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 46 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 46 of 57)
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the Bar in good humour with the following parody : —

• Who was the great Lord Chancellor, What is the theme of all I say,

Magnificent three-tailed Bashaw, And whom drag I in ev'ry way.

That made of me a Cur-si-tor ? At least five thousand times a day ?

My Uncle. My Uncle.

Who, when I was a Lawyer's clerk. And why did ' Arthurs's * throw me out —

And deeds engrossed from mom till dark. Black-balling me like any Scout ?

Appointed me an honest shark ? Why — to escape being bored about

My Uncle. My Uncle.' "

ROWLAND BURDON, justly described as "beyond all comparison, the
most illustrious of his race," was the only child of Rowland Burdon of Newcastle
and Castle Eden. He married first, Margaret, daughter of Charles Brandling of
Gosforth, and secondly, Cotsford, daughter of General Matthews. He was a
wealthy merchant as well as banker, and succeeded to his father's estates,
October 25th, 1786. He represented the County of Durham in three successive
Parliaments — 1794 to 1806 — and was Mayor of Stockton 1793-4. His charity is
recorded in the following quaint manner in the Newcastle Chronicle, January 9th,
1790: "The prisoners in Durham Gaol return their thanks to Mr. Rowland
Burdon for a plentiful dinner given them on Monday last — with one shilling, a
three-penny loaf, and a tankard of ale to each person."

It is by his pubhc works that he is best known. He conceived and carried
out great improvements in the turnpike roads of Sunderland and district, but
his boldest idea was the erection of an iron bridge across the Wear to connect
Bishop wearmouth and Monkwearmouth. The river was to be spanned by one arch
of 236 feet. The total cost of the undertaking was ^"41,000, of which ;^3o,ooo was
subscribed by Mr. Burdon, the sums advanced being secured by tolls with 5 per
cent, interest. The foundation-stone was laid September 24th, 1793. A Latin
inscription was put upon it composed by Tipping Brown, M.D., of which the
following is a translation : —

" At that time when the mad fury of French Citizens dictating acts of extreme depravity, disturbed
the peace of Europe with Iron War — Rowland Burdon, Esq., M.P., aiming at worthier purposes hath
resolved to join the steep and craggy shores of the river Wear with an Iron Bridge ; he happily laid
the foundation on the 24th day of September in the year of human Salvation, 1793."



[400] -

After the failure of the bank, Mr. Burden's interest in the Bridge was disposed
of by lottery, for which an Act of Parliament was obtained. His interest in the
Castle Eden estates was also announced for sale, also his share in the Newcastle
Fire Office and Water Works, and a large pew in St. Nicholas' Church. To the
honour of the gentry of the county, however, they interfered to prevent the
alienation of Mr. Burdon's family property. A committee was formed with
the intention of raising a sum sufficient to present Mr. Burdon with his estates —
but this he stoutly declined to accept, and only as a loan would he hear of it.
The money was subscribed by the leading men of the county. The Bishop of
Durham (/"i,ooo) ; Mr. William Russell (;^i,ooo) ; Messrs. Cooke & Co., bankers,
Sunderland, (;^5oo) ; Messrs. Mowbray & Co., bankers, Durham, were among the
contributors. They were to receive 4 per cent. ; all surplus being paid to Mr.
Burdon. The scheme was well carried out, and in time all the money advanced
was repaid, and the estates handed over to Mr. Burdon. He died at Castle Eden,
September 17th, 1838, in his 82nd year.

JOHN BRANDLING.— In his chatty chapters upon " Men of Mark 'twixt
Tyne and Tweed," Mr. Welford gives some interesting accounts of the Brandhngs,
who appear to date their greatness, like all good citizens, from the coming of
William the Conqueror. First, we have '• Sir Robert Brandling, Knight, Mayor of
Newcastle (1531), and M.P." Then Robert Brandling, "the turbulent Squire,"
whom the lines chosen by Mr. Welford from Shakespeare, well describe : —

" Luxurious, avaricious, false, deceitful.
Sullen, malicious, smacking of every sin
That has a name."

Then Charles John Brandling, M.P. (founder of "The Northumberland and
Newcastle Volunteer Cavalry"), whose brother John joined the bank of Surtees,
Burdon, & Co., probably from his connection with Rowland Burdon, who had
married his sister.

John Brandling entered into municipal life, and was for many years an
alderman both in the old and the reformed Corporation of Newcastle. He was
elected Sheriff in 1828, and Mayor in 1832. He died November 20th, 1847. His
brother, the Rev. Ralph Henry Brandling, was holder of the family property.
" To this clerical representative of the Brandlings came the misfortune of seeing
the estates which his family had held for 300 years pass into the hands of
strangers. He died in Newcastle, August 26th, 1853, at the venerable age of
81 years, ' the last of the long roll of Brandlings of Gosforth and Felling.' "

" Brandling for ever and Ridley for aye,
Brandling and Ridley carries the day ;
Brandling for ever and Ridley for aye,
There's plenty of coals on our v?aggon way."

Pitman's Song.



[401]



Swalebale S, Wlenaleipbale ISanFifriG (To. iRicbmonb.

Established 1836.

THIS bank was formed in 1836, to take up the old-established business of
Messrs. Hutton, Other, & Co., previously recorded on page 291. The
first meeting of the shareholders was held at the Bolton Arms Inn,
Leyburn, September 26th, 1836, W. J. Anderson, Esq., in the chair, when the
following officers were appointed : — Directors — John Hutton of Marske Hall,
Christopher Other of Elm House, Robert Jaques of Easby House, William John
Anderson of Swinithwaite Hall, Christopher Wyvill of Burton Hall. Public
Officers — Messrs. Other and Anderson. Trustees — Messrs. Hutton, Jaques, and
Wyvill. Managers — Mr. Ware and Mr. Isaac Fisher.

The directors were duly empowered to take the premises, &c., from the old
bank. The deed of settlement is dated January 2nd, 1837, between the several
persons named of the first part, and John Hutton of Marske Hall, Christopher
Other of Elm House, William Ware of Leyburn, and Isaac Fisher of Richmond,
gentlemen, bankers and co-partners, carrying on business at Richmond, Leyburn,
and Bedale.

The capital was to be ;^40o,ooo, in Twenty Thousand Shares of Twenty
Pounds each (£2 los. per share deposit) —

•'To be distributed as follows : — Five Thousand Shares to be reserved to the said John Hutton,
Christopher Other, William Ware, and Isaac Fisher ; Five Thousand Shares to be appropriated to
their Connexions at Par, to be distributed in proportion to the value of their respective accounts. Five
Thousand Shares to be appropriated to Influential Parties at a Premium of Two Pounds per Share,
such Premium to be paid to the said John Hutton, Christopher Other, William Ware, and Isaac
Fisher, as a consideration to them for relinquishing their business to the Company ; and Five Thousand
Shares to be reserved for future distribution at such a Premium as the Directors might decide, and for
the general benefit of the said Company." Clause 12 in the deed of settlement says : — " That for
better securing secrecy, the account of each individual customer will be alone open to and regulated
by the said John Hutton and Christopher Other for the fixst year, and for all subsequent times the
same shall be alone open and regulated by two or three of the Board of Directors to be specially
appointed for that purpose at the Annual General Meeting of the Proprietors."

Under the new formation the old prosperity of the bank was well maintained,
substantial dividends being regularly paid. By 1850 the paid-up capital had
increased to ;^53,400, £s P^^ share having been paid. The authorised note issue
was ^54,372. At the Annual Meeting, January 24th, 1894, they announced,
"Subscribed Capital, ;^42o,ooo ; Paid-up Capital, ^"63,000 ; Surplus Fund, ;^5 1,500."
A dividend of j^i per share was declared, together with a bonus of 5/- per share.



[402] ^^^^^^^^

It is worthy of note that Mr. Christopher Other presided at the said meeting,
having been a director from the foundation of the bank in 1836, and prior to that
for many years partner in the old firm. The present directors are Christopher
Other, Coverham Abbey; James C. Winn, The Grange, Aysgarth; Charles J.
Burrill, Cotescue Park, Middleham ; Samuel Rowlandson, Newton Morrell,
Darlington ; and Gerald Walker, the Hill House, Richmond. Two of the partners
in the old bank became managers under the new company, namely, Mr. Isaac
Fisher at Richmond, and Mr. William Ware at Leyburn. Mr. Fisher retained the
management at Richmond until about 1854, and was succeeded by Mr. T.
Smurthwaite. In 1866 Mr. Christopher Other, jun., was made manager. He died
at Nice, February 23rd, 1875, aged ^2, and was followed by Mr. R. Roberts. Mr.
Ness Walker is the present manager.



S^ftes, Sir Cbrtetopber, S, Co. /iDaiton.

Founded prior to 1800. Partners. Extinct prior to 1830.



Information incomplete.

FROM Messrs. Campion's books, I gather that for a short time at the
commencement of the present century the above firm was in business at
Malton. It would undoubtedly be a branch of Sir Christopher Sykes & Co.
of Kingston-upon-Hull, where, in 1797, their notes were supported at a public
meeting held March ist.*

The Sykes family originated at Sykes Dyke, near Carlisle, in the 1 5th century,
when Walter of Sykes Dyke was returned amongst the gentry for the Shire of
Cumberland.

The Rev. Mark Sykes, rector of Roos, Co. York, was created a baronet in
1783, and died September of the same year. He was succeeded by his son
Christopher, who was born 1749, and married in 1770, Elizabeth, daughter of
William Tatton, Esq., of Withernshaw, Co. Chester ; she died in 1803. Sir
Christopher Sykes died 1801, and was succeeded by his son Mark.

♦ There were also Sikes & Co. of Leeds, who suspended payment during the panic in the twenties, and Sikes,
Snaith, & Co. of London, who failed in the eventful December, 1825 ; the firm then being William and Henry
Sikes and Thomas WilkiQSQU. The London house was originally Boldero & Co.



[4031

^^ne l8.^cbanoe BanFitng do., X^ iRewcastie-upon-irpnc.

Announced 1865. Never formed.

THE local papers of March 28th, 1865, contained the announcement of yet
another bank for Newcastle, but the names of the directors were not
published. I give a copy of the prospectus, which was as follows : —

" Capital £200,000. In 10,000 Shares of £20 each. Deposit £1 payable on application, and £4 payable
on allotment, at convenient intervals. The present time is remarkably favourable for the establishment
of a Joint Stock Bank in Newcastle on the sound and approved basis of Limited Liability. While the
trade and commerce of the Tyne have been largely developed, Banking facilities have not increased in
the same proportion, and there is now, in fact, less accommodation for the Mercantile public than
existed in Newcastle and the neighbourhood a quarter of a century ago. A few influential gentlemen
connected with Newcastle have resolved to form a Banking Company, to be conducted on the safest
principles ; and reliance will be placed on local knowledge and experience in the management of its
business. Valuable promises of support have been tendered both by Merchants and Depositors, and it
is believed that a prosperous business can be speedily obtained. The Shares in a well-conducted Joint
Stock Bank are a safe investment for Capital, and Dividends varying from 10 to 20 per cent, are
frequently declared. Shares in many Joint Stock Banks in a few years have increased in value from
200 to 30O per cent. The liability of the Shareholders will be strictly limited to the amount remaining
unpaid on their Shares. Local applications for Shares will receive a preference. Prospectuses and
forms of application for Shares may be obtained from Mr. Thomas Lincoln, the Secretary, No. 1,
Lombard Street, Newcastle-on-Tyne, or from Messrs. Robert Eadie & Co., Stock and Shajce Brokers,
15, Dean Street, Newcastle-on-Tyne."

A " Form of Application for Shares " and a " Receipt for Deposit " were
attached.

In September of the same year, an advertisement appeared in a local paper
for a bank manager, but no names were given. It most probably applied to the
Tyne Exchange Bank, as that was the only one floated in Newcastle about this
time. The announcement is unique in its way, so I give it here —

" A London Banking Company being about to establish a branch in this neighbourhood upon such
principles as cannot fail to secure a large business, requires a gentleman to take the management.
Salary will increase annually in proportion to the business. Applicants must be gentlemen of local
influence and knowledge, able to give unexceptional references, and possessing some means themselves.
All applications by letter only, to contain full particulars, and to be addressed in the first instance to
' G. M.,' 33, Fleet Street, London. All communications will be treated as strictly private and
confidential."

I have not been able to gather any further information regarding the company.



amnion 3oint Stock Bank, -Rewcastie-upon-XTsnc.

(see Newcastle, Shields, atid Simderlatid Ufiiofi Joint Stock.)



[404]



T



MarwicF;, Xamb, Mrigbt, 3. Xamb, d Co.
IRewcastle-upon-Upne.

HE note here reproduced is copied from a "Sample Note" found in the
collection of memoranda on banking matters disposed of at Miss
Julia Boyd's Sale.




*^22#/y/\/.-/:/..//,-v/






/<y/



///////'//;/, //////4///r^//,/^



I have not been able to gather any information regarding this firm, and in the
absence of it, I am inclined to think that the names formed an imaginary banking-
house, combined by some engraver for the purpose of producing a sample note.



Mear 3oint ^tock Banl^ino Co.

Announced 1832.



SunC>erIanJ).

Never formed.



AN attempt was made in Sunderland in 1832 to estabhsh a joint stock bank
under the above title. A prospectus was issued on November 15th.
The proposed capital was ;^ 1,000,000, in 10,000 shares of £100 each, and
in conformity with the provisions of 7 Geo. IV., c. 46. The project collapsed
and was not revived.



[405]



MboIC6ale Co^^operative Society, Xt), iRewcastic-upou-iri?nc.

Banking Department founded 1872.

BY the year above named, the business of this Society had assumed such
dimensions that the executive felt justified in forming a "Banking
Department." No special capital was set apart for the purpose, as under
the circumstances that was not necessary. All the Co-operative Societies that are
members of the "Wholesale" are therefore co-partners in the bank; they now
number over one thousand, and of these about 350 transact their banking business
through the " Banking Department^" of the " Wholesale." Societies can be
either depositors with or borrowers from the bank.

" The customer who has a credit balance with the bank will share in the profits on the earnings, in
proportion to the amount, varying from J to 1 per cent., over the interest the customer would get from
the usual terms allowed by the ordinary banker.

The debit customers share in the profits too, in a like manner, but not to the extent of the credit
customer, on the amount of interest which is paid on the debit balances of their account, but only to
half the profit of the credit customer.

A customer may be a credit and a debit customer in the same quarter, and would receive profits
both as borrower and lender."

The net profit of the bank for 1893 was £(>,77(), which was divided amongst
the members in the ratio before stated. The value of the dividend is explained by
Mr. Abraham Greenwood (in a paper read upon the subject) in the following
manner : —

" We will suppose, for the sake of illustration, that your bank was a separate institution, conducted on
the system of paying profits on shares, and you had 10,000 shares of £5 each paid on, thus making
£50,000. The above profits assisted by the interest receivable from the paid-up capital, would be
equal to 17J per cent, per annum, or a dividend of 17s 6d for each £5 share."

The head office of the Society is at Manchester. The turnover of the banking
department for 1893 was £^7)^9^)7'^3)' Their London agents are the "London
and County Bank."



M00^alI, ^tn^all, $i Co. Scarborouab.

(see Bell, Woodall, & Co.)



[406]



Founded 1859.

William Woods.
Samuel Parker.
William Crd.
Thomas Barker.
Robert Pow.
John Dryden.



Partners.



Thomas Miller.
John Anthony Woods.
Christopher D. Barker.
Joseph Mather.
William Ord, jun.
J. F. Woods.



IRewcastle-upon-XT^nc.



Richard Clayton.
John Coppin Straker.
James Edward Woods.
Thomas Wallace Barker.
Frederic Straker.



THE origin of this bank will be seen in the account of the Newcastle,
Shields, and Sunderland Union Joint Stock Bank. {See page 320.) On
numerous occasions I have recorded the absorption of a private bank by
a joint stock company, but this is the only instance I can give of a private bank
absorbing a joint stock. If we trace the antecedents of the establishment,
however, a little further back, we find it only reverted to its original constitution.

In the early part of this century, Robert Spence, Draper, &c., of North
Shields, was adding banking to his other engagements. He was soon joined in
partnership by two friends, the firm becoming Chapman & Co., and spreading
their borders to South Shields and Newcastle. A considerable business was done,
and in 1836 a Joint Stock Company was formed to take it over, and so the
connection passed to the Newcastle, Shields, and Sunderland Union Bank. In
1847, difficulties overtook them, which resulted in their suspension. Business was
soon resumed, and carried on under a committee chosen by the shareholders, of
w^hich Mr. William Woods was elected chairman. For some years they were
very successful, and preliminary arrangements were made for the constitution of a
new Joint Stock Bank, but complications arose which were terminated in 1859 by
the disposal of the shareholders' interests to Messrs. Woods, Parker, & Co., the
members of the new partnership being William Woods, Newcastle, Merchant ;
Samuel Parker, Newcastle, Lead Merchant ; William Ord, Sunderland, Shipowner
and Merchant ; Thomas Barker, North Shields, Shipowner ; Robert Pow, North
Shields, Merchant ; John Dryden, North Shields, Shipowner.

By 1 86 1, Mr. Parker's and Mr. Pow's names had disappeared from the
partnership, while those of Thomas Miller of Picktree House, Durham ; John
Anthony Woods, Benton Hall, son of Mr. Wm. Woods ; and Christopher Dove
Barker, son of Mr. Thomas Barker, were added to the firm. Mr. Woods, the
senior partner, died on June 12th, 1864, being in his 78th year. An excellent
account of his hfe recently appeared in " Men of Mark," by Mr. Richard Welford.



ni>e66r6. Moob6 d Co.

Partners in 1894.




n. E. RUDDOCK Photo.



Grand Studio, Newcastle.



Richard Clayton. yames Edward Woods,

jfohn Anthony Woods.
Thomas Wallace Barker. Frederick Straker.



[407] •

During the next year, Mr. J. A. Woods became head of the firm, Mr.
T. Barker retired, and Joseph Mather, who for many years had been a clerk in
the estabhshment, was admitted as junior partner.

Mr. Miller retired about 1868, John Frederick Woods, son of Mr. J. A. Woods,
and Richard Clayton entering the firm. In 1873, Mr. Ord withdrew, and his son,
Wilham Ord, jun., entered the partnership. By 1879, Mr. Dryden and Mr. J. F.
Woods had retired ; the place of the former was taken by John Coppin Straker,
and that of the latter by his brother James Edward Woods, another son of Mr.
J. A. Woods.

The next change in the partnership was occasioned by the death of Mr. Mather,
the vacancy thus formed being filled by Thomas Wallace Barker, son of Mr. C. D.
Barker. Soon afterwards, Frederic Straker succeeded to the position held by his
brother, Mr. J. C. Straker. The only later change in the partnership has been the
retirement of Mr. C. D. Barker at the close of 1892.

Their present bank premises at the corner of Mosley and Pilgrim Streets,
have been the only abode of Messrs. Woods & Co., as they took the offices as well
as the business of the Union Bank. The former tenants were Sir Matthew White
Ridley and Partners of the "Old Bank," who moved into these offices in 1790,
when Mosley Street was formed, so that the premises have been occupied by
bankers for more than a century, the only house in the city that can claim such
a record.

From time to time, branches in neighbouring towns and other parts of
Newcastle have been opened, and the business materially extended. In recent
years, the firm have adopted the plan of publishing an annual balance sheet ;
that for 1893 is given below.

Messrs. WOODS & CO., Newcastle-on-Tynb, Balance-sheet, 31st December, 1893.

Dr.
Current, deposit, and other accounts.. .. .. .. .. £1,517,340 18 1

Bank premises Redemption account, rebate on bills, and other funds . . 31,755

Capital, partners' balances, and undivided profits . . . . . . 381,308 3 9

£1,930,404 1 10
Cr. =^__

Cash in hand, at Union Bank of London, and other banks . . . . £353,479 7 11

Investments, viz. : — British Government securities, £310,234 ; Indian and
Colonial Government securities and English corporation bonds,
£131,070 ; British, Indian and Colonial railway debenture and
preference stocks, £44,000 ; other bonds and debentures, £59,000

Bills discounted

Advances to customers . . . . . .

Bank premises, head office, and branches



544,304

454,866 10

523,153 7

54,590 16



9
2



£1,930,404 1


10



[4o8]



PAST PARTNERS.




Samuel Parker. William Woods. William Ord.

Thomas Barker. Robert Pow. John Dry den.

William Ord, jun. Chris. D. Barker. Joseph Mather.

John Coppin Striker. J. Fred. Woods.



[409]

l?ork Cit^ d County BanJ^ina Company, /caiton, scarborouab,

Established 1830. ^C., ^C-

IN 1830 a joint stock bank was formed under the above title, with the head
oflEice at York, and branches at Selby, Howden, Malton, and Scarborough ;
the two latter places being within the district under consideration. A
general meeting of shareholders was held, Samuel Tuke, Esq., presiding, when
the substance of the resolutions passed was as follows : —

" That a public Company to be called ' The York City and County Banking Company' be now formed,
upon the principles and agreeably with the provisions of the Act of 7 Geo. IV., that the Capital Stock
of the Bank shall consist of Five Hundred Thousand Pounds, to be divided into 5,000 shares of
£100 each ; no individual being allowed to subscribe for more than 100 shares nor less than five. That
the Directors shall be empowered to make calls upon the Proprietors for such sums, and at such times,
as the wants of the Company may require. That the afEairs of the Bank shall be under the control of
seven Directors, to two of whom the Accounts and transactions of the Customers shall be known. That
the qualification of a Director shall be fifty shares and upwards, and each Director shall sign a
declaration of secrecy. That every holder of five shares shall have one vote, the holder of 15 shares
two votes, and one vote for every additional 10 shares, but no person shall have more than ten votes.
The following Gentlemen are appointed Directors and officers of the Establishment: — Directors —
Henry Croft, Esq., Stillington Hall; Thomas Price, Esq., Clementhorpe ; Thomas Barstow, Esq.,
Naburn House ; Thomas Laycock, Esq.-, Appleton Roebuck ; Thomas Backhouse, Esq., York ;
Benjamin Horner, Esq., Fulford Grange ; Robert Waller, Esq., York. Manager — Mr. Thomas Barnes.
Solicitors — Messrs. Richardson and Richardson, London. Bankers — Messrs. Barnett, Hoares, & Co."

Business was very soon commenced which, by good management, proved most
advantageous to the district, and most lucrative to the shareholders. The opening
was very opportune, as the recent failure of Messrs. Wentworth & Co. of York and
Wakefield left the ground free for any new-comer.

In 1846 they are notified as having a paid-up capital of ^100,000, being 5,000
shares of ^20 each, annual dividends of about 10 per cent, being paid, and the note
issue fixed at ;^94,695. They then had eight branches. In 1848 the reserve fund
was i"45,743-

In 1865 the capital was increased to ^125,000, being 5,000 shares of ^25 each.
Eight per cent, dividend was paid and a bonus of 5 per cent. In 1873 the dividend
was 10 per cent, and a bonus of 6 per cent., the reserve fund reaching £'j^,2()6.



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 46 of 57)