|The Bank of England was started in 1694. Prior to this, a number of merchants and goldsmiths had started providing banking facilities and had gone
on to form the first private banks in England.
Until the mid-eighteenth century, the majority of private banks were located in the city of London. The politician Edmund Burke, in 1750, stated that there were "not above a dozen bankers, outside London, in the country". By 1798 there were just over 300 country bankers.
Until 1826, all private banks were partnership banks which, under common law, meant that the partners were jointly and severally liable for the whole of the partnership debts.
Those banks situated outside London were known as country or provincial banks. Nearly all provincial banks would have had a London agent, who would deal with stockbrokers, bill discounters and acceptance houses on their behalf. He would also give advice and act as a lender of last resort. Around 1770 the London banks ceased issuing their own notes and instead issued Bank of England notes.
Many provincial banks were started by businessmen as a means of generating capital for investment. The printing and issuing of banknotes was, effectively, borrowing money for free and lending it at interest. Excessive banknote issue combined with economic worries led to the demise of many.
The table below lists those private or provincial banks which were started in Surrey market towns.
|Town||Bank Trading Name||Main Partnership(s)||Dates||Fate||CHERTSEY||Chertsey Bank||La Coste & Co.||1807-1867||Absorbed into Ashby's Bank|
|Godley Bank||Willats & Son||1833-1837||Failed due to death of proprietor||COBHAM||Alexander Raby & Co.||1801-<1810||Ceased trading|
|CROYDON||Union Bank of Croydon||Chasemore & Robinson||1838-1891||Taken over by Union Bank of London|
|Farrows Credit Bank||Farrow & Co.||1904-1920||Financial failure|
|Phillipson & Co.||<1811-1816||Financial failure|
|Harman & Tait||<1808-1816||Financial failure|
|Miller & Co.||1808-1811||Financial failure|
|Surry Bank||Watney, Moore & Smith||<1808-1816||Financial failure|
|DORKING||Darking Bank||Piper & Dewdney||1803-1825||Financial failure|
|Peters Bank||Peters & Co.||1809-1819||Financial failure|
|EGHAM||Egham Bank||Wetton & Co.||1830-1851|| Failed due to death of proprietor
taken over by West Surrey Bank
|FARNHAM||Farnham Bank|| Smith & Co.|
Stevens & Co
Knight & Co
|1793-1886||Taken over by Capital & Counties Bank|
|Farnham Old Bank||Cock & Lamport||1793-1817||Financial failure|
|Farnham New Bank||Wilkins, Trimmer, Page & Co.||1797-1797||Sundry issuer|
|GODALMING||Godalmin & Surrey Bank||Horton, Haydon, Waistell & Hollands||<1792-<1800||Ceased trading|
|Godalming Bank||Moline & Woods||1808-1841||Ceased trading|
|Godalming Bank||Mellersh & Co.||1814-1835||Taken over by Capital & Counties Bank|
|GUILDFORD||Guildford Bank||Haydon & Smallpeice||1765-1883||Taken over by Capital & Counties Bank|
|Guildford Bank||Sparkes & French||1833-1840||Financial failure|
|West Surrey Bank||Mangles, Keen & Co.||1836-1864|| Merged with Burgess & Co. of Ramsgate
to form the South-Eastern Banking Co.
|KINGSTON||Surrey Bank||Knight, Haydon & Shrubsole||1792-1894||Taken over by Parrs Bank|
|REIGATE||Reigate Bank||Nash & Neale||1808-1850||Financial Failure|
|RICHMOND||Brown & Co.||?-1810||Ceased trading|
|SOUTHWARK||Southwark Bank||Bloxham & Co.||1795-1805||Financial Failure|
|Smith & Co.||>1804-1817+||Ceased trading|
|Young & Son||1795-1849||Taken over by London & Westminster Bank|
|STAINES||Middlesex & Surrey Bank||Coggan, Morris & Co.||1810-1813||Failed due to death of proprietor|
|Staines Bank||Ashby & Co.||1796-1904||Taken over by Barclays Bank|
|CAMBERLEY||Reading Bank||Simonds & Co.||1814-1913||Taken over by Barclays Bank|