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Although the concept of banking goes back around 4,000 years, it wasn’t until the early part of the 19th century, with the growth of the port and commerce in Newry, that banking businesses started to appear in the town.
In 1804 the partnership of Corry, Ogle and Co. opened a private bank in Newry which acted as agents for the Bank of Ireland. The Napoleonic Wars were at their height and the need to supply the British Army and its allies in Europe led to a boom in the local economy.
A second bank was established not long after, in Canal Street by political and business rivals Sir John Moore, MP, Robert Macan, a merchant in the town and Meredith Foxall of Killeavy Lodge. The bank suffered bankruptcy in the economic depression which followed Napoleon’s defeat at Waterloo in 1815. Sir John Moore owned a considerable estate at Drumbanagher, which he was forced to sell in 1818 for £95,000, but still this was not enough to pay off the debt. Macan died in self-imposed exile in Paris in 1820, his estate pursued by the trustees of the bank, even after his death. Foxall had ensured that his personal fortune was not threatened and was financially secure enough in 1836 to enlarge Killeavy Lodge to Killeavy Castle.
By 1824, there were three banking businesses listed in Pigot & Co.s Provincial Directory. The Savings Bank on Hill Street, opened on Monday and Thursday, between 12pm – 3pm. There were also two agents in Merchant’s Quay; Samuel Ogle, acting for Lloyds, and Samuel and James Townley, acting for Gordon, Batt & Co.s Bank, which later became the Belfast Banking Company.
As Newry continued to develop and expand, in 1826 the Bank of Ireland on Trevor Hill was the first branch of the bank to be established in Ulster. Established by an Act of Parliament in 1782, the bank had first opened to the public in Dublin in 1783. Through government legislation, it had a monopoly on banking for fifty Irish miles from Dublin, limiting the source of capital available to, and disadvantaging the merchants and businesses of Newry. It was ten years before these restrictions were lifted.
Other banks were established in the town in the following decades; the Provincial Bank of Ireland in the 1840s and the Northern Bank in the 1860s. Trevor Hill and Hill Street became the main centres for banking in the town. In 1840 the Savings Bank opened near Sugar Island and the street became known as Bank Parade.
The hey-day of building works took place in the late 19th and early 20th centuries and saw several banks constructing ornate branches, reflecting their importance in the town. In 1890 the Belfast Banking Company built a three-storey gothic-style building on Hill Street, designed by architect William J Watson and built by Alexander Whelan. Whelan also built the Provincial Bank of Ireland which stood across from it, constructed in 1903 at a cost of £3,912. Further building work took place in 1919, as the Ulster Bank purchased the premises of the Victoria Hotel and converted a portion of it into a branch, whilst the Northern Bank rebuilt their branch on Trevor Hill in 1923, replacing an earlier banking hall and manager’s house.
Although some of the original banks no longer exist, their buildings are still a reminder of the part they played in the commercial success of Newry.
The Museum is currently offering free tours of the exhibition galleries on Wednesdays and Thursdays at 2.00 pm. These must be booked in advance by calling our Education Officer at 0330 137 4422.
Newry and Mourne Museum is open Tuesday – Saturday 10.00 am – 4.30 pm. Please call 0330 137 4422 or email museums@nmandd.org for further information.
Please visit our website at www.visitmournemountains.co.uk/museums/newry-and-mourne-museum
