

o who has distinguished himself in the political w rld , and also

o Pau n ce fote w ho to L rd , as Ambassador at Washington , performed a great service In strengthening the bonds which

to unite us the N ew World .

T he genealogical table which will be found at the end of the present book has been prepared mainly for the purpose of S howing what members of the family became

k or of ban ers , in some other manner are worthy mention , but reference Will be made i n this v olume to several daughters w ho have by marriage become connected with several well known families in this country .

o w ho 1 6 2 of j hn Smith , died i n 4 , is the first member the family mentioned , and N ottinghamshire may j ustly be considered as the native county of the Smiths ; the parish o f T ithe b y, with its adjuncts of Wiverton and the village

of o B hamlet Cr pwell oteler, being the district where records

Of the family exist . I t is situated about nine miles to the east of N ottingham and tw o miles to the south of the small

k B of mar et town of ingham , in an undulating country no particular importance . Tu H istor o 4 B anki n H ou f se . y g U

B of 1 1 H V I I I y the Subsidy Rolls the 4th and 5 th enry , the name of o ne J effrey Smith is recorded as being taxed in

o l 6 th of go ds at Cropwell , and in the following year , the

H V III 1 2 enry , 5 5 , the name of Godfrey Smith appears in

‘ k H is Was k I li e manner . will proved at Yor , 543 , the

executors being his widow Alice and his son William .

T he spelling of the name is sometimes Smyth , S mithes , o r of Smith , but this is noticeable in the history other families , partly due to the fact of there being no printing presses i n

T he t those days . family appear o have occupied a leading and substantial positio n amongst the inhabitants o f that village community and neighbourhood . T here are numerous references to the Smith famil y i n the

T h Pl u m r I 1 it e b t e o 6 . parish of y and p , dating fr m the year 5

We might describe them as substantial yeomen , a race which has produced some of the best specimens of E nglishmen in this country .

of of J ohn Smith , the father the founder the bank , was

2 nd 1 of baptised on October, 5 93 , and was only nine years 1 6 0 age when his father died ; a settlement , dated 3 , shows

z o f T that he then married Eli abeth , daughter homas Garton . Previous to this he had purchased a farm of 6 2 acres for

1 8 o T H o 1 6 2 2 £ 5 fr m Sir homas utchins n in , and this place

o o - was settled up n his Wife by the ab ve mentioned deed .

1 6 w as T i h t e b . She died in childbirth , 3 3 , and buried at y

H is of Wil cocke o f second wife was Frances , daughter ,

o 1 6 Cr pwell , who died i n 43 . Tu 4 e H i story of 4 B anki ng H ouse .

1 6 2 w as T ithe b J ohn Smith died in 4 , and buried at y ; an

I 1 6 inquisition of his property was held st September, 43 , the

1 3 1 d o . 00 valuation being £ 5 43 9 . and also £3 due on bonds , besides being the owner of a lease he appears to have been the first member of the family who became an owner of landed

o , estate bey nd a mere messuage or tenement .

T he o o f sec nd Wife J ohn Smith appointed her brother ,

Wil cocke William , as her executor . Legal proceedings were instituted for the recovery of at least some of the legacies to which her children were entitled .

T he s on T of eldest , homas , must have secured payment the legacy left him by his father, most likely soon after he came of age, and it was probably with this money he purchased , in

1 6 8 k of 2 10 5 , a house in Pec Lane , N ottingham , for a sum £ ,

o being the first pr perty held by the family in the town , and from T this place the great banking house owed its origin . his was

o 1 8 2 2 for ultimately sold by L rd Carrington , in ,

Possibly T homas Smith left his native place at Cropwell in consequence of difficulties which arose with regard to the

of management the property .

H e seems to have been from the first connected with

o Laurence Collin , master gunner at N ttingham Castle , While held by the Republican F orces during the Civil War , as ’ C ollin s signature was attached to the deed as a witness to the purchase of the Peck Lane property . Tee H ist r o a B nk n H u e o y f a i g o s . 5

’ Wil cocke o William , his m ther s executor, became insol vent , and the claims against his estate were settled by an

ok agreement , and a marriage which to place in the family helped to solve the difficulty .

f N o t B Wil cocke . o o y a bond from William , R Burr ws , tin ham of o Wilcocke g , and William Day , Cr pwell , the said made over his farm at Cropwell to his s on Daniel o n his

an marriage with Marie, the daughter of J ohn Smith , as

’ 1 00 w ill equivalent for the £ left her by her father s , he receiving £3 0 as - the balance due o n the full value o f the said

for of 0 T now sum , and the payment which £3 , homas Smith , of - in - Wil cocke N ottingham , j oins his brother law , Daniel , in a bond to the three parties above named .

T he founder of the bank w as only ten years of age when

w as k ow n his father died , and naturally ta en charge of by his

’

o Ga rtons . o m ther s family , the , and possibly also by M r R bert

w ho . Burrows , married a Collin ; his father intreats M r

Burrows to become his guardian .

o no Mr . Burr ws was a resident at N ottingham , and doubt young Smith was educated at the Free School

B al s ton founded by Agnes M ellors , under M r . , the

“ master of which was required to be of good and h onest

o f conversation . Young Smith must have seen some

o the striking events c nnected with the Revolution , such as the setting up of the Royal Standard at the Castle on

d 2 2 2 n 1 6 . August , 4 6 Tbe t r ank n u e H i s o y of a B i g H o s .

o f o I n c nsequence o M r . Burr ws being connected by

T om marriage with the Collin family , homas Smith , fr an early date as before stated , became intimate with

Coll In no o of Laurence , who d ubt was a supporter the

Parliamentarians .

w as After the garrison disbanded , Laurence Collin remained

of at N ottingham , in order to follow his former occupation a

o o wool comber . I t appears , however , that the Corp rati n

o objected to this , and he petitioned C r mwell , with the result

to o that the following letter was sent the G vernor, Captain

of o o H o Poulton , a kinsman C l nel utchins n , and who had succeeded to that office

“ S I R — H IS H o , ighness the Lord Protect r having heard

o o f the petiti n Laurence Collin , which is here enclosed , is pleased to recommend it unto you to speak to the Mayor and

of k o w h other Magistrates N ottingham , to now the reas n y they will not suffer the petitioner to set up his trade in the

of town . And if there be no other cause exception but that

not he is a freeman , in regard he has faithfully served the Commonwealth his H ighness does think it fit that he S hould continue in the town and be admitted to foll ow his

of o f calling for the maintenance himself and family , which all I am commanded to communicate to you from his H ighness

by the hands of, S I R ,

o Y ur very humble and faithful Servant , LISLE L N O G.

W ITE ALL 1 . H H , this 7 th J uly T H istor o a B anki n H u s li e y f g o e. 7

o of o he ld on I n c nsequence this , the C rporation a meeting th 1 6 o “ to the 9 August , 54, and C lli n was allowed have free liberty to use his trade of a wool - buyer and j ersey comber in the town of Nottingham . After this event he experienced

on H e no further difficulty in carrying his business . died

h - o n t 1 0 e . 9 August , 7 4, aged ninety

T homas Smith purchased some business premises at the

- of north west corner Peck Lane , a narrow thoroughfare

’ leading out of Cook Street Row with Peter s Gate , near

of the Market Place, and in the immediate vicinity Smithy

B - G ridle - Row , as well as both ridle Smith and Smith

- Gates ; he was then twenty seven years of age , and had

H o . married his first wife, Mary oper Probably her father

H o H was the M r . ooper described by C lonel utchinson “ as his engineer and one that understood all kinds of opera

n T w as o n tions in almost all thi gs imaginable . here e child

w ho o of of this marriage , Mary , married J ohn Eglet n ,

chu i‘ ch London , and both husband and wife lie buried in the f r o . of the united pa ishes St Mary Staining and St . M ichael

Wood Street , where there is a monument exhibiting the T Egleton arms impaled with th ose of Smith . heir grandson B f o . became a aronet , and assumed the name K ent

H is of second wife was Fortune , daughter Laurence

68 1 1 . Collin , whom he married in

T o 1 688 h mas Smith , in , evidently had taken part in municipal affairs , because he was then an Alderman , and 8 Tue s t r o B ant n H u H i o y f a i g o se.

objected , with the Mayor and others , to the N ew Charter

on proposed to be granted by J ames I I the surrender, or

of rather forfeiture , of the more ancient foundation their

municipal liberties . H is connection with the Parliamentary party showed that

of he had strong objections to the influence the King .

H e o of to was in possessi n several estates , and left his T so n T . eldest , homas , his land at Gaddesby his place is nine

o h miles from Leicester and six fr m Melton Mowbray . T e lordship o f Gaddesby consisted of about acres of T good land . hese lands were purchased jointly with his

- ! f o o . B an brou h father in law , M r . Laurence C llin , M r g , three

n parts belongi g to him . With reference to this property it

1 6 0 might be mentioned that a George Smith , Esquire , in 5 , fi was a part proprietor, and although it is somewhat dif cult to

tw o trace the connection between the families , yet the fact remains that T homas Smith bought the property which had with other lands been sequestrated from the Smiths of Ashby

v il o n of Fol e account their being Papists and delinquents .

T o M che l l Car nton his family was descended fr m Sir y de y ,

s o n T w as k B Whose , Sir homas , nighted by the lack Prince .

H is Cre s in T descendants lived at g emple , in Essex , and k subsequently held property at Wotten , in Warwic shire, also

F ol v il e d at Ashby and Gad esby , Leicestershire . T homas Smith died in and was buried in the south ’ T of . o . he transept St Mary s Church , N ttingham stone covering his grave has the following inscription

1 Tu H i t r B n 0 e s o y of a a nki g H ou se .

o f . T o Parish Church St Mary , N ottingham . his wife he

1 n n T o leaves an annuity of £ 40 per a um . his brother

an d Samuel , all his estate lands in Little Cropwell , alias B f O . T Cropwell utler , in the County N ottingham hese estates remai n ed i n the family until there was o n ly a daughter to

w ho H H is c succeed , and married Sir Philip ales . hild , who

B r m o re died unmarried , i nherited his place, y , in Somersetshire , H and this estate passed to her relative, the onourable Philip B ouverie , brother of the Earl of Radnor . I n the muniment room at B rym ore n umerous documents were discovered re t lating to the family , beginning wi h J ohn Smith , yeoman , of T Cropwell . homas Smith left to his brother Abel , who carried o n or a n d the business of a banker , the messuage tenement dwelling house i n N otti n gham where the bank was first T established . here were also legacies to his daughters , and the n t t remai der of his es a e was left in trust for his children .

T ’ here is a fine marble monument in th e wall o f St . Mary s Church at Nottingham to his memory

l e th B T E s N ear this place y the ody of homas Smith , q ,

h . 8 1 2 ze a w o t t . died Jan , 7 7 , 4 5

H e was a Man o f exact integri ty and Skill in his exten

B an d sive usiness , by which he . acquired a handsome Fortune

t a n B T he Repu ation of U niversal H umanity d enevolence . Chari ty intrus ted with him by others received an increase

n c a n d n t from his Prude e Ge erosity , qualities tha he readily

t i n o f a n d and hear ily exerted the Service Manhood , which

AB E L SMIT E S H , Q , or N OTTING HA M A N D EAST S T OK E

B AN K ER .

a B a nki n H u e 1 1 T/i e H i story of g o s .

were returned to him by a general and most S incere Love

a n d Esteem .

H is T n E s wife Mary , the daughter of homas Ma ley , q ,

to had five daughters , whom were bequeathed the chief

estates at Gaddesby , which were sold by an order of

1 to . Chancery in 7 3 7 , to pay the respective shares left them

T he of 0 annual rent his estates was £9 9 per annum , which

was a considerable sum at that period . H is brother Samuel seemed to have carried on an exten

in n sive business Londo , and is described in a deed dated

1 1 6 c z 7 , relating to his marriage settlement , as a iti en and

H 1 1 . e goldsmith of London died in 7 5 intestate , when his very large personal property was consequently divided

S ix amongst his surviving children , each receiving as their S hare as much as From Samuel Smith are descended the H ely H utchinson

T he D o rrie n s . Smiths , and the Smith present representative f of the latter family is the resident proprietor o the Scilly I sles .

. T he w as k youngest son , Abel , destined to be the ban er, and from him the present members of the eminent banki ng

. H e house are descended married J ane , daughter of George h l C a e thor e . Beaumont , of p p , Co York , and inherited East B . o . . Stoke and Elston , Co N tts , from M r James anks , a relation of his mother . From his portrait , which is repro du ce d , he appears more like a successful merchant than H ’ . e 1 a banker died i n 7 5 7 , and was buried at St . Peter s

Church , N ottingham . 12 Ti m H i story of a B an ki ng H ou se .

T he s o n i n 1 eldest , George, married , 7 4 7 , Mary , daughter

of H - and heiress Major William owe , and grand daughter of H ’ Prince Rupert ; Major owe s mother, Ruperta , was an ille

itim ate o f - n g daughter that well known perso age ; his father ,

H t - E manuel Scrope owe , was a Lieu enant General , and the H E nvoy at anover .

T he Articles of Agreement of this marriage were as

and follows Between Abell Smith the elder , of the town

o f n k o f county of the town N otti gham , Ban er, the first part ;

B s George Smith , of the same town and county , anker , elde t son and heir apparent of the said Abell Smith the elder, of the H e of second part ; Mary owe , Spinster, daughter and h ir

H f th in o e . William owe , late parish of St N eots , the county o f H z untingdon , E squire , and Eli abeth his wife , deceased ,

als o - H and grand daughter of E manuel S crope owe , Esquire , H deceased , of the third part ; and the Right onourable

H the o f George Augustus Lord Viscount owe , of Kingdom

’

T . I reland , homas Levett , of the parish of St J ames , West

n T B of Cha le thor mi ster, E squire , homas eaumont , pp p , in

o f o f the county York , Clerk , and Abell Smith the younger,

o f a k of the said town and county N ottingh m , Ban er, of the

fourth part . I t will be noticed that the father and his two sons are

of N ottm ham described as bankers g , which shows that the

T he business of banking was then in active Operation .

of k k estate East Sto e, near Newar , was given to him , and ’ after his father s death , having been made a Baronet, he

1 4 Tke H i story of a B a nki ng H ou se .

1 8 Conference at Paris , 99 , and in that year raised to the

of n Peerage . As the representative this cou try in America he was eminently successful , and held in great esteem by the

T S in American people . his was hown a remarkable manner when his death occurred i n that cou n try ; the late Q ueen showed her esteem by sending a war - S hip i n order to convey

n his remains to E gland .

T he m youngest son , possibly more a bitious than other

n members of the family , determined to increase the ba king

“ a n d 1 60 business , as stated by him in 7 , to found a house ” which S hould be equal in credit to the best houses in E ngland ; his ban king career will be co n sidered i n a subsequent chapter .

H e o f T B B married Mary , daughter homas ird , of arton ,

C0 . Warwick . With regard to this lady it may be mentioned

o ne that sister married the father of William Wilberforce , the t great philan hropist , and the other the father of Archbishop

Sumner .

an d Abel Smith was much esteemed at Nottingham , as

" n H a prominent banker of that time , e tered the ouse of Commo n s i n 1 7 7 4 as M ember for Aldborough ; subsequently

1 8 0 he represented St . I ves in 7 , and at the time of his death

H e i 1 . i n 78 8 was M ember for St . Germains was bur ed at

’ St . Peter s Church , N ottingh am . We do not know that he distinguished himself i n the

H of ouse Commons , but as a banker he must be considered as one w ho possessed those great qualities which are to some A B EL SMIT 119 H , 0

' - E M S H P awam k S wi m s u I m: D R or as s e s . M T . FOUN I . H ULL A N D l av a s t um

B E L S M IT E S A H , Q ,

THE F OUN D ER OF MESSRS . S M T H PA Y NE S M HS ALS O T H E I , IT , ULL A N D NC LN AN K S H L I O B .

1 Tke H istory of a B a nki ng H ou se . 5

v iz k extent rare , an intimate nowledge of commercial pur suits, and the methods of business .

T he B - e n late Walter agehot , in his well known treatise ” k titled , Lombard Street , states that a successful ban er must

“ man o f of be a not only known wealth , but also integrity and T ability . hese qualities were certainly the qualifications by which the Smith family attained great fi n ancial success .

n not I n the history of ba king in this country there is , to

’ o the author s kn wledge , any banker who has founded three e banks , yet Abel Smith actually accomplished this by stab l is hin H g banking establishments at ull , Lincoln , and the great H Metropolis . e lived at a period when business was carried on under considerable difficulty , caused by disturbances in the

H e political and commercial world . , however, achieved great

of n of success , and five his so s subsequently became Members

o f Parliament . Several his descendants represented west country constituencies at a later period , so that his name was f well known in the county o Cornwall .

1 8 Abel Smith , j unior, was in 7 7 declared duly elected in

n the Liberal i nterest as Member for Nottingham , his oppo ent

H o n . o f being the Charles M edow , nephew and heir the

Duke of Kingston . M r. Smith was carried through the town in a chair decorated with white lace , followed by the whole

of - body frame work knitters , preceded by a flag having painted

- on it a stocking frame with the words Strength , fortitude and T unity surmount the greatest difficulties . his motto seems 1 6 Tli e H ist r o a B an n H u o y f ki g o se.

for on o particularly suitable the occasi , because his father c uld not have undertaken the task of establishing three banks . without a character sufficiently strong to overcome all difficulties .

z Abel Smith , j unr . , first married Eli abeth , daughter of

of J ohn Appleby , Lincolnshire, by whom he had one daughter , f o . Mary , who married Rev . J ohn Sargent , Lavington T here were four daughters of this marriage , and three

of v iz . became the wives notable men , , E mily , the eldest ,

D . D . B of an d married Samuel Wilberforce, , ishop Oxford , B of . T he subsequently ishop Winchester second daughter,

H fo Mary , married Rev . enry Wilber rce, and the third ,

H n n Caroline , Rev . enry Ma ni g , who seceded to the Church

o f . T he Rome and died a Cardinal of that Church youngest ,

Sophia Lucy, married Rev . George D . Ryder .

’ s on Abel Smith s third , Robert , was an active member of

its the London banking house, in fact, to a great extent , fou n der ; some reference will be made to this fact in a

H e subsequent chapter . was elected Member for N ottingham i n 1 80 1 0 a n 7 , and subsequently i n 7 9 , after election which

n lasted seve days , attended by a riot . On five successive occasions he was at the head o f the poll .

H is o ne k position as of the leading ban ers of the day , and wielding considerable power in the money market , led to his

1 6 elevation to the peerage , in 7 9 , as Lord Carrington . I n co n seque nce of this he retired from the banking firm of

’ f ' I 6 Tke tti rwatm 4: ankin u ar B g H o se.

t I a a l a r E ! p rticu arly St : . ti : { miss i on be cause his father co uld

" i - - . n o t e e w i t s . hav na “ n ta sk of es tabli shing three banks

- ' z . tasti i cie ntly s tro ng to overcome all di ffic u ltie s

f m e z t e i rst arri d Eli abe h , daught r of

1! m one h by who he had daug ter , i un R e v . Iohn of in o n. Sargent , Lav gt

Ii hw rs g of this marriage, and three

- z a ir t S me n v iz . , , E mily , the eldest ,

nd mi n ?r t f i u T a a a that h rch . he died a C r youngest ,

L v r R e G e o ) . . ucy, married ge I Ryder

’ i r R tn d. w as Smith s thi su m e i a . a n active member of i n a n n ha v e . n a to a its don b ki g f ct, great extent ,

“ ' ‘ s f afar-s’ -‘ i fi n t t r ti e a a; z wi l l? s gf ’ fltifttx o r i chap e , “ f N ottingham

i a t “ r nd s u bse qme u ai . mt e le ction which ti r e s uccessive

! i e t} . v 1 he was a t the hea d a tth ga

i , i i ; m s ition as. one . ean n banke rs of the g of the l i g day , and w ie di n c o o mo ma l g: nsiderable p wer in the ney rket, led to his

tio n to the 1 6 as r o . In eleva peerage , in 7 9 , Lo d Carringt n conseque nce o f this he retire d fro m the banking firm of

Tke H istor a B a n ki n H ou se y of g . 1 7

H is which he was the guiding spirit . promotion w as partly ’ due to the fact that he w as Pitt s chief financial adviser and

o agent in the m ney market .

Again , he was an intimate friend of the great statesman , w ho o presented him with his p rtrait , which is considered the

finest in existence . We shall refer in a subsequent chapter to William

o “ o Wilberf rce , who was connected by marriage with L rd

w ho o o Carrington , and was als ass ciated with Pitt in his

o great work for the abolition of slavery . Pitt and Wilberf rce have been described as brothers , as they were so devotedly attached to each other . Lord Carringto n was possessed of

of o for great wealth , one the necessary qualificati ns the pur f f pose o maintaining the dignity o a peerage .

At that period there were several objections to his eleva

on of k tion , principally account his being a ban er, which to the present generation seems rather an anomaly . One of the squibs of the period thus describes the appointment

M fi st lea s to t iu m and fame y r d r ph , M secon o b i n s or v exation y d j y r g , M y thi rd— th ou gh it i s bu ta name i v h w of th n i n W ll go e rn t e h ole e ato .

M w ole i s a title bu t u s y h , h h T is a a e Wi e se be too clea h Ch r d ll l r, For itpu t the w h ol e C ou rtto the bl us h a er When his Maje sty m ade itappear ( pe ) . T he choice of Carrington as a title may have suggested itself by reason that the ancient family of Smith alias 1 8 Tke H istory of a B anki ng H ou se .

o f Carrington , Ashby Folville , Leicestershire , albeit no

o Wise c nnected with the family, had been ennobled as

1 Carrington in 643 . T he griffin which appears i n the coat of arms was derived

of from Collin , N ottingham , whose daughter Fortune, aptly

of named , had conveyed it to the great grandfather the first peer .

H e o seems to have been a particularly hands me man , and a copy of his portrait by Sir J oshua Reynolds has been

reproduced . T he London residence of Lord Carrington was situated

i n Whitehall , and has recently been demolished ; the new

buildings for the War Office now partly stand u pon the S ite .

T o his was a well known h use where the leaders of fashion ,

o 1 8 0 ab ut the year 3 , used to meet , amongst them being the

’ D rs a celebrated C ount O y .

’ o 1 8 At Q ueen Vict ria s Coronation in 3 7 , a large company assembled at Whitehall in order to witness the procession to f . o o o Westminster Abbey As the p ssess r large estates , Lord o Carringt n had considerable political influence , being Lord H of the Manor of M idhurst , and at igh Wycombe was able to nomi nate Members of Parliament i n consequence of his e T being the larg st landowner in the district . hese seats were

k ri o nown as pocket boroughs , a d owners of large estates c uld

nominate whom they chose .

In 1 8 2 B o 3 , Sir Francis urdett, writing to Lord Carringt n ,

expressed his regret that he had supported M r . Disraeli as Tke H istor o a B anki n H ou se 1 y f g . 9

for H o the Radical candidate igh Wyc mbe , whom he only

as knew an author, and would have preferred supporting

Mr. John Smith .

T here are several references to L ord Carrington i n ’ o 1 8 2— Disraeli s c rrespondence with his sister , 3 5 .

“ A o 2 8th 1 8 : T he letter dated N vember , 3 4 , states that Duke and the Chancellor are besetting Old Carrington i n my

n ot favour, that they say he must yield . I am sanguine, but

’ D rs a was recommended to issue the address . O y is working ” Bob Smith very hard .

T he Duke wrote a strong letter to the Chairman of

not Election Committees , saying that if Wycombe were

“ o o for insured , s mething else must be d ne Disraeli as a man of his acquirements and reputati on must not be thrown away I had a long conversation to - day with Charles

H e Grey . is bitter against the Smiths , but says they can ” o or e only c mmand ten twelv votes .

“ T he Bob Smith was subsequently the second Lord

Carrington .

“ 2 6th 1 8 : A letter dated February , 3 5 , says Bob Smith

’ D Orsa w ho k met y , too his portrait at Willy Park and failed ,

‘ and thus addressed him : S o you have been making a fine

o r ou k of o p rtrait of Dis aeli , I see y can ma e likenesses th se ’ ”

o . you like . Very huffy indeed and h rribly j ealous

’ 1 8 6 to I n 3 , reference is made the first Lord Carrington s proposed marriage to the Countess of Bradford as follows : 2 0 Tli e H i s tory of a B an ki ng H ou se .

’ L ord Carrington s marriage much talked Of. Lady

off h e Stanhope was sent down to break it , and so humbugged

her that she thought she had succeeded till the fatal morn .

H e o n has made a great settlement the widow , who has nine

all of B children , whom Lady says in time she will ” persuade him are his .

T he 1 8 8 first Lord Carrington died in 3 , and appointed H B as his executors his friend enry , Lord ishop of E xeter, T ’ B Francis urner, of Lincoln s I nn , and J ohn eadnell , of

t T he Lombard S reet . last named , to whom he bequeathed

his gold watch , was the manager at that time of Messrs .

Smith , Payne Smiths .

T he Smith family have , with few exceptions , allied them

selves to the Whig party , but as will be seen they were

at times rather conservative in their ideas .

T he following letter illustrates this

1 8 February , 3 9.

Lord Carrington , whom I met the other night at Lady

’ - B s . H a . e t of , talked to me a great deal will be the head the

. k county, not the head of a party in the county Will ma e

n o neces tradesmen magistrates , and no clergymen but from

tate r ei k i . s Du e of Wellington does the same .

1 8 t o At Christmas , 3 9 , here was a party at Wyc mbe

: Abbey , which is thus described

’ D Ors a o n o to combe B ob y sent his h rse Wy Abbey , as

’ ‘ n ot Smith has none worth riding , but he could get out of the

1 time s he will

d 1 8 8 , 3 _ and appointe

of (1 Bishop E xeter, of I J ohn Beadnell , r hom he bequeathed

1 i f ( i f M E S S YS .

e tio ns e c p , alli d them I be seen they Were leas . R R B E T S M IT H E . . S M P . O , Q ,

F RS O R D ARR N GT N I T L C I O .

T/z e H i stor o a B an ki n H 2 1 y f g ou se .

o h use the whole time he was there , even to pay you a visit . I t

T n was so foggy he was obliged to give it up . hey had a roari g

of n robustious romping party, which he gave very amusi g details .

ot Playing hide and seek , they g into the roof, and Albert

Conyngham fell through the ceiling of one of the rooms . An

ou t o k immense long leg dangling , Carringt n came to loo at i t

- k hu mou re dl with his eye glass , but too it very good y .

1 8 0 l I n 4 Disrae i was at the Opera , and refers to seeing Lord Carrington there th 1 8 0 . August 7 , 4

o n ot I saw L rd Carrington at the opera , but I am clear the

lady with him was his bride . She had a gracious appearance .

H e - was married to day , the lady in dress of Bucks lace . k All Foresters as ed , but no Smiths except Gardner .

T his refers to the marriage of the second Lord Carrington

z of with E li abeth Katharine , daughter the First Lord Forester .

o Admiral Lord Gardner , who was present at the cerem ny ,

- i n - was his brother law .

T he first Lord Carrington was the owner of a large bo x at Drury Lane ; Lord Chesterfield holding on e immediately Opposite ; the Sedan chair which was kept at Drury Lane to carry Lady Carrington to her box is still preserved at

H igh Wycombe .

1 8 1 to I n 5 , Disraeli refers his being a magistrate

“ I 1 8 1 J anuary st , 5 .

O u a rte r A I went on M onday to Sessions . great

meeting . All the magnates there , the three Lieutenants , 2 2 Tke H t r a B k n H u se i s o y of an i g o .

o T he three C unty Chandos Verney , and Calvert .

o to dinner very crowded , even the Carringt ns remained do T w h o . honour to Sir homas Aubrey , resigns the chair

T he w ho 1 868 second Lord Carrington , died in , assumed 8 f o 1 o . the name Of Carringt n in 3 9, in lieu Smith

T he v iz present representative of the family , Charles

o R bert , may be described as a distinguished member of the

H of o of ouse Peers , and in every way j ustifies the acti n

George I I I in making Robert Smith , his grandfather , a peer . We might say that his public career really began on his

o 1 88 appointment as G vernor of N ew South Wales in 5 , although he had previously been in the H ouse of Commons

T w a as Member for Wycombe . his was in every y a wise

o choice , because Lord Carrington became at nce an ideal

Governor, his liberal ideas naturally appealed to the colonists , and a charming personality added to his success . After

o 1 8 0 serving five years as G vernor , his departure , in 9 , was the occasi on of a remarkable outburst o f enthusiasm by the

T he Australian people . mallet and trowel with which he laid the foundation stone of the H ouses of Parliament in

oth 1 88 8 Sydney , January 3 , , was , by his desire , placed under ’ of the portrait his grandfather, in the partners room at

1 o . , L mbard Street

H is subsequent career o n the London County Council is

k a n d o f well nown , the interest he has taken in the welfare the working classes is worthy of notice .

t r B a nk u 2 Tli e H i s o y of a i ng H o se . 3

I n 1 895 he was created an Earl by the late Q ueen , and recently has been elected President o f the N ational Liberal fitl Club in the place of M r . Gladstone , which may y be

of described as an example what natural abilities , combined

of do with high principles and the wise use wealth , may for a man . H e is J oint H ereditary L ord Great Chamberlain i n right

o co - of o of his m ther, Augusta Annabella , heiress L rd ’ D E re s b Willoughby y .

L ord Rosebery stated on one occasion when addressing a meeting in the City that he was proud of his connection with the Smith family this was in consequence of the fourth

Earl Stanhope having married Caroline Lucy , daughter of

1 8 Robert , Lord Carrington , whose daughter married , in 43 , f o o . L rd Dalmeny, the father the present peer

’ o 3 011 Fr m Abel Smith s fourth , Samuel , are descended

o f of k o some the present representatives the ban s at L ndon ,

Nottingham , Derby , and Lincoln .

H e o k H lived at W odhall Par , erts, and this estate has

H e remained i n the family until the present time . represented

1 8 Leicester in several Parliaments , and at his death , in 3 4,

H . was buried at Watton , erts

’ A s on o S el s don bel Smith s fifth , Ge rge, resided at ,

M 1 806— 0 Surrey , being ember for Wendover, 3 , and sub H , e sequently for M idhurst married Frances Maria, daughter

o f o Sir J ohn M seley , Bart . I t appears that he was offered 2 Tke H t n 4 is ory of a B a nki g H ouse .

a baronetcy , but i n consequence of having a large family of fifteen children did not consider himself justified in accepting that honour .

' T he o ohn had y ungest son , J , the privilege of laying the

H e foundati on stone of the new L ondon banking house .

z - T re re married Eli abeth , daughter of Lieut . Col . ucker, and p — — 1 80 2 6 and B 1 8 . sented Wendover in Parliament , , ucks in 3 3 4

H is death was somewhat tragic , being accidentally poisoned .

T he Smith family has represented B uckinghamshire in

not Parliament for nearly a century , although continuously , and Lord Carrington still takes an active interest in the welfare of the county . I n the next generation we find several members of the family as M embers of Parliament . H Abel Smith represented ertfordshire , and as an extensive landowner in that county had naturally a great influence .

H e lived at Woodhall Park , which he inherited from his father , H Samuel , and this property is now held by M r . Abel enry

Smith , who is M ember for the County . I t is stated that Abel H Smith used to ride into ertford , attended by two hundred

of o . his tenants on h rseback , in order to record their votes T he free and independent electors were somewhat of an anomaly in those days ; the family , however , with few

a . exceptions , espoused the Liber l cause ’ H Recently, at a meeting held at St . J ames all to protest

’ against M r. Chamberlain s fiscal policy , the banners of Lord

d u i n nk g H ouse . r o ne tcr

- fir s t . iris d in accepting

the p ri v ilege of laying the

a ba k H e ndon n ing house .

- . ie u t. C l o . T k re re uc er, and p

1 80 2 - 6 1 8 — , and Bucks in 3 3 4.

a being ccidentally po isoned .

a B u . ted ckinghamsh i re In

Ithou h no t o o g c ntinu usly , u s a n active i nte rest in the

w e find several members of the

w . r r a iiame nt.

" “ v n e w H f i . e i rt ordshire , and as an extens ve

A w t} a nd naturally a great influence .

N ' l w a. i hich he inherited from his father , h r ev. i v e d b M r . Abel H enry

m w I t is. a . st te d that Abe l

v i . N by tw o hundr ed

e co r rd their votes .

' a n w e re s o nIe What of an

t i n- w w w o days ; h wever , with few

s - r l m : the [a b u

’

s . H ( M ai n a . a m at a to o ly , eeting held St j mes all pr test

’ ns t e the o M r. Chamb rlain s fiscal policy , banners of L rd . P . A B E L S M IT H E S M . , Q ,

OF W O D HALL ARK H ERT S O P ,

H 2 6 Tno i story of a B anki ng H onse .

When a member of the Smith family represented M idhurst , it was customary for several o f the clerks from the London banking house to go down to that place in order to record their votes in his favour . After doing so they were entertained at dinner, and no doubt enjoyed the change from their

k . monotonous wor i n Lombard Street M r . Gerald Dudley

of Smith , a descendant the family , is now Lord of the

o f . Manor , and has the right nominating eight burgesses T hose who were elected had stones placed against the

of of outside walls their houses , recording the fact their being burgesses of M idhurst .

N o doubt it will be remembered that M r . W . E . Gladstone obtained his first seat i n Parliament through being nominated

of by the Duke N ewcastle as Member for N ewark . Pitt also ,

w - of when only t enty two years age , became a M ember, being

k of w as o the nominee of the Du e Rutland , who the p ssessor o f nine boroughs .

B y the Reform Act of 1 8 3 2 the franchise gave a large

n to share of i fluence the middle classes in the towns, although the aristocracy still retained their position by adapting them selves to the new order of things .

o of M r. J ohn Abel Smith , the grands n Abel Smith , of

o N ttingham , will always be remembered as an advocate for

o of the admissi n J ews into Parliament .

T he question became an important one by the election of

B o 1 8 aron Li nel de Rothschild , in 49 , as Member for the

MI E S . S Q , J OH N ABE L T H ,

B nk n H u se 2 Tat H istory of a a i g o . 7

1 8 1 City of London , and i n 5 Alderman Salomons , another

o f o . member that persuasi n , was elected for Greenwich

Mr . J ohn Abel Smith warmly espoused the cause of his

B w as friend aron Rothschild , but the Opposition great ;

1 8 Mr . Warren , who was elected for M idhurst in 5 7 , stated that rather than unchristianise the legislature he would resign his seat .

When elected in 1 85 2 as the Liberal Member for

Chichester, he stated that he was strongly in favour of i rel gious freedom , and with reference to protection , stated

“ o that the questi n was irrevocably settled , and that it is as impossible to re - impose protection as it is to turn the sun ” from its course .

re - o 1 8 On his electi n , i n 5 7 , he referred to his action with reference to the admission of J ews into Parliament . I n

“ the course of his speech he said that B aron Lionel de

of Rothschild is a personal friend mine, but I can most faith fully assure you that personal feelings to him or anyone else f has nothing to do with my advocacy o that question . I advocate it o n the short and simple ground that it appears to me to be a flagrant wrong that religious opinion , be it what

o it may , is to have any influence upon the s cial position or " the civil rights of any man .

not 1 8 8 a I t was , however, until 5 th t Baron Rothschild

Ti m es of 2 6th 1 8 8 was allowed to take his seat ; the J uly , 5 , gives the following account of this historic event 2 8 7 726 H is tor o a B anki n H y f g ouse .

’ A few minutes after twelve o clock , and before the com m e n ce me n t B of public business , aron Rothschild entered the H ouse and took a seat on one o f the benches belo w the ’ Speaker s Gallery .

On the Speaker asking ne w Members w ho desire to k B ta e their seats , aron Rothschild immediately presented himself at the bar where he was met by Lord J ohn Russell w ho and M r. Abel Smith , , amid considerable cheering from

o . the Opp sition benches , led him to the table Lord John Russell moved that B aron Lionel de Rothschild be allowed to take his seat in accordance with

the Act recently passed , which allowed J ews to omit the

‘ words I make this declaration upon the true faith of a

’ Christian .

. . . o M r J A Smith seconded the resoluti n , which was

f - carried by a majority o thirty two .

H e took his seat on the front oppositio n bench below

H . the gangway , between Lord arry Vane and M r Craufurd .

T hose w ho opposed the motion spoke highly of Baron Rothschild ’s reputation for purity and spotlessness of character

and conduct which he enjoyed .

M r . J ohn Abel Smith may be described as a man full of diffi ambitious schemes , but at that period there were many cul tie s in carrying out great undertakings ; he was largely interested in the construction of railways a nd the development

T[to f l i rt-m a B anki n H y qf g ou se.

' ‘

te s aft o k and e o the o r. A few minu er twelve cloc , b f re e m m e nce me nt o f i i bl ic o t re h p business, Bar n Ro hschild ente d t e},

H ouse and w ork a seat on one of the be nches bel ow the

' Speaker s G aile ry .

’ On the S peaker asking ne w Me mbers w ho desire tcj.

k e r se a a Ro i t re ta e th i ts , B ron thschild immed a ely p se nted

a t the: bar he b o o n s e himself , where was met y L rd J h Ru s ll

méi ie m l d the o arsh e to the a bl . pp M es, him t e

' l R uss e ll move d that Baron Li one l de

“ Rothschi ld aii n w e d to ta ke hi s se at i n accordance with

A ct as d to i “ t the p sed, which allowe Jews om t he words take this declaration upon the {w e faith of a Christian

‘ M A h o u o s . c w Smit seconded the res l ti n , whi h a

- carried a majorit y o f thirty two .

x aegis; on the fron t oppositi on bench bel ow

i reputation fo r {a i r s ?a nd finale aene s s of character W m" “ t u u r f hich he c g .

' me bu t a t that e ri mi the e dif e mes, p r were many fi

z construction of rail w ays and the development

H i stor o a B nki n H use 2 T/te y f a g o . 9 of ou r Colonial possessions ; subsequently he became

- H o associated with the well known E astern use of J ardine ,

Skinner 81 Co .

T he following letter from I ord Palmerston sh ows that his knowledge of Eastern affairs was of great service to the Government

8 2 2 8th . 1 . Brochet , N ov , 4

M y dear Smith , I am very much obliged to you for your letter of the

2 2 nd B , which I received as I was leaving roadlands for this

T he of place . complete triumph the policy pursued by the late G overnment in regard to China is indeed a source o f the highest gratification to all w ho had anything to do with the planning and the extensi on of the measures which we decided

o f con to adopt , and I must therefore return to a portion the gratulations which you so ki n dly send me ; for to the assistance and information which you and M r . J ardine so handsomely afforded to us , it was mainly owing that we were able to give

o u r to affairs , Naval , M ilitary and Diplomatic , in China , those detailed instructions which have led to these satisfactory k results . I t is indeed remar able that the information which we procured from yourself and vari ous other persons whom

o of 1 8 we c nsulted in the Autumn 3 9 , which was embodied in

o 1 8 0 instructi ns which we gave in February , 4 , was so accurate and complete that it appears that ou r successors have no t k found reason to ma e any alterations i n them , and it has turned ou t that the decisive operations has been that in the 0 Tke H t r n 3 is o y of a B anki g H ou se.

Yang tsi Kiang which we suggested to ou r Naval Com

1 8 0 mander as far back in our instruction of February , 4 , and that the Conditions of Peace imposed upon the E mperor are precisely those which we had instructed our Plenipotentiaries T Elliot and Pollinger to obtain . here is no doubt that this

of event , which will form an epoch in the progress the civili z ation of the human races , must be attended with most

important advantages to the commercial interests of E ngland .

My dear Smith , “ Yours sincerely ,

J ohn Abel Smith , E sq . Palmerston .

H e is . of . e rv o e married Anne , daughter Sir S C . J , Bart ;

she has been described as particularly fascinating , and

o e to was supp s d to be the last hold a salon , the distinguishing of feature society fifty years ago .

o f Although a low churchman , he was a great friend

I! o n - Pius , and his death bed received the papal blessing,

which is still preserved as an heirloom by his family .

T he f youngest son o M r . J ohn Smith was the late T . k M r Martin uc er Smith , for many years the senior partner f . T he o of Messrs Smith , Payne Smiths . influence Lord Carrington was sufficient to ensure him to be returned as the

for 1 H o of M ember Wyc ombe in 847 . e was a direct r the

old o East I ndia Company , and dev ted a considerable amount

of his time to the management of its affairs . I t might be noted that he w as the youngest member of the fourth genera

w ho tion became a partner in the London banking house .

k H i stor o a B anki n H ou se 1 T e y f g . 3

We will now refer to the next generati on of the family who were recent partners in the bank , and contributed in some degree towards maintaining the high reputation o f the firm .

of H . k h . oo T e late M r Robert Smith , Goldings , erts , t an active part in the management of the bank for many years ; his kindness of disposition gained for him the respect of H not . many , only in ertford , but also in the City

T he o h o seni r partner, wever, was the late M r . Samuel

for o George Smith , s me years Member for Aylesbury ,

of oo being a descendant of Samuel S mith , W dhall Park ,

H H e o of o of erts . was p ssessed sound comm n sense , one

and the characteristics of the Smith family , also had a quaint

T he humour . writer recollects a stranger calling at L ombard

Street and asking to see M r . Payne ; he at once replied that

for o he had not seen him s me time ; this was evidently true ,

of 1 since the last representative this family died in 799.

T he late M r . Oswald Augustus Smith was beloved by all

w ho k . . o T m new him M r William F wler , in writing to the i es

“ of 2 6th August last , stated that he was not only a fine

of o classical scholar, but possessed a rare combination p wers , and he was at the same time a man of most agreeable man

of H ners and great modesty demean our . e will not soon be

o w ho of k forgotten by th se had the privilege nowing him , and I have an idea that not many such men are left in the ” of w as City where so much his life spent . 2 Tk H s B 3 e i tory of a an ki ng H ou se . I t might be mentioned that he translated into Latin T ’ “ B ’ ennyson s I n Memoriam , and some of rowning s works ,

l ew which were favourably mentioned in the Q u ar ter y R evi .

At East Grinstead , where he resided , his loss was much deplored , being a true friend to those who sought his assist ance or advice .

I think his farewell address to the clerks , a few days

“ H e : before his death , is worthy of some record . says My

1 8 8 connection with the bank commenced in 4 , but practically

1 8 1 ceased i n 9 , and I have always recognised that the pros pe rity which has attended ou r firm for over 1 3 0 years has been largely due to the efficient and cheerful help of those who have worked under us , and I should wish each one kindly to accept a small present to remind him of his very sincere friend .

T he late M r . Reginald Abel Smith was another instance of o o a private banker, thoroughly dev ted to his pr fession ; there is no doubt that he would have been President of the I nstitute of B ankers if his health had allowed him to accept H that position . At ertford , where he resided , his influence was

fo r of always the public good as chairman the local hospital ,

of and other similar institutions , he was desirous promoting

- the well being of the inhabitants .

M r. E ric Carrington Smith , the present senior represent

old H ative of the London firm , was a partner in the ull bank ,

H e a as well as of the London establishment . w s also a

Co . . partner i n the firm of Smith , Marten , of St Albans,

I t migh t be menti oned that he trans late d into Latin

’ ’ T In a and o of B m w ni s o ks ennyson s Memori m , s me ng w r ,

w r i t e which e e favourably me n t rme d i n the Q ua r er ly R eni w .

he e he his l os s At East Grinstead , w r resided , was much

e nd t e w ho ou h i i deplored, being a true fri to hos s g t h s ass st or ance advice .

I s t fa e s to he k , a _ think his rewell addr cler s a few d ys

f t o t o f flmm r r d H : M e co . e be ore his dea h , is w r hy r says y

n t t o e n ce d in1 8 8 l co nec ion wi h the bank c mm 4 , but practical y

a 1 8 1 l s o o ce sed i n 9 , and have alway rec gnised that the pr s pe rity which has attende d ou r fir m for over 1 3 0 y ears has be en largely due to the e fii tti e m and cheer ful help of those w ho o k e u s and a vehm sld s One have w r ed und r . wi h each

“ kindly to accept a s m ali pre sen t (4) re mind him o f his v e ry sin cere friend .

A a T he late M r . Reginald bel Smith was another inst nce

. k e to i o of a private ban er, thoroughly d voted his profess n ; there is n o doubt that he would have bee n Presid ent of the

" I nstitute of Banke rs if his he alth had i lkB Wfitd hi m to accept

o H e i tih rd w he n? h e r ed his n as that p sition . At aw , i fluence w

o ‘ k : é for the d i . ia m na n o o always public go of the l cal h spital , and othe r similar in s titu tiu n he w as des irou s of promoting

- the well b ei ng of the inhabitan ts .

r a o re s e t s o r M r. E ic C rringt n Smith , the p n eni r epresen t

’ a of old o a tne in the H n k tive the Lond n firm , was a p r r ull ba ,

H e w as l as well as of the L ondon establishment . a so a b a t of M Co. of . A p r ner i n the firm Smith , arten , St l ans , S W LD U G U S U S S M I E S O A A T T H , Q

0 1“ A M M E R W O O D mm AS T G R N STE AD H 1. 0 , E I

' T/z H r 3 4 e zsl o y of 4 B an ki ng H om e .

perilous situation by the E nglish Consul . Subsequently, he

of was for many years in I ndia, being a partner in a firm East

of I ndia merchants during this period his career , on the

of outbreak the I ndian M utiny , he served as a volunteer . On

to H his return E ngland , he became a partner in the ull bank , f B f and also a Director o the N ational ank o N ew ! ealand . H . o so n o M r ugh Colin Smith , the y ungest , alth ugh not a

of o o of k member the Lond n house , was Govern r the Ban of

1 8 1 8 E ngland in 97 and 98 .

on e of of M r . Martin Ridley Smith , the recent partners f . o M essrs Smith , Payne Smiths, has been a member the

of of o Council the I nstitute Bankers from its f undation .

H e th 1 8 s o entered the bank April 5 , 5 3 , that for fifty years he has devoted himself to banking affairs . On his retirement as chairman of the San Paulo Railway , the share

H rk m r e o e . holders presented him with his portrait , painted by

H e k has taken a een interest in philanthropic work , and special reference should be made to his efforts on behalf of H the Victoria ospital for Children at Chelsea .

D U D L Y R B R MI S E S . E O E T TH , Q

T u {ace 3 4

N OTTI N GHAM .

H T H of O M A S S M I , the founder the house ,

k H e was not originally a ban er . was born

1 6 1 of in 3 , being the son J ohn Smith , a

of B substantial yeoman , Cropwell utler,

w ho of Nottinghamshire, purchased a portion

1 6 2 T H that lordship when sold in 3 , by Sir homas utchinson ,

o f H h the father Colonel J ohn utc inson , so well known in the f o . 1 6 1 history the C ivil War J ohn Smith died in 4 , when

a oi n e d his children were yet minors , and pp his two brothers in - law guardians and trustees for them their neglect of this trust was the cause of young Smith being apprenticed to a mercer at N ottingham .

T he old Bank H ouse was bought by him in 1 65 3 from

Littl e fe a r William , a Puritan , as his name would imply , but

1 6 8 he could not establish a title to the cellar until 5 , when the

T he old purchase was completed . premises were at the o o f c rner Peck Lane , a narrow passage leading from the

’ Market Place to St . Peter s Square . Many years afterwards e H t u 3 6 Tn i s ory of a B anki ng H o se .

o it was sold , by the sec nd Lord Carrington , with sixty years

- - title . I t is believed to have been a three storied gable ended

of o . house , which the sec nd floor proj ected over the pavement

n All the old houses, includi g the bank , have practically

disappeared .

T he k o n next ban ing premises stood a site further west ,

commanding a fine view of the market place , which is the T largest in E ngland . his structure stood for over a century , when the present substantial stone building was built on the

of same spot , and some adjoining property added to it . One the features of the old bank was a bow wi n dow o n the first

an d of o floor, when the nomination members for Parliament to k

n of . place , a good view from it could be obtai ed the ceremony T homas Smith , by his prudence and good business qualities

as a mercer , soon became known , and his customers found that they could safely and profitably leave their spare capital

t 1 688 o wi h him to such an extent , that before a c nsiderable

n T banking busi ess was developed . here is no record of when

the business of banking actually commenced , but we may assume that 1 6 88 may be taken as the date o f the origin of

H is s o n w h H . o the bank eldest , was igh Sheriff of Leicester,

1 1 — 1 8 o 7 7 , was a banker in the m dern sense of the word .

Som e reference might be made in order to show the difficulties of carrying on business at that time ; no doubt the feeling of insecurity during the Civil War w as a

reason why the people ' left their capital with the private b . oarde d bankers Money was by the nobility in iron chests,

— N OTTI NG H AM B A N K OL D B A N K PREMI S E S .

8 Tno H is t r o a B n ki n H u se 3 o y f a g o .

their property to the amount of T his act caused

great consternation , and the merchants decided in future to

keep their capital under their own control .

T he to goldsmiths soon began lend the money at interest , and this in the course of time attracted deposits ; when this

occurred the real business of banking came into existence . Clarendon said that the goldsmiths were men known to be

of o o f rich , and good reputati n , consequently the money k the ingd om could be trusted or deposited in their hands .

A similar course of events was bei n g enacted at

n h T S inith N otti g am , because homas must have possessed considerable ability in order to gain the confidence of the

merchants and gentry in that town and neighbourhood .

w as k N ottingham a good centre for ban ing purposes , havi ng been a manufacturing town for more than 600

1 6 years . I t was here that Richard Arkwright, in 7 9 , erected H his spinning frame , and here also argreaves had the year

h ad previously removed his spinning jenny , after his machine T h been destroyed by a mob at B lackburn . e connection of the Smiths with the Arkwright family has continued until the

present day .

of Whilst Leicester became the centre the woollen industry ,

N ottingham had devoted itself chiefly to cotton , silk , and

merino hosiery .

on to I n order to carry business , it was necessary have

o and not s me circulating medium , as the coins were only

Tlz e H isi or o 4 B an ki n H ou y f g se. 3 9

k- scarce , but also deficient in weight , we find that ban notes

o became a popular method for the liquidation of debts , alth ugh i n conseque n ce of being payable on demand these were at

to k times a source of danger many ban ing firms .

to o f k For many years , owing the want ban ing aecom m odation in the North Midland District , merchants and manufacturers were obliged to conduct their business at

or N ottingham , there being no bank at Leeds Sheffield ,

0 to 1 00 . which is 7 miles away For example , a Leeds

of of merchant, having a remittance foreign bills exchange ,

’ would mount his h orse and carry them to Smith s at N otting

or ham , to be discounted , and take away gold notes i n exchange .

of T 1 6 Soon after the death homas Smith , in 99 , his eldest T son , homas , separated the banking business and carried it 1 2 on alone until his death , i n 7 7 .

T o h mas Smith , the father , with the first surplus capital he

re - was able to withdraw from the business, purchased a large part of the supposed family estate at Gaddesby , which had been sequestrated by the Parliamentarians , and to which he and

s n his o afterwards added as opportunities occurred .

H e o of married F rtune Collin , who was a sister Abel

of Collin , described as a banker N ottingham , and had three — T o . sons h mas , Samuel , and Abel

o th 1 0 Abel C llin , by his will dated February 4 , 7 4, left the

of to T remainder his estate his nephew , homas Smith , for building and endowing Collin ’ s H ospital he was also trustee

' L abra s H of y ospital , another Nottingham charity . 0 Tko H i stor o a B a n ki n H u se 4 y f g o .

T he T 1 1 1 eldest son , homas , in 7 , had to appear before a Commission of I nquiry made as to the ownership of monies

o on dep sited in his hands by a pers named K insman , and from

o o f the answers given by him , we have an interesting acc unt banking business at that time .

I nterrogatories to be administered to T homas Smith to be examined in a cause between Richard Kinsman , Esquire ,

H k . and other Plaintiffs , and Richard ac er , Defendant Pur suant to an order made in the said cause the eighth day o f

1 1 0 . December, 7

m ou k 1 Im ri u s &c. . p doe y now the parties and how long have you known them .

H r 2 . o . I tem Did the said Defendant acker any other

o r w ho person persons and by name , by his order, for his use ,

or T & c. in rust for him at any time , , and when and upon

n o r what account , adva ce , lend or pay unto or deposit have i n the hands power o r custody of you or any other person or

u s e for your any and what sums of money J ewellery , Rings ,

B or B B Plate , Mortgage or Mortgage Deeds , ond onds, ill or

B o r or ills , any other security , goods , chattels effects to be

’ kept for his the said Defen da n t H acker s use or for any and what other end interest or purpose , and what interest, premium

o or reward did you or any other pers n and who by name , by

o be halfe to your rder or on your agree pay or allow , or what other agreement then or at any other times made touching or concerning the matter aforesaid .

4 2 Tko H i story of a B anki ng H ous e .

- of of 1 0 twenty third day February in the year our Lord 7 7 , the sum of T welve hundred an d eighty - seven pounds and fifteen shillings a n d three pence for the use of the said Richard H acker for the repayment whereof upon demand this Depo nent gave a note under his hand to the said H acker which said note bearing date the same day as the said money was paid , but this Deponent did give no other security for the same save the said note and further this Deponent sayth that he

H 1 0 B o f this Deponent gave to acker in the said year 7 7 , a ill Excha n ge for fifty pounds payable to the said H acker o n demand . And this Deponent further sayth that he paid at

n 2 th 1 0 differe t times on the 7 February , 7 7 , the several sums of twenty - one pounds and ten shilli n gs and twen ty - one pounds and ten shillings and twenty pounds and also the same

fo r H on day the use of the said acker . this Dep ent paid to

H m n M r . ob a of N ewark the sum of one hundred and fifty

th o f 1 0 8 pounds and afterwards the 7 day May , 7 , this De ponen t paid to the said Richard B rough for the use of the H k said R . ac er the sum of thirteen pounds and this Deponent hath also paid upon the account and for the use of the said H acker to several persons at several times several small sums of n 1 d money in the whole am ounti g to I S . 4 . and further this Depone n t remembers that the said Defendant did deposit in

’ 2 rd 1 0 the Deponent s hands the 3 day of February, 7 7 , the sum o f thirty pounds but the 2 7 th day of the said m onth of February the said H acker r enew ed the same sum of 3 0

a h again returned . And this Deponent further s ye t that H t r B an ki n H u s Tke i s o y of a g o e . 43 neither the said Richard H acker o r any other person o r persons by his order o r for his use o r in trust for him at any time upon any account whatsoever did advance lend or pay unto or deposit or leave in the hands custody , etc . , any sums

' k for H k of o . . m ney , plate, etc etc , to be ept the said ac er s use and that he thl S Deponent did n ot agree to pay or allow any interest premium or reward for the use o f the said money— further this Deponent s aye th that he hath not paid

’ any part of the said sum l odged in this Deponent s hands by the said Defendant to any other person or persons use or uses than is hereinbefore sett forth and as near as this Deponent can compute there remains only in the hands and custody or possession of this Defendant the sum o f

1 1 5 . 1 d.

And this Deponent humbly offers that this Deponent

of k re tu rn e actes i n the nature a Ban er, and s great

o sums of money to London , and fr m thence and diverse

for other places in this K ingdom , and also several years past , and his father many years before him , hath used to take in and receive great sums of money of diverse persons and upon receipt thereof to give notes under his hand for

n the same , thereby promisi g to pay the said sums so

to o z o r received the pers n authori ed in the money , the Bearer of the note upon demand ; and in case any N ote so given by this Deponent be produced and endorsed only with the name of the person to whom i t is payable upon delivering B the said Note this Deponent pays the same to the earer, Tke H i stor o 4 B anki n H ou se 44 y f g . so that sometimes this Deponent ’s Notes are paid by endorse ment as money to several persons before the same is demanded of this Deponent , and this Deponent is advised that he is obliged in law to pay such N otes when endorsed to

' the person demanding the same , and this Deponent s credit so much depends upon his punctual payment of the N otes

B of to the earer, that in case refusal it might be of ill consequence to this Deponent in his E mployment, and as this Deponent does not know but that the said H acker has made some transfers of the N otes so given by this

n n 0t o Depo ent , he having produced them to this Dep nent

o r n ot nor acquainted him whether he has them , wherefore, as this Deponent is willing in all things to conform himself according to the direction of this H onorable Court and to pay what remains in this Deponent ' s hands in such

o n manner as this Court shall order, so he humbly relies the justice of this H onorable Court to compel the said H acker to ” deliver up the notes .

T o the third I nterrogatory this Deponent sayth that the time this Deponent was served with the Commission o f

n o Sequestration in the I nterrogatory me tioned , this Dep nent did really a n d bona fide ow e and w as j ustly indebted to

1 I S . this Deponent in the sum of . I d T H os . MI (Signed) S TH .

T his is an important account of the early issue of ban k

the k notes by country ban ers , and shows that they were an

‘ of important medium for the purpose circulating capital .

6 7 726 H ist r B n n H 4 o y of (2 a ki g om e .

T he business had not only continued without a rival in

to n a ccom N ottinghamshire , but owing the wa t of banking m odation elsewhere , many firms , as far distant as Leeds , and even Manchester , came to the Smiths at N ottingham to have T their bills discounted . hey also collected the taxes and the

n of re ts the larger landed estates in the county, and were obliged to keep a stud o f horses for these purposes until a comparatively late period .

T he o younger br ther , Abel , greatly extended the family

1 8 of o business , and in 7 5 , having need a fresh Lond n agency , he formed a partnership with Mr. J ohn Payne , under the

H e name of Smith and Payne , in London and Nottingham . also established a bank at Lincoln , and in connection with

of H William Wilberforce , ull , with whom he was connected by marriage , Opened a bank at that place .

T he branch at Derby was established at a subsequent peri od .

of . At the time the partnership with M r. Payne , M r Smith

to had been elected M ember for Aldborough , and his letter

“ H e : H e M r . Payne is of some interest . states that would

fo r have to be in town his Parliamentary duties, and could therefore take some share in the man agement of the proposed

T k w as banking business . hat he did not thin there any occasion at first to i ntroduce much capital , but having T by him , he could employ that if wanted . hat the N otting ham bank , which had been established some years before the

i n 1 68 8 Revolution , had succeeded by careful management , Tke H istory of 4 B anki ng H ou se . 47 and he thought there was then a good Opening through the ” failure of certain firms i n London recently . s m of 1 806 . At the dissolution Parliament , in , M r J ohn ith , the youngest brother of Lord Carrington , was elected M ember .

o 1 8 1 2 Great riots occurred i n N ttingham in , consequent

of . on the introduction machinery , and M r J ohn Smith , in the H ouse of Commons , protested against capital punishment being i nflicted upon persons found guilty of destroying stocking frames . H e stated that middlemen and the truck system was really the cause of the disturbance . M r . J ohn Smith was re - 1 8 1 2 elected i n , and it was stated that his Opponent ,

M r . Arkwright , spent upon the election ; his agents

w as 0 returned the surplus , which £4 , and he asked them whether

v e r there was no item that could be made to co this amount .

T he 1 8 2 firm withstood a great panic in 5 , when the bank k f Co . o of Sir Peter Pole , and other ban s to the number

n not f seve ty , stopped payment , but it did have any ef ect upon k the ban , every call and demand being duly met .

M a rl n - . be e o k M r y Phillips , in an interesting pap r ban note

Con n oi sseu r collecting, i n the J anuary number of the , states that he has a cheque drawn upon the N ottingham bank dated

1 0 to 7 5 , which he considers be the earliest known provincial h . T e k cheque N ottingham bank is , I thin , the only instance

o of a provincial bank which has started a Lond n business , although several provincial firms were connected with London establishments . 8 4 Tli e H i story of a B anki ng H ouse .

k o T he follow in is , g , a list of such banks ta en fr m

' “ hu mb rl an d M r . Phillips book on Banks of N ort e

ov i ncia l Ban Lon on Ban . Pr k . d k

8: . B H 81 C0 . Co . Lambton , N ewcastle arnett , oare

: : H 8 Co . H 8 Co . Mowbray , ollingworth , f ollingworth

Darlington . l Prescott , Grove Co .

C0 . Northumberland Bank . Remington

Co . . . Chapman , N ewcastle Fry Sons

(3 1 k CO" S u n J ac son hi Goodc ld & Co . 211151213 Jackson ,

C . o . o . C Raikes , Malton Currie

T he history of the N ottingham bank shows that its success was due to the high character and perseverance of various

members of the family . N o better account can be given than

“ an o ld proverb long current in the town that the little Smith

of N ottingham does the work that no man can .

’ w as I n addition to this attention to the bank s affairs , there the personal influence i n the welfare of the i n habitants of

o f Nottingham . As an illustration this the following entry i n

w ho one of the books is worthy of mention . A customer owed

the bank some money , came to the partners and pleaded

T he poverty , also stating that he had a large family . debt was forgiven o n the understandi n g that he did not have any

more children . I t was in consequence of this personal attention to the

affairs of the bank that the business increased rapidly , and it

was necessary to establish branches at l lkeston , Long Eaton ,

8 4 Tbe H is tory of (2 B anki ng H ou se .

T he of k k following is a list such ban s , ta en from _ ' " Phil lf “ f : M r . ps book on Banks o Northumbe rland

ro incia l B n { u nion B ank . P v a k .

am t a t H . 8: Cc . . e t L b on , N ewcastle B rn . oare Co

“

H Co H . Mowbray , ollingworth 5 ollingworth Co

8: Co . o . o Darlingt n 1Prescott , Gr ve

orthu m rl n B o . N be a d ank . Remingt n Co

. 81. . Co . Chapman , N ewcastle Fry Sons

6 0 1 JacksO“ C0" S ‘m ‘ 3 s o G oo dchild & Co . 2111133} , Jack n ,

tr Raikes 3 : C ni i c. Co .

T he history o f the N ot tingh am ba nk shows that its success was du e to the hig h characte r and pe rs e ve rance of various

' f a N o l re tztzr acco u t can members o the f mily . n be given than

“ an old pro verb long current in the town that the little Smith t of N ottingham does the work hat no man can .

’ ' I n to this atte n ti o n to k w as addition the ban s affairs , there the personal influence i n tlw w el fare of the inhabitants of

N n t o n o f th s the o ottingham . As a illustra i i f llowing entry in

“ r - 16: of the books is w o rth y o f mention . J e ratu me r who owed

k o e m to tn ban some m n y , ca e the par ers and pleaded

' v e s ’ had sm r a i n. 1 e fa i }; T he y , also stating th t larg debt

J argiv e n on the u nde rs h m v l mg tha t he (lid no t have any

u ild r r n n e n .

a w as i n co nsequence of thi s personal attention to the

w e u bank that the b siness increased rapidly , and it

w as nan; M a r to b k o o y esta lish branches at l l eston , L ng Eat n ,

mh S it ,

Nottin anag LI N CO LN .

H E n banking business at N otti gham , from the

of n n ot time its foundation , rapidly i creased ,

in only that town and neighbourhood , but also i n the adjacent counties of Leicestershire

and Lincoln . I n the latter county; Abel

1 of Smith , in 7 7 5 , established a branch as an offshoot the

n Notti gham bank . Lincol nshire had always been known as

an d an agricultural county , its chief town is noted for its manufactures of agricultural machinery . T hese branch banks were separate institutions , and in this respect differed somewhat from our modern system of a

o central institution , c ntrolling a large number of branch establishments .

n At Lincol , Abel Smith entered into partnership with

Richard Ellison and j ohn Brown , and no change occurred

1 80 8 of until , when the members the firm were Samuel Smith , H enry Ellison and Richard E llison , the latter being father

1 8 2 and son . I n 9 the additional partners were Abel and ' B u u e 5 2 Tke H isl ory of a au kz g H o s .

' H enry Smith , and the business was then carried on under the

of Co . l o title Smith , Ellison , until the recent ama gamati n with the Union Bank of London .

n . ho 1 8 H o . w I n 3 3 the A Leslie M elville, had married

of of Charlotte , a daughter Samuel Smith , became a member

o 1 8 6 the firm , and no change ccurred until 3 , when , in

of H consequence of the death Samuel and enry Smith , the A business was carried on by bel Smith , Richard Ellison ,

- H d on . . H r an . en y Smith , the above named A Leslie Melville

. T he next alterati on i n the constitution of the firm took

1 8 o of place in 5 9 , thr ugh the death Abel Smith and

Richard Ellison .

With regard to M r . Abel Smith , the following record has

“ of been preserved at Lincoln As a man business , his

characteristics were sound judgment , great firmness and

o decisi n , united to a most considerate liberality , and a memory

T o so retentive as even to embrace the minutest details . his ” family and partners his loss is irreparable .

1 8 H I n 5 9 the partners were enry Smith , Robert Smith ,

. . . 1 8 6 A Leslie Melville , and A S Leslie Melville , but in 7 , in of H consequence the death of M r . enry Smith , a new partner

v iz . H j oined the firm , , M r . enry Abel Smith .

. . on l th 1 88 1 M r A Lesli e M elville died g N ovember, , the following being a record of his character

For fifty years a Resident Partner, he managed the

bank with great ability and success, and largely extended its

as: Ba nk of London .

A i M e l v iiie who had i th e l i on. . Lesl e , marr ed f m h e m of a na u ghte r o Sa uel Smit , became a m ber “ 8 6 in an d no change occurred until 1 3 , when , H e the w ar! of the death of S amuel and nry Smith ,

A e c i so , was carried o n by b l Smith , Ri hard Ell n

- ll M . s th and med i on . . L i mi , the above na l A eslie elv e

r f ii fti s an.

r A o ow o sagand to M . bel S mith the f ll ing rec rd has “ ’ t N ’ ’ A o f his s i t tV fld at Lincoln : s a man business, a ntics were sound judgment , great firmness and

“ ‘ f ‘ n and or é i z z i flff i to a most co siderate liberality , a mem y

e T o as e v en to embrace the minutest details . his - p arm ar s his l oss is i rre parabl e .

n t e: t H e n S t ob , a h par ners were ry mi h , R ert Smith

A e M e l v e bu t 1 8 6 5 . s de . , . and Le li ill , in 7 in

“ ? H nr fivmith tne i f . e . t t o a c s n. de a h M r e y , a new par r

f r i H S t . a m v sit M r. , enry Abel mi h

th 188 1 tsi ie M el ville died on 1 9 N ovember, ,

witt y y ears a Resident Partner , he managed the

“ s- and its g ea t abili ty success, and largely extended A . L S L I M I L V L L E S . E E E E , Q

7 723 H i stor o a B a u ki u H ou se 5 4 y f g .

’ t c c Gran ham , Grimsby , Grimsby Do ks , S unthorpe , Sleaford ,

n B n n n Market Rasen , with the U nio a k of Lo do , Ltd . , took place, the partners were

A . S . Leslie M elville ,

H . A . Leslie Melville ,

E ustace Abel Smith ,

n Fra cis Abel Smith ,

B . A . Leslie M elville , and H G . . Shipley .

. . . . a n d M r C J M Pym M r . M . J . Paget were also associated with the firm i n the management o f the business .

n Refere ce has been made to the presentation to Mr . A .

s o n . . . w as Leslie Melville ; his , M r A S Leslie M elville, recently

n presented with his portrait by umerous friends , in order to

of v w ho mark their appreciation his ser ices as a banker ,

n of during a lo g business career fifty years , has shown himself a gentleman with a character full of human sympathy and kindness .

I n of 1 1 2 the first ledger 7 7 5 there were 5 accounts , but in 1 8 8 5 they had increased to which shows that the ban k

n ot had largely extended its business operations . I t was

- customary to have new ledgers half yearly , as at the present

w e old n time , consequently find that the o es were strongly

T he 2 . 0 bound first ledger had 3 openings , and lasted eleven

n years , but the business has grown to such an exte t that eight

o f 600 n ledgers pages are now ecessary .

H ULL AN D DE RBY.

S already stated , the firm had business relations

with other large towns, and consequently ,

1 8 to M r. Abel Smith , in 7 4, determined T establish a bank at H ull . his ancient town

one was an important , being the third port i n the U nited Kingdom ; the value of its exports and imports was only surpassed by London and Liverpool .

Much of the early prosperity o f the town w as due to the

of enterprise the famous merchants . Amongst them were the

De La Poles , who were high in favour with successive

E nglish monarchs .

I n the reign of Edward V I H ull supplied for the arma

1 6 66 ment against France ships and 4 seamen , whilst London

2 6 6 2 only supplied 5 ships and seamen , which shows its great

i mportance even at that early period . 6 Tke H isi or o a B a nki n H u se 5 y f g o .

H enry V I granted the town additional charters, and made

o of T it a county in itself, under the designati n the own and

o T f - - C unty of the own o Kingston upon H ull .

1 6 0 An interesting map of the town , dated 4 , shows that it w as strongly fortified in order to resist invasion either from the land or sea .

H ull is one of the principal shipp ing ports for the manu factures of Yorkshire and Lancashire, and imports large

i i of quant t es grain from various foreign countries, and timber

T he of from Norway and Sweden . import cattle is very large , and the fishing industry an important one ; the staple industry

H - oil k k of ull is seed crushing for and ca e ma ing, and its manufactures are of considerable importance . T he merchants of H ull were determined on extending

of E nglish commerce, which added to the prosperity the town .

Among these was William Wilberforce, merchant , having

1 2 business relations with Russia , and i n 7 3 Abel Smith

of apprenticed his son Abel , the younger, to learn the trade a merchant adventurer , which shows that the father considered

of o a commercial training s me importance , especially for his son , who was destined for the banking profession .

Abel Smith was connected by marriage with the great

’ of statesman , his wife s sister having married the father

T he o n William Wilberforce . two families were therefore

of terms great friendship , which is shown by the following

H w ho letter addressed to J ohn enry Smith , subsequently became the resident partner :

I L I M V I W L A V L B E R F OR CE .

8 Tke H i stor a B anki n H u e 5 y of g o s .

’ Lord Rosebery s “ Life of Pitt T here remains at H ollw ood an ancient memorable oak under which William Wilberforce and Pitt resolved o n that campaign against the slave trade which gave honour to the one and imm ortality ” to the other . I t appears that William Wilberforce soon retired from the

of . bank , possibly in consequence his Parliamentary duties T he following draft shows that a change in the constitution o f that firm had occurred :

8 - 1 1 8 H 1 8 . £ 3 3; ull , 3 March , 7 4 H . E s r o r . e . o On demand pay to R A arrison , q , rder T hree pounds eighteen shillings and eightpence halfpenny value received .

For Abel Smith , E sq . , Sons ,

T homas T hompson .

T o . M essrs Smith , Payne Smiths ,

Bankers ,

Lo ndo n .

T he 1 8 Wa s great statesman died in 3 3 , and buried in H Westminster Abbey Samuel Smith , his partner in the ull bank , also died in the following year .

1 8 8 According to a draft dated 7 , the firm consisted of the

z— following members Abel Smith , Robert Smith , Samuel

T T - 1 80 1 Smith , and homas hompson , and bank notes dated

T T he give the style of the fi rm as Smith hompson . latter entered the bank as a clerk , and became subsequently a

1 2 8 . partner, which lasted until his death at Paris, in 7 l tilt ites i . itiou

order enny

lpson.

ledin

Hull

oi the

Samuel l 1801 elatter antlya

Tke H is tor o a B anki n H ou se y f g . 5 9

H 1 8 0 Wilberforce ouse was sold in 3 , and according to the

“ o : c nveyance , the property is described as follows All that capital messuage tenement formerly in the occupation o f the said Robert Wilberforce afterwards of his widow Eli z abeth Wilberforce since of T homas T hompson E squire

n ow of B o B k and or late Smith r thers and Co. an ers .

o And also all that wareh use , staith , erections and buildings adjoining to the said capital messuage formerly in the occupation of the said Robert Wilberforce afterwards f ” o . Co . Messrs Wilberforce, Smiths

T he historic building which was the birthplace of the celebrated statesman contains several finely panelled rooms ,

of on o fl o n two them , the gr und o r, havi g elaborate carved

T he mantelpieces . hall is paved with marble , and the

on T staircase is an exceeding fine e . his celebrated house in which the Smith family started as bankers has recently been acquired by the H ull C orporation as a museum and a permanent memorial to the great statesman . I t might also be mentioned that i n this house Charles I was entertained by Sir J ohn Lister ; William Penn , before setting out for

Pennsylvania, also stayed here for some time .

1 8 2 I n January , 9, the firm became Samuel Smith ,

B Co . . rothers , and the name has not since changed

H w ho 1 8 0 Mr . J ohn enry Smith , was resident partner in 3 , came from Derby , but subsequently removed to London , and

n became a partner in the Lo don house . 60 Tli e H istory of a B an ki ng H ou se.

Samuel Smith was succeeded by his eldest son , Abel Smith the last part n ers o f the H ull bank prior to the amalgamation

. were Mr . E ric Carrington Smith and M r . Martin Ridley Smith

T he banking business was removed in 1 8 2 9 from Wilberforce H ouse to the present premises in White friargate ; the promissory notes already mentioned have an illustration H of the old Custom ouse , which is considered an excellent

of picture the same .

T he bank was always known by the name o f the Custom

H o B . use ank , since the firm were the bankers for the I nland

B of Revenue, until the ank E ngland opened a branch in the town .

DERBY.

T he 1 806 Derby branch was established in , the first entry

f T he in the ledger being o that date . bank occupied part of

R ow the present premises , then called Rotten , now Market

Place . T he tw o banks which appear to have originally transacted f o o Co . the banking business Derby were Cr mpton , E vans ,

and Messrs . Samuel Smith Co .

H w h 1 . o M r John enry S mith , was born i n 7 95 , and died

1 8 8 H in 7 , was the resident partner until his removal to ull ; the partners of the bank at the time of the amalgamation

B of with the U nion ank London were M r . E ric Carrington

Smith and Mr . Martin Ridley Smith .

D R Y B E B A N K .

6 2 Tko H i story of a B a n ki ng H ouse

2 . Laus Deo , Gibraltar, p . 0 sterling 1 6 1 September, 7 40 . At twenty days ’ sight pay this my first of exchange

z H r to M r . E ekiel all o order T wenty pounds sterli n g H V value received of Messrs . all R av e ly and V ombw e ll

and place it as p advice .

From W . Boothby . T o . M r Samuel Smith , B k an er,

in Wood Street , London .

1 0 . E ndorsed N o . 09

2 6 N ov 1 0 pd . the . , 7 4 ,

E 2 H . all . Witness for the B ank

B rabin s N . .

T H for 1 1 — 1 8 homas Smith was igh Sheriff Leicester 7 7 , an d as already stated , on his death the business was carried

v iz on by the two surviving brothers , . , Samuel and Abel

n Smith , the former managi g the London business . I n the next generation a dispute arose as to the manage

n to me t of certain charities in N ottingham , which led a

n a n d n dissolutio of partnership , the establishme t in London of of 8 1 the firm Smith Payne, the partners being Abel Smith ,

n son of the former Abel , and J ohn Payne, of Lo don .

T 1 8 n his occurred in 7 5 , and several interesti g particulars with regard to the family history o f J ohn Payne were pub

’ l is he d i n L on nz a n s fl/a az i n e fo r 1 8 8 g g J anuary and April , 9 ,

Tn H i st r o a B anki n H u 6 o o y f g o se . 3

“ ’ under the heading o f A Q ueen Anne s Pocket B ook . I t appears that a small pocket book w as found in the vaults of

Smith , Payne Smiths some fifty years ago , and in it was

“

d . T k 1 5 . written J ohn Payne , his boo cost 4 , and we have some interesting particulars as to several articles purchased by young Payne during his apprenticeship for seven

o f . years , to learn the business a hosier and haberdasher f d. r 6 1 5 . 1 1 o During this period he spent £ 4 9 , which he

d o n o w n . 1 1 5 . . debited his father, and £ 9 5 9 his account

H e to seems have been very careful over his expenditure ,

k H is because every item is ta en into account . success in life was partly due to saving habits , which is seen from the

“ following entry in the pocket book . Spent less than I had saved before and given me after I came to towne in ye ” 2 d 7 years £3 1 3 s . .

H is 1 0 apprenticeship ended in 7 3 , and no doubt he had w on to the esteem of his employers , because he seems have received , at once , £ 5 weekly as salary . Very soon afterwards he fell i n love with M istress Lydia

Durrant , and a very quaint letter to her is preserved .

For M rs . Lydia Durrant att

’ H Wood ate s M r . enry g in

G ou ldhu rs t , Kent ,

“ B y Stone Crouch Bay . I wish it were any way in my power and I hope

r it will ere long to show ye t ue affection I have for you , 6 Tli H t r B an ki n H u s e 4 e is o y of a g o . and I value myself upon ye opportunity I promise myself of

o k ou sh rtly issing ye hand . I f y did believe or could imagine how great a refreshment a letter from you would afford me at this melancholy distance you would not faile to write by the ” first post . T his melancholy distance of thirty miles did not seem to

k o a art . and f eep the l vers p , their af ection ripened so quickly that it soon ended in matrimony .

’ J ohn Payne s N ote Book has the foll owing entry of the marri age

“

o . 1 06 . E ntered int ye holy State of matrimony Sep 4 , 7

H is 1 1 08 eldest son , J ohn , was born October 3 th , 7 .

1 0 o I n 7 9 , J hn Payne went down to manage his estates in H untingdon , where he seems to have been i n possession of f about per annum in landed property , chie ly consisting o f 2 0 to 0 small farms let to tenants at from £ £ 5 per annum .

We have already stated that he w as apprenticed for seven H ’ years , and the following entry from the aberdashers Com ’ pany s Records gives us the necessary particulars :

of of John Payne , son J ohn Payne, Cottesbrooke, in the

o z County of N orthampt n , gra ier, bound to J ohn J enkins ,

z H d o citi en and aber asher , of Fetter Lane, L ndon , for the — o 2 0th 1 6 6 . seven years fr m March , 95

H is 1 0 6 o father died in 7 , and on the death of his m ther,

z f o . al i as Eli abeth Paine , late the parish of St Vedast , Foster,

o wid w , her executors being her son J ohn , and grandson J ohn

6 t r o a B anki n H u s e 6 Tng H i s o y f g o .

T he following agreement was signed When the new firm started in London as bankers 1 1 8 7 April , 7 5 . Articles of Agreement fo r Partnership between Abel Smi th of the T own of Nottingham E squire of the one part and J ohn Payne of the City of L ond on Esquire of the other

part .

Abel Smith to have two - thirds and J ohn Payne o ne

Abel Smith to manage the business at N ottingham and

J ohn Payne in London .

N 0 capital at first to be subscribed .

Reference has been made to the connection of Abel Smith

. , with M r Payne and the following i nteresting letter , from

n tw o s Abel Smith to J ohn Pay e, years later , give more details as to extending the banking business “ 6 1 1 60 . December th , 7 You already know my sentiments in regard to making

o u r ou business i n London general , and wish y had thought

n this a proper time to make a begi ning, as I could bring a capital of or into the business if it should

no t z be wanted , that I think there would be much ha ard in

T he making the experiment . banking business was begun here before the Revolution which has been carried on

of to this time with the greatest credit , that I am opinion ,

i n with care and diligence, we should a few years be equal in

credit to the best houses in E ngland . Tke H t r a B a n ki n H u s 6 i s o y of g o e . 7

The remarks of Abel Smith as to the position the new firm would occupy i n the financial world was realised within

k o f the next fifty years, when the ban became one the principal lenders to the Government .

H is of . partner, J ohn Payne , the parish of S t Margarets ,

z of Lothbury, London , E squire , married Eli abeth , a daughter

. u B o M rs Lo isa de onville , and died at Roehampt n , August

2 6th 1 6 of , 7 4, possessed great wealth , his will , which is a very

o ne th . long , bearing date May 5 of that year One bequest

v iz . 1 00 may be noticed, , £ for the same end and purpose as ’ the like sum was given by the w i l l of my kon ou r ea f atke r fo r teaching poor children in the parish of Welford .

We are able to connect J ohn Payne with Abel Smith , since they both commenced business at Coleman Street ,

of Lothbury, and also in consequence ledger entries in the

k : 8 . boo s of Smith , Payne Smiths

H is o . z execut rs were M rs Eli abeth Payne , Widow René

s on . Payne, the eldest , George Rodney , and Samuel Chapman

H e left his estate at Dunton Basset , Leicestershire , to his

. T o o wife for life , and then to René Payne his sec nd son

H o o John an estate at lford , N orthampt n , and the youngest son , Edward , received the property at Roehampton , T h f . e o and also a like sum eldest son , René , had the lease f the house i n Lo thbury and the residu e o the estate . T here

to were also legacies his three daughters . I t appears that J ohn Payne had lent his son René in order to become 6 8 k H i stor o a T e y f B a nki ng H ou se .

n 1 0 a partner with his u cle Edward , and a ledger entry of 7 9 gives the name of the firm as Edward and René Payne 8: Co . T he other members of the family who had accounts with the

z bank in that year were M rs . Eli abeth Payne and the sons T already mentioned . here is also an entry relating to the B Dunton asset property . We are therefore able to identify

o o 1 6 that family with the y ung apprentice J hn Payne , 99 , and ’ B thus solve the mystery of Q ueen Anne s P ocket ook .

1 6 From an old Directory dated 7 3 , Edward Payne is described

’ as of King s Arms , Coleman Street, and J ohn , Edward , and

of René Payne , Lothbury , the same place where the banking

of house Smith 8: Payne was established .

I n 1 7 7 5 Edward Payne was a Director of the B ank o f

E ngland .

' H is e son , Ren Payne, became a partner in the London

k n ban ing house o the death of his father .

Tke M or n i n H er al d a n d D ai A dvertiser th g ly of J uly 9 ,

’ 1 8 7 4, states that the subscribers to a Lord Mayor s fund

R e ne . T he were Payne , Robert Smith , and Sam Smith firm

o f H was then described as George Street , Mansion ouse ,

o where they had been for eight years . Subscripti ns for this

: 8 . fund were received by Smith , Payne , Smiths Payne

Although the names of father and s on were retained in the

of 1 6 style the firm , J ohn Payne had died in 7 4, as before

mentioned .

n u e 7 0 Tke H i story of a B anki g H o s .

George Payne, a well known member of the turf, was a descendant of this family .

firm According to the London Directory , the appears to

1 have carried on business at Lothbury in 7 5 9, but are des T h cribe d in 1 7 6 5 as of near Coleman Street . e following year their first connection with Lombard Street began , although in 1 768 they seem to have gone back to their old

nea r . H 1 0 premises of Coleman Street owever, in 7 7 they

1 8 now o settled at , Lombard Street , occupied by the Ph enix

Co . o Fire Assurance , the old sign of the Ph enix being still preserved . T here is an old ledger in the possession of the firm dated

1 7 7 5 , which gives some interesting particulars respecting the

transactions at that period .

T he following are some of the entries

B ell I nn . T Eastwood urnpike .

Wilberforce .

85 Wilberforce Smith .

1 Subscription to the loan , 7 79 ,

T he account of Wilberforce 8x Smith shows that the H ull bank was then carried on by Samuel Smith and William

'

Wilberforce .

T he expenses account , which corresponds to the profit

of and loss account the present day , has some interesting entries as follows

H istor o a B anki n H u s 1 Tli e y f g o e. 7

10 Loads of Coal £ 10 1 1 9 Subscription for Paving Fle tchingate 4 4 0 1 T o Cheese 5 1 7 95 T o Oysters 2 2 0 T o a Lottery T icket 1 2 0 0 C oach Duty 4 0 0 Woolmer fo r Cloth 1 4 1 5 0 Frost Farrier 1 1 3 0 B urch 8: Son for Old H ock 10 1 6 H ay 1 7 3 0

’ D e v e re ll for o ne year s boatage 0 10 6 1 7 7 6 — 1 1 2 N otes written 48 5 1 1 8 3 4 I 2 4 1 0 3 — 1 7 7 8 2 2 1 65 1 1 7 9

of k With regard to the purchase a lottery tic et , it was the custom of the G overnment at that period to raise money by such means , and tickets could be obtained at various places in the Metropolis .

T he old 1 bank , according to an engraving dated 7 5 4,

was an imposing structure, and had a balcony on the first

o 1 8 6 flo r ; during the rebuilding of the premises , in 3 , the H business was carried on at the South Sea ouse . I t had been the custom for eight j unior clerks to reside on the

premises , and whilst the new building was being erected , they were accommodated over a bootmaker ’s shop in B ishopsgate

Street . n n H u 7 2 T/z e H i story of a B a ki g o se.

I t will be noticed that wines were supplied by a firm which still exists i n Cornhill the charge for boatage is a curious

o for one, but p ssibly it was necessary to get across the river k business purposes . At that time many London ban ers lived on the premises , and consequently we find entries relating to househ old expenses .

T of here were stables at the back the present premises ,

k of and as horses were ept by the partners the firm , there are several entries relating to the purchase of hay , corn , etc it was customary for the partners to drive into the City with postilions , and consequently the stables were utilised .

T he notes written off represented promissory notes in the

of hands the public , and when presented at due date were paid and cancelled .

’ s on M r. S mith s eldest , Abel , died soon after his election

o 1 for N ttingham , in 7 7 9, and the next son , Robert , who was elected in his place , afterwards became a peer, under the title o f Lord Carrington .

T he me late M r. Oswald Augustus Smith furnished

o with an interesting letter fr m the first Lord Carrington , which gives the date of the foundatio n of the L ondon office ; previous to that date it was only an agency to the Notti ng ham bank .

T 2 th 1 8 1 his letter is dated Whitehall , December 5 , 9 , and

to is addressed Mr . George Smith

fi e / k n H rm r y of a B an i g ou se .

x i t n u - m i n t u n i at w i nes w ere supplied by a firm which

“ ' w e t m ' nhii-l e o e 1s o : t. . charge for b atag a curi us

pa w ibl v i t w as ne ce ssary to get across the river for

o s s i t that o o k n e w pu rp e “ time many L nd n ban ers lived

- g ram ri s e a a nd con sequently - w e find entri es relati ng to

-“ " L. ru e hfi id e 3 2 ttb K 1 3:Q S .

Th e w a r s : s tab e ! ; k of i e r l at the bac the present prem ses , “ nd as u e e v er ar e r of th are a s , e by the partne s firm , there

’ fl -r r ee A l a rm to e e w e n t . a of ha co e tc. the purch se y, rn , , it

i the w as ts . : partners to drive in to the Ci ty with

M i nio ns a nd on se ” c quently the stables were utilised.

T he notes wri tte n off re presented promiss ory notes in the ha nd of e n s the public , and when pr se ted at due date were

e u ai i and cancelled .

' l o . s on oo Smith s eldest , Abel , died s n after his electi n

i f n ttin ham 1 son o w ho w as g , in 7 7 9 , and the next , R bert ,

in became a e e r i his place , afterwards p . under the t tle

1 a d n L r Carringto .

" i n l at u m r me e M r . Oswald Aug stus S ith fu nished

n o C n o i teresting letter from the first L rd arri gt n , a m n the date of the fo undati o n of the London office ; a :hat date it Wa s on ly an agency to the N otting

“ l s z s t- m i . date u Win e aa l 2 th 1 8 1 , December 5 9 , and

r l n M r e r e“ t . G o g S mith G RG S MI E S EO E TH , Q

OF S E L S D ON M . . F R WE N D OV E R , P O .

74 TIre H is tory of a B anki ng H ou se .

had been adopted by a new house after the Great Fire , where they remained for twelve years . Before the Great Fire this house was known by the s xgn of the H att and H arrow ; in o ne H at of deed called the and Arrow , in occupation one

Stephen H ill . After the Great Fire the sign of the new H house was the are .

I n 1 7 8 2 the Phoenix Fire I nsurance Company purchased

o the house , and the sign was altered to the Ph enix , which was

f N I o O. originally the sign 0 .

T he present Clearing H ouse is actually on the site of ’

. T he Messrs Smith , Payne Smiths stables at this place . t firm appeared to have covered in the s able yard , but it is

of to not certain whether any the walls belonging the stables, which were at the back of the premises , are still in existence .

1 8 After leaving , Lombard Street , the firm removed to

H B e arbinde r George Street, Mansion ouse, formerly called

Lane .

T he Parliamentary influence of the Smith family at this

H o period was great , because in one use of Commons they t held no less han seven seats .

When Lord Carrington retired from the firm , the manage fl ment of the business devolved chie y on his next brother,

f M P for o k H . . Samuel Smith , Woodhall Par , erts , who was

Leicester for many years .

of A portrait of the first Lord Carrington , which is a copy

’ w as Sir J oshua Reynolds painting, and who a particularly

Tn H istor o a B anni n H ou s y f g e. 7 5

’ handsome man , is preserved in the partners room at Lombard ' firm s Street . At this period in the history, the other partners

'

o v iz . o of S e l sdon were Samuel Smith s br thers, Ge rge Smith , , and John Smith ; the latter had the privilege of laying the

k 1 first stone of the new ban ing house at , Lombard Street ,

1 8 6 o to on in 3 , and I have th ught it desirable state his prayer o of this ccasion , as a typical example the high standard of commercial morality with which the leading merchants and

bankers at that period were imbued . I invoke the Almighty D isposer of all events (without Whose sanction n o human exerti ons can avail) to look down

ou r with favor and protection on this undertaking, to give

permanence to this Building, and to maintain the Prosperity

o f s o the family connected with it , long as they shall continue H their Affairs with Fidelity , and I ndustry , and with onor ,

and no longer .

T he of 1 name the firm , which was Smith Payne in 7 5 9 ,

1 to was altered , in 7 74, Smith , Payne Smith , when they

1 8 o 1 8 removed to , L mbard Street , but i n 7 5 it was altered to

Smith , Payne, Smith Payne , of George Street, Mansion

H o of use , the René Payne being, as already stated , the son 1 86 t J ohn Payne . I n 7 the name was altered o its present

of 1 8 2 title Smith , Payne Smiths . I n 3 the firm is

o H o 1 8 0 described as of Mansi n use Place , but in 3 the

N 1 o premises at o . , L mbard Street were occupied .

T he business increased largely from that date, and some o f k o the largest City firms ept their acc unts with the bank . ’ /z r B nni n H s 7 6 T e H zsl o y of a a g ou e.

L on m ans . fo r 8: o . A cheque drawn by M essrs g , Green C

in favour of Lord Macaulay , being the amount paid to

fo r H him his istory of E ngland , was , I believe , the largest

for amount ever paid at that time the copyright of a book .

T he H . firm has two interesting cheques drawn by Sir . M

Stanley , in Central Africa , and for which he received payment from Arab traders curiously enough one cheque was paid

of through the U nion Bank London .

T he origin of the firm with Samuel Smith , the goldsmith ,

’ o f B Wood Street , is illustrated by the term Goldsmiths ook ,

o given to the waste book still i n use at L mbard Street .

Some reference is necessary to the famous hou se o f

Messrs . Rothschild , since the connection between the two houses has in many ways been an important factor in the

T he money market . first entry relating to this firm is dated

1 8 20 H on , when annah Rothschild signs behalf of N . M .

1 8 : Rothschild , but in 3 9 the firm became N . M . Rothschild 8

’ o M as te rman s Sons ; it had also an acc unt for bill purposes at ,

A 1 86 but on their amalgamation with the gra Bank , in 4, this

account was also transferred to Smith , Payne Smiths .

T he firm was for many years the London agent of the k largest provincial ban s , until the recent amalgamations took

tw o place ; it also represented of the largest Scotch banks ,

B of an d B v iz . o , the ank Sc tland the ritish Linen Co . Bank . At N ottingham it was brought into contact with the

c n great entres of i dustry, and i t represented firms at

r r 7 6 Ti e H isfo y of a B anki ng H ouse .

- . L n mans f r A aw n b . c ue o G 8: Co. o he q dr y M essrs g , reen

i n our of L the o to fav ord Macaulay , being am unt paid him for his H i o of e s t st ry E ngland , was , I b lieve , the large

for f amou n t ever paid at that time the copyright o a book.

m s n ue M . T he fir ha two in teresti g cheq s drawn by Sir H .

S in tfe n tral for w e t tanley, Africa, and hich he received paym n from A ra w tr aders ; curiously e nough one cheque w as paid through U nio n Ban k of Lo ndon .

” r the a th e l t l . m o T g of firm with S muel Smi , th g dsmi h ,

' m n a n b G ds of . g et oo k W r , is illustrated y, the term ol miths B ,

’ r as r ook i us e given t w e b st ll i n at Lo mbard Street .

S w ai n r e ference is nece ssa ry to the famous hous e of

Ro t' i schild ce co o th o s . l e t M essr , sin the nnecti n between w

s " s houses ha . m many way be e n an impo rtant factor in the

- : s tn T he t e n tr to mo ne y ti n e t. firs y relating this firm is dated

w h e n H thsc e al of M 1 8 2 0 . . . annah Ro hild signs on b h f N

“

ni 1 8 th M . R o ths e h u ou t in 3 9 e firm became N . Rothschild 8: - ’ d ais o u fo r o M as t rman o s it ha . e s S n ; o an acc nt bill purp ses at ,

n e a ma a mat n w t A r k in 1 86 i but o th i r lg io i h the g a Ban , 4, th s

s t n s h a ri m o n t “ 1 3 tra e to t t c 81: i s . acc u al f rred Smi , P S th

‘ i ln firm w as many ye ars the L i m m agent of the

wi acial ba n ks the r a ook . until ecent malgamations t

e n t tw o o f the o nk repr se ed largest Sc tch ba s,

t . f B i o a o k . Sc tl nd and the ritish Linen C . Ban

: th na it w as brought into contact with the ‘ z zd us tr a d y , n i t represented firms at S M U L G . S MI E S M A E TH , Q , P

o r S A CCOM B E e ar s . , H

8 /z e H i st r o a B an/ki n H ou s 7 T o y f g e.

o o n o o Peace , a C ntribution the Profits arising fr m Pr perty , ”

o T . Professi ns , rades and Offices

o I n acc rdance with this Act, the firm was assessed in the

0 fo r one th 1 80 2 6th sum of 7 9 year, from s April , , to April ,

1 8 0 3 .

I f we compare this with the present assessment , where the rateable value of premises alone is A we can

o not of realise the en rmous growth , only in the value the land ,

k 1 0 but also of ban ing profits as compared with 0 years ago .

LONDON PREM ISES .

N the present day one can scarcely imagine the appearance of old L ombard Street prior to the erection of the Mansion H ouse in 1 73 9

I n front of the north - east corner and

- B k o u t north west corner of Smiths an , but a long way in

o what is now the roadway , stood the St cks Market , which was

k on a meat, frui t and vegetable mar et , situated the eastern side of the Wall B rook . l k T he of . e Church St Christopher S toc , named after the

k o - o of mar et , occupied what is now the s uth west c rner the

of B ank of E ngland . From the corner Lombard S treet one

'

. o saw the Church of St Stephen s , Walbro k , an equestrian statue of K ing Charles I I representing the K ing trampling

w as under foot Oliver Cromwell , which erected by a Lord

for Mayor at that time , and also various stands used market

T he ook purposes . Walbr was a small stream wh ose source lay in the northern heights , and after passing through some marshy land entered the T hames near the bridge over the 80 Tue H istory of a B au ki ng H ou se .

ld . o river at Cannon Street On reference to an engraving ,

o ne which has been reproduced , notices that Lombard Street

1 0 o had a very narrow appearance , but in 7 5 an eff rt was

to . made to widen it , when six feet was added the roadway

T he o old bank , an imp sing structure of four stories , stood

w as at the corner, and there a narrow alley called N ew George

T w as s u bs e Street at the western side of the premises . his H quently called Mansion ouse Place , after being considerably widened in 1 7 5 0 ; previously it was similar to the narrow f ' H passage at the back o the Mansi on ouse .

T he traffic of the City increased s o rapidly that it was considered desirable in 1 8 1 4 to add another six feet to the

roadway . Subsequently , another three feet was added in

6 w as 1 8 . 3 , when the new street completed All this land was ’ taken from M essrs . Smith , Payne Smiths premises .

T he formation o f K ing William Street entirely altered

1 8 the aspect of old Lombard S treet . I n 3 3 it was proposed

o o B to f rm a new street to Lond n ridge, and an interesting account is given in the Times o f the contemplated change “ Very active measures are in progress for the purpose of

obtaining the support of the principal merchants , bankers and tradesmen in the City to a plan by which the entrance to the

now o of new street , i n c urse formation (King William Street) H to o B from the Mansion ouse the new L ndon ridge, will be

materially improved , and the surrounding neighbourhood

rendered more open and convenient . Already the signatures

8 2 B H u l e H i story of a anki ng o se.

T he Mansion H ouse w as built on the site of the Stocks k Mar et , which was at first only for the sale of flesh and fish ,

o f but subsequently became a general character .

H o n M r. F . G . ilton Price states, in his paper Lombard

o f n Street , that the house known by the sign the A gel stood at the south corner , as near as possible on the site of the

T he present premises . actual sign cannot be ascertained ,

ou t 1 8 but when alterations were carried i n 7 3 , a sign in cast

n of iro the George Street premises was found , representing h 1 6 2 . T e o a cock fighting a snake , dated 5 h use i n question

was in George Street , and was formerly the bank of

. n Sir C Raymond Co . Another descriptio of the sign is

o f n that the early bird catching the worm , an apt illustratio of the firm making use o f every opportunity i n order to

expand its banking business .

T N o . o f . 6 here is no record the tenant of N o , but 7 was ,

1 2 o T in 7 3 ; occupied by R bert empest , a goldsmith , and the sign of the house was the T hree Crowns ; it was subsequently

occupied by M r . Deputy Smith , a druggist . N o . 9 is

described as being situated on the west side of the Phoenix ,

10 and was called the Golden Anchor . N o . was at the

n of cor er Sherborne Lane , in Lombard Street , west of the

’ church . I n M r . Robart s deed , we learn that Sir R . Vyner

built this messuage called the Phoenix , formerly known as the B o f . ull and Cock , in the possession M r White , goldsmith ; Sherborne Lane entered Lombard Street close in front of the

church . n u 8 T/te H istory of a B a ki ng H o se . 3

Sir Charles Raymond , who occupied the George Street

premises , was originally a partner in Raymond, Williams ,

Vere, Lowe and Fletcher, and this firm , according to

o o of 1 1 8 1 the L ndon Direct ry 7 7 , were located at ,

n 2 2 B irchin Cor hill , but afterwards removed to , Lane , and subsequently became Williams , Deacon , Labouchere , T hornton Co .

I n 1 7 7 8 Sir Charles Raymond retired from the firm and e o H stablished another bank at Ge rge Street, Mansion ouse , f o . H under the title Sir Charles Raymond , Bart , arley ,

Co . . Webber , so that Messrs Smith , Payne Smiths must have carried on business in adjoining premises .

1 8 H I n 7 9 it was styled arley , Cameron Sons , but in

1 k 7 99 the firm no longer appears in the list of ban ers , and it

8: is presumed that Smith , Payne Smiths then acquired the premises , as no other bank in George Street is mentioned .

I n Mansion H ouse S tre et there were several private

v iz banks ,

: C0 B 8 . Forster , Lubbock , osanquet

T 1 N ewnham , E veret , Drummond ibbits (failed 4th

December ,

H o arris n , Prickett N ewman (stopped payment in 1 866) h . o 1 1 t Sikes , Snaith Co (st pped payment December, 1 8 2 5 l 8 4 T/i a H i story of a B a nki ng H ouse .

T he firs t- named bank still remains , the title being

to o Co . subsequently altered Robarts , Lubb ck

I t seems strange that two of the largest private banks recently in existence should have carried o n business near each other , and also so successfully that their names must always be honourably associated as distinguished re present T atives of the old methods of banking . heir connection with the Clearing H ouse will be dealt with in a subsequent

chapter .

T he last bankers in Mansion H ouse S treet were Sir

B B . . W . Kay , art . , Sir Charles Price, art , J Marryat , and J . Coleman .

T he firm commenced business at the back o f the present 8 v iz . o H 1 premises , , in Mansi n ouse Place , i n the year 7 5 , which was then called N ew George Street ; but they only

1 rented the premises until 799, when they were purchased by

T he George Smith from M r . and M rs . Walter Vane .

of tw o k o n e property consisted bloc s, at the corner of

Lombard S treet , and the other in the centre of N ew George

T he f — T he Street . area o these blocks was as follows first 3 0 feet frontage i n Lombard Street and 5 0 feet i n George

n Street ; the second being a smaller o e in the latter street ,

v iz . 2 2 1 2 , feet by feet . I n order to realise the enormous increase in the value of d land in the City of Lon on , it might be stated that two pieces

f 1 o 0 . land were sold , i n 799 , for £9 5

r a B a n n 8 6 T/z e H i sto y of ki g H ou se .

’ out o f St . Swithin s Lane into Dove Court ; also the passage leading out of George S treet into the same court .

T he last addition to the Lombard Street frontage was

1 8 purchased in 3 7 from the Corporation of London , in consequence o f an Act of Parliament passed during the reign of George I V for improving the approaches to London

B ridge .

T he piece of land purchased in 1 8 2 9 proj ected twenty - fiv e

feet into the roadway , and therefore it was necessary for the Corporation to acquire this in order to make the new street this was the last improvement in Lombard Street prior to the

erection of the present buildings .

In 1 8 3 9 an other addition w as made to the George S treet

the d H premises by purchase of Frien s Eating ouse , which was situated about fifty feet from the corner of Mansion H ouse Place ; a piece at this end w as acquired from the

n o f 1 8 6 Corporatio London i n 4 . At the same time the Corporation sold to the firm a piece of land described as the site of a passage leading from Dove Court to Lombard Street ; this was evidently the last portion of Little

Lombard Street , and as it only led into Dove Court was

of no practical value .

T he H following sketch , which is taken from M r . ilton ’ o n Price s paper Lombard Street , read before the I nstitute

o f B o f w ankers , gives some idea the changes hich have

taken place . 8 H u se . Tke H istory of a B anki ng o 7

No doubt the old members of the firm possessed a considerable amount of wisdom in purchasing o n e o f the most valuable sites i n the City of London ; Abel Smith w as ambitious in starting a L ondon business, and his sons of reali z ed the fact that commanding premises are some

for k. importance , especially a ban

LO M B A R D

B f A R B /N D E R 4 4 4 , f .

(r) g. a) I t will be seen that Dove Court and Little Lombard Street have disappeared ; with regard to the latter , it was , in fact,

1 8 6 o n of practically abolished in 3 , the completion the new street , since it only led into Dove Court , now called

n Gresham Place, consequently the Corporation of Londo ,

1 8 6 as al ready stated , sold the remainder to the firm i n 4 . H st r o a B anki n H ou se 88 T/z e i o y f g .

All the houses , from Little Lombard Street to Sherborne

1 0 Lane , and numbered 5 to inclusive , were purchased by the Co mmissioners of Sewers for street improvements ; Sherborne Lane entered Lombard Street close in front of the church prior to the alterations .

of On the site the present premises, Messrs . Denison ,

H 1 8 on eyward and Kennard , in 3 7 , carried business as

n ba kers , until the firm was amalgamated with the Consolidated

1 0 1 Bank . From 7 7 to 7 7 5 these premises were occupied by

Chat rs k e . Messrs . Rivers , ban ers

B e arbinde r B ie rbin de r Lane, which is spelt Lane in some of o the earlier deeds , is menti ned in City records as early as

1 8 1 66 3 5 it was the spot where the plague , in 5 , first made its appearance . T his lane w as the direct communication between the

tw o o f . churches St Mary Wooln oth and St . Mary Woolchurch H awe ; the latter was o n e of the thirty - six churches destroyed in the Great Fire of 1 666 . T he name o f the church w as derived from the circumstance that a beam w as fixed in the churchyard for the purpose of k weighing wool ; the Stocks Mar et adj oined the church , and

o n n H was situated the site of the present Ma sion ouse .

of H w as When rebuilt , i n the reign enry V I , it ordered to be

o placed fifteen feet from the St cks Market , so that it stood

of partly on the premises Smith , Payne Smiths .

1 8 6 Co r When the new premises were built , i n 3 , the po ratio n of London requested the owners o f property to

' stor o a B an ki n H ou se Tke H i y f g .

o o o All the houses , fr m Little L mbard Street to Sherb rne

n e to 10 e Lane , and um b red 5 i nclusive , wer purchased by the Ce mmis s io ne rs of Sewers for street impro ve me nts ; Sherbo rne

La m ente r e d Lombard S treet close in fron t of the church

n h a tm u r i t e lterations .

( i n the i site of the present premises, Messrs . Den son,

H e w a rd a nd 1 8 as y Kennard , in 3 7 , carried on business bankers un til the firm was amalgamated with the Consolidated

F 1 t 1 t e s e B a n k . rom 7 7 0 o 7 7 5 h premises were occupied by

M s s s ( hat rs n r e . e s . r Rivers , ba ke

R e m a B ie rbind e r a o inder Lane , which is spelt L ne in s me

the e a t e d in t o r s s rlier deeds, is men ion Ci y rec d as early a

S the in 111 1 6 6 m was the pot where p gue , 5 , first ade

m : a nce .

lan e was the direct communicati on between the

f i a ine s of o o m St . Mary Wo lnoth and St . Mary W olchurch

r tw l a tter was one o f the thirty - six churches destroyed

t Fire of 1 666 . o f the church w a s derived from the circumstance

r w n h i ts re h a rd fo . as fixed i t e a y r the purpose of

“ 3 h i s. a o a x m e t?the r hu rch 1 ; the St cks M r , and

‘ a fl t- 0 o n e? r m mar M s H i 3 the site of th g an ion ouse .

‘ v. m bz i il t i n the of H e y to reign nr V I , it was ordered be

ia u :i ftm o so o p n feet from the St cks Market , that it st od

y a h e rt n t 81 . pa l premises of Smith , Payne Smiths

w 1 8 6 When the new premises ere built , i n 3 , the Cor po ratio n o f Lo n don re quested the owners o f property to

O E N M ENT LO N S G V R A .

N E o f the most important facts in connection t wi h its history , and which contributed largely in its maintaini n g a high position in the

financial world , was that i t became a lender to the Government of the day ; this no doubt was principally the cause w hy the firm always held large

reserves of Government Stock .

In the present day the most important asset of a bank

after cash is Consols , because this Stock can readily be sold

the early bankers realised this fact , especially during times of

w as financial crises , when it desirable to hold large amounts o f Government Stock to meet sudden withdrawals . Another reason why they held Consols was i n consequence of there

n ot being any other form of i nvestment . Foreign Govern

ment Loans were unknown , the earliest quoted in London B being French Rentes and Dutch onds .

On reference to the 1 7 7 5 ledger in the possession of the

of of 1 v iz firm , I find an entry a subscription to the loan 7 7 9 , but after that date the position of the house became 9 2 Tli e H i s tory of a B anki ng H ou se .

n o f an importa t one , very similar to our great financial houses B Messrs . Rothschild and aring ; this is shown by extracts

Ti m es h an d from the and ot er papers , I have thought it

of i n ex ten so desirable to quote some the particulars , since the methods of issue were somewhat similar to those of the present day .

‘ T he Ti mes th first extract is from the , dated February 5 ,

1 80 1 , and is as follows We understand there are five lists already announced

n f . ot for the ensuing loan , so that M r Pitt will want of ers of money at least .

T he lists are B I Co . Co . st . M essrs . Robarts , Si r F . aring , and

G olds mid . Messrs .

“ : 8 . 2 nd . . Messrs Smith , Payne Smiths

rd T he o f B . 3 . Committee ankers

w nham Co h . e t . 4 Messrs N , E verett and their friends .

th T he . s . gentlemen of the Stock E xchange

T o state the reports of the amounts to be borrowed might only mislead nor is it ann ounced whether the Chancellor of ” or the E xchequer will borrow the Loan at one two biddings .

T he next extract is as follows 8 1 1 1 0 . February 7 th ,

’ Yesterday morning at te n o clock the gentlemen w ho

o f offered terms for the loan the present year met M r . Pitt i n

Tke H i stor o a B anki n H ou s 94 y f g e.

T H E LOA N . Yesterday the Gentlemen who had formed Lists waited

n on the Minister to contract for the Loa .

T he B idding was to be on a deferred 3 per Cent . Stock .

Every Subscriber o f £ 100 money was to receive

Consols .

£60 Reduced . And those w ho chose to take the least sum of Deferred Stock were to have the Loan .

T he different parties delivered in their letters , which , on being opened , appeared as under

6 1 Smith , Payne Smiths £ 9 3 Committee of B an kers 7 1 5 0 Stock E xchange 7 1 5 0

8 10 0 E verett Co . Baring and Angerstei n 9 4 0

0 Robarts C0 . 9 5

s d 1 0 E a ain Co . 9 5

Of course , Smith , Payne Co . were declared the

T he purchasers . terms are exceedingly good for the public , and considerably better than we believe the M inister himself T h f expected . e Consols during the time the di ferent parties were with the M i n isters were at As soon as the terms

6 an d of the loan were known , they rose to 7 , left off at

2 for 2 3 for money , 7 7 3, the account . Omnium was from 4 to , and left at 4—1 n H u Tli e H i story of a B anki g o se . 9 5

T h H n t e Co . o ouse of Smith , Payne were supposed

of k B only to be out Stoc , but what is termed ears also ; therefore it was material for them to get the Loan to reim burse them and prevent their lying at the mercy of others to k get in their Stoc . One chief reason of the Fund ’ s great elevation may be attributed to its being known that the B ank Directors are

of Co . concerned with the house Sm ith , Payne

f to I t is said that Smith 81 Co . of ered coalesce with ld Co . o Curtis and , which the Alderman refused ; and J emmy

of Morgan , in consequence what he sifted out at Downing

d . 1 6 1 5 . Street , altered his price from £ 7 3 s . to £ 9 3 , which k d completely joc ie all the parties . M ost of the Leading M en

B o f k in the S tock E xchange were great ears S toc , which , being obliged to be bought in , occasioned the rise to be so rapid .

A celebrated Lottery Contractor has , it is said , the call ‘ o f half a million o f Consols for the account o f an eminent

or 0 J ew , at under 7 Of course , there is at the present price a gain of

T he total estimated capital value of annuities set up in 8d Great B ritain i n 1 80 1 and 1 80 2 was 1 2 5 . but we have no record of the exact amount taken by the k ban ing house , but as the Bank of E ngland was interested

o w as in the issue, it is possible that the wh le amount sub scribed by Messrs . Smith, Payne Smiths . Tke H i st r n u o y of a B a nki g H o se .

T here is also an interesting statement as to the Govern ment Debt at that date .

I nterest on l oans I nterest o n Consols and Reduced Ditto o n Deferred Stock from 5 th

1 80 8 January , Management o f the whole

I nterest on Stock created by E xchequer B 1 2 5 . ills funded , together with Long Annuity

2 per cent . thereon

Management .

I nterest on Stock charged On I ncome Duties

Management .

T o of tal Stock created by the loan , F o r each £ 1 00 of money

n 6 0 0 I 3 per cent . Consols £ 5 60 0 0 I n 3 per cent . Reduced

6 1 4 Deferred Stock 9 0

) 1 1 1 ! £ 5 9 C f 8 2 d . T he whole amount o annual interest is £3 1 s . n t as to the Govern

i

1 9 3 41 99

r x WI LL I AM PITT .

8 Tli e H i stor o a B n H 9 y f a ki ng ouse.

Although the Government had to borrow at a high rate

of of interest , yet one must remember that the price all

securities was then abnormally low , and at one period Consols

had fallen to 47 . Lord Rosebery states that Pitt 's financial fame will always be remembered by his pl an fo r the redemption of the National

Debt , which his contemporaries regarded as his highest claim

to . to renown I t may be stated that in order raise money ,

Pitt did all in his power to stimulate public competition , which

o f 1 80 2 is shown by the tenders for the loan , when Smith ,

T he Payne Smith were the highest bidders . money market at that time preferred a 3 per cent . stock , rather

o ne . than at 5 per cent , because the latter might be

o N e w m arsh - redeemed at short n tice . M r . , a well known banking authority, stated , by actuarial calculations , that

o . borr wing in 3 per cent stock , as compared with 5 per cent was in reality an economy . I n any case, Pitt had to appeal to f a limited and abnormal market , and if he had not of ered the temptation of stock which was certain to rise sooner o r later

in capital value, he could not have secured the requisite means for carrying on the war

o f 1 80 2 n At the close the French War, i n , the Natio al Debt was the amount now being

o f 1 showing an increase in 00 years .

T he firm from that time until the present day has always

to been a large subscriber the various Government issues , and

' 8 Th H i tt r ! 9 e ) Q! 4 B anki ng H ouse.

o f nte re st e t one t e a the rice of l i , y mus rememb r th t p a l se ri e was h a o al l ow w e tarre d Co -so cu ti s t en bn rm ly , and at s n ls had fal len to 4 7 .

- be remem be red by his plan for the redempti on of the N at-iOnal

t die a ?in is ow e to stim t ate ' u blic om on ic Pi t } h p r a p c petiti , wh h

i . s h n b the e fo r l ea of 1 0 n ith s o w y t nd e rs the n 8 2, whe Sm ,

ma ke . a t a me e e r e m. o r t th t ti preferr d a 3 p xa st ck, rather than o ne e r n a the l atter i h be at 5 p ce t bec use m g t,

- n l ! e or c . N (aw ma h ow ede med at M r. rs k r sh t oti e , a we l n n

ank a thor s ate c ua ial on at b ing u i ty, t d , by a t r calculati s , th

: imiter! an d abxi s rmai marke t and if h e had not ofiered the a l , temptation cf stock which w as certain to rise soo ner or later

ta a u he co uld no t ha the te i n capi l v l e, ve secured requisi means for ca rry i ng o n the w ar

at th e cio ne as the en h war i n r a e t e N i o l F r c , c , h at na Dent w as the amount no w be ing

e a ri n an as e of in 1 r sh g incre 00 yea s.

T he firm fro m that time u ntii th e w arm: day has alw ays

v - e n ar s be . o be a l ge ubs cri r to the various G ernment issues, a nd

Té e H i story of 4 B a nki ng H ouse 99

o in conj unction with Messrs . R thschild and other leading firms , subscribed to the recent issues for the payment of the

South African War .

I t will be noticed that the Chancellor o f the Exchequer usually consulted members of the S tock E xchange and the

fl o leading bankers as to the best methods for ating the loan , and this system has been continued to the present day . A

o o k new innovati n , h wever, occurred when American ban ing houses were asked to assist to contribute , but some differences o f opinion were expressed as to the desirability of this i n the future .

T h o e late M r. Reginald Smith inf rmed me that the firm

of was able in one of the earlier panics this country , to pay off the whole o f the deposits from their holding of Govern k I ment Stoc , which think is a unique position for any bank t in this country o hold .

NOTE ISS U ES .

H E issue of bank- notes was an essential feature f k of o o early ban i ng ; the scarcity c in , and the unsettled co nditio n of the country were the

- principal causes of a large issue of bank notes .

l - i n . M abe r Mr y Phillips , an i nteresting

- art c e: i t e ra nni es m y fo r M ar c as o i l n h G h l t, on Note C llecting ,

“ i 1 l Ls “ an . th a t n a} m m m a t ce n tury there were at least

“ diffe 'u t t mm ! s u n th e : wa n a e r o g p p m ney , and

n s t t em w e e S a m e and e o amo g h r u l Ab l S mith , and a n te

A u 26th 1 2 8 is o dated gust , 7 , certainly the earliest pr vincial

n o e known .

T here is a close connecti on between the issue of n otes and

f k o the growth o deposit ban ing . Any ne who had notes in , hi s pos session would in course of time find that it w as de s irahle to ea v e e safe t k l th m for ty wi h the issuing ban er, and he wo u ld thus bec ome a depositor of the bank ; the issue o f a k- has t e re o e de e b n notes h f r always prece d d posi t banking . T he earlier forms w e re more of the characte r of pro misso ry

o e T as t 1 0 a n t s. hom Smi h stated in 7 7 th t he owed Richard

1 T H r l 0 2 he isto y of a B anki ng A onso.

H 1 d . k 5 . ac er 5 3 , and for the repayment of the said sum H he gave a note o f hand . e also stated that for several years past he had used to take in and receive great sums of money

o of diverse persons , and up n receipt thereof to give notes

for under his hand the same , thereby promising to pay the

s o o sums secured to the pers n authorised the money , or the bearer of the note upon demand , and in case any note so given by this deponent be produced and endorsed only with the name of the person to whom it is payable upon delivering the said notes , this deponent pays the same to

’ s o o the bearer , that sometimes this dep nent s notes are paid by endorsement .

T he earliest specimen of a promissory note or cheque is as follows

1 A u 1 0 . N ottingham , 3 g , 7 5

Sir,

T - Please to pay homas Wright or order, Sixty four

e le av e n pounds shillings and five pence , and place the

z same to Eli . Metcalfe and Sister . o p . y urs ,

J . Smith . T T o . . M r hos Smith ,

Present .

h T T e name of M r . homas Smith appearing as witness to the note is somewhat curious .

1 An old ledger in the possession of the firm , dated 7 7 5 , has several entries respecting the cancellation of such notes .

1 2 T H t r 4 B nk i n 0 h i s o y of a g H ouse .

i . f H k 55 d . or th e e a me f sum ac er 5 3 , and r p y nt o the said

n e of d he gave a ot hand . H e al so s tate that for s everal years pas t he had us ed to take i n and re ce ive gre a t sums of money o f di v rs e e s s o t e r o to i ve o e p r on , and up n receipt h e f g n tes

m ai n : his h d fo r h e b o s to a the an the same , t er y pr mi ing p y s t ! an em . se to the e so au dao rised o the cured p r n the m ney , or

' - w an s i f the o o e a d and in ase so n te up n d m n , c any note

" o the s a nk . as th e . m as n to whom i t is pa yable upon i de ii v e riu the sa t-t no e e a m to g tes , thi s d po n nt p ys the sa e

f f “ - ); s t ai m mi e n o f a pro mi sso ry note or chequ e 15

N ott a 1 A u 1 0 i , , 5 ngh m 3 g - 7

l ' ” l i a s a i n a y l hrn nas W i o r - r s p r ght order, S ixty fou

ou niés ei e a ve n s hill i n s and fiv e e nd th p g p nce , a place e

a E lia M ca fe an d S st r . s me to , et l i e ou rs 9 . y ,

. m j S ith . ' r i has S m it T o M . h . Pre s e nt

r S m t a T he na me oi M . Thomas i h ppe aring as W i tness to

n so w h cu r the ote is me at iou s .

old s se s the firm 1 An ledger i n the po sion of , dated 7 7 5 , l ' f has several entries res pecting the cancel atio n o such notes .

H istor o u B anki n H ouse 1 T/z e y f g . 0 3

T he Editor of the Con n oisseu r has kindly allowed me to

of in - reproduce some the N ott gham bank notes , which form ’ o M abe rl Philli s s part f a series in M r . y p paper

S . A . S . 2 6 1 2 8 August , 7 .

I . promise to pay J ohn N ewton , E sq , Six hundred

o n and forty Pounds at Nottingham demand , value

received .

For B rother Samuel Smith Selfe .

Abel Smith . 6 0 £ 4 .

h . T e . letters S . A . S stand for Samuel and Abel Smith

n o ne Another is an i teresting , with an engraving of the

n o f tow N ottingham .

N O 8 1 95 . I B W . promise to pay M r . m Elliott or earer Twenty

Pounds at Nottingham on demand , value received .

2 1 6 Septem . 4, 7 4 . A For Messrs . Samuel and bell ,

Smith Self.

(Signature torn off. ) At the present time we do not see any cash transactions in guineas , except as donations for charitable purposes , but a

of o - guinea was a coin the realm , and c nsequently bank notes

fo r S were issued various multiples of 1 I . f r n H u se 1 04 Tue H is o y of a B an ni g o .

Other specimens of bank - notes are as foll ows

6 2 N o . 49 . B to T . o r I promise pay Charles urner , Esq , earer,

E ighty Pounds at Nottingham on demand , Value

received . 1 1 Nov . , 7 3 5 .

For Brother Samuel Smith Selfe,

Abell Smith .

Chatfie ld M r . Frederic Smith i nforms me that it was customary at the N ottingham bank , until a very few years

o f since , to insert names influential customers of the bank in promissory notes , partly as a compliment , and partly to

in f multiply the handwrit g , thus making it more di ficult to forge the notes . I t does not , however , follow that any such note was issued to the persons named .

T here is one drawn upon the London house as follows ' B N ottingham ank .

Messrs . Smith , Payne Smiths ,

Bankers , London .

o n Pay the Bearer Five guineas demand , value

I 1 received , the st day of September , 7 95 .

Fo r E s . Co . Samuel Smith , q , ,

Five guineas . Saml . Smith .

‘5 r a B w e e E s . n e r q , a er,

a n de and l e . m , Va u

N 1 ov 1 . , 7 3 5

“ i A s a nt be ll .

‘ i a z tii i nf m ns me that it. was

m i e n cu smm e rs of the bank i-n a compii rne nt and partly to rims maki ng it m o re difficult to

a n ho o o . wever . f ll w that any such

r i e m ne nam ed .

t e ! h . u pon the Lon don house as

e mi s Pa n 3 s s t , y e Smith ,

k . Ban ers , London

' 1 e u n ou e u w g i eas d mand , val e

1 7 9 5 .

‘ ‘ stn -l £ a m h 8: Co . n S i . 3 t q ,

Sa l “ m m . S ith .

1 06 Tli e H ist r B n u o y of a anki g H o se .

B k 1 1 5 o . Linc ln an , £

I B on promise to pay the earer demand One guinea,

1 80 . value received . Lincoln , 7 J une, 3

F r H o . 8: Samuel Smith , Rich enry Ellison ,

H . E ntered W . S . Parker . enry Ellison 8 1 6 . . No . One guinea

When Sir Robert Peel passed the famous N ote Act of ’ 1 8 o of o k 47 , the am unt the c untry ban s circulation was as follows

A utho rise d Issue . 20 7 Private B anks 7 2 J oint Stock B anks

T here is no doubt that i t was intended to gradually e x tm u ns h k g the local issues , because no new ban was allowed k to issue notes , and when any ban amalgamated, the right of

w a issue s forfeited .

I n 1 844 the average circulatio n of the country banks was

8 u £ , but thirty years later the amount was red ced by

- iz o o n e v . ab ut half, ,

T he present amount is v iz 3 0 Private Banks 2 5 J oint Stock Banks

5 5

1 m m 5 an 1 15 . . B k, £

' 3 su m m r) t on de m nd One u a e at: my he B e arer a g ine ,

al e H n i ne s n oln u 1 80 . v u . Li c , 7 J ne, 3

Fo r u H o fe s e l h c . e n r n Smi t , Ri h y Ellis n ,

3 N 1 6 . n . o . O ne gui ea

’ i 1 8 th am n of an mm io n w as as . 47 , e. o u t the cou ntry b ks ci r follow s

M as hed Issue . 2 0 7 Pri v ate Banks 7 2 joint Stock B anks

T here is no dou bt th at i nte nded to gradually

- ( s n w m . i t: gam a. viz ,

1 use S 's t m o unt is

8 m m B an ks

a 5m m benefit B a n ks

T H st r a B ank n H u s 1 0 li e i o y of i g o e. 7

T he present amalgamation will involve the cancelment of private note issues to the amount of the authorised note issues of the local banks being as foll ows

Samuel Smith Co N ottingham

o Smith , E llison Co Linc ln

: H 8 Co . Samuel Smith , ull

Co . Samuel Smith , Derby

Co . Samuel Smith , N ewark

T he issue of notes by the Lincoln bank was the largest

o of o tw o am unt any private bank , alth ugh there were joint

’

iz . k 0 T v C . he stock banks, , Stuckey s Ban ing and Yorkshire B f k Co . o an ing , which had a larger circulation the issue the last named has been cancelled through amalgamation with the

o k . L ndon City and M idland Ban , Limited

T here is no doubt that the local issue of n otes has been of

o great service , especially when means of c mmunication were

B k of deficient, and gold or an E ngland notes somewhat

w as o difficult to obtain , whilst often there c nsiderable danger i n the transmission of coin from o ne part o f the county to

the other .

1 B k n H use 1 0 Tno H i story of a an i g o . this system continued until the Bank of E ngland was utilised f r o the purpose of adjusting the balances .

T he addresses and signs o f the various banking houses which are mentioned in the above - named book are taken from

’ H o n o k o . M r . ilt n Price s interesting book L ndon ban s

rd 1 — 1 k 3 March , 7 7 7 3 Clearing Ban ers .

B n 8 rown Colli son , 5 , Lombard Street

T 1 8 (became Brown , Collinson ritton in 7 7 )

“ ” H 8: Co ankeys . , Golden Ball , Fenchurch Street 664

“ Giv ie s k 0 2 6 At inson , Rose and Crown . 5 , 5 L ombard Street 4

o k 2 8 2 8 1 Walp le , Clar e B ourne, , Lombard Street

B B H c H o 6 2 land , arnett oare , Bla k rse , , Lombard Street

“ A s ill H 81 Co. 0 Sir Chas . g , White orse , 7 , Lombard Street

! B B o of arclay , evan Bening, c rner George Yard , Lombard Street B Co . oldero , 7 7 , Lombard Street

o “ 66 Castell , Whately P well , Spread Eagle , , Lombard Street

I n 1 8 to fi o B l B a 8: o o n enson it n oine the rm f a c a e n C . 7 5 , j h H Tr j d r y, v T/z e H istor o a B anki n H ou se y f g .

B o Staples , aron D imsdale, J hn Dimsdale , J osiah

0 o Barnard , 5 , C rnhill H Co. Archer, yde , White H art C ourt

S on H o 8 Fuller, , alf rd Vaughan , 4, Cornhill

81 Co. 1 8 B irchin Glyn , , Lane

B e v an 1 2 1 f , th March , 7 7 7 D i orr e ns Co. 2 2 , , Finch Lane

B “ o Co . U o o I ats n , nic rn , L mbard Street 4S

(formerly Remington Co . ) H C ’ o. o alliday , 3 , Freeman s Court , C rnhill 3 99 5 1 7

o Ladbr oke Co . (moved to B ank B uildings) 5 7 3

k Co. 1 1 o Lemon , Furley, Lubboc , , Mansi n H ouse Street 1 6

H alford (not in London Directory)

K endall (not in London Directory) 3 2 7

ok 1 0 o Ladbr e Co , L mbard Street 5 7 3 8 6 (in 1 84 2 amalgamated with Glyn Co . ) 7

ame oes nota ea in ist but ossi is Si anus Be an w ho oine Ba c a Co. T N d pp r l , p bly lv v , j d r l y 1 1 2 T/z e H is tor o a B nk n y f a i g H ou se .

Co 8 6 . 0 Langston , Polhill , , Cornhill £3 9

Co Lees . , Lombard S treet

2 00

“ T he 6 Co . 8 Martin , Grasshopper, , Lombard

E . C . 6 Street , 5 5

: 8 Co . 2 Mason , Currie , 9, Cornhill 7 74

1 86 (amalgamated in 4 with Glyn Co . ) B Co . 1 Marlar , , artholomew Lane

. I I (subsequently Pole Co ) ! 3 7

T hr adn e dle Co . e e Prescott , Grote , 5 7 , S treet

B s . Raymond , Sir Cha , art

o 1 0 B irchin Vere , L we Fletcher, , Lane

6 2 2 Co . Reade, Moorhouse , 7 , Lombard Street 1 49

Co . (afterwards Willis , Percival )

Smith . Payne Smith , George Street , Mansion

i i ou s e

80 Welch Rogers , , Cornhill 3 1 9

Wi ke nde n Co . 20 c , , Lombard Street

T his total of is insignificant compared with the

2 present daily amount of 5 , 3

1 n 1 4 T/z e H istory of a B a n/si g H ou se .

1 0 1 o Messrs . Smith , Payne Smiths . I n 9 a new c mpany was formed for the purpose of taking over the property .

T he e rv ois e late Mr . j Smith was at one time Deputy

o f H o f Chairman the Clearing ouse , in the affairs which he always took a great interest ; he was also Chairman o f the

o ne of Public Works Loan Commission , and recognised as the leading bankers in the City .

CO N CLUSI O N .

seems desirable to make a few concluding remarks with especial reference to the causes which led to the success of the firm from its foundation in 1 688 until the present

T o time . a great extent the careful manage ment of large deposits entrusted to the care of various members of the firm was the principal reason why they did not participate in any speculative schemes , although at times the

o T temptati n was great to secure large profits . ransactions which might be designated as beyond their resources were always carefully avoided , and the firm rightly considered that the capital at its disposal did not permit the financing of large

of accounts such as the acceptance bills for foreign firms .

o Although this business was somewhat remunerative , yet nly k a limited amount was underta en .

k o of Some ban s have failed thr ugh want sufficient capital , but the Smith family had at all times a large sum invested i n Government Stock i n order to meet any sudden withdrawal of deposits . N o doubt the large amount held over a century 1 1 6 Tno H is tor o a B a nki n H ou se y f g .

' ago was partly due to the fact of their participatio n i n the T various issues of the Government . his was shown in the

1 8 1 . first published balance sheet ( 9 ) of Messrs Smith , Payne

Smith , the amount of Government Stock held being

of 1; in addition to actual cash , against liabilities o f T his was held against any sudden pan ic or crisis in the financial world ; here again there was

of of always the temptation obtai ning a higher rate interest , but their conservative policy was never altered .

T he capital utilised for the purp ose of banking was always a considerable amount ; the balance sheet , already referred to shows subscribed by the partners against their banking liabilities .

One of the causes of the failure of other private firms was the withdrawal of capital when any member of the firm died ; but again we find it was always retained in the business , in order that the high character of the firm should be maintained .

T he of k last published balance sheet the ban , prior to i ts

o o o o amalgamation with the U ni n Bank of L nd n , sh wed that

f z o o o v i . it held the highest cash reserves any L nd n bank , , f 2 . o o 7 9 per cent its liabilities . Curiously enough the U ni n f o n 2 . o B ank stood second the list with 3 3 per cent cash .

T he e of one of syst m branch establishments, which is the

of ou r k w as features present ban ing system , realised by the

o of Smith family . Abel Smith saw the imp rtance having

1 1 8 Tke H istory of a B anki ng H ou se . Papers refer to Sam Weller selling some stock at the B ank

f f r 0 o E ngland and receiving a cheque o £5 3 on Smith ,

Payne Smiths .

“ A writer sixty years ago stated the firm of Smith , Payne Smiths possessed great wealth and exemplary

T of conduct . his created public confidence , and many the " nobility kept their banking account with the firm .

’ of 1 8 0 At the time Wright Co . s failure , in N ovember , 4 ,

k o k the Du e of N rfolk had in that ban , the partners o f which were Roman Catholics , and his account was then

to n w as transferred Smith , Payne Smiths . A other customer

Sir Richard Arkwright , who was considered the wealthiest man in E ngland , his fortune being considered to be about

H is dividends , which amounted to

8: . were partly received by Smith , Payne Smiths

T he w ho private bankers , including those founded this

o o f banking h use , will always be remembered as the pioneers

k o ban ing in this c untry .

T homas Smith had started his career five years before

B o f k v iz . the ank of E ngland , so that the machinery ban ing , ,

o cheques , n tes , and bills of exchange , were really brought

into everyday use through the efforts o f the private bankers .

On the formation of joint stock banks it was found ne ce s sary in many cases to engage gentlemen w ho had received n their banking educati on in the private ba ks , as the same

methods were found advantageous to those institutions . We T/z e H istor o a B anki n H ou se y f g .

might also describe them as the legislators for the banking

community . I t is only necessary to refer to the evidence

given by such men as Lord Overstone, Samuel Gurney , Lord

e rv ois e Avebury , J Smith , and others, before various Parlia mentary Committees as an illustration o f the keen interest

which they had i n all matters appertaining to their profession . T hey were animated with a desire to conduct business from a w h high standpoint which , possibly, is somewhat the cause y

E ngland occupies such a high position in the financial world .

T h old here is , owever, a feeling of regret when firms , who

o o have had such an h nourable career, are merged into ther institutions but there must always remain a feeling of regard with respect to this banking house which has maintained a

o high reputation , and possibly this fact will never be f rgotten .

T he universal marks of approbation in the Press at the time of the amalgamation with the U nion B ank of London must be a source of gratification to the members of the firm who have upheld the dignity and honour o f the banking

o pr fession .

I n conclusion , I cannot give a better account of this banking house than by quoting the following extract from

’ B “ of o ailey s Annals N ttinghamshire , written many years

“ a o : o g A c untry banking firm which has been enabled ,

k o f through all the monetary panics , shoc s , and vicissitudes

not so many years , only to maintain its credit unimpaired , but generation after generation to go on extending the sphere of

o of its operations , without weakening the riginal source its 1 2 Tke H i t r k n H u s 0 s o y of a B an i g o e . power and influence by any act of really dangerous over

of - exertion , is an instance long continued successful industry , under the guidance of sound discretion and well - directed

all enterprise , which entitles persons engaged in the manage ment of its vast concerns , from its first foundation even up to

o the present time , to the highest commendation fr m others ,

s till of as it must ever have been , and continue to be a source

o honest gratification and h nourable pride to themselves .

I N DE ! .

C a i n w i t Ric a 8 . e ouse 10 . Ga es N ottin hamshi re A rk r gh , h rd , 3 l r g H , 74, 9 dd by, g , v Colli l s o i e Le iceste n e . 8 A hby F l ll , r , Ab , 39 , 3 9

s i e 18 . o tu ne . Ga ne Lo 2 1 h r , F r , 7 , 3 9 rd r , rd , ,

e u Lo 1 1 . Lau e nce . Genea o ical 2 ee 1 1 . Av b ry , rd , 9 r , 4 l g Tr , ’ Col in s o ta s i . Gla o \V s t ne . E . 2 6 l H p l , 9, 39 d , , . B a e ot al t 1 Commission of I n ui 1 1 e . 1 Go smit s of Lon on 8 . g h , W r , 5 q ry , 7 , ld h d , 3 ’ “ B aile s nna s of ottin 0. G o e nme ntD e t 6 8 . y A l N g 4 v r b , 9 , 9 ” Co o ation ham 1 1 . of Lon on 80 . G o e nme nt a Lo ns 1 . , 9 rp r d , v r , 9 ’ B an otes Count Ban s ote Circu G u ne am l S ue 1 1 . k N ry k N r y , , 9

u 10 . ation 106. H ll , 5 l , C o w e Bu a al r i Li nco n 106 . te is of es S i i 10 l , r p ll l r , P r h , H , Ph l p , .

ottin am 102 . 2 . ow e M a o VViIIiam 12 N gh , 9 H , j r , .

C omw l . Ba i n M e s 2 . e i e 6 Visco t 1 2 ss un . r g, r , 9 r ll , O v r, , Custom B ar . ouse u . u B an e binde r Lane 88 60 . , H , H ll , H ll k , 5 5

B eaconsfield Lo 1 . utc inson Col . o n 6. , rd , 9 H h , J h ,

Bi o f E xc an e 2 . De nison a i r m 6 e w K en S o as . ll h g , , H y rd Th , 3

B ue a ou Cl u 6 . na 88 . l P rl r b , 9 rd ,

B o ou s oc e t 18 D e Ban 0 . i . 6 Le ceste ow n of 8 . r gh , P k , rby k , r , T , 3

B anc Ban s 1 16. Dic ens harl s 1 1 i o a C e . L nc n B n 1 . r h k , k , , 7 l k , 5

B ml ir G 2 Do e Cou t 8 . o e S eo e 1 . Liste S i r o n . r y , rg , v r , 5 r , J h , 59 ’

w n 1 . D rsa C unt 1 Li r B o n o O o . ttl e fea illiam r , J h , 5 y , , 9 , W , 3 5 . B r more S ome sets i e Li ttle Lom a t e S e t 86. y , r h r , b rd r ,

E as tG instea 2 . L m O . o a t eet 1 1 S . I r d , 3 b rd r , 7 5 , 79 B ir ancis E as t to e ottin am n a u e tt S 18 . S Lo m ns G ee n . Co 6 . rd , Fr , k , N gh g , r , 7 ’ B w R o t . s i e 12 . L on man s fil a az u u o s e i e 62 . rr , b r , 5 h r , g g ,

E l ison e n 1 . l , H ry , 5

Ca in ton Lo 16 . Ric a 1 an fie a . M s B n rr g , rd , , 7 3 h rd , 5 ld k , 49 .

a 22 . M ansion ou se 80. E rl , H ,

ar nton S i r Mic ae de 8 . o es te Lo 2 1 . M e o H n C a l C w o . es 1 . y , h l , F r r, rd , d , h r , 5

C i War 6. ow i iam 1 . e i i e M e . H . Les ie . v l , 3 F l r, W ll , 3 lv ll , A l , 5 3 1 2 4 I n dex .

M e l ll . L slie 2 R os o 2 . mi M a tn uc e 0. i e e . e e L S t i v , A , 5 b ry , rd , 3 h , r T k r, 3

. S . Les ie . Rot sc i Ba on Lione de sw al A u ustus 1 A l , 54 h h ld , r l , O d g , 3 ,

M t B u 26. 2 i u s o o of 6. dh r , r gh , R 2 M ss s on 6 e na . e S . i e r , , 7 g ld Ab l , 3 , 99

ote I ss ues 10 1 R o e t 1 . N , . b r , 3 , 53

o tin am B an . i am 1 2 . t S t. C sto e l e S toc . S ue 1 N gh k , 3 5 hr ph r k , 79 l , , 3 ’

t. M a s 8 . o n amue G eo e 1 . S S t. M a o l ot 88 . S ry , ry W h , l rg , 3

m 8 . D ail Gu ardi an . oo c u c 88. o as 8 6 1 1 y , 49 W l h r h , Th , , 3 , ’ mi -D i n amil 1 1 S t o e . S t. S te en s a oo . ph , W lbr k , 79 h rr f y ,

e s tone Lo 1 1 . m l e m an 2 S mit M a ten Co. 2 . S a o ons . Ov r , rd , 9 l , A d r , 7 h , r , 3

S i e G . H . . S mit a ne S mit s 6 1 . h pl y, , 54 h , P y h ,

a t M . . . e Bal an 1 16. S mit e 1 1 2 6 0. ce S eet P g , J , 54 h , Ab l , , 4, 4 , 5 h ,

a me ston Lo 2 . l un S tan e S ir H . M . 6. e . 1 . P l r , rd , 9 Ab , j , 5 l y, , 7

Pau nce fo te Lo 2 1 . to M a e t . D u le R o e t . S c s , rd , , 3 d y b r , 3 3 k rk , 79

a ne w a 6 . C 2 u B u on . . E ic a in ton . S tees Co P y , Ed rd , 7 r rr g , 3 r , rd , 77

o n 62 . E u stace e l . S ne Ci t of 2 2 . J h , Ab , 54 yd y, y ,

René 6 . e e ic Chatfield , 7 Fr d r ,

Lane ottin am . s ec om son oma 8 . P k , N gh , 3 5 Th p , Th , 5

i lliam . e nn G eo e 1 2 2 . o nton H . E . . P , W , 59 rg , , 3 , 75 Th r , , 49

illi s M aberl . G R 2 x a eo e o e t . Ti mes t cts om The Ph p , y , 47 rg b r , 5 , E r fr ,

itt illiam . G l 2 2 e a Du e 6. 80 2 . P , W , 97 r d dl y , 7 , , 9

l he G e at 88 . a ue t e e t ancis . T itheb a is of . P g , r , H rb r Fr , 49 y, P r h , 3

l ir e te Co. . o e S e n el . P , P r , , 47 H ry Ab , 53

il 2 . ice ton 8 u Co i n . ir e no est S n . Pr , H , H gh l , 3 4 W , Alg r , 3 3

m . . M . . P C ervoi e . o ou . , 4 s i e ce se y , J 5 J , 3 3 W lb rf r H , 59

o n 2 2 . i liam 1 6 J h . . 3 , 4 . 4 W l , 7 , 5 .

R a mon S i r C a es 8 . il i m o n l 2 Wil ocke a . e 6. c y d , h rl , 3 J h Ab , , W l , 5 R t of 18 2 2 6 m A c . i e o o n en . co m e 18 . f r 3 , J h H ry , 59 Wy b , H gh ,

R u oc 8 . i . 1 1 . o a ts L St Co. M a tin Ri e . t81 Co 8 b r , bb k 3 r dl y , 3 4 Wr gh ,

Tko H i s tory of a B anki ng H ou se .

D P avi o LON DO M D D N LT . E e o N CITY I LAN BA K , , IERC , WILLIAM , j D d J M n wa T hreadne edl e teet E . C . eto o itan an o . S r , r p l B k , C y

P F HI O I F eet Str . C . LONDON O N N LT D . 2 1 , , C U TY BA K , , , RICE, LT N l m Lo a t eet E . C . b rd S r ,

P E W N ew ou t S t. with MA AN D E xc an e RIC , . , C r , S O E 81 Co. 2 ITL , C PP LL , 4, h g

Lan E . e . C Pl ace N e w Y o , , rk .

R E F W s H ill Pa E nfiel d . OS . u M H A E Lom a teet , . , B h rk , S . AR LL, W . , 4 , b rd S r , R D H 1 Lomt E S O . UFFL , CLIFF R , E t eet . C . s am u e S , MAS E O N H E N Pete . r T R , J H RY, r h , S rr y F P i ces t ee t S E E ! 2 n , MA E R E Hi in on Fu z e U x SCHU T R , LI , , r S r S . . T R , , ll gd r , i e . S E R OCOLD D PE 1 0 uc : br dg , CLAU ARCE, , B k W h m Palace a ens S . . B n inco n a G d , M V A . L r E . a L ILLE, , B k, l . S O N FOS 1 Lomt SHERRI , J H TER, , M A H LE S E n Li nco n . E V L . . a L IL E, LI , B k , l

t eet E . C . S r , M A L S anston H al E V . L ILLE, . S E LIE, Br l, P F R DO Col . u S IB TH OR . . , WAL , , J Lincol n . W a ton ub Pall M all S . . C rl Cl , ,

M E E DW D B . u e House RRIMAN, AR , D rl y , S O A D F. B onn Ir SIMP N, RCHIBAL , y av e na e Fo est Ma o ou . S r k r , rlb r gh W Pu tne He at S . . y h , M H E A Hi o e Tet u . C. v ITC LL, , ghgr , b ry, ’ I O e ments L SMART, WILLIAM , , Cl Gl os . E . C .

M L A R . ow n an e ITCHE L , WILLI M , D Gr g , H S GU Y OS W LD I Lom SMIT , BA IL A , , Basingstok e . t ee t E . C. S r , m a A . un . Lo M E N S . ULL , , J r , 4, b rd J B E N 8 Lo s i R oa St SMITH, , 9, rd h p d , t ee t E . C . S r , New in gton . T hreadn eedl e M A B . URRAY, S MUEL , 5 , E R A E T he an SMITH , B RT AM B L, B k ,

E . t e et . C S r , m tingha . ’ O N E Miss H . C. 2 ou tena ILL , , , C r y E NG ON tone“ SMITH , RIC CARRI T , S Te ace M o eton Ham stea . rr , r p d Warn in l id Ha wa s Heat . g , y rd h PA G A R H I NG S e ton V . . L R E , LI , B l , if on ottin hai E . K LE t N SMITH, YR , Cl , g n ear GreatYarmouth . E S E A E an Lincol r SMITH, U TAC B L, B k , PA E nion of Lon on . and E G O. U RK R , , d

I F n N ottin am . ms . A . a mit s an Ltd. i . S h B k , , Gr by SM TH , , B k, gh Tli e H istor o a B anki n H ou se 1 2 y f g . 7

D e s T H B R Y F F D S U TC . U . an of E n an SMITH, RE ERICK CHATFIEL , 3 3 , Ch , G , B k gl d , W E ham P ace S . . . C. l ,

D D 1 Lomba E , , W S A V N SMI , G DU d S Lot u E C . TH RAL LEY r S I B NK EREI , 43 , hb ry,

tre et E . C. S , T H E I N E OF E RS STITUT BANK . n i n f L n nd E D H . U o o o on a SMITH, G RAR , d

mit s an Ltd . e . i T O ON H E N E . an N ottn S h B k , , D rby H RNT , RY , B k , g ham I H E E R F IS 1 Lom a . SM TH, RB T RANC , , b rd

t ee t E . C. S , T O T E O eat inc e ste r R T R, J HN , 7 , Gr W h r

t eet E . C. H G O an o f E n an S , SMITH, U H C LIN, B k gl d , r

E C. U e V A I E . tt n Lo e S Y E D. ta o , , S r dg , pp r ise an w e w n M rs . ervo No oo . H o . SMITH, J , S d ll, r d

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