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| Arbroath Banking Company |  |
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The Arbroath Banking Company was founded in April 1825. The Partners were as follows. William Kid, Merchant and former Provost of the town of James Marnie, Manufacturer and former Provost of the town of The Partnership traded as the Arbroath Banking Company and was established with an authorized capital of £100,000 (of which £40,000 was initially paid up) divided into 200 shares of £5,000 each. There were nine Directors. The Bank attracted 113 shareholders with these being primarily local merchants, manufacturers and farmers. The mainstay of the town – and therefore the Bank - was that Arbroath was a busy port and also a centre for linen weaving and bleaching.
An example of the 1825 banknotes engraved by Kirkwood & Son and signed by Hugh Watt, Cashier. (Auction catalogue image).
The Arbroath Banking Company issued its own notes. A One Pound note as issued in 1825 and was engraved by Kirkwood & Son. Douglas (Scottish Banknotes) advises that there were notes issued in 1840. These were engraved by Lizars and as an example has been seen dated 1836 Douglas appears to be a few years out with his date of 1840.engraved by Lizars although these are not mentioned by
An example of the "1840"Lizars note. (Auction catalogue image). In 1844, when note circulation was £13,787 and deposits £137,279, the Bank became illiquid with large amounts of capital tied up in property. In 1844 it was acquired by Commercial Bank of
Branches. Arbroath. This would have been the main office of the Bank and I believe it was located in Coupar Angus. Munn (The Scottish Provincial Banking Companies) refers to there having been a branch of this bank in Coupar Angus although – other than an 1828 Sheffield Directory which refers to a branch of the Arbroath Banking Company in Cupar (sic) (Angus) I can find no further references. Forfar. I can find a number of references to there having been a branch in Forfar although no further details. This office did however exist in 1844 when the business was sold to the Commercial Bank of
Officials.
The following officials have been identified from letters in the collection. Where possible notes have been added. |
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