THE HISTORY OF EAST GRINSTEAD - Online Book

The rise and progress of the town and the history of its institutions & people.

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PUBLIC INSTITUTIONS AND IMPROVEMENTS. 263
being handed over to the Post Office Savings Bank. The owners of several accounts, some running into hundreds of pounds, have never been traced, and of these the National Debt Commissioners stand a fair chance of reaping the benefit.
To meet the needs of the poorer classes a Penny Bank was established on September 18th, 1851, and opened on the following Saturday week, when 28 individuals made deposits amounting to 16s. 2d. A week later 58 deposits were made, amounting to 2. 2s. 2d., and by October 11th the depositors numbered 85. In the first half-year they grew to 215 and the amount deposited was 61. 17s. 8d., increased to 121 by the time the year closed. Mr. A. Hastie was the Treasurer and Mr. T. Cramp the Secretary throughout its existence. It came to an end on December 21st, 1877, when the 20 balance remaining in hand was divided amongst the six Sunday Schools in the parish.
The existing commercial banks are all of comparatively modern date. At the beginning of the last century and down to about 1810, there was a bank in East Grinstead, known as John and Andrew Burt, carried on at the house in the High Street now occupied by Messrs. Young and Sons' extensive grocery establishment. After the Burts gave up business Mr. John Head, grandfather of Messrs. William and Evelyn Head, now in partnership as solicitors, had the same premises and became agent for the Lewes Old Bank, and he was succeeded in the same agency by his son George, who in time established himself as a banker, and Mr. John Smith then became Messrs. Molineux, Whitfeld & Co.'s agent. To him succeeded Mr. William Rudge, and at his death, on February 23rd, 1887, the bankers themselves took over the direct management of the branch here. Their firm was amalgamated with that of Barclay & Co. in 1897. Head's Bank failed on February 24th, 1892, and this immediately brought into existence here branches of Lloyds Bank Ltd. and the Capital and Counties Bank, both of which were opened in the town the day the failure was announced.
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