David Morris & Sons

David Morris & Sons was a privately operated provincial banking business established in Carmarthen, Carmarthenshire, during the late eighteenth century. It formed part of the network of local British banks that served merchants, landowners, industrial interests, and communities before the consolidation of provincial banking into large joint-stock institutions. The business is associated with David Morris, a Carmarthen merchant born around 1745 or 1746 and the son of David Morris of the Ferry Inn at Llansteffan. In 1787, Morris became an agent for Sir Herbert Mackworth and other backers who had opened a banking house in Carmarthen. By the following year he was conducting banking on his own account. In 1791, he took over a Carmarthen bank previously established by David Parry and operated it under the name Morris & Sons. The business initially traded from premises at Dark Gate in Carmarthen. As its activities expanded, it moved first to a larger property in King Street and subsequently to Spilman Street, where it remained until its transfer to another institution in 1871. The bank may also have acquired the Carmarthen Furnace Bank. The available historical account treats this attribution as probable rather than certain. The resulting business was carried on under the David Morris & Sons name and may later have used the name Carmarthen Bank, possibly following the failure of Waters, Jones & Co., the proprietors of another Carmarthen bank. These overlapping names reflect the fluid structure of eighteenth- and nineteenth-century private banking, in which local firms could merge, acquire one another, or operate under modified trading names. David Morris died unexpectedly in Swansea on 25 September 1805, aged 59. He was buried at Saint Mary’s Church in Swansea. His sons continued the banking business after his death. The firm survived the financial disturbances associated with the Panic of 1825, a period in which provincial bank failures contributed to widespread concern and a run on British banks. A public meeting at Carmarthen Guildhall on 22 December 1825 passed a resolution expressing confidence in David Morris & Sons and Waters, Jones & Co.; another meeting took place at Llandeilo four days later. The surviving account does not establish whether the bank experienced direct financial pressure during the panic. The competitive environment changed when the National Provincial Bank of England, a pioneer of large joint-stock banking, opened a Carmarthen branch on 28 November 1864. David Morris & Sons continued operating for several years, but on 2 October 1871 its banking business was transferred to the National Provincial Bank of England after the Morris family’s successors retired. This transaction ended the bank as an independent concern. Through later banking succession, the institution became a historical constituent of The Royal Bank of Scotland Group, which holds its surviving archival material. No surviving banknotes issued by David Morris & Sons are known to have been recorded.

David Morris & Sons emerged from the expansion of private provincial banking in late eighteenth-century Wales. David Morris, born around 1745 or 1746, came from Llansteffan in Carmarthenshire and worked as a merchant in Carmarthen. In 1787 he became an agent for Sir Herbert Mackworth and other parties connected with a banking house established in Carmarthen. By 1788 Morris was operating independently as a banker. In 1791 he acquired a local bank founded by David Parry and conducted the business under the name Morris & Sons. The bank operated from Dark Gate in Carmarthen before moving to larger premises in King Street and later to Spilman Street. Its history may also be linked to the Carmarthen Furnace Bank, which Morris is thought to have acquired. The evidence is not conclusive, but the possible combination of these businesses illustrates the close and changing relationships among local Welsh banks. The firm was also possibly renamed Carmarthen Bank after the failure of Waters, Jones & Co., another Carmarthen banking concern. Morris died suddenly in Swansea on 25 September 1805, aged 59, and was buried at Saint Mary’s Church there. His sons continued the business. The bank remained in operation through the Panic of 1825, when failures among provincial banks and the suspension of cash payments by the Bank of England caused a broader run on British banks. A meeting held at Carmarthen Guildhall on 22 December 1825 publicly affirmed confidence in David Morris & Sons and Waters, Jones & Co.; a related meeting was held at Llandeilo on 26 December. The available historical record does not show whether David Morris & Sons suffered a direct run or liquidity crisis. The arrival of large joint-stock banks changed the competitive environment. The National Provincial Bank of England opened a branch in Carmarthen on 28 November 1864. David Morris & Sons remained active for several years, but the business was transferred to the National Provincial Bank on 2 October 1871 when the Morris successors retired. The transfer brought the independent bank's operating history to an end. In the longer chain of banking succession, David Morris & Sons became a past constituent of The Royal Bank of Scotland Group. RBS's heritage archives hold material relating to the bank. The historical record does not identify any surviving notes issued by David Morris & Sons. Because the firm's precise corporate relationships, any Furnace Bank acquisition, and the timing of possible use of the Carmarthen Bank name are not fully documented, those points should be treated cautiously.

• 1871

  Banking business transferred

  [1]David Morris & Sonsen.wikipedia.org

  The business was transferred to the National Provincial Bank of England after the Morris successors retired.

• 1864

  National Provincial Bank enters Carmarthen

  [1]David Morris & Sonsen.wikipedia.org

  The National Provincial Bank of England opened a local branch, introducing a major joint-stock competitor.

• 1825

  Public confidence during the banking panic

  [1]David Morris & Sonsen.wikipedia.org

  A Carmarthen public meeting expressed confidence in David Morris & Sons during the nationwide disturbance affecting provincial banks.

• 1805

  Death of David Morris

  [1]David Morris & Sonsen.wikipedia.org

  David Morris died in Swansea, after which his sons continued the banking business.

• 1791

  Morris takes over David Parry's bank

  [1]David Morris & Sonsen.wikipedia.org

  Morris acquired a Carmarthen bank established by David Parry and operated it as Morris & Sons.

• 1788

  Independent banking activity begins

  [1]David Morris & Sonsen.wikipedia.org

  David Morris was operating as a banker on his own account in Carmarthen.

• 1787

  David Morris becomes a banking agent

  [1]David Morris & Sonsen.wikipedia.org

  David Morris began acting as an agent for Sir Herbert Mackworth and other backers associated with a banking house in Carmarthen.

A locally rooted private bank serving Carmarthen and the surrounding area before nineteenth-century banking consolidation.

• Banking · 1788

  Provincial banking

  David Morris & Sons operated as a private provincial bank in Carmarthen, providing the locally based banking function typical of eighteenth- and nineteenth-century Welsh banking houses. The available sources do not provide a detailed catalogue of individual accounts or credit products, but the business was established as a general banking concern rather than a narrowly specialized financial service.

• Banking services · 1787

  Bank agency services

  Before operating independently, David Morris acted as an agent for Sir Herbert Mackworth and other parties connected with a Carmarthen banking house. This agency activity formed part of the business background from which the later Morris & Sons banking operation developed.

• 1871

  Transfer to the National Provincial Bank of EnglandM&A

  Background

  The arrival of a large joint-stock bank in Carmarthen increased competitive pressure, while the successors of David Morris were retiring.

  Action taken

  The David Morris & Sons banking business was transferred to the National Provincial Bank of England on 2 October 1871.

  Aftermath

  The transaction ended David Morris & Sons as an independent bank. Its historical succession eventually connected it with The Royal Bank of Scotland Group.

  Source

1. 1David Morris & Sonsen.wikipedia.org
2. 2RBS Heritage Archivesrbs.com