Greg’s first cousin 5 times removed was James William Gilbart (1794 – 1863), an English banker and author, who became General Manager of one of the first joint-stock banks in England, the London and Westminster.
Gilbart’s theory and methods, set out in his many books, most notably ‘Practical Treatise on Banking‘ (1827), came to be widely adopted. He advocated ways of improving the British banking system, laying the theoretical foundations of modern publicly owned retail banks and Building Societies.
James Gilbart started work as a junior bank clerk in 1813. When this failed in the financial crisis of 1825 he lost his job worked for a short time in Birmingham and two years later published his ‘Practical Treatise‘, which described and compared the banking systems of England, Scotland and Ireland. For the next six years he worked in banks in Ireland before moving back to London.
The London and Westminster Bank was the first firm founded under the auspices of the Bank Charter Act 1833, which allowed joint-stock banks – those owned and controlled by shareholders – to be established in London. Gilbart was its first general manager.
James Gilbart was frequently called upon to give evidence before Parliamentary committees on banking. His views, held in high regard, helped to shape the English financial system.
James Gilbart retired in 1860 and died in 1863 at his house at 56 Brompton Crescent.
He never married, but he provided for some relatives and friends in his will. The Codicil mentions :- his first cousin James Gilbart,
- James William Gilbart the son of his first cousin William Gilbart,
- James William Gilbart the son of his first cousin Thomas Gilbart,
- his first cousin Elizabeth Polkinghorne, and
- his niece Sarah Figgis Smith and her children
The Westminster and National Provincial Bank merged in the late 1960s becoming the National Westminster Bank Limited from 1 January 1970. NatWest, as it became known, is now part of The Royal Bank of Scotland Group.
Further reading
- Royal Bank of Scotland biography of James William Gilbart https://www.rbs.com/heritage/people/james-william-gilbart.html
kristin said:
Did he leave money to all the boys named James?
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Anne Young said:
I think his cousins and various relatives named children James William in honour of their famous and wealthy unmarried relative in the hope of him leaving money to their offspring 😉
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lindamaycurry said:
I’m glad he remembered some women in his will as well. Hopefully he enjoyed his extended family even though he had no children of his own.
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Dianne said:
Very interesting post which gives me more understanding of what I found in newspapers… a couple of my ancestors listed under Bank Returns for Kingsbridge Joint Stock Bank 1848 and bank Returns for North of Scotland Banking Co 1879.
Thanks!
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cassmob said:
You have such diverse people in your trees…not “ordinary people” like mine.
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Anne Young said:
It is easier to write about the notables, there are plenty of ordinary people too and they can be hard to research. Greg’s family didn’t really have much to do with London and I wanted to find some connections.
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