PLYMOUTH |
The Encyclopaedia of Plymouth History |
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PLYMOUTH DOCK BANK The Plymouth Dock Bank was founded in about 1790 and was managed by Mr Thomas Clinton Shiells of Ivybridge and Mr Henry Incledon Johns. In May 1810 a Mr J Carpenter became a partner, subscribing one third of the capital of £4,000. A new partnership agreement was drawn up indicating that there were in fact three other partners in addition to Mr Carpenter: Mrs St Aubyn, who held her late husband's share, Mr Shiells and Mr Johns. Carpenter continued to be a partner until December 31st 1818, when he withdrew. During his time as a partner, he had withdrawn £2,983 6s 8d from the business, out of which he paid an annuity of £100 per year to Mrs St Aubyn, as per the partnership agreement in 1810. It would appear that Mrs St Aubyn also withdrew at that time because the deed dissolving the partnership stated that Shiells and Johns would 'indemnify the retiring partners from liability'. The Plymouth Dock Bank was also a victim of the banking crisis of 1825 and stopped making payments at 3pm on Saturday October 1st that year. This had a devastating effect on the new town of Devonport. The Bank's customers consisted of naval and military officers, who had deposited savings from pay and prize money, most of the local charities, the Devonport Mechanics' Institute, which had £150 in its account, and the parish bodies of both Stoke Damerel and East Stonehouse, who had £1,300 and £300 respectively deposited. Even the poorer people of the Town had their meagre savings with the Bank as they apparently trusted Mr Shiells because he was a magistrate. Unfortunately the ignominy broke Mr Shiells and he died just four days later. A Bankruptcy Inquiry was held at the Royal Hotel, Devonport, at the end of March 1826, when the liabilities were declared as being £70,000. A Plymouth Dock Bank £5 note dated 1819 was recently sold at auction in Plymouth in February 2008 for £700.
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