Planters' Bank, Kingston, Jamaica 1837-1851

                Planters Bank 1 Pound Sterling note undated and unsigned (An unissued example).

In 1839 a group of wealthy Jamaican Planters established the Planters Bank with its primary objective to cater for the needs of the sugar planters. An editorial in the Falmouth Post of April 16th, 1840 gives an insight into the currency Problem. 

Planters Bank 1 Pound showing the reverse of the above note (Undated Remainder)

  ........."In the Absence of specie, the small notes issued by the Planters Bank have been most serviceable in enabling the proprietor in paying his labourer's from one end of the Island to the other. The "Blue Note" is known and valued and it has taken the place of the Government Island Check now being called in, and when the period shall arrive that these notes are redeemable in specie, they of course will be more valued as being equal in value to specie.                                                                                    

The Planters' Bank stepped in at a, moment of peculiar difficulty. The Bank of Jamaica are wisely withdrawing from circulation an over issue of paper which would have proved most troublesome when specie payments were demanded. The Receiver-General had been directed to withdraw by degrees, the lsland Checks. The Colonial Bank had, as yet, been unable to issue, as we said before from the horrible system of banking which had been tolerated in this island and we have no hesitation in saying that but for the Planters' Bank, the general distress in carrying on the agriculture of the island would have been much greater."..............

Planters' Bank 1 Pound unused remainder (Private Collection)

As economic conditions deteriorated a committee from the Planters Bank in 1848 approached the Jamaican Government for a 40,000.00 pound loan which was declined. It was necessary for the bank to close and its payment on its currency notes were stopped in August of 1848 and closed with its asset absorbed by The Colonial Bank in 1851.

 


PLANTERS' BANK

Joint Stock, under a Deed of Settlement
Directors shown for the year 1851
Chairman: Richard James Cade Hitchins
Vice chairmen: John Gordon, Wiliam Titley, Robert Taylor, Andrew Scott, A. G. Dignum, Andrew Simpson
Secretary: P. A. Espeut
General Clerk: William Arnold

Planters' Bank 3 Pounds dated January 10, 1842 ( Bank of Jamaica Collection)

Planters Bank 3 Pound Sterling note manually dated and signed. This is one of only two banknotes from Planters Bank with signatures and date. The other note is a blue 1 pound ( a really tattered piece) 1844 which is in the collection of W. Barrett, Montreal Canada. Extremely Rare!!!
 



Note: This Bank in 1851 has been compelled to suspend operations, and it is generally believed will not resume business.The affairs of the Bank are being wound up by the Secretary and Directors.

 
Historic Jamaica

Bank of Jamaica Bill of Exchange 12th November 1850

Bank of Jamaica Bill of Exchange 12th November 1850

The first attempt at a local bank in Jamaica was known as The Bank of Jamaica (no connection to the modern Bank of Jamaica) established 1st September, 1836. They never issued commercial banknotes but Bills of Exchange as shown above dated November 1850. It was closed a couple of years after this and sold to Colonial Bank.

Signed by Thomas A. Cargill Manager and Isaac O. Jones as Cashier Engraved and Printed by Perkins, Bacon London.

In 1850 this bank was located at 15, 16 and 17 Port Royal Street, Kingston

The A.C. Collection

Bank of Jamaica Bill of Exchange 30th July, 1845

Bank of Jamaica Bill of Exchange 30th July 1845

Bank of Jamaica Bill of Exchange 30th July 1845

The first attempt at a local bank in Jamaica was known as The Bank of Jamaica (no connection to the modern BOJ) established 1st September, 1836. They never issued commercial banknotes but Bills of Exchange as shown above dated 30th July 1845. It was closed a couple of years after this and sold to Colonial Bank which became in 1926 Barclay's Bank.

Signed by Thomas A. Cargill Manager and Isaac O. Jones as Cashier. Engraved and Printed by Perkins, Bacon London. Uni Face.Payable to D. Barclay the sum of 50 pounds by Masterman & Co., Bankers London for the account of Bank of Jamaica Kingston.

In 1850 this bank was located at 15, 16 and 17 Port Royal Street, Kingston

Bank of Jamaica, Established 1st September, 1836

Staff in 1851:

President: Lawrence Gibson
Vice- President: John Nethersole
Directors: Thomas McWhinney, James Derbyshire, Charles Armstrong, S. W. Mais
Manager: Thomas A. Gargill
Cashier: Isaac O. Jones
Accountant: W. A. Hamilton
Bill Collector: J, D. Ford
Bookkeeper: J. B. Aswith
Auditors: J. S. Brown, William Titley

Agencies:

Falmouth: P. Abraham & Co.
Montego-Bay: George L. Philips & Brothers
Savanna La Mar: Mason & Tullis
Ocho Rios: David Collie
Holland Bay: Charles S. Barclay

A.C. Collection

Bill of exchange

A bill of exchange or "draft" is a written order by the drawer to the drawee to pay money to the payee. A common type of bill of exchange is the cheque (check in American English), defined as a bill of exchange drawn on a banker and payable on demand. Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date. Prior to the advent of paper currency, bills of exchange were a common means of exchange. They are not used as often today.  

A bill of exchange is essentially an order made by one person to another to pay money to a third person. A bill of exchange requires in its inception three parties—the drawer, the drawee, and the payee. The person who draws the bill is called the drawer. He gives the order to pay money to the third party. The party upon whom the bill is drawn is called the drawee. He is the person to whom the bill is addressed and who is ordered to pay. He becomes an acceptor when he indicates his willingness to pay the bill. The party in whose favor the bill is drawn or is payable is called the payee. The parties need not all be distinct persons. Thus, the drawer may draw on himself payable to his own order.

A bill of exchange may be endorsed by the payee in favour of a third party, who may in turn endorse it to a fourth, and so on indefinitely. The "holder in due course" may claim the amount of the bill against the drawee and all previous endorsers, regardless of any counterclaims that may have disabled the previous payee or endorser from doing so. This is what is meant by saying that a bill is negotiable. Source: Wikipedia

THE HON. HENRY FORBES COLTHIRST (1821 - 1881)

The Hon. Henry Forbes Colthirst (1821 -1881)

The Hon. Henry Forbes Colthirst (1821-1881). Custos of Kingston. Merchant, Politician & Company Director. He was one of the most important figures in Jamaica during the Late 19th Century. Born Kingston, Jamaica 13th of November, 1821, younger son of James Forbes Colthirst (1795-18??), Kingston Merchant, and Frances Hall, his wife. Educated Privately. Senior Partner in the Firm of Davidson & Colthirst, of East Street, Kingston, Jamaica, then the largest Firm of Merchants in the Island. He married in 1850 Theresa Maria (Colthirst). They had 3 Sons and 2 Daughters. Member of Assembly for Kingston in the House of Assembly of Jamaica during the 1850s and 1860s and later a Member of the Legislative Council. Chairman of the Jamaica Mutual Life Assurance Society 1869-1881. Director of the Bank of Jamaica and the Sligo Water Company. Custos of Kingston. His country house, Paradise Pen, which he renamed Colthirst's Pen, was the setting for many important political and social events in Jamaica. The Hon. Henry Forbes Colthirst died in Kingston, Jamaica in 1881 and there is a monument and a stained glass window to his memory in the Kingston Anglican Parish Church. He was 60 years old. From a Photograph by an Unknown Photographer, c. 1869. Private Collection.

Bank of Jamaica 1836

Bank of Jamaica 1 Pound (Uni face Proof) Cir 1840s

ABank of Jamaica 10 Pound (Uni face Proof) Cir 1840s

Bank of Jamaica 50 Pound (Uni face Proof) Cir 1840s

The first attempt at a local bank in Jamaica was known as The Bank of Jamaica (no connection to the modern Bank of Jamaica) was the first commercial bank to operate in Jamaica and was established 1st September, 1836 by merchants in England with business connections in the island. The House of Assembly in Jamaica granted the bank a charter of incorporation but the British Government subsequently disallowed the charter. As the bank had worked up a small business before it learned of the charter cancellation, it continued to operate as a joint stock company under a deed of settlement. This Bank never issued commercial banknotes but specimen/proofs were prepared for such notes but never printed. By 1864 the Bank of Jamaica sound fiscal policy was not enough to keep it afloat as its interest was closely aligned to that of the sugar industry which continued to deteriorate. An offer was accepted by the majority of shareholders and in November 1864 The Bank of Jamaica ceased operation and sold to Colonial Bank which became in 1926 Barclay's Bank.

In 1850 The Bank of Jamaica was located at 15, 16 and 17 Port Royal Street Kingston.

Uni face Specimen/proof 1, 10 and 50 Pound on heavy stock paper and engraved by Perkins, Bacon London.

Private Collection (Barrett) Montreal, Canada

In 1839

Bank establishment Nos. 15, 16 and 17 East Port Royal Street, Kingston

President, Hon. John Mais
Vice-President, John Fowles esq.
Directors, Chas. Mackglashan, Bartholomew I. Williams, William Titley, James Brydon
Manager, James Marshall Esq.
Cashier, Francis G. Mayne
Accountant, Mr. Edward W. Purcell

Branches were located at Montego Bay, Falmouth. Savannah La Mar, Lucea, Port Antonio, Manchester and Spanish Town

In 1857

Bank establishment Nos. 15, 16 and 17 East Port Royal Street, Kingston

President, James Davidson
Vice President, William Alexander Titley
Directors, Hon. Alexander Barclay, John Nethersole, Henry Hutchings, James Derbyshire
Manager, Henry James Stevens
Accountant, William Augustus Hamilton
Cashier, James Dearmer Ford

Agencies in Falmouth and Montego Bay

In 1861

Manager, William A. Titley
Accountant, W.A. Hamilton
Cashier, James D. Ford, Henry Nightingale

Agencies in Falmouth and Montego Bay

In 1865

President, Henry Forbes Colthirst
Vice President, Thomas Francis Roxburgh
Directors, John Samuel Brown, Hon. Louis Mackinnon, Hon. John Salmon, Arnold L. Malabre
Manager, William Alexander Titley
Accountant, Henry Nightingale
Cashier, James Dearmer Ford
Clerks, John Murray, Lionel Hutchings

Agencies in Falmouth and Montego Bay.

Note: In 1864-65 The Colonial Bank is in treaty for the purchase of the goodwill of this Bank.