The Northern Daily Times.
Liverpool, Merseyside, England, 1856-12-18 00:00:00

SUSPENSION OF THE KIDDERMINSTER

OLD BANK.

The operations of another private hank in this district have
been brought suddenly and unexpectedly to a close. Last
Saturday morning the old bank at Kidderminster, carried on
in the name of Farley, Turner, and Company, was not opened
for business as usual, but an intimation was pasted outside to
the effect that in consequence of the death of Mr. Turner, there
was no one invested with authority to carry on the bank. Up
to yesterday (Tuesday) afternoon business had not been re-
sumed, although the doors of the establishment have been kept
open for the purpose of answering inquiries; in the meantime,
sufficient has transpired relative to the state in which Mr.
Turner's affairs are left to preclude all possibility of the bank
being again opened for business. The bank of Farley, Turner,
and Co. was established, we believe, between fifty and sixty
years ago. Amongst the original members of the firm was one
or more of the family of Farley, of the banking house at
Worcester. A few years ago that connexion was broken by the
retirement of Mr. Farley from the firm at Kidderminster, and
about the same time a gentleman named Jones, who had
been for many years a clerk in the house, was taken in as a
partner. At the time this arrangement was made, it was
understood that Mr. Jones did not take any money into the
concern. He did not survive the date of his partnership more
than three years. By his death, Mr. Abraham Turner became
the sole member of the firm, and his death at Cheltenham,
last Thursday, has brought about a stoppage prematurely, but I
which was inevitable on no very distant day. It has transpired
that Mc. Turner has died intestate ; of the fact that he was
insolvent to a considerable amount, there is, we fear, no donbt
whatever. The bank had the privilege of issuing notes to the
amount of £14,300, but it is supposed that the number
actually in circulation will not amount to more than £B,OOO ;
the liabilities are estimated at a sum not exceeding £70,000.
As to the value of the assets, or their nature, nothing whatever
is known ; but for 80iTIO time prior to the stoppage, a disposi-
tion had been evinced on the part of the management to restrict
operations as much as possible, the consequence in all proba-
bility of the limited means at command. The London agents
of the house, Messrs Robarts and Co, were, it is understood,
Prepared for what has occurred ; in fact, Mr. Turner's want
of means had been no secret for some time prior to his demise,
so that the town agents would be sure to provide agaiast any
accident. Indeed, it is net improbable that they had a
balance ; for, if we are correctly informed, Farley and Turner's
notes were cashed in London on Saturday morning.
In Kidderminster the loss and inconvenience consequent
on the stoppage will be very severely felt. As the news
spread early and rapidly on Saturday morning that the Old
Bank had stopped, hundreds hastened to see the notice posted
on the establishment, before they could credit that which they
were reluctant to believe. Saturday is pay day at Kiddermin-
ster, and many persons were dependent on a supply from the
Bank for the workmens' wages; they had seen the house open
as usual on Friday afternoon, paying and receiving in the ordi_
nay way, and Saturday morning found the doers virtually
closed. As usual, in a acore such cases that might be men-
tioned, there was no suspicion of the Old Bank ; and at this
establishment the funds of moat of the public institutions of the
town (including the Corporation) were deposited. Instances
of peculiar and individual hardship have reached us as the
consequence or this stoppage ; of funds paid into the bank on
Friday for the advice of acceptances, which, of course, remain
unadvised ; and, in many ways, has been a sever' p blow, as
may be expected, in such a manufacturing community as
Kidderminster. The Stourbridge and Kidderminster is now
the only banking establishment in the town. We are glad to
notice that the management has behaved with as much liberal-
ity as circumstances would admit of, to parties most seriously
affected by this unfortunate occurrence. Thp stoppage of a
bank under the circumstances above detailed is very rare, if it
is not altogether an exceptional occurrence. It may be pre-
sumed that the winding up will take place under the direction
of the Court of Chancery. The late Mr. Turner was a
magistrate of the county of Worcester, and in other respects he
occupied socially a high position in his neighbourhood.—
Birmingham Paper.