The Greenock Banking Company was established on 25th July 1785 with the original Partners being as follows.
James Dunlop of Garnkirk (Son of Glasgow Provost Colin Dunlop, one of the founders of the Ship Bank,
Andrew Houston of Jordanhill,
James Gammell, Merchant in Greenock and Partner in Messrs James Hunter & Co., Greenock and of Messrs Andrew Thomson & Co, Newfoundland, and
James McDowall, Merchant, Glasgow Son of Mr. McDowall of Garthland, one of the founders of the Ship Bank.
The firm operated under the name of Messrs. Dunlop, Houston, Gammll & Co. for the first 8 years. The first Cashier was James Miller and he held his post for only one year, then leaving to become Professor of Mathematics in the College of Glasgow. Miller was replaced by Robert Caldwell in 1786 with him holding the post through until 1796 when he as replaced by James Patten. Patten held the post until 1801 when he was succeeded by Alexander Thomson who is said to have held the post until the sale of the Bank in 1843.
In 1793 ~ perhaps due to the restriction on sea trading links as a consequence of declaration of War on France ~ James Dunlop became “unfortunate” (a contemporary term for having had severe financial difficulties) and the Royal Bank of Scotland sought to seek repayment of the sum £9,100 from Messrs. Dunlop, Houston, Gammll & Co., with this being a debt owed to them by James Dunlop. After a 5 year period of litigation, which included referral to the House of Lords, the case of the Royal Bank of Scotland was defeated. This attempt to recover monies from Messrs. Dunlop, Houston, Gammll & Co. led, in 1793, to the name of the firm being changed to the Greenock Bank.
New Partners were introduced at varying times and included the following.
James Dennistoun of Camiseskan,
James Hunter, of Messrs. Hunter, Robertson & Co., Greenock,
John Scott Snr. Shipbuilder,
Robert Caldwell Hunter of Hunterston (the above mentioned Robert Caldwell, Cashier who changed his name as a consequence of marriage),
General Andrew Gammell,
George Robertson, Merchant, Greenock, and
William Forsyth.
The Bank existed for 58 years until 1843 when it was purchased by the Western Bank of Scotland. The Partners at that time ~ who each received a “large consideration” ~ were as follows.
John Scott, Shipbuilder, Greenock,
Charles C. Scott of Hawkhill, near Largs,
James Hunter of Hafton, Dunoon,
William Smith of Fullwood, Merchant, Liverpool,
Alexander Thomson, Banker, Greenock,
James Thomson, Banker, Greenock.
The Western Bank of Scotland continued to operate the Greenock office of their newly acquired business under the name of Greenock Bank for a further 14 years with the Cashier being James Thomson. It is highly likely that this is the same James Thomson referred to above as a Partner at time of sale.
Branches.
Greenock. This was the main office of the Bank. The first office of the bank in Greenock was in the tenement west of the Town Hall, from where it was removed to the Bank Buildings, West Breast, where it continued until September 1820. New premises were the constructed in Cathcart Street where operations continued until the last.
Glasgow. The first Glasgow office opened on Thursday 28th July 1785 and only 4 days after the Bank was founded. The first Glasgow Agent was the Firm’s leading Partner, James Dunlop with the branch being located in his Counting House which was attached to his property (“Virginia Mansion”) which stood in Virginia Street.
As a consequence of his financial difficulties in 1793 James Dunlop ceased as Agent and was succeeded in this post by Alexander Warrand, Merchant, Glasgow. The business premises moved from Virginia Street to Warrand’s property in King Street from where business was operated for a short period. In 1798 a further move saw the Bank operating from an Office under the Piazzas at Tontine.
Alexander Warren died in 1800 and the Agency was handed to Messrs James & Robert Watson, Bankers, Glasgow. Messrs. Watson were a Private bank and in addition to acting as Glasgow Agents for a number of Scottish banks they also carried out business in their own name by the taking of deposits and the discounting of bills. They were not a note issuing bank and used the notes of mainly the Thistle Bank and latterly the Bank of Scotland.
During the course of business the Senior Brother (James) died and was replaced by a further Brother (Gilbert) who was a Writer to the Signet. The bank operated from a number of business premises over the years including Leitch's Court, Trongate, Post Office Court and Virginia Street.
In June 1832 Messrs. Watson became "unfortunate". The administration was attended to by Alexander Gray, Accountant in Glasgow and the Virginia Street tenement was sold to the Glasgow Union Bank (subsequently the Union Bank of Scotland).
In 1824 the Greenock Bank's Agency was passed to John Robertson, Produce Broker, Glasgow and then to John Robson. The premises were located in Antigua Place, Nelson Street and the operations finally moved to Buchanan Street until sale of the Bank.
Isle of Man. The Greenock Bank had a substantial presence on the Isle of Man with “A Complete History of the Isle of Man” (Woods, 1811) reporting
“Gold coin is not plentiful, and silver coin is very scarce. The copper coinage is peculiar to the island, fourteen Manks pence making one English shilling. Greenock guinea notes are the chief substitute for gold. Mr. Scott, the collector of the customs, being a partner in the Greenock bank, has, in most of the notes, the initials of his name in water-mark, and gives them every currency in his power”.
This must refer to John Scott, Shipbuilder and Partner. In 1812 The Greenock Bank sought to reduce its commitments and offered the Isle of Man business to the British Linen Bank. This must have fallen through as the Isle of Man business was offered to Bank of Scotland in 1813 and although an agreement was reached on this takeover, the Greenock men withdrew from the transaction in July 1813.
Lochgilphead. In “Banking in Glasgow in the Olden Time” there is a reference to there having been a branch of the Bank in Lochgilphead although I can find no other reference to this office. The Bank certainly had an extensive and influential connection in the West Highlands and it would therefore be understandable if a Lochgilphead office once existed.
Port Glasgow. In “Banking in Glasgow in the Olden Time” there is a reference to there having been a branch of the Bank in Port Glasgow with this endorsed by Munn in “The Scottish Provincial Banking Companies” and further by Smith in “The Making of Scotland”.
Rothesay. I am aware that this office existed in 1827 and the Agent was John Gillies who was then the Deputy Town Clerk. He was subsequently appointed Town Clerk (1832) and in 1853 emigrated to New Zealand.
Officials.
The following officials have been identified from letters in the collection. Where possible notes have been added.
James Thomson, Partner and Cashier. As per letter of 10th July 1844 although he may in fact have been Cashier of the Greenock Bank which was then owned by the Western Bank of Scotland.
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