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Remembered Today:

Messrs. Cox & Co. - Army Agents


Desdichado

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I'm researching a small issue involving financial chicanery perpertrated by an officer on Messrs. Cox & Co., of Charing Cross. Cheques were presented to the Banque De France bearing a bogus name and no account number. They appear to be counter cheques provided by Coxs' at a penny each. The cheque was made out in sterling and the cash paid in francs without question or presentation of identification.

I understand the rules governing agency, and also some of the banking regulations in place at the time but it seems to me that Messrs. Cox & Co. were extremely lax in their dealings. Can anyone tell me anything about Army Agents and their role in overseeing the personal finances of British officers?

Regards,

Des

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Des,

For non Great War purposes I attended a 'meet the archivists' conference the other day in London. I was talking to one of the archivists of Lloyds TSB ( I hope that I have got the bank right- I also talked to archivists from Hong Kong and Shanghai, Barings and Rothschilds) but I am pretty sure it was Lloyds- who 'swallowed' Cox and Co. Lloyds TSB maintain one branch 'branded' to the firm, on Picadilly I think. She mentioned they hold its archives and if you are seriously interested you can request to see them using the link on Lloyds TSB website. They do I seem to remember ask for references etc before granting access but they all seemed keen to make materials available.

Greg

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The term Army Agent comes from the days when commissions were purchased and the agents handled the financial transactions involved. By 1914 they acted as any normal bank, but the majority of officers had their accounts with them since they understood the army way of life. Indeed, many wartime officers had not held a bank account and were encouraged to join Cox & Co.

The officer was regarded as a gentleman and his word was seen as his bond. Hence people trusted a cheque from an officer. To issue a dud or 'stumer' cheque was a court-martial offence and during the war a not insignificant number of officers were tried for for this. I know of one sad case when an MGC subaltern, who had won an MC as a warrant officer and another after commissioning, was reduced to the ranks, sentenced to three years hard labour and had to forfeit his medals for issuing dud cheques to French civilians.

Charles M

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one of the first indications that my grandfather had become a pow was a letter to his parents from Cox & Co stating that he had cashed a cheque in Hanover in May 1918.

(interesting that he had his cheque book on him when captured and that international banking continued across the wartime divide !)

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Many thanks to you all. I've had a word with my bank manager today and he's going to find out how I can access the archives. He tells me that Cox & Co. became Cox & Kings after the war and remained as army agents into the Second World War and beyond.

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They were still agents when I left the Army in 1992.

John

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Cox & Kings History

[edit] Richard Cox, the founder

Cox was born in Yorkshire in 1718. His father, Joshua, had made a good living as a lawyer and had moved from his birthplace in Old Swinford in Worcestershire to Yorkshire. He then bought an estate near Quarley in Hampshire. There is little documentary evidence of the early life of Richard Cox, although he must have received an excellent education after which he came into the service of the English General, Lord Ligonier, as a clerk in the early 1740s. He was clearly exceptionally good at making important contacts with all echelons of the army and society, and in 1747 he married Caroline Codrington, daughter of Sir William Codrington who was an established military figure.

Cox’s career really took off when Lord Ligonier led the Flanders campaigns of the War of the Austrian Succession. In one letter sent back to London, Richard Cox makes a demand that “suitable winter provisions and housing should be made available for the three English companies” and he became ever increasingly entwined with the organisation of provisions and the general welfare of the troops. Ligonier, in turn, thought the world of his 'beloved Mr Cox', making him his private secretary in the late 1740s. Ligonier]] went on to become the Colonel of the First Foot Guards (Grenadier Guards) in 1757, and rewarded Richard Cox with the post of 'military agent' after the incumbent died in May 1758. Thus was born Cox & Co, the forebear of Cox & Kings.

There were about a dozen main agents working for the army at the time and each Regimental Colonel chose one to serve their troops. There was not a strict code for the role of an agent; in essence they arranged the payment of officers and men, organised the provision of clothing, acted as a go between for the buying and selling of officers’ commissions and acted upon any special requests from the regimental adjutant. This ranged from the shipment of personal effects to the requisition of weapons or supplies. Cox had taken on the most prestigious infantry regiment, and the 63rd Regiment and the Royal Artillery soon followed suit.

One of the reasons for Cox’s success was his ability to seek out solvent and creative business partners. In 1765 he went into partnership with Mr Drummond, whose family ran the London bank. Cox & Drummond moved from Cox's house in Albemarle Street to Craig’s Court, just off the present day Whitehall. By the mid 1760s Cox & Drummond had blossomed to become agents for the Dragoons and eight more Infantry regiments. Success was built on the company’s reputation for keen attention to the welfare of its regiments. In 1763, for instance, when Robert Clive stormed the fortress of Gheria in India, Cox successfully negotiated with the East India Company who had 'borrowed' stores from Cox's clients, the Royal Artillery. He arranged to receive repayment from the East India Company by way of plunder from Gheria. He had this converted into silver in India and shipped back to London where the funds could be reunited with the Royal Artillery.

Back home, Cox's house on Albemarle Street (opposite the present day Ritz Hotel) was famous for its raucous and eccentric parties. During his later life, his cellar records show that over 240 bottles of port were consumed in a year with other drinks of choice being claret (44 cases in stock), sherry (86 cases), Madeira (20 cases) and others including champagne, Málaga, Burgundy and Cape. In addition, he was a patron of the arts, being closely acquainted with David Garrick and other notable actors of the time, and was a founding financial investor in the rebuilding of the Theatre Royal in Drury Lane. He was also a generous benefactor to St George’s Hospital on Hyde Park Corner (now the Lanesborough Hotel).

The records of the family estate at Quarley show that Cox spent over £3,000 per annum running it, much of it lavished on his wife. He often invited people to the estate for weekends to pursue the typical living of a landed country gentleman. It is clear that both in London and the country, Cox was a polished and generous host with a highly engaging personality, and it is little wonder that he was able to make such good connections within London society.

By 1768, Cox & Drummond was flourishing with a turnover of £345,000 per annum. During the 1770s the company continued to grow, aided by war in the American Colonies and the ever present threat of invasion from France. Cox repeated his good fortune with business partners, taking in Mr Mair upon Drummond’s death in 1772, followed by his own son Richard Bethnell Cox in 1779 and then Mr Greenwood in 1783. It was during this time that the company expanded its banking interests, offering loans and accounts to exclusive members of London's elite. Frederick, Duke of York, introduced Cox’s business partner Mr Greenwood to his father George III, as 'Mr Greenwood, the gentlemen who keeps my money' Greenwood replied rather cheekily that, 'I think it is rather his Royal Highness who keeps my money,' to which George III burst out in laughter and said, 'Do you hear that Frederick? Do you hear that? You are the gentleman who keeps Mr Greenwood's money!'

The company was thriving by the time of the outbreak of war with France in 1793 employing some 35 clerks. In 1795 they served 14 regiments of cavalry, 64 infantry regiments and 17 militia regiments, becoming the largest military agent for the army. Richard Cox died in August 1803, leaving his grandson Richard Henry Cox firmly established, with Mr Greenwood as controlling partner. Cox's longevity as a military agent had made the army dependent on his services for the smooth running and organisation of a busy and stretched military serving all around the globe. Cox lived in a time when Britain was radically changing. Rigid social structures were breaking down and enterprising people could make themselves exceptionally wealthy. He was the epitome of those driving the London economy, generously investing in a multitude of people, ideas and commerce.

[edit] The 19th century and onwards

Military officers, more especially in their earlier years, are not noted for the exercise of strict economy in their private expenditure, and when the imprudent or unwary subaltern after an unsuccessful attempt to retrieve his position by a desperate resort to Epsom Downs, or to money lenders, saw ruin staring him in the face, it was to Craig's Court that he instinctively bent his steps. There he was sure of an indulgent hearing, and of such material help as the case might admit of, and often when the strict exigencies of business compelled the firm to harden their hearts against the appeal, the generosity of an individual partner would come to the rescue, and by timely aid, accompanied perhaps by a paternal warning for the future, would thus save a young life from wreck.

It was due to these high levels of service that Cox & Co grew through the 18th and 19th centuries. Timely alliances with the great banking families such as the Hammerlseys and Greenwoods secured an established position in London, and by the end of the 19th century most Regiments used Cox & Co as their agents. As the empire grew, Cox & Co met the demand for officers to be looked after.

The company set up five branches in India between 1905 and 1911, supplementing those in Alexandria and Egypt (1919 and 1920) and Rangoon (1921).

When the Great War began Cox & Co employed some 180 staff, of which one third joined the army. During the Great War some 250,000 men were on their books, 50,000 cheques were cleared a day and a special department was set up to deal with the influx of American soldiers in 1917. By the end of the war some 4,500 worked for the firm.

In October 1922, Cox & Co bought Henry S. King Bank, who were had a large network in India. They also moved into new offices in Pall Mall.

In 1923, Cox & Co were still suffering from the downturn in business caused by the surrender of the Germans in 1918. They were forced to sell to Lloyds Bank.

During the 1930s, Lloyds sold their Indian interests to Grindlays Bank who also took the Travel and Shipping Agencies also which continued to flourish in India. When a change in British banking regulations meant Grindlays had to sell off non-banking interests, a partnership between Ajit Kerker and Anthony Good bought Cox & Kings. The company remains independent to this day and is run by CEO Peter Kerkar.

John

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  • 7 years later...

I was pleased to see that when I searched for Cox & Co. that it took me to the GWF where I was able to get some idea of how I might go forward on this hunt. I read the posts and then tried to find a way to contact Lloyd's Bank, which I understand bought Cox &Co. after 1918. I have not figured out how Cox & King fit into the picture, or if they still exist.

My interest lies in this UNKNOWN LIEUTENANT who is buried in Plot 12 Row Y Grave 1 in the Ovillers Military Cemetery. I don't normally look at British UNKNOWNS but I was working on the Canadian Cyclist that is his neighbour in 12.Y.3 (in 47th Bn., a Trench Mortar Badge and a Cyclist). I wondered why they did not track that down at the time and so I was looking at others on the page, which brought me to the British Lieutenant.

Map Coordinates 57c M8 a.4.2 would put him between Le Sars and Pys near the junction of Pys Road and Aqueduct Road, about 250 yards south of Pys Village. It appears that might be on the continuation of Grandcourt Trench after it intersects with Courcelette Trench.

If the fellow had a cheque book with cheque numbers from that bank, certainly they could have tracked him down? NOW THE QUESTION is would they still have records 99 years later that would identify who had that account on October 18, 1916? I see from the posts here that there are some archives - but that is out of my reach from Canada.

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w that is a very clever idea! I hope they will open the archives for you to match the number to a name. Seems odd this wasn't done at osme point back then but with the volume of burials I can see where it would take some time to get the info. Good luck on this project & please keep us posted on any progress. If you do need references maybe your bank mgr would help you out. Seems a 1st class reference to have. Only possible problem I can see is if the records are not there now for some reason.

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One of Cox & Company's branches in London was, of course, the place where a "dispatch box bearing the name of Dr John H Watson" containing the stories of Sherlock Holmes that "the country is not ready for" was said to be stored ... until it was (allegedly) destroyed in a bombing raid in the Second World War!

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In 1914 there were three firms of Army Agents: Cox & Co, Holt & Co, and Sir C R McGrigor, according to the Army List.

The following TNA files may be of interest:

ADM 178/206 Mr F G Pratt, trading as Cox and King: claim and bankruptcy proceedings 1932-1943

WO 32/4591 PAY AND ALLOWANCES (OFFICERS): General (Code 39(A)): Financial position of army agents, in view of failure, of Sir C R McGregor 1922

Clearly the Great War placed unusual strain on the activities of these firms.

Ron

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In the 1960s and later Cox and Holts were the only two Army Agents, with Cox being owned by Lloyds and IIRC Holts being owned by Coutts.

The point to remember is that while soldiers were paid cash by their unit paymaster, officers were paid via the army agents, so the army agents had to have arrangements for providing cash wherever the army was.

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Holts were owned by Glyn Mills, which became part of the RBS Group.

Ron

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Holts.of Kirkland House, Whitehall, where, in the 60's, the cashiers were all male, in dark suits. If one cashed a cheque one was paid in new notes in serial order. I suppose they threw away any that were used. Those were the days! Also there was only one other branch in Edinburgh.

Old Tom

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... I suppose they threw away any that were used.

Old Tom

Not quite, Old Tom. They would have been issued to employers cashing their wages cheques, to pay their employees in cash.

When I went into banking in 1969, some customers regularly asked for new notes, and were given them unless the Bank of England issued one of its periodic instructions not to issue new notes. In the early days of cash dispensers, new notes were normally used in the machines, mainly because they were flatter and less liable to jam the machines, but also because consecutive serial numbers made it far easier to count the contents at the end of the day.

Ron

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  • 1 month later...

This is the Prefatory note to "List of Officers Taken Prisoner in the various Theatres of war between August 1914 and November 1918, Complied from records kept by Messrs. COX & Co.’s Enquiry Office".

Cox & Co Prefatory Note


I particularly like the line "This information was obtained in various ways, but chiefly by means of the fact that a missing officer's cheque was often the first intimation of his being a Prisoner of War, and that all cheques cashed by officer prisoners in Germany passed through the hands of Messrs. COX & Co."

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That's impressive, Neill.

Did the Navy use Cox & Co., too, or did they have a different bank?

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That's impressive, Neill.

Did the Navy use Cox & Co., too, or did they have a different bank?

It looks as if the Navy used several agents, all different from Cox & Co. (although, of course they may have used them as well).

I Googled "Navy Agents" and found a web site with this comment: "Case & Loudonsack 1 James Street Adelphi. Navy and prize agents resident in London." dating from September 2012. I therefore Googled "Case & Loudonsack" and found a reference to the Naval Biographical Dictionary Volume 1, which was compiled by William R O'Byrne in 1849 and reprinted by N&MP in 2012.

The three volumes are described as "Originally published in 1849, this work gives details of “the life and services of every living officer in ‘Her Majesty’s Navy” who was serving or had retired by 1845 – nearly 5,000 officers in all. Generally acknowledged as the most comprehensive work of its kind, it was a considerable undertaking for one man to piece together such detailed biographies. This information was compiled from official records and from details supplied by the officers themselves. (etc.)".

In the pages that came up, as well as Case & Loudensack, three other agents are mentioned: "Messrs Stillwell"; "Wm H B Barwis" and "Frederick Dafaur". It looks as if these names were given in case the reader wanted to contact the person concerned. I don't know where the other three agents were located.

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Naval officers often had "prize agents" who acted for them in collecting prize money due on ships captured. Nelson's agent was an Alexander Davison and I believe that, after Trafalgar, he paid for the special medals issued unofficially to those involved in the battle.

Prize agents aren't quite the same as the regimental agents used in the Army, but they may well have acted in a similar capacity too.

Ron

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Thank you both :)

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  • 1 year later...

"I represent Messrs. Cox and Co. Is there anything I can do for any of you gentlemen this morning?" A short, squarely built man, with a black suit, a bowler hat, and a small brown bag, stepped briskly into the room. He gave me intense pleasure: as he talked to a Scotch officer who wanted some ready cash, I felt that day that I was indeed back in England. It was such a hot sunny day; and a bowler hat on such a day made me feel sure that this was really Southampton, and not all a dream. Sir, whoever you are, I thank you for your most appropriate appearance.

 

Nothing of Importance

by Bernard Adams

P. 290

The Naval & Military Press edition.

 

Edited by thollywood
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Just re-reading this thread and looking at CWGC, it seems that the man in XII Y 1 is still "Unknown Lieutenant"

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