the world of private banking

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THE WORLD OF PRIVAtE BANKING
a merger with another private bank in Nottingham, Wright and Co., ‘who could by
their trade connections employ our surplus money to advantage’.
Peter Graham’s recent study of the correspondence indicates the letters are a rich
source of information. They reveal, for example, tensions within the partnerships
which may not be found in the more formal records. By the end of the nineteenth
century, the letters show the concern of the partners about the lack of capital in
the business and the consequent difficulty in competing with joint-stock banks. A
further series of letters from family members to Herbert Francis Smith from 1889
to 1900 contain discussions concerning amalgamation proposals. 33
The Use of Family Papers
To trace papers which are held outside banking archives, the researcher is best
advised to consult Pressnell’s and Orbell’s Guide 34 and the National Register of
Archives. 35 Although the former contains references to papers of banking families,
the authors rely on the holding repository to provide details. If the repository is
unaware that their collections of family papers contain references to banking,
these will not be included.
One should also be aware that even when extensive collections of family papers
are held, the references to banking may be slight and not immediately obvious
from the finding aids provided. The Derby Local Studies Library holds a large
collection of papers relating to the Pares family of Leicestershire, who ran private
banks in Leicester and London. Correspondence amongst these papers dating from
1760–1840 is described as dealing with family and business affairs and financial,
political and legal matters. However, only a thorough investigation of the material
would reveal their value in relation to banking.
While the Overstone papers number in excess of 2,000 letters, only a small
number contain any references to the banking business of Jones Loyd. However,
amongst these letters there is also a valuable account of the history of Jones Loyd
written by Overstone in 1864. This includes references to his father’s entrance into
the partnership, a dispute with his father concerning the assignment of shares in the
profits, and the division of the London and Manchester sides of the business. The
papers also include a mid-nineteenth-century account of the life of Overstone’s
father Lewis Loyd, for whom little source material appears to have survived.
33
NatWest Group Archives, ref. 4616.
34
Pressnell et al., Guide.
35
National Register of Archives, Quality House, Quality Court, Chancery Lane,
London, WC2A 1HP. Web address: http://www hmc.gov.uk/nra/abtnra htm