the world of private banking
the world of private banking
the world of private banking
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BANKING AND FAmILy ARcHIVES 107<br />
Lord Overstone’s investments ledgers have enabled Ranald Michie to compile a<br />
detailed analysis <strong>of</strong> his personal wealth from 1823 to 1883. 27 Much <strong>of</strong> Overstone’s<br />
investments were in land, as were <strong>the</strong> investments <strong>of</strong> <strong>the</strong> earlier generation <strong>of</strong><br />
partners in Jones Loyd, his fa<strong>the</strong>r and two uncles. 28<br />
Family Correspondence<br />
Although only a small number <strong>of</strong> letters may still remain, correspondence between<br />
family members can provide insights into <strong>the</strong> development <strong>of</strong> <strong>banking</strong>. Several<br />
letters to Abel Smith II from his sons during <strong>the</strong> 1770s survive in <strong>the</strong> NatWest<br />
archives. These include his son Robert’s report on <strong>the</strong> London business in 1775<br />
and references to <strong>the</strong> difficulties caused to <strong>the</strong> partnership by Abel Smith’s decision<br />
to withdraw funds deposited with <strong>the</strong> bank in London. 29 A letter to Abel Smith<br />
from his son Abel III in 1777 describes <strong>the</strong> opportunities for opening a bank in<br />
Hull and <strong>the</strong> importance <strong>of</strong> obtaining <strong>the</strong> remittance <strong>of</strong> customs revenues for such<br />
a business. 30<br />
Several letters around <strong>the</strong> 1740s from Peter Fector to <strong>the</strong> merchant William<br />
Minet record Peter’s entry into <strong>the</strong> business run by William and his fa<strong>the</strong>r Isaac.<br />
They also provide evidence that <strong>banking</strong> had developed from <strong>the</strong> activities <strong>of</strong><br />
<strong>the</strong> Dover side <strong>of</strong> <strong>the</strong> business by 1744. In a letter <strong>of</strong> September that year, Peter<br />
notes: ‘Scarce one packet arrives [in Dover] but brings half a dozen letters at least<br />
with accounts for sundry sums <strong>of</strong> Money to be distributed among <strong>the</strong> [French]<br />
prisoners. I go two and three times a week in <strong>the</strong> prison. … The Commission on<br />
<strong>the</strong>se articles is small being but 6d in <strong>the</strong> Pound, but <strong>the</strong> number <strong>of</strong> sums make it<br />
answer pretty well’. 31<br />
Unfortunately, it is fairly rare for long series <strong>of</strong> family correspondence to<br />
survive. One notable exception is a collection <strong>of</strong> letters written to Samuel George<br />
Smith from various members <strong>of</strong> <strong>the</strong> family, between 1846 and 1900. 32 As well<br />
as <strong>private</strong> family affairs, <strong>the</strong>ir subject matter covers a wide range <strong>of</strong> topics,<br />
including problems at <strong>the</strong> Derby, Hull, Lincoln and Nottingham Smith Banks<br />
and discussions about possible amalgamations. In 1852 a letter from one <strong>of</strong> <strong>the</strong><br />
Nottingham partners complains that <strong>the</strong> partners <strong>the</strong>re had ‘let <strong>the</strong> trade accounts<br />
<strong>of</strong> <strong>the</strong> town go to o<strong>the</strong>r banks by our not keeping pace with <strong>the</strong> times’ and suggests<br />
27<br />
R.C. Michie, ‘Income, Expenditure and Investment <strong>of</strong> a Victorian Millionaire: Lord<br />
Overstone, 1823–1883’, in Bulletin <strong>of</strong> <strong>the</strong> Institute for Historical Research, vol. 58, 137,<br />
May 1985, p. 67.<br />
28<br />
Ibid., pp. 75–7.<br />
29<br />
Leighton-Boyce, Smiths, pp. 78–82; NatWest Group Archives, ref. 2637.<br />
30<br />
Ibid., pp. 190–91; NatWest Group Archives, ref. 2619.<br />
31<br />
Sencicle, Banking, p. 10.<br />
32<br />
NatWest Group Archives, ref. 4615.