A Comprehensive History of Norwich

by A. D. Bayne

In 1806, Messrs. Starling Day and Sons were bankers, in Pottergate Street, afterwards in the Market Place, in the court adjoining the Chronicle Office; and on December 16th, 1825, the bank stopped. In 1806, T. Bignold, Son, and Co. were bankers in Briggs’ Street, but did not long continue in business. The Norfolk and Norwich Joint Stock Bank was established in 1820, in Surrey Street. This bank consisted of a small proprietary, and the business, after the loss of the whole share capital, was disposed of to the East of England Joint Stock Company, in 1836. That company carried on business in the Haymarket till 1864, when the bank failed. The sad event was the cause of much misery in the city and county; and many persons who had been in comfortable circumstances were entirely ruined and left destitute. The proprietors lost all their capital, and were called upon to liquidate heavy liabilities besides. There has not been much over trading in the eastern counties, and the failure of the East of England Bank should be a warning to other joint stock banks, which ought to be the safest if well managed. The business of the East of England Bank and the premises were purchased by the Provincial Banking Corporation, limited, and that company now carries on business in the Haymarket.

About 1838, Mr. Balls opened a bank for deposits, in the Upper Market. He carried on his business through the house of Sanderson in London. Sanderson failed for £365,000, but afterwards paid 20s. in the pound, and had £20,000 to spare. Mr. Balls gave up his bank in Norwich, in 1847.

The Consolidated Bank arose from a union of the banks of Hankey and Co., and Hayward, Kennard, and Co., London, and the bank of Manchester. They were amalgamated in 1863, under the name of the Consolidated Bank, with a branch in London Street, Norwich. The Company gave up this branch, and the handsome new premises in London Street were taken by the National Provincial Bank, which has been established since 1833.

Country banks are all of them banks of deposit and discount; they act as agents for the remittance of money to and from London, and for effecting payments between different parts of the kingdom. Nearly all of them are also banks of issue, and their notes are, in most cases, made payable to some bank in London, as well as at the place where they are issued. A moderate rate of interest, from 2 to 2½ per cent, is allowed by country bankers on deposits which remain with them for any period beyond six months. Some make this allowance for shorter periods. Where a depositor has also a drawing account, the balance is struck every six months, and the interest due on the average is placed to his credit. On drawing accounts, a commission, usually an eighth per cent, is charged on all payments. The country banker on his part pays his London agent for the trouble which he occasions, either by keeping a certain sum of money in his hands without interest, or by allowing a commission on the payments made for his account, or by a fixed annual payment in lieu of the same. The portion of funds in their hands arising from deposits and issues, which is not required for discounting bills and making advances in the country, is invested in government or mercantile securities in London, which in the event of a contraction of deposits, can be made immediately available.

The agriculture of the eastern counties, the most productive in England, is the foundation of their industrial prosperity, and the chief source of business to the banks in the market towns. It is well known that since the commencement of this century, by means of an improved system of husbandry, the agricultural resources of the district have greatly increased, as has also the annual value of the produce in cattle, sheep, horses, pigs, and corn. The various branches of industry and manufactures carried on in Norwich and the county are also, of course, to be reckoned amongst the sources of the banking business.

Wholesale Clothiers.

Mr. Dyer, in White Lion Street; Messrs. Riches and Skoyles, Davey Place; Mr. Womack, Dove Street and Lobster Lane; and Messrs. Steward and Son, Tombland; occupy extensive premises, where garments are made for men and boys by the use of machines, and are disposed of wholesale to retail clothiers all over the district. The introduction of sewing machines has given a great impulse to this trade, and garments of all kinds and sizes are produced here as good in quality and as low in price as they can be obtained in any part of the kingdom.

A minute’s walk from the Market Place, in Bethel Street, are the steam clothing works and warehouses of Messrs. F. W. Harmer and Co. Between 200 and 300 persons are employed by this firm in the manufacture of boys’ and men’s clothing; their goods are sold wholesale only, and are made for what is technically called the “home trade.” In this establishment the different processes of cutting, sewing, making button holes, &c., which a few years since were performed by hand labour, are now principally done by machinery worked by steam power, to the advantage both of the hands employed and the consumers of the goods.

Wholesale Boot and Shoe Trade.

This trade dates from the commencement of the present century; and for some time it was confined to goods for the home market. In 1800, Mr. James Smith began the trade, which was afterwards enlarged by the late Mr. Charles Winter, who carried on a great business, both for the home market and for exportation to the colonies. On the death of that gentleman the concern passed into the hands of Messrs. Willis and Southall, under whose able management the reputation of the old house is fully sustained, and whose goods command a ready sale both at home and abroad. The quality of the goods is now much improved, and large quantities are exported to the colonies.