J and J W Pease, Darlington

The firm was originally known as Pease and Partners and existed by 1765. The bank developed around 1820 from the original wool business of the Quaker Pease family, who like many mill owners had kept running accounts with traders, and also received money from them as deposit. Unfortunately, the interests of the family in coal, iron and wool were hit by the depression of the 1880s and 1890s. The position of the bank deteriorated as it extended credit to loss making firms within the family circle. In addition, the private accounts of the principal partners acquired large and growing overdrafts as they absorbed part of the losses of these firms out of their own income. In 1902, the bank found itself in difficulties, which were brought to a head with an unsuccessful lawsuit, the situation being resolved when the firm was acquired by Barclay and Co Ltd.

Material available at Group Archives: liquidation papers