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 42 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 42 of 57)
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side of the Market Place, Thirsk. Mr. Arnitt failed in 1827, when the
Thirsk branch of this firm appears to have been discontinued.

The head office of the bank was at York where it was founded in 1771.
In the postscript of the letter of Jonathan Backhouse of Darlington, written to his



[^62j

father in 1777, and given on page 135 of this work, it will be noted that he says : —
"John Swann of York Bank called here yesterday." In 1822 the firm are
announced as Raper, Swann, Clough, Swann, Bland, & Raper, their London agents
being Glyn & Co. They carried on an extensive business until June, 1879, when
they suspended payment. At a statutory meeting of creditors, the Receiver,
Mr. Young, of Young, Turquand, & Co., stated that the habilities were ;^225,ooo.
Assets ^171,000. Deficiency ;^54,ooo. The business of the York Bank was
taken over by Messrs. Beckett & Co. of Beverley.



IRiMei^, Sir HDattbcw Mbite, d, Co. Bewcastie-upon-xr^ne.

(see Bell, Cookson, &" Co.)



IRoper a prteetman. iRtcbmont).

(see Sir John Lavoson.)



1Ru69eII, ailan, d flDaling. Sun&erlan&.

Founded prior to SUNDERLAND BANK. Relinquished prior

1787. Partners. to 1803.



William Russell. John Maling.

Robert Allan. — Wade.

HThIS firm is recorded in the letter book of Davison-Bland & Co., December,
1787, under the above title. We have no further information regarding
them until the panic of 1793. A newspaper of that date has the following
announcement : —

" SuNDEELAND, April 10th, 1793.
At a numerous Meeting held this Day at the house of Mrs. Reay, it was unanimously agreed to take in
Payment, as usual, the Bank Notes of Messrs. Russell, Allan, and Wade, and we do hereby agree, to
indemnify the Public for the Amount of any Sunderland Bank Notes they may hold." The list is
signed by 117 firms or private individuals.

We may presume from the announcement, that at this time they were trading
as the "Sunderland Bank," and were the only bank in that town. This idea is
strengthened by the fact that the list before me is signed by three gentlemen who
subsequently became bankers, viz., Charles Abel Heurtley, John Goodchild, sen.,



[363]

and John Goodchild, jun. The next pubhc record of a Sunderland bank is in 1797,
when a public meeting was held and a resolution passed to accept the notes issued
by the Banks of Sunderland, Newcastle, and Durham. It is impossible to tell
from this announcement whether Russell & Co. were still in business. The list is
signed by C. A. Heurtley, but not by the Goodchilds. In the next year of panic,
1803, a public meeting was held in Sunderland to guarantee support to the local
bank, the only one named being the Wear Bank, Messrs. Goodchild, Jackson,
Heurtley, & Co. ; so I presume that at some time between 1793 and 1803, Messrs.
Russell, Allan, and Wade, must have given up the business of bankers.

Matthew Russell was the second son of Matthew Russell, of Rowenlands, in
Cumberland. He settled in Sunderland in 1 717; in business he was a timber
merchant and ship builder, and amassed a considerable fortune. He subsequently
became blind, when the business was conducted by his nephew, William Russell,
banker, of Sunderland, to whom at his decease he bequeathed ;^io,ooo. WILLIAM
RUSSELL was the second son of the then Squire of Rowenlands, and from his
father inherited another ;^i 0,000, so that early in life he was master of ;^2o,ooo, a
large sum a hundred years ago. He subsequently became proprietor of the
Wallsend colliery, the coals from which as " Russell's Wallsends " had a world-wide
reputation. He was considered one of the wealthiest commoners in England. He
lived for some time at Newbottle, and afterwards purchased Brancepeth Castle.
He married Mary, daughter of Robert Harrison, Esq. of Sunderland, who with her
sisters, Elizabeth, wife of Robert Allan, and Ann, wife of John Maling, were
co-heiresses of their father. Mr. Russell died June 8th, 1817; a notice in the
Gentleman s Magazine states : —

" Died at Brancepeth Castle, in the county of Durham, in his 83rd year, William Russell, Esq., whose
mild and amiable qualities had not less endeared him to his family and friends, than his genuine
benevolence and public spirit had entitled him to universal respect and esteem. Among many other
instances of his well-directed munificence and patriotism may be mentioned an hospital, which he
founded and liberally endowed some years previously in the county of Durham, for a considerable
number of aged persons, with a school attached for a large establishment for boys and girls. In 1795,
Mr. Russell was prominently instrumental in raising a large body of infantry in the county of Durham,
to the expense of which he mainly contributed, and subsequently, at the cost of several thousand
pounds, entirely borne by himself, he raised and equipped a numerous corps of sharp-shooters (the
Wallsend riflemen, commanded by John Buddie, Esq.,) esteemed one of the most complete in the
kingdom. During the period which shortly preceded his decease, and up to the moment of his death,
he received and maintained the poor coming from all quarters in barracks constructed for the purpose,
where every requisite comfort and accommodation was provided for them, while he kept alive their
habits of industry by employing such as were able, in various works upon his extensive estates."

At the death of Mr, Russell, the property passed to his son William, whose
daughter married Viscount Boyne.



[364]

" Boyne, Viscount and Lord. Gustavus Frederick, 7th Viscount. Born 11 May, 1797, married 9 Sept.,
1828, Emma Maria, daughter of William Eussell, Esq., M.P., of Brancepeth Castle, Co. Durham. On
her succeeding to that property, on the death of her brother in 1850, he assumed, by Eoyal license,
the name and arms of Eussell in addition to those of Hamilton. His Lordship had issue by her (who
died 29 April, 1870) Gustavus Eussell, now Viscount Boyne. His Lordship was created Baron
Brancepeth, 31 Aug., 1866. He died Oct. 22, 1872."

The Allan family were of Darlington and Blackwell Grange. George Allan,
bap. June 1694, married Thomasina, daughter of George Prescott of Darhngton,
August 13th, 17 17. From the Prescott family he inherited considerable property.
He built Blackwell Grange. His last surviving daughter, Anne, who died in 1787,
devised the estates to her cousin James Allan of Darhngton. James married
Elizabeth, daughter of William Pemberton of Darlington. His eldest son George,
inherited Blackwell, and became an eminent antiquary. His pedigree and portrait
are given in Surtees' History of Durham.

ROBERT ALLAN (his second son,) born 12th September, bap. 24th October,
1740, at Bishopwearmouth, married February 23rd, 1767, Elizabeth, daughter and
co-heiress of Robert Harrison of Sunderland, and at some time was a banker in
co-partnership with his brothers-in-law, — William Russell and John Maling — the
three partners having married sisters. He died March 28th, 1806. His son
Robert married Hannah, daughter of William Havelock of Sunderland.

JOHN MALING, third son of William Mahng and Catherine Thompson.
Born 29th November, 1746; built and resided at the Grange, Bishopwearmouth.
He married first, September 6th, 1768, JMargaret, only daughter of Hugh
Awdos, Esq., of Bishopwearmouth (whose wife was Mary, daughter of Thomas
Holmes, Esq., of Kendal, and whose other daughter, Sarah, was married to
Warren Maude, Esq., of Sunderland), by whom he had issue a son and daughter.

His wife died January 23rd, 1774. Mr. Maling married again at Sunderland
Church, Ann, widow of Hodgson Thompson, Esq., of Sunderland. She was the
daughter of Robert Harrison, Esq., of Sunderland, and co-heiress with her sisters
(Mrs. Russell and Mrs. Allan), of her father. Mr. Maling died November 6th, 1823,
and left issue by his second wife, three sons and four daughters. William Maling,
the eldest son by the first wife, was born June 7th, 1769. He married May loth,
1800, Elizabeth, only daughter of William Haygarth of Kidside Lodge, West-
moreland.

Many branches of the family still hold leading positions in Sunderland.

Mr. WADE. — Of this gentleman I can get no positive information. He may
have been Thomas Wade of Hylton Castle.



[365]



Founded 1779. Partners. Relinquished about 1830.



Jonathan Sanders. Jonathan Sanders, jun. Joseph Sanders.

THIS bank was commenced June 14th, 1779, by Jonathan Sanders and Sons,
who appear to have carried on the ordinar}' business of bankers. They
are named in the books of Messrs. Campion & Co., bankers, Whitby, from
1 800 to 1805. Mr. Sanders, sen., died prior to 1 8 11 , when the firm became Jonathan
and Joseph Sanders. In 1823 they are quoted as bankers in Church Street,
Whitby, their London Agents being Masterman & Co.

In 1828, amongst the bankers at Whitby wilHng to receive subscriptions for
the abohtion of slavery, and for the sufferers from disasters in the whale fishery,
are Jonathan and Joseph Sanders. Jonathan Sanders, jun., died at Whitby,
March 31st, 1829, aged 75. The surviving partner soon after rehnquished the
banking business.

I gather that the family came to Whitby towards the close of the seventeenth
century, one member being Collector of Customs for that port. They paid taxes
there in 1699. They joined the Society of Friends about 1750. A few years
afterwards, Mr. Jonathan Sanders commenced the first manufactory for sail-cloth
in Whitby, the business developing rapidly, Messrs. Campion and Messrs.
Chapman (who were also bankers) being the other firms engaged in this trade.
In 18 17 Messrs. Sanders' business "comprised two or three branches; one near the
Market Place containing 1 1 looms, one in Tate Hill, containing 1 6 looms, and one
in Guisborough, of about the same number."

It is reported that this bank was the establishment Mrs. Gaskell had in view
when she wrote her sad but very interesting story entitled " Sylvia's Lovers."
Any one acquainted with Whitby history, and especially with the press-gang
episodes, will see how many facts have been woven into the story, so that
probably the bankers pourtrayed had as real an existence as the other characters
in the book.



[z(>(>^



Savinge' Ban??,



1Flewcastle*upon*'G;sne.



Established 1817.



AT various times benevolent people have opened banks to receive the savings
jT"^ of those whose means were not sufficient to enable them to invest their
surplus in the ordinary channels. The honour of starting the first
savings' bank in the country is claimed by Ryton-on-Tyne, where a bank was
started in 1796, probably for "Crowley's Crew," the iron workers at Winlaton.
Various other banks sprang up in other parts of the country.

In 1799 the Rev. J. Smith of Andover, agreed to receive small sums from his
parishioners, during the summer, to be returned at Xmas with one-third bounty.
The Rev. H. Duncan of Ruthwell, Dumfriesshire, had a most successful savings'
bank in 18 10.

In 18 17 Government took up the question, and a bill was passed to give
stability to such undertakings, and ensure a regular line of procedure. Newcastle
soon availed itself of the provisions of the new Act. In November, 18 17, the
following requisition was addressed to the mayor : —

" We the undersigned request you will have the goodness to call a meeting of the inhabitants of
Newcastle and neighbourhood for the purpose of adopting means for the establishment of a Savings'
Bank in Newcastle, in conformity with the provisions of an Act passed in the last Session of
Parliament, entitled " An Act to encourage the establishment of Banks for savings in England.
November 11th, 1817."

M. W. Ridley.
Outhbert Ellison.
Thomas Burdon.
Joseph Porster.
Isaac Cookson, jun.
George Forster.
Benjamin Sorsbie.
John Smith, Vicar.
John CoUinson, Rector of
Gateshead.

In consequence of the above requisition and for the purpose therein specified, I do hereby

appoint a public meeting of the inhabitants of Newcastle and the neighbourhood, to be holden in the

Guildhall on Tuesday the 21st instant, at 12 o'clock.

ROBERT CLAYTON, Mayor."

The Mayor presided at the meeting, when the bank was duly constituted.

" Mr. Potts was elected Treasurer, and a Committee was appointed, consisting of the Mayor, A. Reed,
Jos. Forster, Sir J. Burdon, B. Sorsbie, J. Smith (Vicar), James Losh, Revd. J. Collinson (Gateshead),
T. H. Bigge, Geo, Hawks, C. W. Wawn, Rev. W. Turner, Robert Reay, Rev. R. Green, Dr. Headlam,
Mr. Potts, Rev. J. Blackburn, Mr. N. Clayton, Mr. Armstrong, Mr. Clarke, Mr. Charnley, Rev.
C. Benson, with all subscribers of one guinea and upwards."



John Akenhead
R. C. Askew
Christopher Benson.
Thos. H. Bigge.
Emmerson Charnley.
E. H. Campbell.
Thos. Davidson.
Thos. Harvey.
W. S. Hawks.
Geo. Hawks.



John Hawks.

T. E. Headlam,

T. E. Headlam, Newcastle.

James Losh.

James Potts.

Geo. Richardson,

Wm, Turner,

Robert Walters.

Edw. Walker.

C. W. Wawn.



[J^

A subscription list was opened to defray the formation expenses. The
Corporation of Newcastle headed it with £^^0. At the first meeting /i 17 was
announced, which by the next week had risen to £160. Another meeting was
held December 12th at the Literary and Philosophical Institute.

On January 3rd, 18 18, it was announced : — " The Savings' Bank in Newcastle
will open for the receipt of deposits on Saturday, the loth January, from 11 to i,
and from 8 to 9 in the evening," and the following week it is stated that the
meeting will be at the Guildhall, the same hours being retained.

The executive comprised nine trustees, a treasurer, a secretary, three auditors,
twenty-four directors, an arbitrator, and an actuary. At the first meeting seventy
depositors paid in ;^300. Unfortunately, the minutes of the meetings were not
recorded until April, 1821, but from that date they are in excellent preservation.

On April 8th, 1822, it was resolved: —

" In consequence of the increase of business of the Bank, the Salary of the Clerk (Archibald Bolam) be
in future £50 per Ann., and that a donation of £10 be paid in addition to his last year's salary of £30."

Messrs. Timothy Cutforth (first sub-agent of the Branch Bank of England),
J. R. Batson, James Archibold, and Wm. Beaumont, were elected directors. Rev.
Anthony Hedley* was acting as secretary, and Wm. Potts, treasurer. In April,
1823, Mr. Bolam's salary was again raised.

" Taking into consideration the increased business of the Bank and at the same time Mr. Archibald
Bolam — the clerk's general punctuality and assiduity. It was unanimously liesolved that his Salary
be increased to £75 per Ann. — the addition to take place from April, 1823."

A very strong resolution was passed on March 3rd, 1824, showing how eager
the general public was to avail itself of the large interest offered.

" Resolved — That the investment of money in Savings' Banks by persons who from their wealth and
situation in life can save and act for themselves is a great perversion of those excellent Institutions
from their legitimate end, which in the Act of Parliament by which they were established, is stated to
be for the safe custody and increase of small savings belonging to the industrious classes of His
Majesty's subjects. The directors determine to be particular from whom they receive money, and to
limit the amount. It is most earnestly hoped that no person in the more opulent Ranks of life will for
the future attempt to avail themselves of the advantages of the institution."

The Rev. Anthony Hedley resigned the post of secretary, April 21st, 1824, as he
was leaving the district. On February loth, 1826, Rev. William Turner presiding,
Mr. Bolam's salary was increased to ;^i50 per annum. In October of this
year, the directors are specially summoned " to consider taking premises on
the Bridge, lately occupied by the Northumberland Bank," Reed, Batson, & Co.

♦ Mr, Hedley was an ardent antiquary who built the cottage at Chesterholme, near Bardon Mill, composed
entirely of stones taken from the Roman Wall.



[368]



The Corporation offer to let them at £(iO, which is accepted ; the premises to
be entered November nth. In 1827, Mr. Cutforth resigned as a director
and was elected an auditor. In 1828, Mr. Bolam applied for permission to

occupy the rooms over the bank,
which was granted, " all extra taxes to
be paid by Mr. Bolam."



4 — ^^i*»-v««



\^r^/^/



y^^i



CI



^.A^.



j »^*^» » «







/ .yM/^,



On January loth, 1828, the first
decade in the history of the bank was
completed. The report showed that
the business had rapidly increased, the
deposits for the previous year amount-
ing tO;^2io,699. Banks had also been
opened in neighbouring towns, and in
one year they received the following
deposits : — For 1827, Berwick, £1 1,000 ;
Alnwick, ;^2,5oo ; Hexham ^15,000;
Morpeth, ;^40,ooo ; Durham, ;^i9,369 ;
Barnard Castle, ;^ 11,68 9; iDarlington,
;^3 6,000 ; Stanhope, ;^4,6oo ; Stockton,
;^24,549; Sunderland, ;^i,43 1.

The following year (1828), the New-
castle Bank showed another increase,
4,200 depositors paying in over ;^2 19,000. The next year there was a considerable
falhng off, there being only 4,102 depositors, who contributed ;^i93,228 — a decrease
of over ;^25,ooo. I mention this particularly, as the reason assigned for the
decrease now strikes us as remarkable. In their report the directors say : —

" On looking at the transactions of the late excellent Mr. Walker, it is found that the decrease in 1829
was caused by mischievous people reporting that the Bank would be broken up in consequence of the
establishment of the Branch Bank of England in the Town."

I have shown in my account of the Branch Bank of England what opposition
there was to its entering Newcastle in 1828 ; we here find an instance of it, and
the effect that its coming had upon the funds of the Savings' Bank. The returns
show that it was ten years before the amount of deposits reached the figures of
1828.

In one other year there was a considerable falling off, viz., 1834. This is
attributed to a report circulated in a local paper to the effect that the Government
contemplated taking all the'surplus funds of all the Savings' Banks to pay the slave-
owners for the emancipation of the slaves.




[369]

In September, 1828, an important resolution was passed regarding new
premises, which shows how successful the working of the bank must have been.

" Resolved that the sum of £5,000 be forthwith withdrawn from the reserve fund of this Institution
and deposited in the names of the Trustees with Messrs. Ridley & Co., until an eligible investment shall
be found, to raise a fund to defray the expenses of purchasing or erecting suitable Buildings or other
purposes necessary for the management of the Bank."

In December the ;^5,ooo was invested in 4 per cent. Stock, and soon afterwards
£1,02^ 7s. lod. (surplus fund) was withdrawn from the Commissioners for the
Reduction of the National Debt, as they would not allow interest. About this
time the Auditors, M. Anderson, Robt. Reay, and Benjamin Sorsbie, recommend
laying out the surplus funds —

" In building a handsome edifice for carrying on the said concern which would be an ornament to the
Town, and add respectability to the establishment. We think the middle site opposite St. Nicholas'
Church would be a convenient situation for such an edifice, and the ground floor could be appropriated
to a Corn Exchange, which would leave a considerable income to the Bank."

A Sub-Committee were appointed, who negotiated with the Corporation.
After considerable delay they reported that they were informed that Mr. Grainger
was going to build an Arcade in Pilgrim Street, and that he offered them the
south-west site. This was thought very suitable, and several plans were submitted ;
eventually, "the medium plan" to cost £7,300 was accepted, and Mr. Dobson was
appointed architect for the bank. Plans and specifications were gone into, and on
July 14th, 183 1, Mr. Dobson suggested that ;^2,ooo should be fixed as the price of
the " scite," and ;^5,ioo for the building. The resolutions were duly entered in the
minute book, under which was added, " I do hereby agree to the above resolutions
as far as the same relate unto me. Signed, Richard Grainger."

Building operations were completed by Saturday, June ist, 1833, when the
new premises were opened to the public. It was further arranged that the part of
the building not required for the business of the bank, should be let to Mr. Grainger
on lease for 21 years at an annual rent of ;^i40.

Correspondence occurs regarding the original plans which are not forthcoming,
no one apparently knowing in whose custody they had been placed ; eventually,
Mr. Grainger presumes that they "were probably used for wastepaper" after
the completion of the building.

In August 1835, the directors state that they have heard that Mr. Grainger is
going to apply for a license for a tavern.

" Resolved, that Mr. Grainger be earnestly requested to take into consideration the great detriment
which the conversion of the premises into a public-house or Tavern would be to the Bank, and the
adjoining property, and that he forbear any further proceedings for a license on the terms of the notice
which he has given."



[370]

Mr. Grainger agreed to this, and by mutual arrangement the lease was
cancelled, an old tenant, Mr. Robson, taking the shop he then occupied at £()0,
the rest of the premises being let to Mr. Green, architect, for ^55.

From time to time, Mr. Bolam's salary was increased — the term Clerk being
abandoned for that of Actuary. The salary in 1828 was ;^200. So far all other
work appears to have been voluntary, though in August, one of the Directors
proposed that " four cashiers or managing clerks be appointed with salaries (to be
paid out of the surplus funds) to attend the bank and receive and pay money to
the depositors." The motion was lost by seven to five. In May 1838, the use of
the rooms was granted to the British Association.

In March 1838, an assistant clerk was engaged at £(iO, Mr. Ridley being
appointed, but he very soon resigned, when Mr. Bolam was empowered to look
out for someone else. On December 4th, 1838, it was resolved —

" that Joseph Millie be appointed assistant, on the recommendation of Mr. Bolam."

Three days after this appointment, there happened as tragic an event as has
ever darkened the history of any bank.

Early in the morning of December 7th, 1838, the premises in the Arcade were
discovered to be on fire. Mr. Robson occupied the front corner shop, and
employed many female assistants. An eye-witness who was then at the opposite
corner of Pilgrim and Mosley Streets, has related to me that he saw the young
women, clad only in their night-dresses, crawling along the deep stone coping that
projects under the topmost windows of the Arcade.

The usual stir and commotion of a fire followed. The inner door of the bank
was broken open, and in making his way across the room, a fireman stumbled over
the body of a man lying on the hearth. It proved to be Millie, who was quite
dead, and presented a most sickening spectacle, having been battered almost
beyond recognition, a bent poker lying near, suggesting the instrument of attack.
A little farther in the room, Bolam was found ; he appeared to be insensible from
smoke and loss of blood from wounds inflicted upon him. The fire was quickly
got under, and Bolam was removed to a neighbouring doctor's. He soon regained
consciousness, and stated that he and Millie were working after bank hours, that
after a short absence he returned, when he saw Millie asleep, as he supposed, upon
the hearth-rug, that he did not like to disturb him, so resumed his work, when he
almost immediately received a fearful blow from a man whose face was blackened,
that he (Bolam) rushed to one of the side-windows to give an alarm, when the
assassin pointed to Millie and threatened to serve him in the same way if he were
not quiet, that he subsequently became unconscious, and so remained until the
firemen found him.



[371]

His story was at first believed, but further examination showed that the fire
had been intentional, all the old useless books and papers out of the safe being
piled up ready for burning — that Millie's pockets were filled with coals and paper
— and that Bolam's wounds were superficial and might have been self-inflicted.
An inquest was held and evidence produced that led to the arrest of Bolam, who
at the adjourned inquiry, Friday, December 14th, was found guilty of wilful



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 42 of 57)