292:
220:
After Samuel Gurney's retirement, the bank expanded its investment portfolio, and took on substantial investments in railways and other long-term investments rather than holding short-term cash reserves as was necessary for their role. It found itself with liabilities of around £4 million, and liquid
185:
At that time, bill-discounting was carried on sporadically by ordinary merchants in addition to their regular business, but
Richardson considered that there was room for a London house which should devote itself entirely to the trade in bills. This idea, novel at the time, proved an instant success.
279:
said that they were guilty only of "grave error" rather than criminal behaviour, and the jury acquitted them. The advisor was found to be guilty. Although some of the
Gurneys lost their fortunes in the bank's collapse, the Norwich cousins succeeded in insulating themselves from the bank's problems,
205:
at a discount. It was well respected, and expanded rapidly, reaching a turnover double its competitors combined. For forty years it was the greatest discounting-house in the world. During the financial crisis of 1825, the firm was able to make short loans to many other bankers. The house indeed
233:
during the years of 1864–66. However, this period was followed by a rapid collapse in stock and bond prices, accompanied by a tightening of commercial credit. Railway stocks were particularly badly affected.
249:. The failure of Overend Gurney was the most significant casualty of the credit crisis, although dozens of banks also failed due to the banking panic. The firm went into liquidation in June 1866. The
469:, 21 December 1866, p. 8; Issue 25687; col E, "Two embarrassed Railway Companies" (noting that railway joint stock companies had led the earlier boom, but in the subsequent revaluation both the
489:, 12 May 1866, p. 12; Issue 25496; col C "The Panic". A further article on 14 May 1866, p. 7; Issue 25497; col C, also entitled "The Panic", reported that events were calming down a bit.
784:
149:, known as "the bankers' bank", which collapsed in 1866 owing about £11 million, equivalent to £1,287 million in 2023. The collapse of the institution triggered a banking panic.
316:
245:
ensued as panic spread across London, Liverpool, Manchester, Norwich, Derby, and
Bristol the following day, with large crowds around Overend Gurney's head offices at 65
799:
759:
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452:
779:
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769:
705:
721:
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became known as "the bankers' banker", and secured many of the previous clients of the Bank of
England. Samuel Gurney died in 1856.
614:
595:
570:
528:
470:
187:
375:
653:
171:
190:
joined the firm in 1807 and took control of
Overend, Gurney and Co. in 1809. The Gurneys were a well known
162:
The business was founded in 1800 as
Richardson, Overend and Company by Thomas Richardson, clerk to a London
794:
276:
257:
rise to 10 per cent for three months. More than 200 companies, including other banks, failed as a result.
246:
108:
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175:
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541:
624:
Michie, E. B. (2001). "Buying brains: Trollope, Oliphant, and vulgar
Victorian commerce".
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Overend Gurney's monetary difficulties increased, and it requested assistance from the
41:
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179:
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563:
Victorian
Publishing: The Economics of Book Production for a Mass Market 1836-1916
17:
376:"The politics of last resort lending and the Overend & Gurney crisis of 1866"
347:
419:
745:"Reshaping global trade: the immediate and long-term effects of bank failures."
348:"The Annual RPI and Average Earnings for Britain, 1209 to Present (New Series)"
280:
and the Gurney bank escaped significant damage to its business and reputation.
542:"Reshaping Global Trade: The Immediate and Long-Term Effects of Bank Failures"
287:
261:
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in July 1865 and sold its £15 shares at a £9 premium, taking advantage of the
167:
722:"Limited liability on trial: the commercial crisis of 1866 and its aftermath"
637:
401:
607:
The
Mystery of Overend & Gurney: A Financial Scandal in Victorian London
254:
222:
166:, and John Overend, chief clerk in the bank of Smith, Payne and Company at
586:
Collins, M. (1992). "Overend Gurney crisis, 1866". In Newman, P. (ed.).
696:
195:
392:
241:, but this was refused. The bank suspended payments on 10 May 1866. A
191:
688:
670:
704:
Sowerbutts, Rhiannon; Schneebalg, Marco; Hubert, Florence (2016).
265:
146:
445:
456:. Vol. 12 (11th ed.). Cambridge University Press.
427:, a character describes his accumulation of wealth until
221:
assets of only £1 million. In an effort to recover its
201:
The bank's core business was the buying and selling of
671:"On our home monetary drains, and the crisis of 1866"
128:
118:
103:
95:
80:
70:
55:
47:
37:
500:Fenn's Compendium of the English and foreign funds
317:Lombard Street: A Description of the Money Market
588:The New Palgrave Dictionary of Money and Finance
260:The directors of the company were tried at the
272:for the 1865 offering of shares. However, the
523:(2001) Cambridge University Press, Chapter 1
8:
785:1866 disestablishments in the United Kingdom
676:Journal of the Statistical Society of London
521:Barclays: The Business of Banking, 1690-1996
32:
31:
511:
509:
429:at length I became as rich as the Gurneys
391:
344:inflation figures are based on data from
194:family that had founded Gurney's Bank in
503:. Introduction to the 10th edition, 1869
333:
800:British companies established in 1800
225:, the business was incorporated as a
7:
760:Defunct banks of the United Kingdom
713:Bank of England Quarterly Bulletin
25:
656:(1866). "The panic in the City".
471:London, Chatham and Dover Railway
268:based on false statements in the
182:in 1896) supplying the capital.
780:19th century in economic history
290:
253:following the collapse saw the
790:1800 establishments in England
706:"The demise of Overend Gurney"
658:Blackwood's Edinburgh Magazine
320:, 1873 treatise on finance by
1:
139:Overend, Gurney & Company
770:Banks disestablished in 1866
565:(2003), Ashgate, pp. 47–48
551:– via Google Scholar.
477:fell insolvent during 1866)
380:The Economic History Review
33:Overend, Gurney and Company
27:London bank, collapsed 1866
816:
605:Elliott, Geoffrey (2006).
540:Xu, Chenzi (4 July 2019).
374:Schneider, Sabine (2021).
213:
775:Economic crises in Europe
765:Banks established in 1800
549:Mimeo. Harvard University
414:Gurney family wealth: In
669:Patterson, R. H (1870).
638:10.2979/VIC.2001.44.1.77
172:National Provincial Bank
453:Encyclopædia Britannica
431:. Elliott, p. 235
346:Clark, Gregory (2017).
590:. Palgrave Macmillan.
515:Ackrill, Margaret and
277:Sir Alexander Cockburn
475:North British Railway
84:10 May 1866
416:Gilbert and Sullivan
720:Taylor, J. (2003).
609:. London: Methuen.
170:(absorbed into the
34:
731:on 17 January 2006
342:Retail Price Index
274:Lord Chief Justice
132:Financial services
18:Overend and Gurney
626:Victorian Studies
393:10.1111/ehr.13113
203:bills of exchange
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74:Thomas Richardson
16:(Redirected from
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724:. Archived from
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654:Patterson, R. H.
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243:run on the bank
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227:limited company
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178:(absorbed into
174:in 1902), with
164:bill discounter
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743:Xu, C. (2019)
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683:(2): 216–242.
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447:"Gurney"
444:, ed. (1911).
442:Chisholm, Hugh
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386:(2): 579–600.
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353:MeasuringWorth
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322:Walter Bagehot
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306:UK company law
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247:Lombard Street
231:buoyant market
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216:Panic of 1866
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188:Samuel Gurney
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180:Barclays Bank
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176:Gurney's Bank
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733:. Retrieved
726:the original
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632:(1): 77–97.
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357:. Retrieved
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298:Banks portal
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104:Headquarters
76:John Overend
38:Company type
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561:Weedon, A.
420:comic opera
210:Liquidation
158:Early years
120:Area served
754:Categories
715:(2016 Q2).
580:References
270:prospectus
262:Old Bailey
214:See also:
168:Nottingham
113:London, UK
99:Bankruptcy
88:1866-05-10
646:143538642
487:The Times
467:The Times
402:1468-0289
255:bank rate
223:liquidity
145:discount
143:wholesale
473:and the
418:'s 1875
284:See also
129:Services
48:Industry
697:2338715
196:Norwich
153:History
86: (
81:Defunct
71:Founder
61: (
56:Founded
51:Finance
735:4 July
695:
644:
613:
594:
569:
527:
400:
192:Quaker
42:Public
729:(DOC)
709:(PDF)
693:JSTOR
664:: 79.
642:S2CID
545:(PDF)
359:7 May
328:Notes
266:fraud
737:2006
611:ISBN
592:ISBN
567:ISBN
525:ISBN
398:ISSN
361:2024
264:for
147:bank
96:Fate
63:1800
59:1800
685:doi
662:100
634:doi
388:doi
340:UK
107:65
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630:44
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508:^
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