Milford and Pembrokeshire Bank
Encyclopedia
This Bank
was probably founded in 1802. It was established in Pembrokeshire
, with a branch at Milford (Milford Haven
) and was one of the banks founded as a result of the Bank of England
stopping cash payments in 1797.
of Charles Philipps, Thomas Philipps & Co. They were members of the Philipps family of St Brides, Pembrokeshire
as indicated by the spelling of their surname
, and also the heraldic emblem and motto
on the bank notes.
Samuel Levi Philips, the founder of the Haverfordwest Bank
, was one of the promoters of the Milford and Pembrokeshire Bank and in his will he bequeathed the sum of £1000 to his first son, Philip Philips, ‘advanced as my part of the capital joint stock in the new Milford Bank, as one of the co-partners therein.’ This bank was probably the Milford and Pembrokeshire Bank. However, it was his second son, Nathaniel Philips of Slebech
, who became the ‘mainstay’ of the Bank. He was Thomas Philipps brother in law.
The Bank ran in to trouble due to the apparent incompetence of Thomas Philipps. He became involved in unsuccessful banking and trading ventures, and the bank also got entangled in Pembrokeshire politics As a result, the Bank collapsed in July 1810, fifteen years before the Panic of 1825
, with outstanding bank notes in the sum of £22,289.
at the head of a group of Pembrokeshire families, comprising 47 persons in all. They sailed in the ‘Kennersley Castle’ from Bristol
, in 1819, and reached Table Bay
in March 1820, settling on an arm of the Bush River
, at a place which Philipps called Lampeter
, and which was later erroneously called New Bristol.
), thus indicating that the Bank premises were in that town.
, J. Dunn & Co., Tenby
, Union Bank (Pembrokeshire)
, Milford Bank, Pembrokeshire Bank
, and Lock, Hulme & Co.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
was probably founded in 1802. It was established in Pembrokeshire
Pembrokeshire
Pembrokeshire is a county in the south west of Wales. It borders Carmarthenshire to the east and Ceredigion to the north east. The county town is Haverfordwest where Pembrokeshire County Council is headquartered....
, with a branch at Milford (Milford Haven
Milford Haven
Milford Haven is a town and community in Pembrokeshire, Wales. It is situated on the north side of the Milford Haven Waterway, a natural harbour used as a port since the Middle Ages. The town was founded in 1790 on the north side of the Waterway, from which it takes its name...
) and was one of the banks founded as a result of the 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...
stopping cash payments in 1797.
History
The Bank was operated by the partnershipPartnership
A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.Since humans are social beings, partnerships between individuals, businesses, interest-based organizations, schools, governments, and varied combinations thereof, have always been and remain commonplace...
of Charles Philipps, Thomas Philipps & Co. They were members of the Philipps family of St Brides, Pembrokeshire
Pembrokeshire
Pembrokeshire is a county in the south west of Wales. It borders Carmarthenshire to the east and Ceredigion to the north east. The county town is Haverfordwest where Pembrokeshire County Council is headquartered....
as indicated by the spelling of their surname
Surname
A surname is a name added to a given name and is part of a personal name. In many cases, a surname is a family name. Many dictionaries define "surname" as a synonym of "family name"...
, and also the heraldic emblem and motto
Motto
A motto is a phrase meant to formally summarize the general motivation or intention of a social group or organization. A motto may be in any language, but Latin is the most used. The local language is usual in the mottoes of governments...
on the bank notes.
Samuel Levi Philips, the founder of the Haverfordwest Bank
Haverfordwest Bank
Haverfordwest Bank is a defunct Welsh bank which was located in Haverfordwest, Pembrokeshire. It was established in the 18th century by a Jewish entrepreneur who settled in Wales.-History:...
, was one of the promoters of the Milford and Pembrokeshire Bank and in his will he bequeathed the sum of £1000 to his first son, Philip Philips, ‘advanced as my part of the capital joint stock in the new Milford Bank, as one of the co-partners therein.’ This bank was probably the Milford and Pembrokeshire Bank. However, it was his second son, Nathaniel Philips of Slebech
Slebech
Slebech is a parish in Pembrokeshire, West Wales. The community of Slebech is a sparsely populated on the northern shore of the Eastern River Cleddau. It shares common land boundaries with the Communities of Uzmaston and Boulston, Wiston and Llawhaden and mainly consists of farmland and woodland...
, who became the ‘mainstay’ of the Bank. He was Thomas Philipps brother in law.
The Bank ran in to trouble due to the apparent incompetence of Thomas Philipps. He became involved in unsuccessful banking and trading ventures, and the bank also got entangled in Pembrokeshire politics As a result, the Bank collapsed in July 1810, fifteen years before 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...
, with outstanding bank notes in the sum of £22,289.
Emigration
After the Bank’s collapse, Thomas Philipps, then aged 44, together with his wife and seven children, emigrated to South AfricaSouth Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
at the head of a group of Pembrokeshire families, comprising 47 persons in all. They sailed in the ‘Kennersley Castle’ from Bristol
Bristol
Bristol is a city, unitary authority area and ceremonial county in South West England, with an estimated population of 433,100 for the unitary authority in 2009, and a surrounding Larger Urban Zone with an estimated 1,070,000 residents in 2007...
, in 1819, and reached Table Bay
Table Bay
Table Bay is a natural bay on the Atlantic Ocean overlooked by Cape Town and is at the northern end of the Cape Peninsula, which stretches south to the Cape of Good Hope. It was named because it is dominated by the flat-topped Table Mountain.Bartolomeu Dias was the first European to explore this...
in March 1820, settling on an arm of the Bush River
Bush River
Bush River is the name of several rivers in the United States:* Bush River , a tidal estuary in Harford County, Maryland, located about 15 mi northeast of Baltimore...
, at a place which Philipps called 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 which was later erroneously called New Bristol.
Bank notes
The bank notes state that they were issued for value received at Milford (Milford HavenMilford Haven
Milford Haven is a town and community in Pembrokeshire, Wales. It is situated on the north side of the Milford Haven Waterway, a natural harbour used as a port since the Middle Ages. The town was founded in 1790 on the north side of the Waterway, from which it takes its name...
), thus indicating that the Bank premises were in that town.
Other Pembrokeshire banks
Other Pembrokeshire banks include: Haverfordwest BankHaverfordwest Bank
Haverfordwest Bank is a defunct Welsh bank which was located in Haverfordwest, Pembrokeshire. It was established in the 18th century by a Jewish entrepreneur who settled in Wales.-History:...
, J. Dunn & Co., Tenby
J. Dunn & Co., Tenby
J. Dunn & Co., Tenby was a Welsh bank operating in the 19th century, with a branch located at Tenby in Pembrokeshire.-Establishment:This bank was established in Tenby by John Dunn of Westmoor House, Manorbier, a descendant of the Dunns of Crigmarran, Pembrokeshire...
, Union Bank (Pembrokeshire)
Union Bank (Pembrokeshire)
Union Bank was a bank operated by the firm of Bateman & Co. and it is listed in the London Directory for 1807. However, the date of establishment of the bank is unknown....
, Milford Bank, Pembrokeshire Bank
Pembrokeshire Bank
This bank was operating in Pembrokeshire, in Wales during the early 19th century. It became bankrupt in 1826.-Origins:The date of establishment of the Bank is unknown, but the London Directory indicates that the business was in operation from 1811 to 1827, inclusive. The style of the partnership...
, and Lock, Hulme & Co.
Lock, Hulme & Co.
This Pembrokeshire bank was established by a Mr Hulme, who was a bank clerk. He worked for the Carmarthen Bank before its failure in 1832, and went into partnership with a Mr Robert Lock. They traded under the name Lock, Hulme & Co....