North Eastern Banking Company

The collapse of the Northumberland and Durham District Bank in the late autumn of 1857 left the trade of Newcastle in the hands of private bankers.

He writes that it had been talked of for some time, and that the promoters were all gentlemen in good position, namely: William John Wilkinson, Ealing, solicitor; Sir James Anderson, 16, Warrington Crescent; Lord Wm.

M. Wilkinson, 44, Lincoln's Inn Fields; John S. Louth, 28, Palmerston Buildings; W. Abbott, 10, Token House Yard, stock-broker.

It drew attention to the development of the North Eastern district in trades connected with Iron, Coal, Machinery, Chemicals, Shipbuilding, &c., and to the great increase in the value of North Eastern Railway Stock, the value of vessels cleared on the River Tyne, as well as setting out a list of the prices of other prosperous Joint Stock banks.

Since it commenced business in Newcastle and Middlesborough at the end of May last, branches have been advantageously opened at West Hartlepool, Consett, Jarrow, and Gateshead; and also under circumstances of much promise at Barrow-in-Furness.

The directors recommend that £4,000 be paid out of the profits by way of dividend at the rate of two shillings per share free of income tax, being equivalent to three-and-a-half per cent, per annum, and that the balance of £756 2s.

[3] The North Eastern Bank continued to expand organically, and in 1892 another considerable addition was made by an amalgamation with Messrs. Dale, Young, & Co., of Newcastle and South Shields.