Glimpses of old Glasgow

Part I. Historical

Savings Bank

THIS most useful institution was founded by the Rev. Dr. Duncan, parish minister of Ruthwell, Dumfriesshire. The Glasgow Bank was opened in 1836, in a comparatively small room in Hutchesons' Hospital Buildings, Ingram Street. Its manager was Mr. Watson, formerly cashier to Mr. Dunn, of Duntocher. He had, I think, two junior clerks. He was well qualified for the new undertaking, being of a most genial and obliging disposition. In his hands the institution flourished. After his death Mr. W. Meikle was appointed, and, under his able management, the bank has flourished far beyond the most sanguine expectations of its promoters. Its first year's transactions were 4,461; in 1892, 659,759. Number of depositors in 1836, 1,906; in 1892, 168,292. In 1836 its funds were £19,242; in 1892, £5,773,886.

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In 1849 the bank was opened for daily transactions and repayment of money on demand. In 1866 the present splendid premises in Glassford Street were built for the head office, at a cost of £15,000. In 1875 district branch offices were opened in populous centres in the east, west, north, and south. In 1850 penny banks were instituted, and in 1892 there were 226 of these in operation, with 80,000 youthful depositors. These penny banks have proved of great service in fostering, among the poorer children, habits of thrift, which, as they grow older, induce them to become depositors in the savings bank itself. Although not forming part of the parent institution, yet these penny banks have been greatly helped and encouraged by it.