David Morris & Sons
Encyclopedia
David Morris & Sons was a bank
which was established in Carmarthenshire
, Wales
in the 18th century. It now a constituent part of The Royal Bank of Scotland Group.
in Carmarthenshire
. He was a Carmarthen
merchant and in 1787 he became the Agent for Sir Herbert Mackworth and others, who had opened a banking house in Carmarthen.
By 1788 David Morris was working as a banker on his own account. In 1791 he took over a Carmarthen bank established by a person named David Parry and operated it under the name of Morris & Sons
David Morris carried-on his banking business in Dark Gate, Carmarthen. As the business expanded, it moved to a larger house in King Street and finally to Spilman Street, where the bank remained until it was taken over, in 1871.
It is likely that David Morris also acquired the Carmarthen Furnace Bank
, amalgamating the two banks to form a successful business carried on under the name David Morris & Sons and it was probably after the failure of Carmarthen Bank
, which was owned by Waters, Jones & Co., that David Morris & Sons changed its name to Carmarthen Bank.
David Morris died suddenly while on a visit to Swansea
, on 25 September 1805, aged 59 years, and is buried at Saint Mary’s Church, Swansea. After his death the banking business was carried on by his sons. During the Panic of 1825
the Bank of England
suspended cash payments, as a result of frequent provincial bank failures. This led to a general run on British
banks, in December 1825. It is unclear if David Morris & Sons suffered during this crisis, but on 22 December 1825, a public meeting was held at the Guildhall, Carmarthen, where a vote of public confidence was passed in this bank and Waters, Jones & Co. A similar meeting was also held, on 26 December 1825, at Llandeilo
.
of England, Ltd., the pioneer of the big joint stock banks, first opened a branch in Carmarthen. On 2 October 1871, the banking business was transferred to the National Provincial Bank of England when the sons of David Morris retired.
, Carmarthen Bank
, Llandovery Bank
, Llanelly Bank
, and Marten & Co..
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
which was established in Carmarthenshire
Carmarthenshire
Carmarthenshire is a unitary authority in the south west of Wales and one of thirteen historic counties. It is the 3rd largest in Wales. Its three largest towns are Llanelli, Carmarthen and Ammanford...
, Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
in the 18th century. It now a constituent part of The Royal Bank of Scotland Group.
History
David Morris was born around 1745-6 and was the son of David Morris of the Ferry Inn at LlansteffanLlansteffan
Llansteffan is a village in Carmarthenshire, Wales. Llansteffan is one of three settlements positioned on the Tywi river, other settlements include Ferryside and Carmarthen . Llansteffan Castle, built by the Normans in the 12th century, is located in the village...
in Carmarthenshire
Carmarthenshire
Carmarthenshire is a unitary authority in the south west of Wales and one of thirteen historic counties. It is the 3rd largest in Wales. Its three largest towns are Llanelli, Carmarthen and Ammanford...
. He was a Carmarthen
Carmarthen
Carmarthen is a community in, and the county town of, Carmarthenshire, Wales. It is sited on the River Towy north of its mouth at Carmarthen Bay. In 2001, the population was 14,648....
merchant and in 1787 he became the Agent for Sir Herbert Mackworth and others, who had opened a banking house in Carmarthen.
By 1788 David Morris was working as a banker on his own account. In 1791 he took over a Carmarthen bank established by a person named David Parry and operated it under the name of Morris & Sons
David Morris carried-on his banking business in Dark Gate, Carmarthen. As the business expanded, it moved to a larger house in King Street and finally to Spilman Street, where the bank remained until it was taken over, in 1871.
It is likely that David Morris also acquired the Carmarthen Furnace Bank
Carmarthen Furnace Bank
This is a bank established in Carmarthenshire in the 18th century as a result of the efforts of a Welsh entrepreneur and businessman called John Morgan. The banking business started by issuing tokens to facilitate an iron and tin works operation and then developed into a full-fledged bank...
, amalgamating the two banks to form a successful business carried on under the name David Morris & Sons and it was probably after the failure of Carmarthen Bank
Carmarthen Bank
This was a bank that was established in, and operated in, Carmarthenshire during the 19th century. It became bankrupt in 1832 and its name was then adopted by another Carmarthenshire based bank.-History:...
, which was owned by Waters, Jones & Co., that David Morris & Sons changed its name to Carmarthen Bank.
David Morris died suddenly while on a visit to Swansea
Swansea
Swansea is a coastal city and county in Wales. Swansea is in the historic county boundaries of Glamorgan. Situated on the sandy South West Wales coast, the county area includes the Gower Peninsula and the Lliw uplands...
, on 25 September 1805, aged 59 years, and is buried at Saint Mary’s Church, Swansea. After his death the banking business was carried on by his sons. During the Panic of 1825
Panic of 1825
The Panic of 1825 was a stock market crash that started in the Bank of England arising in part out of speculative investments in Latin America, including the imaginary country of Poyais...
the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
suspended cash payments, as a result of frequent provincial bank failures. This led to a general run on British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
banks, in December 1825. It is unclear if David Morris & Sons suffered during this crisis, but on 22 December 1825, a public meeting was held at the Guildhall, Carmarthen, where a vote of public confidence was passed in this bank and Waters, Jones & Co. A similar meeting was also held, on 26 December 1825, at Llandeilo
Llandeilo
Llandeilo is a town in Carmarthenshire, Wales, situated at the crossing of the River Towy by the A483 on a 19th century stone bridge. Its population is 1,731.The town is served by Llandeilo railway station on the Heart of Wales Line.- Early history :...
.
Takeover
David Morris & Sons survived the Panic of 1825 and continued to operate successfully, until 28 November 1864, when the National Provincial BankNational Provincial Bank
National Provincial Bank was a British retail bank which operated in England and Wales from 1833 until its merger into the National Westminster Bank in 1970; it remains a registered company but is dormant...
of England, Ltd., the pioneer of the big joint stock banks, first opened a branch in Carmarthen. On 2 October 1871, the banking business was transferred to the National Provincial Bank of England when the sons of David Morris retired.
Successor in title
David Morris & Sons is a past constituent of The Royal Bank of Scotland Group, who hold the archives for the bank.Other Carmarthenshire banks
Other Carmarthenshire banks include: Carmarthen Furnace BankCarmarthen Furnace Bank
This is a bank established in Carmarthenshire in the 18th century as a result of the efforts of a Welsh entrepreneur and businessman called John Morgan. The banking business started by issuing tokens to facilitate an iron and tin works operation and then developed into a full-fledged bank...
, Carmarthen Bank
Carmarthen Bank
This was a bank that was established in, and operated in, Carmarthenshire during the 19th century. It became bankrupt in 1832 and its name was then adopted by another Carmarthenshire based bank.-History:...
, Llandovery Bank
Llandovery Bank
The Llandovery Bank was established in Llandovery in 1799 in the premises known as the King’s Head on Stone Street , where it remained for many years...
, Llanelly Bank
Llanelly Bank
-History:Little is known about the history of Llanelly Bank. However, the House of Lords Sessional Papers, of 1801-1833, record that the bank’s licence was renewed in 1812, and that the licence was granted to Richard Pemberton, the Elder of Barnes, Durham, Ralph Stephen Pemberton of Llanelli,...
, and Marten & Co..