In this paper we use the Hecke algebra of type $\bf B$ to define a new algebra $\mathcal S$
which is an analogue of the $q$-Schur algebra. We show that $\mathcal S$ has ‘generic’ basis which is
independent of the choice of ring and the parameters $q$ and $Q$. We then construct Weyl modules for $\mathcal
S$ and obtain, as factor modules, a family of irreducible $\mathcal S$-modules defined over any field.
1991 Mathematics Subject Classification: 16G99, 20C20, 20G05.