The Stamford, Spalding and Boston Bank Company formed in 1832 and this would eventually merge in Barclays Bank in common with many other Joint Stock Banks. Prior to this date there had been several Banks cease business in the area largely due to reduced liquidity as under-writing Banks and private individuals withdrew their support. With a lack of banking facilities in the town the formation of this Bank was a relief.
Perhaps in keeping with the times, it was agreed in the formation document of this Bank that any female shareholders could not vote. In other words, the Bank was happy to use their money but did not wish them to have the responsibility of having a say in the Bank’s management. As it happens the original shareholders did not include any women, but the provision was to accommodate the potential inheritance of shares by women.
George Bugg was a local businessman along with his brother Henry they had run their own private Bank that they closed in 1831 without loss and invested in this new Bank. By 1851 George retired and a prospective new manager of the Spalding branch approached the board with a letter signed by several key and wealthy depositors in the town that if he was not appointed they would withdraw their business and take it to another Bank in the town that was prepared to take him on as manager.
The board disregarded such a threat and continued to make a free choice. The Bank was acquired by Barclay & Co in 1911. Up to 1964 many junior female staff were forced to resign upon getting married. Such is the legacy of misogyny and power.
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