Henry Hayden & Co. (AKA Hayden & Rivers) Waterford 1777-1793

[DOC]

Henry Hayden and Bartholomew Rivers founded one of the earliest banks in Waterford on 1st November 1777. Rivers was a wealthy merchant and the main driving force behind the founding of the bank. However, as a Catholic, Rivers could not be head of a bank according to the laws of the time, so he formed a partnership with Henry Hayden, a Protestant with an estate at Snowhill, county Kilkenny. Bartholomew Rivers is also remembered as a key figure in the early development of the seaside resort of Tramore.

Little is known about the operations of the bank but it failed in 1793 most likely due to cash flow issues. It later emerged that assets of £98,000 were provided to the trustees against debts of £87,000. The bankruptcy process took an incredible 57 years with apparently significant sums allocated to administration expenses.

Notes of the bank are rare with 5 and 10 guinea notes surviving. These are most likely survivors from the bankruptcy process and examples seen to date have bankruptcy stamps. Here is an example of a 5 guinea note from 1789. The note is payable directly to bearer and the bankruptcy stamps indicate that 15 shillings in the pound was eventually paid to creditors.

[Mac]

15 Shillings on the Pound is not too bad when compared to some of the other known settlements on bank failures!

[DOC]

Here is a 10 Guineas note issued by Hayden & Rivers in 1789 with similar bankruptcy stamps to the 5 Guineas example mentioned previously. This note is also payable directly to bearer. The denomination is written as £11 7s 6d which is the equivalent of 10 Guineas in Irish currency. This denomination was not unusual at the time of issue but surviving examples of Irish 10 Guineas notes are rare.

[DOC]

Local historical societies sometimes publish journals which are a valuable source of information for the early private banks. For example, Waterford Library has digitised the Journal of the Waterford Archaeological and Historical Society known as Decies. These volumes are now available online. Volume Number 12, provides an interesting account of the Bank of Hayden & Rivers with particular focus on Bartholomew Rivers and his role in the founding of Tramore.

https://www.waterfordcouncil.ie/departm ... decies.htm

[Mac]

A nice find DOC, thanks for that link

[callahiljo]

Fascinating stuff, long buried. Thanks for digging that out, DOC !