(1824-1887)
The Nields, father and son, both called Jonathan, lived in Rochdale. They were pillars of the local community at a time when the town was undergoing massive change. Both worked for Fentons Bank, a private bank owned by a local family. Jonathan Nield senior began as a clerk and rose to become its manager. His son, Jonathan Nield junior eventually became managing partner and stockbroker. He made a great deal of money but was eventually responsible for the collapse of the bank.
Rochdale
In the early nineteenth century Rochdale was a prosperous industrial town. Its economy was largely based on the manufacture of textiles, mainly wool but also some cotton mills. It was at the centre of several important political developments, including the Anti-Corn Law League, Chartism and the co-operative movement.
Jonathan Nield junior was a devout churchgoer and a committed Tory. He was deeply opposed to the Anti-Corn Law League and the radical politicians who were its leading lights. His wife, Ellen Tweedale, came from a family who owned textile mills at Healey Dell, just outside Rochdale. His mother was Sarah Nield, née Stancliffe.
A stockbroker as well as a banker, Jonathan became very wealthy. He built himself a large house in the town and decorated it with many valuable paintings and sculptures. Jonathan was also a generous supporter of worthy causes, giving considerable sums to the church. He also funded the construction of a church school and a nursing institute.
Fentons bank
Every town in England had at least one private provincial bank and Rochdale was no exception. Fentons Bank was established by a local landed family, the Fentons of Crimble Hall. The Fentons came to rely on both Jonathans, father and son, to run the bank. They eventually made Jonathan junior a partner, with major responsibility for the bank’s investments.
A member of Rochdale Town Council, Jonathan was well-known and well-respected in the town. However, he failed to keep a clear separation between his stockbroking interests and those of the bank. This eventually led to disaster when the bank collapsed in 1878. This crisis came as a huge shock to the bank’s many local customers. They had believed it to be ‘as safe as the Bank of England’. Jonathan, his reputation badly tarnished, was forced to sell all his assets to pay the creditors. He sold the family house and many of their possessions and repaired to London, never to return to Rochdale.
For more information on this story see: Angela Coulter, A Stream of Lives, Matador Press 2021, available from Troubador Bookshop