Bank y Llong

On 1 June 1806 an agreement was entered into whereby John Jones, a London-Welsh surgeon and apothecary, of Gracechurch Street, London and Derry Ormond, Ceredigion, Thomas Morgan, an Aberystwyth solicitor and David Davies, of Machynlleth later of Aberystwyth, then of Castle Green House, Cardigan, entered into partnership to carry on for 14 years a banking business under the name Jones, Morgan & Davies.

The partners were to raise the capital and share the profits in equal shares. John Jones had the right to nominate one of his sons to succeed him in the partnership if he died. If either of the other two partners died his interest in the business was to be calculated and the value paid to his executor. Any partner could terminate the partnership upon six months’ notice.