STOPPAGE OF BANK AT SOUTHPORT
A great sensation was caused in Southport on Monday by a notice being placed in the door of the Southport and West Lancashire Banking Company Ltd that it was closed.
For some days previous there were rumours in the town that the bank was in a “shaky” position, with the effect that on Friday and Saturday there was a run on the bank, which continued with great excitement until the bank closed at 3pm on Saturday. The demands of the alarmed depositors was met , but, the strain proved too severe and at an urgent meeting of the board of directors it was agreed to close.
The bank has an extensive business in Southport, Liverpool, Ormskirk and St Helens and surrounding villages of West Lancashire, established in 1873, 12mths ago moved to splendid new premises at a cost of £20,000.
The result to Southport will be disastrous, among the companies doing business with the bank are, the West Lancashire Railway Co, Winter Gardens Co, the Baths Co, the Botanic Gardens Co and the Tramways Co. Southport Corporation have deposited £27,000 it was only weeks ago that Councillor GREGORY proposed to withdraw £10,000 to invest in Consols but the proposal was not carried out.
Directors of the bank, Messers S. SMITH and BOOTHROYD, W. SHARP, [Manchester], Hugh AINSCOUGH [Burscough], Mr R. FLETCHER. J.P, and Mr R. NICHOLSON, J.P, [Mayor].
Solicitors for the company, Messers WELSBY, HILL and SMALLSHAW, Southport.
A favourable offer has been made by PARR’S Banking Company, many have taken advantage of it.
List of shareholders