Norfolk’s 19th Century banking scandal – ‘read all about it’
Norfolk libraries have a book by Geoffrey Elliott ‘The mystery of Overend &
Gurney: a financial scandal in Victorian London’ (Methuen 2006) which is
described on the sleeve notes as "an entertaining and intriguing portrait of a
period in history and the most comprehensive account of a scandal that shook
the Victorian financial world to its foundation"
This led to an investigation as to how the story was reported at the time.
There are clear differences between the contemporary newspaper reports in
the locally published papers and this modern and thoroughly researched
book.
The collapse of Overend & Gurney was notable in Norfolk because of the
Gurney connection, with Gurney's Bank in Norfolk being more involved with
Overends than the Gurney family wanted to be made known.
Elliott refers to Sir Anthony Tuke's article in The Times of May 1966, marking
the centenary of what was recorded in the history books as "Black Friday".
Tuke notes the creation of a new Norwich partnership, with 4 new partners
injecting some serious capital into the Norwich bank and this "'new' bank
starting its legal life on 23 April 1866" - less than 4 weeks before Overend,
Gurney & Co suspended its trading activities.
‘Home News’ on the following page is from the Norwich Mercury of 12 May
1866 and the subsequent page article was in the 16 May 1866 issue.