Maberly Phillips.

A history of banks, bankers, & banking in Northumberland, Durham, and North Yorkshire, illustrating the commercial development of the north of England, from 1755 to 1894, with numerous portraits, facsimiles of notes, signatures, documents, &c online

. (page 26 of 57)
Online LibraryMaberly PhillipsA history of banks, bankers, & banking in Northumberland, Durham, and North Yorkshire, illustrating the commercial development of the north of England, from 1755 to 1894, with numerous portraits, facsimiles of notes, signatures, documents, &c → online text (page 26 of 57)
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844 14 3


2,462 6


5


2,408 1 10


2,989 19 4


Manchester . .


3,968 2 11


5,154 3


6


2,780 12 7


7,127 17 11


Swansea


1,351 8 6


2,041 10


1


2,224 3 10


3,034 2 10


Birmingham . .


4,343 17 5


11,688 12


2


10,811 18


21,387 3 8


Liverpool


351 19 6


1,758 13





2,880 2 9


11,702 1 4


Bristol


488 4 4


1,779 11


8


1,888 9


8,759 17 9


Leeds ..


5il 9 3


1,941 16


4


1,845 8 6


5,114 15 5


Exeter


, ,


194 5


3


85 1


653 11


Newcastle


, ,


726 5


5


710 7 11


1,766 10 9


Hull ..




1,252 18





1,006 4 11


2,382 4


Norwich


••


8 4


9


1,628 1 2


3,211 5 2




£11,889 16 2


£29,008 6


7


£28,117 18 3


£63,129 5 6



Total



£132,145 6 6



[^^7]

An Account of the total Expenses of the Branch Banks during
the years 1828, 1829, 1S30, 1831, and 1832.



In 1828
1829
1830
1831
1832



& s.
27,082 5
32,639 17
36,421 11
37,725 17
34,210


d.
5
5
9

8



£168,079 12


3



An Account of Commission received at each of the Branch Banks during
the Years 1828, 1829, 1830, and 1831.





1828.


1829.


1830.


1831.




€ s.


d.


£ s.


d.


£ s.


d.


£ s. d.


Gloucester . .


183 2


6


215 2


1


230 9


7


306 5 1


Manchester ..


110 7


6


181 10


8


248 5


9


464 13 7


Swansea


158 12


7


175 14





148 14


8


271 3 10


Birmingham . .


492 8


3


972 18


8


911 6


2


871 15 5


Liverpool


165 15


1


298 15


5


324 12


10


1,510 13 2


Bristol


227 19


7


240 18





367 9


5


801 19 1


Leeds • .


22 4


10


138 4


11


135 19





235 4 10


Exeter


85 7


8


119 16


6


140 7


8


179


Newcastle


23 16


11


109 9


6


167 1


3


126 15 9


Hull . .






102 2


8


101 3


2


152 2 4


Norwich


••








96


10


161 5 6




£1,469 14


11


£2,554 12


5


£2,861 10


4


£5,080 18 6




Total


••


••




£11,966 16


2





















The Number of Country Bankers who act with
Bank of England Notes exclusively, having
fixed Amounts assigned ; the Total Amount of
the Credit; and the Rate at which they
discount.



Gloucester
Birmingham
Liverpool
Hull ..




Eleven £



£

30,000
426,000
300,000

30,000

786,000



♦ N.B.— With two of these Parties the Limit is not yet
actually fixed.

Rate of Discount charged to ) „ o „„> „„„,. „„, a„„„™
the Country Bankers \ ^•3- Per cent, per Annum.



An Account of Country Bankers who issue their
oum Notes, and who have been supplied with, or
are now receiving. Coin from the Branch
Banks, as occasion may require.



Gloucester . .




10


Manchester






8


Swansea






7


Birmingham






43


Liverpool . .






1


Bristol






12


Leeds






20


Exeter






14


Newcastle . .






8


HuU






7


Norwich






4




TOTA


D


134



[^i8]

Britain S, do. xrbtrsft.

Established Prior to 1822. Partners. Discontinued Prior to 1838.

Information incomplete.

THE year 1822 supplies my earliest note of this firm being in the district
under review. Their head office was at Ripon. I am informed that Messrs.
Britain were also merchants at Leeds, doing a considerable business with
South America.

In the year named, Mr. Francis Hansell was their agent at Thirsk, his
premises being situated in Millgate. The firm are not quoted at Thirsk in 1838,
but I have no record as to when they relinquished their business.



K C. BroaMe^ S, Co. /lOaiton.

Established Prior to 1801. Partners. Discontinued Prior to 1838.

Information incomplete.

TT GULDEN'S Country Directory for 1802-3-4 announces the above firm as
bankers at Malton, their London agents being Dennison & Co.



Bulloch, Benjamin. ^orpetb.

Commenced 1847. Proprietor. Retired 1852.

Benjamin Bullock.

SOME little time prior to 1833, Messrs. Chapman & Co., of Newcastle,
opened a branch at Morpeth, appointing as their agent Mr. Benjamin
Thompson, who carried on business for them in the premises now occupied
by Mr. Webb as agent for the North-Eastern Banking Company. Subsequently
the Thompsons inherited the Spital Hall property at Mitford, when the family
name was changed to Bullock. In 1836 Messrs. Chapman's business was made over
to the Newcastle, Shields, and Sunderland Union Bank. When they suspended
payment in October, 1847, Mr. Benjamin Bullock (son of the above-mentioned
Benjamin Thompson), started banking in Morpeth on his own account. He is
placed amongst the private bankers in the Bankers' Almanack for 1849, 1850,
and i85i,but he does not appear to have had a London Agent. A Morpeth
informant says, " As far as I can make out it seems to have been looked on locally
as a kind of joke, the saying being, ' Mr. Bullock was open to receive deposits but
not to make advances.' " Subsequently he disposed of the Spital property to
Mr. Grey. Mr. Bullock left the North and retired to the neighbourhood of
London. Mr. Thompson was originally by trade a skinner, wool merchant, and
flannel weaver.



[219]



Campion, nDargaret anb TRobert mmD^.

Founded 1800. Partners. Failed 1841.



Margaret Campion. Robert Campion. John Campion.

WE have now to record the first and only instance that has come under our
notice of a Lady banker. On January 2nd, 1800, Mrs. Margaret
Campion, in conjunction with her son Robert, added the profession of
banking to their other undertakings at Whitby. Mrs. Campion retired or died
prior to February 15th, 1804, from which date Mr. Robert Campion carried on the
business by himself, until some time after 18 17, when his son John was added to
the firm. In 1823 they are announced as in Church Street, their London Agents
being Curtis & Co. One of their notes for ^5 is dated 9th February, 1836, signed
for Robert and John Campion, John Campion. Entered by William Campion. The
banking was carried on until they suspended payment in 1841, and subsequently
became bankrupt. Their books show banking transactions with the following firms
(probably for the exchange of notes, as the Cheque system of the present
day was then very little in use), Messrs. Simpson, Chapman, & Co., Clark,
Richardson, & Co., Holt & Richardson, Jon. Sanders & Son, all of Whitby ;
Hutchinson & Place, Lumley, Smith, & Co., Smith, Elstob, & Co., of
Stockton ; Heaton & Morritt, R. W. G. & T. Moxon, of Hull ; Pease & Co.,
Pease & Richardson, Richard Nightingale, Yarm ; Raper, Swann, & Co., York ; Sir
Christopher Sykes, Bart., & Co., Woodall, Tindall, & Co., Bower, Dewsbury, & Co.,
J. Grainger & Co., Pease, Dunn, & Co., Malton; Jno. Tindall & Co., Scarborough;
Wentworth «& Co., Wilson & Co., Wilson, Tweedy, & Co., all of York ; Geo.
Clarke & Co., Boston ; Robarts, Curtis, & Co., London.

The last-named firm for seven years (1812 to 18 18,) are annually credited,
"Clerks' Xmas gifts, £2 2s." showing a pernicious and humihating practice that
used to exist of augmenting the clerks' salaries by contributions from the customers
of the bank.

In 1828 Messrs. Campion were receiving subscriptions for the Abolition of
Slavery. They engaged in several other businesses, being general merchants,
wine merchants, and manufacturers of sail-cloth on a large scale. They carried on
each branch of this trade — flax-dressing, weaving, and bleaching. The spinning
used to be done in private houses.

In 1807 Mr. R. Campion erected a spinning manufactory next his sail-cloth
factory in Bagdale. In 18 14 he substituted a larger factory with many improve-
ments. " It contained 12 spinning frames, each having 30 or ^6 spindles, besides



[ 220 ]

carding frames and other ingenious machinery, the whole driven by an excellent
steam engine of 12 horse-power. ... A part of the work is allotted to the
preparation of the yarn for making sail-cloth without starch or any substitute for
it — an invention for which Mr. Campion received a patent in 1813."

A writer of the day says : — " The working of the Commission of Bankruptcy
up to November ist, 1842, shows these results : 'The parties were shipowners as
well as bankers. The debts proved against R. & J. Campion in the latter capacity
were ;^2 1,550, upon which a dividend of 1/3 in the pound has been paid ; against
J. & W. Campion as shipowners, ;^i 7,881 — dividend 1/6 ; against the separate
estate of R. Campion ;^2 3,348 — no dividend ; and upon the separate estates of
J. & W. Campion about ^6,000 each — dividend upon that of W. Campion 3/-, and
upon that of J. Campion 2/4 in the pound.' "

I am not able to record what occasioned these reverses of fortune, but there
can be no doubt that at one time the family were in a most substantial position.
Looking through the records of Whitby for a series of years, the names of Robert
and John Campion appear in connection with every public, literary, and
philanthropic movement. Robert Campion owned the farm of Foulsyth,
Trafford Hill Manor, his agent there being Richard Nightingale, and bills for
considerable amounts were constantly drawn upon each other. He was lord of
the manor of Easby, near Stokesley, and sometimes resided at Easby Hall, " a
neat, modern mansion, standing near the site of the ancient hall, which was long
the seat of the Lords Eure of Eure, the last of whom died in 1698."

In 1827, Mr. Robert Campion erected upon the highest point on Easby Moor
a monument in memory of Captain Cook. The foundation stone was laid July
12th, being the anniversary of Mr. Campion's birth, and the same day of the
month upon which Captain Cook left Plymouth upon his last voyage, 12th July,
1776. The work was completed October 27th, 1827, Captain Cook's birthday.
The obelisk is 12 feet square at the base, and 31 feet high. The inscription is
upon three cast iron plates, and records his birth at Marton, near Whitby, October
27th, 1728, and his massacre at Owhyhee, February 14th, 1779. The monument
still forms a conspicuous land-mark for many miles around the Cleveland Hills.

Robert Campion at one time was considered the most prosperous man in
Whitby. He married Miss Jane Smales of Whitby. Her father was a substantial
shipowner, and in spite of Mr. Campion's position he would insist upon his
daughter's portion being settled upon her ; this wise precaution proving most
valuable in after years. To show the changing values of landed interests, I may
state that Mr. Campion purchased from his sisters two shares of the Trafford Hill



[22l]

estate for / 18,000, his own share being worth another ;^9,ooo. A few years ago,
for the whole property ^9,000 was all that was offered at an auction.

I am informed that eventually the Campion estate realised much better than
was anticipated — 1 6/- in the pound being paid.

Mr. R. Campion died December loth, 1866, aged 93, and was buried at St.
Mary's Church, Whitby.

After the failure, Mr. John Campion gave up commercial life, and entered
the Established Church. He took his M.A. degree, and was ordained at Lambeth
in 1845 by the Archbishop of Canterbury. In 1869 Lord Grimthorpe presented
him with the living of St. James's, Doncaster, from which he recently retired, and
is now living in privacy.

Since the abov-e was written, the following account has reached me : —

"The death took place on Saturday morning, May 19th, at the advanced age of 91, of the Rev. J.
Campion, formerly vicar of St. James', Doncaster. Mr. Campion was born at Whitby, on May 8th, 1803,
and he was held in the highest esteem by his old parishioners, and, indeed, by all who knew him. He
was made a deacon in 1843, and was ordained a priest in 1845 by the Bishop of Ripon. He was curate
of Knaresborough from 1848 to 1847, curate of Christ Church, Doncaster, from 1845 to 1848, and vicar
of East Acklam from 1847 to 1864. In 1869 he was appointed to the living of St. James', Doncaster, by
Mr. E. Denison and Mr. E. B. Denison, and in January, 1890, he resigned the living, to which the Rev.
E. H. Bennett was appointed. The rev. gentleman had been in failing health for several months. In
October he caught a chill on leaving church, and had only been out on three occasions since, and then
only for a short drive. Yesterday morning at St. James' Church, Doncaster, the Rev. H. Boultbee,
curate, briefly alluded to the death of Mr. Ctanpion. He said they knew his work as vicar of that
parish for over 30 years— his message to them was always the same, Jesus Christ and Him crucified,
and both in his life and in his message Jesus was the beginning and the end. In the evening the
vicar, the Rev. E. H. Bennet, also made a passing allusion to Mr. Campion's death. The funeral will
take place at Warmsworth on Wednesday afternoon. A memorial service will be held at St. James'
Church at the same time."
May, 1894.



Cbapman d Co. -Rewcastle-upon-XIsne.

Founded iBiS. Converted to Joint Stock Bank, 1836.

Partners.



Robert Spence. William Chapman.

Edward Chapman. Frederick Chapman.

John Mellor Chapman.

THE foundation of this bank was laid by Robert Spence, Draper, of North
Shields, a member of the Society of Friends, and a man in whom all other
men placed implicit confidence. In the early part of the present century,
like many of his compeers, he combined with his drapery business, the various



[ 222 ]



mysteries in monetary transactions that constitute banking — though he was not
pubhcly announced as a banker. In 1818 two Friends, namely, Edward Chapman
of Whitby, whose relatives had been bankers there for many years, and William

Chapman* of Dockwray Square, North Shields,
entered into co-partnership with Robert Spence
to form the "North and South Shields Bank,"
and carry on the "trade or business of bankers."

The deed of partnership is dated August,

1 8 18. The shares were to be held in the

following proportions : — Edward Chapman, one

quarter ; William Chapman, one half ; and

Robert Spence, one quarter. It was further

agreed : — " That Edward Chapman be allowed

at any time during the partnership to introduce

any son of any branch of the Chapman family

as a partner in the said trade, granting him

such portion of his one fourth share as he may

think proper." William Chapman to have the

same liberty to introduce his brother Frederick

Robert Spence. Chapman as a partner, with a portion of his

half share on his attaining 21 years. The term of the partnership was 14 years—

Edward Chapman to give as much of his time as he thought proper — William a

general superintendence — and Robert Spence his whole time from 10 to 3 o'clock.

It was originally stipulated that the capital required should be lent by the
Messrs. Chapman, but when the business was established, each of the three
partners subscribed the proportion represented by his share.

Business was commenced in North Shields, January ist, 18 19, the South
Shields Branch being opened soon afterwards. By 1823 they had extended their
borders to Newcastle. At that date they are announced at the West End of
Mosley Street, or 39, St. Nicholas' Square — which eventually became the
head office.

Messrs. Fry and Chapman were appointed their London Agents, and a good
and profitable business was carried on from the first. Towards the close of 1828,
Messrs. Fry and Chapman stopped payment. Their failure occasioned a most
scurrilous article in Cobbett's "Weekly Political Register," November 29th, 1828.
As they were the London Agents for a great many country bankers, it naturally




♦ Sarah Chapman (mother of William Chapman of Whitby), left in 1757, j£50 in trust to George Wakefield,
Mercer, and others, for the repair of the Meeting House and Burial Ground at North Shields.



[^^3]

caused some alarm, and occasioned a sharp run upon Messrs. Chapman, at their
head office and branches, and sent a rush of notes suddenly upon them.
Fortunately they were well prepared for such an emergency. An extract from the
diary of Mr. Spence (from which source much of my information is gathered) thus
briefly records the progress of the run : —

" Bank (notes) and Gold on hand on the 26th when the account reached Shields, £31,000 odd, paid at

Shields No. So. Shields. Newcastle.

6,100 3,320 2,500

1,800 688 2,000

258 179 1,200"

Being /ii,920 the first day, £4,488 the second, and £\fiyj the third — Total,
^18,045. The rush was sharp but short. The diarist adds: — "Confidence
completely restored and many gratifying instances of it."

The firm issued their own notes. One dated August ist, 18 18, is here
produced.




N^?,^1>(^ v/^S0at(i:^:>fii<4S %'Mnr




In 1 83 1 Mr. Spence's son Robert

"left school at the age of fourteen to enter his father's ofl&ce, with the expectation of one day taking
his place in the firm. He had a great natural aptitude for figures, and a large part of the work of the
busy little office (at North Shields) was soon thrown upon him, for his father was frequently called
away by other business or by public duties, and the elderly clerk would take the same opportunity to
slip out to enjoy convivial society and his flute."

At the expiration of the first term of fourteen years, the original partners
entered into a second agreement for a similar period from January ist, 1833. The



[224]

names of Frederick Chapman (brother of William) and John Mellor Chapman
were also included in the co-partnership, the former having joined in 1826, and the
latter about the same time. The capital was to be ^20,000, subscribed in
proportion to the shares held by each partner. In addition to this, Edward
Chapman undertook to find a further sum of ;^ 10,000, in case of need at any time.
No personal attention was to be required from Edward Chapman, and for
services to be rendered William was to receive a salary of ;^2oo per annum. The
profits of the establishment were to be divided in the following manner : — Edward
Chapman ^\ and ^V, William Chapman ^% Robert Spence ^^, Frederick Chapman ^-g,
John M. Chapman ^\ and ^V- Each of the partners to have power to bequeath his
share by will to a successor. Frederick Chapman retired from the firm in 1835.

On the 20th January, 1836, the senior partner, Edward Chapman, met with
an accident that resulted in his death two days afterwards. Probably this circum-
stance, and the rage that was then abroad for banks under the Joint Stock
principle, led to the conversion of the establishment into such an institution. On
June 7th, 1836, the goodwill of the business was disposed of for ;^20,ooo to the
Newcastle, Shields, and Sunderland Union Joint Stock Bank ; the old partners
becoming large shareholders and continuing in the management. The new
business commenced on July ist, 1836, in the premises occupied by the old firm in
Newcastle, North and South Shields, and Morpeth, where a branch had been
recently established.

From a friend who was "Junior" with Messrs. Chapman, at the time of the
transfer, I have gathered some interesting particulars regarding the conveyance of
money at that time. Once a week he had to go to Mr. Benjamin Thompson, the
Morpeth Agent, to bring away his surplus cash. This was placed in a strong oak
box heavily bound with iron, with a projecting "eye." In the boot of the coach
was a heavy iron chain, one end of which was fastened to the coach and the other
pad-locked to the box. The " pays" for Haswell Colliery were in the same manner
conveyed to Durham, where an agent from the colliery met the bank official, and
took the contents fi^om the box.

ROBERT SPENCE originally sprang fi-om Nidderdale in Yorkshire, and was
a member of a family of Quaker yeomen. He came to North Shields in 1804 to
join his relative Joseph Procter in business, their premises then being at the
Wooden Bridge. Robert Spence was the first Treasurer after the Incorporation of
the Borough. Some of his sons early showed an interest in municipal and political
matters. For fifty years no two men have done more public work in the district
than John Foster Spence and Joseph Spence (the former still in full service), sons
of the first Robert Spence. The founder of the bank was born 1774, and died



[^^5]

August 17th, 1846, honoured and respected by all men. His son Robert, who
so early entered his father's business, became the well-known partner in Hodgkin,
Barnett, & Co., in the account of which bank further particulars regarding him
will be found.

The Chapmans were a Whitby family (see account of Simpson, Chapman, & Co.).
They must have had some early associations with North Shields, as in 1757, Sarah
Chapman of Whitby left £^0 in trust to Robert Chapman of North Shields, master
mariner, and others, to repair North Shields Quaker meeting-house and burial-
ground. I am informed that Edward Chapman resided in Whitby, and only
occasionally visited North Shields. He died at Whitby, and a York paper giving
an account of the accident which caused his death says : —

*' The death of this much respected Gentleman was occasioned by his accidentally falling from the
deck of the ' Camden,' a family ship, the repairs of which he was superintending, into the hold, a
depth of 22 feet, and although medical assistance was promptly procured, yet it was found unavailing
to repair the injuries he had received, and after lingering in great pain from Wednesday until Friday,
his spirit returned to the God who gave it."

WILLIAM CHAPMAN was a rope-maker on the Ropery Banks, North
Shields, at the time of his joining the bank. In after years he aspired to Parha-
mentary honours. In July, 1841, he unsuccessfully contested the Borough of
Tynemouth in the Conservative interest, Mr. Mitcalfe being the fortunate candidate.
The defeated party consoled themselves by a public dinner held in North Shields,
on August 9th, 1 84 1. During his residence in Newcastle he was a prominent
figure in all public movements of a religious and philanthropic nature. After the
failure of the Union Bank he left the country and for some time resided in Italy,
but he eventually returned to England and lived in extreme retirement to an
advanced old age.



Cba^tor, Sir Milliam, 6< Co, sun&erian&.

Purchased by The Union



Founded 1829. Partners.



Joint Stock Bank, 1836.



Sir William Chaytor.
John Frankland.
James Wilkinson.

THE partnership consisted of Sir William Chaytor of Witton Castle, John
Frankland of Whitby, and James Wilkinson of Sunderland. Business was
commenced on October 20th, 1829, at Sunderland, Durham, Whitby, and
occasionally at Bishop Auckland. A branch was opened at Hartlepool (December,



\_226']

1833) which was the first banking establishment possessed by that town. At first
the firm issued their own notes (one of which is here produced), and had a
circulation of from ^30,000 to ;^35,ooo.




Subsequently the note issue was abandoned, and the paper of the Bank of England
substituted, the notes being drawn from the Newcastle Branch of that establishment.
The notes of Chaytor & Co. were destroyed by burning them as they were
written off the circulation.

In June, 1836, Messrs. Chapman & Co. s bank in Newcastle was turned into
a Joint Stock Company, under the style of the Newcastle, Shields, and Sunderland
Union Joint Stock Bank. They commenced business July ist of that year, and
arrangements were soon made for purchasing the connection of Sir William
Chaytor & Co. The reasons for sale were " partly because some of the partners
were getting up in age, and partly because it was thought that the Joint Stock
Banks, then very popular, would take away the business from the private banks."
Mr. Henry Chaytor, a son of Sir William, felt strongly that it was a mistake to
dispose of the business, and subsequent events fully justified that opinion.

Sir William Chaytor of Witton Castle contested the representation of Durham
in August, 1830, but was unsuccessful. At the first election for the borough of
Sunderland he was returned at the head of the poll. He was not a fortunate
candidate at the next general election, and was again defeated in 1837. On
August 1 8th of that year, "a public dinner was given in Sunderland to
H. Lambton, Esq., M.P., and Sir Wm. Chaytor, Bart., by the Liberals of that



l^^l^

District." In 1839 Sir William sold the Witton Castle estate to D. Maclean, Esq.,
M.P. for Oxford, for ;^95,ooo. The purchase money was not forthcoming, and
was never paid. In July, 1846, Mr. Maclean was made a bankrupt, having fled



Online LibraryMaberly PhillipsA history of banks, bankers, & banking in Northumberland, Durham, and North Yorkshire, illustrating the commercial development of the north of England, from 1755 to 1894, with numerous portraits, facsimiles of notes, signatures, documents, &c → online text (page 26 of 57)