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A History of Banks, Bankers and Banking by Maberly Philips

February 18, 2010

PREFACE BY THE AUTHOR

In the year 1860 Northumberland became the county of my adoption, and very soon after my settlement I was impressed with the wide and varied field that it offered for antiquarian research. I grew deeply interested in the past records of the county, and became personally acquainted with many present day contributors to the pages of local history.

There is only one step from admiration to imitation, and soon after becoming a member of the Society of Antiquaries of Newcastle-upon-Tyne, I began to contribute short papers bearing upon unnoticed local incidents of the seventeenth and eighteenth centuries. The investigations necessary for these purposes led me to notice, that while the books on the shelves of our libraries gave many interesting accounts of the various Trade Guilds in which the city is so exceptionally strong; and the MS. volumes of the “Merchants-adventurers” were full of unpublished records of Hostmen and Boothmen the merchant princes of their day no mention was made of Banking, the occupation in which my lot had been cast. The early historians treated of pre-banking days, and the modern writers of
history, from some unexplained cause,, made the barest possible reference to the bankers. Further search revealed that Newcastle had possessed one of the earliest provincial banks, but there was no written account of it. I therefore contemplated gathering all available particulars of the “Old Bank” of Newcastle, intending to offer the result to the Society of Antiquaries. From Mr. Cuthbert Carr, whose ancestor had founded the bank, I received most generous aid. I also consulted Mr. C. J. Spence, whose father, Mr. Robert Spence, had been a collector of manuscripts and original documents relating to a variety of subjects, amongst others, that of banking. He readily showed me the collection, and generously offered the use of it in any way I thought most desirable. Subsequently, I contemplated a short history of Northern Banking, and upon mentioning the matter to Mr. Richard Welford, the historian of Newcastle, he encouraged me by saying : “There is room for such a work as you name ; call it a History of Banks, Bankers, and Banking; there’s your title gather your information write your book and then consider the question of publication.” Our conversation occurred in the late autumn of 1891. Knowing that 1894 would be the bi-centenary of the Bank of England, with which for so long a time I had been associated, I determined, that if possible, the result of my labours should appear during that year. Materials soon came to hand far more abundantly than I had contemplated. My original purpose was to confine my attention to the two Northern Counties, but the offer of valuable information from the Whitby district, led me eventually to adopt the somewhat erratic geographical district that I have taken.

Gradually the work resolved itself into the form and style in which it is now presented to the reader. None knows its imperfections better than the writer, but he trusts that the book may be found worthy of a place amongst the histories upon the library shelf, and the directories in the bank parlour. The account of some of the banks is very incomplete, but it is hoped that the scanty information given, may prove a foundation upon which others can build. My endeavour throughout has been to give first place to the records of banks and bankers of the last century, and, as far as possible, to keep the pages free from information both of a business and personal nature, that could easily be obtained from other sources. Formidable as the work may appear, and although I have exceeded my estimated length by about one hundred pages, yet want of space has compelled an abridgement of the account of some of the firms. My list of present-day banks is taken from the Banking Almanac, with the one exception of the Yorkshire Penny Bank. In announcing their names, the original title as far as possible has been adopted.

In a work of this kind, doubtless many errors have crept in, and although every endeavour has been made to verify statements, some may be faulty. Much of my information has been gathered from those well advanced in life, whose memories may not have been so reliable as formerly. The work was undertaken as a labour of love, and has brought the writer into pleasant associations, that in many cases have already grown to friendships. Nearly all the districts embraced have been personally visited, and existing bankers called upon. In almost every case, ready assistance was given, and the greatest courtesy shown.

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