The Northern Bank: Hugh Montgomery & Co. 1809-1824

[DOC]

Hugh Montgomery established The Northern Bank on 1st June 1809 with partners John Hamilton, James Orr and John Sloan. John Hamilton had been a partner in the earlier Belfast-based private bank of John Ewing & Co. The Bank went through two partnership changes with James Orr taking over as lead partner upon the retirement of Hugh Montgomery in 1820. The Bank would eventually become The Northern Banking Company in 1824, the first joint stock bank in Ireland.

The following 3 partnerships are known:

A) Hugh Montgomery, John Hamilton, James Orr, John Sloan (1809-1820)
B) James Orr, John Sloan, John McCance, Hugh Montgomery Jnr. (1820-1824)
C) James Orr, John McCance, Hugh Montgomery Jnr., John McNeile (1824)

An example of a £1 note from the first partnership is illustrated.

[Mac]

An attractive note design.

[DOC]

Here is a later type £1 issued by The Northern Bank with James Orr as lead partner. The design is similar to that of the 1819 £1. An interesting aspect is the cancellation stamp, ‘PAID JAN 15 1875’. This suggests that The Northern Banking Company (Joint Stock Bank), honoured the notes of the original private bank long after its dissolution. It may also explain why these notes are rare as there was ample time to cash them in.

[Mac]

It makes sense that the new joint stock Northern Bank would honour the notes issued by its descendants if the original company was not wound up, but merged into the new bank. Good for confidence in the new bank too.

[DOC]

Attached is an example of a 30 Shillings note issued by the first partnership in 1813. The Bank name is in a curved arc at the top of the note. There appears to be two designs for the first partnership, this being the first type. The second type has the Bank title arranged in a linear fashion.

[ThePloughman]

The bills issued by banks which survived to become joint stock banks interest me greatly. Thanks for posting them.
I guess the economy in the North was in better shape with stronger banks, Northern Bank, Belfast Bank.

[DOC]

Yes, the banks in the North at the time benefited from a strong industrial economy and were also managed prudently.

Here is a Type C, 30 Shillings note, issued by the last partnership. The year is difficult to read with the bank stamp obscuring it. However, the year should be 1824 based on the partners listed.

[DOC]

Here is a Type A, £2 note, issued in 1813 with Hugh Montgomery as lead partner. This early design has the Bank Title in a curved arc. This is the highest known surviving denomination for this bank although it is likely that higher denominations were issued.

[DOC]

Here is an unissued 30 Shillings note of the Northern Bank with James Orr as senior partner, dating from 1820-1824. This is a third design type seen to date for the 30 shillings notes of this bank.

[Mac]

That's a nice design, and one I have not come across before. I will have to modify the Montgomery's page in the Private banks section to include it!

[ThePloughman]

A lot remains to be learned about the private banks, with previously unknown designs still surfacing like this one, from well-known banks. Maybe the modern Northern Bank archive has records somewhere on these earlier issues of its ancestor bank. A dusty box sealed for a hundred years!