Frederick Huth & Co facts for kids

Frederick Huth & Company was an important British bank. It started in 1809. Later, in 1936, it joined another bank called the British Overseas Bank.

History of Frederick Huth & Co

Starting a Merchant Bank

In 1809, a man named Frederick Huth (1777-1864) started his own bank. He was a German-born merchant living in London. His bank was called "Frederick Huth & Co". It was a merchant bank, which means it helped businesses with money and trade.

Frederick Huth began investing his own money. He also helped other merchants with their deals. His business grew very quickly. They became experts in trading with countries like Germany, Spain, and places in South America.

Soon, Huth's bank started giving out loans and advances to other merchants. By 1850, it was one of the top merchant banks in London.

New Leadership and Growth

Frederick Huth retired in the 1850s. After he left, his son-in-law, Daniel Meinertzhagen (1801-1869), took over. Daniel was the father of Richard Meinertzhagen.

In 1867, Frederick Huth & Co joined a group of other big London banks. They formed a group called the "International Financial Society". This group wanted to help European governments and big building projects get money by selling bonds.

Later, in 1917, "Huth & Co" opened an office in New York. This new office handled foreign exchange, which is about trading different types of money from around the world.

Challenges and End of the Bank

In 1921, Huth's bank faced big problems. They lost a lot of money because of the war. This happened with their business in Europe.

The Bank of England stepped in to help. In 1922, they helped Huth's bank merge with another bank called Konig Brothers. In 1923, a new partnership was formed. The Bank of England even gave them a loan of £2 million.

However, Huth's bank never fully recovered from its losses during the war. In 1936, the rest of its banking business moved to the British Overseas Bank. After this, Frederick Huth & Company officially closed down. The British Overseas Bank later became part of the Royal Bank of Scotland in 1962.