The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

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18 nr 1 iS da SCOTCH BANKING A545 way it became comparatively easy for any well-doing young ADJ man to obtain a start in business on his own account. This ' method of making advances became exceedingly popular Jedi with the public, and the practice was soon adopted by the Fash Bank of Scotland as well, and became a second special feature in the Scottish banking system. There does not appear to be any certain evidence that the Bank of Scotland was in the habit of receiving deposits from its customers at first. But it afterwards developed the business, especially and in the way of accepting sums for definite periods, and puied granting interest upon them? As, however, there was no restriction in regard to banking in Scotland, a considerable number of new in- stitutions came into being, especially in connection with particular trades. The British Linen Company, the third The rivalry of the Scotch banks® in age, was, as its name implies, ull founded to assist in the development of the linen manu- *"** facture. A local bank was started at Dundee; and a similar institution at Ayr caused wide-spread ruin in the West of Scotland by its failure in 1772. On the whole, however, the system was prudently and successfully carried on; and several private firms developed a banking department in connection with mercantile business. It does not appear that these private banks in Scotland had been, generally speaking, connected with the goldsmiths’ trade. The best known of them all, that founded by the Coutts’* and asso- ciated with the name of Sir William Forbes, was largely engaged in the corn trade. In one way or another, however, the Scotch became tedoa rapidly habituated to the use of a convertible paper currency, go and a very large proportion of the population were enabled 1 Grabam, The £1 Note, 13. ® In his evidence before the Commissioners Mr Paul distinguishes the running and deposit account. “The second branch of deposits consists of small sums placed in the hands of the Bank at interest which have been in general the savings of their industry, and which are put into the hands of the Bank to accumulate * * * in general these deposits are very seldom removed, excepting when an individual has occasion to build a house or begin a business.” Report, 1826-7, v1. 450, printed pag. 74. 3 A. W. Kerr, op. cit. 58. } Sir W. Forbes, Memoirs of a Banking House, 1. £8.

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