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One of the more curious aspects of Banking in the early
part of the twentieth century is “Cattle Trade Banking”, a pioneering method
of moving money quickly in connection with the buying and selling of
livestock. Based on little more trust than is advisable, it does become both
successful AND profitable. |
In Service: 17 May 1920 until 1964
Image © Barclays 1932
Image © BT 1938 |
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The safety concerns
alone would make such transactions unthinkable today, and thankfully
impossible, due to the replacement of huge pockets full of cash with more
modern payment methods! By the time of
the merger with Barclays, Martins Bank still has many Cattle Market Branches,
known in the North of England as Auction Mart Branches. Some of them even survive into the
twenty-first century. The way it all
begins for Martins is written in the following essay by John Mashiter,
(pictured, below right) who at time of writing – 1948 - is Manager of Martins
Bank’s SKIPTON Branch. Here he describes the birth of perhaps the
most important of the Bank’s Cattle Market Branches – Birkenhead Woodside.
E
Reed & Sons and The Cattle Trade Bank Ltd.
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Mr D
S Burrow Manager
1946-55 |
In October, 1924, the surviving partner
of the firm of E. Reed and Sons commenced negotiations with the Bank of
Liverpool and Martins Ltd., and in the following year the latter purchased
what remained of the business. Early in 1920, a syndicate of interested
gentlemen decided to purchase the Birkenhead branch of E. Reed and Sons with
a view to the incorporation of a limited liability company to carry on the
cattle finance business of the branch. The surviving partner of E. Reed and
Sons, Mr. Charles H. Reed, was elected to the Board of the new company which
commenced business on May 27th, 1920, in the premises at the Ferry Approach,
Chester Street, Woodside, Birkenhead. As time went on the Bank extended its
business but progress naturally was limited by the amount of the cattle trade
which could be handled by the Woodside Lairage, although the Bank did accept
customers not connected with the Market. |
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The nominal Capital was £100,000 in £1 shares of which 62,800 were
subscribed. A few shares were paid up, the remainder having 10/- at call and
the paid-up capital totalled £32,900. The history
of the bank was uneventful and it was taken over on August 28th, 1923, by the
Bank of Liverpool and Martins Ltd.
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