11-525 Manchester Mosley Street

These magnificent premises at Mosley Street Manchester are the former Head Office of the Mercantile Bank of Lancashire, were opened in 1898, that is around five or six years after the creation of that bank.

When the building comes into the possession of Martins Bank, through the amalgamation of the Bank of Liverpool and Martins Ltd and the Lancashire and Yorkshire Bank, the new Bank also inherits the even grander premises at 43 Spring Gardens Manchester which having hitherto been the Head Office of the Lancashire and Yorkshire Bank, are felt to be much better suited to accommodate Martins Bank’s MANCHESTER DISTRICT OFFICE.

There is really no need to keep on another large building such as Mosley Street, and the sheer number of Manchester Branches brought to Martins by the amalgamation of 1928 means there will be little disruption to service if Mosley Street is closed.

This duly takes place in 1934. It seems a shame that such a magnificent building with a central location was let go from the service of the bank, but at least in those days companies weren’t queueing up to turn such places into wine bars or betting shops.

In Service: 1898 until 1934

Image © Martins Bank Archive Collections

Extract from Martins Bank Limited Annual Report and Accounts for 1928 – © Barclays

Also, there was not the kind of dilemma we have today of having no use for such a lovely building, yet not wanting to let it go in favour of somewhere much more modern and impersonal! Established in 1890, the Mercantile Bank of Lancashire grows exponentially - in less than five years from two to forty-two branches, causing one of many headaches to the new fashion for amalgamating banks – the duplication of offices in large towns and cities. The following extracts from FOUR CENTURIES OF BANKING tell a little more of the story…

{On 1 May 1895, the Board discussed the question of new premises for the Head Office, as the lease of the existing premises was to expire at Christmas 1896 and could not be renewed. The block on Mosley Street and York Street next to the Union Bank and opposite the Manchester and Salford Bank was on sale at £37,500 coupled with the condition that £25,000 should remain on mortgage for five or seven years at 3½ per cent. On 31 May 1895 the Bank resolved to offer £35,000. It preferred to pay cash, but requested that if £25,000 were to remain on mortgage, interest should only be 3¼ per cent. The owners made a counter offer of £36,500, with interest at 3¼ per cent. The Bank replied with £36,250 but authorised the manager to offer £36,500 if necessary. Contracts were exchanged on 12 June 1895 at this price. Eventually all the difficulties were resolved and the Head Office was completed.

On 4 January 1899 the Board decided to invite shareholders attending the annual meeting to inspect the Head Office and to provide light refreshments}. {The number of offices rose from two (Head Office and Princess Street) in 1891 to 42 in 1904, including the new Head Office in Mosley Street. In 1904 there were nine branches in Manchester - All Saints, Cheetham and Hightown, Deansgate, Exchange (formerly Cross Street), Great Ancoats Street, Harpurhey, Longsight and Ardwick, Old Trafford and Shudehill. There were 22 branches at Altrincham, Ashton-under-Lyne, Blackburn, Bolton, Bramhall, Broadheath, Burnley, Buxton, Chorlton-cum-Hardy, Halifax, Heaton Mersey, Heaton Moor, Leek, Northenden, Oldham, Padiham, Sale, Southport, Stalybridge, Stockport, West Didsbury and Widnes. There were also six branches in the Isle of Man - Douglas, Ramsey, Crescent and Onchan, Castletown, Peel and Port Erin. There were four cattle market agencies at Liverpool, Salford, Wakefield and York}.

Abridged from FOUR CENTURIES OF BANKING VOL II

© MARTINS BANK LIMITED 1968