National Provincial Bank: 1934 Review
Note: This is an abridged version of a chapter in British Commerce and Industry 1934
See also National Provincial Bank
In the past twenty years there has been a huge increase in the size and strength of the National Provincial. On the 31st December, 1913, the deposits amounted to £67,882,423; on the 31st December, 1933, they were no less than £288,239,585. Between the same dates the issued share capital was increased from £3,000,000 to £9,479,416, the reserve from £2,000,000 to £8,000,000, and the number of offices from 434 to 1,361. This enormous growth has been brought about partly by the expansion of the business of its already existing branches, partly by the setting up of new branches where it was considered they would be profitable, and partly by the absorption of other banks.
Of the many famous banks thus incorporated in the National Provincial, the largest was the Union of London and Smiths Bank, which, as the Union Bank of London, had until the end of the nineteenth century confined its activities to London, the suburbs, and a very large foreign connection, but had then greatly widened its influence by joining forces first with the ancient London banking firm of Smith, Payne and Smiths, and its associated houses in the Midlands, and then with Prescott's Bank, which had itself been formed by the amalgamation of several banks, and possessed many branches in the provinces. Other important banks taken over were the Bradford District Bank, the Sheffield Banking Company and the Northamptonshire Union Bank, while the National Provincial also purchased the whole of the issued capital of Coutts and Co., the historic West-End banking firm, and of Grindlay and Co., the well-known bankers and army agents in India.
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