Irish Private Banks - Early Financial Instruments

Banknotes issued by Irish Private Banks ca1700–ca1833
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DOC
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Re: Irish Private Banks - Early Financial Instruments

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Here are two interesting examples of bills of exchange related to Ireland. The first was drawn by the Galway private banker, Walter Joyce in 1806, and bears the crest and title of the bank.

The second example is a transaction between merchants and issued in 1800 in Cork. This example has an attractive vignette and reads:
24 months after date, pay to the order of George Drevar, one hundred and six pounds eleven shillings and eight pence value received.

The bill is drawn by Henry Sadleir (a Cork Merchant) on Barrington & Burton (Cork Merchants) in favour of George Drevar (Dublin Merchant). The period of credit is surprisingly long.
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Walter Joyce & Co. Bill of Exchange 40 Pounds 22nd Oct. 1806.jpg
Walter Joyce & Co. Bill of Exchange 40 Pounds 22nd Oct. 1806.jpg (100.33 KiB) Viewed 1489 times
Henry Sadleir Cork Bill of Exchange 1st February 1800.jpg
Henry Sadleir Cork Bill of Exchange 1st February 1800.jpg (75.29 KiB) Viewed 1489 times
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Mac
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Re: Irish Private Banks - Early Financial Instruments

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24 months was a very long time for a bill of exchange!
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Re: Irish Private Banks - Early Financial Instruments

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Here is a bill of exchange which is probably the earliest known surviving financial instrument with an Ireland association. The bill for £140 sterling was drawn in Dublin in 1664 at ten days sight by Thomas Willis in favour of Owen Fenton, an agent for Mary Countess Dowager of Thomond. It is drawn upon the London-based scrivener banking house of John Morris & Co, located in Cornhill, at The Flying Horse.

This bill suggests that the upper echelons of society in Ireland employed the services of banks in London and other European financial centers prior to the establishment of a banking system in the country.
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Bill Of Exchange for 140 Pounds drawn in Dublin upon John Morris & Co. London 20th July 1664.jpg
Bill Of Exchange for 140 Pounds drawn in Dublin upon John Morris & Co. London 20th July 1664.jpg (124.76 KiB) Viewed 1380 times
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Re: Irish Private Banks - Early Financial Instruments

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Attached is a statement of notes held by the Irish Treasury in April 1760. The totals come from F.G. Hall’s book, ‘The Bank of Ireland, 1783-1946’, which provides interesting background to the banking crisis of 1759-1760 affecting the Dublin-based private banks. The crisis came at the end of a tumultuous decade in which confidence was undermined by several bank failures.

Banks which failed or ceased trading are highlighted in orange while the three surviving banks are highlighted in green. The three surviving banks continued in business for many years going through several partnership changes. It can be seen that the Irish Treasury suffered significant losses resulting from these bank failures in the 1750’s as did the general public. This greatly undermined confidence in the use of paper money at the time.
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Irish Treasury Bank Notes April 1760.JPG
Irish Treasury Bank Notes April 1760.JPG (102.04 KiB) Viewed 434 times
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