Newport Old Bank Five Pounds Note 1845

Item reference number: 7

Many thanks to Jerry Davis for allowing us to photograph and display this item.

From the Merlin, 10th October, 1851:

Suspension of Business by Banks

On Monday last the Monmouth & Glamorgan Bank suspended business followed by Messrs Williams Old Bank. The news was received in Newport when the Times newspaper reached the Commercial Reading Room in the evening. Several mercantile and other gentlemen were startled and excited by the announcement that the bills of the Monmouthshire and Glamorganshire Banking Company had been returned that morning by their London agents unpaid.

This alarming intelligence immediately spread like wildfire throughout Newport and neighbourhood. On Tuesday morning, long before the usual bank hour, crowds of anxious depositors were assembled around the Bank's premises in the fond hope of having their cheques cashed on the opening. But before ten o'clock a notice was placed on the door stating that in consequence of the long and continued depression of the iron trade, the Bank was forced to suspend payments until the situation was clarified.

This announcement was greedily read and the expressions of disappointment on the faces of every class will long be remembered. Not many minutes had elapsed after this heavy blow when Messrs Williams & Sons of the Old Bank deemed it expedient to close their establishment also. The general gloom thickened and gave greater intensity to the panic. We must admit that these events are of the most grave character, casting a dismal cloud over the Port and neighbourhood.

See our local newspaper reports, 1851