It is not my intention in this paper to sketch the character of Mr. Geach. I have now only to deal with him in reference to the bank, which he so ably managed, and in which down to his death he felt the warmest interest. About 1839 or 1840 he began to engage in commercial transactions on his own account, and these growing upon him and requiring much of his personal attention, he, about 1846 or 1847, resigned his position as manager, and was succeeded by his old friend and colleague, Mr. Henry Edmunds. Mr. Geach, however, though no longer engaged in the active management, was appointed managing director, and in this capacity was generally consulted on all the more important matters.
Mr. Edmunds is a man of altogether different type to his predecessor. Mr. Geach had been bold in his management, to a degree which in less skilful hands might have been perilous to his employers. Mr. Edmunds's principal characteristic, as a manager, was excessive caution. But, although so utterly varying in character, both men were peculiarly fitted for their post at the time they were in power. Boldness and vigour gave the bank a large connection, and established an extensive business. Caution and carefulness were quite as essential in the times during which Mr. Edmunds guided the destinies of the bank. In that speculative period of twenty-five years, his prudence and cool judgment were valuable qualities, and they served good ends, for the "Midland," under Mr. Edmunds, was pre-eminently a "lucky" bank. He had no occasion for the more brilliant qualities of his predecessor; the bank was offered more business than it cared for; and his caution and hesitation saved his directors much trouble, and his shareholders considerable loss.
As in process of years the business increased, the old premises were found to be too small, and the directors contemplated enlargement. Some energetic spirits on the board advocated the erection of a new building. It was debated for some time, but it finally resulted in the erection of the present palatial banking house at the corner of Stephenson Place. It is no secret that Mr. Edmunds disapproved of the step, and, indeed, at the dinner given to celebrate the opening of the new premises, he expressed, in plain terms, his opinion that they had made a mistake, and that they had better have remained where they were.
Be that as it may, the business was removed to New Street in 1869, at which time, I believe, Mr. Samuel Buckley was Chairman of the Board of Directors. One can imagine the satisfactory feelings of his mind as he reflected that within a very few yards of the magnificent bank, of which he was then the head, he, comparatively unknown, took years before a situation in the warehouse of a merchant, Mr. Thomas Bolton, which then stood on the site of the Midland Hotel. In this business Mr. Buckley rapidly rose in the estimation of his employer, becoming, first his partner, and subsequently his successor. The business, when the old premises were required for other purposes, was removed first to Newhall Hill, and finally to Great Charles Street, where it is still carried on as Samuel Buckley and Co.
Shortly before the removal to New Street, Mr. Edmunds began to wish for a less laborious position. Following the precedent in Mr. Geach's case, he was made managing director, and Mr. Goode took the well-earned position of manager. This arrangement existed until about twelve months ago, when Mr. Edmunds retired altogether from the active administration of the business. He retained, however, a seat at the board as one of the ordinary directors. On this occasion, the board, with the sanction of the shareholders, to mark their sense, of his admirable judgment and unceasing industry, voted him a retiring pension of £1,000 a year. His portrait now hangs in the board-room at the bank, near that of his friend, Mr. Geach. May the walls of this room, in the future, be adorned by the "counterfeit presentment" of successive managers as good and true as these two, the pioneers, have proved themselves!
Mr. Goode's qualifications for the post he occupies are not only hereditary, but are supplemented by the experience of more than forty years in this bank, under the able guidance of the two colleagues who have preceded him. His acute perceptions and great financial skill qualify him admirably for the post, whilst his undeviating courtesy has made him very popular, and has gained for him "troops of friends."
Notwithstanding the enormous increase in the business of the town and neighbourhood, there was no other bank established in Birmingham for more than twenty-five years. One reason, probably, was that, by a clause in an Act of Parliament, it was made incumbent upon all banks established after it became law, to publish periodical statements of their affairs. This seemed to many shrewd men to be an obstacle to the success of any new bank, although it was felt that there was ample room for one. The passing of the Limited Liability Act opened the way. It was seen that by fixing the nominal capital very high, and calling up only a small portion of its amount, there would always be so large a margin of uncalled capital, that the periodical publication of assets and liabilities could alarm no one. Taking this view, and seeing the probability of a successful career for a new banking institution, a few far-seeing men—notably the late Messrs. John Graham and Henry Clive—soon attached to themselves a number of influential colleagues, and at the latter end of 1861 the prospectus of the Birmingham Joint Stock Bank was issued. Mr. G.F. Muntz was chairman, Mr. Thomas Short, vice-chairman, and Messrs. John Graham, H. Clive, R. Fletcher, J.S. Keep, W. Middlemore, C.H. Wagner, and W.A. Adams were directors. The capital, to the required extent, was eagerly subscribed. Mr. Joseph Beattie, of London, was appointed manager, and the bank opened its doors, in Temple Row West, on New Tear's Day, 1862.
The directors, at their preliminary meetings, had come to some very wise resolutions, having for their tendency the creation of public confidence in the good management and complete stability of the new venture. One of these was that no one of the directors could at any time, or under any circumstances, overdraw his account at the bank. Recollections of what had been done aforetime showed the public the wisdom of this step, and the shares became consequently in good demand, and soon reached a fair premium. The directors, with great judgment, had made a large reserve of unallotted shares, and now that they had become a popular investment, they offered them to large traders at par, on condition of their opening accounts at the new bank. Other inducements were held out to attract business, and in a very short time the bank was doing at least as large a business as some of its competitors.
The appointment of Mr. Beattie was a most judicious one. He is, unquestionably, a very able man of business; and his untiring energy and perseverance are very remarkable, even in these days of hard work. Under such management, and with so good a board of directors at his back, it is no wonder that the bank now occupies a foremost place amongst its fellows.
The Worcester City and County Bank is the last, but it bids fairly to become by no means the least, amongst the banks of the town. The parent bank was established in Worcester in 1840. It was a prosperous and successful local bank of no great celebrity until the failure of Messrs. Farley and Co., of Kidderminster, in 1856. The directors then opened a branch establishment in that town, which was successful beyond expectation. Encouraged by this, they afterwards opened branches at Atherstone, Bridgnorth, Bromsgrove, Cheltenham, Droitwich, Evesham, Ludlow, Leominster, Presteign, Malvern, and Tenbury, and in 1872 they resolved to establish a bank at Birmingham. Lloyds and Co. had just removed from Moilliet's old premises in Cherry Street, to their new bank, in Ann Street, and, rather unwisely, left the old place in Cherry Street to be let to the first comer. The Worcester company became the tenants, and opened their bank in 1872, under the management of Mr. J.H. Slaney. This gentleman retired in about twelve months, and was succeeded by Mr. James Leigh, the present manager of the Birmingham Banking Company. When he accepted his present post, Mr. F.W. Nash took the helm. The bank seems, in the short time it has been established, to have been very successful, for the premises, after having been twice enlarged, are, it is said, now too small; and it is understood that a plot of land in Ann Street, near the corner of Newhall Street, has been secured, and that Mr. F.B. Osborne is engaged upon plans for the erection, on this site, of a new banking house, which will be no mean rival to those already in existence, adding another fine architectural structure to the splendid line of edifices which will soon be complete from the Town Hall to Snow Hill.