General Accident Executor and Trustee Company Ltd
Incorporated in May 1872 as the National Safe Deposit Company Ltd, the company changed its name to the National Safe Deposit and Trustee Company Ltd on February 1 1928. The company was renamed the General Accident Executor and Trustee Company Ltd on February 27 1973.
Company History
Safe Deposit & Trustee Brochure, early 1950s
National Safe Deposit Lady X, Illustrated magazine, 1940
National Safe Deposit & Trustee Head Office, late 1930s
General Accident Executor and Trustee Company Ltd was established in 1872 to provide fire and burglar proof accommodation for the storage of valuable items. The company built specialised premises at 1 Victoria Street, London, which contained the first safe deposit building in the country.
Building work commenced under the Peto Brothers early in 1872 to a design by John Whichcord. A vault measuring 80 feet long, 46 feet wide and 45 feet high was excavated and 2,000 tons of chilled armour plate were installed by Messrs Easton, Anderson & Co in consultation with Dr William Pole and General Gossett (the Commanding Officer of the Royal Engineers at Woolwich).
The completed building had four galleries of vaults in a basement that was 60 feet deep and protected by brickwork, a steel plate and six feet of concrete. In addition, the waters of the Walbrook, one of the ancient hidden rivers of London, flowed underneath, offering a natural defence against tunnelling. Building costs ran to £250,000, and when the doors opened on July 1 1875 the architect boasted that it was
"unique in this country and superior in its invulnerable qualities to any building of the same kind in America".
In 1875, the company had 5,376 safes designed to yield aggregate rent of £29,798 8s. In 1888, it also became a trust corporation allowing it to act as trustee, executor and receiver. By 1968, 15,000 people kept their valuables in one of the company's 5,496 safe deposit boxes or in a vault.
In 1922, the company was amalgamated by the Yorkshire Insurance Company Ltd, which became part of the General Accident Fire and Life Assurance Corporation Ltd in 1967. In 1973, all the company's assets, including the Queen Victoria Street building, were sold to Cherrykirk Ltd and Poultry Numbers 17/21 Ltd while the company continued as a trustee business.
In 1999, following the company's withdrawal from unit trust trustee activities and the decision by General Accident to outsource back office and custody operations, the company's principal activity became the operation of its domestic trust unit. Three years later, on February 8 2002, General Accident Executor was deregulated.
Key dates
| Year | Event |
|---|---|
| 1872 | The company is established |
| 1875 | The company's new premises, containing the first safe deposit building in the country, are completed |
| 1922 | The company is amalgamated by the Yorkshire Insurance Company |
| 1967 | The Yorkshire becomes part of the General Accident Fire and Life Assurance Corporation |
| 1973 | The company sells all its assets and continues as a trustee business |
| 2002 | The company is deregulated |
Did you know...
- A man was once accidentally sealed in one of the vaults at the end of a working day. Fortunately, he was rescued before running out of air.
- Roman antiquities were found during excavation of the vaults.
- The original safe deposit building is now the City of London magistrates' court.
Head office premises
| Year | Address |
|---|---|
| 1872 - 1875 | 14 Clements Lane, Lombard Street, London (temporary premises) |
| 1875 - 1973 | 1 Queen Victoria Street, London |
| by 1973 - 1985 | Becket House, Old Jewry, London |
Staff and officials
Secretary
| Year | Name |
|---|---|
| 1872 - 1874 | B E Hancock |
| 1874 - 1875 | J C Briggs |
| 1875 - 1878 | H West (also manager) |
| 1878 - 1898 | J S Wilkes (also manager) |
| 1898 - 1923 | No secretary listed |
| 1923 - 1928 | C A Woodward (also manager) |
| 1928 - 1930 | B E Rodgers (joint manager and secretary) |
| 1928 - 1947 | J B Gerrard (also general manager from 1930; prior to that joint manager and secretary) |
| 1947 - 1953 | F W Smith |
| 1953 - 1962 | J N Davison (also manager) |
| 1962 - 1972 | S F G Hale |
| 1972 - 1983 | L W Mansfield |
| 1983 - 1987 at least | R A Whitaker |
Manager
| Year | Name |
|---|---|
| 1875 - 1878 | H West (also secretary) |
| 1878 - 1898 | J S Wilkes (also secretary) |
| 1898 - 1917 | A E Oram (director manager from 1904) |
| 1917 - 1928 | C A Woodward (also secretary from 1923) |
| 1928 - 1930 | B E Rodgers (joint manager and secretary) |
| 1928 - 1947 | J B Gerrard (general manager and secretary from 1930; prior to that joint manager and secretary) |
| 1947 - 1962 | J N Davison (also secretary from 1953) |
| 1967 - 1972 | S F G Hale (also secretary) |
| No manager listed after 1972 | |
General Manager
| Year | Name |
|---|---|
| 1930 - 1959 | B E Rodgers |
| 1959 - 1967 | A G Skinner |
Directors (1875)
- J H Puleston
- Lawford Acland
- George Arbuthnot
- George W Barnett
- H S Coulson
- Lord William M Hay
- Hugh F Sandeman
In the archives
The Aviva archive contains records relating to the running of the General Accident Executor and Trustee Company between 1872 and 1997. The collection includes advertisements, annual reports and accounts, board and general minutes, seal registers, returns to companies house, share registers and sale details.
