OLD EAST STONEHOUSE
Webpage created: May 15, 2020
Webpage updated: May 15, 2020
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DEVON AND CORNWALL BANKING COMPANY LIMITED
Messrs Symons, Saltau and Company formed their banking partnership in 1809. Although the partnership is not listed in Plymouth in 1830, it is said that following the introduction of the Banking Copartnership Act of 1826, it was re-formed as the Plymouth and Devonport Banking Company in 1832. Then, in either 1833 or 1836 (sources differ), when Hingston's General Bank was absorbed, it was renamed the Devon and Cornwall Banking Company. The accounts that were presented with the Fifty-Fourth Annual General Meeting on February 19th 1886 gave the date of formation as January 1832.
In 1850 the headquarters was at number at 32 Bedford Street, Plymouth. The manager was Mr David Derry and Mr Alfred Hingston was the sub-manager. The Bank drew on Messrs Barclay and Company in London. There was also a Devonport branch.
At the time of the AGM in 1886 the chairman of the Board of Directors was Mr Charles Prideaux, and his Deputy was Mr William Henry Prance. The other Directors were: Mr Charles Albert Hingston; Mr George Hubbard; Mr George Jackson; Captain Thomas Archer Julian; and Mr Charles Salmon Vallack. The Bank's capital comprised £1,000,000 in shares of £200. The Head Office Bank was managed by Mr Alfred Hingston, with Mr Frederick C Hingston as Sub-Manager and secretary. Mr Edmund F Kent was Assistant Secretary and Mr Arthur E Pridham was Superintendent of Branches.
It is of some interest to note that at the end of 1885 the Bank held £232,225 0s 10d in cash and had investments totalling £1,496,357 11s 1d in English Government Securities, Bank of England Stock, Colonial Government Securities, and Railway Debenture Stocks.
As a result of the acquisition in 1890 of the Three Towns Banking Company, the Devon and Cornwall added their former branch at 12 Edgcumbe Street to their portfolio as well as a second branch in Plymouth. The Bank was now drawing on Messrs Barclay, Bevan and Company in London. In addition to the Devonport branch and branches elsewhere in the county, there was an agent, Mr R C Holman, at number 9 Belgrave Terrace, Mutley Plain, Plymouth, and another, Mr F A Rawling, at the Saltash Post Office.
It had 55 branches throughout Devon, Cornwall and Dorset when it was absorbed into Lloyd's Bank Limited on January 1st 1906.