Gurney's bank
Encyclopedia
Gurney's bank was a well-respected family-run bank headquartered in Norwich
, England. It merged into Barclays Bank in 1896.
noblemen who accompanied William the Conqueror to England. Large grants of land were made to Hugh de Gournay in Norfolk
and Suffolk
, and Norwich has since that time been the headquarters of the family. The bank was founded in what is now known as Bank Plain (formerly Redwell Street). The Quaker Gurneys were renowned for their honesty, reliability, and fair dealings — so people entrusted them their money for safe keeping. About 1777, Alderman
Poole, a wine merchant, sold Bartlett Gurney premises near to the red well, and Gurney installed safes for bullion. A junior clerk slept on the trapdoor to the vaults to safeguard the valuables. The bank issued its own notes. A bull mastiff
(complete with brass collar) stood on guard inside the doors at the Bank Plain premises, and there was always a blunderbuss
at the ready.
Bartlett Gurney died in 1802, without a male heir, in the city
of Norwich
, England
. He was succeeded in control of the bank by his cousins, including John Gurney (1750-1809). John Gurney's children included the reformers Joseph John Gurney
and Elizabeth Fry
, Louisa Hoare
, the writer on education, and the banker, Samuel Gurney
. Another daughter, Hannah, married Sir Thomas Fowell Buxton
. The Gurney family was known for its wealth: In Gilbert and Sullivan
's 1875 comic opera
Trial by Jury
, a character describes his accumulation of wealth until at length I became as rich as the Gurneys.
On his father's death in 1809, Samuel Gurney assumed the control of the Norwich bank. About the same time, he also took over the control of the London billbroking business of Richardson, Overend & Company, in which he was already a partner. The title of the firm was subsequently changed to Overend, Gurney and Company
, and for forty years it was the greatest discounting house in the world. Samuel Gurney died in 1856. In 1865, the business of Overend, Gurney & Company, which had come under less competent control, was converted into a joint stock company, but in 1866 the firm suspended payment with liabilities amounting to eleven millions sterling. The failure of that bank ruined a number of the Gurneys, as well as numerous investors. The Norwich bank, however, escaped significant damage to its business and reputation from the collapse of the cousins' business. The Times stated, shortly after the suspension: "It is understood that the suspension of Overend, Gurney & Co will not in the slightest degree compromise Gurney's Bank of Norwich. That establishment recently passed into the hands of new partners, whose resources are beyond all question".
In 1896, Gurney's Bank merged with Backhouse's Bank
of Darlington and Barclays Bank of London and several other provincial banks, controlled by Quaker families, to form what is now Barclays Bank.
Many members of the Gurney family are buried in the Gildencroft Quaker Cemetery, Norwich
.
Norwich
Norwich is a city in England. It is the regional administrative centre and county town of Norfolk. During the 11th century, Norwich was the largest city in England after London, and one of the most important places in the kingdom...
, England. It merged into Barclays Bank in 1896.
History
The bank was founded in 1770 by John and Henry Gurney, sons of John Gurney (1688 – 1741), who passed the business to Henry's son, Bartlett Gurney, in 1777. The Gurneys were descendants of Hugh de Gournay, Lord of Gournay, one of the NormanNormans
The Normans were the people who gave their name to Normandy, a region in northern France. They were descended from Norse Viking conquerors of the territory and the native population of Frankish and Gallo-Roman stock...
noblemen who accompanied William the Conqueror to England. Large grants of land were made to Hugh de Gournay in Norfolk
Norfolk
Norfolk is a low-lying county in the East of England. It has borders with Lincolnshire to the west, Cambridgeshire to the west and southwest and Suffolk to the south. Its northern and eastern boundaries are the North Sea coast and to the north-west the county is bordered by The Wash. The county...
and Suffolk
Suffolk
Suffolk is a non-metropolitan county of historic origin in East Anglia, England. It has borders with Norfolk to the north, Cambridgeshire to the west and Essex to the south. The North Sea lies to the east...
, and Norwich has since that time been the headquarters of the family. The bank was founded in what is now known as Bank Plain (formerly Redwell Street). The Quaker Gurneys were renowned for their honesty, reliability, and fair dealings — so people entrusted them their money for safe keeping. About 1777, Alderman
Alderman
An alderman is a member of a municipal assembly or council in many jurisdictions founded upon English law. The term may be titular, denoting a high-ranking member of a borough or county council, a council member chosen by the elected members themselves rather than by popular vote, or a council...
Poole, a wine merchant, sold Bartlett Gurney premises near to the red well, and Gurney installed safes for bullion. A junior clerk slept on the trapdoor to the vaults to safeguard the valuables. The bank issued its own notes. A bull mastiff
Bullmastiff
The Bullmastiff is a large breed of domestic dog. It has a solid build and a short muzzle. The Bullmastiff shares the characteristics of Molosser dogs, and was originally developed by 19th-century gamekeepers in England to guard estates and immobilize poachers. The breed's bloodlines are drawn from...
(complete with brass collar) stood on guard inside the doors at the Bank Plain premises, and there was always a blunderbuss
Blunderbuss
The blunderbuss is a muzzle-loading firearm with a short, large caliber barrel, which is flared at the muzzle and frequently throughout the entire bore, and used with shot and other projectiles of relevant quantity and/or caliber. The blunderbuss could be considered to be an early form of shotgun,...
at the ready.
Bartlett Gurney died in 1802, without a male heir, in the city
City
A city is a relatively large and permanent settlement. Although there is no agreement on how a city is distinguished from a town within general English language meanings, many cities have a particular administrative, legal, or historical status based on local law.For example, in the U.S...
of Norwich
Norwich
Norwich is a city in England. It is the regional administrative centre and county town of Norfolk. During the 11th century, Norwich was the largest city in England after London, and one of the most important places in the kingdom...
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
. He was succeeded in control of the bank by his cousins, including John Gurney (1750-1809). John Gurney's children included the reformers Joseph John Gurney
Joseph John Gurney
Joseph John Gurney was a banker in Norwich, England and an evangelical Minister of the Religious Society of Friends , whose views and actions led, ultimately, to a schism among American Quakers.-Biography:...
and Elizabeth Fry
Elizabeth Fry
Elizabeth Fry , née Gurney, was an English prison reformer, social reformer and, as a Quaker, a Christian philanthropist...
, Louisa Hoare
Louisa Gurney Hoare
-Early life:Louisa Gurney, born on 25 September 1784, was the seventh of the eleven children of John Gurney of Earlham Hall near Norwich, a Quaker, and of Catherine Bell . Her father inherited ownership of Gurney's Bank in Norwich...
, the writer on education, and the banker, Samuel Gurney
Samuel Gurney
Samuel Gurney was an English banker and philanthropist.He should not be confused with his second son, Samuel , also described as banker and philanthropist, and a Member of Parliament.-Early years and marriage:...
. Another daughter, Hannah, married Sir Thomas Fowell Buxton
Thomas Fowell Buxton
Sir Thomas Fowell Buxton, 1st Baronet was an English Member of Parliament, brewer, abolitionist and social reformer....
. The Gurney family was known for its wealth: In Gilbert and Sullivan
Gilbert and Sullivan
Gilbert and Sullivan refers to the Victorian-era theatrical partnership of the librettist W. S. Gilbert and the composer Arthur Sullivan . The two men collaborated on fourteen comic operas between 1871 and 1896, of which H.M.S...
's 1875 comic opera
Comic opera
Comic opera denotes a sung dramatic work of a light or comic nature, usually with a happy ending.Forms of comic opera first developed in late 17th-century Italy. By the 1730s, a new operatic genre, opera buffa, emerged as an alternative to opera seria...
Trial by Jury
Trial by Jury
Trial by Jury is a comic opera in one act, with music by Arthur Sullivan and libretto by W. S. Gilbert. It was first produced on 25 March 1875, at London's Royalty Theatre, where it initially ran for 131 performances and was considered a hit, receiving critical praise and outrunning its...
, a character describes his accumulation of wealth until at length I became as rich as the Gurneys.
On his father's death in 1809, Samuel Gurney assumed the control of the Norwich bank. About the same time, he also took over the control of the London billbroking business of Richardson, Overend & Company, in which he was already a partner. The title of the firm was subsequently changed to Overend, Gurney and Company
Overend, Gurney and Company
Overend, Gurney & Company was a London wholesale discount bank, known as "the bankers' bank", which collapsed in 1866 owing about 11 million pounds, equivalent to £981 million at 2008 prices.-Early years:...
, and for forty years it was the greatest discounting house in the world. Samuel Gurney died in 1856. In 1865, the business of Overend, Gurney & Company, which had come under less competent control, was converted into a joint stock company, but in 1866 the firm suspended payment with liabilities amounting to eleven millions sterling. The failure of that bank ruined a number of the Gurneys, as well as numerous investors. The Norwich bank, however, escaped significant damage to its business and reputation from the collapse of the cousins' business. The Times stated, shortly after the suspension: "It is understood that the suspension of Overend, Gurney & Co will not in the slightest degree compromise Gurney's Bank of Norwich. That establishment recently passed into the hands of new partners, whose resources are beyond all question".
In 1896, Gurney's Bank merged with Backhouse's Bank
Backhouse's Bank
Backhouse's Bank of Darlington was founded in 1774 by James Backhouse , a Quaker flax dresser and linen manufacturer, and his sons Jonathan and James ....
of Darlington and Barclays Bank of London and several other provincial banks, controlled by Quaker families, to form what is now Barclays Bank.
Many members of the Gurney family are buried in the Gildencroft Quaker Cemetery, Norwich
Gildencroft Quaker Cemetery, Norwich
The Gildencroft Quaker Cemetery is an historic cemetery in Chatham Street, Norwich, Norfolk where many of the city's Quakers were buried including the writer Amelia Opie. Many members of the Gurney family - who had a major influence on the development of Norwich - are buried here...
.