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"T" is for "Tontine" and today's photo shows the Tontine Hotel in Ashton.
The Tontine was built in 1837 on Penny Meadow (which was at that time part of Katherine Street) not far from the Market Hall.
A tontine is a scheme for raising money in which a group of investors form a trust and each pays in a share of the capital for a scheme (in this case, the building of the hotel). Each member receives a share of any profits every year. As each member dies, his share is divided between the remaining members. The last surviving member would become sole owner and the trust would be wound up.
This survivor may have been Robert Newton, as he took ownership in 1861. It seems likely that he gave his name to Newton Street, which runs along the side of the hotel.
See Birds Eye View of this location.
See Google Street View of this location.
"The Tontine" is a contribution to ABC Wednesday. For more "T" posts from around the world please follow this link.
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