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

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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 27 of 57)
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the country deeply in debt. In 1851 the property was re-sold to Mr. H. Chaytor
for ^53,540. Sir William Chaytor died January 28th, 1847, at Clervaux Castle,
near Croft, aged 'jd.

After the bank was taken over by the Union Joint Stock Bank, the notes of
that Company were issued, the circulation reaching about ^90,000. After the
stoppage of the Union Bank, these notes were gradually written off and destroyed
by Mr. Henry Chaytor, one of the Committee appointed for winding up the Union
Bank. The business of the Sunderland branch after the transfer to the Union Bank,
was under the able management of Mr. Matthew Hutton Chaytor.



Clarke, IRicbarbeon, & IbobGSOU, Mbttbip.

Passed to York City and



Founded 1786. Partners.



County Bank, 1846.



Information incomplete.

THIS was the second finn in Whitby to open their doors to the public as
regular bankers, which they did September 26th, 1786, though it is highly
probable that prior to that date Christopher Hodgson, and Clarke,
Richardson, & Co. had transactions of a banking nature in conjunction with their
other business. In 1781, Christopher Hodgson is named as a merchant. He
married first on June 3rd, 1774, Diana Robson, who died October 2nd, 1788. Her
monumental inscription describes her husband as a "Banker." His second
marriage is thus announced : —

"August 17th, 1792, Christopher Hodgson, Esq., banker, of Malton, Co. York, to Miss Eliz. Gilder,
daughter of the late Eev. Jonathan Gilder, rector of Arpeden, Herts."

In the marriage license he is named as "Mercer and Draper," and in the Lythe
churchwardens' accounts, as Wine Merchant.

In the York Courant, April 15th, 1788, Mr. Hodgson advertised for a clerk : —
" Wanted a principal Clerk in a Banking House in the North Riding of Yorkshire.
Apply by letter to Mr. C. Hodgson, Whitby."

In 1789 the drapery business was advertised for sale : —

" To let at May Day a house and well accustomed Woollen Drapery business in Baxter Gate Whitby
who is going to decline the business which is to be disposed for liberal terms. — March 17th, 1789."



[228]

Mr. Hodgson soon after retired from the firm and joined Messrs. Hayes,
Leatham, and Hodgson, Bankers, Malton, where they are recorded in 1793.
Ultimately his affairs came into bankruptcy or assignment. His premises in
Baxtergate, Whitby, were in possession of the late John Morrell, Watch-maker,
who for 21 years paid a nominal amount into Messrs. Simpson, Chapman, & Co.'s
bank, and by withdrawing the same, he or his family M^as able to give a title.

It would appear that a member of the Pease family entered the Whitby firm,
as the British Directory for 1790 announces: — "Pease, Richardson, & Co.,
Bankers, Whitby," and Messrs. Campion's books show banking transactions with
Pease & Richardson, 1792 to 1814 (Messrs. Pease & Co. are also named during
part of the same period).

The firm seems to have suspended payment for a short time during the panic
of 1793. In the Newcastle Chronicle for May 18th, 1793, the friends of Messrs.
Pease & Harrison of Hull, and Messrs. Richardson & Co. of Malton and Whitby,
are informed : —

" That their respective Banks have again opened for business with the same punctuality and attention
as has always distinguished their conduct until that fatal moment which involved almost every Bank
in the Kingdom in disappointment and temporary distress."

On January ist, 1816, the firm of Richardson, Holt, & Co. are announced,
their premises being in the old Market Place, where for many years they carried
on an extensive business.* In 1823, Messrs. Richardson, Holt, & Co. are recorded
in Flowergate, their London Agents being Messrs. Curtis & Co. In 1840, the
same firm are quoted in the old Market Place. They appear in the lists of
Whitby bankers up to 1846, when they were absorbed by the York City and
County Bank.

Regarding the close of the bank, I have been favoured with the following : —

" At the time of the voluntary winding-up of the Firm, it consisted of Christopher Richardson and
John Holt ; for some reason they wished to end their business as bankers and approached the York
City, but the latter seem to have wanted payment for taking over the bank, Messrs. Richardson and
Holt being quite solvent, naturally declined, and proceeded to wind up voluntarily. Eventually some
arrangement was made with the York City, but I am told that no money passed between the two
banks. Mr. Christopher Richardson, one of the family, afterwards became manager of the Whitby
Branch of the ' York City,' and continued in that post for many years."

An amusing story is told regarding a descendant of Mr. Hodgson. The Rev.
William Keene, incumbent of Whitby about 1842, married a daughter of Judge
Thomas of the Madras Presidency. She was grand-daughter of old Christopher
Hodgson, draper and banker at Whitby. When the happy pair were receiving

♦In 1800 the London banking firm of Joseph Smith & Co., 60, Old Broad Street, became Smith and Holt.



[229]



the guests at the Rectory, "all sorts and conditions" of visitors called. One
well-intentioned but misguided individual brought and duly presented, as of much
interest and curiosity to the bride, the identical sign-board (about 2 -ft. by i-ft. 4-in.)
that graced Christopher Hodgson's shop when he practised the arts and mysteries
of the drapery trade.

At the time the bank commenced, Christopher Richardson was a wine
merchant. In October, 1778, he obtained a license for premises that had till then
been the ecclesiastical Chapel of St. Ninian's. The building is still standing and
forms No. 3, Baxtergate, and is at present in the occupation of Mr. W. H.
Falkenbridge. It retains many points of interest. Up to the time of Mr.
Richardson obtaining possession it had been used for sacred services, and its
desecration brought forth some verses from a local poet : —



' Where Eske, when swelled by frequent hail and rain
Bolls swift its tribute to the neighbouring main :
A sacred fane there stood in days of yore,
Where ancient dames repair'd to pray — or snore ;
Its gilded spires they say were seen by few,
I knew them well— as every blind man knew;
But like the temple once— the clergy fled,
A most abandon'd tribe reign in their stead :
Where Scripture texts once purg'd away old leaven
Now purging balls and diet drinks are given ;
The Bostrum that did once its wall adorn
Is now a reservoir of pilfer'd com ;



Where — 's soft voice once charmed the listing ear
You nothing now but neighing coursers hear,
Without, the nymphs of Cloacine dispense
Ambrosial odours grateful to the sense,
Along its walls the fllth of all the town
Dead dogs, cats, stones, and dirt come tumbling down;
Incessant is the noise upon the shore.
Where wenches wrangle and where porters roar
While dogs from dogs the pilfer'd bones purloin.
And men, cats, queans, and boys the squalling concert
join."



Mr. Richardson died at Whitby, April 26th, 1825, aged 'j'i,.

Mr. Clarke was of a Whitby family : at one time he owned the Woodlands
estate, which he sold to Mr. Yeoman early in the present century ; he also
possessed several ships.

Mr. John Holt died July 6th, 1828, aged 86. He was succeeded by his son
John Holt, who remained a partner in the bank until the business was given up as
before stated. He died at Whitby on 25th September, 1850, having had three
sons and six daughters.



Clement, 3obn»

Founded about 1772.



H)arllnatoii.

Extinct prior to 1790.



Proprietor.
John Clement.

IN 1772, J. Clement was established in Darlington. When he commenced
business cannot be ascertained, our earliest infomiation regarding him being
in connection with the circulation of Portugal Gold. In the year named, the
currency of the country was both very scarce and very defective. There was a
great quantity of Portugal Gold in circulation in the North of England, but from
frequent announcements in the newspapers of the day, we gather that much of it



[^30]

was spurious and difficult to detect. The district around Darlington appears to
have been flooded with these coins. One writer says : —

" About this time there was an extraordinary antipathy among the people to taking Portugal gold,
which was then in abundant circulation. This rose to such a height, that when a farm-house near
Gainford was robbed, the villains only took some ten guineas out of a purse holding about £14, the
rest being Portugal gold, owing as it was supposed to the difficulty in passing it. The indiscriminate
refusal of this gold caused such great inconvenience, that at a meeting at the Posthouse on September
22nd, 1772, the gentlemen and tradesmen of Darlington unanimously agreed to receive as usual all
Portugal coin that was good. This encouragement of its circulation was however almost rendered
abortive by the collector of the revenue and the farmers in general refusing to take it. Another
meeting was held in the ToUbooth on February 26th following, and all good foreign gold agreed to be
taken in payment as usual."

In October, 1772, Mr. John Clement of Darlington, Banker, advertised to
give in change for Portugal Gold, guineas or London Drafts at one month.*

In the year 1767, the Darlingtonians were contemplating the formation of a
canal from Stockton by Darlington to Winston. A meeting was held at the Post-
house, November 9th, when it was resolved to open a list for voluntary subscriptions
to defray preliminary expenses. A list of the subscribers is before me, and amongst
them is John Clement. The names also appear of Sir John Eden, James Bland,
William, Thomas, and Ralph Hutchinson, Thomas Peirse, James and Jonathan
Backhouse, John, Joseph, Edward, and Thomas Pease, Richard Richardson, Wm.
Wetherell, and William Chaytor, nearly all of whom subsequently became bankers.

The day-book of Messrs. Backhouse & Co., Darlington, for 1778 to 1780,
shows numerous banking transactions with John Clement. His name is not
mentioned at Darlington in the British Directory for 1790.



(lOQ>\{C, 1Robtn0On, ^ Co* Sunberlant).

THE SHIELDS AND SUNDERLAND BANK.
Founded prior to 1803. Partners. Failed in 1816

John Coohe. — Robinson. Thomas Coohe.

NO information has been obtained of the date of the formation of this Bank.
The panic of 1803 is the first public notice that we have found concerning
them. At that time they craved the indulgence of the public in the
following announcement : —

" Messrs. Cooke, Robinson, & Co. respectfully inform the Public, that from the recent Failures that
have taken Place in the Mercantile Part of the Community, and the Injury which the public credit

* From a file of the Darlington Pamphlet or County of Durham Intelligence, published by Sadler, June 5th to
November 6th, 1772, now in the possession of Mr. O. B. Wooler of Darlington, and very rarely to be met with, I
copy the following: — "Portugal Gold Exchanged. — Guineas or London Drafts at one month for Portugal Gold
Sterling of the 36/8 coin, not wanting in weight more than one shilling a 36/s piece. And for Lighter 36/s pieces
and moidores, £i 18s. 6d. per ounce or the then price of gold coin. For which price see this paper. Apply to
Mr. John Clement of Darlington." In another part of the same paper, gold is quoted in coin or bar at
£Z 183. Cd. per ounce.



[^3i]

has sustained in consequence, they are under the Necessity of suspending their Payments for the
present ; and therefore request the indulgence of those who hold their Notes and Bills until effectual
Arrangements can be made for their Discharge. IMessrs. Cooke, Robinson, & Co. are busied in preparing
a statement of their Accounts, which they purpose laying before Gentlemen of Respectability in a short
space of Time, whose Report, they trust, will be satisfactory to the Public, to whom they have the
Confidence to state the ultimate Stability of their Funds. 28th July, 1803."

The Committee appointed were : — William Peareth, Robert Allan, William
Ettrick, Jacob Maude, C. T. Thomhill, and Thomas Wright, of Sunderland, and
on the 23rd of August, 1803, they issued their report as follows : —

" At the request of Messrs. Cooke, Robinson, & Co., we have carefully inspected the Statement of their
Accounts laid before us, and have the satisfaction to acquaint the Public that, from the Capital
employed by them and the different Securities in their Hands, it appears to us that a considerable
Balance will remain, after discharging all their Notes and other Bank Debts, exclusive of their private
Property. We are assured that Messrs. Cooke, Robinson, & Co., are making every Exertion in their
Power to enable them to resume their payments, and therefore request the Indulgence of the Public
in their Favour until such Arrangements can be effected." The firm '* Respectfully inform the Public
that they hope the Arrangements above alluded to will enable them to resume their Payments, and to
meet the whole Demands of the Public, in the course of a very few Months ; and to prevent any Loss
to the Holders of their Notes and Bills in the mean Time, they engage to allow legal Interest for the
same from the 23rd July last to the Time of their Discharge."

The obligation thus voluntarily incurred by the bankers must have been
heavy, as of course from the date named all holders of notes would claim interest,
which on the arrival of the day of reckoning must have been considerable. The
distress and inconvenience caused throughout the north by these constant bank
collapses must have been very great. A London paper of September 7th, 1803,
says : —

" Such is the distress in the northern counties— Northumberland, Durham, &c. — owing to the
cessation of payment by the country banks, that hardly any one will give change for a twenty-shilling
note. Cash has totally disappeared."

J. P. Halbert, the enterprising woollen draper of Dean Street, Newcastle,
announced about this time that for all goods the notes of Messrs. Cooke,
Robinson, & Co. would be taken as usual. In due course the bank resumed cash
payments, and for some years their notes must have had a free circulation. In
1805 the firm had become John and Thomas Cooke & Co., for one-pound notes
dated in that and the following year are signed " For John and Thomas Cooke &
Co., J. Cooke."

The years 1815 and 18 16 were black with bank failures, and panic was wide-
spread on the banks of the Wear. In 18 16, their promissory notes, with othe?
liabilities, came so thickly upon Messrs. Cooke that they were compelled to close
their doors, and John Cooke, who appears then to have been the sole partner,
eventually came into the Bankruptcy Court.

A quarto hand-bill, headed " Cooke's Bankruptcy," desires " the Creditors who have proved their debts
under a Commission of Bankruptcy, awarded and issued against John Cooke, of Coxhoe, in the Coimty



[232]

of Durham, carrying on tlie Trade of Banker at Sunderland-near-the-Sea, . . . under the firm of
' John and Thomas Cooke and Co.' ... to meet the Assignees of his Estate and Effects, on
Friday, the 22nd November, at the Commission Room, in the Exchange Buildings, in Sunderland
. . . to assent and confirm . . . the Resolutions . . . entered into on November 9th."

The distress throughout the county at this time was very great, the Wear
Bank (Goodchild, Jackson, & Co.), Messrs. Mowbray, Holhngsworth, & Co.,
bankers, at Durham, and Lumley & Co. (Stockton and Cleveland Bank), having
all failed shortly before Messrs. Cooke's stoppage.

We have no further record regarding this bank until 1824 — eight years after
the failure — when an announcement of rare integrity and generosity is made : — •

" The Assignees of John Cooke, late of Sunderland, Banker, will attend at the Commission Room, in
the Exchange Buildings, Sunderland, on Monday, the 26th, Tuesday, the 27th, Wednesday, the 28th,
and Saturday, the 31st inst., from 10 till 4 o'clock on each day, for the purpose of dividing amongst
the Creditors of the above-named John Cooke, a sum of Money presented to them by his eldest Son.
The Creditors will be then required to produce all their Notes and other Securities which are yet in
their possession."

Sunderland, 15th January, 18li4.

A local paper commenting upon the above, says : —

" We feel much pleasure in calling the attention of our readers to an advertisement in another column,
referring to an act of liberality, seldom equalled, on the part of the eldest son of Mr. Cooke, late
banker, of Sunderland. He has raised the sum of 13,0001. on his inheritance in an estate, his father's
life interest in which has been already sold for the benefit of the creditors, and in the handsomest
manner presented it to them."

A foot-note in Fordyce's " History of Durham," Vol. IL, p. 520, says : —

" So recently as May, 1843, Mr. Commissioner Ellison, in the Newcastle-upon-Tyne District Court of
Bankruptcy, investigated certain claims in John Cooke's bankruptcy. It was found that a first
dividend of Is. 6d. in the pound was made in 1821, and a second, of 2d. in the pound, about the year 1836 ;
the total debts being upwards of 134,0001. Further assets had afterwards been collected, but no steps
taken to divide them, a claim in equity having been made against the assignees. Mr. Commissioner
Ellison, having disallowed this claim, fixed sittings to audit and divide the remaining assets. Several
persons in humble life appeared, to prove on the promissory notes of the bank. Not having done so for
27 years, they were strictly examined by the court, but swore that the notes were taken by them for
value before the commission issued in 1816, and were admitted to prove. There were proofs on the
proceedings to the amount of 18,4281. which had not been expunged, but upon which, nevertheless, the
first and second dividends had not been computed ; this class of creditors having, from friendship to
the bankrupt, and a desire to augment the dividends payable, voluntarily abandoned their claim. The
assignees, the solicitors, and some of the commissioners were since dead ; but it was decided that
these proofs should be admitted. In 1822, before the bankrupt obtained his certificate, his friends paid
a bonus of 2/- in the pound to 1,400 creditors, upon notes, who had not then or since proved, but who
upon receipt thereof, gave up such notes, which the assignees, to prevent fraudulent transfer,
destroyed. Some of these creditors now claimed, and were allowed to prove. The final dividend,
after all those claims upon the small amount of assets in hand were allowed, was, of course, very
small.

" The previous dividends were paid at Sunderland, Newcastle, and Shields. On the second
occasion constables had to be employed at Sunderland to keep order among the recipients, who were
admitted by a door, and passed out through the window and down a ladder to prevent confusion. A
waggon load of books were subsequently transferred to the official assignee."



[^33] ^___

Bale Si do. Soutb Sbtel&s.

Founded 1858. Passed to North Eastern Banking

Company, Newcastle-upon-Tyne, 1892.
Partners.



^ohn Brodrick Dale. Henry Nelson.

John Harrison Miller. Brodrick Dale.

James Young. Thomas Nelson.

Charles Henry Green. Charles William Anderson.

John Henry Dale. Charles W. M. Dale.

ABOUT the month of June, 1858, John Brodrick Dale opened a bank
j^-^ in South Shields, as "Dale & Co.," his London agents being Messrs.
Glyn & Co. Mr. Dale was no stranger to banking, or to South Shields.
He had gained a thorough knowledge of the business in the establishment of the
Northumberland and Durham District Bank. In 1852 he became manager of the
South Shields branch of that house, the vacancy being caused by the retirement of
Mr. Clay. Upon the failure of the bank in 1857, for a short time Mr. Dale became
partner in Messrs. Hawks, Grey, Priestman, & Co., but upon the dissolution of
that firm in May, 1858, he was urged by many friends to open a bank in South
Shields, where as manager for the "District" he had gained considerable popularity.

In October of the same year, Mr. Dale was joined by John Harrison Miller,
who was introduced to him by Sir Richard Glyn. The firm became Dale,
Miller, & Co. A steady and extending business followed, until 1866, when
Mr. Miller died. Mr. Dale was then joined by James Young of South Shields, and
Charles Henry Green of Newcastle, the style of the firm being Dale, Young, & Co.
Later in the same year the business was further extended by opening a branch at
Jarrow, Robert Dickinson being appointed agent, which position he held until 1875,
when John Henry Dale, son of the senior partner, assumed the management. In
the following year he was admitted to the firm.

Mr. Green died in 1879, the three remaining partners constituting the firm
imtil 1882, when the style of the house became Dale, Young, Nelson, & Co., the
partners being John Brodrick Dale, Westoe, South Shields ; James Young, Ogle
Terrace, South Shields ; Henry Nelson, Westoe, South Shields ; John Henry Dale,
Victoria Terrace, South Shields ; and Brodrick Dale, Ormonde Street, Jarrow. In
1883 the head office was removed to Newcastle-upon-Tyne. In 1886 Thomas
Nelson, son of one of the partners, was admitted to the firm. In the following
year, Mr. Young's name was omitted from the partnership, his place being taken
by Charles William Anderson of South Shields. Mr. Nelson, sen., died in 1891;
Mr. Nelson, jun., retired in the same year ; * and Charles William Mitcalfe

♦ Mr. Thos. Nelson died July, 1894, while these pages were going through the press.



[234]
Messrs. DALE.




^ohn Henry Dale.
Brodrick Dale,



John Brodrick Dale.
Charles W. M. Dale.



[235]



Dale, Barrister-at-law, another son of the founder, was admitted to the partnership,
the firm reverting to its old name of Dale, Young, & Co. On October ist, 1891,
the head office was removed from King Street, Quayside, to commodious and
well-appointed offices in Grey Street, Newcastle. The firm was one of the first
of the private banks in the North to publish an Audited Balance Sheet. This
step of voluntarily laying their affairs before their clients met with the cordial
approval of all classes. The balance sheet will show the extent of their business,
and the position of affairs at the date named.

DALE, YOUNG, & CO., Balance-sheet, 31st December, 1891.



LIABILITIES.

Partners' capital and reserve

Deposit, current and other accounts . .

Acceptances by London agents (Messrs. Glyn and Co.) .



£100,000

391,556 12 5

14,991 16



ASSETS.

Cash in hand, at Bank of England, Newcastle, and at agents

£22,000 2 j per cent, consols, at 92 . .

Bills discounted in hand

Advances to customers on current and other accounts .

Liability of customers for acceptances, as per contra

Bank premises and other securities . .



£506,548 8 5

£100,900 18 11

20,240

226,078 11

135,470 10 10

14,991 16

8,866 11 8

£506,548 8 5

Mr. John Henry Dale died in February, 1892. For some years previously
the state of his health would not permit him to take any active part in the
business. In July of the same year arrangements were pending for amalgamation
with the North Eastern Banking Company, and soon afterwards the following
joint circular was issued : —

Bank, Nbwcastle-on-Tyne, 9th July, 1892.
We have the pleasure to inform you that our Banking business has been amalgamated with that of the
North Eastern Banking Company, Limited, and it will be carried on by them at our premises in
Newcastle, South Shields, and Jarrow.

The arrangements thus made will secure a continuance of all the conveniences and advantages
which it has hitherto been our privilege to offer to our customers, besides other facilities, which the
amalgamation with a larger Bank, having numerous branches, will afford.

We therefore hope that you will repose in the North Eastern Banking Co., Limited, the
confidence which we have enjoyed for so many years, and for which we sincerely thank you.

As our valued friends, Messrs. Glyn, Mills, Currie, & Co., are also the London Agents of the
North Eastern Banking Co., there will be no change in this respect.

We may add that our senior partner, Mr. John Brodrick Dale, joins the Board of the North
Eastern Bank, and that his two sons, Mr. Brodrick Dale and Mr. 0. W. M. Dale, are to hold
influential positions therein ; also that the North Eastern Bank have the assistance of the whole of
our present staff.— We are, your faithful servants, Dale, Young, & Co.



[236]

22, Grey Steeet, Newcastle-upon-Tyne, 9th June, 1892.



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 27 of 57)