Llandovery Bank
Encyclopedia
The Llandovery Bank was established in Llandovery
in 1799 in the premises known as the King’s Head on Stone Street (comprising the rear range of the present building), where it remained for many years. The bank was locally known as the ‘Black Ox Bank’ (‘Banc yr Eidon’ in the Welsh language
) because of the bank notes having been embellished with an engraving on the left hand side of a Welsh black ox
.
, and later married Anne, the daughter of Rhys Jones of Cilrhedin, who brought with her a fortune of £10,000. This, together with the money he had already made, enabled David Jones to found Llandovery Bank, when he was around 40 years old. He had two sons, Evan (who died unmarried, in 1820) and John (who died in 1813).
David Jones died in 1839, having amassed a fortune of £140,000, and the provisions of his will provided for the bank to be continued by his grandsons (the sons of John Jones). The eldest grandson, also called David Jones, continued the Llandovery Bank, and his brothers William and John, respectively, founded branches at Lampeter
and Llandeilo
, under the title ‘David Jones & Co.’.
On the death of the three brothers, the three banks, and their sub-branches, became the property of Gerwyn Jones, the son of David Jones and, in 1903, upon the death of Gerwyn Jones, the banks were devised to Mrs Mary Eleanor Geraldine Davies-Evans. In 1909 the goodwill of the banks was sold to Lloyds Bank
Ltd., thus ending the existence of the last of the surviving private bank in West Wales
.
, and had more branches than any other private bank of its period in the county
.
The branch at Llandeilo was established by 1842, and by 1887 had moved into a purpose-built building, by J Calder of London
, a plain but substantial building with iron-bound doors, denoting security. The original banking hall and vaults remain, and the building is now the office of a financial services company. The former ‘Nag’s Head’ hotel, to the left of the bank, was owned by the bank and remodelled in 1887, ‘to be convenient to those waiting to do business’.
There was probably no bank of its era which enjoyed more local credit than the Black Ox Bank and it is said that, in the Panic of 1825
, when there was a run on many banks across the country, a timid client entered the Black Ox Bank to withdraw his money. The bank, in anticipation of a run against it, had just received a consignment of Bank of England
notes, and the cashier, on receiving the cheque
, handed over to the client Bank of England bank notes for the amount. The depositor, however, refused to accept the notes tendered and demanded instead, notes of the Black Ox Bank.
of notes the bank issued but, from the existing specimens available, however, it is certain that notes were issued for £1, £2, £5, £5 5s., and £20, each bearing a black ox in the left hand corner.
Public confidence in the Bank made it a popular target for counterfeiters from an early date, and some counterfeit
notes have also survived.
, David Morris & Sons
, Carmarthen Bank
, Carmarthen Furnace Bank
and Marten & Co.
Llandovery
Llandovery is a market town in Carmarthenshire, Wales, lying on the River Tywi and the A40 road.The town is served by Llandovery railway station, where there is a park and ride to Llanelli and Shrewsbury via the Heart of Wales Line...
in 1799 in the premises known as the King’s Head on Stone Street (comprising the rear range of the present building), where it remained for many years. The bank was locally known as the ‘Black Ox Bank’ (‘Banc yr Eidon’ in the Welsh language
Welsh language
Welsh is a member of the Brythonic branch of the Celtic languages spoken natively in Wales, by some along the Welsh border in England, and in Y Wladfa...
) because of the bank notes having been embellished with an engraving on the left hand side of a Welsh black ox
Ox
An ox , also known as a bullock in Australia, New Zealand and India, is a bovine trained as a draft animal. Oxen are commonly castrated adult male cattle; castration makes the animals more tractable...
.
Establishment and ownership
The bank’s founder was David Jones, a farmer’s son, who started business at age 15 years. He became a droverDroving
Droving is the practice of moving livestock over large distances by walking them "on the hoof".Droving stock to market, usually on foot and often with the aid of dogs, has a very long history in the old world...
, and later married Anne, the daughter of Rhys Jones of Cilrhedin, who brought with her a fortune of £10,000. This, together with the money he had already made, enabled David Jones to found Llandovery Bank, when he was around 40 years old. He had two sons, Evan (who died unmarried, in 1820) and John (who died in 1813).
David Jones died in 1839, having amassed a fortune of £140,000, and the provisions of his will provided for the bank to be continued by his grandsons (the sons of John Jones). The eldest grandson, also called David Jones, continued the Llandovery Bank, and his brothers William and John, respectively, founded branches at Lampeter
Lampeter
Lampeter is a town in Ceredigion, South West Wales, lying at the confluence of the River Teifi and the Afon Dulas.-Demographics:At the 2001 National Census, the population was 2894. Lampeter is therefore the smallest university town in both Wales and the United Kingdom...
and 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 :...
, under the title ‘David Jones & Co.’.
On the death of the three brothers, the three banks, and their sub-branches, became the property of Gerwyn Jones, the son of David Jones and, in 1903, upon the death of Gerwyn Jones, the banks were devised to Mrs Mary Eleanor Geraldine Davies-Evans. In 1909 the goodwill of the banks was sold to Lloyds Bank
Lloyds Bank
Lloyds Bank Plc was a British retail bank which operated in England and Wales from 1765 until its merger into Lloyds TSB in 1995; it remains a registered company but is currently dormant. It expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies...
Ltd., thus ending the existence of the last of the surviving private bank in West 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...
.
Size of the bank
The Black Ox Bank was one of the earliest banks established in CarmarthenshireCarmarthenshire
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...
, and had more branches than any other private bank of its period in the county
County
A county is a jurisdiction of local government in certain modern nations. Historically in mainland Europe, the original French term, comté, and its equivalents in other languages denoted a jurisdiction under the sovereignty of a count A county is a jurisdiction of local government in certain...
.
The branch at Llandeilo was established by 1842, and by 1887 had moved into a purpose-built building, by J Calder of London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, a plain but substantial building with iron-bound doors, denoting security. The original banking hall and vaults remain, and the building is now the office of a financial services company. The former ‘Nag’s Head’ hotel, to the left of the bank, was owned by the bank and remodelled in 1887, ‘to be convenient to those waiting to do business’.
There was probably no bank of its era which enjoyed more local credit than the Black Ox Bank and it is said that, in 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...
, when there was a run on many banks across the country, a timid client entered the Black Ox Bank to withdraw his money. The bank, in anticipation of a run against it, had just received a consignment of 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...
notes, and the cashier, on receiving the cheque
Cheque
A cheque is a document/instrument See the negotiable cow—itself a fictional story—for discussions of cheques written on unusual surfaces. that orders a payment of money from a bank account...
, handed over to the client Bank of England bank notes for the amount. The depositor, however, refused to accept the notes tendered and demanded instead, notes of the Black Ox Bank.
Bank notes
It is not known what denominationsDenomination (currency)
Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment like gift cards. See also Redenomination.-Subunit and super unit:...
of notes the bank issued but, from the existing specimens available, however, it is certain that notes were issued for £1, £2, £5, £5 5s., and £20, each bearing a black ox in the left hand corner.
Public confidence in the Bank made it a popular target for counterfeiters from an early date, and some counterfeit
Counterfeit
To counterfeit means to illegally imitate something. Counterfeit products are often produced with the intent to take advantage of the superior value of the imitated product...
notes have also survived.
Other Carmarthenshire banks
Other Carmarthenshire banks include Llanelly BankLlanelly 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,...
, David Morris & Sons
David Morris & Sons
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.-History:...
, 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:...
, 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...
and Marten & Co.
External links
- Money and Coins in Wales
- BizFace News Forum, Banking Crisis: "Lloyds was a safe bank in 1825", posted 22 October 2008 at 17:35 by Royston
- S4C Y Dref Cymraeg
- http://libcat.powys.gov.uk/ipac20/ipac.jsp?session=1232P47380YL4.9545&profile=jpac&uindex=TL&term=The%20trail%20of%20the%20Black%20Ox%20:%20An%20interesting%20history%20of%20the%20Cardiganshire%20Black%20Cattle%20trade%20of%20the%2017th%20and%2018th%20century,%20before%20the%20coming%20of%20the%20railway;%20with%20particulars%20of%20the%20famous%20Llandovery%20Black%20Ox%20bank%20and%20trekking%20guide.&aspect=basic&menu=search&source=~!bibPowys Libraries and Archive]
- Ceredigion County Council archives
- Gaian Economics site