Samuel Gurney (1786–1856)

Samuel Gurney
Born	1786-10-18 Earlham Hall near Norwich, England
Died	1856-06-05
Occupation(s)	Banker, philanthropist
Known for	Overend, Gurney and Company; philanthropy; penal reform; anti-slavery activism

Samuel Gurney (18 October 1786 – 5 June 1856) was an influential English banker and philanthropist, belonging to the notable Gurney family of Norwich. He should not be confused with his second son, also named Samuel (1816–1882), who was likewise a banker, philanthropist, and Member of Parliament.

Early life and marriage

Samuel was born on 18 October 1786 at Earlham Hall near Norwich. He was the second son of John Gurney (1749–1809), a Quaker banker, and Catherine Bell, the daughter of Daniel Bell, a London merchant. The Gurney family had founded Gurney's Bank in 1770.

His education took place in Wandsworth and Hingham, Norfolk. Among his siblings were prominent individuals such as Joseph John Gurney, Daniel Gurney (1791–1880), Elizabeth Fry, Louisa Gurney Hoare (1784–1836), and Hannah Buxton. At the age of fourteen, Samuel began working in the counting-house of his brother-in-law Joseph Fry (1777–1861), a tea merchant and banker located in the City of London.

Overend, Gurney and Company

Thanks to the inheritance from both his father and father-in-law, Gurney quickly advanced to partnership in Richardson and Overend, joining the firm in 1807. Established in 1800 by Thomas Richardson and John Overend with financial backing from the Gurneys, the company specialized solely in bill discounting—a relatively new practice at that time which soon gained traction. After his father's passing in 1809, Samuel assumed control over both the Norwich bank and Richardson and Overend, which was later renamed Overend, Gurney and Company.

Under his management, the firm expanded to become the largest discounting institution globally for nearly four decades. While initially concentrating on bill discounting, it diversified into lending against various securities. During the financial crisis of 1825, the company played a vital role by supplying liquidity to distressed enterprises, earning its reputation as "the bankers' banker." Numerous businesses transferred deposits from the Bank of England to Overend, Gurney & Co., which held £8 million in deposits at the time of Gurney’s death in 1856. Despite its prominence during his tenure, the firm eventually collapsed in 1866 with debts amounting to millions.

Philanthropic endeavors

In his later years, Gurney devoted significant efforts toward charitable activities.

Penal reform and criminal justice

He worked alongside reformers such as Joseph John Gurney, Fowell Buxton, and Elizabeth Fry to enhance prison conditions and reform criminal laws. Notably, he refrained from prosecuting a forger when he was aware that capital punishment could be imposed.

Anti-slavery

Gurney played an important role at the 1840 World Anti-Slavery Convention held in London—where he is prominently depicted in a painting now preserved by the National Portrait Gallery. He presided over the international Anti-Slavery convention in 1843 before resigning due to other responsibilities.

Africa

He supported the 1841 Niger Expedition which aimed to promote trade alternatives to slavery. In March 1841, he hosted a farewell dinner for the expedition leaders. As a patron involved in Liberia’s early development, he maintained correspondence with President Joseph Jenkins Roberts and was honored by having a town named after him in Gallinas in 1851.

Education and famine relief

Appointed treasurer of the British and Foreign School Society in 1843, Gurney remained in this position until his death. During a visit to famine-affected Ireland in 1849, he made substantial contributions to assist those suffering from The Great Hunger.

Peace mission to France

In 1853, he joined a delegation that appealed to Napoleon III to maintain peaceful relations between England and France.

Poplar hospital

Gurney was instrumental in establishing Poplar Hospital for Accidents in 1855—the first hospital dedicated to treating injuries among dockworkers.

St Paul's Church, Stratford

In 1853 he contributed to building a mission facility which subsequently became St Paul's Church in Stratford.

Death and burial

Samuel Gurney's spouse passed away at Ham House, Essex, on 14 February 1855. Later that year, during autumn, his own health deteriorated, leading him to relocate to Nice. By early 1856, his condition worsened, necessitating a return to England. He ultimately died at a hotel in Paris on 5 June 1856, aged 69.

His interment took place on 19 June in the Friends' burial ground at Barking, where a significant gathering was present. Survived by nine children and more than forty grandchildren, his eldest son, John Gurney (1809–1856) of Earlham Hall, died soon after on 23 September 1856. Samuel also penned a pamphlet titled To the Electors of South Essex (1852), supporting his son-in-law Sir Edward North Buxton.

Legacy

A memorial fountain dedicated to Samuel Gurney was inaugurated in Stratford Broadway in 1861. Crafted as a tall granite obelisk by sculptor John Bell, it features the inscription: IN REMEMBRANCE OF SAMUEL GURNEY / WHO DIED THE 5TH OF JUNE 1856 / ERECTED BY HIS FELLOW PARISHIONERS AND FRIENDS / 1861 / "When the ear heard him then it blessed him".

Failure of Overend, Gurney and Co.

Following Samuel Gurney's death, the prominent financial institution Overend, Gurney & Co, which had flourished under his guidance, suffered from ineffective leadership. Converted into a joint-stock company in August 1865, it ultimately collapsed on 10 May 1866 with debts amounting to £11 million. This downfall caused severe losses for several members of the Gurney family and numerous investors. Nevertheless, Gurney's Bank alongside most family assets were largely shielded from financial damage.

Family

Samuel Gurney married Elizabeth Sheppard of Ham House, Upton, Essex on 7 April 1808; they resided there for nearly their entire marriage. Together they had nine children: three sons—John, Samuel, and Henry Edmund—and six daughters—Sarah, Catherine, Elizabeth, Priscilla, Rachel, and Richenda.

Their second son was Samuel Gurney MP. Daughter Catherine became the wife of Sir Edward Buxton, 2nd Baronet, whose daughter Elizabeth later married Ernest Christian Ludwig de Bunsen. Priscilla was married to William Henry Leatham.

Notes

Attribution

References

• Verily Anderson, Friends and Relations: Three Centuries of Quaker Families (1980) London, Hodder & Stoughton – a history of the Gurney family