FAMOUS BANK ABSORBED.

New Zealand Herald, Volume LXI, Issue 18641, 23 February 1924, Page 10

FAMOUS BANK ABSORBED.

ARISTOCRATIC TRADITIONS. HISTORY OF DRUMMOND'S Drummond's, most aristocratic of London's private banks, declared by ; legend to- have advanced money to the Pretender in 1745, and reputed to have accounts of half the peers of Britain in its keeping, was to be taken over by the Royal Bank of Scotland on January 12, subject to the sanction of the Treasury The historic building at Charing Cross, which has stood in all the gloominess of its Jacobite traditions while the modern architecture of the Admirality Arch rose alongside, will remain, and the partners of the bank, all members of the old Drummond family, of Perth, will still control the : bank, but it will be a branch of the larger ooncenj. Drummond's was regarded as the " diehard" of private banking houses. It published a statement of its liabilities and assets for the' first time only last year. The capital was then £400,000, and deposits ammounted to £3,00/,310. The last report issued by the Royal Bank of Scotland in October showed a capital of £2,000,000 with a reserve fund of £1,565,961, and" deposits -totalling £37,880,518. A statement issued by the Royal Bank of Scotland explains that " the partners of Drummond's Bank, Messrs. George, Maid win, Charles, and Frederick Drummond, will continue to give the same personal attention to their customers' affairs as hitherto, and will, with the addition of certain representatives of the Royal Bank, act as a local board of directors for the administration of . the branch, of which Mr. George Druramond will be chairman. Mr. W. H. Smith will continue to act as manager." Only two of the old private firms who are solely bankers now remain in London. The oldest, Child and Co., Fleet Street, was founded in 1599, and Hoare and Co., was founded in 1673.