This private bank was formed in Dundee in 1792 as a co-partnership, trading as Dundee Commercial Banking Co, by former customers and partners of Dundee Banking Co of Dundee. It had ten partners, including John Baxter and James Scott, and a nominal capital of £10,000 divided into ten shares of which £3,500 was paid up. From the outset it accepted deposits and issued notes (£26,000 was in circulation by 1793), appointing agents in four towns, including Sir William Forbes, James Hunter & Co, bankers of Edinburgh, to develop the circulation. By 1802 death and withdrawal had depleted the number of partners to four and the bank was reformed as Dundee New Bank.
Summary of our archive holdings
Our archival records of Dundee Commercial Banking Co have the reference code DC.
For help understanding words used here, check our glossary of banking record types (PDF 68 KB).
- co-partnership agreements 1791