It primarily commemorates the Territorial Army "Pals" battalions of the Northumberland Fusiliers raised by the local Chamber of Commerce in late 1914 for service in the First World War, which became known as the "Commercials".

It also commemorates the safe return of Renwick's five sons from service in the war, and his 50 years in business as a ship-owner (he was also elected as the Member of Parliament for Newcastle-upon-Tyne and then Newcastle upon Tyne Central on three occasions between 1900 and 1922).

Two soldiers in the uniform of the Northumberland Fusiliers stand either side of St George, one from the First World War to the right, and one from the founding of the regiment in 1674 to the left.

On the rear face, inscriptions read Quo fata vocant (Latin for 'Whither the fates call'), the motto of the Northumberland Fusiliers,[4] and:[3] To commemorate the raising of the B Company 9th Battalion and the 16th, 18th and 19th Service Battalions, Northumberland Fusiliers, by the Newcastle and Gateshead Chamber of Commerce August–October 1914 The gift of Sir George Renwick Bt DL and Lady Renwick

MCMXXIIIThe memorial was the gift of Sir George and Lady Renwick and unveiled on 5 July 1923 at a ceremony attended by the Prince of Wales (later Edward VIII).