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Farrows Bank Ltd. - The Peoples Bank
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Farrows Bank Ltd. - The Peoples Bank
Farrows Bank Ltd. - The Peoples Bank - 1 Cheapside, London. In setting up the bank, Thomas Farrow wished not only that unsuspecting people in need of money to tide them over a period of temporary embarrassment should be protected against the usurious rates of interest demanded by moneylenders; he desired in addition that means be provided whereby thrift should be encouraged among the poorer classes. Unfortunately the bank collapsed in the early 1920s and the main founders were found guilty of fraud! Whether their desire to provide the best outcome and opportunity for their less well-to-do fellow citizens was the root fault of their folly or whether some blacker purpose pervaded their dealings, it is hard to ascertain... They certainly did spend a lot on advertsing as this card testifies! Date: 1910
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Media ID 11552740
© Mary Evans / Grenville Collins Postcard Collection
Bank Banking Change Cheapside Collapsed Commerce Finance Fraud Gazette Money Office Peoples Reform Farrow Moneylenders
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EDITORS COMMENTS
1. Title: "Farrows Bank Ltd. - The Peoples Bank: A Vision of Social Change and Financial Assistance in Early 20th Century London" This evocative photograph showcases the impressive facade of Farrows Bank Ltd., also known as "The Peoples Bank," located at 1 Cheapside in the heart of London during the early 1910s. Founded by Thomas Farrow, the bank was established with a noble mission: to offer financial assistance to those in need while combating the predatory practices of moneylenders. Farrow's vision extended beyond mere relief; he aimed to encourage thrift among the working-class population. The bank's exterior exudes an air of trust and stability, with its grand architecture reflecting the aspirations of a burgeoning British society undergoing significant social and economic change. The inscription on the card, "Farrows Bank Ltd. - The Peoples Bank," underscores the institution's commitment to serving the community. Unfortunately, the bank's noble intentions were not enough to prevent its eventual collapse in the early 1920s. The main founders were later found guilty of fraud, leaving many to question the true motivations behind their actions. Was their desire to help the less fortunate the root cause of their downfall, or was there a darker purpose at play? Despite the tragic outcome, the legacy of Farrows Bank Ltd. remains a testament to the spirit of social reform and financial innovation that characterized the early 20th century. The bank's advertising efforts, as evidenced by this card, demonstrate a commitment to reaching the masses and making a difference in their lives. This historical artifact serves as a reminder of the complexities and challenges inherent in the pursuit of financial and social progress.
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