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GURNEY

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Originally appearing in Volume V12, Page 732 of the 1911 Encyclopedia Britannica.
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GURNEY , the name of a philanthropic See also:

English See also:family of bankers and merchants, See also:direct descendants of See also:Hugh de Gournay, See also:lord of Gotlrnay, one of the See also:Norman noblemen who accompanied See also:William the Conqueror to See also:England. Large grants of See also:land were made to Hugh de Gournay in See also:Norfolk and See also:Suffolk, and See also:Norwich has since that See also:time been the headquarters of the family, the See also:majority of whom were See also:Quakers. Here in 1770 the See also:brothers See also:John and See also:Henry Gurney founded a banking-See also:house, the business passing in 1779 to Henry's son, See also:Bartlett Gurney. On the See also:death of Bartlett Gurney in 18oz the See also:bank became the See also:property of his three See also:cousins, of whom JOHN GURNEY (1750—18o9) was the most remarkable. One of his daughters was See also:Elizabeth See also:Fry; another married See also:Sir See also:Thomas Fowell See also:Buxton. Of his sons one was See also:JosEPH JOHN GURNEY (1788—1847), a well-known philanthropist of the See also:day; another, See also:SAMUEL GURNEY (1786—1856) assumed on his See also:father's death the See also:control of the Norwich bank. Samuel Gurney also took over about the same time the control of the See also:London billbroking business of See also:Richardson, Overend & See also:Company, in which he was already a partner. This business had been founded in ',Soo by Thomas Richardson, clerk to a London See also:bill-discounter, and John Overend, See also:chief clerk in the bank of See also:Smith, See also:Payne & Company at See also:Nottingham, the Gurneys supplying the See also:capital. At that time bill-discounting was carried on in a spasmodic See also:fashion by the See also:ordinary See also:merchant in addition to his See also:regular business, but Richardson considered that there was See also:room for a London house which should devote itself entirely to the See also:trade in bills. This, at that time, novel See also:idea proved an instant success. The See also:title of the See also:firm was subsequently changed to Overend, Gurney & Company, and for See also:forty years it was the greatest discounting-house in the See also:world. During the See also:financial crisis of 1825 Overend, Gurney & Company were able to make See also:short loans to many other bankers.

The house indeed became known as " the bankers' banker," and secured many of the previous clients of the Bank of England. Samuel Gurney died in 1856. He was a See also:

man of very charitable disposition, and during the latter years of his See also:life charitable and philanthropic undertakings almost monopolized his See also:attention. In 1865 the business of Overend, Gurney & Company, which had come under less competent control, was converted into a See also:joint stock company, but in 1866 the firm suspended See also:payment with liabilities amounting to eleven millions See also:sterling.

End of Article: GURNEY

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GURNEY, EDMUND (1847—1888)