This

Bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

was probably founded in 1802.Early Banks in West Wales, by Francis Green (in West Wales Historical Records, The Annual Magazine of The Historical Society of West Wales, Volume VI, edited by Francis Green, Printed by W. Spurrell & Son, 1916) It was established in Pembrokeshire, with a branch at Milford ( Milford Haven) and was one of the banks founded as a result of the Bank of England stopping cash payments in 1797.Thomas Philipps of Milford: Emigrant Extraordinary
Thorne, Roland G, National Library of Wales Journal. 1977, Summer Volume XX/1

History

The Bank was operated by the

partnership A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments ...

of Charles Philipps, Thomas Philipps & Co. They were members of the Philipps family of St Brides, Pembrokeshire as indicated by the spelling of their surname, and also the

heraldic emblem A heraldic badge, emblem, impresa, device, or personal device worn as a badge indicates allegiance to, or the property of, an individual, family or corporate body. Medieval forms are usually called a livery badge, and also a cognizance. They are ...

and

motto A motto (derived from the Latin , 'mutter', by way of Italian , 'word' or 'sentence') is a sentence or phrase expressing a belief or purpose, or the general motivation or intention of an individual, family, social group, or organisation. Mot ...

on the

bank note A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued ...

s. Samuel Levi Philips, the founder of the Haverfordwest Bank, was one of the promoters of the Milford and Pembrokeshire Bank and in his will he bequeathed the sum of £1000 to his first son, Philip Philips, ‘advanced as my part of the capital joint stock in the new Milford Bank, as one of the co-partners therein.’ This bank was probably the Milford and Pembrokeshire Bank. However, it was his second son, Nathaniel Philips of

Slebech Slebech was a community (prior to 1974, a civil parish) in Pembrokeshire, Wales, which is now part of the combined community of Uzmaston and Boulston and Slebech, a sparsely populated community on the northern shore of the Eastern River Cleddau. ...

, who became the ‘mainstay’ of the Bank. He was Thomas Philipps

brother in law A sibling-in-law is the spouse of one's sibling, or the sibling of one's spouse, or the person who is married to the sibling of one's spouse.Cambridge Dictionaries Online.Family: non-blood relations. More commonly, a sibling-in-law is referre ...

. The Bank ran into trouble due to the apparent incompetence of Thomas Philipps. He became involved in unsuccessful banking and trading ventures, and the bank also got entangled in Pembrokeshire politicsMilford Bank papers, Slebech collection, National Library of Wales As a result, the Bank collapsed in July 1810, fifteen years before the

Panic of 1825 The Panic of 1825 was a stock market crash that started in the Bank of England, arising in part out of speculative investments in Latin America, including an imaginary country: Poyais. The crisis was felt most acutely in Britain, where it led to ...

, with outstanding

s in the sum of £22,289.

Emigration

After the Bank’s collapse, Thomas Philipps, then aged 44, together with his wife and seven children, emigrated to

South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. It is bounded to the south by of coastline that stretch along the Atlantic Ocean, South Atlantic and Indian Oceans; to the ...

at the head of a group of Pembrokeshire families, comprising 47 persons in all. They sailed in the ‘Kennersley Castle’ from

Bristol Bristol () is a city, ceremonial county and unitary authority in England. Situated on the River Avon, it is bordered by the ceremonial counties of Gloucestershire to the north and Somerset to the south. Bristol is the most populous city in ...

, in 1819, and reached

Table Bay Table Bay (Afrikaans: ''Tafelbaai'') is a natural bay on the Atlantic Ocean overlooked by Cape Town (founded 1652 by Van Riebeeck) and is at the northern end of the Cape Peninsula, which stretches south to the Cape of Good Hope. It was named b ...

in March 1820, settling on an arm of the Bush River, at a place which Philipps called

Lampeter Lampeter (; cy, Llanbedr Pont Steffan (formal); ''Llambed'' ( colloquial)) is a town, community and electoral ward in Ceredigion, Wales, at the confluence of the Afon Dulas with the River Teifi. It is the third largest urban area in Ceredigion ...

, and which was later erroneously called New Bristol.

Bank notes

The bank notes state that they were issued for value received at Milford ( Milford Haven), thus indicating that the Bank premises were in that town.

Other Pembrokeshire banks

Other Pembrokeshire banks include: Haverfordwest Bank, J. Dunn & Co., Tenby, Union Bank (Pembrokeshire), Milford Bank, Pembrokeshire Bank, and Lock, Hulme & Co.

References

External links

History of Thomas Philipps of Milford
{{DEFAULTSORT:Milford And Pembrokeshire Bank Defunct banks of Wales Milford Haven 19th-century establishments in Wales