FORMATION OF MOSLEY AND DEAN STREETS.

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In May, 1784, street alterations were commenced, which ended in 1789, in the formation of Mosley and Dean streets, and by 1790, the bank was established at the south corner of Mosley and Pilgrim streets, and these premises have been used for banking purposes from then until the present time. Mr. Bell's eldest son came of age towards the end of 1791, when his name was added to the firm, also that of Sir Matthew White Ridley, bart., who now became a partner in his own. right, the firm being Ridley, Cookson, Widdrington, Bell, & Co. Sir John Eden's name drops out, but as he had been only a partner as trustee for young Mr. Bell, who had attained his majority, the omission is accounted for.

We now come to the eventful year 1793. In April, the commencement of hostilities with France operated unfavourably upon public credit, and caused a serious run upon the provincial banks. On the 8th of the month, all the Newcastle banks had to suspend payment in specie. The same day a public meeting was held, and every effort made to restore public confidence. It was resolved that the banks 'were of unquestionable credit, and entitled to the confidence of the public in the fullest extent,' and that those present would readily accept their notes. A committee of sixteen gentlemen was appointed to investigate the affairs of the banks generally, and to report. On the same day, the following notice was issued by the bankers:

Newcastle, 9th April, 1793. Messrs. Ridley, Cookson, & Company, Surtees, Burdon, & Company, Baker, Hedley, & Company. R. J. Lambton & Company.

Finding that notwithstanding the liberal offer of support, made at the meeting yesterday, the public alarm still continues to occasion such considerable and unusual demands for gold, that those funds, which, a few days ago, were greatly superior to every probable exigency, are now found not adequate to the present immediate circumstances of the country, think it their duty to request the indulgence of the public for a short interval, for the purpose of supplying themselves with such additional funds, as the present extraordinary demands make necessary.

On the following day a guarantee was entered into by the merchants and townspeople, and it eventually rose to nearly half a million. Similar meetings were held in the neighbouring towns, public confidence was somewhat re-established, and cash payments resumed on Saturday, April 20th. In 1797 another panic occurred, which was met and tided over in a similar way.

Mr. Cookson retired in 1796, and Mr. Widdrington died in 1797. The firm then became Ridley, Bell, Wilkinson, and Gibson. Mr. Wilkinson died in 1800 (another account says 1802), and the firm became 'Ridley, Bell, and Gibson.' On January 1st, 1803, George Gibson, brother of Thomas, entered the firm. In June of this year, trouble again occurred in the Newcastle banks. On the 30th of this month, Messrs. Surtees, Burdon, & Co. were obliged to close their doors. On the same day a public meeting was held, and signatures solicited of those who would undertake to accept the notes of the remaining banks. The list sets forth the names of some four hundred firms and private individuals, who pledge themselves to accept the paper of Sir M. W. Ridley, Bell, & Co., Sir Wm. Loraine, Baker, & Co., R. J. Lambton & Co., and Messrs. Batson & Co.

I have been most fortunate in discovering the original sheets referring to this guarantee; they are in the possession of W. Boyd, esq., of Benton, who has most kindly allowed me to make fac-similes of them. They do not contain all the names that are upon the printed list, but doubtless, these are the first sheets signed at the meeting. Other names would be added in the course of the following days, and then the whole prepared for the press. Many of these signatures will be of deep interest to Novocastrians, none more so than that of Ralph Carr, the founder of the Old Bank, nearly half a century before.

Mr. George Gibson died in 1806, and in the following year, August 17th, Charles William Bigge of Eslington House, Northumberland, was admitted to the firm, Mr. Bell having retired. On October 3rd of the same year, Thomas Hanway Bigge of Benton (brother of Chas. Wm. Bigge), and William Boyd of Newcastle, were admitted into the partnership, the firm now being styled Ridley, Bigge, Gibson, & Co. In April, 1813, Sir M. W. Ridley died, and his son succeeded to the title and to his father's share in the bank. The younger Sir Matthew had only been a partner two years, when difficulties again arose in the banking world. On July 22, 1815, a meeting was held at Mr. Forster's long room, Pilgrim street, of several owners of land in the counties of Durham and Northumberland, John Carr of Dunston, esq., in the chair, when the notes of Ridley & Co., Loraine & Co., Lambton & Co., and Reed & Co. were once again agreed to be accepted. A few days after, a manifesto was issued by the merchants

BRANCH BANK OF ENGLAND ESTABLISHED IN NEWCASTLE. 463

and tradesmen,' stating that they have the most 'unlimited confidence in the solidity' of the banks just named. In the following year Messrs. Loraine retired from banking circles, and once again was it necessary to pledge the credit of the three existing banks. It would be at various times during these panics that squibs and skits regarding rag-money were issued.

The next break in the partnership was in December, 1824, when Mr. Thomas Hanway Bigge died. On January 1, 1825, Charles John Bigge, eldest son of Mr. Charles Wm. Bigge, was admitted a partner, and on January 1, 1827, Robert Boyd, son of Mr. William Boyd, was admitted to the firm.

The branch of the Bank of England was established in Newcastle in 1828. Messrs. Ridley & Co. soon opened an account with them. In February, 1829, the members of the firm were: Sir M. W. Ridley, Chas. Wm. Bigge, Thomas Gibson, William Boyd, Chas. John Bigge, and Robt. Boyd.

On the 3rd of September, 1832, Thomas Gibson departed this life, and his nephew, John Spedding, jun., was added to the firm, the style now being, Sir M. W. Ridley, bart., Chas. Wm. Bigge, & Co. The concluding account of the history of the bank I copy from the interesting MS. of Mr. William Boyd :

On Friday the 15th of July, 1836, Sir Matthew White Ridley, Bart., died of apoplexy, at Richmond in Surrey, to which place he had gone from his residence at Carlton Terrace, for change of air, and by an article in the partnership deeds of the firm, his son (now Sir Matthew White Ridley, Bart.) succeeds to his father's interest and shares in the bank, and the business is carried on without any alteration in the style of the firm. This partnership by a special agreement was stipulated to be carried on for three years, viz., for 1837, 1838, and 1839, when it was to cease and determine; at the end of that time it was understood, -indeed it was the declared wish of Sir M. W. Ridley to disconnect himself with business, and retire from the bank, which for so many years had been a source of great profit to his father and grandfather. The other partners therefore took steps to remedy the chasm which would be made in the establishment by the retiring of Sir M. W. Ridley, and after several schemes and negotiations, it was determined to join a Joint Stock Bank which had been established some years in Newcastle, under the title of The Northumberland and Durham District Bank.

This was accomplished on the 20th March, 1839, The whole weight and influence of the Old Bank was thrown into the scale of the new establishment around which all the old friends and customers

of Ridley, Bigge, & Company rallied, which had the effect of making the District Bank the largest establishment in the north of England, Ridley & Co., transferring in money, bills of exchange, promissory notes, mortgages, and customers' accounts, to the extent of upwards of £800,000.

It has been stated that all the friends of Ridley & Co. rallied round the new establishment; to this there were three exceptions, all of whom had been under great obligations to Ridley & Co. One of them especially had an advance of nearly £19,000 granted during the panic of 1825-6. This house could not pay a shilling in liquidation of this enormous debt, and it was foolishly imagined that these men might have had some gratitude for favours received, but they were actuated by other feelings and removed their accounts to other houses; they certainly paid the debt after 1839, it having been considerably reduced previously to that time, but the Old Bank was still obliged to accommodate them and take their promissory notes, payable at distant periods, for the balance due in 1839.

Messrs. Bigge, Boyd, & Spedding became large shareholders in the District Bank; Mr. C. J. Bigge, Mr. Robert Boyd, and Mr. Spedding being appointed directors. Thus ended the career of this notable firm, the first provincial bank in the kingdom, which had successfully weathered the storms and gales of the banking world for 84 years.

The Old Bank had a very large note issue; after the amalgamation this paper was withdrawn and the circulation confined to the notes of the Bank of England.

I now give some miscellaneous items that I have gathered regarding the business of the Old Bank.

One of the early transactions of the newly-formed bank was the issue of lottery tickets, that most reprehensible system of gambling supported by the Government for so many years. The Newcastle Journal, September 8th, 1759, says: Any person wanting tickets in the present State Lottery may be supplied at the Newcastle Bank on the same terms as at London.' Some local speculator seems to have been fortunate, as in the balance sheet of 1774 one of the items is a lottery ticket for £10,000, it was probably lodged for collection.

The practice of opening subscription lists for various public purposes, at the banks, appears to have been of early origin. The Courant of September, 1759, announces :—

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'Whereas at this time of imminent danger the speedy recruiting of His Majesty's forces seems most expedient for the public service.

'Resolved unanimously "That a subscription be forthwith opened at the Newcastle Bank for an immediate voluntary contribution to be distributed in bounties. Each man to have £2 2s. over Government money."

In 1772, the question of maintaining the standard of gold coin was perplexing the Government in the early days of banking, as it has so often done since. The receivers of public revenue were empowered to cut and deface all unlawfully diminished coin that should be tendered to them in payment; and all gold coin under the weight specified was to be considered by them as unlawfully diminished. But for the accommodation of the holders of light money, the receivers were empowered to accept all such cut money in payment at the rate of £3 188. per ounce, and the Bank of England would purchase cut money at the same rate. On July 31st, the Bank of England gave notice that any quantity of guineas, half-guineas, and quarter-guineas (cut and defaced agreeable to the act), not less than fifty guineas in a parcel, would be taken in on Monday, August 2nd, and every Monday, Wednesday, and Saturday, till further notice at the rate of £3 178. 103d. per ounce. By an act of Parliament made in king William's reign, and still unrepealed, whoever takes or pays away any milled money, not cut to pieces, for less than it passed current when first coined, shall be deemed guilty of felony, and suffer death accordingly.'

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Arrangements were subsequently made with some of the provincial banks, to clear the country of the light money, the Newcastle bank, being one so engaged, as they announced on August 10th, 1774, 'Messrs. Bell, Cookson, Carr, Widdrington, & Saint, give Notice that attendance will be given at the sign of the Black Bull, in Wooler, on Thursday next at nine o'clock in the morning, to exchange the light money according to His Majesty's Proclamation and Appointment.' Made July 29th, 1773. The confidence in their notes was such that within two years of their establishment it is announced, 'We hear that the Collector of Excise for the County of Northumberland will take Newcastle Bank Notes in payment for duty or give cash for them when upon his collection.'

The following letter from Matthew Bell to Ralph Carr, who was

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