Gurney's bank was a family-run bank founded by members of the Gurney family in 1770 and headquartered in Norwich, England. It merged into Barclays Bank in 1896.
The bank was founded in 1770 by John and Henry Gurney, sons of John Gurney (1688–1741), who passed the business to Henry's son, Bartlett Gurney, in 1777.[1] The bank was founded in what is now known as Bank Plain (formerly Redwell Street). The Quaker Gurneys were renowned for their honesty, reliability, and fair dealings — so people entrusted them their money for safe keeping. About 1777, Alderman Poole, a wine merchant, sold Bartlett Gurney premises near to the red well, and Gurney installed safes for bullion. A junior clerk slept on the trapdoor to the vaults to safeguard the valuables. The bank issued its own notes. A bull mastiff (complete with brass collar) stood on guard inside the doors at the Bank Plain premises, and there was always a blunderbuss at the ready.[citation needed]
Bartlett Gurney died in 1802, without a male heir, in Norwich. He was succeeded in control of the bank by his cousins, including John Gurney, whose children included the banker Samuel Gurney. On his father's death in 1809, Samuel Gurney assumed the control of the Norwich bank. About the same time, he also took over the control of the London billbroking business of Richardson, Overend & Company, in which he was already a partner. The title of the firm was subsequently changed to Overend, Gurney and Company, and for forty years it was the greatest discounting house in the world. Samuel Gurney died in 1856.[2]
In 1865, the business of Overend, Gurney & Company, which had come under less competent control, went public as a joint stock company, but in 1866 the firm suspended payment with liabilities amounting to £11,000,000 Sterling. The failure of that bank ruined a number of the Gurneys, as well as numerous investors. The Norwich bank, however, escaped significant damage to its business and reputation from the collapse of the cousins' business.[3]The Times stated, shortly after the suspension: "It is understood that the suspension of Overend, Gurney & Co will not in the slightest degree compromise Gurney's Bank of Norwich. That establishment recently passed into the hands of new partners, whose resources are beyond all question".[4]
The Gurney family was known for its wealth; in Gilbert and Sullivan's 1875 comic operaTrial by Jury, a character describes his accumulation of wealth until he "became as rich as the Gurneys".[5]
In 1896, Gurney's Bank merged with Backhouse's Bank of Darlington and Barclays Bank of London and several other provincial banks, controlled by Quaker families, to form what is now Barclays Bank.
^Gregg, H.F. (2004). "Gurney, John". Oxford Dictionary of National Biography (online ed.). Oxford University Press. doi:10.1093/ref:odnb/11766. (Subscription or UK public library membership required.)
^Ackrill, Margaret and Leslie Hannah. Barclays: The Business of Banking, 1690-1996 (2001) Cambridge University Press, Chapter 1 ISBN0-521-79035-2
^The Times, May 11, 1866; p. 11, col F, “Money-Market & City Intelligence” Section
^Elliott, Geoffrey (2006). The Mystery of Overend & Gurney: A Financial Scandal in Victorian London. London: Methuen. p. 235. ISBN0-413-77573-9.
Further readingedit
Verily, Anderson (1980). Friends and Relations: Three Centuries of Quaker Families. London: Hodder & Stoughton. ISBN1-898030-84-7. — an account of the Gurney family.
"Gurneys, Alexanders, Birkbeck, Barclay, Buxton and Kerrison (Ipswich Bank and Woodbridge Bank)". Barclays Group Archives. Retrieved 18 August 2018.
Hare, Augustus. "Daniel Gurney of Runcton Hall". Welcome to North Runcton, a village near King's Lynn, Norfolk, UK. Retrieved 18 August 2018.
External linksedit
Archives of Gurney's & Company, Norwich, 1775-1896 at archives hub
April 16, 2024
gurney, bank, gurney, bank, family, bank, founded, members, gurney, family, 1770, headquartered, norwich, england, merged, into, barclays, bank, 1896, contents, history, also, references, further, reading, external, linkshistory, editthe, bank, founded, 1770, . Gurney s bank was a family run bank founded by members of the Gurney family in 1770 and headquartered in Norwich England It merged into Barclays Bank in 1896 Contents 1 History 2 See also 3 References 4 Further reading 5 External linksHistory editThe bank was founded in 1770 by John and Henry Gurney sons of John Gurney 1688 1741 who passed the business to Henry s son Bartlett Gurney in 1777 1 The bank was founded in what is now known as Bank Plain formerly Redwell Street The Quaker Gurneys were renowned for their honesty reliability and fair dealings so people entrusted them their money for safe keeping About 1777 Alderman Poole a wine merchant sold Bartlett Gurney premises near to the red well and Gurney installed safes for bullion A junior clerk slept on the trapdoor to the vaults to safeguard the valuables The bank issued its own notes A bull mastiff complete with brass collar stood on guard inside the doors at the Bank Plain premises and there was always a blunderbuss at the ready citation needed Bartlett Gurney died in 1802 without a male heir in Norwich He was succeeded in control of the bank by his cousins including John Gurney whose children included the banker Samuel Gurney On his father s death in 1809 Samuel Gurney assumed the control of the Norwich bank About the same time he also took over the control of the London billbroking business of Richardson Overend amp Company in which he was already a partner The title of the firm was subsequently changed to Overend Gurney and Company and for forty years it was the greatest discounting house in the world Samuel Gurney died in 1856 2 In 1865 the business of Overend Gurney amp Company which had come under less competent control went public as a joint stock company but in 1866 the firm suspended payment with liabilities amounting to 11 000 000 Sterling The failure of that bank ruined a number of the Gurneys as well as numerous investors The Norwich bank however escaped significant damage to its business and reputation from the collapse of the cousins business 3 The Times stated shortly after the suspension It is understood that the suspension of Overend Gurney amp Co will not in the slightest degree compromise Gurney s Bank of Norwich That establishment recently passed into the hands of new partners whose resources are beyond all question 4 The Gurney family was known for its wealth in Gilbert and Sullivan s 1875 comic opera Trial by Jury a character describes his accumulation of wealth until he became as rich as the Gurneys 5 In 1896 Gurney s Bank merged with Backhouse s Bank of Darlington and Barclays Bank of London and several other provincial banks controlled by Quaker families to form what is now Barclays Bank See also edit nbsp Banks portalGurney family Norwich References edit Gregg H F 2004 Gurney John Oxford Dictionary of National Biography online ed Oxford University Press doi 10 1093 ref odnb 11766 Subscription or UK public library membership required Chisholm Hugh ed 1911 Gurney Encyclopaedia Britannica Vol 12 11th ed Cambridge University Press p 732 Ackrill Margaret and Leslie Hannah Barclays The Business of Banking 1690 1996 2001 Cambridge University Press Chapter 1 ISBN 0 521 79035 2 The Times May 11 1866 p 11 col F Money Market amp City Intelligence Section Elliott Geoffrey 2006 The Mystery of Overend amp Gurney A Financial Scandal in Victorian London London Methuen p 235 ISBN 0 413 77573 9 Further reading editVerily Anderson 1980 Friends and Relations Three Centuries of Quaker Families London Hodder amp Stoughton ISBN 1 898030 84 7 an account of the Gurney family Gurneys Alexanders Birkbeck Barclay Buxton and Kerrison Ipswich Bank and Woodbridge Bank Barclays Group Archives Retrieved 18 August 2018 Hare Augustus Daniel Gurney of Runcton Hall Welcome to North Runcton a village near King s Lynn Norfolk UK Retrieved 18 August 2018 Evening News Street NamesExternal links editArchives of Gurney s amp Company Norwich 1775 1896 at archives hub Retrieved from https en wikipedia org w index php title Gurney 27s Bank amp oldid 1170419593, wikipedia, wiki, book, books, library,
