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A CENTURY OF BANKING 
 
 I N DUNDEE; 
 
 BEING THE 
 
 ANNUAL BALANCE SHEETS 
 
 OF THE 
 
 DUNDEE BANKING COMPANY, 
 
 UBRAKY 
 
 FROM 1764 TO 1864. 
 
 LRSITK Of iLunOio 
 
 SECOND EDITION. 
 
 Containing the Balance Sheets of other Banks of the District, and Memoranda 
 
 CONCERNING SCOTCH AND ENGLISH BANKING DURING THE PERIOD. 
 
 C. W. B O A S E, 
 
 THE MANAGER OF THE BANK. 
 
 EDINBURGH: 
 
 R. GRANT & SON, PRINCES STREET. 
 
 1 8 G 7. 
 
PRINTED 
 
 DUNDEE: 
 
 BY JAMES P. MATHEW AND CO. 
 JIEADOWSIDE. 
 
m3 
 
 - 
 
 TO 
 
 WILLIAM COBB, Esq., 
 
 ARCHIBALD CRICHTON, Esq., 
 WILLIAM LOWSON, Esq., 
 
 FRANCIS MOLISON, Esq., 
 
 JAMES NEISH, Esq., 
 
 DAVID PITCAIRN, Esq., 
 
 THE MEMBERS OF THE COMMITTEE OF MANAGEMENT 
 AT THE TIME WHEN THE BANK WAS AMALGAMATED 
 
 WITH THE ROYAL BANK OF SCOTLAND, 
 
 - 
 
 V 
 
 
 -r 
 
 THIS HISTORY OF THE DUNDEE BANKING COMPANY 
 
 IS RESPECTFULLY INSCRIBED BY 
 
 C. W. BOASE, 
 
 Manager. 
 
 
 | 
 
 i 
 
 339216 
 
PREFACE TO THE SECOND EDITION. 
 
 This book was originally printed for private distribution among the 
 Partners of the Dundee Banking Company as a history of that con- 
 cern, and therefore referred entirely to its affairs. But the Author, 
 having in his possession the books of the Dundee Commercial Bank 
 reaching from 1791 to 1801, and those of the Dundee New Bank 
 reaching from 1802 to 1838, considered that it might be good to put 
 on record corresponding statements respecting their transactions, as 
 a further contribution to the statistics of the district. Having also 
 beside him a large mass of memoranda, which, from the commence- 
 ment of his career as a banker in 1821, he had been accustomed to 
 make for his own instruction, containing the figures relating to such 
 events as concerned his profession, it occurred to him that these, 
 together with the Balance Sheets of the Dundee Bank, Dundee Com- 
 mercial Bank, the Dundee New Bank, and of any others he might be 
 able to obtain, would probably be a publication interesting to persons 
 engaged in this branch of business, and to others having a taste for 
 statistics. This volume, however, is not put forth under a profession >Y 
 of its containing a complete register of all the important events which 
 have occurred in commercial matters, and of the valuable calculations \ 
 respecting them, published in the useful form of tables, during the 
 period referred to, either in England or in Scotland. It contains 
 merely notes of such occurrences, and of such statements as were 
 deemed at the time to be of moment, which were stored up as likely 
 to be profitable to a banker, and may perhaps, however imperfect, 
 be serviceable to others who study past events, in order to obtain 
 wisdom for guidance in future operations. 
 
 When the Author began to arrange his materials, in preparation 
 for this edition of the book, he cherished the hope that his collection 
 
vi PREFACE TO THE SECOND EDITION. 
 
 of statements respecting the experience of Banks in Scotland in past 
 days, would-be enriched by summaries of the extent of business car- 
 ried on by, and of the result thereof to, those Banks in Scotland 
 which have been amalgamated with other Banks — reticence respect- 
 mg 'their affairs, if it ever had any value, being now of no more 
 importanceTo them. But, except in a few instances, his expectation 
 has been disappointed. For although, on applying to the parties 
 who had charge of the winding up of those concerns, he generally 
 found that they had most valuable statements, skilfully prepared at 
 the cost of enormous labour, shewing plainly the tenor of the 
 whole course of each Bank, and that they were willing to submit 
 such statements to his inspection, it was confidentially only, on the 
 stipulation, through the fear of giving offence, that he was to make 
 no extracts from them. This was the more tantalising, because it 
 was not apparent who had any interest, or who had any legal 
 right, to forbid the publication of information that would be most 
 instructive to another generation of bankers. In cases, however, 
 where litigation has attended the winding up of the affairs of a 
 Bank, the printed law papers have revealed secrets which the most 
 earnest solicitation would have failed to obtain ; and of these, so 
 far as they have been met wdth, advantage has been taken to glean 
 from the statements whatever figures seemed to be of use towards 
 the object in view. 
 
 The source of the information contained in the memoranda here 
 printed is mentioned when this has been noted at the time of making 
 them — where this was neglected, no way remained of supplying the 
 deficiency. But no publications or documents were made use of 
 except such as were considered to be good authority for the state- 
 ments given. While passing these sheets through the press, the 
 Author has carefully considered the probability of the accuracy of the 
 figures quoted, and where there seemed to be ground for suspicion, 
 he has spared no trouble in endeavouring to get them corrected — not 
 always with the certainty he desired. Yet, in spite of all pains-taking 
 in the matter, it is to be feared, from the nature of this compilation, 
 that mistakes and errors not a few may have crept in. 
 
PREFACE TO THE SECOND EDITION. vii 
 
 Some difficulty occurred as to the choice of am arrangement Jfor 
 the materials collected to form this volume ; but, on the whole, it was 
 considered best, although inconvenient in some respects, to adhere 
 to the original form of the book as one respecting banking in Dundee, 
 and to subjoin the memoranda concerning bankinggin~general to the 
 Balance Sheets of the Dundee Bank, as supplementary thereto. 
 Thus, the information respecting the events of each year are brought 
 together in this order : — 1. The affairs of the Dundee Bank. 2. Cur- 
 rency and Prices. 3. Events respecting Scotland or the United 
 Kingdom in general. 4. The affairs of individual Banks in Scotland. 
 The arrangement of the volume is indicated in the subjoined Table 
 of Contents, and the chief matters are referred to in the Index which 
 follows. 
 
 C. W. B. 
 
 Castle Street, 
 
 Dundee, August , 1867 . 
 

 
 
 
PREFACE TO THE FIRST EDITION. 
 
 The Compiler of the following Tables, when managing partner of the private 
 bank called the “ Dundee New Bank,” was, in 1838, requested to become the 
 Manager of the “ Dundee Banking Company,” for the purpose of bringing its 
 affairs into better order. Being a stranger to its past course, it was requisite 
 that he should examine the books of the Company for some years previous 
 to that time, in order to make himself acquainted both with the errors of 
 the past management, and with the means possessed of future success. In 
 the course of doing this he became impressed with a conviction that if the 
 information contained in these books could be generalized and tabulated, it would 
 not only be a matter of curiosity to the Partners of the Bank as shewing the 
 progress of their business, but be also a matter of interest to the public at large, 
 as supplying an addition to the commercial statistics of Dundee and the sur- 
 rounding district. 
 
 This thought led the Compiler, when the immediate object of his investiga- 
 tion was accomplished, to extend his examination of the books of the Company, 
 and to frame from them a series of annual statements in such a form as would 
 briefly but clearly exhibit all the facts that seemed worthy of being reported 
 out of these records. Hence the following Balance Sheets — which have been 
 compiled afresh from the books, those laid before the Partners previous to 1839 
 being altogether unfitted for the purpose in view, and those of a later date not 
 containing the subsidiary information here attempted to be gathered up. 
 
 When the period approached at which the Dundee Bank would have been 
 in existence one hundred years, the Compiler deemed that would be a suitable 
 termination to his labours, and therefore submitted his work, and his proposal 
 concerning it, to the consideration of the Directors, who were pleased to approve 
 unanimously of these sheets being printed at the Company’s expense, and of 
 the book being circulated as a history of the Dundee Banking Company. 
 
 But, while this work was proceeding, negotiations for an amalgamation with 
 the Royal Bank of Scotland occurred, and, being successfully carried out, the 
 Dundee Banking Company ceased to exist on the 20th February 1864 : so that 
 its history, brought down to that date, is the history of its commencement and 
 termination, extending over a period of one hundred years and six months. 
 
X PREFACE. 
 
 Having thus ended his self-imposed task, the Compiler would embrace this 
 opportunity of expressing publicly the hope, which he has from time to time 
 given utterance to in private, that the Bank of Scotland, the Royal Bank of 
 Scotland, and the British Linen Company, may some day be induced to have 
 prepared, and printed for general information, a similar report, but on a more 
 elaborate plan and more skilfully executed, of the amount of business they 
 have annually transacted at their Head Offices, and at their several Branches. 
 When they do so they will confer a very great favour on the community, for 
 they will supply a larger amount of information respecting the commercial 
 progress of Scotland as a whole, and of its several districts, than any other 
 parties, the Government Offices not excepted, are able to afford. 
 
 C. W. B. 
 
 Castle Street, 
 
 Dundee, 20 th February , 1864. 
 
CONTENTS. 
 
 History of the Dundee Banking Company, pp. xvii.-xxxi. 
 
 Introduction. Memoranda of dates prior to 1763, pp. 1-48 
 
 Annual Balance Sheets of the Dundee Banking Company, each 
 
 having a Supplement of General Memoranda, pp. 49-533 
 
 Summary of the chief items in these Balance Sheets, pp. 535-539 
 
 Remarks on this Summary, pp. 540-561 
 
 Conclusion, pp. 562-577 
 
 INDEX TO THE MEMORANDA. 
 
 These being arranged chronologically , the numbers refer to the year unless it is otherwise 
 
 stated. 
 
 Arbroath requesting a Branch Bank, 1803. 
 
 Assignats, their depreciation, 1793. 
 
 Bank of Scotland, established 1695, 1696, 1697, 1704, 1708, 1715, 1719, 1722, 1728, 
 1731, 1763, 1771, 1772, 1773, 1774, 1775, 1776, 1777, 1784, 1791, 1792, 1794, 
 1797, 1804. Table of its Dividends, p. 556. 
 
 Royal, of Scotland, established 1727, 1761, 1763, 1769, 1772, 1773, 1777, 1783, 
 
 1788, 1793, 1797, 1804, 1815, 1829, 1845, 1864. 
 
 British Linen, established 1746, 1797, 1806, 1815, 1849. 
 
 of Aberdeen, established 1747 (dissolved 1754). 
 
 The Ship, Glasgow, established 1750, amalgamated 1836, 1837. 
 
 The City Arms, Glasgow, established 1750, suspended 1793. 
 
 The Thistle, Glasgow, established 1761, amalgamated 1836. 
 
 Dundee, established 1763, 1777, p. 129, p. 145, p. 149, p. 187, 1838, p. 455, p. 471, 
 
 amalgamated 1864. Its history, pp. i.-xix.; early partners, p. ii. ; history of G. 
 Dempster, p. vi. ; specimens of its Notes, pp. xiii.-xvi. Its Balance Sheets an- 
 nually, from 1764 to 1864. Call for gold in November 1857, p. 479. Sum- 
 mary of its business, p. 536. Remarks on ditto, p. 540, viz., 1. The Notes 
 in circulation, p. 540 ; Great amount at an early period, p. 540 ; Quick 
 Return — Table of Exchanges, p. 541 ; Decrease of Circulation after issues 
 ceased, p. 544 ; Proportion of small to large Notes, p. 545 ; Table of weekly 
 Returns, p. 546 ; Distribution of Western Bank’s Circulation, p. 548 ; 
 Guarantee for Notes formerly recorded, p. 548. 2. The Money deposited 
 
 with the Bank, p. 549 ; Table of rate of Interest allowed, p. 550. 3. 
 
 The Investment in Bills, p. 550 ; Table of annual amount of Bills discount- 
 ed, p. 551. 4. The Investment in Cash Accounts, &c., p. 552. 5. The Cash 
 
 on hand, at call, and invested in Government Securities, p. 552 ; Scarcity of 
 Specie, p. 553. 6. The Capital, p. 554. 7. The Profit and Loss, p. 554 ; 
 
 Table of Dividends of Bank of Scotland, p. 556 ; Table of comparison of 
 Dividends of Dundee Bank with those of the Bank of Scotland, p. 557 ; 
 Analysis of the Bank’s Losses, p. 557 ; Remarks on the non-liquidation, 
 by men of wealth, of old debts from which they were discharged, p. 560. 
 Branches opened, p. 166. Gradual increase of its Circulation, p. 50. 
 
CONTENTS. 
 
 xii 
 
 Bank Ayr, established 1766, transferred 1771. 
 
 Dumfries, established 1776, transferred 1771. 
 
 Perth United Company, or Bank of Perth, established 1766, 1767, amalga- 
 mated 1857. 
 
 Aberdeen, established 1767, 1786, amalgamated 1853. 
 
 Ayr and Dumfries, established 1769, 1771, suspended 1772, closed 1773, 1774, 
 
 1776. 
 
 Merchant, of Glasgow, established 1769, suspended 1772, wound up 1774. 
 
 Ayr (a second), established 1773, amalgamated 1843. 
 
 Stirling, established 1777, suspended 1826. 
 
 Aberdeen Commercial, established 1778, amalgamated 1833. 
 
 Paisley, established 1783, 1789, 1791, wound up 1837. 
 
 Greenock, established 1785, 1828, amalgamated 1843. 
 
 Falkirk, established 1787, wound up 1825. 
 
 Paisley Union, established 1788, amalgamated 1837. 
 
 Dundee Commercial (first), established 1792, its Balance Sheets yearly from 
 
 1792 to 1801, wound up 1801. 
 
 Glasgow Royal, proposed 1793. 
 
 Leith, established 1793, failed 1836. 
 
 Dundee New, established 1802, its Balance Sheets given yearly from 1802 to 
 
 1838, Notes retired and collected by it 1802, rise of its Circulation 1802, 
 table of chief items of its Balance Sheet 1802, amalgamated 1838. 
 
 Fife, established 1802, in difficulties 1825. 
 
 Kilmarnock, established 1802, transferred 1821. 
 
 Renfrewshire, established 1802, failed 1842. 
 
 Falkirk Union, established 1803, failed 1816. 
 
 Dumfries, established 1804, closed 1807. 
 
 Tweed, established 1807, closed 1841. 
 
 Galloway, established 1807, closed 1821. 
 
 Dundee Union, established 1809, some items of its Balance Sheets given from 
 
 1812 to 1844, amalgamated 1844, 1846. 
 
 Glasgow, established 1809. its Balance Sheets yearly 1810 to 1819, 1829, 
 
 amalgamated 1836, 1837. 
 
 Commercial, of Scotland, established 1810, 1829, 1831. 
 
 East Lothian, established 1810, closed 1823. 
 
 Perth Union, established 1811, amalgamated 1836. 
 
 Caithness, established 1812, suspended 1825. 
 
 Berwick and Kelso, established 1813. 
 
 Stirling Merchants’, failed 1813. 
 
 Montrose, established 1814, dissolved 1829. 
 
 Glasgow Commercial, is said to have closed 1820. 
 
 Shetland, established 1821, failed 1830. 
 
 Aberdeen Town and County, established 1825. 
 
 — Arbroath, established 1825, its Balance Sheets given yearly from 1826 to 
 
 1844, amalgamated 1844. 
 
 Dundee Commercial (second), established 1825, some items of its Balance 
 
 Sheets given from 1826 to 1838, amalgamated 1838. 
 
 National, of Scotland, established 1825, 1831, 1844. 
 
 Ayrshire, established 1830, amalgamated 1847. 
 
 Glasgow Union, established 1830, amalgamated 1843. 
 
 Western, of Scotland, established 1832, in difficulties 1847, suspended 1857, 
 
 history of its suspension 1857, Balance Sheet, 9th November 1857, Balance 
 Sheets in 1856 and 1857 of its Dundee Branch, 1857, 1857 (in note), p. 533. 
 
 Central, of Scotland, established 1834. 
 
 Glasgow and Ship, united 1836, 1837, 1843. 
 
 North of Scotland, established 1836. 
 
CONTENTS. xiii 
 
 Bank Caledonian, established 1838. 
 
 Clydesdale, established 1838. 
 
 Eastern, of Scotland, established 1838. 
 
 Forbes, Sir William, & Co.’s, amalgamated 1838. 
 
 Southern, of Scotland, established 1838, amalgamated 1842. 
 
 City of Glasgow, established 1839, temporary suspension 1857, Balance Sheet 
 
 1857, 1857 (in note), Balance Sheet, p. 511. 
 
 Edinburgh and Leith, established 1839, amalgamated 1844. 
 
 Paisley Commercial, established 1839, amalgamated 1844. 
 
 Glasgow Joint-Stock, established 1840, amalgamated 1844. 
 
 Greenock Union, established 1840, amalgamated 1843. 
 
 Glasgow, established 1843 (amalgamated 1844). 
 
 Union, of Scotland (originally Glasgow Union), established 1843. 
 
 Edinburgh and Glasgow (originally Edinburgh and Leith), established 1844, 
 
 amalgamated 1858, its experience p. 510. 
 
 of England, established 1694, 1709, 1725, 1759, 1775, 1781, 1793, 1795, 1796, 
 
 1799, 1804, 1815, 1822, 1827, 1832, 1833, 1844, 1844. Applications to for 
 help, 1772, 1837, 1847, 1857. Circulation, Table of, p. 12, given yearly from 
 1764 to 1864. Bullion, given yearly from 1778 to 1864, 1817, 1824, 1826, 
 1839, 1845, 1846, 1855. Depreciation of Notes given yearly from 1800 to 
 1820, 1800, 1821. Discount Rates, Table of, from 1694 to 1864, p. 10, 
 1822, quoted yearly 1823 to 1864, 1860. Dividends, Table of, 1694 to 1864, 
 p. 12. Experience, 1831. Liabilities and Assets, given yearly from 1826 to 
 1864. Separation of Issue and Banking Departments, 1844. Stock, prices 
 of, quoted yearly from 1778 to 1864. Suspension of and return to Cash 
 Payments, 1797, 1802, 1804, 1815, 1819, 1821. Weekly Returns ap- 
 pointed, 1844. 
 
 Branches, opening of. This is noted under the proper dates, but the cases are 
 
 too numerous to be indicated here. 
 
 Clerks’ Saturday half -holiday, 1827. 
 
 Management, Newspaper Criticisms on, 1762, 1763, 1764, 1770. Pamphlets 
 
 on, 1762, 1765, 1808. 
 
 Land, 1706. 
 
 Porter murdered, 1806. 
 
 Banks, Benefit of, p. 1, 1775. Of Issue, no more permitted, 1844. Limited in 
 their issues, 1844, 1845. Returns of Circulation to be made, 1844, 1845. 
 Savings, 1817, Table of Deposits, 1843. English, emancipation of, 1826. 
 Joint-Stock, 1832, 1833, 1836. Metropolitan, 1857, 1862, p. 568. Scotch, 
 agreement of, to hold Specie and convertible Securities, 1838. Bonds of 
 Guarantee for their Notes, p. 64, p. 548. Contentions of, 1751, 1769, 1771, 
 1802. Edinburgh, first list of Branches, 1797. List of, with authorized 
 Circulation, 1846. Meetings against, and Notes, 1763, 1765, 1765, 1767, 
 1768, 1770. Number of, in Glasgow, 1809. Number of, issuing Notes, 
 1764; do., 1838; do., -1857; do., 1864 p. 568. Number of, open in Scot- 
 land, 1826, p. 574. Position of Scotch and Metropolitan, 1857, p. 568. 
 Private, 1750, 1767, 1785, 1793, 1793, 1793, 1797, 1802, 1806, 1810, 1832, 
 1832, 1837, 1838. Provincial, first list of, 1803; Branches of do., first 
 list of, 1821. Robberies of, p. 55, 1768, p. 149, 1791, p. 177, p. 221, p. 223, 
 1811, 1828, 1831, p. 455. 
 
 Banking Memoranda, pp. 1 to 48, 1762, 1765, and after each Balance Sheet of the 
 Dundee Bank, from 1764 to 1864, pp. 564, 568, 572, 574. 
 
 Bankruptcies, number of, given yearly from 1794 to 1864. 
 
 Bills, amount discounted, p. xxx, Bill and Note circulation, 1859. 
 
 Bullion Report, 1810, 1811. 
 
 Cash Accounts, p. xxx, 1729, 1769. List of, granted 1763 to 1767, p. 67. 
 
CONTENTS. 
 
 xiv 
 
 Cash Payments, suspension of, 1797, 1797, 1802, 1804, 1815, 1819, 1821. 
 
 Circulation of Bank of England, Table of, from 1698 to 1864, p. 12, given yearly 
 from 1764 to 1864. Of English Country Banks (by computation), given 
 yearly from 1810 to 1825. Of Scotch Banks, given yearly from 1839 to 
 1864, 1840, Table of, from 1834 to 1839, p. 416 ; do., 1846 to 1864, p. 572. 
 Of United Kingdom, given yearly from 1840 to 1864. Progress of a, 
 p. 50, 1792, 1802. 
 
 Coinage, state of, and scarcity, of Specie, p. 2, 1306, 1371, 1651, 1688, 1690, 
 1695, 1696, 1696, 1707, 1717, 1725, 1759, 1760, 1762, 1764, 1765, 1773, 
 
 1774, 1776, 1785, 1803, 1804, 1804, 1811, 1813, 1816, 1817. Yearly, given 
 yearly from 1764 to 1864. 
 
 Coins, Counterfeit, 1785, 1796, 1817. Provincial Copper, 1796. 
 
 Consols, Price of, quoted yearly from 1779 to 1864. 
 
 Commission on Country Bills, 1811. 
 
 Co-operative Society, 1800. 
 
 Corn, Price of, and Harvests, 1691, 1720. 1763, quoted yearly from 1764 to 1864, 
 1765, 1767, 1769, 1773, 1777, p. 129, 1782, 1784, 1787, 1797, 1799, 1800, 1811, 
 1813, 1814, 1815, 1820, 1822. 
 
 Credit Mobilier System, 1863. 
 
 Crisis in the Money Market, 1772, 1783, 1792, 1793, 1795, 1796, 1797, 1814, 1826, 1832, 
 
 1836, 1837, 1847, 1857. Select Committee on, 1857. Notes on, from the 
 Economist , 1857. Observations on newspaper remarks on, 1857, p. 533. 
 United States, 1837, 1847, 1857. 
 
 Currency Debates, 1822, 1823, 1840. 
 
 Darien Expedition, 1695. 
 
 Debt, National, of United Kingdom, 1781, 1799. 
 
 Dempster, George, history of, p. vi, and frontispiece, 1767, 1768, 1786. 
 
 Deposit Money, commencement of, p. xxix. Interest on, 1810, 1817, quoted yearly 
 from 1823 to 1864, 1824. Belinquishment of, 1763. 
 
 Discount, Bates of, of Bank of England, Table of, 1694 to 1864, p. 10, 1822, quoted 
 yearly from 1823 to 1864, 1861. Of Bill Brokers (Overend & Co.), quoted 
 yearly from 1823 to 1856. On Cotton Bills (in Liverpool), quoted yearly 
 from 1848 to 1861. Variations of, in Scotland, 1863. Usury Laws, 
 relaxed 1833, repealed 1850. (See p. 457.) 
 
 Dispatch in business, 1787. 
 
 Dividends of Bank of England, Table of, 1694 to 1864, p. 12. Of Bank of Scot- 
 land, Table of, from 1699 to 1864, p. 556. Of Bank of Scotland and Dun- 
 dee Bank compared, p. 557. 
 
 Dundee, 1589, 1603, 1651, 1680, 1691, 1707, 1731, 1746, 1755, p. 55, 1766, 1770, 1774, 
 
 1775, 1776, 1781, 1782, 1782, 1783, 1786, 1788, 1789, 1790, 1791, 1792, 1792, 
 1794, 1794, p. 187, 1795, 1796, 1796, 1799, 1800, 1800, 1800, 1801, 1801, 1802, 
 p. 233, 1803, 1805, 1806, 1807, 1808, 1808, 1809, 1811, 1812, 1815, 1817, 
 1817, 1817, 1820, 1821, 1822, 1827, 1827, 1827, 1831, 1834, p. 418, 1842, 1857, 
 1857, 1860. 
 
 Earthenware, manufacture of, 1703. 
 
 Equivalent Money, arrival of, 1707- 
 Exchange Companies, 1846, 1857 (in note). 
 
 Failures, 1763, 1788, p. 156, 1790, 1799, 1812, 1814, 1816, 1825, 1826, 1826, 1826, 1827, 
 
 1837, 1847, 1849, 1854, 1857, 1857. Bankruptcies, number of, quoted 
 yearly from 1791 to 1864. 
 
 Foreigners investing in Britain, 1762. 
 
 Forged Notes, 1768, 1774, 1775, 1776, 1780, 1783, 1798, 1800, 1822, 1824. 
 
 Free Trade, 1820. 
 
 French Licences to export and import, 1810. 
 
CONTENTS. 
 
 XV 
 
 Interest, Rate of, 1597, 1659, 1810, 1824. Allowed by Scotch Banks, 1817, quoted 
 yearly, 1823 to 1864. Table of, from 1791 to 1864, p. 550. On Loans 
 on Railway Stock, quoted yearly from 1847 to 1861. Usury Laws re- 
 laxed 1833, repealed 1850. (See page 457.) 
 
 Johnson, Dr Samuel, in Scotland in 1773. 
 
 Land, Value of, 1694, 1817. 
 
 Linen, Quantity of stamped, Table of, p. 30, quoted yearly from 1766 to 1823. 
 
 Linen Trade, 1686, 1693, 1727, 1739, 1774, 1809, 1818, 1823. Woollen said to be 
 better, 1771. 
 
 Loans, Foreign, 1817, 1862. Government, 1793, 1815. 
 
 Ministers’ Stipends, Table of, &c., 1750. 
 
 Newspapers, 1705, 1755, 1801. 
 
 New Style, 1752. 
 
 Notes, Acts concerning, 1765, 1775, 1844, 1845. 
 
 Bank of England, Table of, from 1698 to 1864, p. 12, given yearly from 1764 
 
 to 1864. Depreciation of, degree of, given yearly from 1800 to 1820, 1800, 
 1821. 
 
 English Country Banks, computed amount given yearly from 1810 to 1825 ; 
 
 real amount given yearly from 1810 to 1864. Circulation of, limited, 1844. 
 
 Scotch Banks, 1752, 1764, 1826, given yearly from 1839 to 1864, 1826, 1840, 
 
 Table of, 1834 to 1839, p. 416 ; and from 1846 to 1864, p. 572. In North of 
 England, 1804, 1828. After Western Bank’s Circulation withdrawn, p. 548. 
 Circulation of, limited, 1845. Forgery of, 1768, 1774, 1775, 1776, 1780, 1783, 
 1798, 1800, 1822, 1824. Gradual increase of the amount of a new Bank’s, 
 p. 50, 1792, 1802. Guinea, issued in 1768. Meetings against, 1763, 1765, 
 1765, 1767, 1768, 1770. Optional clause in, 1730, p. xiii, 1765, p. 64. Re- 
 tirement of, 1752, 1765, 1767, p. 78. 
 
 United Kingdom, amount given yearly, from 1840 to 1864. Forgery, pre- 
 vention of, 1820. Issued in American Colonies, 1767. Licences for 
 issuing, 1808, 1815. 
 
 Small, p. 2, 1761, 1763, 1764, 1765, 1765, 1774, 1801. In England, sup- 
 pression of, 1775, permitted 1797, 1822, 1826. In Scotland, suppression of 
 
 under 20s., 1765, 1775, permitted 1797, 1801. Attack on 20s. Notes, 1826. 
 
 Evidence before the Commons, 1826. Lords’ Report on, 1826. In the 
 Colonies, 1817. Failure of the issuers, 1770. Tearing those for 20s. 
 into quarters, p. 202. 
 
 In India, 1862. 
 
 Parish Schools, p. 1, 1696. 
 
 Peace and War, 1697, 1763. stated yearly from 1764 to 1864, 1774, 1777, 1777, 1778, 
 1779, 1780, 1782, 1783, 1793, 1796, 1799, 1802, 1803, 1804, 1805, 1806, 1807, 
 1807, 1814, 1814, 1815, 1854, 1856, 1857. 
 
 Pitt, William, Earl of Chatham, died 1777. 
 
 Postage, Reduction of, to uniform rate, 1840. 
 
 Precious Metals — Silver, value of, 1636. Price of Gold, quoted yearly from 1764 to 
 1864. Influx of, 1838. Increased production of, 1850. 
 
 Railways, Expenditure of, 1836, 1843, 1845, 1846, 1847, 1848, 1849, 1850, 1851, 1852, 
 1853, 1854, 1855, 1856. Saving of use of Capital effected by, 1844. 
 Shares, depreciation of, 1850. 
 
 Reform Money Crisis, 1832. 
 
 Revenue, Public. Of Britain, 1625. Of Scotland, 1707 (of Excise, 1708 to 1808, 
 p. 25), 1786, 1788. Of United Kingdom, given yearly from 1764 to 1864, 
 1764, 1815. 
 
CONTENTS. 
 
 xvi 
 
 Revolution Principles, 1773, 1790, 1792, 1848. 
 
 Ruling Paper by a Machine, 1805. 
 
 Scotland, Commerce of, 1707, 1826. Emigration from the Highlands of, 1773. 
 
 Exchange with England against, p. 2. Londoners’ feelings about it in 
 1804, p. 225. Population of, 1707. Prosperity of, 1776. Revenue 
 of, 1707. Serfs in, 1701. Towns in, comparison of, 1692. Union of, 
 with England, 1707, 1708, 1724. 
 
 Seasons, 1768, 1780, 1782, 1783, 1795, 1797, 1807, 1817, 1820, 1822, 1847. 
 
 South Sea Company, 1711, 1720. 
 
 Speculation Mania, 1808, 1813, 1824, 1826, 1836, 1861, 1862, 1863, 1864. 
 
 Stamp Office and the Banks, 1811. 
 
 Stamps, Impressing them in Edinburgh, 1805. Penny, for cash orders on demand, 
 p. 129. 
 
 Times, Prosperous or adverse, 1777, p. 129, p. 145, p. 156, 1811, 1817, 1818, 1822, 
 1824, 1847. 
 
 Toleration, Alarm at, 1779. 
 
 Trades’ Unions, 1834. 
 
 Usury Law, relaxation of, 1833. Abolition of, 1850. (See p. 457.) 
 
 ERRATA. 
 
 Page xx, line 4, for William, read Robert. 
 
 Page xxi, line 13, for great-grandson, read great -grandnephew ; and line 29, for 
 James, read Alexander ; and line 9 from foot, for name, &c. , read names of 
 Alison and Sturrock through daughters. 
 
 Page 67, for notice at foot, read Continued below the next Balance Sheet. 
 
 Page 68, line 10, after Perth, read (doubtless the United Company, see 1766.) 
 
 Page 71, for notice at foot, read Continued below the next Balance Sheet. 
 
 Page 75, for notice at foot, read Continued below the next Balance Sheet. 
 
 Page 100, line 6, add See p. 60. 
 
 Page 180, line 8, delete. 
 
 Page 218, line 11, for First, read Second (Us). 
 
 Page 250, line 15, for 1766, read 1804. 
 
 Page 268, at foot, insert Glasgow Commercial Bank said to have been established, 
 see 1820. 
 
 Page 314, line 24, after 1810, insert is said to have. 
 
 Page 318, line 31, for before 1807, read in 1802. 
 
 Page 322, line 16, after Small Notes, insert in England. 
 
 Page 326, line 3, before Country Banks, insert English. 
 
 Page 378, line 19, for 1854, read 1850. 
 
 Page 404, line 13, delete . 
 
 Page 417, line 3 from foot, after This Bank, insert established 1807. 
 
 Page 425, line 24, for 1829 read 1830 ; and line 5 from foot, for 1841, read 1840. 
 
 Page 429, line 4 from foot, for 1810 read 1839. 
 
HISTORY OF THE DUNDEE BANKING COMPANY. 
 
 Origin of the Bank. In the early part of the year 1763, several meetings 
 were held by some of the merchants and manufacturers in Dundee, to consider 
 whether it was possible to establish a Bank for the benefit of the town and 
 neighbourhood ; there being, at that time, no Banks in Scotland except in 
 Edinburgh and Glasgow, although there were in most towns, and in Dundee 
 among others, a few shopkeepers who were sometimes spoken of as bankers 
 because they dealt in exchange — that is, they would give cash for bills on 
 London, or sell bills on London to persons wishing to make remittances to other 
 parts of the kingdom. The result of these consultations was that thirty-six 
 persons resolved to form a Bank in Dundee for this purpose, and to commence 
 business on the 1st August that year — on which day a contract of copart- 
 nery was signed, the preamble of which states : — “The persons subscribing being 
 4 sensible of the great inconveniency which the merchants and manufacturers 
 4 of this part of the country lie under by reason of their distance from Edin- 
 4 burgh, and the difficulty of procuring Loans, and negociating Cash Accompts 
 4 with the Banks there established, Have agreed, and hereby agree, to unite, 
 4 and join themselves into a Society or Company for Issuing and Circulating 
 ‘Notes of hand, payable at their office in Dundee, for lending money on Cash 
 4 Accompts, Bills, or Personal Securities, for purchasing Bills of Exchange, and 
 4 discounting Inland Bills or Notes, under the firm of George Dempster & Com- 
 4 pany, and under the name of The Dundee Banking Company. For carrying on 
 4 of which Copartnery Business the said Partners have agreed that there shall be 
 4 a Capital Stock or Fund of Twelve Thousand Six Hundred Pounds Sterling 
 4 raised by the said Partners, and that a share thereof shall be Two Hundred 
 4 Pounds Sterling — so that the Capital Stock of the Copartnery shall consist of 
 4 sixty-three shares.” 
 
 Contracts of Copartnery. The continuance of the Bank was prolonged 
 under different contracts of copartnery to the present time ; their dates are as 
 follows : — 
 
 — 1st Contract. It was for the firm of George Dempster, Esq., & Company, 
 bankers in Dundee, carrying on business under the name of The Dundee Bank- 
 ing Company, commenced 1st August 1763, was to endure for seven years, 
 and appointed a nominal capital of £12,600, divided into 63 shares of £200 
 each. This contract was prolonged for another seven years. 
 
 — 2d Contract. It was for the Dundee Banking Company (as were also the 
 subsequent ones), commenced 1st August 1777, was to endure for seven periods 
 
 B 
 
xviii 
 
 HISTORY OF THE DUNDEE BANKING COMPANY. 
 
 of seven years each (unless dissolved at the end of any of these periods), and 
 appointed a nominal capital of £21,600, divided into 108 shares of £200 each. 
 — 3d Contract. It commenced 1st August 1826, was to endure for forty years, 
 and appointed a nominal capital of £42,000, divided into 84 shares of £500 
 each. 
 
 — 4th Contract. It commenced 1st August 1863 (in anticipation of the expiry 
 of the previous contract on 31st July 1866), to endure until terminated by 
 a dissolution of the Company, and appointed a nominal capital of £200,000, 
 divided into 1,000 shares of £200 each. The currency of this last contract 
 was cut short by the amalgamation of the Bank with the Royal Bank of Scot- 
 land on the 20th February 1864. 
 
 Names of the early Partners of the Bank. — In commendation of their 
 public spirit, the names are here recorded of the original Partners, and of those 
 who joined them at or anterior to the enlargement of the Company in 1777. 
 
 Names of the first Partners. 
 
 Alison, William, merchant, Dundee.. 1 
 
 Bell, Robert & John, do., do.... 2 
 
 Brown, Jn., M.D.,of Pleasants, do.... 3 
 Butclmrt, Jas., manufact., Arbroath.. 4 
 
 Carnegy, Patk., of Lower 5 
 
 Cock, James, manufacturer, Lochee. 6 
 Crichton, Thomas, mercht., Dundee.. 7 
 
 Dempster, George, of Dunnichen 8 
 
 Dick, Mungo, & Sons, mer 9 ., Dundee. 9 
 
 Fairweather, Robert,... do., do... 10 
 
 Fyffe, John, merchant, Edinburgh. 11 
 
 Geekie, Henry, ...do.,. ...Dundee 12 
 
 Grahame, James, of Meathie 13 
 
 Greenliill, Alex., merchant, Dundee. 14 
 
 Guthrie, John, do.,, do.... 15 
 
 Haliburton, John, ...do., do.... 16 
 
 lohnston, James, surgeon, do.... 17 
 
 Jobson, Charles, merchant,.... do.... 18 
 
 | Jobson, David, writer, Dundee 19 
 
 I Jobson, John, merchant, ...do 20 
 
 j Laird, Andrew, do., do 21 
 
 Maxwell, George, ...do., do 22 
 
 Maxwell, Patrick, ..do., do 23 
 
 Maxwell, William, ..do., do 24 
 
 Miln, John, do., do 25 
 
 Pitcairn, Andrew, writer, Dundee.. 26 
 
 Pitcairn, John, merchant, do 27 
 
 Ramsay, Jn., Capt., E.I.C.S.,.do 28 
 
 Rankine, John, merchant, do 29 
 
 Robertson, Alx., sen., do., do 30 
 
 Rolland, John, do.,. Arbroath. 31 
 
 Rollo, John, do.,. Dundee... 32 
 
 Sime, James, do., do 33 
 
 Whitson, William, ....do., do 34 
 
 Wilkie, Robert, do., .Arbroath. 35 
 
 Willison, John, M.D., Dundee 36 
 
 Names of new Partners assumed ls£ 
 Badenach, Js., corn-mer., Glammiss. 37 
 Ballingal, Jas., merchant, Dundee.. 38 
 
 Bisset, Wm., do., ..do.... 39 
 
 Blair, Geo., of Adamston, do., .do.... 40 
 
 Chalmers, Wm., do., .do.... 41 
 
 Cook, David, wine-merchant, ..do.... 42 
 Crawford, James, merchant, ...do.... 43 
 
 Crichton, James, do., do.... 44 
 
 Edie & Laird, do., ...London. 45 
 
 Fairweather, Jas., shipm r ., Dundee. 46 
 Fairweather, Jas., jun.,merch.,do... 47 
 Ford, David, merchant, do... 48 
 
 January 1765 to ls£ August 1777. 
 
 Gardyne, Jas., of Middleton 49 
 
 Gourlay, Freder., merch., Dundee... 50 
 Guild, John, wood-merchant,.. do.... 51 
 Haliburton, Jas., manufact.,...do.... 52 
 lohnston, Alexander, of Baldovie... 53 
 lohnston, George, writer, Pitkerro.. 54 
 Jobson, Iohn, shipmaster, Dundee... 55 
 Jobson, Iohn, jun., merchant, .do.... 56 
 
 Jobson, James, do., do.... 57 
 
 Jobson, Robert, do., do.... 58 
 
 Lyon, John, farmer at Castle Lyon. 59 
 Lyon, John, merchant, Dundee 60 
 
HISTORY OF THE DUNDEE BANKING COMPANY. 
 
 Mackglashan, Alex., mer., Dundee. 61 
 Mackglashan, Chs., farmer, Fingoth. 62 
 Marr, James, merchant, Dundee.... 63 
 
 Marshall, William,. do., do 64 
 
 Meals, John, brewer at Pleasants... 65 
 
 Milne, James, of Woodhill 66 
 
 Mitchell, Patrick, merch., Dundee. 67 
 Mitchell, Wm.,..do. at Peep-o’-Day. 68 
 Moncur, Dav., accountant, Dundee. 69 
 Morison, Alex., thread-manuf.,do.... 70 
 
 Murison, John, of Balconnel 71 
 
 Murray, John, of Lintrose.. 72 
 
 Mylne, Thomas, of Mylnefield 73 
 
 Nicoll, John, merchant, Dundee.... 74 
 Ogilvie, T. Fothringham, of Powrie. 75 
 Ogilvy, Geo., ofBakie, mer., Dundee. 76 
 
 Pitcairn, Alex., do., do.... 77 
 
 Ramsay, David, do., do.... 78 
 
 Ramsay, Iohn, maltman, ....do.... 79 
 
 Ramsay, James, merchant, do.... 80 
 
 Ramsay, Robert, flax-merch., Leith. 81 
 Rankine, Wm., merchant, Dundee. 82 
 
 Sandeman, David,.. 
 
 .do., .... 
 
 
 83 
 
 Small, James, 
 
 .do., .... 
 
 ....do.... 
 
 84 
 
 Smith, William, 
 
 .do., .... 
 
 
 85 
 
 Speid, John, 
 
 .do...... 
 
 
 86 
 
 Speid, Robert, 
 
 .do...... 
 
 
 87 
 
 Stirling, Patrick,... 
 
 .do...... 
 
 ....do.... 
 
 88 
 
 Strachan, Alex...... 
 
 .do...... 
 
 ....do.... 
 
 89 
 
 Sturrock, Wm., manufact., Dundee. 90 
 
 Thoms, Alex., merchant, do.... 91 
 
 Thoms, John, do., do 92 
 
 Watt, Alx.,of Springfield, do., .do.... 93 
 Webster, Thos., rope-spinner,. do.... 94 
 
 Webster, Wm., draper, do.... 95 
 
 Wemyss, Thos., merchant, ....do.... 96 
 
 Wilkie, Andrew, druggist, do.... 97 
 
 Yeaman, Geo., jun., merchant, do.... 98 
 
 Yeaman, James, do., ....do.... 99 
 
 Yeaman, Pat., jun., do.,. ...do... 100 
 
 The unceasing change of persons, and the great fluctuation in their family 
 affairs that occur in a district, within even a limited period, have, in all ages of 
 the world, supplied the moralist and the poet with subjects of reflection. This 
 list of one hundred persons, who (with a few exceptions) were carrying on 
 business in Dundee a century ago, is a melancholy illustration of the restless- 
 ness and instability of human society, and of the unsettledness of a mercantile 
 community in particular. The author has been at much pains in endeavouring 
 to ascertain the history of these old Partners of the Dundee Bank, and to trace 
 out where their male heirs, if any, now reside. But the information he has 
 been able to acquire is exceedingly meagre, even concerning the few whose suc- 
 cession can still be traced. The representatives of those who were possessors 
 of old family property are of course in possession of their estates, but of the 
 rest the descendants of a few only are in the district and bearing their names. 
 These are — 
 
 George LI. Alison, Esq., wine-merchant, Dundee. 
 
 James Butchart, Esq:, commission-merchant, Arbroath. 
 
 Messrs Cox Brothers, manufacturers, Lochee. 
 
 Archibald Crichton, Esq., Brough ty Ferry. 
 
 William D. Dick, Esq. of Pitkerro. 
 
 James Iohnston, Esq. of Kincardine. 
 
 Colonel D. Laird of Strathmartine. 
 
 David Lyon, Esq. of Balintore. 
 
 John Pitcairn, Esq. of Pratis and Pitcullo. 
 
 John A. Thoms, Esq., flax-merchant, Dundee. 
 
 William Whitson, E„sq., Newport. 
 
 Although the scraps of information obtained respecting these ancient Part- 
 ners are scarcely worth recording, they are subjoined — reference being made by 
 
XX HISTORY OF THE DUNDEE BANKING COMPANY. 
 
 numbers to the names to which the notices belong; and the word “None” 
 being used, for brevity sake, to signify, no descendant bearing his name in the 
 district: — 1. He was father of the late Iohn Alison, merchant, Dundee, 
 whose sons are in London and Edinburgh ; and of the late William Alison, 
 whose son, George LI. Alison, is wine-merchant, Dundee. 2. None. They 
 were tanners at Meadowside, and sugar-bakers in the Seagate — their descend- 
 ants are in London and elsewhere. 3. None. He was afterwards of Glasswell, 
 Kirriemuir. 4. His eldest son died, a medical man, in India ; his second son, 
 James, is a commission-merchant in Arbroath. 5. His grandson, Patrick A. 
 W. Carnegy, is laird of Lower and Turin. 6. His grandsons are the partners 
 of Cox Brothers, the extensive manufacturers in Locliee, and some of their man- 
 sion-houses are built on their ancestor’s acres of Foggieley. This James Cock 
 is the only partner of the Dundee Bank that has had descendants continuing his 
 name and business steadily in the district. 7. His sons, Iohn and Archibald, 
 resided long in Dundee — the former, an eminent surgeon, is lately deceased, 
 but the latter, formerly an insurance agent, Dundee, is now resident in 
 Broughty Ferry. 8. None. His grandnephew, George Hawkins Dempster, 
 is now laird of Dunnichen. 9. He was afterwards of Pitkerro, and his grand- 
 son, William D. Dick, Esq., now holds the property. 10. None. He was of 
 the firm of Fairweather & Marr, Dundee. 11. None. He was the Bank’s 
 agent in Edinburgh. 12. None. He was provost of Dundee, and lived in a 
 close in the Overgate named after him — now improperly called Argyle Close. 
 13. His eldest son, James, was a merchant in London, and being unfortunate, 
 Meathie was sold ; but he afterwards succeeded to Balmuir, and took the name 
 of Webster, and his son, James Webster, Esq., is the present laird of Balmuir. 
 His second son is Iohn Grahame Wedderburn of Pearsie, having succeeded to 
 that estate and taken the family name. 14. None. His sons — , a general 
 
 in the Army, and Charles, a merchant, Dundee — left no issue. 15. None. His 
 sons — Iohn, a major in the Army, George, a banker, Dundee, and James, a 
 merchant in the West Indies — all died unmarried. 16. None. 17. He was 
 provost of Dundee. His son James purchased Kincardine Castle, Perthshire, 
 and his grandson, James Iohnston, Esq., advocate, now holds the property. 18. 
 None. His brother Robert was the first cashier of the Bank. 19. None. He 
 died in 1794, unmarried. 20. None. His sons, Iohn (No. 56) and Robert (No. 
 58), left no male issue, but David (who was afterwards cashier of the Bank) has a 
 son, John Jobson, Esq., M.D., near London. 21. He was acorn-merchant at 
 the Yeaman Shore, and was father of Admiral Laird, whose grandson is Col. D. 
 Laird of Strathmartine. 22. None. He was provost of Dundee, and afterwards 
 of Balmyle, and had a son George, an advocate in Edinburgh, who died without 
 issue. 23. None. He was provost of Dundee. His son George was a 
 clergyman in the Church of England, whose son, William James Maxwell, re- 
 sides in London. 24. None. He was a bailie in Dundee ; his son Iohn was a 
 medical man in the West Indies, afterwards resident in Dundee, whose son 
 James is a major in the Army. 25. None. But Edward Baxter, Esq. of Kin- 
 caldrum, and Sir David Baxter of Kilmaron, are his great-grandsons through 
 a daughter. 26. None. 27. He was provost of Dundee, his son Alexander 
 is No. 77, and his grandson is John Pitcairn, Esq. of Pratis and Pitcullo. 
 
HISTORY OF THE DUNDEE BANKING COMPANY. xxi 
 
 28. None. 29. None. 30. None. 31. None. He was afterwards of Auchmitliie 
 and Springfield, and had three sons, but they died without issue. 32. None. 
 He had property at Roseangle, and built the pier called Rollo’s Pier. His 
 grandnephew, Capt. Robert A. Rollo, R.A., resides in Exeter. 33. None. 34. 
 His grandson, William Whitson, Esq., formerly in the West Indies, now resides 
 at Newport. 35. None. He died without issue. 36. None. He died without 
 issue. 37 None. But he had sons and daughters. 38. None. He was son of 
 Bailie Ballingal, was unmarried, and went to Perth. 39. None. 40. None. 
 41. None. His son William was town-clerk, and his grandson was the late 
 General Sir Win. Chalmers, whose family reside in England. 42. None. 
 He was a wine-merchant in the Murray gate. 43. None. 44. None. 45. 
 None. They were the Bank’s agents in London. 46. None. 47. None. 48. 
 None. 49. His great-grandson, T. M. B. Gardyne, Esq., is laird of Middleton. 
 
 50. None. But the partners of Gourlay Brothers, engineers, are grandnephews. 
 
 51. None. He was provost of Dundee, and had his wood-yard at the Yeaman 
 
 Shore. His son, William Guild, Esq., after being some time in the West Indies, 
 now resides in Glasgow. 52. None. He was merchant and manufacturer at 
 the West Port, where the block of buildings now stands between Brown Street 
 and Henderson’s Wynd. He was a ^ailie of the town, and Robert Bell, Esq., 
 merchant, is a grandson through a daughter. 53. None. 54. None. 55. 
 None. He died unmarried in 1812. 56. None. His son, Richard Jobson, 
 
 Esq. of Torreby, Uddevalla, Sweden, has recently deceased. 57. None. He 
 was son of C. J., No. 18, and had a son Charles, but he died without issue. 
 58. None. 59. None. Castle Lyon is now Castle Huntly. 60. His son David 
 was a merchant in London, and his grandsons are David Lyon, Esq. of Balin- 
 tore, and Major Wm. Lyon, London. 61. None. 62. None. 63. None. He 
 was of the firm of Fairweather & Marr, Dundee, and built the house of Marr 
 Bank. 64 None. He resided on the Castlehill. 65. None. 66. None. His 
 great-grandnephew, James Miln, Esq., is laird of Woodhill, and another, 
 Robert, is a flax-merchant in Dundee. 67. None. His son Patrick was long; 
 a thread-manufacturer in Dundee. 68. None. But he had a son who was a 
 shipmaster, and had a family. 69. None. He was accountant to the Bank. 
 David Moncur Neish, Esq., Broughty Ferry, is a grandson through a daughter. 
 70. None. 71. None. 72. His grandson, Mungo Murray, Esq., is now laird of 
 Lintrose. 73. None. 74. None. 75. His grandson, T. F. S. Fothringham, 
 Esq., is laird of Powrie and Fothringham. 76. None. His son was the late 
 George Ogilvy of Kirkbuddo. Flis brother James tried the experiment of a 
 cottonwork — hence the Cotton Road — but it did not succeed. 77. None. 
 See No. 27. 78. None. But has grandchildren, of the name of Sturrock, 
 
 through a daughter. 79. None. 80. None. 81. None. 82. None. 83. None. 
 84. None. He was brother of the Rev. Dr Small, parish minister of Dundee, 
 and who wrote a history of Dundee in 1792. 85. None. 86. None. 87. None. 
 88. None. His son was the late William Stirling Graham of Duntrune, the 
 family name being changed. 89. None. He was connected with the Sugar- 
 house. 90. None. He was of the firm of Sturrock & Small, manufacturers, 
 Small’s Wynd. 91. He was provost of Dundee, and left several sons, one of 
 whom, James, of Clepington, resided on the property, and his eldest son is 
 
xx ii HISTORY^ OF THE DUNDEE BANKING COMPANY. 
 
 John A. Thoms, Esq., merchant, Dundee. 92. None. 93. None. His grand- 
 son was the late Bernard Watt (of the firm of Watt & Brown, flaxspinners, 
 Dundee), who left a family, but not resident in this district. 94. None. His 
 son was the late Thomas Webster of Heathfield, who founded Webster’s In- 
 stitution for the dumb and blind. 95. None. He was convener of the Nine 
 Trades; he is the Wm. Webster whose name was for many years filled into 
 the Dundee Bank Notes, making them payable to him or bearer. 96. None. 
 He resided at the Burnhead or Castlehill, and has grandchildren of the name 
 of Jobson, through a daughter, not resident in this district. 97. None. His 
 shop was near the Bank’s office, below the Town-house. 98. None. 99. 
 None. 100. None. 
 
 As George Dempster, one of the promoters of the Dundee Bank, and the 
 one whose name was made prominent in the firm “ George Dempster, Esq., and 
 Company,” under which the business was at first carried on, was a man of some 
 note in this district, the following more extended account of him may be added. 
 
 The Rev. lohn Dempster was translated from Brechin to Monifieth in 1676, 
 of which parish he was the last episcopal incumbent, and where he died in 
 1708. His wife’s name was Ann Maule, and she died in 1722. They had a 
 son born in 1677, and baptized in Monifieth, by the name of George, in 1678, who 
 was afterwards a merchant and banker in Dundee, where he acquired the means 
 of purchasing the estate of Dunnichen near Forfar, then Newbiggin in the 
 parish of Monikie in 1734, and subsequently Omachie, Laws, and Eathie- 
 beaton in the parish of Monifieth. He died 2d June 1753, leaving a son Iolin, 
 born in 1706, and who was killed by a fall from his horse on 3d November 
 1754, and has a monument in St Yigean’s church. This son resided in Dundee, 
 in the Kirk-Session books of which place the baptism of his children are re- 
 corded. The birth of liis son George, in December 1732, is thus entered: — 
 
 173 2. 
 
 Birth. 
 
 Whom named after. 
 
 Iohn Dempster 
 
 
 George Dempster, 
 
 of Dunnichen 
 
 George. 
 
 merchant, 
 
 and 
 
 
 
 ISOBEL OGILVIE. 
 
 
 Grandfather. 
 
 This George Dempster, born 1732, and succeeding to the above-named 
 estates, was educated at the Grammar School in Dundee, studied at the Uni- 
 versity of St Andrews, and afterwards, for the sake of Law, at that of Edin- 
 burgh, where he was admitted a member of the Society of Advocates in 1755. 
 
 He was naturally fond of society, and his fortune enabled him to indulge his 
 inclination to move in the best circle. His more intimate associates were young 
 men of talent, among others, William Robertson, David Hume, lohn Home, 
 and Alexander Carlyle. He was a member of the Poker Club, which was estab- 
 lished for convivial purposes by Adam Ferguson, and held its meetings in a 
 tavern at the Netherbow. In 1756 he became a member of the Select Society 
 which was instituted by Allan Ramsay (the son of the poet) for the improvement 
 of the members in the art of public speaking. When this Society was started 
 in May 1754, fifteen persons only at first joined it, but afterwards, in 1759, it 
 could reckon 130 members. He practised^ the bar for a short period only, but 
 
HISTORY OF THE DUNDEE BANKING COMPANY. xxiii 
 
 spent a considerable time travelling on the Continent. In 1761 he was admitted 
 as a member of the Hammermen Incorporation, Dundee. 
 
 In 1762 he offered himself as a candidate for the representation of the Forfar 
 and Fife district of burghs, which consisted of Forfar, Perth, Dundee, Cupar, 
 and St Andrews. He was successful, but at an expense of about £10,000, 
 which led to the sale of his estates in Monikie and Monifieth in 1771. He 
 entered the House of Commons as an independent member when it met on 25th 
 November 1762, and is celebrated by Burns the poet, as “a true-blue Scot,” 
 in his address to the Scottish representatives. In 1765 he was appointed to the 
 patent office of Secretary to the Scottish Order of the Thistle, an office more 
 honourable than lucrative, and the only one he ever held. 
 
 Of his parliamentary career the following notes respecting his course of action 
 have been recorded : 
 
 — He opposed the contest with the American Colonies, maintaining that taxes 
 could not be constitutionally imposed without representation. 
 
 — At the conclusion of the first American war he urged a reduction of the 
 military establishment, and the abolishing of sinecures, and of unmerited 
 pensions. 
 
 — He supported Pitt when he came into power, especially in respect to the 
 establishment of a sinking fund. 
 
 — Pie attended much to the promotion of commerce and manufactures gener- 
 ally, but turned his attention particularly to the improvement of the deep-sea 
 fisheries on the coasts of Scotland. After many unsuccessful attempts he 
 obtained leave to nominate a committee to consider this matter. 
 
 — Having been appointed a director of the East India Company, in opposition 
 to the usual Plouse list, his acquaintance with their affairs led him to consider 
 that the Company should give up their territorial acquisitions, and restrict 
 themselves to commerce. Being thus opposed to the views of the majority 
 of the directors, he withdrew from the Board, and became a strong parlia- 
 mentary opponent of the Company. Thus, in supporting Foxe’s India Bill, he 
 declared — “All chartered rights should be held inviolable, — those derived from 
 4 one charter alone excepted. That is the sole and single charter which ought, 
 4 in my mind, to be destroyed, for the sake of the country, for the sake of India, 
 4 and for the sake of humanity. ... I, for my part, lament that the 
 ‘navigation to India had ever been discovered ; and I now conjure Ministers to 
 4 abandon all ideas of sovereignty in that quarter of the world : for it would be 
 4 wiser to make some one of the native princes king of the country and leave 
 4 India to itself.” 
 
 — He gave his support to the Grenville Act in 1785, for deciding contested 
 j elections by committees chosen by ballot. 
 
 — He opposed the Ministry on the Regency question in 1788-9, declaring such 
 an executive would 44 resemble nothing that ever was conceived before ; an 
 4 un-whig, un-tory, odd, awkward, anomalous monster.” 
 
 — He retired from the representation of the Fife and Forfar burghs in 1790. 
 It does not appear whether this was voluntarily on his part, or forced by the 
 influence of the Athole family, a member of a branch of which (the Hon. Hugh 
 Lindsay) succeeded him. 
 
xxiv HISTORY OF THE DUNDEE BANKING COMPANY. 
 
 In 1786 the Convention of Royal Burghs recognised his patriotic services by 
 the presentation of a present of plate, and the Burgh of Dundee acknowledged 
 the benefits derived from his attention to its affairs by having his portrait 
 painted by Gainsborough, and hung up in the Council Chamber. This portrait 
 still hangs there, and a photograph of it forms the frontispiece to this book. 
 
 In 1792 occurred an event in Dundee which it would be more pleasing to 
 leave unmentioned, but which, as Mr Dempster had a part in it, requires to be 
 referred to. Some zealous politicians in this town had associated themselves 
 together under the name of the Whig Club, and when the French Revolution 
 broke out, they were either so ill-informed as to what had happened, or so im- 
 bued with the restless spirit of the day, as to be unable to consider wisely the 
 tendency of the proceedings in Paris, that on the 4th June they actually, for- 
 getting what was due to those at the helm of affairs in their own country, framed 
 a congratulatory address to the President of the French National Assembly, and 
 had it forwarded for presentation through the French Ambassador in London. 
 George Dempster was one of those who signed this address, an answer to which 
 was received on the 31st July. 
 
 After the close of his parliamentary career, he resided partly at Dunnichen 
 and partly in St Andrews — here in scientific intercourse with his friends Dr 
 Adam Ferguson and the other professors, there in improving his estates and in 
 promoting a better practice of agriculture. He was not idle respecting public 
 matters, but attended more especially to the peculiar interests of Scotland. In 
 particular he took much trouble in striving to promote the manufacture of 
 linen, and the extension of the deep-sea fishery. The Act for the en- 
 couragement of the fisheries in Scotland had been obtained chiefly by his 
 perseverance, and a joint-stock company to effect the object of the Act 
 had been established through his exertions. This company had raised a 
 capital of £150,000, and had purchased large tracts of land at Tobermory 
 in Mull, on Loch-Broom in Ross-shire, and on Loch-Bay and Loch- 
 Folliart in the Isle of Skye, and had thereon built harbours or quays, with 
 suitable storehouses. In 1788, on the occasion of his being elected a director 
 of this company, he excited a considerable degree of enthusiasm by a powerful 
 speech containing an account of all the proceedings for the promotion of the 
 fisheries, an elaborate statement of the benefits likely to arise to the country in 
 general, and a glowing picture of the consequent improvement in the social 
 condition of the inhabitants on the seacoast of the Highlands. The following 
 year this speech was published as a Discourse containing a summary of the 
 directions of the Society for extending the fisheries of Great Britain. But the 
 war with France breaking out in 1793, the fear of French cruisers on the coast 
 interfered with the diligent prosecution of the trade ; the value of the stock of the 
 company rapidly became deteriorated, and many of its partners were ruined. 
 
 About the same time he attempted to establish a manufacturing village of 
 cotton on his property of Skibo, on the coast of Sutherland, and which he had 
 purchased in 1786, but the disadvantages of the situation precluded success, 
 in spite of the cheapness of labour and provisions. This abortive scheme 
 involved himself and his brother in considerable loss. 
 
 When he first began the improvement of his estates, the Highland pro- 
 
HISTORY OF THE DUNDEE BANKING COMPANY. XXV 
 
 prietors were then driving out their tenantry for the sake of pasturing cattle. 
 Dempster became the more anxious to find employment for the people, and 
 shewed an opposing example in the management of his estate. He granted long 
 leases to his tenants, freed them from all personal services, and from unneces- 
 sary restrictions in the cultivation of their farms ; he enclosed and drained his 
 lands ; he built the neat village of Letham ; he drained and improved the loch 
 moss of Dunnichen, and the peat bog of Restennet, by which he added greatly 
 to the extent and value of his property, and rendered the air more salubrious. 
 Having ascertained that his land abounded in marl, he immediately rendered 
 the discovery available, in so much, it is estimated, that he acquired a quantity 
 of that valuable manure of the value of £14,000. 
 
 The following letter, addressed to the Editor of the Scots Magazine , is inter- 
 esting as exhibiting the thoughts of a man who was in some things in advance 
 of his age : — 
 
 44 Sir, — How much depends upon mankind thinking soundly and wisely on 
 4 agricultural topics, which, in point of extent, surpasses all others, and which 
 4 may be said to embrace the whole surface of the globe we inhabit ! I would 
 ‘ still be more lavish in my commendation of your design, were it not that I 
 4 should thereby indirectly make a panegyric on myself. For these last forty 
 4 years of my life, I have acted in the management of my little rural concerns on 
 4 the principles you so strenuously inculcate. I found my few tenants without 
 4 leases, subject to the blacksmith of the barony ; thirled to its mills ; wedded 
 4 to the wretched system of outfield and in ; bound to pay kain and to perform 
 4 personal services ; clothed in hodden, and lodged in hovels. You have en- 
 4 riched the Magazine with the result of your farming excursions. Pray direct 
 4 one of them to the county I write from : peep in upon Dunnichen ; and, if you 
 4 find one of the evils I have enumerated existing ; if you can trace a question, 
 4 at my instance, in a court of law, with any tenant, as to how he labours his 
 4 farm ; or find one of them not secured by a lease of nineteen years at least, 
 4 and his life, — the barony shall be yours. You will find me engaged in a con- 
 4 troversy of the most amiable kind with Lord Carrington, defending the 
 4 freedom of the English tenants from the foolish restrictions with which 
 4 their industry is shackled ; prohibitions to break up meadowland, to sow flax, 
 4 to plant tobacco, &c., all imposed by foolish fears, or by ignorance ; and 
 4 confirmed by the selfish views of land-stewards, who naturally wish the depen- 
 4 dence of farmers on their will and pleasure. God knows, Scotland is 
 4 physically barren enough, being situated in a high latitude, and composed of 
 4 ridges of mountains ; yet in my opinion moral causes contribute still more to 
 | 4 its sterility. 
 
 44 1 urge the zealous prosecution of your labours, as a general change of 
 4 system and sentiment is only to be effected slowly ; your maxims are destined, 
 4 first, to revolt mankind, and, long after, to reform them. There never was a 
 4 less successful apostle than I have been. In a mission of forty years I cannot 
 4 boast of one convert. I still find the tenants of my nearest neighbours and best 
 4 friends cutting down the laird’s corn, while their own crops are imperiously 
 4 calling for their sickles. I am much pleased with the rotations you suggest, 
 
 c 
 
XXvi HISTORY OF THE DUNDEE BANKING COMPANY. 
 
 4 and, as those topics are very favourite ones with me, they occupy no small 
 4 portion of my leisure moments. 
 
 44 The Highland Society’s being silent on the subject of the emigration of the 
 4 Highlanders, who are gone, going, and preparing to go in whole clans, can only 
 4 be accounted for by those who are more intimately acquainted with the state 
 ‘ of the Highlands than I pretend to be. One would think the Society were 
 4 disciples of Pinkerton, who says, 4 The best thing we could do, would be to get 
 4 4 rid entirely of the Celtic tribe, and people their country with inhabitants from 
 4 4 the low country.’ How little does he know the valour, the frugality, the 
 4 industry of those inestimable people, or their attachment to their friends and 
 4 country ! I would not give a little Highland child for ten of the highest High- 
 4 land mountains in all Locliaber. With proper encouragement to its present 
 4 inhabitants, the next century might see the Highlands of Scotland cultivated 
 4 to its summits, like Wales or Switzerland; its valleys teeming with soldiers 
 4 for our army — its bays, lakes, and firths with seamen for our navy. 
 
 44 At the height of four hundred feet above the level of the sea, and ten miles 
 4 removed from it, I dare not venture on spring wheat, but I have had one ad- 
 4 vantage from my elevation ; my autumn wheat has been covered with snow 
 4 most of the winter, through which its green shoots peep very prettily. I have 
 4 long believed that this hardy grain is better calculated for our cold climate 
 4 than is generally thought, if sown on well cleaned and dunged land, very early, 
 4 perhaps by the end of September, so as to be in ear when we get our short 
 4 scorch of heat from 15th July to 15th August, and to profit by it. 
 
 44 1 was pleased with your recommending married farm servants ; I don’t value 
 4 mine a rush till they marry the lass they like. On my farm of 120 acres, I 
 4 can shew such a crop of thriving human stock as delights me. From five to 
 4 seven years of age, they gather my potatoes at Id., 2d., and 3d. per day, and 
 4 the sight of such a joyous busy field of industrious happy creatures revives my 
 4 old age. Our dairy fattens them like pigs ; our cupboard is their apothecary’s 
 4 shop ; and the old casten clothes of my family, by the industry of their 
 4 mothers, look like birthday suits on them. Some of them attend the groom to 
 4 water his horses, some the carpenter’s shop, and all go to the parish school in 
 4 the winter time, whenever they can crawl that length.” 
 
 In a letter to Sir John Sinclair, dated Dunnichen, 2d Nov. 1807 , he says : 44 1 
 4 was lately on my death-bed, and no retrospect afforded me more satisfaction 
 4 than that of having made some scores — some hundreds, perhaps — of poor 
 4 Highlanders happy, and put them in the way of being rich themselves, and of 
 4 enriching the future lairds of Skibo and Portrossie.” 
 
 He died 13th Feb. 1818, in the 86th year of his age, “having enjoyed 
 4 good health and a cheerful old age, and, as justly remarked by his friend and 
 4 correspondent, Sir John Sinclair, his friends had the satisfaction of knowing that 
 4 no man in his time left the world more generally applauded, or more deservedly 
 4 admired.” The following memorandum, in his own handwriting, was found 
 among his papers : — 
 
 44 For my successors and heirs to the late George Dempster, my 
 4 grandfather. — A fragment. — I have apologies to make to you for having 
 4 been a bad steward of the fine estate to which I succeeded, but which, un- 
 

 HISTORY OF THE DUNDEE BANKING COMPANY. 
 
 XXY11 
 
 1 luckily, my grandfather, the founder of our family, did not secure by entailing 
 1 it on our family. There remain 2,500 acres ; I have sold the same number; 
 ‘ and what is left is encumbered with a great debt. 1st. When studying Law 
 ‘ in Edinburgh, this estate devolved on me, and put an end to my studies ; 
 1 nevertheless, being very vain, I thought myself also learned. 2d. I became 
 4 a member of the Poker Club, consisting of learned men, and great politicians, 
 1 and decided Whigs, which gave me the principles of that party and its pre- 
 ‘ judices. 3d. My ambition was a very false kind of it, for I had neither 
 ‘ head nor heart of a truly ambitious man. 4th. Before I became a rich laird, 
 4 1 had little money and a turn for reading ; I really studied hard for a year or 
 4 two, and in Montesquieu’s works I found his ideas of our constitution coin- 
 4 cided with my own, and was particularly struck with his observation, that 
 4 our Government would end when the legislative became more corrupted than 
 ‘ the executive. 5th. I obtained a seat in Parliament, and soon joined the Whig 
 4 party, to which I adhered in general during the whole twenty-eight years I 
 ‘ sat there : the ministry and the monarch being Tory. 6th. I wasted my for- 
 4 tune, sold land, contracted debts, and became what was justly reckoned poor. 
 4 From the doctrines of Epictetus, recommended by Montesquieu, I learned to 
 ‘ despise wealth and to pity those whose sole pursuit it was. 1 became a 
 
 Stoic.” 
 
 The first Directors and Officers. The names of the first two Boards of 
 Directors were as follows : — 
 
 Extraordinary Directors. 
 Andrew Laird. 
 William Maxwell. 
 Patrick Maxwell. 
 John Rankine. 
 Alexander Robertson. 
 
 Ordinary Directors. 
 
 John Bell. 
 
 Alexander Greenhill. 
 John Guthrie. 
 
 John Haliburton. 
 John Pitcairn. 
 
 And the Officers were — Robert Jobson, cashier, and Samuel Macklellan, 
 accountant. 
 
 The business commenced in the two eastmost shops of the Town -House 
 (below the Pillars), the rent of which, with the cellars beneath, was £5 per 
 annum. 
 
 The Progress of the Business. Instead of recording the progress of the 
 Bank’s business in the usual historical form, it is proposed to exhibit it by 
 means of the periodical statements of its affairs. The following Annual Balance 
 Sheets, reaching from 1764 to 1864, have therefore been so constructed as, 
 together with the memoranda subjoined to each, to shew at a glance the course 
 of the Bank’s transactions, and the result as it concerned its own success. 
 The Balance Sheets are followed by summaries of each of the chief items in 
 them, and by remarks thereon, so that the great bulk of the matter that forms 
 the history of the Bank is to be found in these various accounts and statements. 
 Consequently it seems unnecessary to repeat here, even in brief, what can be 
 seen more fully there, but it may be useful to state the principles on which 
 these Balances Sheets and subsequent summaries have been framed. 
 
xxviii HISTORY OF THE DUNDEE BANKING COMPANY. 
 
 In the first place, it has been thought desirable to bring all the items on the 
 Dr. side of the Balance Sheets into two summations, shewing how much, and 
 for what sorts of obligations, the Bank was in debt to the Public, and how much, 
 and for what funds, the Bank was indebted to its own Partners. In the last sum- 
 mation is included the amount of profits on hand, if any, held over to be after- 
 wards divided among the Partners, or to be otherwise disposed of as appointed. 
 As this amount of Profit on hand had to he brought into view, it was thought 
 more convenient to shew at once, rather than by a separate account, how it 
 arose ; by stating the items of the Profit and Loss for the year, printed as it 
 were on the margin of the Balance Sheet. This made it necessary to restrict 
 the account of Profit and Loss to a very abbreviated form, but it contains all the 
 particulars a banker’s eye looks for as material. It will be observed that any 
 profits accruing out of the usual routine of business, such as gain resulting from 
 a rise in the value of Government stocks held by the Bank, are brought into 
 the account after the nett amount of ordinary profit is stated — thus always 
 bringing out first of all what was the result of the real banking business of the 
 year. 
 
 In the second place, the chief items on the Cr. side of the Balance Sheets 
 have been arranged into two groups — the amounts of the various sorts of in- 
 vestments held by the Bank for profit being gathered together and summed up, 
 and the amounts of cash on hand and at call, reserved for immediate use, being 
 also summed up and extended together. 
 
 In the third place, while the items in the annual statement of Investments at 
 the time of the balancing of the books give in general, from the time of the 
 year when it was made, a fair enough average of the investments held during 
 the whole year, it is a matter of interest, as respects commercial bills, to know 
 the whole amount of them that was taken by the Bank in the course of the 
 year, and, as this could not be conveniently given on the face of the Balance 
 Sheets, it has been supplied in a separate statement among the memoranda 
 beneath them. For a long period the bills were distinguished into three classes, 
 namely, Bills Discounted, or bills payable in Dundee ; Bills Receivable, or bills 
 payable in Edinburgh or Glasgow ; and Bills of Exchange, or bills payable in 
 London ; and, as a certain sort of information is derived from comparing the 
 respective amounts of these classes, the distinction has been preserved in the 
 statement. The number of the bills taken has also been stated throughout, 
 except in a few cases, when it could not be discovered. During the years the 
 Bank had Branches, it was desirable also to distinguish the amounts of Dis- 
 counts obtained, and the amounts of Interest received and paid at the Head 
 Office, and at each of the Branches. This has been done in the memoranda, so 
 far as it can now be ascertained. 
 
 In the fourth place, following the 101 Balance Sheets, a Summary of the 
 chief items they contain is given in a series of columns, those on the left 
 hand pages referring to the extent of the business, those on the right to the 
 result of the business. The amounts of these columns being divided by 101 (the 
 number of Balance Sheets), or by 100.5 (the hundred years and a-half of the 
 Bank’s duration), as each case requires, brings out a true average of each item, 
 which is then commented on in the Remarks on the Summary. The object of 
 

HISTORY OF THE DUNDEE BANKING COMPANY. 
 
 these remarks is to notice the points which more particularly struck the com- 
 piler in the course of his work, and to bring in some additional pieces of infor- 
 mation that, it was considered, would be deemed interesting. 
 
 Periodically there arises a discussion about the circulation of Bank Notes ; as 
 many facts, therefore, concerning this part of the Dundee Bank’s experience are 
 recorded as possible. The result is seen to be, that the amount of Notes re- 
 maining in circulation bears no ascertainable proportion either to the extent of 
 business of the Bank of issue, or to the sum total of the Notes issued by it. 
 The wants of the community in respect to a circulating medium most clearly 
 regulate the amount of Notes issued that will remain out, and consequently it 
 varies from week to week, according to the season of the year, and from year 
 to year, according to the briskness of trade in the country. From the tables 
 given it appears that from 1839 to 1864, the Bank, while retiring its Notes to 
 the extent on an annual average of £1,525,733 (and of course issuing more), 
 obtained an average circulation of £35,367 only. Even in its last year, when 
 the Bank retired Notes to the extent of £2,399,588, its circulation on a 
 weekly average was only £46,099. This result shews the groundlessness of 
 the alarm of those who are troubled with the idea that a Bank of issue, though 
 bound to pay its Notes in gold, has the power to deluge a country with its 
 paper money. 
 
 As the form in which Bank Notes were at first issued in Scotland, with an 
 optional clause in it, is now somewhat of a curiosity, impressions are here 
 given of the original plates of the Dundee Bank Notes for 20s., 10s., and 5s. 
 There is added, in memory of the times when silver was so scarce that men 
 were obliged to tear up one pound Notes into quarters to make crown pieces 
 of, an impression of a 5s. Note issued in 1797, at the time of the suspension 
 of cash payments by the Bank of England, when, after having been suppressed 
 by Act of Parliament, Notes for less than 20s. were for a short time again 
 permitted to be issued. 
 
 The system of depositing money in a Bank, and obtaining interest on it, 
 began in 1792 only. The rapidity with which the money deposited with the 
 Banks in Scotland became a very considerable amount, shewed that there were 
 many persons who had money beside them for which they lacked the oppor- 
 tunity, or the inclination, of employing it in any productive business. Yet the 
 habit of hoarding up savings in a chest continued to prevail with such as had 
 no large sum, say £10 to £20, till a much later period. Even now, occa- 
 sionally, when some aged man or woman in the country dies, there is found 
 secreted in the safest neuk a small sum, laid by perhaps to defray funeral 
 expenses, which consists of Bank Notes of the date of the end of the last 
 or of the beginning of the present century, all carefully rolled one outside the 
 other, and in which state they have lain quietly for nearly a life-time. This 
 accounts, in some measure, for two facts concerning the circulation of Notes that 
 are somewhat different from what one would have expected, namely, the large 
 proportionate circulation enjoyed by the Banks sixty years ago, and the small 
 
HISTORY OF THE DUNDEE BANKING COMPANY. 
 
 amount of Notes that do not ultimately return for payment, although some of \ 
 them remain out for a very long period, and might he supposed to have been 
 destroyed. For example, while writing these observations, an old man has 
 died at Kirriemuir, in whose chest £12 was found, consisting of five one pound 
 Notes of the Dundee Bank, and seven one pound Notes of the Dundee New 
 Bank, of dates ranging from 1795 to 1807. Issuers have thus learnt by ex- 
 perience not to be very sanguine, that because Notes are long outstanding it 
 may be assumed they will never appear. The public, with its usual false 
 notions of being accurately acquainted with every man’s business, has formed 
 an egregious idea of the greatness of the profit a Bank of issue derives from 
 its lost Notes, as also of the source of profit that unclaimed deposits are to 
 all Banks. 
 
 The rate of Interest allowed at different periods on Deposit money in Scot- 
 land, from 1792 to the present time, is given in a table. 
 
 The amount of Bills discounted in any district, presuming that the great bulk 
 at least will be Mercantile Bills, is a matter of interest, as so far shewing the 
 extent to which business is carried on. Before 1763, when there was no 
 Bank in the Dundee district, the number of Bills that could be discounted 
 therein must have been very small, and therefore probably business was limited 
 almost to cash transactions ; but afterwards, as banking facilities increased, 
 business would be extended by credit transactions, and the extent is roughly 
 indicated by the amount of Bills annually discounted by the Banks. For about 
 thirty years, therefore, that is, while there was only one Bank in Dundee, the 
 sum of the Bills taken by the Dundee Bank form an indication of the business 
 of the district. Thus the amount in each tenth year was — 1772, £133,728; 
 1782, £209,409 ; 1792, £441,020 ; 1802 — in Dundee, £629,552, — its Branches, 
 £419,055 — total, £1,048,607. The latter sum exhibits an amount of Bill trans- 
 actions probably much beyond what any one would have expected to have 
 existed at that period. But in 1792 the Dundee Commercial Bank was 
 established, and in 1803 the Dundee New Bank, and in 1809 the Dundee 
 Union Bank, and, therefore, after these periods, the amount of Bills discounted 
 by these Banks would require to be added to that of those taken by the Dundee j 
 Bank, to give a correct idea of the extent of the credit transactions of the 
 district. 
 
 The number of Cash Accounts granted in the latter part of the former cen- 
 tury and in the beginning of this was considerable. They were in those days of 
 small capital very useful, but, through the change of the circumstances of mer- 
 cantile men, the custom of having a Cash Account has nearly died out. At that 
 period, however, not only men in business, but the country gentry, got Cash 
 Accounts with a Bank, as a convenient arrangement even when they were not 
 likely to make use of them. To shew the names of persons in business in the 
 district at that time, a list of the names of parties obtaining Cash Accounts 
 from 1763 to 1767 has been given. From this list it is seen, that in the first 
 four years the Dundee Bank granted 162 Cash Accounts for credits to the 
 extent of £59,385, shewing an average credit of £366. They were in general 
 

 
 HISTORY OF THE DUNDEE BANKING COMPANY. 
 
 xxxi 
 
 fairly used, for the average amount due thereon seems to have been only £233, 
 or about two-thirds of the credit. 
 
 The amount of Cash on hand and at call and invested in Government 
 securities, as an indication of the measure of prudence with which the affairs 
 of the Bank were conducted, has been noted, and some remarks made thereon, 
 and on the sorts of specie and notes of which Cash was composed. 
 
 The Capital of the Bank was very small to begin with, only £1,260 having 
 been at the first paid up, but was £100,000 at the end. Its progress has been 
 noted in the Remarks, shewing that £42,829 was advanced by the Partners, 
 and £57,171 added from the Profits. For twenty years the Notes in circula- 
 tion formed the great bulk of the funds for investment. 
 
 The result, as to Profit and Loss, has been minutely traced, and at some 
 length commented on in the Remarks. The object has been to exhibit the 
 Gross Profits, the Expenses of Management, the resulting nett ordinary Profit 
 of a Banking business, the casual Profit, the Losses, the Profit divided among 
 the Partners in Dividends and in additions to their shares of the Capital. 
 The result is seen to be that the rates per centum on the Capital of these 
 various items have been, on the average of one hundred years and a-half, as 
 follows : — 
 
 Gross Profits, £24 6 0 
 
 Expenses of Management, 8 2 0 
 
 Nett ordinary Profit, 
 
 
 
 
 4 
 
 0 
 
 Casual Profit, 
 
 
 
 
 10 
 
 0 
 
 Apparent Total Profit, 
 
 
 
 
 14 
 
 0 
 
 Losses, 
 
 
 
 
 0 
 
 0 
 
 Real Total Profit, 
 
 
 
 
 14 
 
 6 
 
 Dividends Paid, 
 
 ....£ 9 
 
 7 
 
 3 
 
 
 
 Additions to the Capital, 
 
 .... 1 
 
 17 
 
 2 
 
 
 
 Unallocated Profit at the close, 
 
 .... 0 
 
 9 
 
 7 
 
 
 
 
 £11 
 
 14 
 
 0 
 
 
 
 The Remarks conclude with some observations 
 
 on the 
 
 largeness 
 
 of 
 
 the 
 
 amount of losses sustained by the Bank during the hundred 
 
 years, and 
 
 on 
 
 the 
 
 smallness of the amount received from quondam debtors, who, after being dis- 
 charged from the balance of their obligations, through the Bank’s proper 
 sympathy with them in their misfortunes, have attained to a position of com- 
 parative affluence. 
 
 In this way, by Annual Balance Sheets, Summaries of Chief Items, and 
 Remarks, with subsidiary Tables, the compiler has endeavoured to make a 
 record of the experience of the Dundee Banking Company in such a form as 
 may perhaps be found by some to be practically useful. 
 
' 
 
 / 
 
 
 
 
INTRODUCTION, 
 
 CONSISTING OF 
 
 MEMORANDA OF EVENTS PREVIOUS TO 1763. 
 
 The Dundee Banking Company was established in 1763, to supply Banking 
 accommodation in the district of which Dundee is the centre, there 
 being at that time no Bank north of the Forth. At present, when every 
 village almost has one, and each small town has half-a-dozen Bank Branches in 
 it, this sounds so strange as naturally to lead back one’s thoughts to the state 
 of Scotland, with respect to industrial pursuits, at that period, and for some time 
 before it. We are so accustomed to great facilities of communication, and 
 so familiar with the consequent development of commercial intelligence and 
 enterprise, caused by steamboats, railways, the electric telegraph, penny 
 postage, and penny draft-stamps, that it is not easy to realise, even when we 
 try to do so, the condition of Scotland previous to, and for some time after, the 
 Union with England. That event, by putting an end, on the one hand to the 
 frequent wars and ceaseless dispeace between the two countries, and on the 
 other to the political strife of the nobility with their partisans and admirers 
 (not always restricted to words), was doubtless the turning-point of Scotland’s 
 social condition, as well in respect to its industrial and commercial pursuits as 
 to its morality and religion. The introduction of two very different institu- 
 tions greatly promoted, each in its own sphere, the obtaining of the full 
 benefit of this establishment of permanent peace in the land : these were, 
 Parochial Schools and Banking Companies ; the former constituted during the 
 period from 1696 to 1758, and the latter in 1695, 1727, and 1746. The mode in 
 which the Banks promoted the prosperity of the country was chiefly threefold. 
 First, by supplying an elastic circulating medium (whether of coin only, or of 
 coin and notes jointly), one whose amount varies easily as the wants of the com- 
 munity, changing from week to week and from year to year, require. Secondly, 
 by accommodating respectable and experienced men of an enterprising disposition 
 with the means of carrying on business to a larger extent than their own 
 capital would permit. Thirdly, by encouraging prudent and saving habits 
 among the middle and lower classes, by receiving small sums on deposit at 
 interest, and repaying the same, in part or in whole, at any time on demand. 
 The latter benefit was not conferred on Scotland till 1792, but the two former 
 were from the first establishment of Banking Companies ; at least in the 
 
 B 1 
 
2 INTRODUCTION. 
 
 districts where they were established, namely, in Edinburgh and Glasgow, 
 and to the extent to which their capital permitted. 
 
 On looking into the state of Scotland, as to commercial matters, at the 
 period when The Dundee Banking Company commenced business, the author 
 found that the most clamant want was that of a circulating medium. There 
 was scarcely any legal coin in the country, either of copper, silver, or gold. 
 Hence many traders had copper coins struck, of the value of pennies and 
 halfpennies, bearing such device as pleased their fancy, along with their 
 names and trades, so serving as advertisements as well as an accommodation 
 in transacting their business. Others made Notes for 5s. and smaller amounts, 
 which in general circulated readily among tradespeople, at least in the places 
 where they were issued. But the country gentlemen, led on most probably 
 by some who visited Edinburgh occasionally, and there picked up theories on 
 religion, politics, and commerce, of a very unpractical character, were in 
 hostile array against these 5s. Notes (some were against paper money alto- 
 gether), and from 1750 to 1770 a paper war was carried on, and meetings 
 of the Commissioners of Supply were from time to time held in most of the 
 counties to petition the Government or Parliament to suppress these dangerous 
 Notes, of which it was alleged that they were producing a large amount of 
 mischief, and, if allowed to continue, would ruin the country altogether. It 
 is curious, on looking back at the resolutions agreed to and the speeches made 
 at these meetings in support of them, to find in full vogue then the same 
 exaggerated assertions, fallacious inferences, and ridiculous fears that have 
 pervaded the more modern discussions on the circulating medium. It is 
 strange that the zealous curators of the country’s welfare did not perceive, 
 that these 5s. Notes were welcomed because crown pieces were scarce, and 
 that if the issuers of the Notes were sometimes of doubtful responsibility, 
 the true remedy was to get Notes issued by Banks of undoubted means, or to 
 prevail on the Crown to coin sufficient money for the use of the realm. But 
 while they did not do either of these things, they obtained the suppression of 
 all Notes below 20s., which led, as mentioned in another place, to a practice 
 of tearing up 20s. Notes into quarters, when parties were settling accounts 
 and had not sufficient silver with which to pay the broken money. 
 
 Another circumstance was the cause of much vexation at that time, by 
 increasing the scarcity of coin, namely, the exchange between England and 
 Scotland being against the latter, leading to a premium of 1 per cent, being 
 charged by the Banks for bills on London. Several things conjoined to pro- 
 duce this adverse exchange. After the Union, the Public Revenue was 
 remitted to London, less only the amount to be expended in Scotland, which 
 
INTRODUCTION. 
 
 3 
 
 in general was not very great. The representative Peers and the Members of 
 Parliament attending to their Parliamentary duties, required to spend a large 
 portion of their incomes in the South, and many of them gradually contracted 
 the habit of passing a considerable part of the year there. They and their 
 families thus acquired a taste for English manufactures, and for foreign 
 luxuries, which were more largely imported into England, and this being 
 communicated to friends at home, led gradually to a considerable demand for 
 English goods and foreign ones that could be obtained in greatest variety 
 there. Hence, one of the complaints of that day was against “ English 
 riders,” that is, the representatives of English commercial houses, sweeping 
 the country of every guinea and half-guinea that could be scraped together : 
 these acute financiers, to avoid paying the premium on London bills, endeavour- 
 ing to get all their collection (in Notes) for goods supplied, turned into coin, 
 which they took home with them in their portmanteaus. The author has 
 endeavoured to ascertain the amount of coin supposed to be in Scotland at 
 that period, the amount of Bank Notes in circulation, the amount of Public 
 Revenue annually remitted to England, the probable amount spent there by 
 the Scottish Peers and Members of Parliament, and the value of goods sent 
 to and brought from England ; but, after much searching in books, and many 
 applications to official sources of information, he has failed in obtaining a satis- 
 factory answer to any one of these queries. It is remarkable that except 
 what Sinclair supplies (quoted below), little information respecting the revenue 
 from Scotland can now be obtained. “ The Treasury appears to be in pos- 
 ‘ session of no documents or accounts explaining it ; or of any statistics to 
 ‘shew* the payments from Scotland during the fifty years, from 1750 to 1800. 
 ‘ The fire in the Custom-House destroyed all their records .” — Treasury Letter , 
 21st June 1862. 
 
 In the course of his researches, the writer met with various statements of 
 figures and historical anecdotes regarding these matters, which he copied for the 
 sake of the information they supply respecting commercial affairs in Scotland ; 
 and, as the object of this edition of “A Century of Banking in Dundee” 
 is to subjoin to each Annual Balance Sheet statistics of a like nature which he 
 has been able to glean from other sources, it may perhaps not be out of place 
 to print in this Introduction, in their chronological order, the Memoranda 
 referred to, although they relate to a period anterior to the establishment of 
 The Dundee Banking Company. 
 
4 
 
 
 
 INTRODUCTION. 
 
 
 
 
 
 
 Memorandums 
 
 ON THE 
 
 State of the Coinage— 
 
 -From Lindsay’s 
 
 Coinage 
 
 of Scotland , Cork, 
 
 L 845. They consist, except the following table, of extracts 
 
 from Orders in Council and Acts of Parliament. 
 
 
 
 
 
 
 Value and Fineness of Gold and Silver at different periods of Scottish 
 
 
 
 
 
 HISTORY. 
 
 
 
 
 
 
 
 A.D. 
 
 Reign. 
 
 Value of 1 lb of 
 Gold. 
 
 Fineness of Gold. 
 
 Value of 1 lb 
 Silver. 
 
 Fineness of 
 Silver. 
 
 Comp. 
 
 Value. 
 
 
 
 
 
 Oz. Dwt. Grs. 
 
 
 
 
 Oz. 
 
 Dwt. Grs. 
 
 
 
 Bef. Rob. I. 
 
 
 
 
 fl 
 
 0 
 
 0 
 
 11 
 
 2 0 
 
 
 1306 
 
 Robert I. 
 
 
 
 
 1 
 
 1 
 
 0 
 
 
 
 
 1366 
 
 David II. 
 
 
 
 
 1 
 
 6 
 
 8 
 
 
 
 
 1367 
 
 
 
 
 
 1 
 
 9 
 
 8 
 
 
 
 About 
 
 1371 
 
 Robert II. 
 
 £17 12 
 
 0 
 
 11 18 8 
 
 
 
 
 
 
 11 to 1 
 
 1390 
 
 Robert III. 
 
 19 4 
 
 0 
 
 
 
 
 
 
 
 
 1393 
 
 
 24 0 
 
 0 
 
 
 1 
 
 12 
 
 0 
 
 
 
 
 1394 
 
 James I. 
 
 22 10 
 
 0 
 
 
 1 
 
 17 
 
 6 
 
 
 
 
 1451 
 
 James II. 
 
 33 6 
 
 0 
 
 
 3 
 
 4 
 
 0 
 
 
 
 n 
 
 1456 
 
 
 50 0 
 
 0 
 
 
 4 
 
 16 
 
 0 
 
 
 
 
 
 James III. 
 
 53 6 
 
 4 
 
 
 
 
 
 
 
 
 1467 
 
 
 64 0 
 
 0 
 
 
 5 
 
 12 
 
 0 
 
 
 
 
 1475 
 
 
 78 15 
 
 0 
 
 
 7 
 
 4 
 
 0 
 
 
 
 10 
 
 1483 
 
 
 84 0 
 
 0 
 
 
 7 
 
 0 
 
 0 
 
 
 
 10i 
 
 1488 
 
 James IV. 
 
 
 
 
 
 
 
 
 
 
 1525 
 
 James V. 
 
 
 
 10 18 2 
 
 10 
 
 4 
 
 0 
 
 10 
 
 0 0 
 
 
 1529 
 
 
 108 0 
 
 0 
 
 
 
 
 
 11 
 
 0 0 
 
 
 1544 
 
 Mary 
 
 
 
 
 9 
 
 12 
 
 0 
 
 
 
 
 1556 
 
 
 144 0 
 
 0 
 
 11 0 0 
 
 13 
 
 0 
 
 0 
 
 
 
 
 1565 
 
 
 
 
 
 18 
 
 0 
 
 0 
 
 
 
 
 1571 
 
 James VI. 
 
 
 
 
 
 
 
 
 
 
 1577 
 
 
 240 0 
 
 0 
 
 
 
 
 
 
 
 
 1579 
 
 — 
 
 252 0 
 
 0 
 
 10 10 0 
 
 21 
 
 12 
 
 0 
 
 11 
 
 0 0 
 
 ni 
 
 1581 
 
 
 
 
 
 24 
 
 0 
 
 0 
 
 
 
 
 1584 
 
 
 270 0 
 
 0 
 
 10 18 0 
 
 
 
 
 
 
 
 1591 
 
 
 
 
 
 26 
 
 0 
 
 0 
 
 
 
 
 1593 
 
 
 360 0 
 
 0 
 
 
 
 
 
 
 
 
 1597 
 
 
 
 
 11 0 0 
 
 30 
 
 0 
 
 0 
 
 
 
 12 
 
 1601 
 
 
 432 0 
 
 0 
 
 
 36 
 
 0 
 
 0 
 
 
 
 
 1633 
 
 Charles I. 
 
 492 0 
 
 0 
 
 
 
 
 
 
 
 13 
 
 1738 
 
 George II. 
 
 560 14 
 
 0 
 
 
 37 
 
 4 
 
 0 
 
 
 
 13 
 
 1371-1390. Reign of Robert II. — There were coined 
 
 in the Mint at Dundee 
 
 Silver Groats, Half-Groats, and Pennies. 
 
 
 
 
 
 
 
 1473. Jan. 23.- 
 
 — Item anent the conze becaus of skantnes of Bullionn that is 
 
 in the realme, The Lordis Prelatis thinkis expedient, &c. 
 
 
 
 
 1483. Feb. 24, 
 
 c. 93. — This Act, after recitin. 
 
 g the great inconvenience and 
 
 distress occasioned by the great quantity of counterfeit money, placks, &c., 
 
 struck not only within but also without the realm, 
 
 in 
 
 such form that it is 
 
 impossible to distinguish the true from the false 
 
 !, orders 
 
 , &c. 
 
 This false coin 
 
 was called Billon, 
 
 Black Money, White Penny, &c. 
 
 
 
 
 
 1555. June 20, c. 10, Mary. — “ Because thair is divers and sindrie rever- 
 siounis meid and given for redemption and outguyhing of landis, beirand and 
 
INTRODUCTION. 
 
 continand gold and silver of certaine special valour and price, and the said 
 gold and silver is not now to be gottin, quhairthrow the haifaris of sic 
 reversiounis has bene oftymes fra redemptionis of thair landis, Thairfoir it is 
 devisit,” &c. 
 
 1563. June 4. — “The Parliament decreed that nae person carry forth of 
 this realm any gold or silver, under a penalty of escheating of the same and of 
 all the remainder of their moveable guids. Merchants going abroad to carry 
 only as much as they strictly require for their travelling expenses.” 
 
 1567. Dec. c. 24, James VI. — Articles relative to the money made lighter 
 by clipping and washing — money to go by weight, viz., “ unce, two part unce, 
 and the third part unce wechtes.” “ As to falze cunze,” &c. And for 
 eschewing of samyn in tymes cuming, it is tliocht neidful that all nonsunt be 
 proclaimit to 6d., babeis to 3d., plakis to 2d., hardheidis to half-pennyis, and 
 the pennyis to stand as thai ar. This being done the hamebringaris and 
 cunzearis within the realme sal heif na advantage of it thai haif to foir of 
 the said cunze.” N.B. — Coins called Non Sunt were of Francis & Mary, 
 worth 6d. in Billon, but Is. 6d. in silver. 
 
 1584. May 22, c. 29. — “ Forsamickle as it is understand that the ancient and 
 auld gold within the cuntrie has bene, and is, frahame transportit be strangeoris, 
 passengeoris, and utheris, sua that presentlie litteill remains within the 
 cuntrie; quhairthrow his Majestie’s subjectis ar endampnageit, and the gold 
 of utheris princess and cuntries hes cours within this realme at the plesour of 
 sic as byis and sellis, and not according to ressonable prices at the judgment 
 of hes Majiste and Estet,” &c. &c. 
 
 1587. July 29, c. 9. — Steps to remedy the evil of “ great abundance of 
 allayid mony cunzeit within the country.” 
 
 1593. July 21, c. 31, Do.; Dec. 27, Do. ; Jan. 17, Do. 
 
 1596. March 4. — On the narrative of “grite scairsitie of cunzeit mony, 
 grants Com“ to advize anent a new cunzie.” 
 
 1597. May 13. — On the narrative of “scairsitie of mony, approves of the 
 laws alreddy maid, and declairs, &c.” 
 
 1597. Dec. 19, Pari. 15. — “ Our Sovereign Lord and the estates of this pre- 
 sent Parliament, ratify and approve of the Act made at Dundee, the 14th 
 May 1597, concerning the down-crying of silver,” of which the following is 
 the tenor : — 
 
 The King’s Majesty, his nobility, his council, and estates, considering the 
 present scarcity of coined money now current within the realm, and the great 
 dearth and exorbitant prices which all sorts of gold and silver, as well foreign 
 as of his Highness’ own coinage have attained, by the liberty which all persons 
 take in raising the prices of all gold and silver at their pleasure far above the 
 just value prescribed by his Highness’ laws, acts, and proclamations, by 
 which and the unlawful transporting of the coinage out of the realm, great 
 disorder and confusion have arisen ; therefore, with advice 4v of his said 
 nobility, council, and estates, ordains that all persons transgressing the said 
 laws shall be summoned, tried, and punished with all extremity ; and, further, 
 that his Highness, with advice of his said nobility, council, and estates, have 
 thought meet to declare, that from the 17th May instant, the [ounce of silver 
 
INTRODUCTION. 
 
 6 
 
 coined in ten shilling pieces of eleven penny fine, coined according to the 
 last Act of Parliament, shall stand at fifty shillings, and the old thirty shilling 
 pieces (N.B. The sword dollar of 1567), being of the like weight and fineness, 
 at the same price, and the new thirty shillings pieces (N.B. Those with the 
 King’s bust in armour of 1581), being three-fourths of an ounce, at thirty- 
 seven shillings and sixpence, and the old and new twenty and ten shilling 
 pieces according thereto pro rata . 
 
 And further, that the specie of money and fineness thereof, viz., of eleven 
 penny fine in silver shall be coined and have course hereafter, conformable to 
 the Acts of Parliament made concerning them. 
 
 The remainder of this Act relates to the gold coinage, the punishment of 
 the transgressors of the laws relative to the coinage, the prohibition of all 
 foreign coins, which were to be received only as bullion, and the in-bringing 
 of bullion by the merchants, who were to be allowed one ounce of his 
 Majesty’s silver coinage of eleven penny fine for every ounce of bullion 
 brought to the Mint. 
 
 1598. Oct. 30. — “ Considering the confusion through the multitude of 
 foraygne gold and silver . . . that the unce of forayne silver of the fyneness of 
 ellevin deneir sal haif cours heirefter within this realme for fourty aucht 
 schillingis allanerlie, and the unce of forayne gold of twenty-twa carret finee 
 for twentie aucht pundis, 16 schillingis, and that the particular spaces and 
 peces of forayne gold and silver sal haif cours and pas upoun the prices 
 
 following, that is to say — 
 
 The Inglis testane weyand four denneiris and auchtene granis, at ... £0 9 6 
 
 The Fyftein sou pece weyand seven denneiris and twelve granis, at 0 15 0 
 
 The Spanische ryell weyand 21 denneiris and six granis, at 2 3 4 
 
 The Croce dolour weyand 22 denneiris and ten granis, at 2 2 0 
 
 The Spanische pistolie weyand tua denneiris and 14 granis, at 3 2 0 
 
 The Croun of the sone weyand tua denneiris and 14 granis, at 3 3 4 
 
 The Harie doucat of France weyand fyve denneiris tualf granis, at... 6 18 0 
 
 The Gunehole angell weyand four denneiris, at 5 0 0 
 
 The Doubill doucat weyand fyve denneiris, ten granis, at 7 0 0 
 
 The Ghentis nobill weyand six denneiris, at 7 13 4 
 
 The Portugall doucat weyand ane unce and four denneiris, at 35 0 0 
 
 The Angell noble weyand four denneiris, at 5 3 5 
 
 The Harie noble weyand fyve denneiris ten granis, at 7 0 0 
 
 And the auld Rois noble weyand six denneiris, at 7 15 0 
 
 And last, that his Majestei thirseell noble to give heirefter 7 16 0 
 
 The Hat pece, 4 9 0 
 
 The Lyoun pece, 5 0 0 
 
 1639. Sep. — Importation of copper mony prohibited under pain of im- 
 porter’s death or other personal punishment, fine, or confiscation of goods, 
 discharges the course of all false Turnours, and ordaine the strykers thereof to 
 be put to death. 
 
 1645. August 7. — “ The Estates of Parliament for the weel and good of the 
 country ordaines the speces of mony to pass in the kingdom for the avails 
 after specified,” viz. : — 
 
INTRODUCTION. 7 
 
 The Rex dollar to give 58 shillings. 
 
 The Crosse dollar, 55 do. 
 
 The Ryall of eight, 56 do. 
 
 The Rose noble, eleven punds. 
 
 The Kairdique, 20 shillings. 
 
 The Double pistoll, nine punds. 
 
 The Hungars ducat, five punds. 
 
 — Providing all the speces above specified be of the weight contained in the 
 Act of Council. 
 
 1651. March 25. — Draft of Act anent crying up of mony with list read and 
 remitted to the several bodies. 
 
 — March 31. — Agreed that the 12 shillings Scottis should be cryed up to ane 
 mark, and the rest of the Scottis and English mony accordingly, and the double 
 angell to 15 pounds Scottis, and the rest of the Scottis and English gold pro- 
 portionally, &c. 
 
 — June 12. — 2,000 stane of pure copper without brass to be coined in Turners 
 within 3 years of date, and a third thousand stane as soon after s» 3 years as 
 Lords of Secret Council shall judge meit. 
 
 1589. Dundee. — Of the assessment laid on Dundee, Forfar, Arbroath, and 
 Perth, of 1,200 merks, towards the expense of James VI. going to Denmark to 
 fetch home a wife, Dundee paid more than the half, viz., 700 merks. Dundee 
 was ranked after Edinburgh and Perth in public documents. 
 
 1597. Rate of Interest. — On June 6th, there was a proclamation, that no 
 man take upon hand to give out money any dearer nor ten for the hundred, or 
 victual according thereto, under pain of confiscation of their goods, and punish- 
 ment of their bodies as usurers. 
 
 1603. Dundee. — The Scotch enjoyed privileges in the Dutch and French 
 ports, whither Dundee merchants were accustomed to export coarse woollen 
 plaiding, the hand-spinning and weaving connected with which was the staple 
 work in the town. 
 
 1625-1659. Public Revenue. — Under Charles I. (1625-1642) it was as 
 follows : — The first Parliament granted two subsidies (a tax on incomes) on 
 Protestants, and four on Roman Catholics, which produced £112,000. — N.B. 
 In 8th Elizabeth a subsidy produced £120,000, in 40th Elizabeth only 
 £78,000, and in 1640 only £50,000, whereas the amount ought to have gone 
 on increasing, and therefore there must have been some falseness in the 
 assessments. The third Parliament granted five subsidies (on Petition of 
 Rights being agreed to), which produced £250,000. The Convocation of 
 Clergy granted the Kings, at different times, eight subsidies, which produced 
 £160,000. The Long Parliament (which met in 1640), granted six subsidies 
 and a Poll Tax to pay the English and the Scots armies, but the money 
 was entrusted to Commissioners for that purpose. The Customs produced 
 probably £300,000 a-year, and the tax called Ship Money about £200,000 
 a-year. The result, therefore, is that, besides the value of the Crown lands, 
 the King had — 
 
8 INTRODUCTION. 
 
 Customs, £300,000 
 
 Ship Money, 200,000 
 
 Subsidies, average during fifteen years, 24,133 
 
 Subsidies from the Clergy, average during seventeen years, 9,411 
 
 Average per annum in the power of the Crown, £533,544 
 
 The Public Revenue, 3d Nov. 1640 to 5th Nov. 1659 (under the Long 
 Parliament, 1640-1649, and under Cromwell, 1649—1658), was, total raised, 
 £83,331,198, or, on an average, £4,385,852 a-year. In a publication of 
 1647, it is stated that the Parliament had raised in four years, by taxes and 
 exactions, £17,512,400, which corresponds with the preceding estimate. 
 Walker says that in five years £40,000,000 were raised, but this is no doubt 
 an exaggeration. The ordinary revenue was raised thus : — 
 
 In England, £1,517,274 17 1 
 
 In Scotland, 143,652 11 11 
 
 In Ireland, 207,790 0 0 
 
 ~£L868,717 9 ~0 
 
 The exactions therefore from the Royalists were about £2,500,000 a-year. 
 When Cromwell died (1658), the arrears of pay due to the Army and Navy 
 amounted to £2,474,290. It is said that Cromwell paid £60,000 a-year for 
 private information. 
 
 Charles II. had allotted to him for the expenses of the Crown, January 
 1675 to January 1676, £1,171,315. The last subsidies granted were in 1673, 
 when four produced £282,000 only. The King stated in Parliament that estates 
 of £3,000 and £4,000 a-year paid, under the four subsidies, but £16. This king 
 had during his reign about £43,983,394, or, on an average, £1,800,000 a-year. 
 
 The Revenue and Expenditure in Scotland for the year ending 7th April 
 
 1659 (referred to above) was as follows : — 
 
 Revenue : — Assessments, £6,000 a-month, £72,000 
 
 — Rents due the Crown, 5,324 
 
 — Casualties, &c., 1,505 
 
 — Customs inward and outward, and Excise of goods imported, 12,500 
 
 — Duty on Sea-Coal, 2,216 
 
 — Salt-Duties, 1,674 
 
 — Excise on Ale and Beer and Aqua Vitae, 47,444 
 
 — Forfeiture of Smuggled Goods, &c., 989 
 
 £143,652 
 
 Expenditure: — Army, £276,543 
 
 — Council, 9,760 
 
 — Exchequer, 1,913 
 
 — Courts of Justice, 4,721 
 
 — Commissioners of Excise and Customs, 4,948 
 
 — Court of Admiralty, 471 
 
 —Pensions, 8,915 307,271 
 
 Deficiency, £163,619 
 
 — Sinclair's Public Revenue , , London, 1790, vol. i., p. 175-6, and vol. ii., p. 325. 
 
 
INTRODUCTION. 
 
 9 
 
 1636. The full effect of the American mines on the value of silver was 
 supposed by Adam Smith to have occurred by this date. 
 
 1651. Dundee. — Small says that the population was probably about 8,000 
 before Monk stormed the town. 
 
 1659. Interest of Money. — When Charles II. came to the throne, he 
 borrowed money from the goldsmiths or bankers at the value of 8 per cent., 
 they paying 6 per cent, to those from whom they received it. 
 
 1680. Dundee. — The population about 6,500. 
 
 1686. Linen Trade. — An Act passed ordering all persons to be buried in 
 linen, for the encouraging of the trade. 
 
 1688. The Coinage. — The coinage in England was at the lowest state of de- 
 basement ; Lowndes says, at a depreciation of 25 per cent. Almost all the coin 
 in circulation was hammer-struck, and by wear, and by clipping, had become 
 both thin and small, so that a guinea of full weight sold for 22s. (and in 
 1694 for 30s.), while the shillings contained scarcely 5d. worth of silver: a 
 vast proportion of the current coin was spurious. — Toole on Prices. 
 
 1690. Scarcity of Money. — Nothing in the former state of the country is 
 more remarkable, in contrast with the present, than the miserable poverty of 
 the national exchequer. At a time, of course, when Scotland had a revenue 
 of only £100,000 (Query — £1,500,000) a-year, and yet a considerable body 
 of troops to keep up for the suppression of a discontented portion of the 
 people, the troubles arising from the lack of money were beyond description. 
 In 1691, Sir Robert Dickson and others leased, for five years, the Customs of 
 Scotland for £20,300 sterling per annum. — Domestic Annals of Scotland. 
 
 1691. Dundee. — The revenue of the Burgh, sorely dilapidated through the 
 destruction of property at the storming of the town by Monk, on 1st September 
 1651, was declared to the Visitors of the Convention of Burghs to be 
 £3,551, 2s. Scots, or £295, 18s. 6d. sterling, and the expenditure to be £7,564, 
 18s. 8d. Scots, or £630, 8s. 2d. sterling. There were belonging to the burgesses 
 twenty-one vessels of the burden of 1,091 tons, and of the value of £2,920 
 sterling. — App. to Rep. of Commissioners on Municipal Corporations , 1835. 
 
 1691. Harvests and Prices of Corn. — “ Of the inveterate tendency which 
 exists to refer every instance of relatively high prices of corn to the currency, 
 however palpably attributable to other causes, there cannot be a stronger 
 instance than that among speakers in Parliament, and among writers out of it. 
 Whenever reference has been made to the prices of corn in the closing years of 
 the seventeenth century, it seems to have been taken for granted that they were 
 exclusively the result of the depreciated state of the currency, whereas in 1691, 
 with the coinage debased from 20 to 25 per cent., corn was 27s. 7d. only a 
 quarter, while in 1699, with the reformation of the coinage completed, corn was 
 at 56s. 6d. In the seven years, 1693 to 1699, the harvests were so bad that 
 some parishes in Aberdeenshire became depopulated, through the people fleeing 
 to Ireland. From 1692 to 1715, twenty-three years, there were eleven de- 
 ficient harvests ; from 1715 to 1765, fifty years, there were only five deficient 
 harvests, prices of corn were very low, the average being 34s. lid. The full 
 crops of 1731-2-3 produced agricultural distress. 1765 to 1775, there was a 
 change from abundance to dearth, not only in Britain, but all over Europe. 
 
10 INTRODUCTION. 
 
 Hence the population, being underfed, was dissatisfied, unsettled, revolutionary. 
 Gregory King calculates that the effect of a deficiency of harvests on prices 
 is something like this — Deficiency l-10th, rise 3-10ths ; 2-10ths, 8-10ths ; 
 3-10ths, 16-10ths; 4-10ths, 28-10ths; 5-10ths, 45-10ths .” — Took on Prices, v ol. i. 
 
 1692. Comparison of Towns. — The Convention of Royal Burghs adjusted 
 the proportions of the burghs, in making up each £100 Scots of their annual 
 expenditure on public objects. This reveals to us the comparative populousness 
 and wealth of the principal Scottish towns at that time. The cess for war, 
 1695, is added to those towns charged with it: — 
 
 
 Convention 
 
 War 
 
 Convention 
 
 War 
 
 Convention 
 
 
 
 Cess. 
 
 
 Cess. 
 
 Cess. 
 
 
 Cess. 
 
 Cess. 
 
 Edinburgh, . 
 
 £32 
 
 6 
 
 8 
 
 £3,880 
 
 Stirling, ....£1 
 
 8 
 
 0 
 
 
 Inverness, ..£1 10 0 
 
 Glasgow, ... 
 
 15 
 
 0 
 
 0 
 
 1,800 
 
 Linlithgow, . 1 
 
 6 
 
 0 
 
 
 Ayr, 114 
 
 Perth, 
 
 3 
 
 0 
 
 0 
 
 360 
 
 Kirkcaldy,.. 2 
 
 8 
 
 0 
 
 £288 
 
 Haddington, 1 12 0 
 
 Dundee, .... 
 
 4 
 
 13 
 
 4 
 
 560 
 
 Montrose, ... 2 
 
 0 
 
 0 
 
 
 Aberdeen, . 
 
 6 
 
 0 
 
 0 
 
 726 
 
 Dumfries,... 1 
 
 18 
 
 4 
 
 
 — Domestic Annals. 
 
 1693. Linen Trade. — Acts for encouraging it : — 1st, Forbidding exporta- 
 tion of lint ; 2d, Conferring privileges on two companies — one of Paul’s 
 Work, Edinburgh, the other in the citadel of Leith — to encourage them in the 
 Linen trade. The following year, Nicolas Dupin, acting for a linen company 
 in England, made an agreement with the Royal Burghs in Scotland for forming 
 a company to manufacture linen. The capital to consist of 6,000 £5 shares, 
 to be paid in instalments in two years. In 1698, a bleachfield was established 
 at Costorphine . — Domestic Annals. 
 
 1694. The Bank of England. — Its charter is dated 27th July 1694, and the 
 object was to raise and lend to the Government (then much distressed 
 for money, and unable to borrow because of the supposed instability of 
 the establishment of the Revolution) £1,200,000, for which an annuity of 
 £100,000 was to be paid, viz., 8 per cent, on the loan, and £4,000 a-year for 
 the expense of the Company. The capital was increased in 1696 to £2,201,171 ; 
 in 1708 to £4,402,343, by 1727 to £9,000,000, by 1746 to £10,780,000, in 
 1782 to £11,642,400, and in 1816 by £14,553,000. The following tables shew 
 the Bank’s rates of Discount and of Dividends, and also the Amount of its 
 Circulation : — 
 
 From 
 
 
 
 
 
 Per 
 
 cent. 
 
 From 
 
 
 
 
 
 Per 
 
 cent. 
 
 Aug. 
 
 8, 
 
 1694 
 
 to Aug. 
 
 30, 
 
 1694, 
 
 6 
 
 Dec. 
 
 12, 
 
 1744 to 
 
 May 
 
 1, 
 
 1746, 
 
 4&5 
 
 30, 
 
 — 
 
 Jan. 
 
 16, 
 
 — 
 
 AL 
 
 *2 
 
 May 
 
 1, 
 
 1746 
 
 April 
 
 5, 
 
 1773,] 
 
 F.5 
 
 Oct. 
 
 24, 
 
 — 
 
 — 
 
 16, 
 
 — 
 
 6 
 
 — 
 
 1, 
 
 — 
 
 June 
 
 20, 
 
 1822, 
 
 1.4 
 
 Jan. 
 
 16, 
 
 1695 
 
 May 
 
 19, 
 
 — 
 
 6 
 
 June 
 
 20, 
 
 1822 
 
 Dec. 
 
 13, 
 
 1825, 
 
 5 
 
 — 
 
 16, 
 
 — 
 
 (to customers of the ] 
 
 Bank), 
 
 3 
 
 Dec. 
 
 13, 
 
 1825 
 
 July 
 
 5, 
 
 1827, 
 
 5 
 
 — 
 
 16, 
 
 — 
 
 July 
 
 26, 
 
 1716,] 
 
 .. 4^ 
 
 July 
 
 5, 
 
 1827 
 
 21, 
 
 1836, 
 
 4 
 
 May 
 
 19, 
 
 — 
 
 Feb. 
 
 28, 
 
 1704 , 4 
 
 L&5 
 
 — 
 
 21, 
 
 1836 
 
 Sept. 
 
 1, 
 
 — 
 
 u 
 
 Feb. 
 
 28, 
 
 1704 
 
 June 
 
 22, 
 
 1710, 
 
 5 
 
 Sept. 
 
 1, 
 
 — 
 
 July 
 
 15, 
 
 1838, 
 
 5~ 
 
 June 
 
 22, 
 
 1710 
 
 July 
 
 26, 
 
 1716, 
 
 4 
 
 Feb. 
 
 13, 
 
 1838 
 
 May 
 
 16, 
 
 1839, 
 
 4 
 
 July 
 
 26, 
 
 1716 
 
 April 
 
 30, 
 
 1719, 
 
 5 
 
 May 
 
 16, 
 
 1839 
 
 June 
 
 20, 
 
 — 
 
 5 
 
 April 
 
 [30, 
 
 1719 
 
 Oct. 
 
 27, 
 
 1720, 
 
 5 
 
 June 
 
 20, 
 
 — 
 
 Aug. 
 
 1, 
 
 — 
 
 ki 
 
 °2 
 
 Oct. 
 
 27, 
 
 1720 
 
 Aug. 
 
 23, 
 
 1722, 
 
 4 
 
 Aug. 
 
 1, 
 
 — 
 
 Jan. 
 
 23, 
 
 1840, 
 
 6 
 
 Aug. 
 
 23, 
 
 1722 
 
 Oct. 
 
 18, 
 
 1742, 
 
 5 
 
 Jan. 
 
 23, 
 
 1840 
 
 Oct. 
 
 15, 
 
 — 
 
 5 
 
 
 23, 
 
 — 
 
 — 
 
 18, 
 
 — F 
 
 '.4 
 
 Oct. 
 
 15, 
 
 — 
 
 June 
 
 3, 
 
 1841, 
 
 5 
 
 Oct. 
 
 18, 
 
 1742 
 
 Dec. 
 
 12, 
 
 1744, 
 
 5 
 
 June 
 
 8, 
 
 1841 
 
 April 
 
 7, 
 
 1842, 
 
 5 
 
12 INTRODUCTION. 
 
 Years. 
 
 Dividend. 
 
 Years. 
 
 Dividend. 
 
 Years. 
 
 Dividend. 
 
 1694 
 
 8 per cent. 
 
 1753 
 
 AL 
 
 per cent. 
 
 1853 
 
 8 
 
 per cent. 
 
 1697 
 
 9 
 
 
 1764 
 
 5 
 
 
 1856 
 
 H 
 
 
 1708) 
 
 Varied from 9 to 
 
 1767 
 
 H 
 
 » 
 
 1857 
 
 10 
 
 
 1729) 
 
 5 * 
 
 per cent. 
 
 1781 
 
 6 
 
 
 1858 
 
 10 
 
 
 1730 
 
 5f 
 
 » 
 
 1788 
 
 7 
 
 >» 
 
 1859 
 
 9 
 
 99 
 
 1731 
 
 
 
 1807 
 
 10 
 
 
 1860 
 
 9* 
 
 99 
 
 1732 
 
 5f 
 
 >> 
 
 1823 
 
 8 
 
 55 
 
 1861 
 
 10 
 
 99 
 
 1733 
 
 5 * 
 
 )) 
 
 1839 
 
 7 
 
 55 
 
 1862 
 
 10 
 
 99 
 
 1747 
 
 5 
 
 J5 
 
 1852 
 
 7* 
 
 55 
 
 1863 
 
 10i 
 
 99 
 
 Amount op Circulation of the Bank of England, 1698 to 1863. 
 
 Year. 
 
 28th Feb. 
 
 31st Aug. 
 
 Year. 
 
 28th Feb. 
 
 31st Aug. 
 
 Year. 
 
 28th Feb. 
 
 31st Aug. 
 
 1698 
 
 1699 
 
 1700 
 
 1701 
 
 1702 
 
 1703 
 
 1704 
 
 1705 
 
 1706 
 
 1707 
 
 1708 
 
 1709 
 
 1710 
 
 1711 
 
 1712 
 
 1713 
 
 1714 
 
 1715 
 
 1716 
 
 1717 
 
 1718 
 
 1719 
 
 1720 
 
 1721 
 
 1722 
 
 1723 
 
 1724 
 
 1725 
 
 1726 
 
 1727 
 
 1728 
 
 1729 
 
 1730 
 
 1731 
 
 1732 
 
 1733 
 
 1734 
 
 1735 
 
 £ 
 
 1,221,290 
 
 743,850 
 
 938,240 
 
 298,860 
 
 920,730 
 
 933,760 
 
 961,990 
 
 556,610 
 
 996,840 
 
 959,820 
 
 648,680 
 
 707,470 
 
 601,580 
 
 477,510 
 
 738,920 
 
 1,221,880 
 
 623,640 
 
 972,160 
 
 1.460.660 
 2,053,150 
 2,782,420 
 1,807,010 
 2,466,880 
 
 2.244.280 
 2,365,640 
 3,516,110 
 3,232,830 
 3,734,480 
 3,076,850 
 3,888,180 
 4,574,920 
 4,152,590 
 
 3.998.280 
 4,451,720 
 
 4.251.660 
 4,385,060 
 4,203,070 
 4,627,990 
 
 £ 
 
 1.240.400 
 743,850 
 938,240 
 
 298.860 
 1,030,708 
 1,214,040 
 
 946,010 
 
 1,043,150 
 
 805,410 
 
 824.860 
 598,940 
 691,350 
 480,920 
 573,230 
 
 2,025,200 
 
 800,810 
 
 1,651,780 
 
 978,840 
 
 1,579,730 
 
 2,188,030 
 
 1.806.640 
 
 1.939.550 
 3,032,460 
 2,206,260 
 3,006,430 
 3,482,210 
 3,857,710 
 
 3.343.400 
 3,152,340 
 
 4.677.640 
 4,513,790 
 4,199,910 
 4,416,870 
 5,249,880 
 
 4.592.400 
 4,543,000 
 4,671,930 
 
 4.738.550 
 
 1736 
 
 1737 
 
 1738 
 
 1739 
 
 1740 
 
 1741 
 
 1742 
 ; 1743 
 
 1744 
 
 1745 
 
 1746 
 
 1747 
 
 1748 
 
 1749 
 
 1750 
 
 1751 
 
 1752 
 
 1753 
 
 1754 
 
 1755 
 
 1756 
 
 1757 
 
 1758 
 
 1759 
 
 1760 
 
 1761 
 
 1762 
 
 1763 
 
 1764 
 
 1765 
 
 1766 
 
 1767 
 
 1768 
 
 1769 
 
 1770 
 
 1771 
 
 1772 
 
 1773 
 
 £ 
 
 4,907,750 
 
 5,215,010 
 
 4,766,280 
 
 4,347,270 
 
 4,550,980 
 
 4.841.840 
 4,471,510 
 4,654,890 
 
 4.253.610 
 
 4.279.610 
 3,383,720 
 4,107,420 
 
 3.894.650 
 3,737,110 
 3,964,970 
 
 4.022.160 
 4,444,960 
 4,401,580 
 4,062,870 
 
 3.950.650 
 4,106,790 
 5,319,130 
 5,320,590 
 
 4.586.840 
 4,969,250 
 5,632,350 
 5,741,090 
 5,999,910 
 5,501,300 
 6,316,670 
 5,617,570 
 
 5.510.990 
 
 5.778.990 
 5,707,190 
 5,237,210 
 6,822,780 
 
 5.962.160 
 6,037,060 
 
 £ 
 
 5.077.570 
 4,414,690 
 
 4.609.420 
 
 4.152.420 
 4,444,000 
 
 4.084.450 
 
 4.911.390 
 4,250,180 
 4,270,590 
 
 3.465.350 
 3,842,500 
 
 3.652.310 
 3,789,720 
 
 4.183.390 
 
 4.318.490 
 
 5.195.310 
 
 4.750.350 
 4,420,290 
 
 4.081.280 
 
 4.115.280 
 4,516,360 
 5,149,940 
 
 4.864.110 
 4,809,790 
 
 4.936.280 
 
 5.246.680 
 5,886,980 
 5,314,600 
 
 6.210.680 
 
 5.356.490 
 5,246,410 
 4,883,440 
 5,415,530 
 
 5.411.450 
 5,736,780 
 
 6.014.110 
 
 5.987.570 
 6,362,220 
 
 1774 
 
 1775 
 
 1776 
 
 1777 
 
 1778 
 
 1779 
 
 1780 
 
 1781 
 
 1782 
 
 1783 
 
 1784 
 
 1785 
 
 1786 
 
 1787 
 
 1788 
 
 1789 
 
 1790 
 
 1791 
 
 1792 
 
 1793 
 
 1794 
 
 1795 
 
 1796 
 
 1797 
 
 1798 
 
 1799 
 
 1800 
 1801 
 1802 
 
 1803 
 
 1804 
 
 1805 
 
 1806 
 
 1807 
 
 1808 
 
 1809 
 
 1810 
 1811 
 
 £ 
 
 7.550.780 
 9,135,930 
 8,699,720 
 8,712,230 
 7,440,330 
 9,012,610 
 8,410,790 
 7,092,450 
 8,028,880 
 
 7.675.090 
 6,202,760 
 
 5.923.090 
 7,581,960 
 8,329,840 
 9,561,120 
 9,807,210 
 
 10,040,540 
 
 11,439,200 
 
 11,307,380 
 
 11,888,910 
 
 10,744,020 
 
 14,017,510 
 
 10,729,520 
 
 9.674.780 
 
 13.095.830 
 12,959,800 
 16,844,470 
 16,213,280 
 15,186,880 
 15,319,930 
 
 17.077.830 
 17,871,170 
 17,730,120 
 16,950,680 
 18,188,860 
 18,542,860 
 21,019,600 
 23,360,220 
 
 £ 
 
 9,886,220 
 
 8.398.310 
 8,551,090 
 7,753,590 
 6,758,070 
 7,276,540 
 6,341,600 
 6,309,430 
 
 6.759.310 
 6,307,270 
 5,592,510 
 6,570,650 
 8,184,330 
 9,685,720 
 
 10,002,880 
 
 11,121,800 
 
 11,433,340 
 
 11,672,320 
 
 11,006,300 
 
 10,865,050 
 
 10,286,780 
 
 10,862,200 
 
 9,246,790 
 
 11,114,120 
 
 12,180,610 
 
 13,389,490 
 
 15.047.180 
 14,556,110 
 17,097,630 
 15,983,330 
 17,153,890 
 16,388,400 
 21,027,470 
 19,678,360 
 17,111,290 
 
 19.574.180 
 24,793,990 
 23,286,850 
 
INTRODUCTION. 
 
 13 
 
 Year. 
 
 1812 
 
 1813 
 
 1814 
 
 1815 
 
 1816 
 
 1817 
 
 1818 
 
 28th Feb. 
 
 £ 
 
 23,408,320 
 23,210,930 
 24,801,080 
 27,261,650 
 27,013,620 
 27,397,900 
 27,770,970 
 1819 25,126,700 
 23,484,110 
 23,884,920 
 18,665,350 
 18,392,240 
 19,736,990 
 20,753,760 
 25,467,910 
 21,890,610 
 21,980,710 
 19,870,850 
 
 1820 
 
 1821 
 
 1822 
 
 1823 
 
 1824 
 
 1825 
 
 1826 
 
 1827 
 
 1828 
 1829 
 
 31st Aug. 
 
 £ 
 
 23,026,880 
 
 24.828.120 
 28,368,290 
 27,248,670 
 26,758,720 
 29,543,780 
 26,202,150 
 25,252,690 
 24,299,340 
 20,295,300 
 17,464,790 
 19,231,240 
 
 20.132.120 
 19,398,840 
 21,563,560 
 22,747,601 
 21,357,510 
 19,547,380 
 
 28th Feb. 
 
 1830 
 
 1831 
 
 1832 
 
 1833 
 
 1834 
 
 1835 
 
 1836 
 
 1837 
 
 20,050,730 
 
 19,600,140 
 
 18,051,710 
 
 19.372.000 
 
 19.050.000 
 
 18.510.000 
 
 18.181.000 
 18,165,000 
 
 31st Aug. 
 
 183818,975,000 
 
 1839 
 
 1840 
 
 1841 
 
 1842 
 
 1843 
 
 1844 
 
 1845 
 
 1846 
 
 1847 
 
 18.098.000 
 
 16.504.000 
 
 16.399.000 
 
 16.920.000 
 
 20.284.370 
 
 21.148.370 
 21,201,720 
 20,968,240 
 20,151,760 
 
 £ 
 
 21,464,700 
 
 18,538,630 
 
 18.320.000 
 
 19.925.000 
 
 19.195.000 
 
 18.085.000 
 
 18.018.000 
 18,887,000j 
 
 19.488.000 
 
 17.982.000 
 
 17.170.000 
 
 17.370.000 
 
 20.332.000 
 19,339,790 
 21,485,260 
 22,109,220 
 21,390,420 
 18,828,070 
 
 Year. 25th March. 
 
 1848 
 
 1849 
 
 1850 
 
 1851 
 
 1852 
 
 1853 
 
 1854 
 
 1855 
 
 1856 
 
 1857 
 
 1858 
 
 1859 
 
 1860 
 1861 
 1862 
 1863 
 
 £ 
 
 11.640.000 
 
 18.986.000 
 
 19.936.000 
 
 19.908.000 
 
 21.341.000 
 
 23.206.000 
 
 22.376.000 
 
 19.924.000 
 
 19.396.000 
 19,366,575 
 19,307,025 
 20,332,185 
 20,980,355 
 19,409,075 
 20,196,830 
 20,166,496 
 
 9th Sept. 
 
 £ 
 
 19.134.000 
 
 19.520.000 
 
 20.949.000 
 
 21.018.000 
 
 24.157.000 
 
 24.296.000 
 
 21 . 100.000 
 21,227,000 
 20,850,000 
 18,872,825 
 
 20.013.560 
 21,317,440 
 20,810,085 
 19,852,830 
 
 21.035.560 
 20,926,300 
 
 — M^ulloch on Money — (continued to this date.) 
 
 1694. Value of Land. — Two estates sold, one at twenty-four the other 
 at twenty-two years’ purchase. Interest at 6 per cent, would have to be paid 
 on price if not settled at once . — Domestic Annals. 
 
 1695. The Coinage. — A Committee of Parliament, appointed Jan. 8th, 
 to consider the state of the coinage, reported that the silver coins were so 
 diminished and debased that £5 in silver specie was scarce worth forty shillings 
 according to the standard, and that guineas were selling at 30s. each. Many 
 pamphlets were published, as usual. In one it is stated to be probable that the 
 whole silver money in the kingdom was £5,600,000, of which £4,000,000 was 
 clipped, and the rest unclipped, but hoarded ; also, that in May, June, and July 
 1695, there were 572 bags of silver coin, each containing £100, brought into the 
 Mint, which, according to the Mint standard, should have weighed 18,451 lbs. 
 6 oz. 16 dwts. 8 grs., whereas they actually did weigh 9,480 lbs. 11 oz. 5 dwts., 
 making a deficiency of 8,970 lbs. 7 oz. 11 dwts. 8 grs., shewing that the current 
 silver coins were depreciated in the proportion of 10 to 22. Under this state 
 of things, the British coinage was at 25 per cent, discount in the foreign market, 
 or the exchange appeared to be 25 per cent, against England. The price 
 of silver had risen from 5s. 2d. to 6s. 5d. in the home market. In November, 
 the King’s Speech having called the attention of the House of Commons to the 
 state of the coinage, it was resolved to enable his Majesty to recoin all silver 
 money, keeping the ancient standard as to weight and fineness, and of the 
 value of 5s. 2d. the oz. ; and to issue new good coin for the old light coin at the 
 public expense. Light money to be received in the payment of taxes till 4th 
 May 1696, and in loans to the Government till 1st July following. For this 
 £1,200,000 of various taxes was appointed . — McLeod on Banking. 
 
 1695. The Bank of Scotland. — This Bank was established by the Act 5th 
 Wm. III. Pari. I. Sess. V. (17th July 1695), and the following are sentences 
 from the preamble, and the enactments : — Our Sovereign Lord, Considering 
 
INTRODUCTION. 
 
 14 
 
 how useful a Publick Bank may be in this Kingdom, according to the Custom 
 of other Kingdoms and States ; and that the same can only be best set forth 
 and managed by Persons in Company with a Joynt Stock, sufficiently indued 
 with these Powers, and Authorities, and Liberties, necessary and usual in such 
 Cases ; Hath therefore Allowed, and, with the Advice and Consent of the 
 Estates of Parliament, Allows a Joynt Stock, amounting to the sum of 
 Twelve Hundred Thousand Pounds Money (£100,000 Sterling), to be 
 raised by the Company hereby Established, for the Carrying on and Managing 
 of a Publick Bank : 
 
 — The persones authorized to establish the Bank were Mr William Areskin, son 
 of the Lord Cardross, Sir John Swinton of that Ilk, Sir Robert Dickson of 
 Lornebeg, and the following merchants in London, James Fowlis, John Hol- 
 land, David Nairn, Walter Stuart, Hugh Frazer, Thomas Coutts, and Thomas 
 Deans. 
 
 — Books to lie open every Tuesday and Friday, from 9 to 12 noon, and 
 from 3 to 6 afternoon, in a publick hall in Edinburgh, betwixt 1st No- 
 vember next and 1st January following, therein all persons allowed to 
 subscribe “ for such Sums of Money as they shall think fit to adventure in the 
 said Joynt Stock” — £1,000 Scots the least, and £20,000 Scots the highest sum 
 to be subscribed by one person. Of the stock, two-thirds to be held by 
 people in Scotland. 
 
 — Name : — The Governor and Company of the Bank of Scotland. 
 
 — Officials : — One Governor, one Deputy-Governor, and twenty-four Directors, 
 any seven a quorum, to be chosen year by year. Governor or Deputy- 
 Governor or Directors (but not more than two at one meeting) may be dis- 
 missed by the votes of the adventurers at special meeting — “ to which Sen- 
 tence the Person removed is absolutely to Acquiesce without Gainsaying.” 
 
 — The Governor to be sworn, “ I will be equall to all Persons, and give my 
 best Advice for the Support of the Bank of Scotland ; and in the said Office 
 honestly demean myself to the best of my Skill ” — before the Lord Chan- 
 cillor ; and he to administer the same oath to the Deputy and Directors. 
 
 — The Governor or Deputy-Governor, with the Directors, to choose a Trea- 
 surer, Secretary, and other Officers, who may be removed at pleasure of a 
 general meeting. 
 
 — Of this Capital 10 per cent, to be called up at once, and the rest by instal- 
 ments. “That the Joynt Stock of the said Bank continuing in Money, shall 
 be free from all publick burdens to be imposed upon Money, for the space of 
 twenty-one years after the date hereof, and that during this space it shall not 
 be Leisome to any other Persons to enter into and set up a distinct Company 
 of Bankers within this Kingdom, besides these persons allenarly, in whose 
 favour this Act is granted.” 
 
 — Last Clause — “ And it is likewise hereby Provided, That all Forraigners, 
 who shall join as Partners of this Bank, shall thereby be, and become 
 Naturalized Scotsmen, to all Intents and Purposes whatsoever.” — Official 
 Documents . 
 
 The capital was increased in 1774 to £200,000; in 1784 to £300,000; 
 in 1792 to £600,000 ; in 1794 to £1,000,000 ; and in 1804 to £1,500,000. 
 
INTRODUCTION. 
 
 15 
 
 A table of the Bank of Scotland’s Dividends is inserted among the Remarks 
 on the Summary at the end of the volume. 
 
 At a subsequent period, George Sandy, an eminent Counsel, was em- 
 ployed to draw up “ Observations on the Acts of the Bank of Scotland,” 
 with the object of explaining the legal status of the Body Politic called the 
 Bank of Scotland. From this work the following are memorandums : — 
 
 — The reference to other Banks in the Preamble of the Act of Parliament was 
 to the National Banks of Venice, Genoa, and Amsterdam: not to the Bank 
 of England, although the charter of the latter was granted in 1694. 
 
 — It is a corporation to whom administration of its affairs is not committed, 
 but only the election of the officials. 
 
 — It is a Public Bank, that is established for national objects, for the Legis- 
 lature does not make Public Statutes for objects of private interest. The 
 Intendment of National Benefit is repeated in all the succeeding statutes, 
 which bear testimony to the justness of these expectations — e.g ., in that of 14th 
 Geo. III. c. 32, sec. 2, 1774. “Whereas the said Bank has proved a National 
 Advantage, and it would greatly tend to the advancement of Commerce, and 
 be otherwise highly beneficial and expedient, that the capital stock of the 
 said company should be increased,” &c. 
 
 — The Joint-Stock therefore became a Public Fund, subject only to the 
 operation of the statute. The Incorporating enactment, while it communi- 
 cated to the corporation a capacity of holding property, did not vest in the 
 corporation the property of the Statutory Joint-Stock. 
 
 — None of the Acts give power to divide or alienate the Capital Stock from 
 the Public Bank, which is to subsist perpetually for this public purpose ; hence 
 no dividend can be paid but out of profits. 
 
 — No other trade, but lending and borrowing money upon Interest and 
 negociating Bills of Exchange allenarly. 
 
 — The primary legal Interest is that of the State and the Public at large ; in 
 carrying on and managing a Public Bank in this kingdom, for the benefit of 
 the nation. The secondary legal Interest is that of the Subscribers to the 
 Statutory Capital. 
 
 — Hence the management could not be left to the individual subscribers or 
 their successors, who might be foreigners, infants, trustees, &c. Therefore, 
 appointed that the management should be for ever in the hands of a Governor 
 and Deputy- Governor, and twenty-four Directors, who thus are Public 
 Commissioners, or Trustees of the Legislature for managing the Public Bank 
 in subserviency to the public purposes for which it was instituted. 
 
 — The Governor to administer oath, shewing that he and the Directors are not 
 private mandatories, and do not merely represent the subscribers; for they 
 swear to be “ equal to all persons” — fidelity to the public. 
 
 — Forbidden to lend to Government, because that not benefiting commerce 
 and manufactures : if it be done, the Government liable to a penalty (not 
 the Bank) of three times the sum lent. 
 
 — The clause for Naturalization of Foreigners who should subscribe for part 
 of its capital was to draw foreign capital to this country. “ It is no doubt 
 
INTRODUCTION. 
 
 16 
 
 true that general acts of naturalization were not unknown in the law of Scot- 
 land prior to the date of this statute. The privilege, however, had only 
 hitherto been granted either to the subjects of France, as the counterpart of 
 a similar concession in favour of Scotsmen, or, subsequent to the Reforma- 
 tion, had been granted to foreigners of the Protestant religion, who should 
 establish their residence in Scotland, and import useful branches of trade and 
 manufactures, upon their making the application therein prescribed to the 
 Privy Council. But by this Act, all their distinction of religion, vocation, 
 residence, &c., were freely dispensed with, in favour of every foreigner who 
 should subscribe to the Statutory Capital of the Public Bank of Scotland.” 
 — Observations on Acts of Bank of Scotland , by George Sandy , p. 4. 
 
 1695. Other Trading Companies. — An Act was passed authorizing The 
 Company of Scotland trading to Africa and the Indies to plant Colonies, &c. 
 This was a scheme of Wm. Paterson, who in the early part of the previous year had 
 established the Bank of England. The capital was to be £600,000, the half to be 
 held by Scotchmen. In F eb. 1696 subscription books were opened in Edinburgh, 
 and all the shares were subscribed for. When in October the other half was 
 offered to merchants in London, it was at once taken ; but the East India Company 
 became jealous, and raised a cry against it. The first expedition sailed from 
 Leith, July 1698, for Darien — “the disastrous expedition of Darien.” 
 Several other companies were established for manufactures, and in petitioning 
 for privileges of incorporation urged that thus “ a vast sum of ready money 
 will be kept within the kingdom which these years has been exported” — e.g., to 
 Ireland for woollen and silk stuff, yearly £10,000 sterling. — Domestic Annals. 
 
 1696. Parish Schools.— By Act, 6th William III., cap. 26, it was enacted 
 that there should be a school-master and school-house in every parish. The 
 following Acts of the General Assembly from time to time called on the 
 Presbyteries to endeavour to get the Act of Parliament fulfilled : — 1699, Act 
 10; 1704, Act 14; 1705, Act 5; 1707, Act 5; 1758, Act 6. — Purdivan’s 
 Collections. 
 
 1696. The Bank of Scotland. — “ The African Company, which was estab- 
 lished about the same time as the Bank, in opposition to it, to defeat it 
 at starting, resolved in January 1696 to be bankers as well as traders. A 
 pamphlet of this date, in favour of the African Company, says, that Scotland 
 had lately been falling upon a true and lasting method of increasing her trade 
 by erecting companies to manufacture our own natural commodities. The 
 Directors of the Bank of Scotland (Mr Holland, the Governor of the Bank, 
 being in Scotland at the time), observing the whole humour of the nation to 
 run on the African Company, resolved not to quarrel with it, nor to enforce 
 against it the Bank’s exclusive privileges. That Company accordingly pro- 
 ceeded to strike Notes and circulate them, but they soon lost so much by 
 rashness that they gave over banking. The Bank of Scotland called up 
 another 10 per cent, of its capital (which was fully paid by the 15th May 
 1698) to enable it to extend its business by commencing an Exchange trade. 
 For this, and for carrying the circulation of their Notes through the greater 
 part of the kingdom, they did erect four offices ; to wit, one in Glasgow, one 
 at Aberdeen, one at Dundee, and one at Montrose, with a Cashier and Over- 
 
 
INTRODUCTION. 
 
 17 
 
 seer at each place, for receiving and paying money, in the form of Inland 
 Exchange, by Notes or Bills made for that purpose, payable in Edinburgh. 
 After they had made trial of these for some time, they found that the 
 Exchange trade was not proper for a Banking Company, and was an 
 encroachment upon, and an interfering with, the trade and business of 
 private merchants ; a Bank being chiefly designed as a common repository of 
 the nation’s cash, a ready fund for affording credit and loans, and for mak- 
 ing receipts and payments of money easy, by the Company’s Notes. There- 
 fore, the Directors gave up the Exchange trade, and as to the foresaid four 
 Offices, they found that it was impracticable to support them, but at an 
 expense far exceeding the advantage and convenience arising therefrom: For 
 though the Company would willingly have been at some moderate charge to 
 keep them up, if they could thereby have effectuated an answerable circulation 
 of Bank Notes about these places for accommodating the lieges in their 
 affairs ; yet they found that these Offices did contribute to neither of those 
 ends, for the money that was once lodged at any of those places, by the 
 Cashiers issuing Bills payable at Edinburgh, could not be redrawn thence by 
 Bills from Edinburgh ; so the Directors were obliged to give up these Offices 
 (after having been at considerable charges in the experiment), and to bring 
 their money to Edinburgh by horse-carriage.” — Hist. Bank Scot., 1728. 
 
 — The above-named Branches were opened on the 9th April 1696, and closed 
 as follows — Aberdeen and Montrose on 24tli December 1696; Glasgow, on 
 3d January 1697 ; and Dundee, on 6th October 1698. The amount of 
 business done was trifling, as is shewn by a statement of the transactions in 
 
 Dundee, courteously supplied by the Bank : — 
 
 John Bethun, Cashier for the Office, Dundee, Dr. to the Bank of Scotland. 
 April 24 to Dec. 28, 1696. Received on account of the Bank, ..£6108 10 0 
 
 Do. to do. Remitted to the Bank, 3601 0 3 
 
 Balance due to the Bank, £2507 9 9 
 
 January to December, 1697. Received on account of the Bank,... 1112 12 4 
 
 £3620 2 1 
 
 Do. to do. Remitted to the Bank, 3565 7 7 
 
 Balance due to the Bank, £ 54 14 6 
 
 Januaryjo October 6, 1698. Received on account of the Bank, .. . 501 5 0 
 
 £555 19 6 
 
 Do. to do. Remitted to the Bank, 555 19 6 
 
 1696. Opposition Bank of England. — A Bill was brought into Parliament 
 by the Tory party, to establish the Royal Bank of England. It was to lend 
 money at 3 per cent., for the encouragement of agriculture, to discount in gold 
 and silver only, and to advance money on goods, selling them by auction if 
 they were not redeemed at the time appointed : but the scheme was not carried 
 out. 
 
 1696. The New Silver Coin. — For a time much of it was carried to 
 Holland, where 22s. would purchase an English guinea, which, when brought 
 home, sold for 30s. in light money ; and this presented at the Mint obtained 
 
INTRODUCTION. 
 
 18 
 
 new coin, which was sent across for more guineas. This led to a resolution of 
 the House of Commons, February 28th, declaring, That after March 25th, no 
 more than 26s. should be accepted for guineas, and after April 10th, no more 
 than 22s., under a heavy penalty, and prohibiting the importation of guineas 
 and half-guineas. — M < ‘Leod on Banking. 
 
 1696. The Scarcity of Coin in England. — The Bank of England being 
 
 bound, as soon as the new silver coin began to be issued, to pay their Notes in 
 such, were obliged on May 6th to suspend partially their payments, not being 
 able to obtain it fast enough from the Mint, and silver being at that time the 
 standard. They therefore at first gave notice that they would pay the Notes 
 presented at the rate of 1 0 per cent, once a fortnight ; but after a little time, 
 that they could pay only 3 per cent, thereon every three months. The follow- 
 ing memorandum by a contemporary is curious: — “13th May 1696. Money 
 still continues exceedingly scarce, so that none was paid or received, but all 
 was on trust, the Mint not supplying for common necessities. June 11. 
 Want of current money to carry on the smallest concerns, even for daily 
 provisions in the markets. . . . Tumults every day feared, nobody paying 
 
 or receiving money. Banks and Lotteries every day set up. July 26. So 
 little money in the nation that Exchequer tallies on the best fund in England, 
 the Post Office, nobody would take at 30 per cent, discount. 3d Aug. The 
 Bank lending £200,000 to pay the army in Flanders, that done, nothing 
 against the enemy had so exhausted the treasure of the nation, that one could 
 not have borrowed money under 14 or 15 per cent, on Bills (i.e., Bank of 
 England Bills), or on Exchequer tallies under 30 per cent.” — Evelyn’s Diary. 
 
 — In October, Bank Notes were at a discount of 20 per cent., while its stock 
 with £60 paid up was selling at £110, shewing that there was no distrust of 
 the Bank. But at that time there were no Notes issued under £20, and what 
 was chiefly needed was small money for daily use. The cause of the deprecia- 
 tion at that time was not an over-issue of large Notes, but the difficulty of 
 getting them exchanged for coin to suit the convenience of the holders. An 
 issue of £1 Notes till the Mint could supply coin enough, would have, no 
 doubt, saved much of the annoyance. 
 
 1697. War and Peace. — The dates of the transitions from one state to the 
 other, and the cost of each war, are important when considering the condition 
 of the country. The following were the changes during the period to which 
 this volume refers : — 
 
 — Peace of Ryswick, 20th September 1697, after eight years’ war with 
 France; cost thirty-six millions. 
 
 — War of the Succession with Spain, 4th May 1702 ; peace of Utrecht, 13th 
 March 1713 ; cost sixty-two millions. 
 
 — War with Spain, 16th December 1718; peace, 1721. 
 
 — War with Spain, the Spanish war, 23d October 1739, and with France, 
 31st March 1744; peace of Aix-la-Chapelle, 30th April 1748; cost fifty-four 
 millions. 
 
 — War with France, the seven-years’ war, 9th January 1756 ; and with 
 Spain, 4th January 1762; peace of Paris, 10th February 1763; cost one 
 hundred and twelve millions. 
 
INTRODUCTION. 
 
 19 
 
 — War with American Colonies, 14th July 1774; with France, 6th February 
 1778; with Spain, 17th April 1780 ; and with Holland, 21st December 1780 ; 
 peace with America, peace of Paris, 30th November 1782 ; with France and 
 Spain, 20th January 1783; and with Holland, 2d September 1783 ; cost one 
 hundred and thirty-six millions. 
 
 — War with France, war of the Revolution, 1st February 1793 ; peace of 
 Amiens, 27th March 1802; cost four hundred and sixty-four millions. 
 
 — War with France, under Buonaparte, 29th April 1803 ; peace (finally), 18th 
 June 1815 ; cost eleven hundred and fifty-nine millions. 
 
 — War with America, 18th June 1812 ; peace of Ghent, 24th December 
 1814. 
 
 N.B. — In 127 years to this date, Great Britain had sixty-five years of war, 
 and sixty-two years of peace. 
 
 — War with Russia, Crimean war, 28th March 1854 ; peace, 30th March 
 1856 ; cost one hundred millions. 
 
 1697. The Bank of Scotland. — In January it was resolved to make and 
 issue Notes of 20s. value, u which was accordingly done, and are found to be 
 very convenient, not only in the country, but also in the city of Edinburgh ; 
 though there is scarce any hopes that they can obtain a currency, to any con- 
 siderable extent, in our public markets and fairs, as some have thought ; for 
 nothing answers there among the common people but silver money, even gold 
 being little known amongst them.” — Hist, of Bank of Scotland . 
 
 — From silver being the standard, nothing else would pass readily, and from 
 its continual use, the name has become synonymous with money. 
 
 1701. Serfs in Scotland. — The workmen at coal mines, saltworks, &c., 
 were for the most part serfs bound to labour on the estates. This was not 
 abrogated till 1775, by the Act 15 Geo. III., cap. 28. — Domestic Annals. 
 
 1703. Manufacture of Earthenware. — The finer sort now commenced 
 in Scotland. Hitherto all but the coarsest articles were brought from Eng- 
 land or abroad ; of course at that time causing the price to be very high. 
 
 1704. The Bank of Scotland. — “Memorial and Intimation from the 
 Governour and Company of the Bank of Scotland concerning the pre- 
 sent state thereof. — The scarcity of money over all the kingdom, which 
 has gradually increased, by a tract of export of money, for some time 
 past, and a report that the Privy Council was to cry up the value of specie, 
 raised about the beginning of December instant, which, though it was wholly 
 groundless, and without any shadow of reason, yet being industriously spread, 
 and kept up by some persons, occasioned a very great, unexpected, and 
 unaccustomed demand upon the Bank, which at last had such effect, that, on 
 Monday, the 18th of this instant December, the money in the Bank was 
 wholly exhausted, and thereby payments stopt. Upon this, application was 
 immediately made by the Court of Directors, to the Marquess of Tweeddale, 
 Lord High Chancellor, for acquainting his Lordship of this emergent. And 
 his Lordship having thereupon called the Privy Council, the Court of 
 Directors did lay the matter before their Lordships, craving that they might 
 appoint some of their number to take inspection of the Company’s books, and 
 therein see the sufficiency of the security to the nation for all the Bank Notes 
 
INTRODUCTION. 
 
 20 
 
 running, and to take sucli course as in their wisdom they should think fit for 
 satisfaction of those who might have Bank Notes in their hands, whereupon 
 their Lordships appointed a Committee, viz., The Right Honourable the Earl 
 of Loudoun, my Lord Belhaven, the Lord-President of the Session, the Lord- 
 Advocate, the Lord-Treasurer Depute, the Lord Phesdo, and Sir John Home 
 of Blackadder, to meet at the Bank the next day, to consider and take tryal 
 of what was represented. Accordingly, the Lords of the Committee did meet 
 at the Bank on Tuesday, the 19th instant, and having taken inspection of the 
 state of the Bank, they make Report to the Privy Council in these words : — 
 The Committee having inspected and examined the state of the Bank, both in 
 Charge and Discharge, they find that the Bank hath sufficient provisions to 
 satisfy and pay all their outstanding Bills and Debts ; and that with a con- 
 siderable overplus, exceeding (by a fourth part at least) the whole foresaid 
 Bills and Debts, conform to an abstract of the said accompt, left in the Clerk 
 of Council’s hands, for the greater satisfaction of all concerned. Upon which 
 Report, the Privy Council gave their approbation thus: — ‘Edinburgh, 19th 
 December 1704. — The Lords of Her Majestie’s Privy Council having heard 
 the above Report, do approve the diligence of the Committee in making 
 thereof, and appoint the same to be printed. Signed, Tweeddale, Cancel.’ 
 Immediately after this Report, and approbation of the Privy Council, the 
 Governour and Directors ordered a general meeting of the adventurers to be 
 summoned by publick advertisement in the Gazette and other ways, in their 
 ordinary manner, to be held on Wednesday, the 27th of December instant. In 
 the meantime, the Governour and Directors did unanimously come to a 
 resolution and opinion, that all the Bank Notes running should be declared 
 to bear annual rent from the time of the stop ; and that this their opinion 
 should be laid before the meeting of adventurers for their approbation. 
 Accordingly, the adventurers did meet, and after having the state of the Bank 
 represented to them by the Governour, they unanimously agreed, that all the 
 Companies’ Notes presently running should bear annual rent conform to law, 
 (*.«., Interest at six per cent.), and appointed and ordained the said annual rent 
 to run from the 18th instant, when payments were stopt, until the 18th of 
 April next ; with power to the Governour and ordinary Court of Directors 
 to prorogate the said time for a longer space (not exceeding two months) 
 if they shall see cause, without the necessity of calling a general meeting of 
 adventurers to that effect. And the adventurers did likewise ordain and 
 appoint one-tenth part of the capital stock to be raised and payed in by the 
 proprietors, according to their respective interests, against the term of Whit- 
 sunday next. And recommended to the Governour and ordinary Directors 
 to cause print and publish the Report of the Privy Council as is warranted 
 thereby, together with the Resolutions and Appointment of the adventurers, 
 in relation to the allowing of annual rent on the Notes that are running, 
 and their raising another tenth part of their capital stock, in such manner 
 as they should judge most proper, to satisfy and convince every one of the 
 unquestionable security in the Bank, of the prudent and candid management 
 thereof, and of the justice designed to all who have the Companies’ Notes ; 
 and for re-establishing of the Bank, and carrying on the same for a common 
 
INTRODUCTION. 
 
 21 
 
 conveniency to the kingdom, and a safe accommodation in payments and 
 transactions, as has been done hitherto. — By order of the Court of Directors, 
 the 28th of December 1704. (Signed) Ro. Watson, Deputy- Governour.” 
 
 Balance Sheet oe Bank of Scotland, 19th December 1704. 
 
 The Bank, Debtor. 
 
 To Bank Bills charged upon the Treasurer, per account in ledger, 
 fol. 3, £146,735 ; Deduct for so much thereof in the Treasurer’s 
 
 hands at this day, £95,888, £50,847 0 0 
 
 To Balance due to the Adventurers, 12,352 0 8^ 
 
 To total Debts, £63,199 0 8^ 
 
 The Bank, Creditor. 
 
 By Cash in the Treasurer’s hands remaining in old Merks, £1,600 0 0 
 
 By Debts due upon heritable Bonds, per particular account, be- 
 sides running Interest thereon, 21,968 6 8 
 
 By Debts due upon moveable Bonds, per particulars, besides 
 
 running Interest as above, 27,682 8 5J 
 
 By Inland Bills due thereby, per particular List, besides running 
 
 Interest, 11,253 16 8 
 
 By the Bank Office for the first cost of their house, besides at 
 
 Repairs thereon, 694 8 10| 
 
 By total Effects, £63,199 0 8^ 
 
 “Edinburgh, 19th December 1704. — This is the account of the state of the 
 Bank in Charge and Discharge, as is attested in name and behoof of the 
 Proprietors and Directors, by James Camming, Accomptant; D. Drummond, 
 Treasurer ; Ro. Blackwood, Director, Win. Montgomerie, do., James Majori- 
 banks, do., James Graham, do., Jno. Hay, do., Jo. Cunningham, do., Robert 
 Inglis, do.” — Official Documents. 
 
 — As the Bank had still £50,847 of its Notes out, it is probable that its 
 ordinary circulation was from £60,000 to £65,000, which was the extent of 
 its ability to promote the commerce of Scotland, for it would usually hold 
 specie to the amount of its paid-up capital, £12,000. Its investments appear 
 to have been — heritable bonds, £22,000 ; personal bonds, £28,000 ; local com- 
 mercial bills, £11,000. The celebrated John Law’s “Money and Trade Con- 
 sidered” was published in Edinburgh. Referring to the Bank of Scotland, he 
 says, “ Its notes went for four or five times the value of the money in the 
 Bank, and so much was added to the money of the nation. Its notes passed 
 through the whole country, while those of Amsterdam only in that town, and 
 those of the Bank of England are of little use but at London.” 
 
 1705. First Newspaper in Scotland. — In competition with the Govern- 
 ment Gazette, on February 19th was published No. 1 of “The Edin- 
 burgh Courant ” — “from Wednesday 14th to Monday 19th February 1705.” 
 It consisted of a folio leaf, with extracts from the “ Paris Gazette ” of 
 February 14th, the “Amsterdam Gazette” of 17th and 20th, and the 
 “Amsterdam Courant” of 22d ; a London letter of the 13th, and an Edin- 
 burgh one of 19th; also, four advertisements; — the last advertisement 
 
INTRODUCTION. 
 
 22 
 
 being, “ The author hereof having, upon the 13th instant, got an Act of 
 Her Majesty’s most honourable Privy Council, to print and publish the foreign 
 and home news thrice weekly, viz., Monday, Wednesday, and Friday, the same 
 will be continued from this day forward.” 
 
 1706. A Land Bank. — Dr Hugh Chamberlain, Edinburgh, proposed a 
 Bank for the issue of Notes on security of Land only. Landowners, on trans- 
 ferring land, to get notes to issue for its value, less an ample margin for 
 interest and expenses . — Domestic Annals. 
 
 1707. The Union. — This wise step had been proposed in 1604, again in 
 1670, and was at length effected, 1st May 1707. Among other points in the 
 agreement was one respecting the payment of the public debt of Scotland, 
 supposed at the time to amount only to £398,085, 10s., to be called 
 
 Equivalent money (see 1727. The Royal Bank of Scotland), or compensation 
 to Scotland for paying taxes at the same rate as England. It was to be de- 
 voted thus — 
 
 1st. To pay for renovating the coinage, £ 49,888 14 11 
 
 2d. To reimburse the losers by the African Company, 229,611 0 0 
 
 3d. To liquidate the State debt of Scotland (paid for the 
 
 expenses of the Union), 30,498 12 2 
 
 4th. To furnish premiums, to the extent of £2,000 a-year, for 
 the encouragement of the growth of wool, improve- 
 ment of the fisheries, &c., 40,000 0 0 
 
 5th. Sundries, 48,087 2 11 
 
 £398,085 10 0 
 
 1707. Arrival of the Monet. — Daniel Defoe (who had been sent to 
 Scotland in 1706 by the English Ministry to help on the cause of the Union) 
 records in his “ History of the Union,” that on the 5th August the Equivalent 
 money reached Edinburgh from South Britain, in thirteen waggons, each drawn 
 by six horses. When this money had not arrived on the day it was due, those 
 opposed to the Union talked loudly that the Union had legally ceased, that the 
 English had never intended to pay this money, and would never do so. When 
 therefore it arrived, in their anger they cursed the soldiers and the horses. 
 Only £100,000 of it, however, was in specie, the rest being in Bank of Eng- 
 land Notes and Exchequer Bills, it being thought in London that these would 
 do as well. But the feeling was so strong against them, that the Notes and 
 Bills had to be returned, and specie sent back instead. At the same time 
 it was observed, that no partner of the African Company refused his share of 
 the hated money . — Domestic Annals. 
 
 1707. Population of Scotland. — At the Union it was supposed to be 
 1,050,000 ; in 1765 it was ascertained to be 1,265,380 ; in 1801, 1,608,420 ; 
 in 1811, 1,805,864; in 1821, 2,091,521; in 1831, 2,364,386; in 1841, 
 2,620,184 ; in 1851, 2,888,742 ; and in 1861, 3,062,294. 
 
 1707. Revenue of Scotland at the Union. — Revenues at present 
 (1738) which fall under the management of the Exchequer and Treasury, 
 as they were stated in the Treaty of Union, are raised and estimated as fol- 
 lows : — 
 
INTRODUCTION. 
 
 23 
 
 The Excise on ale and beer is 2s. Scots, or 2d. sterling the Scots gallon, 
 now farmed at £35,000 sterling, but, if exacted in the same manner as in 
 
 England, may amount to £50,000 
 
 The Customs have been let at £34,000 sterling, and were, in the time 
 of the late war, let for £28,500, with this condition, that, upon a 
 peace, the Lords of the Treasury may let a new lease, and may 
 
 amount to 50,000 
 
 The Crown rents, communibus annis, about 5,500 
 
 The casualties of superiorities, and compositions at the Exchequer, 3,000 
 The Post Office, farmed at £1,194, but, if collected, may amount to... 2,000 
 
 The imposition for coinage, 1,500 
 
 The cess, or land tax, was £36,000 before the Union, and to make it 
 
 equal to 4s. per pound in England, is now settled at 48,000 
 
 Total Revenue, £160,000 
 
 The assessable rental in Scotland was £240,000 per annum. 
 
 — Present State of Great Britain and Ireland. London, 1738. 
 — Revenue of England. — In the same publication it is given as follows : — 
 1st. For His Majesty’s provision of £600,000. 
 
 Excise on beer and ale, £286,178 
 
 Tonnage and poundage, 256,841 
 
 Post Office 101,101 
 
 Sundries, 47,084 £691,204 
 
 2d. For National purposes. 
 
 Land tax, £2,000,000 
 
 Customs, 1,300,000 
 
 Excise, 1,000,000 4,300,000 
 
 Total Revenue, £4,991,204 
 
 The assessable rental in England was £9,988,815. 
 
 1707. Scotland’s Commerce at that time. — “From England the goods 
 usually imported into Scotland are the woollen manufactury of all sorts, alom’d 
 leather, shambo gloves, lead, pewter, tin, iron, black cattle, horses, hops, 
 cyder ; and some years, when their own harvest proves bad, corn of all sorts ; 
 manufactures of pewter, iron, steel, and brass ; tobacco, sugar, indigo, cotton, 
 and the goods the English import from China, Persia, the East Indies, and 
 other nations ; for exchange of which Scotland imports into England, linen 
 cloth of all sorts, coals, salt, small black cattle, sheep, salmon, marble, slates 
 (grey and blue), pearl, cod and ling, and small horses. ’Tis true, that hitherto 
 Scotland has been a loser by the balance of trade with England, because they 
 generally imported more from England than they exported to it ; but ’tis 
 evident from what has been said, that it has proceeded rather from ill 
 management than any absolute necessity. For did they take Joseph’s 
 precaution, to lay up magazines of corn in years of plenty, they have no 
 need of bringing any from other nations .” — Present State of Great Britain and 
 Ireland. 
 
 1707. Recoinage of Scots and Foreign Money. — By one of the articles of 
 the Union, all the Scots and foreign money current in the country was to be 
 
INTRODUCTION. 
 
 24 
 
 recoined, and brought to the English standard — the loss being paid out of the 
 Equivalent money. The English had derived their system of coinage from the 
 French, and the Scotch from the English ; hence, from 1296 to 1355, the 
 coins of England and Scotland were of the same weight and fineness ; but 
 from 1355 to 1707 the Scotch money sunk by degrees, reign after reign, owing 
 to succeeding public calamities, and the consequent impoverishment of the 
 kingdom, till it was only a twelfth part of the value of the English money of 
 the same denomination. Hence Id. sterling and Is. Scots were of the same 
 value. The Bank of Scotland had agreed to undertake the labour of receiving 
 the old coin and issuing the new for j- per cent. ; and Mr Drummond, the 
 Treasurer of the Bank, having kept an account of the sorts of coin brought in, 
 supplied Ruddiman ( Introduction to Anderson’s Diplomata ) with an account 
 
 of it. 
 
 Of foreign silver money, £132,080 17 0 
 
 Of milled Scottish (improved subsequent to 1673), 96,856 13 9 
 
 Of hammered Scottish (old coin), 142,180 0 0 
 
 Of English milled, 40,000 0 0 
 
 Total, £411,117 10 9 
 
 This sum, no doubt, made up the greater part of the coined silver current in 
 Scotland at that time, but it was not to be expected that the whole money of 
 that kind could be brought into the Bank ; for the folly of a few misers, and 
 the fear that people might have of losing their money, or various other dangers 
 and accidents, prevented very many of the old Scots coins from being brought 
 in. A great part of these the goldsmiths, in after times, consumed by melting 
 them down ; some of them have been exported to foreign countries ; a few are 
 yet (1738) in private hands. 
 
 Ruddiman, finding that, during the time between December 1602 and April 
 1613, there was rather more estimated value of gold than of silver coined in 
 the Scottish Mint, arrived at the conclusion (though not without great hesita- 
 tion) that there was more value of gold coin in Scotland in 1707 than of silver, 
 and that the sum total of gold and silver money together, at the time of the 
 Union, was consequently “ not less than £900,000 sterling.” We are told, 
 however, in the History of the BanJc of Scotland, under 1699, that “nothing 
 answers among common people but silver money, even gold being little known 
 among them and Defoe {Hist, of Union , p. 598) more explicitly says, “ there 
 was at this time no Scots gold coin current, or to be seen, except a few pre- 
 served for antiquity.” It would appear that the Scottish copper money was 
 not called in at the Union, and Ruddiman speaks of it, in 1738, as nearly 
 worn out of existence, “ so that the scarcity of copper money does now 
 occasion frequent complaints.” If, in addition to the above £411,117, the 
 outstanding silver money be reckoned at £60,000, the gold at £30,000, 
 and the copper at £60,000, the entire metallic money in use in Scotland, in 
 1707, would be under £600,000 sterling. Ruddiman says: — “Those in 
 power at the time, fearing lest, all our silver money having been brought 
 into our Treasury, or into the Bank, a little before, there should be a want 
 of money for the expenses of the war, ordered the forty-shilling pieces to 
 
INTRODUCTION. 
 
 ' 
 
 25 
 
 be again issued out of the Bank, of which sort of coin there was great 
 plenty at that time in Scotland, and commanded these to be distributed for 
 pay to the soldiers, and other exigencies of the public ; but when that dis- 
 turbance was settled, they ordered that kind of money also to be brought into 
 the Bank ; and on a computation being made, it was found that the quantity 
 of that kind brought in the second time exceeded that which was brought in the 
 first time by at least <£4,000 sterling.” — Took on Prices — Domestic Annals. 
 
 1708. Effects of the Union. — Scotland had to cease importing wines, 
 brandy, and other French products ; also, to cease exporting wool. 
 
 — English woollen goods of fine quality came in in such quantity, and at such 
 prices, as to stop the rising manufactures ; but coarse woollen goods were sent 
 into England, and their manufacture increased. 
 
 — Scotch linen being allowed to go to England free of duty, there was a large 
 increase in this manufacture. “ Englishmen came down and established works 
 for sailcloth, for damasks, and other linen fabrics, hitherto hardly known in 
 the North ; thus it was remarked, there was as much employment for the 
 poor as in the best days of the woollen manufactures.” 
 
 — The Colonial trade being now open, gave a stimulus to shipbuilding, and 
 cargoes of Scottish goods went out direct. Defoe says — “ Several ships were 
 laden for Virginia and Barbadoes the very first year after the Union.” 
 
 — In illustration of the small scale of trade then, it may be quoted what 
 Wodrow ( Analecta ) relates — “In the beginning of this month (November 
 1709) Borrowstouness and Glasgow have suffered much by the fleet going 
 to Holland, its being taken by the French. It’s said that in all there is about 
 <£80,000 lost thereby, where of Glasgow has lost £10,000.” 
 
 — Corn being free, Scotland sent 170,000 bolls of grain into England, besides 
 much bought by English merchants, and shipped off direct to Portugal. 
 
 — Scotland was estimated to receive from England, before the Union, <£200,000 
 annually for goods sent, whereof the principal article was cattle. But after 
 the Union this vastly increased, so that even Highland gentlemen engaged in 
 the trade. In 1723, it is stated by Mackie ( Tour through Scotland ), there 
 were 30,000 cattle sold at the cattle-fair of Crieff, most of them to English 
 drovers, who paid down 30,000 guineas in ready money to the Highlanders. 
 
 — Previous to the Union, the Excise in Scotland produced (nett) about £35,000 ; 
 afterwards it ran thus, after deduction of from £10,000 to £15,000 of expenses. 
 
 1708, .. 
 
 .... £34,898 
 
 1714, 
 
 £46,979 
 
 1749, 
 
 . £75,987 
 
 1709, .. 
 
 .... 41,096 
 
 1715, 
 
 44,488 
 
 1761, 
 
 . 100,985 
 
 1710, .. 
 
 
 1716, 
 
 45,285 
 
 1775, 
 
 . 86,000 
 
 1711, .. 
 
 .... 46,795 
 
 1717, 
 
 48,813 
 
 1781, 
 
 . 200,432 
 
 1712, .. 
 
 .... 51,609 
 
 1718, 
 
 46,649 
 
 1790, 
 
 . 331,117 
 
 1713, .. 
 
 .... 61,747 
 
 1719, 
 
 50,377 
 
 1808, 
 
 .1,793,430 
 
 In 1725 the malt tax was 
 
 imposed, 
 
 and produced then £22,627 ; 
 
 the rest of 
 
 the Excise (nett) never amounted to £50,000 till 1749. After allowing for the 
 effects of smuggling, these figures shew that the means of purchasing luxuries 
 by the people generally was small. 
 
 — The Post Office, which in 1698 Sir Robert Sinclair, with an allowance of 
 £300 a-year, could not make to pay its expenses, and which for three years 
 
INTRODUCTION. 
 
 26 
 
 previous to 1707 produced a profit of only <£-1,194, 8s. 10d., for five years 
 subsequently yielded annually £6,000. 
 
 — The remittance of Revenue to London was for the most part in coin, in 
 “ broad pieces.” It was often sent by accidental travellers ; e.g ., the first 
 remittance was one of £20,000, by the Earl of Leven, who retained £1,000 for 
 his trouble and risk . — Domestic Annals. 
 
 1707. Dundee. — In consideration of the great sufferings of the town in 
 the time of trouble, and at the Revolution, and of the universal decay of trade, 
 especially in that burgh, Parliament granted to the Magistrates, as a gift, for 
 twenty-four years, an impost of two pennies Scots on every pint of ale or beer 
 brewed or vended in the town. But this so-called gift was burdened for six 
 years with an annual allowance of £100 sterling to Mr James Anderson, Edin- 
 burgh, towards remunerating him for his trouble in drawing up an account of 
 ancient charters. 
 
 1708. Bank of Scotland. — In the midst of the recoinage, when the Bank 
 had charge of a large amount of silver, in its own coffers and at the Mint, 
 belonging to the Government and to private individuals, the French fleet 
 appeared, in March, off the entrance to the Firth of Forth, as a part of the 
 armament in aid of the invasion by the Pretender. This caused a panic at 
 the Bank, which issued a request to the owners to come and take away their 
 silver. 
 
 1709. Bank of England. — On its lending more money to the Govern- 
 ment, it obtained the further protection from competition, that no Bank having 
 more than six partners should be allowed in London. 
 
 1711. South Sea Company. — This celebrated Company was established, 
 and competed with the Bank of England for the Government favour, which 
 it secured in 1720. (See that date.) 
 
 1715. Bank of Scotland. — The Rebellion causing a panic in Edinburgh, 
 a run on the Bank to obtain coin for their Notes arose, and the Directors, as 
 long as they had any left, encouraged it by calling on the public to bring in the 
 Notes to be paid, their object being the getting rid of the risk of holding the 
 specie. The Government money in their hands, amounting to £30,000, they sent 
 up to the Castle for safety. For such Notes as they could not pay, or which 
 were not presented for payment, the Directors announced the Bank would 
 allow interest when they retired them, which was done in May, June, and 
 July 1716. The Bank’s rate of charge for Interest and Discount was reduced 
 to 5 per cent. : having been 8 per cent, in 1699, and reduced to 6 in 1706. 
 
 1717. The Coinage. — The £7,000,000 of silver, coined during the reign 
 of William III., had entirely disappeared from circulation, so that the light 
 coin only being left, the silver current coin was degraded. Sir Isaac Newton, 
 the master of the Mint, gives as a reason for this, that the statute prices of gold 
 and silver differing from those of the market, caused silver to be exported and 
 exchanged for gold, and the latter brought home and coined — a guinea being 
 really worth but 20s. 8d. instead of 21s. 6d. The Mint price of gold was 
 therefore reduced to £3, 17s. 10|-d. per ounce (at which it has remained ever 
 since), and the value of a guinea declared to be 21s., by proclamation 22d 
 December 1717. The guinea being still overrated by 4d., led to the practice 
 
INTRODUCTION. 
 
 27 
 
 of paying debts with gold, and thus gold gradually came to be looked on as 
 the standard of value, instead of silver as before . — Took on Prices. 
 
 1719. Bank op Scotland. — A proprietor of part of the Equivalent Deben- 
 tures made a proposal, in December, to the Directors of the Bank, that the two 
 Stocks should be conjoined — but this was declined. About the same time, the 
 spirit of speculation then raging in London having spread to Edinburgh, 
 various companies were projected there, among others an insurance company, 
 to be called “ The Edinburgh Society,” for which also it was proposed, in April 
 following, that it should be amalgamated with the Bank ; but this, in like 
 manner, was rejected. The Bank of Scotland having been a Tory establish- 
 ment, was supposed to have Jacobite predilections, and therefore the Whig 
 partizans took every opportunity to circulate stories against it. To such refers 
 the following extract (quoted in Domestic Annals') from a letter by James Drum- 
 mond, of Blair Drummond, to David Drummond, the Treasurer, dated 26th 
 May 1728 : — ■“ I am heartily glad that the Bank holds out so well. There’s 
 great pains taken in the country to raise evil reports upon it. I had occasion 
 to find so in a pretty numerous company the other day ; yet I did not find any 
 willing to part with your Notes at the least discount.” 
 
 1720. South Sea Bubble. — This Company (see 1711) having at length 
 obtained the patronage of Government, the idea seized monied men that those 
 who held shares in it would make a fortune. When, therefore, the Company 
 offered £1,000,000 of new stock at £300 for the £100 share, it was all taken 
 at once, and the price went on rapidly rising : April 7th, £300; May 23d, 
 £500 ; June 2d, £890 ; June 3d, £640. This led the Company to announce 
 the issue of another £1,000,000 of new stock, at the price of £1,000 for the 
 £100, when there appeared applicants willing to take four times as much stock 
 at that rate. In consequence of the disappointment of many, the price by the 
 end of June rose to £2,000 for the £100. (Bank of England Stock fetching 
 at the time only £260 for the £100.) This fortune-making, by buying 
 shares of the South Sea Company one day, and selling them the next at a good 
 advance, stimulated the proposal of companies for all manner of projects, so 
 that it was computed there were, by the middle of July, schemes afloat whose 
 proposed capitals amounted to £300,000,000. Even permissions, from influ- 
 ential persons, to subscribe to some future scheme not yet announced, sold 
 for sixty guineas. But the mania subsided as rapidly as it had risen, and by 
 September the 2d, the price of South Sea £100 shares was £890 ; on the 13th, 
 £400 ; and by the end of the month they were unsaleable. The enormous 
 extent of distress, occasioned by the utter ruin of multitudes of families, led 
 the Government to frame a law, called the Bubble Act, 6th Geo. I., c. 18, 
 making it illegal to establish companies by sale of shares without authority of 
 Parliament. 
 
 1720. Grain Riots. — When educated men esteemed all importations of 
 foreign goods a loss to the country, it is no wonder that the unlearned con- 
 sidered all exportation of victuals a loss to themselves, and occasionally 
 opposed such commerce with violence. “ February 5th. — The exportation of 
 some corn from Dundee being connected unfavourably in the minds of the 
 populace with a rise of the markets, the mob not only took possession of two 
 
INTRODUCTION. 
 
 28 
 
 vessels loaded with bear lying in the harbour, the property of Mr George 
 Dempster, merchant, but attacked and gutted the house, shops, cellars, and 
 lofts of this gentleman. (He was the grandfather of the George Dempster 
 who was afterwards M.P. for Dundee and its associated burghs.) A similar 
 affair took place there nine years later .” — Domestic Annals. 
 
 1722. Bank of Scotland. — The Bank commenced the wise practice of 
 setting aside annually a portion of its profits for a Rest, to meet contingencies, 
 and so equalize its Dividends, which had varied from 6 to 18 per cent.; its 
 Dividends and Bonuses together had varied from 6 to 30 per cent. 
 
 1724. — Scotch Absenteeism. — There was profound peace, and for twelve 
 years the seasons were favourable, yet we hear at this time of great poverty in 
 the land. Wodrow complains of it. “ The prodigious run of our nobility and 
 gentry to England, their wintering there, and educating their children there, 
 takes away a vast deal of money every year .” — Domestic Annals. 
 
 1725. Bank of England. — “Notwithstanding the impulse given to the 
 trade and commerce of the country by the establishment of the Bank, it con- 
 tinued for a long time to be limited in its operations, and in 1725 there were 
 such great complaints of the scarcity of money in the country, that loans were 
 obtained with great difficulty, even for small sums, and no regularity was ob- 
 served in payments .” — Sir Wm. Pulteneifs Pari. Hist ., vol. xxxiii., p. 378. 
 
 1727. The Royal Bank of Scotland. — This Bank was established by 
 royal charter, dated 31st May 1727, but owing to the demise of George I., it 
 did not pass the Great Seal till 8th July. Its origin has a history, which is 
 briefly this : — The Equivalent Money (see 1707) of £398,085, 10s., not being 
 found sufficient, the Government granted Equivalent Bonds for the further debts 
 of the Crown in Scotland, which, on the 24th June 1714, amounted to £248,550, 
 9|d. sterling, as acknowledged and constituted by Act of Parliament, for the 
 payment of the interest on which, it was provided by Act, 5th Geo. I., c. 19, 
 that yearly, from the feast of the Nativity of St. John the Baptist (24th June), 
 1719, the full sum of £10,000 sterling should be payable for ever, subject, 
 nevertheless, to redemption by Parliament. By the same Act it was enacted, 
 that it should and might be lawful to and for his Majesty, by letters patent 
 under the great seal of Great Britain, to incorporate all and every the pro- 
 prietors of the debts and sums of money, to be one body politic and corpo- 
 rate, by such name as his Majesty should think proper. In 1724, therefore, 
 in pursuance of the said Act of Parliament, his Majesty issued letters patent, 
 and the said proprietors were incorporated under the title of the Equivalent 
 Company. Some of the proprietors of this stock began to desire, that the com- 
 pany should be changed from a mere body of Government annuitants into a 
 Bank. To effect this, various old complaints against the Bank of Scotland 
 were loudly reiterated, such as, That the old Bank’s capital was too small (at 
 that time only £30,000 paid up), that the Directors were too niggardly in 
 making loans and too nice in exacting security, that the Bank did not lend on 
 pledges, did not deal in exchange, did not discount foreign bills, but left the 
 factors to gather in the money themselves, and that it did not make advances 
 to its own adventurers on the security of their shares of stock. To these was 
 now added an insinuation that the Bank was opposed to the Hanoverian sue- 
 
INTRODUCTION. 
 
 29 
 
 cession : the Treasurer, David Drummond, of Bathgate, being a Jacobite. 
 Through the Whig interest they obtained their wish in 1727 : the exclusive 
 privileges of the Bank of Scotland expiring in 1726, and not being renewed. By 
 royal charter it was declared, that those holders of Equivalent Company’s stock, 
 who should before Michaelmas record their desire to have their said stock sub- 
 jected to the trade of banking, should be incorporated into a new company, to be 
 called the Royal Bank of Scotland, to be conducted by a Governor, Deputy- 
 Governor, nine Extraordinary and nine Ordinary Directors. The amount of 
 stock held by those who thus recorded their desire was £111,347, 19s. 10 ^d., 
 which accordingly formed the capital of the Bank at starting. But, in 1738, 
 it was empowered to raise its capital to £151,000 sterling, in 1783 to 
 £300,000; in 1788 to £600,000; in 1793 to £1,000,000; in 1804 to 
 £1,500,000 ; and in 1829 to £2,000,000. The first Notes of this Bank were 
 dated 8th December 1827, and were ornamented with a portrait of George I., 
 as they continue to be to this day. 
 
 — The Bank of Scotland having been established by the Tories, and the Royal 
 Bank by the Whigs, the political animosity of these parties was exercised in 
 opposition to, and on behalf of, the two Banks. This is shewn in two 
 pamphlets published in 1728, viz., “An Historical Account of the Establish- 
 ment, Progress, and State of the Bank of Scotland,” and “ A Letter containing 
 Remarks on the Historical Account of the Old Bank.” From the former the 
 following is an extract : — “ Possibly some will complain of my being tart in 
 some places; for which I offer this apology, That I was provoked by the 
 rudeness used against a company and gentlemen of good respect who have 
 been of great use in the service of their country these thirty and odd years. 
 . . . Though I cannot forbear condemning what is done, in setting up a 
 company here in foreign stock, or which at best must be bought from 
 foreigners at their own dear price, to rival the Bank of Scotland. . . . 
 Some will perhaps quarrel that under Foreign, England and English subjects 
 are comprehended as well as others. I own it is so, but with this view, only 
 to shew, that whatever profit is made by Banking and Paper credit in Scotland, 
 and exported, whether to England or any place abroad, is equally prejudicial 
 to Scotland, now after the Union, as it would have been before. . . . 
 Whatever was said while the Equivalent Society’s charter with Banking 
 powers was a seeking, or what has been said since the passing thereof, that 
 there was no design of prejudicing the Old Bank, nobody that knows the 
 nature of Banking does believe that two banks can be carried on in the same 
 country, for it is impossible to manage and keep them up without interfering 
 and rubbing upon one another, unless rules and regulations could be made to 
 prevent it; and it is impossible to digest regulations for executing such a 
 design, but what must make the interests of the two companies reciprocal, and 
 the product of their trade mutually to be communicated ; and so two different 
 offices under distinct management and direction , would be a needless charge and 
 trouble. Therefore, the gentlemen of the Bank did from the beginning lay 
 their account with an attack from an enemy, and a foreign one too, with home 
 alliance.” From the latter pamphlet the following is an extract: — “The 
 Bank of Scotland has divided 35, 40, 50 per cent., made by the use of other 
 
30 INTRODUCTION. 
 
 people’s money. (This the usual exaggeration of antagonists ; see the table at 
 the end of the volume.) It is a hard thing to defend the conduct of the Old 
 Bank upon the prospect of rivalship. Lending is superseded, a tenth is called 
 from the proprietors, and all their debtors threatened with diligence for a 
 certain part or for the whole of their debts, which diligence has since been 
 executed. . . . Why did they carry their revenge (as it is universally known 
 they did) to every one who had the least relation, alliance, friendship, or con- 
 nection with the proprietors of the Royal Bank ? Why were the first examples 
 of their wrath made out of the most known friends of the present establish- 
 ment ? and why were the disaffected remarkably and visibly spared V 9 This 
 last remark was intended to insinuate disloyalty. Soon after this, the Board 
 appointed for the encouragement of fisheries and manufactures having £20,000 
 to invest, a keen struggle took place between the two Banks for the pos- 
 session of this money, when the Royal Bank obtained the use of it. 
 
 1727. Linen Trade. — The Board of Trustees appointed to administer 
 £4,000 a-year in promoting manufactures and fisheries chiefly favoured the 
 linen manufacture. 
 
 — In the representation by the linen drapers at the bar of the House of Com- 
 mons, Jan. 1720, it is stated that there was annually imported from Scotland 
 into England the value of £100,000 in white linen, and as much in brown, the 
 flax being of “ a spunzie quality,” which gave it a preference over the similar 
 products both of Ireland and Germany. They state also that English woollen 
 cloths, to the extent of £400,000, were annually sent to Scotland. In the 
 following year, 26th June 1728, the Lord- Advocate, Duncan Forbes, writes 
 to the Duke of Newcastle : — “ The Trustees appointed by his Majesty for 
 taking care of the manufactures proceed with great zeal and industry; but 
 at present credit [he should have said the circulating medium] is run so 
 low, by a struggle between the Bank lately erected by his Majesty and the 
 Old Bank, that money can scarcely be found to go to market with .” — Domestic 
 Annals. 
 
 — Yearly quantity and value of Linen Cloth stamped for sale in Scotland, as 
 at 31st October each year from 1728 to 1822 : — 
 
 Year. 
 
 1728, 
 
 Yards. 
 
 ... 2,183,978 
 
 Value. 
 
 £103,312 
 
 Year. 
 
 1744, 
 
 Yards. 
 
 .... 5,480,727 
 
 Value. 
 
 £229,364 
 
 1729, 
 
 ... 3,225,155 
 
 114,383 
 
 1745, 
 
 .... 5,536,925 
 
 224,252 
 
 1730, 
 
 ... 3,755,622 
 
 131,262 
 
 1746, 
 
 .... 5,486,334 
 
 222,870 
 
 1731, 
 
 ... 3,891,573 
 
 145,656 
 
 1747, 
 
 .... 6,661,788 
 
 262,866 
 
 1732, 
 
 ... 4,384,832 
 
 168,322 
 
 1748, 
 
 .... 7,353,098 
 
 293,864 
 
 1733, 
 
 ... 4,720,105 
 
 182,766 
 
 1749, 
 
 .... 7,360,286 
 
 322,045 
 
 1734, 
 
 ... 4,893,499 
 
 185,224 
 
 1750, 
 
 .... 7,572,540 
 
 361,736 
 
 1735, 
 
 ... 4,880,633 
 
 177,466 
 
 1751, 
 
 .... 7,886,374 
 
 367,167 
 
 1736, 
 
 ... 4,538,478 
 
 168,177 
 
 1752, 
 
 .... 8,759,943 
 
 409,047 
 
 1737, 
 
 ... 4,721,420 
 
 183,620 
 
 1753, 
 
 .... 9,422,593 
 
 445,321 
 
 1738, 
 
 ... 4,666,011 
 
 185,026 
 
 1754, 
 
 .... 8,914,369 
 
 406,816 
 
 1739, 
 
 ... 4,801,537 
 
 196,068 
 
 1755, 
 
 .... 8,122,472 
 
 345,349 
 
 1740, 
 
 ... 4,609,672 
 
 188,777 
 
 1756, 
 
 .... 8,547,153 
 
 367,721 
 
 1741, 
 
 ... 4,858,190 
 
 187,658 
 
 1757, 
 
 .... 9,764,408 
 
 401,511 
 
 1742, 
 
 ... 4,431,450 
 
 191,689 
 
 1758, 
 
 .... 10,624,435 
 
 424,141 
 
 1743, 
 
 
 215,927 
 
 1759, 
 
 .... 10,830,707 
 
 451,390 
 
INTRODUCTION. 
 
 31 
 
 Year. 
 
 Yards. 
 
 Value. 
 
 Year. 
 
 Yards. 
 
 Value. 
 
 1760, 
 
 ... 11,747,728 
 
 <£523,153 
 
 1792, 
 
 .... 21,065 386 
 
 £842,543 
 
 1761, 
 
 ... 11,995,494 
 
 516,354 
 
 1793, 
 
 .... 20,676,620 
 
 757,332 
 
 1762, 
 
 ... 11,303,237 
 
 474,807 
 
 1794, 
 
 .... 20.535,633 
 
 797,416 
 
 1763, 
 
 .... 12,399,656 
 
 552,281 
 
 1795, 
 
 .... 21,374,196 
 
 827,003 
 
 1764 
 
 .... 12,823,048 
 
 573,243 
 
 1796, 
 
 .... 23,102,404 
 
 906,202 
 
 1765, 
 
 .... 12,746,659 
 
 579,227 
 
 1797, 
 
 .... 19,475,241 
 
 735,084 
 
 1766, 
 
 .... 13,242,557 
 
 637,346 
 
 1798, 
 
 .... 21,297,059 
 
 850,403 
 
 1767, 
 
 .... 12,783,043 
 
 633,854 
 
 1799, 
 
 .... 24,506,007 
 
 1,116,022 
 
 1768, 
 
 .... 11,795,437 
 
 599,669 
 
 1800, 
 
 .... 24,235,633 
 
 1,047,598 
 
 1769, 
 
 .... 13,406,125 
 
 689,790 
 
 1801, 
 
 .... 25,271,870 
 
 1,018,642 
 
 1770, 
 
 .... 13,049,535 
 
 634,411 
 
 1802, 
 
 .... 23,803,255 
 
 915,103 
 
 1771, 
 
 .... 13,466,274 
 
 620,322 
 
 1803 
 
 .... 15,890,878 
 
 687,692 
 
 1772, 
 
 .... 13,089,006 
 
 579,833 
 
 1804, 
 
 .... 15,198,676 
 
 749,115 
 
 1773, 
 
 .... 10,748,110 
 
 462,751 
 
 1805, 
 
 .... 19,413,057 
 
 936,453 
 
 1774, 
 
 .... 11,422,115 
 
 492,045 
 
 1806, 
 
 .... 21,490,123 
 
 973,171 
 
 1775, 
 
 .... 12,139,683 
 
 561,527 
 
 1807, 
 
 .... 20,776,774 
 
 957,238 
 
 1776, 
 
 .... 13,571,948 
 
 638,873 
 
 1808, 
 
 .... 19,390,497 
 
 1,014,629 
 
 1777, 
 
 .... 14,793,888 
 
 710,633 
 
 1809, 
 
 .... 22,469,990 
 
 1,171,880 
 
 1778, 
 
 .... 13,264,410 
 
 592,023 
 
 1810, 
 
 .... 26,457,079 
 
 1,265,669 
 
 1779, 
 
 .... 12,867,238 
 
 551,148 
 
 1811, 
 
 .... 21,499,765 
 
 999,439 
 
 1780, 
 
 .... 13,410,934 
 
 622,187 
 
 1812, 
 
 .... 18,975,862 
 
 1,020,493 
 
 1781, 
 
 .... 15,177,800 
 
 738,482 
 
 1813, 
 
 .... 19,799,146 
 
 977,382 
 
 1782, 
 
 .... 15,348,744 
 
 775,098 
 
 1814, 
 
 .... 26,126,620 
 
 1,253,574 
 
 1783, 
 
 .... 17,074,777 
 
 866,983 
 
 1815, 
 
 .... 32,056,015 
 
 1,403,766 
 
 1784 
 
 .... 19,138,593 
 
 932,617 
 
 1816, 
 
 .... 26,112,045 
 
 1,026,674 
 
 1785, 
 
 .... 17,275,071 
 
 835,081 
 
 1817, 
 
 .... 28,784,967 
 
 1,092,689 
 
 1786, 
 
 .... 17,501,375 
 
 823,447 
 
 1818, 
 
 .... 31,283,100 
 
 1,253,528 
 
 1787, 
 
 .... 19,425,031 
 
 843,920 
 
 1819, 
 
 .... 29,334,428 
 
 1,157,923 
 
 1788, 
 
 .... 20,506,310 
 
 854,900 
 
 1820, 
 
 .... 26,259,011 
 
 1,038,708 
 
 1789, 
 
 .... 19,996,075 
 
 779,608 
 
 1821 
 
 .... 30,473,461 
 
 1,232,038 
 
 1790, 
 
 .... 18,092,249 
 
 722,544 
 
 1822, 
 
 .... 36,268,530 
 
 1,396,295 
 
 1791, 
 
 .... 18,739,725 
 
 755,546 
 
 
 — Scots Magazine. 
 
 1728. Bank of Scotland. — “The conflict between the Bank of Scotland 
 
 and its young and pretentious Whig rival, the Royal Bank, led to a temporary 
 stoppage of payments at the former establishment, the last that ever took 
 place. The Royal Bank, i having all the public money given in to them, has 
 at present worsted the Bank of Scotland, and run them out of cash.’ In their 
 own advertisement on the occasion, they attribute the calamity to 4 the great 
 embarrassment that has been upon credit, and circulation of money in pay- 
 ments, for some months bygone, arising from causes and by means well known 
 both in city and country.’ It must have been a draught of very bitter gall to 
 the Auld Bank, when their young rival came ostentatiously forward with an 
 announcement, that, ‘ for the relief of such people as wanted to go to market,’ 
 they would give specie for the twenty-shilling notes of the Bank of Scotland. 
 The Bank resumed paying its twenty-shilling notes on the 27th June.” — 
 Domestic Annals. 
 
 The following was the state of the Bank’s affairs : — “ An exact State or 
 Abbreviate of the affairs of the Bank of Scotland, as they stand balanced to the 
 27th March 1728, the day upon which they were obliged to stop payments through 
 deficiency of cash ; and how the same stands this 18th June the said year — 
 
INTRODUCTION. 
 
 32 
 
 The Bank, Debtor , on 27th March 1728. 
 
 To Bank Notes of sets No. 1 and No. 2, formerly called in,...£ 1,134 0 0 
 
 To Do. of the last sets, running at interest until called in, 70,054 0 0 
 
 To Alexander Heriot, for deposited money, 118 0 0 
 
 To John Wightman, per do., 300 0 0 
 
 To Sundries, 849 12 lOf 
 
 To the Publick, the total Debt, £72,455 12 10-f 
 
 To Adventurers, Free Stock, viz., — 
 
 For of their Capital, paid in, £30,000 0 0 
 
 For this year’s Free Profits, 4,466 18 2§ 34,466 18 2§ 
 
 To the Publick and Adventurers, the total Debt, £106,922 11 1^ 
 
 The Bank, per Contra, Creditor. 
 
 By heritable and personal Bonds for £87,058, 8s. 4d., with in- 
 terest due thereon to this day, £91,343 14 11 J 
 
 By Inland Bills discounted, besides the interest due thereon 
 
 not brought to accompt, 14,993 11 4£ 
 
 By Cash in the Treasurer’s hands at this day, 585 4 9 
 
 By Effects and Credit, the total summa, £106,922 11 1^ 
 
 The Bank, Debtor , on 18th June 1728. 
 
 To the Charge upon the Company by the above accompt, £72,455 12 lOf 
 
 To 4 per cent. Dividend ordered 29th March last, allowed to 
 
 the Adventurers, in part of their called in on 15th June,.. 4,000 0 0 
 
 £76,455 12 10 J 
 
 The Bank, per Contra, Creditor. 
 
 By the last call from the Adventurers of one-tenth of their 
 Capital of £100,000 sterling, payable on or before 15th 
 
 June, all paid in accordingly, £10,000 0 0 
 
 By Payments made to the Company on heritable and moveable 
 
 Bonds and Bills since 27th March last to this day, 20,219 10 8 
 
 By Balance in Bank Notes running at interest until called in, &c., 46,236 2 2§ 
 
 £76,455 12 lOf 
 
 REMARKS. 
 
 By the first accompt above, it appears that the Free Stock of the 
 
 Company on the 27th March 1728 was £34,466 18 2§ 
 
 Paid in since that day by the Adventurers 6 per cent, of Capital, 
 or £6,000 sterling, which, with £4,000 or 4 per cent. Profits 
 allowed them as last year’s dividend, makes a fourth tenth 
 of Stock, called in and paid up the 15th instant, 6,000 0 0 
 
 So the neat Stock of the Company, after paying all their debts, is, £40,466 18 2§ 
 
INTRODUCTION. 33 
 
 — “ By the above Abbreviates it appears, that on the 27th of March last (the 
 day upon which payment was stopt at the Bank), the Effects and Credit of 
 the Company, consisting of debts due by heritable and personal bonds, and 
 bills, and the above cash in the Treasurer’s hands, did amount to £106,922, 
 11s. ljd., and that the whole Charge on the Company, by Bank Notes then 
 standing out, dividends not called for, and the Treasurer’s obligements, 
 amounted only to £72,455, 12s. 10fd., so there then remained of Free Stock 
 £34,466, 18s. 2fd. 
 
 — “It likewise appears, that on or before the 15th of June instant, the one- 
 tenth of capital stock last called in was made good by £6,000 paid in by the 
 adventurers, and £4,000 the dividend of profits for last year, applied for that 
 end ; and that, since the 27tli of March, and on or before the said 18th of June 
 instant, the payments made by the Company’s debitors, on bonds and bills, 
 amount to £20,219, 10s. 8d. ; so that the Charge against the Company on the 
 27th of March, which then was £72,455, 12s. 10fd., is now reduced to 
 £46,236, 2s. 2§d. ; and that how soon all the Bank Notes presently running, 
 the dividends not called for, and the Treasurer’s obligements are paid, the 
 Company will have of clear Free Stock £40,466, 18s. 2§d. 
 
 — “ ’Tis to be noticed, that the price of the Company’s house and office is sunk, 
 and not brought into the accompt, nor any interest due upon inland bills yet 
 standing out unpaid, which cannot be brought to accompt until the bills 
 are paid. 
 
 — “ It is also to be noticed, that the Court of Directors have called in their 
 twenty-shilling Notes, from No. 1 to 12,001, in order to be paid on or after 
 the 27th instant. 
 
 — “ Nota. — The cash given in at the Bank for Notes issued, bearing date the 
 17th April 1728, is kept separate in the office for answering these new 
 Notes.” — Official Documents. 
 
 — From the above accounts, it appears that, while since 1704 the capital of the 
 Bank of Scotland had been increased from £12,000 to £30,000, the circulation 
 had also increased probably from £60,000 to £90,000, thus enabling the 
 Bank to extend its advances from £50,000 on bonds to £90,000, and from 
 £11,000 on mercantile bills to £15,000. 
 
 1729. Cash Accounts. — This mode of accommodating traders, which 
 afterwards acquired some celebrity as a part of the Scotch system of Banking, 
 was adopted this year both by the Bank of Scotland and the Royal Bank of 
 Scotland : its invention being ascribed to the latter Bank. 
 
 1730. Optional Clause in Notes. — The Bank of Scotland introduced 
 into their Notes an alternative obligation, to pay either on presentation, or 
 after six months, with interest at the legal rate. This was adopted by other 
 Banks^afterwards. (See the specimen of the Dundee Bank’s Notes in this 
 volume.) 
 
 1730. Private Bankers. — It has been remarked that before and for 
 some time after public banks were established, shopkeepers or merchants, as 
 they were all in common called, dealt in exchange : that is, bought and sold 
 bills payable in other towns, and facilitated other money transactions. Thus, 
 an advertisement published in the newspapers, in July 1730, by James Blair, 
 
34 INTRODUCTION. 
 
 merchant, at the head of the Saltmarket in Glasgow, makes us aware that at 
 his shop “ all persons who have occasion to buy or sell bills of exchange, or 
 want money to borrow, or have money to lend on interest, or have any sort of 
 goods to sell, or want to buy any kind of goods, or who want to buy Sugar- 
 house notes, or other good bills, or desire to have such notes or bills dis- 
 counted, or who want to have policies signed, or incline to underwrite policies 
 on ships or goods, may deliver their commands.” — Domestic Annals. 
 
 — Some of these merchants or merchant companies took in money on deposit. 
 “ Merchants of known wealth and reputation dealt in bills of exchange, and 
 received money from small traders and others, on deposit, for which interest 
 was allowed, according to bargain. Besides these first-class merchants, money 
 was received on deposit by most of the joint-stock companies which carried on 
 business in Glasgow, of which there were a number. M‘Ure, in his gossiping 
 history of the city, published in 1736, gives a list of some of these associations. 
 Thus there were the ‘ Soaperie,’ the Wester Sugar-work, the Easter Sugar- 
 work, the South Sugar-work, the King Street Sugar-work, Bell’s Tannarie, 
 the Old Tannarie, &c.” The last company held £40,000 of deposit money in 
 1765 . — Banking in Glasgow , 1862. 
 
 1731. Bank of Scotland. — This Bank again tried the experiment of 
 banking in other towns, and in July opened branches at Aberdeen, Dundee, 
 Glasgow, and Berwick-on-Tweed ; but closed them again, for want of 
 encouragement, in 1734. 
 
 1731. Tay Shipping. — A list of vessels belonging to the Tay, i.e., to the 
 ports of Dundee, Perth, Broughty Ferry, and St Andrews, is recorded in the 
 books of the Dundee Seamen Fraternity ; the number was seventy, amounting 
 to 2,309 tons. 
 
 1739. Linen Trade. — “No less than 981,378 yards of linen cloth hath 
 been sent this month (in March, from Leith) to London, besides what has 
 been exported to other places, which no doubt has been considerable. By this 
 we may see that the industrious poor only want proper encouragement to 
 make us rival any of our neighbours in the goodness of that manufacture.” 
 In a letter from Westminster, dated July 9, it is said: “The increase and 
 improvement (upon which the former is probably consequent) lately made in 
 the linen manufacture of Scotland has afforded the most solid satisfaction to 
 every friend of the interests of Great Britain. And the quantities of fine cloth 
 that have been sent hither of late, hath very much altered the judgment of 
 people here, who, from the large parcels of slight goods you have hitherto sent 
 us, were apt to conclude you incapable of furnishing linen of any considerable 
 fineness ; but from what we have now seen, there is room to conceive hopes 
 of seeing you match the productions of your rivals of Ireland; and by your 
 joint endeavours enable us to keep the large sums at home that annually creep out 
 of these kingdoms , to supply us with half th$ cloth used amongst us , to the great 
 advantage of our neighbours , and shame of ourselves.” — Scots Magazine , vol. i. 
 
 1746. Dundee. — The population was probably about 5,000 ; at the Cross 
 (on the High Street) four or five houses were built wholly of stone, but all the 
 rest chiefly of wood ; no shop even then brought more than £2 or £3 of rent ; 
 two that were in this year shut up for want of tenants sold in 1789 for £450 
 
INTRODUCTION. 
 
 35 
 
 each. The Jacobite rebels, to the number of 600, entered Dundee on Satur- 
 day, 7th September 1745, and held possession of the town till Tuesday, 14th 
 January 1746 : during that period calling for occasional contributions. One 
 of these is thus entered in the Town Chamberlain’s books, “ By cess paid the 
 rebels, per receipt, £19, 4s.” Charles Jobson, the Kirk -treasurer, remarks in 
 his account-book, under date 17th April 1746, “ Yesterday ye 16th current 
 was fought ye famous battle of Culloden, when rebellion dyed.” 
 
 1746. The British Linen Company. — This Company was established by 
 Charter under the Privy Seal, by his Majesty George II., dated 5th July 1746. 
 At that time the public mind was still agitated by the events of the Rebellion, 
 and it was considered to be of much importance, with a view to tranquilize 
 the country, and to call forth its resources, that the attention of the Scottish 
 people should be directed to the advantages to be derived from trading and 
 manufacturing enterprise. It was anticipated that, by affording the direct 
 encouragement of a Government Institution to the linen manufacture, it would 
 become the great staple of Scotland, and would provide ample employment for 
 a large part of the population ; while extensive markets for the produce of 
 their labour would be found within the United Kingdom and in the Colonies, 
 then chiefly supplied with linens from Germany. In accordance with these 
 views, this Company was established, having a capital of £100,000, and with 
 power to manufacture and deal in linen fabrics, and to do everything that 
 may conduce to the promoting and carrying on the linen manufacture, includ- 
 ing the issuing of Notes payable on demand, which privilege it began to 
 exercise in 1747. For some time after its establishment, the Company engaged 
 on its own account, and to a considerable extent, in the importation of flax, 
 and the manufacture of yarns and linens, having warehouses both in Edin- 
 burgh and in London ; but it soon became apparent that the Company would 
 be of more utility, and better promote the objects of its institution, by enlarg- 
 ing the issue of its Notes to traders and manufacturers, than by itself trading 
 and manufacturing. The Company therefore withdrew from such opera- 
 tions, which were brought to a close in the year 1763, and from that time 
 it has confined itself to the discount of bills, advances on accounts, and other 
 Bank transactions, in support of the general business of Scotland at home and 
 abroad. The capital of the Company was increased in 1806 to £200,000, in 
 1813 to £500,000, and in 1850 to £1,000,000, with power to extend it to 
 £1,500,000. 
 
 1747. The Banking Company of Aberdeen. — This Bank was established 
 by Alexander Livingston, William Mowat, William Bremner, and John Ding- 
 wall, but it did not exist very long. In July 1753 its Notes were protested 
 for non-payment, and the protests forwarded to Edinburgh for registration, 
 that execution might pass thereon ; but this was refused, “ the Notes not 
 being Bills.” In January 1754 the partners gave public notice of a dissolution 
 of the Company, and of the cessation of the issue of their Notes . — Scots 
 Magazine. In No. 1 of the Aberdeen Journal , published on 5th January 
 1748, the following advertisement (the only one in it) seems to refer to Notes 
 of this Bank : — “ On the 25th of last month, were amissing three Promissory 
 Notes of the Aberdeen Company’s — one for £10 and two for Twenty Shillings 
 
INTRODUCTION. 
 
 M 
 
 each ; and of the Bank of Scotland, two for Twenty Shillings each. Whoever 
 brings them to the publisher of this paper shall have two guineas reward, and 
 no questions asked.” — Tvrreff’s Antiquarian Gleanings , 1859. 
 
 1750. Ministers’ Stipends. — The General Assembly resolved, on May 
 10th, to petition Parliament to raise the legal minimum of stipends to 
 £83, 6s. 8d. sterling. The following statistics are given in the report on the 
 subject : — 
 
 Present Stipends of 833 Benefices. 
 
 1 below £25 
 
 
 
 38 above £70 not above £75 
 
 3 above 
 
 25 
 
 under 
 
 £30 
 
 27 
 
 
 ... 80 
 
 12 
 
 30 
 
 not above 
 
 35 
 
 22 
 
 80 
 
 ... 85 
 
 25 
 
 35 
 
 
 40 
 
 7 
 
 85 
 
 ... 90 
 
 106 
 
 40 
 
 
 45 
 
 9 
 
 90 
 
 ... 95 
 
 126 
 
 45 
 
 
 50 
 
 12 
 
 95 
 
 ... 100 
 
 84 
 
 50 
 
 
 55 
 
 3 
 
 100 
 
 ... 105 
 
 119 
 
 55 
 
 
 60 
 
 2 
 
 105 
 
 ... 110 
 
 94 
 
 60 
 
 
 65 
 
 8 
 
 ....... no 
 
 ... 115 
 
 119 
 
 65 
 
 
 70 
 
 16 
 
 of £138, 17s. 9f-d. 
 
 
 — Total stipends of 833 benefices amount to £50,266, 15s. 5j-fd., or on an 
 average, £60, 6s. lOd. each; and the total value of glebes (712) is £2,855, 
 11s. 8d., or on an average, £4, Os. 2i^d. each. 
 
 — In 1617 the minimum stipend was fixed at £27, 15s. 6d., or five chalders of 
 victual; in 1633 this was raised to £44, 8s. lOfd. or eight chalders of victual, 
 with a glebe of four acres arable, or proportionably of pasture. Of the pre- 
 sent stipends, sixty-five are below the legal amount. The Assembly pleads 
 that now, after 117 years, the legal minimum is too small to live on, and 
 justify the assertion by a statement of what a minister requires for himself, a 
 wife, three children, two female servants, and one male servant. 
 
 1. Expense of maintaining three servants, £10 16 0 
 
 2. Wages, two women at 16s. 8d. each, half-yearly, and one man 
 
 at £1, 10s. Od. do., 6 6 8 
 
 3. Maintenance of the minister, his wife, and three children, at 
 
 £1, 12s. 6d. each per quarter, 32 10 0 
 
 4. Clothing of the above five, 15 0 0 
 
 5. Coals, or other fuel, candles, soap, &c., 8 0 0 
 
 6. Medical advice and medicines, 1 10 0 
 
 7. Expense of attending Church Courts, 3 10 0 
 
 8. Books, 2 0 0 
 
 9. Education of children, 3 0 0 
 
 10. Tear and wear of furniture, 10 0 
 
 £83 12 8 
 
 — Extra expenses at births, funerals, charities, apprenticing children, &c., not 
 provided for. 
 
 — The Assembly states that the tiends not now affected by the ministers’ 
 stipends amount to £60,000 a-year, and propose that out of this fund should 
 be taken what was necessary to supplement the present stipends. 
 
INTRODUCTION. 
 
 37 
 
 — The landholders became alarmed, held meetings, at which violent speeches 
 were made, and the clergy declared to be bringing the Church of Scotland 
 into disgrace by such a proposal. The following are the dates and places of 
 these meetings : — 
 
 1749. 
 May 
 Oct. 
 
 1750. 
 Jan. 
 Feb. 
 
 Feb. 
 
 Mar. 
 
 April 
 
 May 
 
 June 
 
 say Land tax in 
 at 4s. per £1 
 
 2. Ayrshire. 
 
 3. Fifeshire. 
 
 9. Aberdeen. 
 
 9. Kincardine 
 Scotland 
 produces only £48,000. 
 15. Moray, Elgin, and Forres. 
 14. Nairn. 
 
 20. Roxburgh and Teviotdale. 
 17. Caithness. 
 
 24. Inverness. 
 
 26. Banff. 
 
 1. Dumfries or Annandale. 
 
 1. Peebles or Tweeddale. 
 
 1750. 
 
 June 12. Edinburgh or Mid Lothian. 
 
 „ 23. Linlithgow or West Lothian. 
 ,, 21. Wigton or Galloway. 
 
 July 2. Haddington or East Lothian. 
 „ 10. Orkney. 
 
 „ 18. Forfar or Angus. 
 
 Aug. 7. Stirling. 
 
 „ 7. Renfrew. 
 
 „ 7. Berwick or Merse. 
 
 „ 7. Ross. 
 
 „ 10. Lanark or Clydesdale. 
 
 „ 21. Perth. 
 
 Sept. 6. Kirkcudbright. 
 
 Oct. 16. Sutherland. 
 
 ,, 4. Selkirk or Ettrick-Forrest. 
 
 „ 1. Dumbarton. 
 
 — The landholders objected, 1st, that stipends, on the whole, are enough, com- 
 pared with other classes of society ; 2d, that the country cannot afford more ; 
 3d, that it is not for the benefit of the ministers’ usefulness to be luxurious. 
 
 — “ Reasons for applying the unexhausted tiends examined,” in a letter to a 
 friend, was published in 1748. It asserts that the clergy are 1,000, and have 
 (including the value of manse and glebe) £80 each = £80,000 a-year out of 
 £700,000 of land rents, or out of £822,857 land and burgh rents. And as the 
 population (as is thought) exceeds 1,000,000, the clergy appear to enjoy about 
 one-tenth of that 1,000,000 — i.e., 100 shares each. (Note. — There is here some 
 error, as it is not sense.) It also asserts, that necessaries are not dearer than 
 they were a hundred years ago ; “ corn is cheaper these fifty years.” 
 
 — “Reasons for augmenting ministers’ stipends, illustrated and enforced,” 
 being an answer to the preceding, was published. It states that 942 minis- 
 ters’ stipends, glebes, and manses were but £60, 10s. each, amounting to 
 £56,991 ; while the annual revenue of the country was as follows : — 
 
 Rents of land and burghs, including entry monies, but 
 
 deducting cess, £1,370,000 0 0 
 
 Profit of farmers and graziers, or rents after paying owners, 2,740,000 0 0 
 
 Profit of manufactures, 380,000 0 0 
 
 Profit of merchandise by sea and land, 440,000 0 0 
 
 Incomes of place-holders, 230,000 0 0 
 
 £5,360,000 0~0 
 
 — The author notes the error in the preceding pamphlet as to population of one 
 million dividing among itself £822,857 of land rents, as if all had a share, and 
 no other support. A letter to the Scots Magazine , of Dec. 28, 1748, reviews 
 
INTRODUCTION. 
 
 38 
 
 the two preceding pamphlets, and thinks them equally wrong in opposite 
 directions, one magnifying the poverty and the other the wealth of Scotland. 
 It proposes the land-tax as a criterion of the value of lands and burghs. 
 When eight months’ cess is imposed, it produces £50,000 sterling, which 
 extends to 5 per cent, on the nett real rent of Scotland, it being £1,000,000 
 sterling, exclusive of tiends. Another letter to the Magazine, of April 1749, 
 asserts that the clergy live well, keep out of debt, and some leave large sums 
 to children — £1,000 or £500 sterling in Aberdeenshire. The Assembly 
 estimates the board of a minister’s family, with coal, candles, &c., at £48, the 
 writer says, but the glebe producing meal, milk, peats, poultry, it is enough to 
 allow — Butcher meat, £6 ; cheese and butter, £5 ; soap and starch, £1, 5s. ; 
 tea and sugar, £7 ; wine and spirits, £2, 10s. — Total, £21, 15s. lie allows 
 nothing for coals, because they are generally brought to the manse gratis, 
 and the tallow of their butcher meat should supply candles. — Collection of 
 Papers as to Augmenting Stipends , 1751. 
 
 1750. The Ship Bank, Glasgow. — 44 At length the rapidly increasing 
 trade of Glasgow determined some of the most wealthy and influential mer- 
 chants there, to establish a local Bank to meet the monetary exigencies of the 
 city. Accordingly, six gentlemen formed themselves into a company for 
 carrying on the trade of Banking, including the issuing of Notes. The social 
 firm was Dunlop, Houston, & Co., and the descriptive was that of the after- 
 wards well-known 4 Ship Bank.’ The capital was £ . The Notes 
 
 bore the figure of a ship under full sail, and were very plain. The following 
 is a copy of one of the Notes, dated 114 years ago, signed by the cashier and 
 two of the partners : — 
 
 £ 12 Scots. 
 
 !\P n ill 
 
 t/VO. 7 0 3 
 
 Glasgow } 2d ^curmary 1^53. 
 
 I, James Simson, Cashier , appointed by Colin Dunlop, Alex- 
 ander Houston, & Company, Bankers in Glasgow , pursuant to powers from 
 them , Promise to pay to JoJin thrown } or the Bearer , Twenty Shillings 
 Sterling, the date , number , and creditor’s name , are inserted by me, and these 
 presents signed by me, and the said Colin Dunlop, and Alex. Houston. 
 
 Colin Dunlop. James Simson. 
 
 Alex. Houston. 
 
 — The business commenced in January 1750. The office hours were from ten 
 till twelve forenoon, and from three till five o’clock afternoon, except on 
 Saturdays, when the Bank was open only from nine till eleven. This first of 
 Glasgow Banks was, from the very outset, most successful, and could hardly 
 fail to be so, from the influential character of the partners. The population of 
 the city at that time was about 23,000.” — Banicing in Glasgow , 1862. 
 
 1750. The City Arms Bank, Glasgow. — 44 The success of the Ship Bank 
 led to the formation of a second Bank within the same year. The partners 
 were twenty-six in number, and equally respectable. The social firm was 
 
INTRODUCTION. 
 
 39 
 
 Cochran, Murdoch, & Co., and the name, ‘ The Glasgow Arms Bank.’ The 
 Notes bore that emblem, and the city motto, rather tastefully executed. The 
 capital was £ . Their first cashier was Mr Laurence Scott. The 
 
 Bank was opened on Tuesday, 6th November 1750, and the Bank hours were 
 the same as those of the Ship.” — Banking in Glasgow. 
 
 1751. Bank Rivalry. — The Glasgow Banks had scarcely been estab- 
 lished when they were attacked by the Bank of Scotland and Royal Bank. 
 These last had long had a feud between themselves, but now that Glasgow 
 had presumed to act for herself, in a field peculiarly her own, and which these 
 Edinburgh strangers had not chosen properly to cultivate, the latter quashed 
 their disputes, and resolved, if possible, to crush the two new competitors. 
 The Edinburgh Banks insisted on Provost Dunlop and Provost Cochran, and 
 the other gentlemen associated with them, immediately discontinuing the 
 business of Banking, under threat of their Notes being protested. This request 
 was refused, whereupon the two Edinburgh stranger Banks employed an 
 agent, named Archibald Trotter, to collect as many Notes of the Ship and 
 Glasgow Arms as possible, and suddenly present these at the banks for 
 payment. But he completely failed in his object. The Glasgow Banks stood 
 their ground manfully, backed by the voice of public opinion, against the 
 tyranny attempted towards them, and met all demands. This opposition 
 lasted some years, and ended in a lawsuit before the Court of Session, at 
 Trotter’s instance, but he was glad to compromise the case, after having spent 
 about £600 in law expenses. The Glasgow Banks continued to prosper, and 
 none of the Edinburgh Banks ventured to place a branch here for upwards of 
 twenty years after their repulse. — Banking in Glasgow. 
 
 1752. Circulation of Notes. — The old Bank (Bank of Scotland), the 
 new Bank (the Royal Bank), and the British Linen Company retire their 
 Notes from one another periodically. The Notes of the two new Banks in 
 Glasgow circulate to a considerable extent, and were current for some time in 
 Edinburgh, each company having appointed a factor there to pay their Notes 
 on demand ; but as this was discontinued they have not been current in this 
 city for several months past (January 1752). — Scots Magazine. 
 
 1752. New Style. — This was appointed to commence on 1st September 
 1752, but, under the idea that Government wished to cheat the people out of 
 eleven days, the law was very unpopular, and the prejudice against the change 
 was so strong, that down to this day endless confusion and vexation occur at 
 Whitsunday and Martinmas annually : the bulk of the population persisting to 
 adhere to the Old Term, in respect of the changing of household and farm 
 servants, and of the flitting of tenants. 
 
 1755. Dundee Newspaper. — The “ Dundee Weekly Intelligencer” was 
 commenced, No. 1 being for May 23-30, 1755. It consisted of four small 
 pages, was printed by Henry Gilbreath & Co., at their printing-office near the 
 Main Guard, and was sold at the price of three halfpence. 
 
 1759. Scarcity of Silver Coin. — In the Scots Magazine , pp. 184-186, 
 are articles on this subject, expressive of the complaints of all classes, but 
 especially of manufacturers, who had to pay 10s. premium on £100 collected 
 for them by shopkeepers. 
 
INTRODUCTION. 
 
 40 
 
 1759. Bank of England. — It now, for the first time, issued Notes below 
 £20, namely, for £15 and for £10. The slowness of the Bank to accommo- 
 date the public with smaller Notes was probably owing to the idea of borrow- 
 ing being originally connected with the issue of Notes. Thus, their charter 
 authorised them 4 4 to take up money on their bills,” and gave them the 
 exclusive right of so doing. Hence, perhaps, they did not like to borrow less 
 than £20. When the question of establishing Joint-Stock Banks in London, 
 in spite of the Bank’s exclusive privileges, arose, Counsel learned in the law 
 gave it as their opinion that while such Banks might not 44 take up money” on 
 bills, they might do so on pass books or on deposit receipts. This idea of a 
 Bill or Note being the voucher for a sum borrowed, led to the curious practice 
 of inserting in the Notes the name of a director or officer of the Bank before 
 the words 44 or bearer,” as if such person had lent the amount to the Bank, and 
 therefore that the money should be repaid to him or to such person as he 
 passed the Note to. This is still continued in the Bank of England Note, but 
 has long ceased in Scotland. 
 
 1760. State of the Coinage. — It having been neglected during the 
 reigns of Geos. I. and II., it had become, at the accession of Geo. III. in 
 1760, in as bad a state as formerly. The market price of bullion had risen 
 greatly above Mint price, and the Foreign Exchanges had fallen in proportion. 
 In 1771, the disgraceful and alarming state of the coinage was taken notice of. 
 In 1772, an Act passed, authorising persons to refuse and to deface light coins 
 when offered in payments. On the 10th May 1774, a Committee of the 
 House of Commons reported that a quantity of gold coin received at the Bank, 
 at the Mint price, to the amount of £3,500,000, was deficient in weight 9 per 
 cent. ; that part of the gold coin struck before 1763 was deficient 5 per cent. ; 
 and what was struck between 1763 and 1772 was deficient 2^ per cent. An 
 Act passed in 1774, declaring that the gold coin should be current by weight 
 as well as by tale, and the receiver entitled to an allowance from the payer for 
 any deficiency. — M L Leod on Banking. 
 
 1761. The Royal Bank. — 44 By advertisement in the Edinburgh papers of 
 July 4, the Directors of the Royal Bank of Scotland give notice, that they 
 have resolved to discount such good bills, payable in Edinburgh, as shall be 
 offered to them, which have from one to six months to run, and to pay the 
 contents to the holders, upon a discount of the legal interest till due (which has 
 been long practised by the Bank of England) ; and that they have also resolved 
 to purchase good bills on London, at the current exchange for the time of such 
 purchase.” — Scots Magazine. 
 
 1761. Mansfield’s Five-Shilling Notes. — 44 Five-shilling notes, issued by 
 Messrs Mansfield, Hunter, & Co., bankers in Edinburgh, are now in currency. 
 They are dated Edinburgh, June 1, 1761, and of the following tenor: 4 We 
 promise to pay John Crawford, or bearer, on demand, five shillings sterling, 
 value received. Mansfield, Hunter, & Co.’ ” — Scots Magazine. 
 
 1761. The Thistle Bank, Glasow. — The firm, consisting of six partners, 
 was designated, Sir Walter Maxwell of Pollock, Bt., Janies Ritchie, & Com- 
 pany. The Bank opened on 3d November, 1761. 44 A third Bank was opened 
 at Glasgow in the beginning of November. They have issued' Notes of £5, of 
 
INTRODUCTION. 
 
 41 
 
 20s., and of 10s., dated Nov. 3, 1761, having the Scottish thistle and motto at 
 the top. They are payable, the 1 Os. Notes on demand ; the others, either on 
 demand, or, in the option of the Company, six months after being presented, 
 with the six months’ interest.” — Scots Magazine. 
 
 1762. Scarcity of Money. — 44 An uncommon scarcity of current coin in 
 the country, occasioned chiefly by its being carried off by English Riders, and 
 by sale of Bills on London, has made both the Banks in Edinburgh abridge 
 their cash accounts one-fourth. For this purpose, a letter of the following 
 tenor, signed by the Secretaries of the respective Banks, was circulated about 
 the 25th of January : — 4 The circumstances of the country, and of the Bank, 
 lay the Directors under the necessity of abridging all cash accounts. This, 
 therefore, by their order, serves to acquaint you that you are, from this date, 
 to look on your correct credit in the Bank as restricted to three-fourths of the 
 sum in your bond ; and if you have, in the course of business, overdrawn 
 beyond that extent, it is expected you will immediately order payment of the 
 surplus without further intimation ; and you may believe, as soon as the 
 situation of affairs will permit, the Directors, who have no doubt of the security, 
 will indulge you to the former amount, if your occasions require it.’ We are 
 told that the Banking Companies in Glasgow have likewise abridged their 
 cash accounts.” — Scots Magazine. 
 
 — This was the beginning of a paper war in Scotland respecting the art of 
 Banking, of which some illustration is subjoined. Apropos to the preceding, 
 the Magazine reprinted Hume’s “Discourse on Money,” which was first pub- 
 lished in 1752. 
 
 1762. Foreigners investing in Britain. — It was ascertained that the 
 amount of Government stocks held by foreigners was £14,970,671, 2s. 4d., 
 the annual interest on which amounted to £576,613, 8s. lOd. — Sinclair’s Public 
 Revenue. 
 
 1762. Pamphlet on Banking. — A pamphlet was published by Martin & 
 Wotherspoon, Edinburgh, entitled, 44 Considerations relating to the late order 
 of the two Banks established at Edinburgh, by which they have recalled 
 one-fourth of their cash accounts.” It refers to the letter from the Banks, 
 and reviews the reasons of the order, hoping to invent a remedy against 
 the danger which may attend future proceedings of this sort. Banks ought 
 to have cash for all their Notes, like the Bank of Amsterdam ; the Bank 
 of England even is not on that footing. It discounts Bills and issues Notes, 
 the demand for repayment of which bears no proportion to the whole. 
 Hence it keeps cash only for part. The Banks in Scotland do the same. 
 — 44 The advantage arising from this to the private undertaker is very 
 great, but the advantage to the country has been still greater. Each of 
 the present Banks at Edinburgh may perhaps circulate Notes to the 
 amount of £300,000 ; but the sums necessary for answering the occasional 
 demands of cash to be paid in exchange for Notes, will not, it is believed, 
 exceed £50,000 ; and therefore the undertakers have a profit equal to the 
 interest of £250,000, or £12,500 yearly; from which nothing but the 
 expenses of management and loss by debtors is to be deducted. In the 
 country of Scotland the advantage has been an actual increase of stock at the 
 
INTRODUCTION. 
 
 42 
 
 rate of £250,000 for each £300,000 of Notes circulated. These Notes have 
 served all the purposes of money ; and as a less quantity of circulating specie 
 became necessary, the money itself, as a valuable commodity, has been sent to 
 other countries ; and, in return for it, goods or the materials of manufacture, 
 brought home.” Of course, the specie does not go out but for value. If 
 wanted back, goods must be sent for it. Hence the objection to Banks issu- 
 ing paper, that they increase the price of everything, is unfounded, as 
 the surplus circulating medium will go out of the country, and not affect 
 the price of goods in this country, till it affected all the commercial coun- 
 tries equally. The great benefit to Scotland of Banks, especially through cash 
 accounts. Hence it is important how Banks rule these cash accounts, and 
 how customers use them. If men of narrow and contracted views should 
 ever be admitted to the direction of the Banks of Scotland, their conduct 
 would have a direct tendency to check the progress of industry. Hence new 
 Banks may become necessary, but not more should be set up than will suffice. 
 The author thinks the late step of the Banks hurtful. Of late the Exchange 
 to London has risen to a great height, and the Banks at Edinburgh have found 
 the demand upon them for specie, in exchange for Notes, to increase very 
 much ; and at the same time, have found great difficulty in being supplied with 
 cash. To remedy this, they have judged it proper to recall one-fourth of the 
 cash accounts, and if this shall not prove effectual, they will perhaps in a 
 little time recall the whole. If bills on London sell in Edinburgh at 2 or 3 
 per cent, premium, while they can be bought in England at par, bills will be 
 bought there and sent here, and the cash carried away to be laid out on bills 
 again. This could be done between Edinburgh and Newcastle for perhaps 
 J per cent. The only permanent cause of high Exchange between England 
 and Scotland is the increase of public taxes, which have to be remitted to 
 London ; temporary causes are, fewer troops in Scotland, and the high premium 
 given by Government for money, so that sums of English money formerly lent 
 out in Scotland have been recalled, and Scotch money also sent there. 
 
 1762. Criticisms on Banking. — In the Scots Magazine for this year are 
 several letters, and an essay on “ Paper Money and Banks,” from which the 
 following are extracts : — 
 
 — A letter against Paper Money and Banks says : — “ Are we not at the mercy 
 of those bankers who glut us with visionary riches, whilst our specie is 
 engrossed and applied to their private emolument ?” 
 
 — A letter in defence of the Banks, in opposition to the pamphlet above 
 referred to, states : — “ Bills (Bank Notes) are not money, except as long as 
 easily convertible into cash. What happened to the old Bank thirty years 
 ago, and even to the Bank of England in the year 1745, is no exception to this 
 rule. The former confessed their bills to be no more than securities, and paid 
 interest on them ; the latter was supported by an universal association to pre- 
 vent money from going to the rebels. If the Bank’s profit out of Bills (Notes) 
 circulated is the interest they can gain, less the cost, if the present inducement 
 to demand cash and send it to England continues, they must either carry on a 
 losing trade, or give it up. If the Banks consulted only their own interest, 
 they would call in all their loans, and suspend business till they can do it to 
 
INTRODUCTION. 
 
 43 
 
 advantage. Their doing so would benefit the country by putting a stop 
 to persons using their credit at the Banks to raise money to send to England. 
 By restricting cash credits, and by opening books for receiving loans , they in 
 effect call in their Notes without violence, and obtain a delay in making pay- 
 ment of them, till money can be brought in to answer them. The disease lies 
 in the present disposition people have of sending their money to London. 
 The natural Exchange between Edinburgh and London should not exceed 
 1 per cent, at most, for that would cover expense of sending cash ; but the 
 present 3 per cent, is to be accounted 2 per cent, of depreciation on Notes, from 
 difficulty of getting cash for the Notes ; so even bankers ask £103 for a draft 
 on London of £100.” The pamphlet proposed that bankers should have borrowed 
 £100,000 in England and brought it down, because they could have done this 
 for 1 per cent, less ; but it would have gone back soon, if the cash accounts were 
 still allowed. Bills (Notes) for 20s. were useful at first, to accustom people to 
 paper money, and then 20s. was as hard to come by as £5 now. It is an error 
 to continue these small Notes. It recommends Banks to call in all Notes below 
 £5. This will knock on the head the inferior Banks, and the two Edinburgh 
 Banks will then become the sole instruments of serving their country. 
 
 — “An Essay concerning the nature and use of specie, and paper credit, in any 
 country ; the difficulties which the Banks in Scotland at present labour under, 
 owing to the scarcity of specie ; and what may be done for preventing the 
 distress thereby likely to fall upon the country.” It contains thirteen proposi- 
 tions, and is signed D. A. Edinburgh, April 7, 1761. 
 
 — A letter from Perthshire, March 1762, urges that no Bank should be per- 
 mitted to issue Notes till authorised by the Court of Session, and this not to be 
 granted till lands or houses are transferred to trustees, as security for the 
 amount allowed to be issued. 
 
 1762. Banking Memoranda. — The Banks, on 25th January, when cash 
 accounts were restricted to three-fourths their amount, gave notice, that money 
 should not be drawn from and paid into a cash account on the same day. This 
 was to prevent persons drawing large sums in the morning, using it all day, 
 and then paying it back at night, and so owing no interest. 
 
 — The following advertisement appeared first in the Edinburgh papers on 
 Saturday, March 20, and was frequently repeated : — “ Both the Banks at Edin- 
 burgh, established by Parliamentary authority, hereby give notice, that they 
 have resolved to receive in money, at their respective offices, in the way of 
 borrowing, on the treasurer or cashier’s receipts, for six months certain, or 
 longer, as shall be agreed on, at the rate of five per cent, per annum ; and at 
 four per cent, for accounts repayable on demand, or cash accounts, free of all 
 charges. That this measure is taken to avoid the inconvenience of a sudden 
 call upon their debtors, and towards the support of public credit, trade, and 
 manufactures, which have always been the care of the Banks. By order of the 
 Courts of Directors, James Spence, David Baillie, Secretaries.” This was 
 
 the form of the receipt : — “ Bank of Scotland, Edinburgh, 1762. Received 
 
 from (name and designation of the creditor), (the sum), pounds 
 
 sterling ; to be repaid to him at the end of six months, with interest at five 
 per centum per annum.” 
 
44 INTRODUCTION. 
 
 — “ The Notes of the Royal Bank are all payable on demand ; those of the other, 
 commonly called the old Bank, have an option, and the benefit of this option 
 has on this occasion (and, we believe, it is the first time) been taken in some 
 instances by marking Notes presented for payment. The Royal Bank and the 
 British Linen Company have lately, in self-defence, issued large Notes, with 
 an option of postponing payment for six months, with 5 per cent, interest. But 
 we have not yet seen any 20s. or 10s. Notes in this form.” 
 
 — In April, the Exchange on London fell to j per cent. In July, the restric- 
 tion on cash accounts was taken off all under £1,000. August 10, the price 
 of silver in London fell 2d. per oz., viz., from 5s. 8d. to 5s. 6d. ; and on 31st, 
 98,000 oz. of the Hermione’s silver was purchased by some Jews, and shipped 
 for Holland. The Hermione was a Spanish treasure-ship just taken. 
 
 1763. Edinburgh Banks relinquish Deposit Money. — At the end of 
 March, the Bank of Scotland and the Royal Bank, not being able to make a 
 profitable use of it, gave public notice that they had resolved to pay back what 
 money w r as lodged with them at 5 per cent. The creditors were directed to 
 call for it betwixt and Whitsunday next, after which time the interest would 
 cease. 
 
 1763. Oatmeal. — March 29. A letter from Glasgow reported the unusual 
 fact that oatmeal was cheaper in Glasgow than in Edinburgh, whereas it used 
 to be Id. or 2d. per peck dearer. This was owing partly to increased cultiva- 
 tion in the west, and partly to the fishing-boats taking more herrings than 
 ordinary to Ireland, and bringing back oatmeal. The price was lid. per peck. 
 In November, there were meal mobs in Glasgow and Edinburgh, owing to the 
 scarcity of oatmeal. The farmers in Midlothian were ordered, by the Justices 
 of the Peace of Edinburghshire, to thrash out a reasonable amount of oats, 
 and convert them into meal, for the supply of the metropolis. Yet oatmeal, 
 on 11th November, was only 9d. a peck, whereas it had been lid. in October, 
 and 13^d. in January. 
 
 1763. The Proclamation of Peace in Edinburgh. — 29th March. The 
 Scots Magazine states that the cost of the war to this country in suffering was 
 
 thus estimated: — 
 
 Sailors and marines engaged, 184,893 
 
 Killed and died of disease, 135,220 
 
 Survive, only 49,673 
 
 Probable number of widows, 33,805 
 
 Do fatherless children, 67,600 
 
 1763. — Large Failures. — In August, and the previous month, there 
 were thirty-two large failures in Amsterdam, and in Hamburgh fifty-four, 
 amounting together to £10,000,000. The London papers of August 30th 
 give the following reason for this : The Prussian King’s bankers advanced 
 him the money he exacted of Silesia, payable at different periods. They 
 have also bought, for ready money, the Russian magazines. This they 
 have done by circulation of their drafts on Hamburgh, Amsterdam, London, 
 Paris, &c. The undertakers of the Mint at Berlin have also bought up all 
 bullion, circulating the cost by bills till the coinage is finished ; but this has 
 been delayed. Two other heavy finance transactions have taken place, one 
 
INTRODUCTION. 
 
 45 
 
 from Sweden, and another from Denmark, the former on the security of the 
 Directors of the Exchange Contoir, under royal sanction, the latter much the 
 same ; so that an immense amount of bills had to be kept in circulation, at 5, 
 6, and and 8 per cent., which could be done only for a time. 
 
 1763. Indignation Meetings against Banks and Paper Money. — This 
 year the landed gentry exhibited an extraordinary zeal in endeavouring to 
 obtain the suppression of paper money, either in whole or in part, and a con- 
 demnation of the enormous revenue exacted, as it was supposed, from the public 
 by the issuers of such paper money. 
 
 — Aberdeenshire : the Commissioners of Supply held a meeting, and resolved : — 
 April 30. They will not receive 5s. Notes issued by private persons or private 
 Banks. June 23. They will not receive Notes of any Glasgow Bank. “ Upon 
 a representation of the manufacturers complaining of the want of specie, or 
 something in lieu of it, to pay their workmen, the meeting agreed that the 
 Directors of the two Edinburgh Banks should be spoken to, in order to concert 
 some method for obviating this inconvenience. The resolutions to be inserted 
 in the Aberdeen Journal , and published in the parish churches.” December 22. 
 They agree to petition for the abolition of the optional clause in Notes. 
 
 — Edinburghshire : the Heritors held a meeting, on the 4th October, in the 
 Inner Session House, and resolved : — “ The meeting, taking into consideration 
 the pernicious consequences which may arise to this country from the multi- 
 plying of paper money now circulating, both in regard to the uncertainty of 
 their security, and the facilitating of frauds and forgeries on the ignorant and 
 unwary ; and likewise considering, that they are the cause of so little specie 
 remaining in this country ; do resolve — That, from and after the 1st of 
 December next, they will not receive in payments Notes of any company 
 whatever, except those of the Edinburgh Banks, established by public 
 authority. And this they order to be published in the Edinburgh news- 
 papers, and at all the church doors in the shire, that none may pretend 
 ignorance.” 
 
 — Linlithgowshire : the Commissioners of Supply held a meeting, on the 6th 
 October, and resolved, that they would not, after 1st January 1764, accept in 
 payments the Notes of any Bank, of a smaller denomination than 20s. 
 
 — Roxburghshire : the Commissioners of Supply, on 11th October, resolved not 
 to do so after 1st December. 
 
 — Haddingtonshire : the Commissioners of Supply, on 25th October, resolved 
 not to do so after 1st December. 
 
 — Selkirkshire : the Commissioners of Supply, on 25th October, resolved not to 
 do so after 2d February 1764. 
 
 — Dumfriesshire : the Commissioners of Supply, on 29th November, resolved 
 to accept in payments the Notes of the Bank of Scotland, Royal Bank, and 
 British Linen Company, as long as these are received by the Collectors of 
 the Public Revenue ; but none of them with the optional clause in them after 
 1st May 1764. The Notes of the Banks in Glasgow, Ayr, and other places, to 
 be declined altogether. 
 
 — Renfrewshire : the Justices, Freeholders, and Commissioners of Supply held 
 a meeting, on the 13th December — Sir James Maxwell, of Pollock, in the chair — 
 
INTRODUCTION. 
 
 46 
 
 to the country, tending to promote agriculture, manufactures, and trade : That 
 the limiting the circulation of paper money to the Banks of Edinburgh would 
 be highly prejudicial to the landed and commercial interests of this part of the 
 United Kingdom, by creating a dangerous monopoly to these Banks, in a 
 branch of business so very important : That several Banking Companies in 
 Scotland appear to be established upon as firm and solid foundations as either 
 of the Banks in Edinburgh, as the stock of the latter is only bound to the 
 country, whereas both the stock of the former, and the estates, real and per- 
 sonal, of the partners, are jointly and severally bound for every Note they 
 issue : That the high exchange between England and Scotland, the boundless 
 extension of paper money, and the great scarcity of gold and silver coin in 
 Scotland, are owing to the use of optional clauses in Scots Bank Notes, by 
 which a power is reserved of postponing payment for six months after a demand : 
 That these optional clauses have given rise to such dilatory and evasive pay- 
 ments as are unknown to bankers of credit in any other part of Europe ; and 
 while these clauses, and the arts they have introduced, are continued and 
 practised, the same inconvenience will arise from all Notes, whether issued by 
 public Banks or private Banks : That if gold and silver coin were always 
 readily given in exchange for the Notes of either kind when desired, the circu- 
 lation of paper money would necessarily be confined within proper bounds ; 
 because every Bank or banker behoved to keep a due proportion between his 
 capital stock, his cash in Bank, and his Notes issued, in order to be able to 
 pay these Notes when demanded, and the country would at all times be sup- 
 plied with a sufficient quantity of gold and silver currency, and every holder 
 of a Bank Note would get cash for it whenever he had occasion to ask it : 
 That, therefore, as an effectual remedy for the evils so justly complained of, 
 the meeting resolve to apply to Parliament for a law to abolish these optional 
 clauses, and to oblige all Banks or branches in Scotland to make ready and 
 punctual payment, on demand, of the Notes issued by them, in good and 
 lawful money of Great Britain : and recommend to the Preses to transmit a 
 copy of these resolutions to Patrick Crawfurd, Esq., their representative, and 
 to the members of either House of Parliament who have interests in this 
 county, and to request them to promote a law for these purposes. The 
 meeting ordered these their resolutions to be published in the Edinburgh and 
 Glasgow newspapers.” 
 
 — Inverness-shire : the Freeholders, Justices, and Commissioners of Supply 
 held a meeting on 17th January 1764, and resolved, that at Whitsunday they 
 will not accept in payments the Notes of any Banks except those of the Bank 
 of Scotland, the Royal Bank, and the British Linen Company ; and that only 
 as long as they are received at the offices of public revenue. 
 
 1763. — Criticisms on Banking. — The Scots Magazine is full of reviews 
 of pamphlets and letters from correspondents on the same subject. The 
 Magazine quotes from the Edinburgh Advertiser (which had been com- 
 menced on 3d January 1763), and ridicules the following assertions : — 
 Since the beginning of the world, there never was a nation so abused by 
 banking as Scotland is at present, and probably never will be again till 
 the end of time. All our Banks issued more Notes than they ought, ten 
 
INTRODUCTION. 
 
 47 
 
 and resolved : — “ That paper money, under proper regulations, is advantageous 
 or twelve times as much as their capital, and when they had thus got the 
 whole money into their hands, employed it in their own private trades and 
 stockjobbing, &c. E.g ., A Glasgow company subscribe £15,000, and issue 
 Notes for £150,000 to £200,000. Each partner takes credit to himself for 
 two or three times the amount of his shares. An anecdote : An Englishman 
 wants specie in Glasgow ; asks the trader paying him Notes of the above Bank 
 to go and get specie, or claim to have them marked. The latter frankly 
 acknowledges he durst not, for the Bank would call up its loans to him, and 
 ruin him. Well, the Englishman, not willing to lose a good customer, takes 
 the Notes, but charges his next goods 10, 15, nay 20 per cent, dearer, so that 
 we, the consumers, have to pay so much more for English goods than we 
 should if no Bank in Scotland. The Englishman goes himself to the Bank, 
 where there is an altercation ; they offer bills on London at eighty, ninety, or 
 one hundred days ; they offer to mark the Notes, and pay in six months. At 
 last, if the sum is not more than £50 or £60, they pay him specie, but in 
 silver to plague him. This took place on 13th February 1763. One man got 
 £200 in shillings and sixpences, and packed it in a box, and sent it by land 
 carriage to England, rather than take long dated bills. The Edinburgh Banks 
 do not trade with our money as the Glasgow Banks do, but do they not job in 
 Change Alley? Many give 6d. or even Is. on the pound to get gold. In 
 many towns, if you want to purchase to the extent of 2s. or 3s., you cannot, or 
 must do it on credit. You cannot get change for a 10s. Note ; and even for a 5s. 
 Note, you must send to three or four shops before you get it changed. Even 
 copper coins are scarce, and we pay hundreds of pounds for Birmingham buttons. 
 — An Essay on Paper Money was published, dated Perth, August 1763, signed 
 “A — w O — n.” It states that, in the West of Scotland, two Banks have subsisted 
 ten years ; one of them has been offered £26,000 for its nett profits during 
 that period ; and the other has doubled its stock in full, which was about 
 £15,000 ; — so that these two companies have made £41,000 off the public. 
 It proceeds to enumerate the disadvantages of so many Banks, and of so 
 much paper money being issued. Since that has been done — 1. Vivres of every 
 kind, and labour, have risen 25 per cent. 2. Traders dabble in every trade, 
 whether they know it or not. 3. Bankers and their cronies monopolize every 
 kind of trade. 4. Notes are perishable — and then not recoverable, like a bond 
 that is burnt. 5. Payments become shamelessly protracted, by persons who 
 have Bank credits, to save interest. 6. Bank credits aid engrossers and fore- 
 stalled of victual. 7. Partners in the Glasgow Banks, who are mostly in the 
 tobacco trade, get £5,000 or £6,000 each from a Bank, to enable them to 
 hold on their stock when they cannot get their price, while others cannot get 
 Is. more than their Bank credit. 8. Bank managers and directors see who are 
 their customers’ correspondents, and tell their friends who are in the same trade. 
 9. There is a flood of Notes. The British Linen Company is computed to have 
 £100,000 at this time in circulation. Banks are being set up in Ayr, Dumfries, 
 and Dundee, and Notes are issued by persons in Greenock. 10. Capital of 
 these Banks not proportional to their circulation — e.g., the first Bank in Glas- 
 gow has stock of £15,000, but has a circulation of £100,000. 11. The Banks 
 
48 
 
 INTRODUCTION. 
 
 play shuffling tricks to avoid payment. Ask English Riders, or any one who 
 has needed £500 in gold ! 
 
 — In September, the Scots Magazine says, “ In the meantime the business of 
 banking seems to be on the increase. Messrs Mansfield, Hunter, & Co., of 
 Edinburgh, have indeed, for several months past, discontinued issuing their 5s. 
 Notes ; but it would not be easy to collect the names of all the persons who 
 issue such notes in many different places ; and a Bank has lately been set up 
 in Dundee, which issues Notes of £5, and of 20s., 10s., and 5s., of the tenor 
 following ” (the description being of the plates of which impressions are given 
 in this volume). 
 
 — A letter to the Magazine , dated Montrose, 20th December 1763, says: — 
 The wisdom of Sir James Maxwell and his associates in banking in Glasgow 
 (the Thistle Bank), is conspicuous in this, that they have put a notandum at 
 the foot of their Notes, “ The possessor may call at Mr Kinnear, at Edinburgh, 
 who will give them Edinburgh Notes in exchange for them so that Edin- 
 burgh Banks are obliged to find specie for other Notes as well as their own, 
 and thus compelled to introduce the optional clause. 
 
 — A letter to the Magazine , dated Edinburgh, 29th December 1763, says the 
 following queries about banking have been overlooked : — 1. Whether each 
 Bank is not managed by a coterie, who keep all secret, even from partners ? 
 2. Whether this is not prejudicial to the Bank ? 3. Whether the power of 
 
 granting or refusing cash credits be not too great to entrust to one or two 
 Banks, especially if managed as in No. 2 ? 4. Whether each Bank should not 
 
 provide heritable security for its Notes f 5. Whether it is not possible for 
 each of the Edinburgh Banks to issue Notes to such extent that the holders 
 may not be safe ? and, if so, whether the issues of a Bank should not be re- 
 stricted to some known amount, in some proportion to their stock ? 6. Whether 
 
 the books of every Bank should not be open to the inspection of persons of a 
 certain ^ank, possessed of a certain amount of rents from land ? 
 
 1763. Small Notes. — In the Aberdeen Journal we find the following illus- 
 tration of the issuing of Notes by private traders : — “ Bank Office, Exchange 
 Coffee-House, Aberdeen. Advertisement by Alexander Wyllie, Vintner. — 
 Whereas, a considerable number of 5s. Notes, accepted by me, dated the 10th 
 of June 1763, were issued at this office, which are probably dispersed in differ- 
 ent parts of the country, a great part of which have not as yet been presented 
 for payment : This is therefore intimating to all persons who may be possessed 
 of such Notes that they will be punctually paid at the Exchange Coffee-House 
 here, on or before the 5th day of August next. The holders of such Notes as 
 are not presented before that time must blame themselves if they do not receive 
 payment. (Signed) Alex. Wyllie. Aberdeen, 12th June 1765. N.B. — All 
 the Notes that are presented will be paid in silver, as the persons concerned in 
 this Bank do not pretend to impose upon the public by offering other Notes in 
 exchange.” — Turreff’s Antiquarian Gleanings , 1859. 
 
 These Banking Memoranda are continued after each Annual Balance Sheet. 
 
ANNUAL BALANCE SHEETS 
 
 OP THE 
 
 DUNDEE BANKING COMPANY 
 
 (ESTABLISHED 1st AUGUST 1763;, 
 
 From 1764 to 1864. 
 
 b 4 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr . 
 
 [i 
 
 To the PUBLIC, as per following Statement, £30,395 6 3 
 
 For NOTES in circulation, 
 
 as follows, .. 
 
 
 
 £30,395 
 
 Notes of 
 
 £0 
 
 5 
 
 0 
 
 £ 5,603 
 
 5 
 
 0 
 
 99 
 
 0 
 
 10 
 
 0 
 
 480 
 
 10 
 
 0 
 
 „ 
 
 1 
 
 0 
 
 0 
 
 22,066 
 
 11 
 
 3 
 
 99 
 
 5 
 
 0 
 
 0 
 
 2,245 
 
 0 
 
 0 
 
 
 
 
 
 £30,395 
 
 6 
 
 3 
 
 To the PARTNERS of the Company, as per following Statement, 
 
 For CAPITAL paid up, £20 on 63 shares, 
 
 For past year’s PROFITS, as per following Statement, ... 
 
 By Discounts received, £ 68 5 5 
 
 Exchange gained, 130 0 4 
 
 Interest received, 666 17 1 
 
 £1,260 0 0 
 287 15 5 
 
 1,547 15 5 
 
 To Interest paid, 
 
 To Expense of Management, 
 By Nett Profit, 
 
 £865 2 10 
 20 12 4 
 
 £844 10 6 
 556 15 1 
 
 287 15 5 £1,547 15 5 
 
 TOTAL LIABILITIES of the Bank,, 
 
 £31,943 1 8 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the first year was about £100,000 received, 
 and about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit. 
 
 Bills Discounted, 
 
 94 
 
 £ 5,990 8 10 
 
 £ 68 5 5 
 
 Bills Receivable, 
 
 264 
 
 17,987 0 4 
 
 
 Bills of Exchange, 
 
 351 
 
 23,123 7 6 
 
 130 0 4 
 
 Totals, 
 
 709 
 
 £47,100 16 8 
 
 £198 5 9 
 
 Total payments through Edinburgh Agents, £20,633, Is. lid. ; and through London Agents, 
 £3,050, 12s. 9d. N.B. — The £21,424, 13s. lOd. of London Bills sold kept down the amount 
 of Drafts on London. Of the expenses, £200 is for 46, 000 impressions of Notes. The Salaries 
 paid were — to the Cashier, £60 ; to the Accountant, six months, £20 ; to two Clerks, for 
 seven months, £11, 13s. 4d. Commission to Edinburgh Agents, l-8th per cent. 
 
 Progress oe Circulation, Weekly, from 15 th Oct. 1763 to 23c? Aug. 1764. 
 
 £ 5,255 
 
 £12,913 
 
 £20,272 
 
 £22,732 
 
 £30,417 
 
 6,078 
 
 13,342 
 
 20,814 
 
 23,679 
 
 30,192 
 
 7,006 
 
 13,739 
 
 21,553 
 
 24,211 
 
 30,311 
 
 7,593 
 
 14,585 
 
 21,200 
 
 25,348 
 
 30,002 
 
 9,312 
 
 14,543 
 
 21,720 
 
 26,961 
 
 30,193 
 
 10,848 
 
 15,567 
 
 21,889 
 
 27,943 
 
 30,287 
 
 11,174 
 
 16,173 
 
 22,227 
 
 28,928 
 
 30,123 
 
 11,803 
 
 17,936 
 
 22,474 
 
 30, 152 
 
 29,920 
 
 12,330 
 
 19,062 
 
 22,527 
 
 29,646 
 
 30,395 
 
 1 
 
1] 
 
 23d AUGUST 1764. 
 
 Cr. 
 
 By BANK OFFICE Furniture, £ 
 
 INVESTMENTS, as per following Statement, 
 
 Cash. Accounts, in number 75, £17,917 0 1 
 
 Personal Bonds, 2,050 0 0 
 
 Bills Discounted, i.e., due in Dundee, 1,926 10 8 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 4,757 7 1 
 
 Bills of Exchange, i.e., due in London, 1,698 13 8 
 
 £28,349 11 6 
 
 72 0 
 28,349 11 
 
 0 
 
 6 
 
 CASH at call and on hand, as per following Statement, 
 
 At call, Edinburgh Agents, £ 
 
 Do., London do., 
 
 On hand, as follows, 
 
 Mixed Notes, £ 1,824 15 0 
 
 Gold, 414 17 3 
 
 Silver, 586 6 0 
 
 Copper, 0 5 4 
 
 17 
 
 678 
 
 2,826 
 
 1 
 
 5 
 
 3 
 
 0 
 
 7 
 
 7 
 
 3,521 10 2 
 
 £2,826 3 7 £3,521 10 2 
 
 TOTAL ASSETS of the Bank, 
 
 £ 31,943 1 8 
 
 1763. Sept. 3. — £300 remitted to London for £200 in silver and £100 in quarter guineas. 
 
 5. — The Extraordinary empower the Ordinary Directors to lend out to the extent of £1,000, 
 in the Company’s Notes, to any good man that offers between this and the 17th current, 
 upon Bills payable at one day after date. 
 
 — Interest at 4 per cent, allowed by John Fyffe & Co., Edinburgh, the Bank’s Agents. 
 
 — The Directors agree to become bound to each other, upon their word of honour, that no 
 business whatsoever, relative to the Company, shall ever be mentioned by any of them but 
 in the Company’s Office. 
 
 23. — The first Cash Account, Wm. Goodlet, merchant, Kirriemuir, for £200. 
 
 Oct. 15. — Any one bringing London Bills, and not needing the money, to be allowed 4 per 
 cent, for it. 
 
 — Bank commenced issuing Notes of 5s., 10s., £1, and £5. The two last sorts having the 
 optional clause to pay six months after sight with six months’ interest, 
 
 Dec. 3. — Gold sent to Edinburgh to be turned into silver. 
 
 1764. Jan. 12. — The two Directors, John Haliburton and John Pitcairn, wishing to be 
 relieved of the signing of the Notes, other two, Alexander Greenhill and John Guthrie, were 
 appointed to do so, and to get £10 each. 
 
 Feb. 11. — Amount of Notes in circulation after six months’ business, £17,936, 5s. 
 
 April 10. — The Bank Premises, consisting of the two eastmost shops under the Pillars of 
 the Town-House, and the cellars underneath, fixed to be on a lease of 19 years, at a rent of 
 £5. The Bank fittings, costing £63, 10s., to be allowed to be removed. 
 
 July 30. — The Cashier instructed to take no Notes but those of the two Edinburgh Banks 
 (Bank of Scotland and Royal Bank of Scotland), the British Linen Co., and the Glasgow 
 Bank (Ship Bank). 
 
 Dec. 3. — The £1 Note paper frames sent to the Paper-Mills, Edinburgh, for three days’ 
 work. The Cashier to superintend it. 
 
52 Banking Memoranda for 1764. 
 
 Currency, Prices, &c. — In 1763, Peace: Gold coined, £513,040; Bank 
 of England Circulation (end of February), £5,999,910; Parliamentary sup- 
 plies, £13,522,040; wheat per quarter, in London, 40s. 9d. In 1764, Peace: 
 Gold coined, £883,102 ; Bank of England Circulation (end of February), 
 £5,501,800 ; Consols, 45 ; Parliamentary supplies, £7,712,562 ; wheat per 
 quarter, in London, 46s. 9d. 
 
 Parliamentary Supplies. — The grants made for the service of the years 
 1689 to 1763, seventy-four years, amounted to £399,929,285, or, on an average, 
 £5,404,449 per annum. The annual amounts for a few years previous to 1763 
 were as follows : — 
 
 1751, .... 
 
 ... £4,969,635 
 
 1 7 oS, ... i 
 
 ... £4,073,779 
 
 1759, .... 
 
 ... £12,749,860 
 
 1752, .... 
 
 ... 3,907,435 
 
 1756,... 
 
 ... 7,229,117 
 
 1760, .... 
 
 ... 15,503,564 
 
 
 .... 2,132,707 
 
 1757,... 
 
 ... 8,350.325 
 
 1761, .... 
 
 ... 19,616,119 
 
 1754, .... 
 
 ... 2,797,916 
 
 1758,... 
 
 ... 10,486,447 
 
 1762, .... 
 
 ... 18,299.153 
 
 Scarcity of Money. — An Address to the Public was circuluted on 
 the Royal Exchange, London, on 27th January 1764, in which it was de- 
 clared that the then scarcity of money, everywhere complained of, should 
 have been foreseen by all, for that the millions sent to Germany, to support 
 the war there, must cause this. For all the money the landed gentleman can 
 spare out of his rents, and all that the merchant or manufacturer can spare 
 out of his trade, is lent to the Government to be sent there. It is asked, 
 in reference to the question of renewing the Bank’s Charter, Is it not 
 striking, that Bank of England Notes, bearing no interest, circulate as 
 gold all over the kingdom, while Government Stocks, for which the whole 
 nation is responsible, and bearing interest at 3 per cent., sell at 55 per cent, 
 discount ? 
 
 Criticisms on Banking. — The Scots Magazine remarks, in March, in 
 answer to the Perth pamphlet of 1763 : — “Many monied men from north of 
 England, such as Carlisle, procure as many London bills as they can, come here 
 and sell them at high premiums, and insist for payment in gold. The Banks 
 dare not refuse them, and so they go back and buy more London bills, to 
 return and play the same game. Edinburgh is more exposed to this, for Glas- 
 gow lies further off, and Ayr out of the way. Banks pay 5s. 3d. to 10s. 6d. to 
 collectors of specie, and pay £ per cent, to circulators of their Notes. Each 
 Bank sends out thousands of Notes by their agents, who also pick up the Notes 
 circulated by the other agents, and return them quickly to Edinburgh, so that, 
 picking up each others Notes, they are all by the next week returned to 
 Edinburgh.” 
 
 — The Caledonian Mercury , about Whitsunday, had a good summary of recent 
 events, and a commentary on them. The Counties’ resolutions to take no 
 Notes but those of the two Edinburgh Banks came to nothing. The lairds, 
 like the common people of each district, found they must accept payment of 
 rents in such Notes as were to be got, or go without. They laid the blame on 
 the optional clause, but the writer says, at present it is needed to limit the trade 
 of sending specie to England ; nine-tenths of what is obtained from Banks 
 here goes there. Watch the waggons to Newcastle, and smacks to London, and 
 see the quantity of coin sent. This mischief cannot arise wholly from the 
 
Banking Memoranda for 1764. 53 
 
 optional clause, nor from tlie number of Banks, nor quantity of paper money, 
 nor from scarcity of coin : what, then ? At the commencement of the late war, 
 and long before, coin was in plenty in Scotland — [N.B. — This is an error] — 
 when there were no Banks but two in Edinburgh by authority, and one in 
 Glasgow without authority. The Exchange between Scotland and England 
 then was thirty to sixty days ; Banks drew on London at sight for 1 and some- 
 times 4 per cent. ; specie so plenty, people rather kept Notes by them than to 
 be troubled with coin. Then there was much English money invested in Scot- 
 land at 4 per cent., not less than £500,000 after the peace of 1748, because so 
 much could not be got in England lent on heritable securities, or in Banks, or 
 in Exchange dealers’ hands. But as soon as war broke out, Government gave 
 high premium for money, the English withdrew their money from Scotland to 
 invest it at home. Scotchmen using Bank credits as much as possible, took 
 money to London to dabble in the Stocks. The Exchange from that time 
 became 3, 4, and even 5 per cent, premium on London bills ; another 
 cause of adverse Exchanges are the Customs and Excise remittances ; also, 
 that many of the nobility and gentry go to reside in London, and their 
 rents have to be remitted there. In 1761 and 1762 meetings between the 
 Directors of the Edinburgh Banks and merchants and private bankers were 
 held to consider what should be done, the drain of specie being so heavy and 
 enduring. 
 
 — At Whitsunday 1764, the Scots Magazine says, the Banks were compelled to 
 restrict cash accounts to three-fourths of their credit. They gave 4 and even 5 
 per cent, for money on deposit. If they had stuck to this, matters would have 
 been mended, but partly for profit sake, partly for their customers’ sake, this rule 
 as to cash accounts was soon relaxed. The scarcity of specie for small change 
 was so great, that Banks, and then merchants, manufacturers, and workmen’s 
 societies, issued 5s. and 10s. Notes, which were gladly made use of, and 
 accepted in change for £1 Notes of the Edinburgh Banks. If these had issued 
 5s. and 10s. Notes when silver grew so scarce, it is believed many of these 
 private persons would never have thought of doing so ; at any rate, the public 
 would not have taken their Notes. There is now a regular trade set up by 
 various persons well known in Edinburgh. They draw bills at thirty days on 
 mere drawing posts in London, sell them at the Banks for 3 per cent, premium, 
 say £1,000 for £1,030. Immediately demand specie, and send it by waggon 
 to London for £6 ; it gets to the agent in twenty days, and when the draft is 
 presented he pays it. Bank agents in London get specie, and send it down to 
 Edinburgh at an expense of £6, so that the Edinburgh Banks lose £36 and 
 thirty days’ interest on each £1,000, for it is immediately drawn out from 
 them, and sent back to London again. People from England and from Glas- 
 gow are known to have come to Edinburgh, and are living here to carry on the 
 trade. The only remedy at present seems to be for the Banks to mark their 
 Notes to be paid in six months. They will circulate as well if not better than 
 before, and so these rascals will be baulked. 
 
 ( Continued after the next Balance Sheet.) 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [2 
 
 To the PUBLIC, as per following Statement,, 
 
 ,£33,803 17 6 
 
 Notes of 
 
 £0 5 0 
 0 10 0 
 1 0 0 
 5 0 0 
 
 £ 5,949 
 
 5 
 
 0 
 
 123 
 
 0 
 
 0 
 
 26,072 
 
 12 
 
 6 
 
 1,659 
 
 0 
 
 0 
 
 £33,803 
 
 17 
 
 6 
 
 To the PARTNERS of the Company, for Capital paid up, 
 
 £20 on 63 shares, 1,260 0 0 
 
 Profit and Loss, for a year and four months — 
 
 By Profit of former year, £287 15 5 
 
 By Discounts received, £ 98 17 3 
 
 Exchange gained, 44 17 0 
 
 Interest received, 419 15 5 
 
 £563 9 8 
 
 To Interest paid, 0 4 5 
 
 £563 5 3 
 
 To Expense of Management, 140 18 7 
 
 By Nett Profit on four months,.. £422 6 8 
 Expense of Notes allowed to 
 be charged to extended 
 
 Copartnery, 244 0 0 £666 6 8 
 
 By Total Profit on hand, £954 2 1 
 
 To Dividend of £15, 2s. 10§d. paid on 63 
 
 shares, : £954 2 1 
 
 TOTAL LIABILITIES of the Bank, 
 
 .£35,063 17 6 
 
 MEMORANDA concerning the Four Months' Business. 
 
 The amount of transactions in the Bank during the four months was about £53,000 
 received, and about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit. 
 
 Bills Discounted, 
 
 102 
 
 £ 7,119 19 5 
 
 £98 17 3 
 
 Bills Receivable, 
 
 130 
 
 9,143 13 6 
 
 
 Bills of Exchange, 
 
 111 
 
 6,478 15 7 
 
 44 17 0 
 
 Totals, 
 
 343 
 
 £22,742 8 6 
 
 £143 14 3 
 
 Total Payments through Edinburgh Agents, £15,200, 10s. lOd. ; and through London 
 Agents, £1,192, 10s. 
 
 1764. Sept. 3. — At a General Meeting of Partners, Mr Andrew Laird opened the proceed- 
 ings by informing them, that as secrecy was the life of all business, the Directors, on 5th 
 September 1763, passed their word of honour not to reveal any of the Company’s business, as 
 it might be attended with the worst consequences, especially in the infancy of the Bank 
 and, previous to laying a state of the Company’s affairs before the meeting, asked all present 
 every one by his name, whether they approved of what the Directors had done, and if they 
 
2] 
 
 1st JANUARY 1765. 
 
 Cr. 
 
 By BANK OFFICE, £ 78 
 
 INVESTMENTS, as per following Statement, 30,740 
 
 Cash Accounts, in number 82, £18,801 
 
 Bonds Receivable, 
 
 Bills Discounted, i.e., due in Dundee, 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 2,909 
 
 Bills of Exchange, i.e., due in London, 1,093 
 
 .. £18,801 
 
 11 
 
 9 
 
 .. 2,577 
 
 15 
 
 6 
 
 .. 5,357 
 
 17 
 
 6 
 
 .. 2,909 
 
 9 
 
 9 
 
 .. 1,093 
 
 9 
 
 4 
 
 £30,740 
 
 3 
 
 10 
 
 EXPENSE of MANAGEMENT, cost of Notes, carried for- 
 ward by agreement, 244 0 
 
 CASH at call and on hand, as per following Statement, 4,001 13 
 
 At call, Edinburgh Agents, £ 391 8 11 
 
 Do., London do., 801 12 2 
 
 On hand, as follows, 2,808 12 7 
 
 Mixed Notes, £1,412 5 0 
 
 Gold, 877 8 6 
 
 Silver, 518 15 6 
 
 Copper, 0 3 7 
 
 £2,808 12 7 £4,001 13 8 
 
 TOTAL ASSETS of the Bank, 
 
 .£35,063 17 6 
 
 were willing to come under the same obligation of secrecy — which they unanimously agreed 
 to do, thinking it absolutely necessary. 
 
 — The Partners present promised to give the Bank the first offer of all their Bills of 
 Exchange. 
 
 Oct. 1. — London Bills to be sold at the Edinburgh rate of Exchange, and to be bought at 
 l-8th less. 
 
 8. — There was a precognition at Banff about a vitiate Note of the Dundee Bank. 
 
 — In reference to a recent attempt made to get into the Bank through John Ferguson’s 
 shop, when forty-five shillings were stolen from the latter, it was agreed the Bank should 
 pay John Ferguson for this loss, on condition that he fortify his windows, keep them shut 
 every night, and visit his shop every Sabbath-day. 
 
 Dec. 1. — The first burning of torn and dirty Notes. Then, and in January, after fifteen 
 months’ circulation, there had to be destroyed — of 5s., =£367, 10s. ; of £1, =£499; of £5, 
 = £960; total, £1,826, 10s. 
 
 17. — Complaints made to the Directors that the Bank door is sometimes shut before the 
 Town-clock strikes. 
 
 19. — It was resolved to enlarge the Copartnery of the Bank, and admit twenty-four new 
 Partners, who agree to take one £200 share each, pay up one-tenth like the other Partners, 
 and allow £250 of the expenses already incurred to be carried forward on 1st January 1765 to 
 the debit of the extended Copartnery. 
 
56 Banking Memoranda for 1764 — ( Continued). 
 
 Specimens of Small Notes. — July 4. The Perth Wright Journeyman Com- 
 pany issued Notes for Is. Scots (Id. sterling). They were signed, “ Douglass 
 Robertson & Company.” 
 
 Sh 1 Scots 
 
 
 <Jerth July J^tJi 1^6J^ 
 
 She Wright Journeyman Company oblige themselves to pay 
 QLavict Jlamsay or the Bearer on demand One Shilling Scots value 
 received. 
 
 Douglass Jlobertson <& Company 
 
 — August 8. James Smiton, Edinburgh, issued Notes of the following terms : 
 “ I oblige myself to pay to the bearer, on demand, in money or drink, two 
 shillings and sixpence sterling.” These Notes circulated for the balance due, 
 after being marked on the back with receipts for mugs of porter or bottles of 
 strong ale. 
 
 — 25. The following was issued, no doubt as a squib : — 
 
 • “ Ready Money Bank. 
 
 “£0:1:0 sterl. No. -j-r “Edinburgh, 25th Aug. 1764. 
 
 “I promise to pay Sir John Falstaff, or bearer, on demand, in books, 
 coffee, or ready money, One Shilling sterling, value received, 
 
 “ According to the opinion of ) 
 
 the Director. j “ P. Williamson. 
 
 “ Bank hours from ten to twelve noon.” 
 
Banking Memoranda for 17G4 — ( Continued). 57 
 
 — October 1. The following Note was issued, but whether seriously or in 
 joke it is not easy to determine : — 
 
 Sh. 1. Scots. 
 
 Edinburgh ls£ October 1764. 
 
 The fpascm §rtrrctomim Company Oblige themselves to pay to 
 Solomon Job or the Bearer ($ht.e Hilling ^stols on Demand, or in the option 
 of the Directors, @ne Shilling Scots with the legal Interest, at the end of 
 Jpontljs after the day of the demand ; and, for ascertaining the demand 
 (f* option of the directors, the Accomptant, with one of the Tellers of the 
 COMPANY, are hereby ordered to marie 4* sign the day of presenting this 
 gen on the back of the same. 
 
 By Order of the 
 Court of Directors. 
 
 } 
 
 William Johnston, Accomptant. 
 George Gfunbar, Teller. 
 
 — 3. George Keller & Co., wine and spirit merchants, Spreull’s Land, near 
 Hutcheson Hospital, Glasgow, began to issue Notes (see January 1765) for 
 5s. and 10s. sterling. The following is a copy of one : — 
 
 F 
 
 Glasgow, 3 Octo r • 1764. 
 
 We, George George ff feller & Soy., Merchants in Glasgow , 
 promise to pay to ffohn Jf icol } or the Bearer , on GLemand, at our 
 Office here, FIVE SHILLINGS Sterling, value received in goods. 
 
 George fffeller & Goy. 
 
 Number of Banks of Issue. — In the Scots Magazine for 1764 it is stated, 
 at the end of the year, that the Banks in Scotland which now issue Notes, 
 besides the two authorized Banks, are in number fourteen. The editor says 
 he has heard them reckoned at twice that, but thinks his number correct. He 
 adds he has known a mechanic pay 9d. to get a 20s. Note changed. 
 
Dr. THE DUNDEE BANKING 
 
 COMPANY. 
 
 
 
 [3 
 
 To the PUBLIC, as per 
 
 following Statement,... 
 
 
 
 
 ...£34,857 
 
 11 
 
 6 
 
 For NOTES in circulation, 
 
 as follows, 
 
 
 .£34,503 
 
 1 
 
 3 
 
 
 
 Notes of 
 
 £0 5 0 £ 4,635 10 
 
 0 
 
 
 
 
 
 
 77 
 
 0 10 0 86 10 
 
 0 
 
 
 
 
 
 
 77 
 
 1 0 0 28,526 1 
 
 3 
 
 
 
 
 
 
 77 
 
 5 0 0 1,255 0 
 
 0 
 
 
 
 
 
 
 
 £34,503 1 
 
 3 
 
 
 
 
 
 
 For Balance due Edinburgh Agents, 
 
 
 354 
 
 10 
 
 3 
 
 
 
 
 
 
 £34,857 
 
 11 
 
 6 
 
 
 
 To the PARTNERS of the Company, as per following Statement, 4,435 
 
 0 
 
 5 
 
 For CAPITAL paid up, £40 on 87 shares, 
 
 
 £3,480 
 
 0 
 
 0 
 
 
 
 For PROFITS, as per following Statement, set aside for 
 
 
 
 
 
 
 paying a Dividend of £10, 19s. 6-jHd. on 87 shares, 
 
 955 
 
 0 
 
 5 
 
 
 
 Profit and Loss — 
 
 
 
 
 
 
 
 
 By Discounts received, 
 
 £ 180 1 
 
 2 
 
 
 
 
 
 
 Exchange gained, 
 
 97 3 
 
 8 
 
 
 
 
 
 
 Interest received, 
 
 1,425 18 
 
 7 
 
 
 
 
 
 
 
 £1,703 0 
 
 5 
 
 
 
 
 
 
 To Interest paid, 
 
 13 11 
 
 1 
 
 
 
 
 
 
 
 £1,689 12 
 
 4 
 
 
 
 
 
 
 To Expense of Management, 
 
 734 11 
 
 11 
 
 
 
 
 
 
 By Nett Profit, 
 
 £955 0 
 
 5 
 
 £4,435 
 
 0 
 
 5 
 
 
 
 TOTAL LIABILITIES of the Bank, 
 
 
 
 
 
 11 
 
 11 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount of transactions in the Bank during the year was about £180,000 received, 
 and about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit. 
 
 Bills Discounted, 
 
 202 
 
 £ 13,443 8 7 
 
 £180 1 2 
 
 Bills Receivable, 
 
 285 
 
 19,077 16 11 
 
 
 Bills of Exchange, 
 
 668 
 
 44,752 9 2 
 
 97 3 8 
 
 Totals, 
 
 1,155 
 
 £77,273 14 8 
 
 £277 4 10 
 
 Total payments through Edinburgh Agents, £70,909, 7s. lOd. ; and through London 
 Agents, £8,401, 9s. 4d. 
 
 1765. Jan. 19. — John Anderson & Co., Perth, employed to buy up Bills of Exchange at 
 Edinburgh rate of Exchange. Afterwards, Messrs Balmain and Gairdner were so employed. 
 
 Feb. 4 , — The Directors resolve that the Cashier shall give | per cent, above Edinburgh 
 Exchange rate for London Bills. 
 
 5 . — The Directors finding the Company distressed by the great demands on Mr John Fyffe, 
 their Edinburgh Agent, for retiring their Notes, are unanimously of opinion that the only 
 remedy that can be applied thereto is by abridging the business of the Company. The 
 Cashier is therefore desired for the future to discount no Bills excepting those payable in 
 London, Edinburgh, and Glasgow. 
 
 
 
3] 
 
 20th FEBRUARY 1766. 
 
 Cr. 
 
 By BANK OFFICE, £ 
 
 72 
 
 Cash Accounts, in nui 
 
 Bonds Receivable, 
 
 Bills Discounted, i.e., 
 Bills Receivable, i.e., 
 Bills of Exchange, i.e. 
 
 .. £26,303 
 
 19 
 
 1 
 
 527 
 
 15 
 
 6 
 
 .. 3,046 
 
 14 
 
 3 
 
 .. 2,543 
 
 17 
 
 0 
 
 ... 2,152 
 
 3 
 
 8 
 
 £34,574 
 
 9 
 
 6 
 
 CASH at call and on hand, as per following Statement, 4,645 17 
 
 At call, London Agents, £ 387 18 1 
 
 On hand, as follows, 4,257 19 4 
 
 Mixed Notes, £ 776 10 0 
 
 Gold, 2,352 1 6 
 
 Silver, 1,124 18 6 
 
 Copper, 4 9 4 
 
 £4,257 19 4 £4,645 17 5 
 
 TOTAL ASSETS of the Bank, £39,292 11 11 
 
 21. — A letter was received from George Dempster, Esq., M.P., one of the Partners, dated 
 London, 15th February, stating that, at a meeting of some of the Scotch Members, they came 
 to some resolutions concerning the present state of Banking in Scotland ; — among which were 
 
 1st, To abolish all optional clauses in Bank Notes ; 2d, To suppress all Notes of five shil- 
 lings ; 3d, To allow of summary diligence on Bank Notes. 
 
 —The Directors resolved to circumscribe the circulation of Notes, and to grant no more 
 Cash Accounts till the effect of these alterations in the law is seen. 
 
 Mar. 11. — Resolved to pay John Syme, glover, ten shillings and sixpence half-yearly, for 
 shutting nightly the shutters of the Guild Hall over the Bank. 
 
 Apr. 26. — The London Agents requested to collect for the Bank, as fast as they can, the 
 following specie : — £500 in half guineas, £340 in quarter guineas, £300 in eighteen shilling 
 pieces, £300 in nine shilling pieces, £100 in thirteen shilling and sixpenny pieces, £200 in 
 four shilling and sixpenny pieces. If the Portugal gold cannot be got, then to send the 
 amoimt in half and quarter guineas. 
 
 — The Edinburgh Agent requested to pick up what gold he can under a guinea. 
 
 — Resolved not to take Perth Notes. 
 
 June 7. — The Cashier to order more small gold from time to time. 
 
 Aug. 22. — Notes with option issued ; that is, payable either on demand, or at six months 
 after sight with six months’ interest, at the option of the issuers. 
 
 At the Balance on 20th February 1766, the Bank had made of 5s., =£5,317, 15s. ; of 10s 
 = £900 ; of £1, =£33,583 ; and of £5, =£4,635 ; but of course they were not all in circulation. 
 
 ( Continued below next Balance Sheet.) 
 
60 Banking Memoranda for 1765. 
 
 Currency, Prices, &c., in 1765. — Peace: Gold coined, £538,272; Bank 
 of England Circulation (end of February), £6,316,670 ; Parliamentary sup- 
 plies, £7,763,090 ; wheat per quarter, in London, 49s. 
 
 Opposition to Small Notes. — At a meeting of the magistrates of Aber- 
 deen, January 1, 1765, complaints were made of, and warnings uttered against, 
 5s. and 10s. Notes issued by private persons in Edinburgh, Glasgow, Perth, 
 Dundee, Ayr, Dumfries, Dunkeld, Montrose, Auchtermuchty, and other places 
 (the editor of the Scots Magazine says there had been none such issued in Edin- 
 burgh for two years past). The meeting announced that the public is not 
 obliged to take these Notes, that those of George Keller & Co., of Glasgow, had 
 been dishonoured, and that they are to search out who put these Notes into circu- 
 lation, and get them punished according to law. In reply, George Keller & Co. 
 announced by advertisements, on the 16th of the month, that they did not issue 
 Notes as bankers, but to facilitate their own transactions with their customers ; 
 that their Notes, which are all payable on demand, have never been refused 
 payment ; and that they are to raise an action of damages against those who 
 have slandered them. On the 31st, a meeting of the Freeholders of Aberdeen- 
 shire, held in Aberdeen, resolved to uphold the Magistrates and others, who 
 met on the 1st of the month, against the action threatened by George Keller 
 & Co., of Glasgow. It was asserted, that George Keller was a teacher of 
 French, who had set up as a merchant for the purpose of issuing Notes, in 
 which he had succeeded to the extent of £5,000, and was now about to ab- 
 scond. The result of this fracas does not appear. 
 
 — January 12. The Edinburgh fleshers advertised that they would not take 
 any Notes of 5s. At the same time the Edinburgh papers teemed with pro- 
 posals to petition the two Edinburgh Banks to issue more 5s. and 10s. Notes, 
 as there is no small change in the country. 
 
 Act respecting Notes. — The Act 5 Geo. III., cap. 49, for the regula- 
 tion of the issue of Notes in Scotland, was passed, of which the following were 
 some of the enactments : — After 15th May 1766, no Notes with an optional 
 clause to be issued, but all to be payable in specie on demand. From the passing 
 of the Act, Notes not paid on demand might be protested, from nine a.m. to 
 three p.m., one protest containing any number of Notes, and summary diligence 
 to be issued on such protest. After 1st June 1765 no Notes for less than 20s. to 
 be issued. The Annual Register has the following remarks on this Act : — 
 “ Several objections have been raised to this Act ; and as paper credit is a 
 thing of great importance, and of a very delicate nature, the reader may not be 
 displeased to know them : — First, the abolishing of the optional clause will, it 
 is said, occasion runs on all the Banks, which they are by no means in a condi- 
 tion to answer, and this limiting of the quantum of these Notes to sums not less 
 than 20s. will spread an universal distress all over the country. In the remotest 
 parts of Scotland, the seat of the linen manufacture, the want of silver had 
 become a great interruption of business, which was in a great measure remedied 
 by these little Notes, an incredible number of which has been issued for 
 that purpose ; if these, therefore, are suddenly abolished, the paper credit of 
 Scotland will receive at once its death-wound. The value expressed in every 
 Note is due by somebody to the Banks ; if the Banks are called upon to pay 
 
Banking Memoranda for 1765 — ( Continued ). 61 
 
 such Notes, they have no other method of answering the demand than by 
 forcing it out of their debtors, so that it is not the Banks, but the inhabitants 
 of the country that will suffer the distress ; and one may safely aver, that 
 there is not a small man of Scotland who will not find himself involved in the 
 calamity. Every man must, in that event, expect to be prosecuted for 
 every shilling he owes, and to meet with insolvency where money is due 
 to him.” “ The expectations of those who hope to receive money where they 
 now receive Notes are vain ; the money does not exist in that country, and 
 till time and patience have brought it back, they must expect to receive 
 nothing but excuses.” 
 
 The Wasp Note for Id. Sterling. — This satire on small Notes, and on 
 the optional clause in Notes respecting a postponing of payment, was circu- 
 lated in Glasgow, the joke being that it was declared to be payable in cash on 
 demand, or in three ballads six days afterwards. The following is a facsimile 
 of it : — 
 
 2 No. 84 
 
 Glasgow January 16. 1765. 
 We Swarm. 
 
 J Daniel M‘Callum, Cashier for Daniel M‘Funn, 
 Duncan Buchanan and Company, Bankers in Glas- 
 gow, having Powers from them, Promise to pay to 
 James (far diner or the Bearer on Demand, 
 ONE PENNY Sterling, or in Option of the Directors, 
 three Ballads six Days after a Demand ; and for ascer- 
 taining the Demand and Option of the Directors, the 
 Accomptant and one of the Tellers of the Bank, are 
 hereby ordered to mark and sign this Note on the Back 
 thereof. By order of the Court of Directors. 
 fhaniel M‘aTlwm. Qfianl- Jlifunn. 
 
 Country Notes retired in Edinburgh. — January 16. Advertisements 
 intimated that Mr Samuel Fogge, Edinburgh, would retire the 5s. Notes of 
 the five Perth companies which issued them, namely, those of the Tannery 
 *Co. or Stewart, Richardson, & Co. ; of the Craigie Co. or John Ramsay & Co. ; 
 of John Stewart & Co. ; of Blacklaws, Wedderspoon, & Co. ; and of Mackeith, 
 Rentoull, & Co. ; that Mr John Fyffe would exchange those of George 
 Dempster & Co., Dundee, from £5 to 5s., and the 5s. Notes of William 
 Y^eainan & Co., Dundee; that Mr Robert Russell would exchange those of 
 
 (Continued after the next Balance Sheet.) 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [4 
 
 To the PUBLIC, as per following Statement, £35,054 14 
 
 For NOTES in circulation, as follows, £31,980 8 9 
 
 Notes of 
 
 £0 5 
 0 10 
 1 0 
 5 0 
 
 £ 109 
 
 5 
 
 0 
 
 5 
 
 0 
 
 0 
 
 31,196 
 
 3 
 
 9 
 
 670 
 
 0 
 
 0 
 
 £31,980 
 
 8 
 
 9 
 
 For Balance due Edinburgh Agents, 151 11 1 
 
 For Do. do. London do., 2,922 14 7 
 
 £35,054 14 5 
 
 To the PARTNERS of the Company, as per following Statement, 5,651 2 11 
 
 For CAPITAL paid up, £60 on 87 shares, £5, 220 0 0 
 
 For PROFITS, as per following Statement, set aside for 
 
 paying a Dividend of £4, 19s. lffd. on 87 shares, 431 2 11 
 Profit and Loss — 
 
 By Discounts received, £ 90 16 0 
 
 Interest do., 1,312 9 6 
 
 £1,403 5 6 
 
 To Exchange lost, £ 86 9 9 
 
 Interest paid, 248 12 8 
 
 335 2 5 
 
 £1,068 3 1 
 
 To Expense of Management, 637 0 2 
 
 By Nett Profit, £ 431 2 11 £5,651 2 11 
 
 TOTAL LIABILITIES of the Bank, 
 
 £40,705 17 4 
 
 ( Continued from below last Balance Sheet. ) 
 
 1765. Aug. 24. — Resolved no longer to retire the Company’s Notes in Edinburgh after 1st 
 October next, and Agent requested to tell this in the meantime to all who call with Notes. 
 
 — Customers in Perth called on to pay up their Cash Accounts, as they are a loss to the 
 Company. 
 
 — Resolved not to take Glasgow Notes (Ship Bank, City Arms Bank, and Thistle Bank). 
 
 Sep. 16. — London Agents to be paid by a commission of a quarter per cent, on the amount 
 of their payments till Whitsunday next, and after that by a piece of money per annum. 
 
 Oct. 7. — Alexander Hunter appointed to be Teller, his salary to be £25 per annum, and he 
 to find security for £2, 000. 
 
 28. — The British Linen Co. complains against the Dundee Bank for not retiring their Notes 
 in Edinburgh as formerly, while they retire theirs in Dundee through John Neilson. The 
 Bank replies that they adhere to their resolution not to do so ; and, further, that they think 
 they will in a short time give up receiving any Notes but their own. 
 
 1766. Jan. 27. — A call of ten per cent, on each share to be paid on 17th February next. 
 
20th FEBRUARY 1767. 
 
 Cr. 
 
 Br BANK OFFICE, £ 72 5 0 
 
 INVESTMENTS, as per following Statement, 30,722 0 6 
 
 Cash Accounts, in number 108, £25,177 17 9 
 
 Bills Discounted, i.e., due in Dundee, 2,754 5 5 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 1,902 18 4 
 
 Bills of Exchange, i.e., due in London, 886 19 0 
 
 £30,722 0 6 
 
 CASH on hand, as per following Statement, 
 
 Mixed Notes, £ 832 16 0 
 
 Gold, 6,404 10 9 
 
 Silver, 2,673 13 0 
 
 Copper, 0 12 1 
 
 £9,911 11 10 
 
 9,911 11 10 
 
 TOTAL ASSETS of the Bank, 
 
 ,£40,705 17 4 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount of transactions in the Bank during the year was about £200,000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 134 
 
 £ 8,389 
 
 10 
 
 7 
 
 Gain, . . 
 
 ..£90 
 
 16 
 
 0 
 
 Bills Receivable, 
 
 204 
 
 23,488 
 
 10 
 
 10 
 
 
 
 
 
 Bills of Exchange, 
 
 621 
 
 42,303 
 
 18 
 
 1 
 
 Loss, . . 
 
 .. 86 
 
 9 
 
 9 
 
 Totals, , 
 
 959 
 
 £74,181 
 
 19 
 
 6 
 
 Gain, . . 
 
 ,..£ 4 
 
 6 
 
 3 
 
 Total payments through Edinburgh Agents, £59,735, 14s. 2d. ; and through London 
 Agents, £32,426, 10s. 5d. 
 
 1766. Mar. 31. — Call of 10 per cent, on shares to be paid on 15th April. 
 
 May — Began to issue Notes of £5 and £1, without option. 
 
 June 12. — George Young, Coupar of Angus, enquires to what extent he might overdraw 
 his account this season for buying white linen. Leave given for £1,200. 
 
 Dec. 17. — William Webster to be Teller ; salary £25, security £2,000. 
 
64 Banking Memoranda for 1765 — ( Continued). 
 
 James Scrimgeour & Son, Borrowstounness ; and that Mr Joseph Lauchlan 
 exchanges those of Alexander Fleeming & Co., Kirkliston. 
 
 Extracts from Paper, titled “Considerations on the present state of 
 the Paper Money of Scotland,” in Edinburgh Courant , February 1765: — 
 “ About the end of last century, banking was first established in Scotland, by 
 the erection of a corporation, under the sanction of Parliament, with a capital 
 of £100,000. The corporation, known by the name of the Bank of Scotland, 
 for some time answered the purposes of the country, until a spirit for agricul- 
 ture and manufactures began to arise, when a further extension of paper credit 
 became necessary. Accordingly, about the } r ear 1726, a new corporation was 
 established, with a capital of about the same sum, under the name of the 
 Royal Bank. These two societies went on successfully, until the year 1750, 
 during which time the agriculture, trade, and manufactures of Scotland were 
 much increased, so that the country began again to feel the inconvenience of a 
 too narrow and limited credit. The capital of about £200,000, upon which 
 the whole circulation of Scotland turned — [N.B. The British Linen Company 
 seems to have been overlooked] — though very well adapted to the state of 
 things in the year 1726, became much too inconsiderable at a period when the 
 trade and manufactures were more than doubled. This occasioned the estab- 
 lishment of two private banking companies at Glasgow, and lately of a third, 
 all on foundations very sufficient for their engagements. About the year 1760, 
 1761, the low price of the public funds in England induced many to employ 
 their money there, which drained Scotland of its specie, and induced the public 
 Banks to be dilatory and evasive in the payment of gold and silver for their 
 notes, and afterwards to postpone payment, to such as demanded specie, for 
 six months, on paying interest — a power reserved by the tenor of the notes. 
 This clause was introduced by the Bank of Scotland, on a run being made 
 upon it soon after the erection of the Royal Bank ; it was copied into those of 
 the two private banks in Glasgow, in 1756, in a run made upon them by the 
 Edinburgh banks ; it was inserted in the notes first issued by the third bank 
 erected in Glasgow, and by that of Ayr ; it was copied into those of the Royal 
 Bank and British Linen Company, in 1762 ; and a double optional clause was 
 inserted in the notes first issued by G. Dempster, Esq., & Co., at Dundee, in 1763. 
 The last-mentioned Glasgow bank issued notes payable on demand, without 
 the optional clause. Notwithstanding this clause, specie continuing to be 
 scarce, and the security of the different companies being undoubted, the notes 
 continued to circulate with the same facility as formerly. It is obvious that 
 this measure, which is repugnant to the idea of banking, changed the value of 
 the bank notes, and from money, which they were while regularly paid, turned 
 them into mere securities for money. This was not the only inconvenience 
 that followed, for it led people to discover that punctual payments were not 
 essential to the circulation of paper credit ; and many began, each according 
 to his means and abilities, to issue paper, so that there are now few small 
 towns in Scotland where there are not two or three, in some more, bankers, 
 many of them so obscure as that their names are only known by their paper.” 
 
 Dundee Bank. — The following advertisement appeared in the Edinburgh 
 papers of April 27, 1765: — “Whereas George Dempster, Esq., & Co., 
 
Banking Memoranda for 1765 — (Continued). 65 
 
 bankers in Dundee, have issued promissory notes for five pounds, twenty 
 shillings, ten shillings, and five shillings, payable to Andrew Pitcairn, Esq., 
 or the bearer, and signed by their cashier, Robert Jobson, and two of their 
 partners, — That the public may be enabled to judge how far they are safe in 
 receiving these notes, there is subjoined to this a list of the persons concerned 
 in that Company, who have, by a security granted at the commencement of 
 their business, and registered in the Borough Court books of Dundee, bound 
 themselves, conjunctly and severally, to retire the above-mentioned notes.” 
 The list consisted of eight landed gentlemen, thirty-seven merchants in Dundee, 
 and fifteen other persons, of different professions. The eight landed gentlemen 
 were — George Dempster, of Dunnichen ; Thomas Fothringham Ogilvie, of 
 Powrie ; John Murray, of Lintrose ; James Graham, of Meatliie ; Patrick Car- 
 negie, of Lower ; John Rankine, of Dudhope ; James Yeainan, of Auchinleck ; 
 James Mill, of Woodhill. 
 
 High Price of Wheat. — Great complaints of this in April. 
 
 Banking Memoranda. — July 3, 1765. The Edinburgh Banks now open 
 their offices from nine a.m. till three p.m., in obedience to the late Act — see 
 above, 5 Geo. III. cap. 49. Before this, they opened from between nine and 
 ten till noon, and from between two and three till four p.m. 
 
 — 10. Alexander Fleeming & Co., of Kirkliston, advertised that having issued 
 a few 5s. Notes on 24th September 1764, for paying their journeymen, these 
 will now be retired, either at Kirkliston or in Edinburgh. 
 
 — A Bank of issue existed at Falkirk — Martinson & Co. 
 
 Opposition to Country Banks. — In September, the Merchants’ Company 
 in Edinburgh advertise that they will not take any bank notes but those of 
 the three Edinburgh banks, because they know nothing of the funds of the other 
 banks. 
 
 Banking Memoranda for 1766. 
 
 Currency, Prices, &c., in 1766. — Peace : Gold coined, £820,724 ; Bank 
 of England Circulation (end of February), £5,617,570 ; Parliamentary supplies, 
 £8,273,280 ; wheat per qr., in London, 43s. Id., and in Edinburgh, 32s. 7d. 
 
 Dundee. — The population was ascertained by a census to be, 12,426. — 
 Small's History. 
 
 Perth Bank. — This year a Bank was opened in Perth, under the title of 
 the Perth United Company. 
 
 Ayr Bank. — On 1st September, a Bank was opened in Ayr, under the 
 firm of John Macadam, of Craigengillan, & Co. 
 
 Dumfries Bank. — On October 29, a Bank was opened in Dumfries, under 
 the firm of Alexander Johnston, Hugh Lawson, & Co., which issued £5 and 
 £20 Notes : a bond for the due payment of them, signed by the partners, 
 Patrick Lord Elibank, the Right Hon. John Lord Garlies, Sir William Maxwell 
 of SpringAvell, James Murray of Broughton, and William Johnston of Solway- 
 bank, &c. &c., was recorded on 21st January 1767. 
 
 Linen Trade. — Linen stamped this year in Scotland, 13,242,557 yards ; 
 estimated' value, £637,346. 
 
 b 5 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [5 
 
 To the PUBLIC, as per following Statement, £37,663 11 8 
 
 196 I 3 
 
 in druuiauum, i 
 
 Notes of £0 
 
 5 
 
 0 
 
 £ 83 
 
 15 
 
 0 
 
 „ 0 
 
 10 
 
 0 
 
 2 
 
 10 
 
 0 
 
 „ 1 
 
 0 
 
 0 
 
 31,524 
 
 16 
 
 3 
 
 „ 5 
 
 0 
 
 0 
 
 885 
 
 0 
 
 0 
 
 
 
 
 £32,496 
 
 1 
 
 3 
 
 For Sundry Accounts, Cr., 3,916 14 6 
 
 For Balance due Edinburgh Agents, 1,250 15 11 
 
 £37,663 11 8 
 
 To the PARTNERS of the Company, as per following Statement, 
 
 For CAPITAL paid up, £65 on 87 shares, £5, 655 0 0 
 
 For Portion of last year’s PROFITS, set aside for a 
 Dividend of £4, 15s. 5ffd. on 87 shares, as per 
 
 following Statement, 415 8 1 
 
 Profit and Loss — 
 
 By Discounts received, £ 213 2 2 
 
 Interest do., 1,389 4 1 
 
 6,070 8 1 
 
 £1,602 6 3 
 
 To Exchange lost, £ 73 2 11 
 
 Interest paid, 123 4 2 
 
 196 7 1 
 
 £1,405 19 2 
 
 To Expense of Management, 555 11 1 
 
 By Nett Profit, £ 850 8 1 
 
 To Capital, £5 per share on 87 shares, 435 0 0 
 
 £ 415 8 1 £6,070 8 1 
 
 TOTAL LIABILITIES of the Bank, 
 
 .£43,733 19 9 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the year was about £220, 000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 156 
 
 £15,927 11 3 
 
 Gain,.. £213 2 2 
 
 Bills Receivable, 
 
 374 
 
 37,430 6 11 
 
 
 Bills of Exchange, 
 
 634 
 
 42,901 8 4 
 
 Loss,,. 73 2 11 
 
 Totals, 
 
 1164 
 
 £96,259 6 6 
 
 Gain,.. £139 19 3 
 
 Total payments through Edinburgh Agents, £85,327, Is. 9d. ; and through London 
 Agents, £23,240, 2s. 5d. 
 
 1767. Aug. 17. — London Agents to be informed that the Bank can be supplied with silver 
 from Newcastle at 3-8ths per cent, less than they charge, but if they can supply it at the 
 same rate the Company will prefer to get it still from them. 
 
 2 
 
5] 
 
 24th FEBRUARY 1768. 
 
 Cr. 
 
 By BANK OFFICE, £ 72 
 
 INVESTMENTS, as per following Statement, 38,704 
 
 Cash Accounts, in number 124, £29,122 10 11 
 
 Bills Discounted, i.e., due in Dundee, 4,986 10 1 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 2,035 3 3 
 
 Bills of Exchange, i.e., due in London, 2,560 2 8 
 
 £38,704 6 11 
 
 0 0 
 6 11 
 
 SUNDRY ACCOUNTS, Dr., 
 
 331 3 3 
 
 CASH at call and on hand, as per following Statement, 
 
 At call, London Agents, 
 
 On hand, as follows, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £1,061 5 10 
 2,008 5 0 
 619 8 0 
 0 13 3 
 
 £ 936 17 
 3,689 12 
 
 6 
 
 1 
 
 4,626 9 7 
 
 £3,689 12 1 £4,626 9 7 
 
 TOTAL ASSETS of the Bank, 
 
 £43,733 19 9 
 
 CASH ACCOUNTS GRANTED 1763-1767, 
 
 The parties residing in Dundee, unless otherwise stated. 
 
 Goodlet, Wm., merchant, Kirriemuir, 
 Gellatly, Thomas, & Co., do., Arbroath 
 Ramsay, Robert, merchant, - 
 M‘Glashan, Alexander, do., - 
 Maxwell, Bailie Patr., do., - 
 Tullideph, Walter, M.D., 
 
 Fairweather, Oliver, merchant, 
 
 Lamy, John Ramsay, of Dunkenny 
 Bower, Alexander, of Kincaldrum, 
 Guthrie, John, merchant, 
 
 Halliburton, James, jun., do., 
 Dempster, George, of Dunnichen, 
 Constable, David, vintner, 
 
 Cochran, John, tailor, - 
 Hunter, Rev. James, Kirkden, 
 Robertson, Ann, & Sisters, - 
 Greenhill, Alexander, & Co., merchants 
 Forfar Weaver Trade, - 
 
 £200 Greenhill, Alexander, merchant, - 
 300 Ure, John, writer, Forfar, 
 
 500 Lyell, Stewart, merchant, Arbroath, 
 500 Nicoll, David, writer, Kirriemuir, 
 
 500 Laird, Andrew, merchant, 
 
 500 Robertson, Provost Alexander, do., 
 
 200 Anderson, John, & Co., do., Perth, 
 
 100 Halliburton, John, merchant, 
 
 200 Low, David, do., 
 
 500 Ogilvie, Thos. Fotheringham, of Powrie 
 200 Speid, James, merchant, 
 
 500 Thoms, David, do., - 
 
 100 Wallace, Patrick, do., Arbroath, - 
 200 Patrick, James, shipmaster, 
 
 200 Dundee Whale Fishing Company, - 
 300 Rankine, John, merchant, 
 
 200 Ogilvy, John, at Kenney, 
 
 100 Morrison, Alexander, merchant, 
 (Continued on next page.) 
 
 £300 
 
 200 
 
 200 
 
 100 
 
 500 
 
 500 
 
 500 
 
 500 
 
 200 
 
 500 
 
 200 
 
 200 
 
 500 
 
 150 
 
 500 
 
 500 
 
 200 
 
 200 
 
68 Banking Memoranda for 1767. 
 
 Currency, Prices, &c., in 1767. — Peace: Gold coined, £1,271,807; 
 Bank of England Circulation (end of February), £5,510,990 ; Parliamentary 
 supplies, £8,527,728 ; wheat per^quartef, in London, 57s. 4d., and in Edin- 
 burgh, 35s. 2d. 
 
 Bank Notes issued in America. — January 26. Sir Henry Moore, the 
 Governor of New York, received orders to assent to Bills for the emission of 
 a paper currency, the want of which had been much complained of. 
 
 General Bank of Perth. — April 30. A meeting of landholders, held at 
 Perth, R. Menzies preses, resolved that they will not accept in payments the 
 notes issued by the General Bank of Perth, lately opened, the parties^jssuing 
 them not being known. An advertisement, dated Perth, May 15, gave notice 
 that the notes issued by the General Bank would be changed for specie, not only 
 at their office in Perth, but also by Archibald Campbell, merchant, Edinburgh. 
 At another meeting, on the 19th May, the former resolution was renewed, and 
 ordered, with the names of those present, the Duke of Athol preses, to be 
 inserted in one of the Edinburgh papers, and copies to be posted on all the 
 church-doors in the county. 
 
 Aberdeen Bank. — In Aberdeen a Bank was established, under the title of 
 the Aberdeen Banking Company. 
 
 High 
 
Banking Memoranda for 1767 — (Continued). 69 
 
 High Price of Provisions. — In England this year there were bread-riots, 
 some of the ringleaders in which suffered the extreme penalty of the law. In 
 the Scots Magazine for May are letters on the subject of the scarcity, and on 
 November 24, the Lord Mayor of London and others petitioned the House of 
 Commons on the subject. The price of oatmeal in Edinburgh was Is. per 
 peck ; bearmeal and peasemeal, 8jd. each. 
 
 Private Money-Dealers. — The following is another specimen of the adver- 
 tisements of one of the old private money-dealers : — “ David Watson, merchant 
 in Glasgow, takes in Ayr, Dumfries, Perth, and British Linen Bank notes, at 
 a discount of one penny a pound ; or, if there is a hundred pounds of one kind, 
 at a discount of a quarter per cent., and pays the value in Edinburgh or Glas- 
 gow notes .” — Glasgow Journal , May 1767. 
 
 Linen Trade. — Linen stamped this year in Scotland, 12,783,043 yards ; 
 estimated value, £633,854. 
 
 George Dempster, Esq., M.P. — This year he was accused of bribery before 
 the Sheriff of Fife, and was summoned to be tried before the High Court of 
 Justiciary, on 7th December. He appealed against this as a breach of privilege, 
 and the Court of Session decided that he could not be tried while Parliament 
 was sitting. £60, in Dundee Bank notes, had been given to one of the deacons 
 of a trade in Cupar Fife. 
 
Dr. THE DUNDEE BANKING COMPANY. [6 
 
 To the PUBLIC, as per following Statement, £38,434 0 2 
 
 For NOTES in circulation, as follows, £33,524 6 3 
 
 Notes of 
 
 £0 
 
 5 
 
 0 
 
 £ 75 
 
 5 
 
 0 
 
 >> 
 
 0 
 
 10 
 
 0 
 
 2 
 
 10 
 
 0 
 
 ? * 
 
 1 
 
 0 
 
 0 
 
 32,091 
 
 11 
 
 3 
 
 > } 
 
 5 
 
 0 
 
 0 
 
 1,355 
 
 0 
 
 0 
 
 £33,524 6 3 
 
 For Balance clue London Agents, 4,909 13 11 
 
 £38,434 0 2 
 
 To the PARTNERS of the Company, as per following Statement, 6,538 8 4 
 
 For CAPITAL paid up, £70 on 
 
 87 shares, 
 
 
 
 £6,090 
 
 0 
 
 0 
 
 For Portion of PROFITS, set 
 
 aside for a Dividend 
 
 of 
 
 
 
 
 £5, 3s. Id. on 87 shares, as 
 
 per following Statement, 
 
 448 
 
 8 
 
 4 
 
 Profit and Loss — 
 
 
 
 
 
 
 
 By Discounts received, 
 
 £ 211 
 
 6 
 
 10 
 
 
 
 
 Interest do., 
 
 1,641 
 
 2 
 
 5 
 
 
 
 
 
 £1,852 
 
 9 
 
 3 
 
 
 
 
 To Exchange lost, 
 
 .£123 16 6 
 
 
 
 
 
 
 Interest paid, 
 
 . 199 12 8 
 
 
 
 
 
 
 
 323 
 
 9 
 
 2 
 
 
 
 
 
 £1,529 
 
 0 
 
 1 
 
 
 
 
 To Expense of Management, 
 
 645 
 
 11 
 
 9 
 
 
 
 
 By Total Profit on hand, 
 
 £883 
 
 8 
 
 4 
 
 
 
 
 To Capital, £5 per share on 87 shares, 435 
 
 0 
 
 0 
 
 
 
 
 
 £448 
 
 8 
 
 4 
 
 £6,538 
 
 8 
 
 4 
 
 TOTAL LIABILITIES of the Bank, £44,972 8 6 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount of transactions in the Bank during the year was about £260,000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 213 
 
 £19,059 18 7 
 
 Gain,.. £211 6 10 
 
 Bills Receivable, 
 
 437 
 
 39,762 1 0 
 
 
 Bills of Exchange, 
 
 710 
 
 49,309 5 3 
 
 Loss, .. 123 16 6 
 
 Totals, 
 
 1360 
 
 £108,131 4 10 
 
 Gain,.. £87 10 4 
 
 Payments by Edinburgh Agents, £84,760, 15s. ; and by London Agents, £38,705, 3s. 4d. 
 1768. March 7. — Salaries increased : Cashier’s to be £80 ; Accountant’s, £50 ; Teller’s, £35. 
 May 23. — Cashier instructed to buy Bills of Exchange at 60 days par; and on 30 days’ 
 Bills to allow 4 per cent, commission, and to sell Exchange at 55 days par. 
 
 — The Town of Dundee, on Bill by Bailie William Chalmers, obtain a loan of £100. 
 
 July 4. — No Bills of longer currency than three months to be taken, whether on London, 
 Edinburgh, or Glasgow. 
 
 Sep. 28. — No Inland Bills of three months to be discounted. 
 
6] 
 
 23d FEBRUARY 1769. 
 
 Cr. 
 
 By BANK OFFICE, £ 72 0 
 
 Bills Discounted, i.e., due in Dundee, 
 Bills Receivable, i.e., due in Edinburg 
 Bills of Exchange, i.e., due in London, 
 
 .. £34,001 
 
 2 
 
 10 
 
 1,504 
 
 1 
 
 0 
 
 .. 3,030 
 
 8 
 
 0 
 
 968 
 
 4 
 
 9 
 
 £39,503 
 
 16 
 
 7 
 
 SUNDRY ACCOUNTS, Dr., 
 
 458 1 
 
 CASH at call and on hand, as per following Statement, 4,938 10 
 
 At call, Edinburgh Agents, £1,155 
 
 On hand, as follows, 3,783 
 
 Mixed Notes, £ 821 6 0 
 
 Gold, 2,037 2 6 
 
 Silver, 924 18 0 
 
 Copper, 0 0 6 
 
 £3,783 7 0 £4,938 10 7 
 
 TOTAL ASSETS of the Bank, £44,972 8 6 
 
 CREDITS GRANTED 1763-1767. 
 
 Robertson, James, merchant, - - £200 
 
 Gibson, Francis, do., - - 300 
 
 Ogilvy, Sir John, of Inver carity, - - 500 
 
 Hackney, William, merchant, - - 300 
 
 Dewchar, R., manufacturer, Kirriemuir, 100 
 Anderson, James, manufacturer, - - 200 
 
 Bowman, Alexander, merchant, - - 200 
 
 Watt, Alexander, do., * - 200 
 
 Dick, Mungo, & Sons, do., - - 200 
 
 Young, John, merchant, Coupar- Angus, 1000 
 Lyon, Robert, manufacturer, - - 400 
 
 Dundee Tailor Trade, .... 230 
 Balmain & Gairclner, merchants, Perth, 500 
 Alison, William, & Co., merchants, - 400 
 
 Dowglass, William, of Brigeton, - - 500 
 
 Raitt, George, merchant, - - - 200 
 
 Speid, Robert, do., ... 500 
 
 Watt, David, do., Forfar, - - 200 
 
 Gellatly & Anderson, Misses, milliners, 200 
 Watt, David, yr., of Meathie, - - 500 
 
 Watson, John, glover, - - - 100 
 
 Johnston, George, writer, Pitkerro, - 500 
 
 Continued on next page. 
 
 Whyte, David, merchant, Kirriemuir, 
 Soutar, Thomas, do., Blairgowrie, 
 
 Bell, Charles, do., Perth, 
 
 Sandieman, Thomas, do., do., 
 
 Read, Captain John, of Cairnton, - 
 Sturrock, William, merchant, 
 
 Lord Gray, of Gray, 
 
 Guild, John, merchant, 
 
 Chalmers, William, do., 
 
 Fitchet, William, do., Arbroath, 
 Wright, George, merchant, 
 
 Small, John, do., Kirkmichael, 
 
 Crawford, Henry, of Monorgan, 
 Thomson, Andrew, merchant, Perth, 
 Brown, Thomas, do., do., 
 
 Pitcairn, John, manufacturer, do., 
 Pitcairn, John, merchant, 
 
 Strachan, Alexander, & Co., do., - 
 Roberts, Rev. Charles, Dundee, 
 
 Wood, Alexander, writer, Perth, - 
 Proffit, George, merchant, 
 
 Rollo, John, do., 
 
 £200 
 
 300 
 
 200 
 
 400 
 
 300 
 
 200 
 
 500 
 
 300 
 
 500 
 
 200 
 
 500 
 
 300 
 
 200 
 
 300 
 
 500 
 
 200 
 
 500 
 
 500 
 
 100 
 
 100 
 
 200 
 
 300 
 
72 Banking Memoranda for 1768. 
 
 Currency, Prices, &c., in 1768. — Peace: Gold coined, £844,554 ; Bank 
 of England Circulation (end of February), £5,778,990 ; Parliamentary sup- 
 plies, £8,335,746 ; wheat per quarter, in London, 53s. 9d., and in Edin- 
 burgh, 33s. lOd. 
 
 Extreme Cold. — On January 23, the cold in Glasgow was 34° below the ; 
 freezing point, or 2° below zero. 
 
 Issue of Guinea Notes. — The Scots Magazine for August 1768 says — The 
 Edinburgh Banks have discontinued issuing 20s. Notes since May, and have 
 issued 21s. Notes. It is believed that the scarcity of silver for change made 
 this necessary. The Royal Bank did not continue to issue 21s. Notes in 1759, 
 but are now issuing those prepared then, for they are dated 24th March 1758. 
 
 Bank Robbery. — On Saturday morning, the 13th August, the office of 
 Johnston & Smith, private bankers, Edinburgh, was found open, and £830, 
 in notes, carried off. A parcel with £225, supposed to be a portion of the 
 above, was found, on Sunday evening, laid down at the Council Chamber 
 door. 
 
 Opposition to Country Bank Notes. — O n the 16th August, the heritors 
 
 of 
 
Banking Memoranda for 1768— (Continued). 73 
 
 of Haddington resolved not to receive in payments the notes of any other bank 
 than the two banks established by public authority, except at a discount of Id. 
 each £1, being the rate charged by Johnston & Smith for such notes in Edin- 
 burgh. And, on the 4th October, the freeholders of Berwick resolved not to 
 receive any notes, except those of the two Edinburgh Banks, without being 
 endorsed by the party giving them ; and this only till the 10th January next. 
 After that date they will not, on any consideration whatever, receive such notes 
 in payments, or otherwise. 
 
 Forgery of Bank Notes. — On 20th August, another forgery of the notes 
 of the Thistle Bank was discovered, and William Herries, Ayr, was taken up 
 on suspicion, and tried, and hanged for the offence, on 30th May 1770. He 
 had issued 452 £1 Notes, and had in his possession 9677 more, which were 
 burnt after his trial. 
 
 George Dempster, Esq., M.P. — He was arraigned in August, at Edin- 
 burgh, for bribery and corruption, but the libel was dismissed. — See Edinburgh 
 Review for February 1826. 
 
 Linen Trade. — Linen stamped this year in Scotland, 11,795,437 yards ; 
 estimated value, £599,669. 
 
Dr. THE DUNDEE BANKING COMPANY. [7 
 
 To the PUBLIC, as per following Statement, £42,285 2 
 
 3 
 
 Notes of £0 5 0 
 0 10 0 
 1 0 0 
 5 0 0 
 
 £ 74 
 
 5 
 
 0 
 
 2 
 
 0 
 
 0 
 
 25,476 
 
 6 
 
 3 
 
 1,930 
 
 0 
 
 0 
 
 £27,482 
 
 11 
 
 3 
 
 For Money Deposited on two Current Accounts, 8,562 15 1 
 
 For Balance due Edinburgh Agents, 1,484 8 3 
 
 For do. do. London do., 4,755 7 6 
 
 £42,285 2 1 
 
 To the PARTNERS of the Company, as per following Statement, 
 
 .0 
 
 Profit and Loss- 
 Discounts receiv 
 Interest do., 
 
 To Exchange lost, £ 91 13 
 
 Interest paid, 426 10 
 
 • 
 
 
 
 ..£ 146 
 
 8 
 
 1 
 
 .. 1,942 
 
 19 
 
 4 
 
 £2,089 
 
 7 
 
 5 
 
 0 
 
 
 
 9 
 
 
 
 518 
 
 3 
 
 9 
 
 £1,571 
 
 3 
 
 8 
 
 801 
 
 6 
 
 7 
 
 .. £769 
 
 17 
 
 1 
 
 17 
 
 
 
 .. £769 
 
 17 
 
 1 
 
 6,960 0 0 
 
 £6,960 0 0 
 
 TOTAL LIABILITIES of the Bank, £49,245 2 1 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the year was about £280,000 received, 
 and about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 170 
 
 £15,966 11 7 
 
 Gain,.. £146 8 1 
 
 Bills Beceivable, 
 
 413 
 
 38,876 14 2 
 
 
 Bills of Exchange, 
 
 722 
 
 49,447 10 3 
 
 Loss,.. 91 13 0 
 
 Totals, 
 
 1305 
 
 £104,290 16 0 
 
 Gain,.. £54 15 1 
 
 Total payments through Edinburgh Agents, £81,970, 7s. 3d . ; and through London Agents, 
 £39,378, 8s. 5d. 
 
 1769. March 6. — Salaries to be raised : Cashier’s to be £100 ; Accountant’s, £60 ; 
 Teller’s, £40. 
 
 — The Cashier and Accountant to sign the Notes, and this to be advertised. 
 
 1770. Feb. 22. — The Dividend of £8, 16s. ll|d., together with £1, 3s. 0^d., paid by the 
 Partners on call, made up an addition to the Capital of £10 per share on 87 shares. 
 
7] 22d FEBRUARY 1770. Cr. 
 
 By BANK OFFICE, £ 62 0 0 
 
 INVESTMENTS, as per following Statement, 45,426 12 7 
 
 Cash Accounts, in number 136, £37,621 12 0 
 
 Bonds Receivable, 3,432 12 2 
 
 Bills Discounted, i.e., due in Dundee, 2,016 13 4 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 2,325 15 1 
 
 Bills of Exchange, i.e., due in London, 30 0 0 
 
 £45,426 12 7 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH on hand, as per following Statement, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £ 649 12 6 
 1,123 17 9 
 1,326 14 6 
 0 1 10 
 
 656 2 11 
 3,100 6 7 
 
 £3,100 6 7 
 
 TOTAL ASSETS of the Bank, 
 
 £49,245 2 1 
 
 CREDITS GRANTED 1763-1767. 
 
 Ramsay, John, of Kinalty, ... £400 
 Mylne, Thomas, of Mylnefield, - - 400 
 
 Maxwell, William, merchant, - - 500 
 
 Lyon, Rev. George, of Ogle, Longforgan, 500 
 Ogilvy, John, of Inshewan, - - - 200 
 
 Speid, John, merchant, ... 500 
 Chaplain, James, of Colliston, - - 100 
 
 Wilkie, Robert, merchant, Arbroath, - 350 
 Wemyss, John, do., - - - 200 
 
 Gillespie, Rev. Dr John, of Kirkton, - 300 
 Pattullo, John, farmer, Ballummie, - 100 
 
 Key, James, sen., merchant, - • 300 
 
 Donald, James, druggist, - - - 100 
 
 Duncan, David, merchant, - - - 100 
 
 Nilant, Alexander, do., St Andrews, - 100 
 
 Farquharson, William, M.D., - - 100 
 
 Richardson, Jn., &Co., merchants, Perth, 500 
 Milne, James, merchant, Arbroath, - 500 
 Bisset, Captain Robert, of Colquhalzie, 200 
 Ogilvy, Archibald, of Inchmartin, - 100 
 
 Bell, Robert & John, merchants, - - 500 
 
 Continued 
 
 Syme, James, merchant, 
 
 Stewart, Peter, glover, Perth, 
 
 Wardlaw, William, merchant, Aberdeen, 
 Hay, John, grieve at Gray, 
 
 Mill, William, of Bonny ton, 
 
 Crichton, John, manufacturer, 
 
 Marshall, Bailie William, merchant, 
 Arnot, James, farmer, Kinnettles, 
 Crichton, Thomas, merchant, 
 
 Graham, Laurence & Robert, carpenters, 
 Carnegy, Patrick, of Lower, 
 
 Dalgleish, James, of Scott’s Craig, 
 Yeaman, Patrick, jun., merchant, 
 Hunter, Thomas, of Burnside, 
 
 Milne & Meals, brewers, Pleasants, 
 Fairweather, James, jun., merchant, 
 Milne, John, shipmaster, 
 
 Alison, Patrick, farmer, Newhall, 
 Lindsay, Robert, merchant, 
 
 Arbuthnot, Jas. Carnegy, of Balnomoon, 
 Molison, John, of Ballachie, 
 i next paye. 
 
 £300 
 
 140 
 
 200 
 
 200 
 
 300 
 
 100 
 
 200 
 
 200 
 
 500 
 
 200 
 
 500 
 
 200 
 
 500 
 
 500 
 
 300 
 
 500 
 
 500 
 
 200 
 
 300 
 
 300 
 
 200 
 
7 6 Banking Memoranda for 1769. 
 
 Currency, Prices, &c., in 1769. — Peace : Gold coined, £626,582; Bank 
 of England Circulation (end of February), £5,707,190 ; Parliamentary sup- 
 plies, £6,909,003 ; wheat per quarter, in London, 40s. 7d., and in Edin- 
 burgh, 30s. lid. 
 
 Merchant Banking Company of Glasgow. — This Bank was estab- 
 lished in the spring of this year, by a number of the smaller traders of Glasgow. 
 Its title gave offence to the Merchants’ House, lest they should be supposed to 
 be partners, and this led them to put an advertisement in the newspapers, 
 explaining that they had nothing to do with the Bank. The notes bore the 
 figure of a globe. In the advertisement by the Bank, in the Glasgow Journal 
 of May 4, 1769, it is stated, that “ the Company have agreed to discount bills, 
 at common interest, payable at a short date, in Edinburgh or Glasgow, on 
 being endorsed to the satisfaction of the directors or their cashier,” and that 
 “ any who become creditors to the Company may be satisfied with respect to 
 their security, by applying at the Company’s office .” — Banking in Glasgow. 
 
 Bank Contentions. — On Saturday, 1st April 1769, the Bank of Aberdeen 
 made a sudden demand on the Thistle Bank of Glasgow, for the payment of 
 £41,700 in specie, which was promptly responded to, the amount being paid in 
 gold and silver. 
 
 Operations on Cash Accounts. — On May 6, the Royal Bank restricted all 
 drawings on cash accounts to Tuesdays, and payings in to Saturdays. This 
 regulation was rescinded in April following. 
 
 High Price of Victual. — On June 3, because of the high price of corn, 
 the Lords of Session, on an application by the Lord Provost and Town Council, 
 
 ordered 
 
Banking Memoranda for 1769 — ( Continued). 77 
 
 ordered the ports to be opened for the free importation of oats and oatmeal. 
 Yet in January the prices in Edinburgh were only — oatmeal lOd. per peck, 
 bearmeal 7d., and peasemeal 7^d. In December the Magistrates of Edinburgh, 
 by proclamation, lowered the price of bread. 
 
 Linen Trade. — On July 11, the Convention of Royal Burghs was requested 
 to petition for a continuance of the bounty on the export of linen, which would 
 expire in 1771. Linen stamped this year in Scotland, 13,406,125 yards ; esti- 
 mated value, £689,790. 
 
 Ayr and Dumfries Bank. — On November 6, the new banking com- 
 pany of Douglas, Heron, & Co. opened its office in Ayr, and on the 14th one 
 in Dumfries, and on the 17th one in Edinburgh. This Bank was established 
 for the purpose of relieving the distress of the country in the south-west of 
 Scotland, by stimulating trade and agriculture, especially the latter, which it 
 did to the advantage of the district, although to the great loss of its partners 
 (see 1772 and 1776). Its capital was £150,000 (of which £96,000 was sub- 
 scribed for at starting), and notice was given of an intention to increase it by 
 £100,000 in May following. It had a Governor and twenty-seven Directors, nine 
 at each place of business. This constitution causing it to be to some extent three 
 independent Banks, and the Directors being chiefly young men connected either 
 with the landed interest or the legal profession, and unacquainted with com- 
 mercial matters, led to or at least facilitated the ultimate catastrophe. Among 
 its partners were the Duke of Buccleuch, the Duke of Queensberry, the Earl of 
 Dumfries, the Earl of March, Douglas of Douglas, &c. Its notes were printed 
 with types of a peculiar fashion, not engraved like other bank notes. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [8 
 
 To the PUBLIC, for Notes in circulation, as per following 
 
 Notes of 
 
 £0 5 0 
 0 10 0 
 10 0 
 5 0 0 
 
 Profit and Loss- 
 y Discounts receive 
 Interest do. , 
 
 To Exchange lost, £136 4 
 
 Interest paid, 408 17 
 
 To Dependancies, carried to Cr. of, 
 
 £ 71 
 
 10 
 
 0 
 
 
 2 
 
 0 
 
 0 
 
 
 28,494 
 
 6 
 
 3 
 
 
 1,625 
 
 0 
 
 0 
 
 
 £30,192 
 
 16 
 
 3 
 
 
 as per following Statement, 
 
 
 
 ... £6,880 0 
 
 0 
 
 Lg Statement, 
 
 535 17 
 
 6 
 
 ...£ 26 
 
 11 
 
 3 
 
 
 ... 1,764 
 
 12 
 
 7 
 
 
 £1,791 
 
 3 
 
 10 
 
 
 3 
 
 
 
 
 0 
 
 
 
 
 545 
 
 1 
 
 3 
 
 
 £1,246 
 
 2 
 
 7 
 
 
 ... 670 
 
 4 
 
 0 
 
 
 ... £575 
 
 18 
 
 7 
 
 
 40 
 
 1 
 
 1 
 
 
 £535 
 
 17 
 
 6 £7,415 17 
 
 6 
 
 7,415 17 6 
 
 TOTAL LIABILITIES of the Bank,. 
 
 .£37,608 13 9 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the year was about £260,000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 52 
 
 £ 3,270 7 2 
 
 Gain,.. £26 11 3 
 
 Bills Receivable, 
 
 481 
 
 37,252 10 0 
 
 
 Bills of Exchange, 
 
 661 
 
 48,706 2 8 
 
 Loss,.. 136 4 3 
 
 Totals, 
 
 1194 
 
 £89,228 19 10 
 
 Loss,.. £109 13 0 
 
 Total payments through Edinburgh Agents, £72,487, 5s. 8d. : and through London 
 Agents, £56,472, 8s. lOd. 
 
 1770. July 31.— Partners resolve to extend the duration of the Copartnery, which was for 
 seven years from 1st August 1763, for another seven years, viz., till 1st August 1777. 
 
 Oct. 17. — The Bank ceased issuing £1 and £5 Notes with the optional clause of paying at 
 six months after sight with six months’ interest. 
 
8] 
 
 20th FEBRUARY 1771. 
 
 Cr. 
 
 Br 
 
 BANK OFFICE, £ 
 
 INVESTMENTS, as per following Statement, 
 
 Cash Accounts, in number 106, £24,745 17 3 
 
 Bonds Receivable, 5,549 12 9 
 
 Bills Discounted, i.e., dxie in Dundee, 547 2 1 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 3,158 6 10 
 
 Bills of Exchange, i.e., due in London, 175 0 0 
 
 £34,175 18 11 
 
 64 9 0 
 
 34,175 18 11 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH at call and on hand, as per following Statement, 
 
 At call, Edinburgh Agents, 
 Do., London do., 
 
 On hand, as follows, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £ 305 0 0 
 1,427 0 0 
 721 17 6 
 0 1 4 
 
 £ 279 2 2 
 429 13 10 
 2,453 18 10 
 
 205 11 0 
 
 3,162 14 10 
 
 £2,453 18 10 £3,162 14 10 
 
 TOTAL ASSETS of the Bank, 
 
 £37,608 13 9 
 
 CREDITS GRANTED 1763-1767. 
 
 Dickson, James, merchant, Montrose, - £200 
 Brown, Rev. Wm,, Professor, St Andrews, 100 
 
 Jobson, David, writer, - - - 115 
 
 Wardroper, Provost Andrew, shipmaster, 500 
 Watson, Alexander, of Turine, - - 300 
 
 Gibb, William, of Lochton, - - - 200 
 
 Badenoch, James, merchant, Glammis, 500 
 Stewart, William, merchant, - - 500 
 
 Baillie & Marshall, do., - • - 200 
 
 Greenhill, Charles, factor on Southesque, 200 
 Watson, Robert, of Shealhill, - - 200 
 
 Read, Captain Alexander, of Logie, - 200 
 
 Lyon, John, at Castle Lyon, - - 200 
 
 Fullerton, William, at Ardblair, - - 200 
 
 Crichton, Strachan, & Co., merchants, - 500 
 Wise, David, merchant, - - - 200 
 
 Patterson, James, surgeon-apothecary, - 200 
 
 Pitcairn, Andrew, writer, ... 200 
 Milne, John, & Co., merchants, - - 500 
 
 Crawford, Patrick, of Auchnames, - 500 
 
 Kirkfabrick of Dundee, - - - £200 
 
 More, James, stationer, - - - 200 
 
 Robe, John, & Son, manufacturers, - 100 
 
 Small, Rev. Robert, minister of Dundee, 200 
 Chalmers, William, writer, - - - 200 
 
 Burgh of Brechin, .... 400 
 
 Glegg, Adam, merchant, Montrose, - 500 
 
 Syme, James, & Co., merchants, - - 500 
 
 Small, James, do., - - 500 
 
 Fenton, James, farmer, Eassie, - - 300 
 
 Dalgairns, Andrew, farmer, Ingliston, - 200 
 Nicoll, John, merchant, - - - 300 
 
 Sandieman & Ramsay, merchants, - 500 
 Napier & Sime, merchants, Bervie, - 500 
 City of St Andrews, - - - - 100 
 
 Bisset, William, founder, - - - 200 
 
 Wright, Alex., & Co., merchants, - 200 
 Henderson, John, do., - - 200 
 
 Webster, Robert, farmer, Overyards, - 200 
 Bell, James, merchant, Arbroath, - 300 
 
80 Banking Memoranda for 1770. 
 
 Currency, Prices, &c., in 1770. — Peace : Gold coined, £623,778 ; Bank 
 of England Circulation (end of February), £5,237,210 ; Parliamentary supplies, 
 £7,455,042 ; wheat per qr., in London, 43s. 6d. ; and in Edinburgh, 30s. 9d. 
 
 Failure of private issuers of Notes. — It is stated in the Scots Magazine , 
 under date 27th January 1770, that among the recent failures were several 
 issuers of notes, one of whom had failed for £100,000, another for £70.000, 
 and another for £60,000. It is not stated what amount of notes either of 
 them had in circulation. 
 
 Country Bank Notes. — On April 30, the county of Roxburgh resolved not 
 to take without charge the notes of any bank which were not payable in Edin- 
 burgh — the usual charge for changing such notes being Id. or l^d. on a £1 
 note, which is fths per cent. 
 
 Criticisms on Banking. — In the Scots Magazine are several letters on the 
 management of the Banks. One of July 4, addressed to the proprietors of 
 Bank of Scotland stock, calls on them to see, at their meeting on the following 
 Monday, whether their affairs are in a good state, and, if so, why more accom- 
 modation is not afforded to customers. They should inquire whether the funds 
 are invested in heritable loans, or in discounting bills, and in making advances 
 on cash accounts. It is stated that notes of either of the Edinburgh Banks 
 are rarely to be seen. In another letter, of July 7, it is said — This all the 
 
 world 
 
Banking Memoranda for 1770 — (Continued). 81 
 
 world knows, that the two (Edinburgh) Banks, in conjunction, refused, some 
 time ago, an earnest request of the Glasgow merchants to erect branches in 
 that town. This slowness of the Edinburgh Banks to accommodate the public 
 has made a multitude of Banks. The latter pick up and return all the notes 
 of the former that they can, and therefore those two Banks have become more 
 slow to issue them again. Hence the bulk of the circulation in Glasgow is of 
 the Dumfries Bank of Lawson, Johnston, & Co. Instead of refusing to accept 
 in payments the notes of country Banks, the Edinburgh Banks should receive 
 them, and thus withdraw them from the circulation. 
 
 Linen Trade. — Linen stamped this year in Scotland, 13,049,535 ; esti- 
 mated value, £634,411. 
 
 Dundee. — At this date there were no more than five or six houses between 
 the west end of the royalty and Blackness, where by 1792 about one hundred 
 acres were feued, and four thousand people settled thereon. The usual feu 
 near town was £3 to £3, 10s. per acre, but afterwards Hunter of Blackness 
 got £10 per acre for land further off, and even it was subfeued at £14. Four 
 acres of land, belonging to the Kirk-Session, which in 1770 let altogether for 
 £3 per annum, were feued in 1791 at £40 per acre. — Small's History of 
 Dundee. 
 
Dr. THE DUNDEE BANKING COMPANY. [9 
 
 To the PUBLIC, for Notes in circulation, as per following 
 
 Statement, 
 
 Notes of £0 5 0 
 
 „ 0 10 0 
 
 „ 10 0 
 „ 5 0 0 
 
 £43,652 
 
 £ 70 0 0 
 2 0 0 
 39,425 0 0 
 4, 155 0 0 
 £43,652 0 0 
 
 0 0 
 
 To the PARTNERS of the Company, as per following Statement, 7,910 2 8 
 
 For CAPITAL paid up, £80 on 86 shares, £6, 880 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 £11, 19s. 6 Ad. on 86 shares, as per following State- 
 ment, 1,030 2 8 
 
 Profit and Loss — 
 
 By Balance from former year, £ 535 17 6 
 
 By Discounts received, £ 38 7 0 
 
 Interest do., 1,489 10 8 
 
 £1,527 17 8 
 
 To Exchange lost, .. £ 1 03 0 5 
 Interest paid, . . . 148 4 9 
 
 251 5 2 
 
 £1,276 12 6 
 
 To Expense of Management, .. . 782 7 4 
 
 By Nett Profit, 494 5 2 
 
 By Total Profit on hand, 
 
 £1,030 2 8 
 
 £7,910 2 8 
 
 TOTAL LIABILITIES of the Bank, £51,562 2 8 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the year was about £320, 000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 63 
 
 £ 6,130 12 1 
 
 Gain,..£ 38 7 0 
 
 Bills Receivable, 
 
 539 
 
 37,570 18 11 
 
 
 Bills of Exchange, 
 
 1,088 
 
 90,026 14 5 
 
 Loss,.. 103 0 5 
 
 Totals, 
 
 1,690 
 
 £133,728 5 5 
 
 Loss,..£ 64 13 5 
 
 Total payments through Edinburgh Agents, £80,982, 3s. 7d. ; and through London 
 Agents, £44,728, 7s. 8d. 
 
 1771. May 13. — David Watson, agent, Glasgow, allowed ^ per cent, on Bills bought. 
 Edinburgh Bills taken at six days, and London Bills at 60 days par. 
 
 July . — From February to July the Bank kept an account with the Bank of Scotland and 
 with the Royal Bank of Scotland. 
 
 Sep. 18. — As the Edinburgh Banks have lately made a demand on the Company to pay 
 their Notes in specie to the extent of £5,400, which had to be done, the Directors think it 
 expedient to make retaliation, and hereby empower the Cashier to proceed to Edinburgh 
 with £5,000 of Bank of Scotland Notes, and demand gold for the same. This sum of specie 
 
 3 
 
9] 
 
 20th FEBRUARY 1772. 
 
 Cr. 
 
 By BANK OFFICE, £ 64 
 
 INVESTMENTS, as per following Statement, 28,495 
 
 Cash Accounts, in number 116, £21,548 
 
 Bonds Receivable, 1,707 
 
 Bills Discounted, i.e., due in Dundee, 
 
 Bills Receivable, i.e., due in Edinburgh, &c.,... 
 
 Bills of Exchange, i.e., due in London, 
 
 .. £21,548 
 
 9 
 
 7 
 
 1,707 
 
 19 
 
 4 
 
 310 
 
 2 
 
 8 
 
 .. 2,484 
 
 14 
 
 5 
 
 .. 2,443 
 
 18 
 
 11 
 
 £28,495 
 
 4 
 
 11 
 
 SUNDRY ACCOUNTS, Dr., 701 14 
 
 CASH at call and on hand, as per following Statement, 22,300 14 
 
 At call, Edinburgh Agents, £3,126 15 11 
 
 Do., London do., 877 10 11 
 
 On hand, as follows, 18,296 7 7 
 
 Mixed Notes, £ 896 19 0 
 
 Gold, 16,477 11 0 
 
 Silver, 921 12 0 
 
 Copper, 0 5 7 
 
 £18,296 7 7 £22,300 14 5 
 
 TOTAL ASSETS of the Bank £51,562 2 8 
 
 to be lodged in the hands of Mr J ohn Fyffe, in order to be sent off by the waggon to Messrs 
 Eadie & Laird, London, for the Bank’s credit. 
 
 26. — The Cashier reported having fulfilled the above instructions. The Directors 
 resolve, that as there is no appearance of an accommodation with the Edinburgh Banks, Mr 
 Fyffe be asked whether he will undertake to demand specie from those Banks from time to 
 time for their Notes held by this Company. 
 
 Nov. 18. — Messenger sent to Edinburgh to bring over a box of specie sent from London, 
 and what gold Mr Fyffe has drawn from the Bank of Scotland and the Royal Bank on the 
 Company’s account. 
 
 Dec. 30. — The Cashier having been at Perth, reported that the Bank there (the Perth 
 United Company) was averse to coming to an agreement with the Edinburgh Banks. The 
 Directors resolved, That it is of the greatest consequence to this Bank to remain united with 
 the Perth one in their measures relative to the differences with those in Edinburgh. That 
 as these Banks declined accepting the equitable proposal made through Mr Fyffe for 
 exchanging Notes in an amicable manner, this Company should let the matter lie over for 
 some time. 
 
 — The Cashier to proceed to Edinburgh with £5,000 in Notes, and demand gold for them, 
 and bring it round by Perth on Wednesday next, the 1st January 1772. 
 
 — The Cashier to ask the Edinburgh Agent to collect £700 or £800 in gold, weekly, and to 
 request Mr Ferguson, if he finds it practicable, to arrange an accommodation with the Edin- 
 burgh Banks, and if so, to procure the offer of the same terms to the Perth Bank also. 
 
84 Banking Memoranda for 1771. 
 
 Currency, Prices, &c., in 1771. — Peace : Gold coined, £637,796 ; Bank 
 of England Circulation (end of February), £6,822,180 ; Parliamentary sup- 
 lilies, £7,158,779; wheat per quarter, in London, 39s. 6d. to 47s. 2d., and in 
 Edinburgh, 35s. 10d., oatmeal per peck ll^d., bearmeal and peasemeal 7-^d. 
 per peck. 
 
 Fire in Edinburgh. — On Saturday, January 26, at six p.m., a fire broke 
 out in the garret of Buchanan’s tenement, Old Bank Close, Edinburgh, by 
 which the whole land was destroyed. It contained the town residences of 
 several lairds (that of John Hume, Esq., of Ninewells, was on the fifth fiat), 
 and the office of the Bank of Scotland. Out of the last the cash and most 
 important papers were rescued, and carried up to the Castle for safety. 
 
 Peace between tiie Chartered Banks and the Country Banks. — The 
 Bank of Scotland and the Royal Bank began to receive in payments the notes 
 of the following Banks, at the dates marked ; soon after which the collectors of 
 the public revenue also commenced accepting them : — 
 
 May 20. The British Linen Company, Edinburgh. 
 
 The Ayr and Dumfries Bank of Douglas, Heron, & Company. 
 
 July 1. The Dumfries Bank of Johnston, Lawson, & Company. 
 
 The Perth United Company. 
 
 ... 17. The Ship Bank of Dunlop, Houston, & Company, Glasgow. 
 
 The City Arms Bank of Cochran, Murdoch, & Co., Glasgow. 
 
 The Thistle Bank of Sir James Maxwell, Ritchie, & Co., Glasgow. 
 
 The Dundee Banking Company of George Dempster & Co. 
 
 Aug. 13. The Aberdeen Banking Company. 
 
 The Glasgow Merchant Company. 
 
 Ayr 
 
Banking Memoranda for 1771 — {Continued). 85 
 
 Ayr Bank. — On June 19, Macadam & Co., bankers, Ayr, transferred their 
 business to Douglas, Heron, & Co., at the price of £18,000. 
 
 Dumfries Bank. — Johnston, Lawson, & Co., bankers, Dumfries, trans- 
 ferred their business to Douglas, Heron, & Co., at the price of £7,350, Os. 3d. 
 
 Woollen and Linen Manufactures. — Linen stamped this year in Scotland, 
 13,466,274 yards ; estimated value, £620,322. In the preface to an “ Essay on 
 the Trade, Commerce, and Manufactures of Scotland,” by David Loch, Esq., of 
 Over Carnbie, merchant, Edinburgh, published the 20th December 1771, the 
 author undertakes to show, by the most irrefragible proofs, that the woollen 
 manufacture is not only the most natural, but the most beneficial staple in 
 which the inhabitants of Scotland can be engaged. On the other hand, that 
 flax being an exotic in this country, and the climate being an enemy to its ever 
 being brought to perfection, its manufacture must, in every point of view, be 
 considered as a most unnatural pursuit. The author states it to be his con- 
 jecture, that the noblemen who received large sums of English gold to bring 
 about the Union, were required to discountenance the woollen manufacture in 
 Scotland, because it was the staple of England, and to encourage the linen 
 manufacture instead, in which England would not try to rival Scotland. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [10 
 
 To the PUBLIC, as per following Statement, £23,551 
 
 367 8 11 
 
 4 2 
 
 Notes of £0 5 
 
 „ 0 10 
 
 „ 1 0 
 
 „ 5 0 
 
 £ 69 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 22,255 
 
 18 
 
 11 
 
 1,040 
 
 0 
 
 0 
 
 £23,367 
 
 8 
 
 11 
 
 For Balance due Edinburgh Agents, 
 
 183 15 3 
 £23,551 4 2 
 
 To the PARTNERS of the Company, as per following Statement, 7,455 12 5 
 
 For CAPITAL paid up, £80 on 86 shares £6, 880 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £6, 13s. lOd. on 86 shares, as per following Statement, 575 12 5 
 Profit and Loss — - 
 
 By Discounts received, £ 43 3 5 
 
 Interest do., 1,363 1 6 
 
 
 £1,406 
 
 4 
 
 11 
 
 To Exchange lost, 
 
 ...£ 60 16 6 
 
 
 
 Interest paid, 
 
 ... 141 2 10 
 
 
 
 201 
 
 19 
 
 4 
 
 
 £1,204 
 
 5 
 
 7 
 
 To Expense of Management, . . 
 
 628 
 
 13 
 
 2 
 
 By Nett Profit, 
 
 £575 
 
 12 
 
 5 
 
 £7,455 12 5 
 
 TOTAL LIABILITIES of the Bank, 
 
 £31,006 16 7 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount of transactions in the Bank during the year was about £290,000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 74 
 
 £ 5,880 3 9 
 
 Gain,.. £43 3 5 
 
 Bills Receivable, 
 
 509 
 
 33,736 7 0 
 
 
 Bills of Exchange, 
 
 1,080 
 
 80,888 4 3 
 
 Loss, .. 60 16 6 
 
 Totals, 
 
 1,663 
 
 £120,504 15 0 
 
 Loss,.. £17 13 1 
 
 Payments by Edinburgh Agents, £79,099, 4s. ; and by London Agents, £24,647, 7s. 8d. 
 
 1772. Mar. 26.— The Cashier having paid yesterday £9,500 in specie to the Bank of Scot- 
 land for the Company’s Notes, and having £8,000 guineas on hand, is directed to send £3,000 
 in gold to London by three smacks, and to get down as much silver and half -guineas as can 
 be procured. 
 
 May . — The Bank’s London Agents, Eadie & Laird, failed, owing the Company £3,000. 
 
 June 29. — A Meeting of Partners, considering that the present distress in the country is 
 brought on by the failure of so many great houses in London and Edinburgh, resolve to make 
 arrangements for the retirement of their Notes at present in the circle. 
 
 July 6. — The Perth United Company ask the loan of £1,000 in gold, which is granted till 
 the 13th, because the safety of the two Banks is very closely united. 
 
By BANK OFFICE, £ 
 
 Bills Discounted, i.e., due in Dundee, 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 
 
 64 
 
 .. £18,674 
 
 18 
 
 1 
 
 894 
 
 16 
 
 9 
 
 830 
 
 4 
 
 10 
 
 .. 1,350 
 
 8 
 
 1 
 
 £21,750 
 
 7 
 
 9 
 
 SUNDRY ACCOUNTS, Dr., 3,963 6 
 
 CASH at call and on hand, as per following Statement, 5,228 13 
 
 At call, London Agents, £1,015 15 3 
 
 On hand, as follows, 4,212 18 6 
 
 Mixed Notes, £ 146 12 0 
 
 Gold, 2,677 17 9 
 
 Silver, 1,388 7 6 
 
 Copper, 0 1 3 
 
 £4,212 18 6 £5,228 13 9 
 
 TOTAL ASSETS of the Bank, £31,006 16 7 
 
 Aug. 8. — Roger, Hog, & Kinloch appointed London Agents. Commission to be § per 
 cent., but to charge \ per cent, on silver collected for the Bank. 
 
 20. — The Bank’s Edinburgh Agent, John Eyffe, fails. Wm. Cumming & Son appointed 
 in his place. Commission to be § per cent. ; Interest to be charged by them at 5 per cent., 
 and allowed at 4 per cent. 
 
 Sep. 2. — Under present circumstances, all Cash Accounts to be limited to four-fifths of 
 the amount of their credit. 
 
 Dec. 11. — London Exchange in Edinburgh being reduced to 30 days par, the Bank to sell 
 Exchange at the' following rates : — Bills at 10 days for ^ per cent, premium ; at 20 days, f ; 
 at 30 days, I ; at 40 days, | ; and 50 days to be par. 
 
 1773. Jan. 6. — £1 and £5 Notes, with the Town’s Arms on them, first issued. 
 
 During this crisis the following were the variations in the Circulation and in the amount 
 of Specie on hand : — 
 
 
 
 Circulation. 
 
 Specie. 
 
 
 Circulation. 
 
 Specie. 
 
 1772 — Mar. 
 
 16,. 
 
 .... £47,330 
 
 £17,729 
 
 1772— Nov. 7,. 
 
 .... £16,164 
 
 £4,034 
 
 99 
 
 23,. 
 
 .... 45,606 
 
 19,935 
 
 „ 21,. 
 
 .... 18,812 
 
 3,881 
 
 9 9 
 
 30,. 
 
 .... 38,192 
 
 9,136 
 
 Dec. 5, . 
 
 .... 19,544 
 
 5,135 
 
 April 
 
 6,. 
 
 .... 37,779 
 
 11,050 
 
 „ 12,. 
 
 .... 19,492 
 
 5,401 
 
 99 
 
 13,. 
 
 .... 37,931 
 
 9,737 
 
 „ 19,. 
 
 .... 18,880 
 
 5,561 
 
 May 
 
 25,. 
 
 39,582 
 
 13,551 
 
 1773— Jan. 23,. 
 
 .... 18,092 
 
 4,223 
 
 June 
 
 15,. 
 
 .... 33,828 
 
 10,967 
 
 „ 30,. 
 
 .... 19,015 
 
 3,847 
 
 Oct. 
 
 19,. 
 
 .... 15,920 
 
 6,132 
 
 Feb. 6,. 
 
 .... 20,184 
 
 4,066 
 
 99 
 
 31,. 
 
 .... 15,402 
 
 5,509 
 
 „ 20,. 
 
 .... 23,367 
 
 4,212 
 
88 Banking Memoranda for 1772. 
 
 Currency, Prices, &c., in 1772. — Gold at £4, Is. Od., per oz., coined 
 £843,853 ; Bank of England Circulation (end of February), £5,962,100 ; Par- 
 liamentary supplies, £7,186,253 ; wheat per quarter, in London, 41s. 6d. to 
 50s. 8d., and in Edinburgh, 38s. 2d., oatmeal per peck Is. Id., bearmeal 8d., 
 peasemeal 7^d. 
 
 Commercial Panic. — On Wednesday the 10th June, the banking house in 
 London of Neale, Janies, Fordyce, & Down failed, through over speculation 
 in Stocks; and by the 19th, many other great houses had stopped payment — 
 the number of failures in London ultimately amounting to upwards of five 
 hundred ; and these were followed, the next year, by bankruptcies in Holland 
 to an enormous extent. News of the failure of Neale & Co., and others, 
 having reached Edinburgh in forty-three hours (!), caused the stoppage of 
 several respectable merchants there, some of whom acted as bankers — among 
 others, Edie & Laird, the agents of the Dundee Banking Company. Country 
 bank notes became distrusted, and a brisk demand for payment of them in 
 specie arose. The most extensive run was on the Ayr and Dumfries Bank of 
 Douglas, Heron, & Co., lasting from the 12th June to the 25th, when they 
 advertised that they could pay no more in specie, but would retire all their 
 notes soon, with 5 per cent, interest thereon. 
 
 Application to the Bank of England. — The Fordyce of the above % 
 London banking house being a Scotchman, and two Scotch houses having 
 stopped owing to his failure, the idea arose that many other Scotch houses, and , 
 
 even some of the Scotch Banks, might be connected with his Bank, and have * 
 
 to suspend also. Some ground for this fear was afforded by the fact, that the 
 number of Scotch bills which had of late appeared in London, in the discount 
 market, had become very great, while the foundation of them being little under- 
 stood there, much speculation respecting the cause of this had arisen, and, in 
 consequence, many bills drawn by Scotch houses on respectable London houses { 
 had been refused to be discounted by the Bank of England. The bills of \ 
 Douglas, Heron, & Co. having been refused, a meeting of noblemen and gentle- 
 men was held in Ayr, on July 1, and passed resolutions of thanks to, and i 
 
 unbounded ' 
 
Banking Memoranda for 1772— ( Continued). 89 
 
 unbounded confidence in that firm, while in London a meeting of Scotch- 
 men was held, for the purpose of offering the Bank an indemnity if they 
 would assist the Ayr and Dumfries Bank. Two Dukes, who were partners 
 of it, accompanied by one of the richest men of the city, waited on the 
 Directors of the Bank of England, and told them that they were liable for 
 the Scotch Bank’s transactions, and were ready to grant to the Bank any 
 legal acknowledgment to that effect. The Directors having enquired what was 
 the total amount of their Company’s bills afloat, and being told £300,000, 
 were surprised and frightened, as the Bank had already about half of this 
 amount under discount. The Directors promised to consider the matter till 
 the next day, when they refused to discount any more of this paper unless the 
 two Dukes would transfer to the Bank property in England to the value of 
 £20,000 per annum. Support on these terms was, however, declined, as the 
 property of the partners of the Bank requiring aid was well known to exceed 
 five millions sterling. They stipulated also for the gradual diminution of the 
 circulation of the notes of the Ayr and Dumfries Bank, which had usually 
 amounted to £300,000, but had within a few weeks increased to £450,000. 
 This was perhaps the first application formally made to the Bank of England 
 to take on itself the burden of supporting commercial credit. 
 
 The Scotch Banks. — During this panic, the Bank of Scotland and the 
 Royal Bank stood well, having never had a larger store of coin, and of free 
 funds, in proportion to their circulation and other liabilities. The country 
 Banks all weathered the storm, except the Merchant Banking Company of 
 Glasgow, which was compelled to close its doors on July 9 ; but it announced 
 that its partners were seventy in number, with ample means to cover all the 
 Company’s engagements, and that it would resume business on the 9tli October, 
 paying 5 per cent, interest on its notes. On September 28, Douglas, Heron, 
 & Co. reopened their offices in Ayr and Dumfries, paying 15s. on each £1 note 
 as an interim dividend. 
 
 Linen Manufacture. — Linen stamped this year in Scotland, 13,089,006 
 yards ; estimated value, £579,833. 
 
Dr. THE DUNDEE BANKING COMPANY. [11 
 
 To the PUBLIC, as per following Statement, £27,748 14 5 
 
 For NOTES in circulation, as follows, £27,670 8 6 
 
 Notes of 
 
 £0 
 
 5 
 
 0 
 
 £ 66 
 
 15 
 
 0 
 
 11 
 
 0 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 11 
 
 1 
 
 0 
 
 0 
 
 26,961 
 
 13 
 
 6 
 
 11 
 
 5 
 
 0 
 
 0 
 
 640 
 
 0 
 
 0 
 
 
 
 
 
 £27,670 
 
 8 
 
 6 
 
 For Sundry Accounts, Cr., 78 5 11 
 
 £27,748 14 5 
 
 To the PARTNERS of the Company, as per following Statement, 7,645 9 10 
 
 For CAPITAL paid up, £80 on 86 shares, £6,880 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £8, 18s. on 86 shares, as per following Statement,.... 765 9 10 
 
 Profit and Loss — 
 
 By Discounts received, £ 83 2 3 
 
 Exchange gained, 5 2 5 
 
 Interest received, 1,330 0 1 
 
 
 £1,418 
 
 4 
 
 9 
 
 To Interest paid, 
 
 117 
 
 11 
 
 7 
 
 
 £1,300 
 
 13 
 
 2 
 
 To Expense of Management, 
 
 535 
 
 3 
 
 4 
 
 By Nett Profit, 
 
 £765 
 
 9 
 
 10 
 
 £7,645 9 10 
 
 TOTAL LIABILITIES of the Bank, £35,394 4 3 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the year was about £280,000 received, 
 and about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 83 
 
 £ 9,994 13 7 
 
 Gain,.. £83 2 3 
 
 Bills Receivable, 
 
 425 
 
 29,606 13 8 
 
 
 Bills of Exchange, 
 
 1,095 
 
 75,788 9 2 
 
 Gain, . . 5 2 5 
 
 Totals, 
 
 1,603 
 
 £115,389 16 5 
 
 Gain,.. £88 4 8 
 
 Total payments through Edinburgh Agents, £80,336, 19s. 2d. ; and through London 
 Agents, £20,009, 15s. 8d. 
 
 1773. Feb. 17. — All Cash Accounts to be relieved from the restriction as to full use of the 
 credit. 
 
11] 
 
 21st FEBRUARY 1774. 
 
 Cr. 
 
 By BANK OFFICE, 
 
 .£ 54 
 
 Bills Discounted, i.e., due in Dundee, 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 
 
 .. £22,448 
 
 4 
 
 1 
 
 .. 1,489 
 
 6 
 
 9 
 
 952 
 
 4 
 
 5 
 
 .. 2,582 
 
 17 
 
 5 
 
 £27,472 
 
 12 
 
 8 
 
 0 
 
 12 
 
 SUNDRY ACCOUNTS, Dr., 867 1 
 
 CASH at call and on hand, as per following Statement, 7,000 10 
 
 At call, Edinburgh Agents, £3,607 16 4 
 
 Do., London do., 543 16 10 
 
 On hand, as follows, 2,848 17 3 
 
 Mixed Notes, £ 21 0 0 
 
 Gold, 2,001 9 11 
 
 Silver, 826 3 6 
 
 Copper, 0 3 10 
 
 £2, 848 17 3 £7,000 10 5 
 
 TOTAL ASSETS of the Bank, £35,394 4 3 
 
 Aug. 30. — There being a considerable amount of gold on hand, and little demand for it, 
 1,600 guineas to be sent to London with what light gold there is. 
 
 — John Stiven, goldsmith, employed to buy up light gold at £3, 17s. lO^d. the oz. 
 
 Sep. 18. — £192, 3s. in light gold, weighing 45 oz. 9 dwt., which, at £3, 17s. 10^d., is worth 
 only £177, 8s. 2d. ; and cut gold, 63 oz., worth £245, 6s. l|d., sent to London. 
 
 Nov. 2. — Cut gold, 85 oz. 15 gr., worth £334, 19s. 8d., sent. 
 
 19. — Cut gold, 93 oz., worth £362, 2s. 44d., sent. 
 
 Dec. 22. — The Town of Dundee obtain a Cash Account of £100 for their Treasurer, James 
 Johnston, and his successors in office. 
 
 23. — Because the Perth United Company have reduced the par on London from 60 days to 
 40 days par, to sell at 50 and buy at 40 days, it was resolved that this Bank do the same. 
 
 1774. Jan. 26. — As in Edinburgh Bills on London at sight are selling at f per cent, dis- 
 count, resolved to reduce the London par here ; to take Bills at 30 days, and to draw at 40 
 days. 
 
92 Banking Memoranda for 1773. 
 
 Currency, Prices, &c., in 1773. — Gold at £3, 17s. 6d. per oz., coined 
 £1,317,645; Bank of England Circulation (end of February), £6,037,060; 
 Parliamentary supplies, £6,980,210 ; wheat per quarter, in London, 42s. 8d. to 
 51s., and in Edinburgh, 38s. 10d., oatmeal per peck Is. Id., bearmeal 8-^d., 
 peasemeal 9d. 
 
 Meal Mobs. — In Dundee, a meal mob riot occurred on 5th January, and 
 similar disturbances took place about the same time in various parts of Scot- 
 land ; yet oatmeal was not much dearer than usual, viz., from 10^d. to Is. 
 per peck. 
 
 The Coinage. — This year an Act was passed, 13 Geo. III., cap, 71, to 
 hinder the currency of light gold coin, as the Act of Win. III., 9 and 10, only 
 referred to silver coin. In consequence, the Lords of the Treasury, on July 
 23, directed the receivers of the Revenue to cut or deface all light coin, if of 
 
 less weight than — dwt gr . 
 
 Guineas, prior to 1 Geo. III., 5 3 
 
 1 Do., „ „ 2 13 
 
 Guineas of Geo. III., prior to 1st January 1772, 5 6 
 
 2 Bo. „ ,, „ „ 2 14 
 
 4 Bo. 5’ ?? * 1 7 
 
 Guineas, subsequent to 1st January 1772, 5 8 
 
 i Bo., „ „ „ 2 16 
 
 And that silver coin, in sums of £25 and upward, should be taken by weight 
 at 5s. 2d. the oz. This year the Mint price of gold was fixed at £3, 17s. 10^d., 
 and the Troy pound of gold was ordered to be coined into 44^ guineas, there- 
 fore the weight of each guinea should be 5 dwt. 9f|- gr. Before this reforma- 
 tion of the currency both coin and paper money were depreciated, owing to the 
 vast amount of light coin in circulation. On the light coin received at the 
 Mint, from 1759 to 1769, the loss to the Bank was 2^ per cent, on £8,500,000, 
 or about £20,000 per annum, besides the expense to the Government of ^ per 
 cent, for recoinage. 
 
 Douglas, Heron, & Co. — On August 12, the partners met in Edinburgh, 
 and resolved to give up their business of bankers at Ayr and Dumfries. On this 
 the Bank of Scotland agreed to again accept their notes in the course of busi- 
 ness, and thus retire them from circulation. On December 17, the proprietors 
 held a meeting, at which they subscribed sums amounting to £200,000 for the 
 liquidation of the debts of the Bank, and held debate as to what should be done 
 with respect to the annuities for lives granted by the Company — it having, in 
 
 its 
 
Banking Memoranda for 1773 — (Continued). 93 
 
 its difficulties the previous year, granted a large amount of annuities at the 
 extravagant rate of £100 per annum on one life for £700, or on two lives for 
 £800, for the purpose of raising funds to meet the most pressing claims on it. 
 (See*1774 and 1776.) 
 
 Bank of Scotland. — On August 20, it began to take in light gold at 
 £3, 17s. per oz. After December 8, it gave only £3, 16s. 6d. It also granted 
 drafts on London at an exchange of j per cent., being the lowest exchange 
 known for fifteen years. On September 21, at a meeting of its adventurers, 
 it was resolved to call up the remaining two-tenths of its capital, by which the 
 Bank would be enabled to give more effectual help to the country, now that 
 Douglas, Heron, & Co. have given up banking business. On the 13th De- 
 cember, a meeting of its adventurers was held, to petition Parliament for leave 
 to add £100,000 to its capital — that is, to double it — on the grounds that the 
 then state of commerce required more assistance than it did in 1695. 
 
 Royal Bank. — This Bank was appointed to give good coin in exchange 
 for light coin then called in by the first proclamation of the Government. 
 
 Ayr Bank. — On the close of Douglas, Heron, & Company, a new Bank 
 was established in Ayr by Hunters & Co., under the title of the Ayr Banking 
 Company. 
 
 Linen Manufacture. — Linen stamped this year in Scotland, 10,748,110 
 yards; estimated value, £462,751. On October 11, it was announced in Edin- 
 burgh that measures were being taken to procure an Act, in the next session 
 of Parliament, to relieve the drooping and almost ruined state of the linen 
 manufacture. 
 
 Emigration. — Emigration from the North of Scotland set in to a large 
 extent in October this year. 
 
 Dr Johnson. — This worthy visited Edinburgh on the 14th August, leaving 
 it on the 18th for the North and West, and returning on the 9th November. 
 His complaint of the want of trees, in the districts he passed through, was 
 probably sufficiently well founded — the renewing of the destroyed woods of 
 Scotland, by replanting of extensive tracts, had scarcely begun at that time. 
 
 Revolution Principles. — On November 15, a general meeting of the 
 members of the Revolution Club was held, in the Assembly Hall, Edinburgh, 
 at which Sir Adolphus Ougliton proposed, that, to keep people in mind of the 
 advantages of the glorious Revolution of 1688, the Society should assemble 
 yearly, on 25th November, and walk to church in procession, to hear a sermon 
 on Revolution principles ! 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [12 
 
 To the PUBLIC, as per 
 
 folio 
 
 wi 
 
 ng Statement,., 
 
 
 
 For NOTES in circulation, 
 
 as follows, . . 
 
 
 
 
 Notes of 
 
 £0 
 
 5 
 
 0 
 
 £ 66 
 
 0 
 
 0 
 
 99 
 
 0 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 99 
 
 1 
 
 0 
 
 0 
 
 33,928 
 
 0 
 
 0 
 
 9 9 
 
 5 
 
 0 
 
 0 
 
 1,880 
 
 0 
 
 0 
 
 
 
 
 
 £35,876 
 
 0 
 
 0 
 
 For Sundry Accounts, Cr., 
 
 177 19 6 
 
 £36,053 19 6 
 
 To the PARTNERS of the Company, as per following Statement, 
 
 For CAPITAL paid up, £80 on 86 shares, £6,880 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £15, 11s. on 86 shares, as per following Statement, ... 1,338 0 9 
 
 Profit and Loss — 
 
 8,218 0 9 
 
 To Interest paid, 
 
 By Nett Profit, . £1,338 
 
 ,...£ 188 
 
 7 
 
 6 
 
 .... 177 
 
 1 
 
 0 
 
 ... 1,483 
 
 ll 
 
 5 
 
 £1,848 
 
 19 
 
 11 
 
 47 
 
 3 
 
 10 
 
 £1,801 
 
 16 
 
 1 
 
 ... 463 
 
 15 
 
 4 
 
 ...£1,338 
 
 0 
 
 9 
 
 £8,218 0 9 
 
 TOTAL LIABILITIES of the Bank,. 
 
 .£ 44,272 0 3 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of. transactions in the Bank during the year was about £270,000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 110 
 
 £16,902 
 
 2 
 
 10 
 
 Gain, . 
 
 ...£188 
 
 7 
 
 6 
 
 Bills Receivable, 
 
 409 
 
 27,878 
 
 13 
 
 5 
 
 
 
 
 
 Bills of Exchange, 
 
 655 
 
 44,495 
 
 11 
 
 7 
 
 Gain, . . 
 
 ... 177 
 
 1 
 
 0 
 
 Totals, , 
 
 1,174 
 
 | £89,276 
 
 7 
 
 10 
 
 Gain, . 
 
 ...£365 
 
 8 
 
 6 
 
 Total payments through Edinburgh Agents, £77,922, 2s. 5d. ; and through London 
 Agents, £10,922. 
 
 1774. Mar. 24. — The Perth Bank having reduced the London par, the Bank to take Bills 
 at 20 days, and to draw at 30 days. 
 
 May 25. — The Edinburgh Agents having advised that they are obliged to sell London 
 Paper at J per cent, discount, it was resolved not to allow any days on London Bills. 
 
 — The Directors agree not to receive applications for loans except when assembled in the 
 
12] 
 
 21st FEBRUARY 1775. 
 
 Cr. 
 
 By BANK OFFICE, £ 44 0 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 
 
 ,... £24,852 
 
 8 
 
 5 
 
 .... 3,050 
 
 0 
 
 0 
 
 .... 5,840 
 
 13 
 
 8 
 
 300 
 
 0 
 
 0 
 
 .... 2,054 
 
 13 
 
 6 
 
 £36,097 
 
 15 
 
 7 
 
 SUNDRY ACCOUNTS, Dr., 197 4 11 
 
 CASH at call and on hand, as per following Statement, 7,932 19 9 
 
 At call, Edinburgh Agents, £1,351 15 2 
 
 Do., London do., 2,403 11 10 
 
 On hand, as follows, 4, 177 12 9 
 
 Mixed Notes, £ 999 12 0 
 
 Gold, 2,164 6 6 
 
 Silver, 1,013 13 6 
 
 Copper, 0 0 9 
 
 £4,177 12 9 £7,932 19 9 
 
 TOTAL ASSETS of the Bank, £44,272 0 3 
 
 office, and that all proposals be laid on the table at one meeting and not be settled till the 
 next. 
 
 June 13. — London Exchange in Edinburgh being reduced to | per cent, discount for Bills 
 at sight, the Bank to buy Exchange at f per cent, discount, charging discount on the days 
 to run. 
 
 23. — London Exchange reduced in Edinburgh to 1 per cent, and here to \ per cent, 
 discount. 
 
 — £500 in half guineas ordered from London. 
 
 July 4.— Bank to sell Exchange at § per cent, discount, allowing discount also for the days 
 
 to rim. 
 
 14. — Bank to sell Exchange at § per cent, discount, allowing interest on the days to rim. 
 Sep. 24. — D. Watson, the Glasgow Agent, writes he can buy London Paper at g discount, 
 with discount also for days to run. £1,500 sent to purchase 60 to 80 days’ Bills. 
 
 Oct. 25. — Bank to buy Exchange at \ and sell at § discount. 
 
 Nov. 21. — Bank to buy Exchange at f per cent, discount, and to sell at par, or to draw at 
 20 days. 
 
 29. — Bank to buy Exchange at 4 and sell at § discount. 
 
96 Banking Memoranda for 1774. 
 
 Currency, Prices, &e., in 1774. — War with American Colonies: Gold at 
 par, coined £4,685,623 ; Bank of England Circulation (end of February), 
 £7,550,780 ; Parliamentary supplies, £6,159,661 ; wheat per quarter, in Lon- 
 don, 42s. 2d. to 52s. 8d., and in Edinburgh, 37s. 6d., oatmeal per peck Is., 
 bearmeal and peasemeal 8^d. 
 
 War with American Colonies. — This most unfortunate war, of nine 
 years’ duration, was proclaimed on 14th January 1774. 
 
 Forged Notes. — On 26th January, the Bank of Scotland warned people 
 by advertisement of a forgery of their guinea notes, and next day the British 
 Linen Company gave a similar warning respecting their £1 notes. Each 
 Bank offered a reward of £100 for the apprehension of the offenders. 
 
 Linen Trade. — In a London paper, on the 27th January, it is said, in a 
 letter to Lord North — “ The question is no less than this, Whether the linen 
 manufacture of Great Britain and Ireland, in its present distressed state, shall 
 be protected and supported by Government, or deserted and ruined ? That 
 manufacture has been carried on in England to a great extent for many years. 
 It is the staple of Ireland and of Scotland ; without it these nations would be 
 unable to pay for the large quantities of English manufactures annually con- 
 sumed by them.” Linen stamped this year in Scotland, 11,422,115 yards; 
 estimated value, £492,045. 
 
 Ayr and Dumfries Bank. — On February 25, a petition was presented to 
 the House of Commons, from the Dukes of Buccleuch and Queensberry, and 
 divers other partners of Douglas, Heron, & Co., asking leave to issue bonds 
 to the extent of £500,000, at 5 per cent., in lieu of annuities granted by the 
 Bank now closed. The petition was referred to a committee, of which George 
 Dempster, Esq., was one. The bill stated, that the Company began in 1769, 
 but, by too great an enlargement of the credit given, they became, in June 1772, 
 in great want of money, and to accommodate many customers, and to save 
 them from ruin, the Company did borrow money to more than £450,000 on 
 annuities, with this proviso, that the Company should have right to buy them 
 back at the original price, with a half-year’s annuity by way of premium ; 
 that, on 12th August 1773, the Company resolved to give up business ; that the 
 Company had proposed to the annuitants, at 9th February 1774, to grant them 
 bonds for the price and premium, amounting to about £480,000, the interest 
 
 on 
 
Banking Memoranda for 177 4 — ( Continued ). 97 
 
 on which would be £24,000 ; and that they would convey, in security, unen- 
 tailed lands in Scotland to the extent of £32,000 per annum — these bonds not 
 to be transferable by endorsement after 14th June 1782. On March 25, the 
 East India Company petitioned against this bill, as it would injure the sale of 
 their bonds in the money market, because they pay only 3 per cent., and would 
 injure also the circulation of Navy bills and Exchequer bills for the same 
 reason. On the 28th, a petition was presented from the merchants, bankers, 
 and traders of London against the bill, alleging “ that if the bill should 
 pass, it would prove highly injurious to the trading part of this country, and 
 depreciate the value of the national funds.” On the third reading of the bill 
 several members spoke for and against it, but it passed by 176 to 36. 
 
 Dundee. — In May, the broadcloth merchants (woollen-drapers) of Dundee 
 and Forfar resolved to erect a broadcloth manufactory in Dundee, and agreed 
 not to purchase cloths or hats, from that time, except of Scottish manu- 
 facturers. 
 
 Coinage. — On 16th May, addresses from both Houses of Parliament 'were 
 presented to the King as to the state of the coin of the realm, in answer to his 
 recommendation respecting it in the speech from the throne. On June 24, a 
 proclamation was issued authorizing all persons to deface light coin, to the 
 same effect as the directions to the receivers of revenue, given on 23d July 
 1773. 
 
 Small Paper Money. — It is stated, in the Scots Magazine, under date 
 July 25, “ Tickets of three, five, and seven shilling pieces, payable at sight the 
 same as bank notes, are issued out by a capital person of most towms in Eng- 
 land, which pass current, and are a great relief at this time to tradesmen, 
 especially when gold, particularly quarter guineas, is so much scrupled by the 
 farmers and country people.” 
 
 Bank of Scotland. — Its capital was, as proposed, this year increased from 
 £400,000 to £200,000. In September, the Bank of Scotland established 
 branches in Dumfries and Kelso. Cash accounts to be granted, bills of exchange 
 purchased, and bills payable there or in Edinburgh discounted. 
 
 The Glasgow Merchants’ Bank.— This Bank, which was established in 
 1769, and suspended payments in 1772, was this year compelled to wind up ; 
 but it paid its creditors in full. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [13 
 
 To the PUBLIC, as per following Statement, £39,933 8 
 
 932 0 0 
 
 Notes of £0 
 
 5 
 
 0 
 
 £ 66 
 
 0 
 
 0 
 
 „ 0 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 „ 1 
 
 0 
 
 0 
 
 38,174 
 
 0 
 
 0 
 
 „ 5 
 
 0 
 
 0 
 
 1,690 
 
 0 
 
 0 
 
 
 
 
 £39,932 
 
 0 
 
 0 
 
 For SUNDRY ACCOUNTS, Cr.,. 
 
 1 8 0 
 
 £39,933 8 0 
 
 To the PARTNERS of the Company, as per following Statement, 8,152 16 0 
 
 For CAPITAL paid up, £80 on 86 shares, £6,880 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £14, 16s. on 86 shares, as per following Statement, 1,272 16 0 
 Profit and Loss — 
 
 By Discounts received, £ 158 18 7 
 
 Exchange gained, 193 18 4 
 
 Interest received, 1,533 1 10 
 
 £1,885 18 9 
 
 To Interest paid, 24 16 4 
 
 £1,861 2 5 
 
 To Expense of Management, 588 6 5 
 
 By Nett Profit, £1,272 16 0 £8,152 16 0 
 
 TOTAL LIABILITIES of the Bank, 
 
 £48,086 4 0 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount of transactions in the Bank during the year was about £290,000 received, 
 and about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 117 
 
 £14,154 14 7 
 
 Cain,. £158 18 7 
 
 Bills Receivable, 
 
 525 
 
 50,624 9 1 
 
 
 Bills of Exchange, 
 
 540 
 
 45,316 19 0 
 
 Cain,... 193 18 4 
 
 Totals, 
 
 1,182 
 
 £110,096 2 8 
 
 Gain,. £352 16 11 
 
 Total Payments through Edinburgh Agents, £83,932, 16s. 8d. : and through London 
 Agents, £15,569, 17s. 6d. 
 
 4 
 
13] 
 
 21st FEBRUARY 1776. 
 
 Cr. 
 
 By BANK OFFICE,. 
 INVESTMENTS, 
 
 Bills Discounted, i.e., < 
 Bills Receivable, i.e., ( 
 Bills of Exchange, i.e., 
 Interest Notes, 
 
 44 
 
 due in London, 
 
 , •••••••••••« 
 
 ... £22,863 
 
 16 
 
 2 
 
 .... 2,668 
 
 10 
 
 1 
 
 ... 6,403 
 
 0 
 
 0 
 
 ... 3,135 
 
 9 
 
 1 
 
 78 
 
 11 
 
 2 
 
 £35,149 
 
 6 
 
 6 
 
 SUNDRY ACCOUNTS, Dr., 204 0 
 
 CASH at call and on hand, as per following Statement, 12,688 17 
 
 At call, Edinburgh Agents, £ 3,427 2 7 
 
 Do., London do., 4,939 
 
 On hand, as follows, 4,321 
 
 Mixed Notes, £ 756 0 0 
 
 Gold, 2,517 13 0 
 
 Silver, 1,048 3 0 
 
 Copper, 0 2 8 
 
 £4,321 18 8 £12,688 17 6 
 
 TOTAL ASSETS of the Bank,. 
 
 ,£48,086 4 0 
 
 1775. June 15. — Bank to buy London Bills at 1 per cent, discount, and to sell at | per 
 cent, discount. 
 
 Sep. 13. — As Edinburgh Agents have £7,000 in their hands, Cashier to request them to send 
 over their Notes, for £1,000 at 3 months and £2,000 at 6 months, bearing interest at 3 per 
 cent. 
 
 26. — Bank to apply to the Town Council for the shop under the Pillars now used as a Post 
 Office, to be added to the Bank Office. This proposal agreed to. 
 
 Nov. 27. — London Exchange having fallen both in Edinburgh and Glasgow,, the Bank to 
 buy London Bills at \ per cent, discount. 
 
 1776. Jan. 2. — London Bills to be bought at par. 
 
 — Bills on the East India Company, at 12 months’ sight, discounted. 
 
100 Banking Memoranda for 1775. 
 
 Currency, Prices, &c., in 1775. — War with American Colonies: Gold at 
 par, coined £4,901,218; Bank of England Circulation (end of February), 
 £9,135,930; Parliamentary supplies, £6,559,246 ; wheat per quarter, in Lon- 
 don, 37s. 2d. to 48s. 4d., and in Edinburgh, 32s. 
 
 Suppression of Small Notes. — An Act was passed forbidding the issue 
 of notes under 20s. ; and in England, after 1777, under £5. 
 
 Bank of England. — Its exclusive right to have an extended copartnery, 
 and its monopoly of the power of issuing notes in the London district, was 
 beginning to be felt and complained of. It was objected that its notes did not 
 circulate out of London ; that it would not establish branches in the large 
 towns ; that as Banks of more than six partners were forbidden in London, 
 none larger were formed in the country ; and that as currency must be had in 
 the provinces, and a good one, such as the notes of the Bank of England, could 
 not be obtained, the circulation of notes of parties often very little responsible 
 had been promoted. 
 
 Bank of Scotland. — This Bank, in May, established a branch at Ayr, 
 and, in November, branches at Inverness and at Kilmarnock — being encouraged 
 by the fact, that little specie would be required at the branches, as their notes 
 were payable onty at Edinburgh. May 3, this Bank gave notice by advertise- 
 ment, that it was to lend money on heritable security, at the then coming term 
 of Whitsunday — which loan, it is said, was soon completed. In December, 
 shares of the Bank of Scotland, which cost the proprietors only £83, 6s. 8d. 
 sterling, sold for £125, on which the Scots Magazine remarks : — “ Nor is this 
 price too high, for the security is unquestionable ; and as the Bank divides 3 per 
 cent, on the original stock half-yearly, such purchasers have 4 per cent, for 
 their money ; — [Should be £4, 16s. per cent.] — whereas, since F ebruary last, our 
 Banks give only 3 per cent, on money lent them for a full year, and but 2^ if 
 lent only for six months ; and our private bankers give only 3 per cent., unless 
 the money lie in their hands six months, and then they allow 4 per cent. Of 
 late considerable sums are said to have been sent down from England to be 
 lent out in Scotland, because in England the interest is low.” 
 
 Forgery of Notes. — On Sept. 27, Thomas Bell was charged at Bow Street, 
 London, with intending a forgery of Bank of Scotland notes. He applied to a 
 
 papermaker 
 
Banking Memoranda for 1775— (Continued). 101 
 
 papermaker to make paper with the water-mark of the Bank of Scotland, and 
 then to an engraver to engrave a plate like a note he gave him. This being done, 
 he produced the paper to have seven hundred copies printed. But the engraver 
 was in communication with Mr Kinloch, the agent for the Bank of Scotland, 
 and Bell was then apprehended, and put into prison. He was acquitted, as 
 not having done what he intended to do. 
 
 Dundee. — The population was this year ascertained to be 12,477. 
 
 Linen Trade. — Linen stamped this year in Scotland, 12,139,683 yards ; 
 estimated value, £561,527. 
 
 Benefit of the Banks to Scotland. — Adam Smith, writing at this date 
 on the benefits accruing to a country from the substitution of a paper for a 
 metallic currency, says : — “ An operation of this kind has, within these five- 
 and-twenty or thirty years, been performed in Scotland by the erection of new 
 banking companies in almost every considerable town, and even in some country 
 villages. The business of the country is almost entirely carried on by means of 
 the paper of those different banking companies, with which purchases and pay- 
 ments of all kinds are commonly made. Silver very seldom appears, except in 
 the change of a twenty-shilling bank note, and gold still seldomer. I have 
 heard it asserted, that the trade of Glasgow doubled in about fifteen years after 
 the first erection of the banks there ; and that the trade of Scotland has more 
 than quadrupled since the first erection of the two public banks at Edinburgh. 
 That the trade and industry of Scotland, however, have increased very consi- 
 derably during this period, and that the banks have contributed a good deal to 
 this increase, cannot be doubted. . . . The whole value of the gold and silver, 
 therefore, which circulated in Scotland before the Union, cannot be estimated 
 at less than a million sterling. In the present times, the whole circulation of 
 Scotland cannot be estimated at less than two millions ; of which that part 
 which consists in gold and silver, most probably, does not amount to half a 
 million. But, though the circulating gold and silver of Scotland have suffered 
 so great a diminution during this period, its real riches and prosperity do not 
 appear to have suffered any. Its agriculture, manufactures, and trade, on the 
 contrary, the annual produce of its land and labour, have evidently been aug- 
 mented.” — Wealth of Nations , vol. ii., p. 32. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [14 
 
 To tiie PUBLIC, for Notes in circulation, as follows, £42,862 15 0 
 
 Notes of £0 
 
 5 
 
 0 
 
 £ 65 
 
 15 
 
 0 
 
 „ 0 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 „ 1 
 
 0 
 
 0 
 
 39,885 
 
 0 
 
 0 
 
 „ 5 
 
 0 
 
 0 
 
 2,910 
 
 0 
 
 0 
 
 
 
 
 £42,862 
 
 15 
 
 0 
 
 To the PARTNERS of the Company, as per following Statement, 8,238 16 0 
 
 For CAPITAL paid up, £80 on 86 shares, £6,880 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £15, 16s. on 86 shares, as per following Statement,... 1,358 16 0 
 Profit and Loss — 
 
 By Discounts received, £ 163 3 4 
 
 Exchange gained, 178 13 9 
 
 Interest received, 1,580 15 11 
 
 £1,922 13 0 
 
 To Expense of Management, 563 17 0 
 
 By Nett Profit, £1,358 16 0 £8,238 16 0 
 
 TOTAL LIABILITIES of the Bank, £51,101 11 0 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the year was about £350,000 received, 
 and about the same amount paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 165 
 
 £ 15,271 14 1 
 
 Gain, .£163 3 4 
 
 Bills Receivable, 
 
 579 
 
 63,372 15 3 
 
 
 Bills of Exchange, 
 
 555 
 
 49,229 9 0 
 
 Gain, .£178 13 9 
 
 Totals, 
 
 1,299 
 
 £127,873 18 4 
 
 Gain, .£341 17 1 
 
 Total payments through Edinburgh Agents, £92,397, 7s. 8d. ; and through London 
 Agents, £22,505, 10s. 6d. 
 
 1776. Mar, 2. — Cashier absent attending the making of Note Paper. 
 
 Apr. 29.— Cashier to take in deficient gold coin, viz., guineas weighing not less than 
 5 dwt. 6 gr. , and half guineas 2 dwt. 14 gr. 
 
 — ‘London Bills to be bought at | discount, and sold without discount. 
 
20th FEBRUARY 1777. 
 
 Or. 
 
 By BANK OFFICE, £ 103 
 
 INVESTMENTS, as per following Statement, 35,923 
 
 Cash Accounts, in number 106, £17,214 6 1 
 
 Bills Discounted, i.e., due in Dundee, 3,876 3 2 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 7,783 0 1 
 
 Bills of Exchange, i.e., due in London, 7,049 11 7 
 
 £35,923 0 11 
 
 2 6 
 
 0 11 
 
 SUNDRY ACCOUNTS, Dr., 881 
 
 CASH at call and on hand, as per following Statement, 14,194 
 
 At call, Edinburgh Agents, £5,380 3 2 
 
 Do., London do., 4,136 15 6 
 
 On hand, as follows, 4,677 8 5 
 
 Mixed Notes, £ 347 0 0 
 
 Gold, 2,933 10 6 
 
 Silver, 1,396 16 6 
 
 Copper, 0 1 5 
 
 £4,677 8 5 £14,194 7 1 
 
 TOTAL ASSETS of the Bank, 
 
 £51,101 11 0 
 
104 Banking Memoranda for 1776. 
 
 Currency, Prices, &c., in 1776. — War with American Colonies: Gold at 
 par, coined £5,006,350 ; Bank of England Circulation (end of February), 
 £8,698,720 ; Parliamentary supplies, £9,097,577 ; wheat per quarter, in Lon- 
 don, 31s. to 38s. 2d., and in Edinburgh, 30s. 8d. — oatmeal per peck 9|d., bear- 
 meal and peasemeal 6^d. each. 
 
 Bank of Scotland. — A branch of this Bank was opened at Stirling, on 
 the 29th April, being its sixth branch. 
 
 Dundee. — In March, John Wemyss & Son were appointed his Majesty’s 
 threadmakers in Scotland. In June, Thomas Smart discovered a cement 
 which would harden under water, equal to the puzzolana of Naples, or the 
 tarras from Collen. 
 
 Prosperity of Scotland. — In July, it was computed that there was above 
 half a million of money lent out in Edinburgh at 3 per cent., and more money 
 ready to be lent on bond security than was ever known in Scotland at any 
 former period. Shares of the Bank of Scotland, and of the Royal Bank, sold for 
 higher prices than they ever did before, owing to the great plenty of money then 
 in the circle. The improvement of land was so great, that a farm in Dumfries- 
 shire, fourteen miles long, and which was formerly let for £14, or £1 per mile, 
 was this year let for £672 a-year. This great change was owing to the intro- 
 duction of the use of lime as a manure. Another farm in the West, bordering 
 on the ocean, which two hundred years before let for £30 per annum, one hundred 
 years before for £46, and forty years before for £72, was let in 1771 for £850. 
 In 1773, half the people on it emigrated, owing to this enormous rise in 
 the rent. 
 
 Forged Notes. — In August, a forgery of the guinea notes of the Royal 
 Bank appeared. As usual, £100 reward was offered for the detection of the 
 offender. 
 
 Withdrawal of light Gold. — The Royal Bank having repeatedly given 
 notice, that the time for giving full value in exchange for deficient gold coin 
 would expire on the 19th August, its office was kept open on that day till seven 
 p.m., to accommodate the public to the uttermost. Light coin had ceased to 
 be current on the 1st May previous. The Bank of Scotland continued to take 
 in light coin at £3, 16s. per oz. The light coin brought in, in England and 
 Scotland, after each proclamation, was as follows: — 1773 of more than 6 gr. 
 light (at the holders’ loss of £300,000), £3,806,435, 7s. 2d. ; 1774 of between 
 3 and 6 gr. light, £4,876,171, 18s. 3d. ; and 1776 of between 1 and 3 gr. light, 
 £6,880,986, 5s. 3d. — total, £15,563,593, 10s. 8d. The two last sums were at a 
 loss to the Government of £754,019, 19s. 9d. for deficiency of metal and cost of 
 recoinage. 
 
 Linen Trade. — Linen stamped this year in Scotland, 13,571,948 yards ; 
 estimated value, £638,873. 
 
 Ayr and Dumfries Bank. — On July 8, a meeting of the proprietors of 
 the Bank of Douglas, Heron, & Co. was held in Edinburgh. It appeared that 
 the whole capital stock, £400 per share, was lost, and that there was still a 
 deficiency of £70,000. It was agreed to raise this sum by a call of £300 on 
 each £500 share, to be paid in three instalments, at Martinmas 1776, and 
 Whitsunday and Martinmas 1777. As the suspension of this Bank was so 
 
Banking Memoranda for 177 6— (Continued). 105 
 
 calamitous to its partners, and was followed by so much dispute and litigation 
 among them, it is worth while to endeavour to state briefly a summary of 
 the case. 
 
 — The Ayr and Dumfries Bank was established on 6th November 1769, propos- 
 ing a capital of £150,000, in 300 shares of £500 each, one-fifth to be at first paid 
 up. It began with 138 partners, who subscribed for 192 shares, or £96,000 of 
 the capital ; and by May following the whole were taken. In the commercial 
 panic of 1772, the Bank was compelled to suspend payments on 15th June, 
 but resumed business again on September 28. On 12th August 1773, the 
 partners resolved to give up business, and to wind up the affairs of the Bank ; 
 but this proceeded so slowly, that, on 10th July 1776, a Committee was 
 appointed to examine and report on the state of matters, which it did on 
 30th August 1777. This report was considered at meetings of partners in 
 January, June, and November 1778: it was approved of, and ordered to be 
 printed, together with any answers to its statements that might be given in. 
 This report is titled, “ The Precipitation and Fall of Messrs Douglas, Heron, & 
 Co., with the cause of their Distress and Ruin investigated and considered, by a 
 Committee appointed by the Proprietors.” It is dated August 3, 1777, and 
 consists of 166 pages, with an appendix of 133. It called forth the following 
 pamphlets— “ Answers for Charles Fergusson & Co., and for Fordyce, Grant, & 
 Co., to the report,” dated 1st May 1778, pp. 31 ; “Letter to the Proprietors 
 of the Bank of Douglas, Heron, & Co., by Alexander Wight and Alexander 
 Ferguson,” dated 28th October 1778, pp. 34 ; “ Letter to the Proprietors of 
 
 Douglas, Heron, & Co., by John Fordyce,” dated 12th March 1779, pp. 48 ; 
 “ Letter to the Partners of Douglas, Heron, & Co., in answer to the letter by 
 John Fordyce, by a Partner,” dated 18th June 1779; and “Minutes at a 
 Meeting of Defenders, and Doers of Defenders, in actions at the instance of 
 Partners of Douglas, Heron, & Co. against the Directors, held at Edinburgh, 19th 
 January 1780.” This last refers to nine actions raised by partners against 
 sixty-one directors and others, for the recovery of £845,598, 18s. 2d. of loss, 
 arising from irregular loans and gross mismanagement, with £12,500 of sup- 
 posed expenses. From the Report of the Committee the following are extracts : — 
 Nature of the management : “ The general error in the conduct of the affairs 
 of this Banking Company seems to have been that of over-trading, and en- 
 deavouring to force a circulation of the Company’s paper beyond the natural 
 limits which must ever regulate and confine operations of that kind ; and it was 
 unfortunate for this Company, that its original constitution, by establishing 
 three distinct branches (t.e., offices in Ayr, Dumfries, and Edinburgh), inde- 
 pendent of each other, tended much to render the error of too profuse a circu- 
 lation extremely dangerous. The Company’s stock, though very considerable, 
 was yet altogether insufficient for this purpose ; and it was the more so, because 
 the calls upon the partners were by no means punctually paid in. It was there- 
 fore necessary from the first to resort to credit-establishments in London ; and 
 the Company’s debt there gradually accumulated, according as the credits in 
 Scotland were extended. At Ayr, which was the principal office, and where 
 business commenced the 6th Nov. 1769, it was unfortunate that a variety of 
 enterprising companies, engaged in different kinds of foreign and domestic 
 
106 Banking Memoranda for 1776 — ( Continued). 
 
 trade, had about this time been established, under different firms indeed, but 
 all of them closely connected and linked together ; and that the members 
 which composed these several trading companies became all of them partners 
 of Douglas, Heron, & Co.” 
 
 — Irregularities in the mode of doing business previous to 1772 : 
 
 — Ayr Office. — 1. Cash accounts irregularly granted, or granted in a few 
 weeks, after restriction seen to be necessary, £42,469, 19s. lOd. 2. Dis- 
 counts. Advances made in this way became a species of standing 
 credit equally permanent as that of cash accounts. “ There is little or no 
 variation in our debtors on bills at any period of our affairs. That sort of 
 debt is indeed ever accumulating, but the debtors are still the same. The 
 money once put into their hands never returned in any proper sense ; and, 
 though we are amused with the appearance of a continual succession of opera- 
 tions in the way of discount, yet, in fact, the debt which was first contracted 
 is only assuming different shapes and forms, and the advance into which the 
 Company was at first thrown is in reality never restored. . . . And 
 
 besides a most irregular practice of issuing money upon bills before they were 
 actually discounted, and getting such discounts afterwards approved of, it 
 appears, from the above state, that the bills unwarrantably discounted, either 
 without a quorum or without any visible authority at all, previous to our stop 
 in June 1772, amount to the enormous sum of £174,905, 19s. 9d.” 3. Bills of 
 
 exchange purchased irregularly, and which fell due and were not paid, amounted 
 to £2,300. 4. Circulation account, £3,446, 14s. 4d. “ It seems to have been 
 
 a favourite topic, at all the offices, to endeavour not only to force a circulation 
 of the Company’s paper, but also to supplant the circulation of other banking 
 companies. It appears to have been a common practice to give out to agents, 
 without security, large sums in the Company’s notes, to be circulated in different 
 parts of the country, and the value to be returned, within a limited time, in bills 
 of exchange, specie, or the notes of other banking companies. But the Com- 
 pany’s paper, being immediately picked up by the agents of other banking 
 companies, generally came back upon the Company long before the returns 
 were made by the circulators ; and by this means the Company, instead of 
 reaping any advantage or relief from this sort of traffic, was actually a real 
 sufferer by it, independent of the danger and risk attending such loose dealings.” 
 5. Accounts current. These, in many instances, were allowed to be overdrawn. 
 Total irregularities forming losses at the Ayr branch, £106,403. 
 
 — Edinburgh Office. — 1. Cash accounts irregularly granted, £18,720, 0s. 7d. 
 2. Bills discounted irregularly, £21,304, 10s. 3d. 3. Bills of exchange. “The 
 
 dealings under this head were large in Edinburgh, as this branch had the burden 
 of watching the London account. This was largely done by help of dealers in 
 fictitious bills of exchange. Thus we observe that it was a common practice to 
 deal deep with these circulation-houses in exchange bills ; that is, the Company’s 
 cashier gave bills upon our correspondents in London, and received in return 
 the draughts of these houses upon their correspondents. It would be endless 
 to point out particular instances in which this practice occurs, as they abound 
 in every part of this branch of management ; and it will be observed, that the 
 necessary consequence of the practice was, directly to increase our debt in 
 
Banking Memoranda for 1776 — ( Continued). 107 
 
 London, by the amount of the draughts given, without any tolerable certainty 
 of the debt there being diminished by the draughts we received. For if these 
 draughts were dishonoured, which in the end was the case to a very great 
 amount, then the obvious effect of this traffic was an actual unnecessary 
 increase of our debt in London, to the amount of such dishonoured bills. . . . 
 Millions were purchased in this manner during the course of our transac- 
 tions ; and when the crisis of our affairs arrived, in June 1772, upwards of 
 £360,000 of those bills of exchange, before irregularly purchased and remitted 
 from this office, were circulating in London, a great proportion whereof was 
 afterwards dishonoured, and fell to be taken up and paid for by the Company” — 
 the amount, £109,103, 8s. 7d. Total irregularities forming losses at the Edin- 
 burgh branch, £160,764, 4s. 
 
 — Dumfries Branch. — N.B. In purchasing the old Dumfries Bank, Douglas, 
 Heron, & Co. undertook to accommodate their debtors with money for three 
 months at least. 1. Cash accounts irregularly granted, £13,266, 8s. 4d. 
 2. Bills irregularly discounted, £61,811, 12s. 8d. 3. Exchange irregularly 
 
 purchased, current at June 1772, £12,130. 4. Circulation account, loss thereon, 
 £5,983, 5s. lid. In this matter this branch at all times went to excess. 
 5. Accounts current overdrawn to a considerable amount. Total irregularities 
 forming losses at the Dumfries branch, £94,441, 13s. 6d. 
 
 — Sum of irregularities prior to June 1772 : — At Ayr, £106,403 ; at Edin- 
 burgh, £160,767, 4s. ; at Dumfries, £94,441, 13s. 6d. — total, £361,611, 17s. 6d. 
 
 State of the Company's Affairs on 2 2d June 1772. 
 
 Dr. Capital, on which the arrears of calls were £15,587, 16s. 0d.,... £130,000 
 
 Private loans obtained, 300,000 
 
 Notes in circulation (including those of the old Ayr and old Dum- 
 fries Banks, for which Douglas, Heron, & Co. were liable),... 220,000 
 London Agents, for drafts on them and for overdrawn accounts,.... 600,000 
 
 £1,250,000 
 
 Or. Debts due at the three Branches, £694,175 19 0 
 
 N.B. Of this, £400,000 was due by partners, and of it 
 £361,611, 17s. 6d. was irregularly contracted, as above. 
 
 Debts at seven Agencies : 1. Glasgow ; 2. Inveruray ; 3. In- 
 verness; 4. Kelso; 5. Montrose ; 6. Cainpbelton ; 7 133,788 011 
 
 Bills of Exchange (of which were dishonoured about £180,000, 
 
 £70,000 being drawn by partners), 409,079 7 2 
 
 Cash in hand, about 12,956 12 11 
 
 £1 ,250,000 0 0 
 
 The Bank had raised £356, 7s. Id., in 1772, by granting annuities on lives 
 (£100 on one life for £700, or on two lives for £800), that is at the rate of 
 about 15 per cent. ; and in lieu of which annuities, they obtained an Act (see 
 1774) to grant bonds for the original price, with 5 per cent, interest. 
 
 The compiler endeavoured to obtain, both in Ayr and in Edinburgh, a copy 
 of the state of the Company’s affairs after it had ceased business, but failed to 
 do so. The total loss is therefore not shewn here — it has been sometimes 
 stated to have amounted to £400,000. 
 
Dr. THE DUNDEE 
 
 BANKING 
 
 COMPANY. 
 
 
 [15 
 
 To the PUBLIC, as per following Statement, .... 
 
 
 
 
 ...£46,834 
 
 6 0 
 
 For NOTES in circulation, as follows, 
 
 
 
 £46,798 
 
 0 
 
 0 
 
 
 Notes of £0 5 0 
 
 £ 63 0 
 
 0 
 
 
 
 
 
 „ 0 10 0 
 
 2 0 
 
 0 
 
 
 
 
 
 ,, 10 0 
 
 43,158 0 
 
 0 
 
 
 
 
 
 ,, 5 0 0 
 
 3,575 0 
 
 0 
 
 
 
 
 
 
 £46,798 0 
 
 0 
 
 
 
 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 
 
 36 
 
 6 
 
 0 
 
 
 . 
 
 
 
 £46,834 
 
 6 
 
 0 
 
 
 To the PARTNERS of the Company, as per followir 
 
 ig Statement, 9,806 
 
 8 0 
 
 For CAPITAL paid up, £80 on 108 shares, 
 
 
 £8,640 
 
 0 
 
 0 
 
 
 For Portion of past year’s PROFITS, set aside for 
 
 ■ a 
 
 
 
 
 
 Second Dividend, £10, 16s., on 
 
 10S shares, as per 
 
 
 
 
 
 following Statement 
 
 
 
 1,166 
 
 8 
 
 0 
 
 
 Profit and Loss — 
 
 
 
 
 
 
 
 By Discounts received, 
 
 £273 3 
 
 9 
 
 
 
 
 
 Exchange gained, 
 
 80 19 
 
 8 
 
 
 
 
 
 Interest received, 
 
 1,861 12 
 
 4 
 
 
 
 
 
 
 £2,215 15 
 
 9 
 
 
 
 
 
 To Expense of Management, 
 
 856 16 
 
 1 
 
 
 
 
 
 By Nett Profit, 
 
 £1,358 19 
 
 8 
 
 
 
 
 
 By Premiums received, 
 
 690 0 
 
 0 
 
 
 
 
 
 
 £2,048 19 
 
 8 
 
 
 
 
 
 To Dividend of £10, 7s. 8d. on 85 shares, 
 
 
 
 
 
 
 paid 31st July 1777, 
 
 882 11 
 
 8 
 
 
 
 
 
 
 £1,166 8 
 
 0 
 
 £9,806 
 
 8 
 
 0 
 
 
 TOTAL LIABILITIES of the Bank, 
 
 
 
 
 ..£56,640 
 
 14 0 
 
 MEMORANDA concerning the Years Business. 
 
 The amount of transactions in the Bank during the year was about £420,000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 263 
 
 £22,817 17 4 
 
 Gain, .£273 3 4 
 
 Bills Receivable, 
 
 618 
 
 70,405 3 5 
 
 
 Bills of Exchange, 
 
 595 
 
 48,877 9 3 
 
 Gain,.. 80 19 8 
 
 Totals, 
 
 1,476 
 
 £142,100 10 0 
 
 Gain, .£354 3 0 
 
 Total payments through Edinburgh Agents, £97,342, 13s. 8d. ; and through London 
 Agents, £30,056, Is. 8d. 
 
 Specie in Chest at the end of the former year, £6,400 ; brought home during the year, £6,600 ; 
 paid away (in addition to any taken over the counter), £4,450 ; left in the Chest, £8,550. 
 
 1777. Mar 3. — Cashier, with sanction of two Directors, may discount Bills of not greater 
 amount than £200 each. 
 
 — Meeting of Partners resolve to continue the Copartnery for other seven periods, of seven 
 
15] 
 
 21st FEBRUARY 1778. 
 
 Cr. 
 
 By BANK OFFICE, * £ 117 
 
 Bills Discounted, i.e., due in Dundee, 
 
 Interest Notes, 
 
 .. £29,403 
 
 12 
 
 4 
 
 .. 5,764 
 
 6 
 
 3 
 
 .. 4,014 
 
 13 
 
 10 
 
 .. 2,858 
 
 7 
 
 5 
 
 116 
 
 18 
 
 7 
 
 £42, 157 
 
 18 
 
 5 
 
 9 
 
 18 
 
 SUNDRY ACCOUNTS, Dr., 47 18 
 
 CASH at call and on hand, as per following Statement, 14,317 7 
 
 At call, Edinburgh Agents, £4,187 5 7 
 
 Do,, London do., - 130 19 0 
 
 On hand, as follows, 9, 999 3 0 
 
 Mixed Notes, £ 379 0 0 
 
 Gold, 9,377 6 6 
 
 Silver, 242 12 0 
 
 Copper, 0 4 6 
 
 £9,999 3 0 £14,317 7 7 
 
 TOTAL ASSETS of the Bank, 
 
 .£56,640 14 0 
 
 years each, from 1st August next, but with power to the Partners to terminate it at the end 
 of any septennial period. 
 
 — Also to increase the Capital of the Bank, by creating 23 new shares in addition to the 
 present 85 ; to be of £200 each, with £80 paid up, the Same as the old shares ; and to be 
 given off at a premium of £30, which is to be placed to the credit of Profit and Loss. 
 
 May 13. — As there is an inconsistency in the title of the Company being by their contract 
 the Dundee Banking Co., and yet on the Notes being designated as George Dempster & Co 
 it was resolved to drop the latter, and to get new Note Plates engraved accordingly. 
 
 July 31. — The old Books closed, shewing a Profit for the six months of £504, 10s. 2d., which, 
 together with £378, Is. 6d. as the value of Office Furniture, Notes signed, &c., charged to the 
 extended Copartnery, was divided among the Partners, giving £10, 7s. 8d. per share on 85 
 shares. 
 
 Aug. 1. — The 23 new shares having been taken up and paid for, £1,840 was added to the 
 Capital, and £690 of Premium placed to the credit of the new Profit and Loss. 
 
 Oct. 18. — Bank to buy London Bills at 30 days, to sell at 40 days, and to draw on 
 London at 50 days. 
 
 — If any considerable portion of a Bank Note is awanting when presented for payment, the 
 Cashier to pay in proportion to what remains. 
 
 Dec. 29. — Bank to buy London Bills at 40 days, and to sell or draw at 50 days. 
 
110 Banking Memoranda for 1777. 
 
 Currency, Prices, &c., in 1777. — War with American Colonies: Gold 
 at par, imported £12,643,834, exported £13,491,029, and coined £3,680,995; 
 Bank of England Circulation (end of February), £8,712,230; Parliamentary 
 supplies, £12,895,543 ; wheat per quarter, in London, 34s. 4d. to 45s. 6d., 
 and in Edinburgh, 34s. lid. — oatmeal per peck 10d., bearmeal and pease- 
 meal 7d. each. 
 
 Effects of the War on Prices. — Three per cent. Consols were, October 
 1775, at £89, 12s. 6d. ; October 1776 at £82, 2s. 6d. ; and February 1777 at 
 £69, 17s. 6d. Bank of England Stock was, October 1775, at £143, 10s. ; 
 October 1776 at £137 ; and February 1777 at £117, 10s. 
 
 American War. — A chief object of public attention, in 1777 and 1778, 
 was the making of exertions for the raising of regiments to carry on the war 
 in America ; and a chief subject of conversation was the frequent reports of 
 American privateers on the coast of Britain. 
 
 Earl of Chatham. — William Pitt died on May 11, which was deemed by 
 all at the time to be a national misfortune. 
 
 Corn Laws. — This year there was much discussion in Scotland respecting 
 the state of the corn importation laws. Before the Union, the Privy Council 
 could suspend the prohibition against the importation of victual when oatmeal 
 exceeded £8 Scots, or 13s. 4d. sterling the boll — i.e., lOd. the peck. By the 
 Union this power was lost. Therefore, by the Act 14 Geo. II., the Judges 
 and others were allowed this power when oatmeal exceeded 13s. 4d. the boll 
 of eight stones Troy. The price before the passing of this Act, which before 
 the Union had generally been from 10s. 8d. to 12s. the boll, did, in 1748, rise 
 to 25s. 4d. Although this Act remedied the evil in some respects, yet, as its 
 regulations were inconvenient, the Act 13 Geo. III. passed, by which a sliding 
 scale of duties on oatmeal was established, so that when wheat was at or above 
 48s. per quarter, then only a duty of 6d. ; or when oats at or above 16s. aboil, 
 a duty of 2d. ; and oatmeal to be free whenever the price exceeded 16s. a boll of 
 eight stones Troy. The prices to be ascertained and published quarterly by the 
 Sheriffs. This April, a bill was brought into Parliament, to bring back the 
 regulation of importation to the Judges ; but according to prices in Edinburgh, 
 where they are one-fifth part less than at Glasgow and other manufac- 
 turing places. And the worst was, it was proposed that after thirty days, if 
 prices fell, the ports might be shut as before, instead of, when opened, remain- 
 ing so for three months. All this was embodied in a petition to the 
 House of Commons, from Glasgow, dated “ Council Chambers, May 2, 1777.” 
 In answer to this petition, “ An Essay on the Corn Laws, in opposition to the 
 inflammatory Memorial for the Merchants, &c., of Glasgow,” was soon pub- 
 lished. It quotes an Act of Charles II., in 1672, complaining of people 
 importing oatmeal from Ireland, whereby much money was improperly carried 
 out of the kingdom, and corn-growing in this country had been stopped, but 
 allowing importations when the price of oatmeal was 13s. 4d. per boll. The 
 pamphleteer asks, If this was the ruling price a hundred years ago, is 16s. too 
 high now? He refers to another Act, of 1707, confirming and amending that 
 of 1672. The bill was dropped for that session, after many meetings in Scot- 
 land, some against it arid some in favour of it. 
 
Banking Memoranda for 1777 — ( Continued ). Ill 
 
 Dundee Bank. — This year the copartnery of this Company was enlarged, 
 and the use of the designation, “ George Dempster, Esquire, and Company,” 
 was dropt. 
 
 Stirling Bank. — This year a local Bank was established at Stirling, under 
 the title of the Stirling Banking Company. A picture of the Castle orna- 
 mented the top of its notes. 
 
 Lin en Trade. — Linen stamped this year in Scotland, 14,793,888 yards; 
 estimated value, £710,633. 
 
 Bank of Scotland and Royal Bank. — In or about this year there was 
 published in Edinburgh a quarto pamphlet, said to have been written by 
 Patrick Miller, of Dalswinton (the first proposer of steam-boats), titled : — ■ 
 “ A Letter to the Proprietors of the Royal Bank of Scotland.” From this 
 pamphlet the following are extracts : 
 
 — u The Royal Bank of Scotland was erected by a charter from the crown, in 
 the year 1727, and has always been considered under the same influence as the 
 politics of this city. This situation of affairs could not be favourable to public 
 banking, which only can be pursued to advantage when conducted on the most 
 enlarged principles, as the Directors would probably owe their offices in the 
 Bank more to their connection with the person who governed the town politics, 
 than to independence and abilities in banking, or the free choice of the 
 proprietors. The Duke of Buccleuch having, as Governor, given freedom 
 to the proprietors (ever since Sir Lawrence Dundas was Governor), the stock 
 has risen from £180 per cent, to £230.” 
 
 — The report of a union of the two Edinburgh Banks is not likely to be true. 
 The proprietors of the Old Bank would never agree, for they draw annually 
 6 per cent, on £200,000 = £12,000, and make additions to the fund of undi- 
 vided profits. This they owe to their carrying on their business as a national 
 bank. The author states as fundamental principles : — 1. Not the capital of a 
 Bank, but its credit founded thereon, is beneficial to a country, and profitable 
 to the Company ; for the former is soon exhausted, but the latter is unlimited. 
 The former alone yields no great profit. 2. Public are more beneficial to a 
 country than private Banks, as the capital cannot be withdrawn. 3. Short 
 bills only and small cash accounts should be allowed. The Bank of Scotland 
 grants only, or chiefly, small cash accounts ; and in this way has a larger 
 sum-total invested than the Royal Bank. The Royal Bank lends in England 
 large sums of money at less rates than it pays for it in Scotland. If deposits 
 are received for less than a year, less than current rates should be allowed. 
 3 per cent, is said to be the rate of interest given by both Banks for money 
 lodged with them for twelve months. Agreeably to that rule, 2 per cent, is 
 surely a sufficient interest for money lodged payable on demand. 
 
 — “ What the profits of the Royal Bank have been since its erection I cannot 
 learn ; but I know, if £500 a-year since that time (over and above the annual 
 dividends, which have been moderate) had been set apart and accumulated 
 once a-year, it would, when added to the original capital, and the calls paid by 
 the proprietors, be a greater sum than the stock is said to be at present. From 
 this hint you may judge of the advantage which Scotland has reaped by means 
 
 ( Continued after the next Balance Sheet.) 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [16 
 
 To the PUBLIC, for Notes in circulation, as follows, £37,909 0 0 
 
 Notes of 
 
 £0 
 
 5 
 
 0 
 
 £ 63 
 
 0 
 
 0 
 
 9 9 
 
 0 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 99 
 
 1 
 
 0 
 
 0 
 
 35,349 
 
 0 
 
 0 
 
 99 
 
 5 
 
 0 
 
 0 
 
 2,495 
 
 0 
 
 0 
 
 
 
 
 
 £37,909 
 
 0 
 
 0 
 
 To the PARTNERS of tlie Company, as per following Statement, 10,004 10 0 
 
 For CAPITAL paid up, £80 on 107 shares, £8,560 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £13, 10s. on 107 shares, as per following Statement, 1,444 10 0 
 Profit and Loss — 
 
 By Discounts received, £ 122 14 10 
 
 Exchange gained, 82 6 8 
 
 Interest received, 1,823 13 8 
 
 £2,028 15 2 
 
 To Expense of Management, 584 5 2 
 
 By Nett Profit, 
 
 £1,444 10 0 £10,004 10 0 
 
 TOTAL LIABILITIES of the Bank, 
 
 £47,913 10 0 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount of transactions in the Bank during the year was about £390,000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 189 
 
 £17,923 9 4 
 
 Gain,. £122 14 10 
 
 Bills Receivable, 
 
 594 
 
 56,278 10 1 
 
 
 Bills of Exchange, 
 
 721 
 
 58,279 9 6 
 
 Gain, . . 82 6 8 
 
 Totals, 
 
 1,504 
 
 £132,481 8 11 
 
 Gain, .£205 1 6. 
 
 Total payments through Edinburgh Agents, £105,763, 12s. 7d. ; and through London 
 Agents, £21,266, 0s. lOd. 
 
 Specie in Chest at the end of the former year, £8,550 ; brought home, £4,100 ; paid away 
 (in addition to any taken over the counter), £3,850 ; left in the Chest, £8,800. 
 
10] 
 
 20th FEBRUARY 1779. 
 
 Cr. 
 
 By BANK OFFICE, £ 110 
 
 Bonds Receivable, . 
 
 Bills of Exchange, 
 Interest Notes, . . . . 
 
 i.e due in London, 
 
 ... £21,690 
 
 1 
 
 6 
 
 560 
 
 10 
 
 0 
 
 .... 2,286 
 
 11 
 
 4 
 
 ... 4,594 
 
 13 
 
 11 
 
 ... 1,223 
 
 10 
 
 0 
 
 130 
 
 13 
 
 5 
 
 £30,486 
 
 0 
 
 2 
 
 SUNDRY ACCOUNTS, Dr., 1.915 18 
 
 CASH at call and on hand, as per following Statement, 15,401 11 
 
 At call, Edinburgh Agents, £2,172 15 7 
 
 Do. London do., 3,285 12 8 
 
 On hand, as follows, 9,943 3 6 
 
 Mixed Notes, £ 457 0 0 
 
 Gold, 8,977 1 0 
 
 Silver, 509 1 0 
 
 Copper, 0 1 6 
 
 £9,943 3 6 15,401 11 9 
 
 TOTAL ASSETS of the Bank, £47,913 10 0 
 
 1778. Mar. 28. — Bank to buy London Bills at 50 days, and to sell and draw at 60 days. 
 
 Apr. 13. — Bank to buy London Bills at 60 days, and to sell and draw at 70 days. 
 
 May 19. — Bank to buy London Bills at 40 days, and to sell and draw at 50 days. 
 
 — No local bills to be discounted of longer currency than 1 month. 
 
 June 1. — Bank to buy London Bills at 30 days, and to sell and draw at 40 days. 
 
 Aug. 25. — A meeting of Partners having under consideration the present state of the Com- 
 pany’s business, find that their Agents at Edinburgh and London are under large advances, 
 owing to the decline of trade in general, and the consequent great scarcity of London Bills, 
 by which funds might be remitted to the Company’s Agents : therefore resolved, that all 
 Cash Accounts be restricted to four-fifths of the amount of their credit ; also, that no Bills 
 be discomited. 
 
 Sep. 14. — £500 in gold to be sent to Edinburgh Agent. 
 
 — Cashier not to buy London Bills, having more than 60 days to run, without sanction of 
 the Directors. 
 
 Oct. 29. — Bank to buy London Bills at 15 days, and to sell and draw at 30 days. 
 
 Dec. 21. — Bank to buy London Bills at 10 days, and to sell and draw at 20 days. 
 
 1779. Jan. 19. — Agreed to discount Inland Bills not exceeding two months’ currency. 
 
114 Banking Memoranda for 177 7 — ( Continued). 
 
 of the national Bank of fifty years’ standing.” [He had said a Bank thrives in 
 proportion to its benefits to the nation.] 
 
 — “ Permit me to say a few words on the subject of the Bank’s stock. I have 
 enquired at sundry proprietors if they knew its value. Some say one thing, 
 some another, but it is conjecture. Why this is hid from the eyes of those to 
 whom it belongs I cannot say. It is a mystery of which I can give no account ; 
 but it is your business to remove the veil, that you may come at the knowledge 
 of what it imports you much to understand. A state of the profit and loss 
 should be laid before the proprietors annually, at the balancing of their books. 
 It is reasonable they should know what the year’s profits have been. It may be 
 proper to remind you before concluding, that the stock of the Bank of Scot- 
 land is £200,000, and the annual dividend to the proprietors £12,000, a con- 
 siderable sum being yearly added to the sum of undivided profits ; and to 
 mention, that the stock of the Royal Bank is said to be £220,000, and the 
 annual dividend to the proprietors £8,880, the sum added to the fund of undi- 
 vided profits being much less than what is added by the Directors of the Bank 
 of Scotland to theirs.” (See a different statement in the Glasgow proposal of 
 1793.) 
 
Banking Memoranda for 1778. 115 
 
 Currency, Prices, &c., in 1778. — War with American Colonies and with 
 France : Gold at par, imported £10,975,533, exported £12,253,895, coined 
 £350,437; Bank of England Circulation (end of February), £7,440,330, and 
 Bullion £2,569,555 ; Parliamentary supplies, £14,345,497 ; wheat per quarter, 
 in London, 33s. lOd. to 42s., and in Edinburgh, 31s. 7d. — oatmeal per 
 boll, 12s. 
 
 War with France. — War with France was proclaimed on 6th February 
 1778 ; it lasted till 20th January 1783. 
 
 Aberdeen Commercial Bank. — In Aberdeen a Bank was established, 
 under the title of the Aberdeen Commercial Banking Company. 
 
 Linen Trade. — Linen stamped this year in Scotland, 13,264,410 yards ; 
 estimated value, £592,023. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [17 
 
 To the PUBLIC, as per following Statement, £40,347 14 
 
 For NOTES in circulation, as follows, £40,346 0 0 
 
 Notes of £0 
 
 5 
 
 0 
 
 £ 63 
 
 0 
 
 0 
 
 „ o 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 „ 1 
 
 0 
 
 0 
 
 37,241 
 
 0 
 
 0 
 
 „ 5 
 
 0 
 
 0 
 
 3,040 
 
 0 
 
 0 
 
 
 
 
 £40,346 
 
 0 
 
 0 
 
 6 
 
 For SUNDRY ACCOUNTS, Cr., 114 6 
 
 £40,347 14 6 
 
 To the PARTNERS of the Company, as per following Statement, 9,961 14 0 
 
 For CAPITAL paid up, £80 on 107 shares, £8,560 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £13, 2s. on 107 shares, as per following Statement,... 1,401 14 0 
 Profit and Loss — 
 
 By Discounts received, £1,634 7 10 
 
 Exchange gained, 136 10 10 
 
 Interest received, 101 2 9 
 
 £1,872 1 5 
 
 To Expense of Management, 470 7 5 
 
 By Nett Profit, £1,401 14 0 £9,961 14 0 
 
 TOTAL LIABILITIES of the Bank, 
 
 £50,309 8 6 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount of transactions in the Bank during the year was about £380,000 received, 
 and about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 ' Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 163 
 
 £ 15,654 0 8 
 
 Gain, .£136 10 10 
 
 Bills Receivable, 
 
 683 
 
 63,596 6 11 
 
 
 Bills of Exchange, 
 
 532 
 
 44,021 14 7 
 
 Gain,. 101 2 9 
 
 Totals, 
 
 1,378 
 
 £123,272 2 2 
 
 Gain, .£237 13 7 
 
 Total payments through Edinburgh Agents, £97,305, 12s. 3d. ; and through London 
 Agents, £14,972, 0s. 3d. 
 
 Specie in Chest at the end of the former year, £8,800; brought home, £1,400; paid away 
 (in addition to any taken over the counter), £3,600 ; left in the Chest, £6,600. 
 
 5 
 
17] 
 
 21st FEBRUARY 1780. 
 
 Cr. 
 
 Br BANK OFFICE, £ 100 
 
 Cash Accounts, in nun 
 
 Bonds Receivable, 
 
 Bills Discounted, i.e ., 
 Bills Receivable, i.e., ( 
 Bills of Exchange, i.e., 
 
 .. £22,291 
 
 2 
 
 6 
 
 538 
 
 18 
 
 2 
 
 .. 3,425 
 
 9 
 
 10 
 
 .. 4,722 
 
 16 
 
 0 
 
 1,400 
 
 12 
 
 6 
 
 £32,378 
 
 19 
 
 0 
 
 0 
 
 19 
 
 1,200 16 
 12 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH at call and on hand, as per following Statement, 16,629 
 
 At call, Edinburgh Agents, £4,175 6 11 
 
 Do., London do., 
 
 On hand, as follows, 
 
 Mixed Notes, £ 668 0 0 
 
 Gold, 6,754 10 6 
 
 Silver, 375 18 0 
 
 Copper, 0 3 3 
 
 4,655 14 
 7,798 11 
 
 £7,798 11 9 £16,629 12 9 
 
 TOTAL ASSETS of the Bank, £50,309 8 6 
 
 1779. Feb. 25. — Wm. Cumming & Co., Edinburgh Agents, demand £200 a-year as salary, 
 and to be allowed \ per cent, commission, besides interest, on all they advance beyond £3, 000. 
 They refused £150 salary and | commission on advances. Bertram, Gardner, & Co., under- 
 take the business on these terms, and to allow 3 per cent, interest, or charge 5 per cent, on the 
 balance of the account. 
 
 Mar. 1. — Bank had got specie down from London hitherto by sea — not insuring it between 
 1st March and 1st October — but now, because of war risks, “resolved to bring down all their 
 ‘ specie from London by land on the waggon for the ensuing year.” 
 
 Apr. 20. — Bank to buy London Bills at 20 days, and to sell at 40 days. 
 
 Dec. 17. — Restriction of the use of the full credit on Cash Accounts, imposed 25th August 
 1778, removed. 
 
118 Banking Memoranda for 1779. 
 
 Currency, Prices, &c., in 1779. — War with American Colonies and with 
 France: Gold at par, imported £11,435,263, exported £13,538,575, coined 
 £1,696,117 ; Bank of England Circulation (end of February), £9,012,610, 
 and Bullion £3,847,225 ; Consols, 59J to 65^, and Bank stock, 106 j to 118£ ; 
 Parliamentary supplies, £15,729,654; wheat per quarter, in London, 27s. to 
 33s. 8d., and in Edinburgh, 25s. — oatmeal per peck 10d., bearmeal and 
 peasemeal 6d. each. 
 
 Alarm at Toleration. — In February, a proposal having been made to 
 relax the Popish disabilities, consternation spread through the country, causing 
 many meetings to be held on the subject, and many resolutions against it to be 
 passed, by various ecclesiastical bodies and religious societies. 
 
 Active Enlistments. — In July, the enlisting of soldiers began to be 
 pressed with increasing urgency, because of an anticipation that Spain would 
 
 be 
 
Banking Memoranda for 1779 — (Continued). 119 
 
 be added to the enemies of Britain. The military statistics of the period are 
 
 curious. 
 
 Number of Men enlisted , <£*<?., 1775 to 1780. 
 
 1775, ... 
 
 Army. 
 
 .... 3,575 . 
 
 Navy. 
 
 4,734 .. 
 
 Died. 
 
 In Navy. 
 
 Killed by enemy. 
 
 Deserted. 
 
 1776, ... 
 
 .... 11,063 .. 
 
 21,564 .. 
 
 .... 1,679 
 
 105 .... 
 
 
 1777, ... 
 
 .... 6,882 .. 
 
 ..... 37^458 .. 
 
 .... 3,247 
 
 40 .... 
 
 
 1778, ... 
 
 .... 23,978 .. 
 
 ..... 41,847 .. 
 
 .... 4,801 
 
 254 .... 
 
 
 1779, ... 
 
 ... 16,154 .. 
 
 ..... 41^832 .. 
 
 .... 4,726 
 
 551 .... 
 
 .. 11,541 
 
 1780, ... 
 
 
 28,210 .. 
 
 .... 4,092 
 
 293 .... 
 
 .. 7,603 
 
 
 76,885 
 
 175,645 
 
 18,545 
 
 1,243 
 
 42,069 
 
 Linen Trade. — Linen stamped this year in Scotland, 12,867,238 yards ; 
 estimated value, £551,148. 
 
Dr. THE DUNDEE BANKING COMPANY. [18 
 
 To the PUBLIC, as per following Statement, £54,906 5 11 
 
 For NOTES in circulation, as follows, £54,889 0 0 
 
 Notes of £0 
 
 5 
 
 0 
 
 £ 63 
 
 0 
 
 0 
 
 „ o 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 „ 1 
 
 0 
 
 0 
 
 50,259 
 
 0 
 
 0 
 
 „ 5 
 
 0 
 
 0 
 
 4,565 
 
 0 
 
 0 
 
 
 
 
 £54,889 
 
 0 
 
 0 
 
 For SUNDRY ACCOUNTS, Cr., 17 5 11 
 
 £54,906 5 11 
 
 To the PARTNERS of the Company, as per following Statement, 10,004 10 0 
 
 For CAPITAL paid up, £80 on 107 shares, 
 
 
 £8,560 
 
 0 
 
 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 
 
 
 £13, 10s. on 107 shares, as per following Statement, 
 
 1,444 
 
 10 
 
 0 
 
 Profit and Loss — 
 
 
 
 
 
 By Discounts received, 
 
 £ 322 14 11 
 
 
 
 
 Exchange gained, 
 
 105 7 9 
 
 
 
 
 Interest received, 
 
 1,733 16 3 
 
 
 
 
 
 £2,161 18 11 
 
 
 
 
 To Expense of Management, 
 
 . 717 8 11 
 
 
 
 
 By Nett Profit, 
 
 £1,444 10 0 £10,004 
 
 10 
 
 0 
 
 TOTAL LIABILITIES of the Bank, 
 
 
 
 ,..£64,910 15 11 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the year was about £450,000 received, 
 and about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 256 
 
 £25,718 15 6 
 
 Gain,. £322 14 11 
 
 Bills Receivable, 
 
 660 
 
 92,180 16 0 
 
 
 Bills of Exchange, 
 
 672 
 
 54,912 15 7 
 
 Gain,. 105 7 9 
 
 Totals, 
 
 1,588 
 
 £172,812 7 1 
 
 Gain,. £428 2 8 
 
 Total payments through Edinburgh Agents, £86,418, Is. 9d. ; and through London 
 Agents, £22,850, 10s. 5d. 
 
 Specie in Chest at the end of the former year, £66,000; brought home, £10,475, 10s. ; paid 
 away (in addition to any taken over the counter), £7,973, 10s. ; left in the Chest, £9,102. 
 
18] 20th FEBRUARY 1781. Cr. 
 
 By BANK OFFICE, £ 90 0 0 
 
 INVESTMENTS, as per following Statement, 48,742 5 7 
 
 Cash Accounts, in number 113, £22,388 0 3 
 
 Bonds Receivable, 486 10 2 
 
 Bills Discounted, i.e., due in Dundee, 11,749 10 8 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 11,774 6 3 
 
 Bills of Exchange, i.e., due in London, 2,144 13 9 
 
 Interest Notes, 199 4 6 
 
 £48,742 5 7 
 
 SUNDRY ACCOUNTS, Dr., .... 
 
 
 
 
 
 
 
 1,673 
 
 11 
 
 8 
 
 CASH at call and on hand, as per 
 
 follovvin 
 
 g Statement,. 
 
 
 
 14,404 
 
 18 
 
 8 
 
 At call, Edinburgh Agents, 
 
 
 
 
 .£ 2,967 
 
 17 
 
 7 
 
 
 
 
 Do., London do., 
 
 
 
 
 .. 935 
 
 7 
 
 3 
 
 
 
 
 On hand, as follows, 
 
 
 
 
 ...10,501 
 
 13 
 
 10 
 
 
 
 
 Mixed Notes, 
 
 ...£ 733 
 
 0 
 
 0 
 
 
 
 
 
 
 
 Gold, 
 
 .. 9,476 
 
 6 
 
 6 
 
 
 
 
 
 
 
 Silver, 
 
 292 
 
 7 
 
 0 
 
 
 
 
 
 
 
 Copper, 
 
 0 
 
 0 
 
 4 
 
 
 
 
 
 
 
 
 £10,501 
 
 13 
 
 10 
 
 £14,404 
 
 18 
 
 8 
 
 
 
 
 TOTAL ASSETS of the Bank, .. 
 
 
 
 
 
 
 ...£64,910 
 
 15 
 
 11 
 
 1780. Mar. 6. — Specie still to be brought from London by land on the waggon during 
 the year. 
 
 July 4. — As the balances in the hands of the Edinburgh and London Agents are large, 
 D. Watson, Glasgow, requested to invest £4,000 or £5, 000 among the four Glasgow Banks 
 on their Notes of hand at 1 day’s date, to bear interest at 4 per cent. 
 
 — Cashier to go to John Balfour’s Paper-Mill and superintend the making 100,000 sheets of 
 Bank Note paper. 
 
122 Banking Memoranda for 1780. 
 
 Currency, Prices, &c., in 1780. — War with American Colonies, France, 
 and Spain : Gold at par, imported £10,812,240, exported £12,648,616, 
 coined none; Bank of England Circulation (end of February), £8,410,790, 
 and Bullion £3,581,060 ; Consols, 59§ to 62^, and Bank stock 109^ to 116J ; 
 Parliamentary supplies, £21,196,496 ; wheat per quarter, in London, 29s. 8d. 
 to 35s. 8d., and in Edinburgh, 33s. lOd. — oatmeal per peck 8jd., bearmeal 
 and peasemeal 5d. each. 
 
 Extreme Cold. — From January 12th to the 26th, the thermometer in the 
 Botanic Garden, Edinburgh, shewed a range of cold from 20° to 36° below 
 the freezing point ; and, in Glasgow, a thermometer hung in the air, in the 
 Observatory Park, marked even 46° degrees below it. 
 
 War 
 
Banking Memoranda for 1780 — ( Continued). 123 
 
 War with Spain and Holland. — War with Spain was proclaimed on 
 17th April 1780, and with Holland on 21st December; the former lasted till 
 20th January, and the latter till 2d September 1783. 
 
 Forged Notes. — On September 13, David Reid, merchant in Manchester, 
 was hung in Edinburgh, for forging guinea notes of the Bank of Scotland. 
 About this time, forged Bank of England notes were circulated in England 
 to a very great extent — this year they amounted to <£40,000. 
 
 Linen Trade. — Linen stamped this year in Scotland, 13,410,934 yards ; 
 estimated value, £622,187. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [19 
 
 To the PUBLIC, for Notes in circulation, as follows, £51,644 0 0 
 
 Notes of 
 
 £0 
 
 5 
 
 0 
 
 £ 63 
 
 0 
 
 0 
 
 99 
 
 0 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 99 
 
 1 
 
 0 
 
 0 
 
 47,569 
 
 0 
 
 0 
 
 99 
 
 5 
 
 0 
 
 0 
 
 4,010 
 
 0 
 
 0 
 
 £51,644 0 0 
 
 To the PARTNERS of the Company, as per following Statement, 10,432 10 0 
 
 For CAPITAL paid up, £80 on 107 shares, £8,560 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £17, 10s. on 107 shares, as per following Statement, 1,872 10 0 
 Profit and Loss — • 
 
 By Discounts received, £ 487 5 9 
 
 Exchange gained, 201 0 9 
 
 Interest received, 1,846 12 2 
 
 £2,534 18 8 
 
 To Expense of Management, 662 8 8 
 
 By Nett Profit, £1,872 10 0 £10,432 10 0 
 
 TOTAL LIABILITIES of the Bank,, 
 
 £62,076 10 0 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the year was about £500, 000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 452 
 
 £46,555 7 8 
 
 Gain,. £487 5 9 
 
 Bills Receivable, 
 
 641 
 
 80,562 2 6 
 
 
 Bills of Exchange, 
 
 981 
 
 82,291 15 5 
 
 Gain,.. 201 0 9 
 
 Totals, 
 
 2,074 
 
 £209,409 5 7 
 
 Gain, .£688 6 6 
 
 Total payments through Edinburgh Agents, £143,950, 15s. 7d. ; and through London 
 Agents, £15,535, 19s. 4d. 
 
 Specie in Chest at the end of the former year, £9,102 ; brought home, £9,085, 7s. 6d. ; paid 
 away (in addition to any taken over the counter), £7,647, 7s. 6d. ; left in the Chest, £10,500. 
 
19] 
 
 20th FEBRUARY 1782. 
 
 Cr. 
 
 Br BANK OFFICE, £ 
 
 80 
 
 Cash Accounts, in 
 Bonds Receivable, 
 
 Bills of Exchange, 
 Interest Notes, 
 
 i.e., due in London, 
 
 ... £24,683 
 
 6 
 
 8 
 
 479 
 
 16 
 
 8 
 
 .... 11,543 
 
 9 
 
 0 
 
 .... 2,892 
 
 0 
 
 0 
 
 .... 6,253 
 
 18 
 
 9 
 
 150 
 
 7 
 
 3 
 
 £46,002 
 
 18 
 
 4 
 
 0 
 
 18 
 
 SUNDRY ACCOUNTS, Dr. 
 
 1,422 
 
 CASH at call and on hand, as per following Statement, 14,571 
 
 At call, Edinburgh Agents, £ 2,143 12 
 
 Do. London do., 413 16 
 
 On hand, as follows, 12,013 16 
 
 Mixed Notes, £ 855 0 0 
 
 Gold, 10,740 0 0 
 
 Silver, 418 14 6 
 
 Copper, 0 1 6 
 
 £12,013 16 0 £14,571 4 5 
 
 TOTAL ASSETS of the Bank, 
 
 ,£62,076 10 0 
 
 1781. Mar. 5. — Specie to be still brought from London by land on the waggon during 
 the year. 
 
 Apr. 23. — Bank to buy London Bills at 30 days, to sell at 40 days, and draw at 
 50 days. 
 
 June 11. — Bank to buy London Bills at 20 days, to sell at 30 days, and draw at 40 days. 
 
 Dec. 13.— The Partners, finding the business of the Bank greatly increased, resolve, that in 
 order it may be conducted in a regular and distinct manner, they require the officers to keep 
 the Office open during the statute hours, and also to attend at private hours when this is 
 found to be necessary. And also, that the Teller is not only to change Notes, but also to 
 receive and to pay away money on Cash Accounts ; except on Fridays, when he is only to 
 change Notes. 
 
126 Banking Memoranda for 1781. 
 
 Currency, Prices, &c., in 1781. — War with American Colonies, France, 
 Spain, and Holland : Gold at par, imported £12,723,613, exported £l 1,342,296, 
 coined £876,794 ; Bank of England Circulation (end of February), £7,092,450, 
 and Bullion £3,279,940 ; Consols, 57 to 63J, and Bank stock 105J to 119; 
 Parliamentary supplies, £25,360,324 ; wheat per quarter, in London, 36s. 6d. 
 to 44s. 8d., and in Edinburgh, 32s. lOd. — oatmeal per peck lid., bearmeal 
 7d., and peasemeal 6^d. 
 
 National Debt. — On 1st January 1781, the national debt amounted to 
 £198,206,000, and the interest thereon to £8,044,000 — the latter being nearly 
 double what it was before the war, viz., on 1st January 1776, £4,300,000. 
 
 Bank 
 
Banking Memoranda for 1781 — ( Continued ). 127 
 
 Bank of England. — Its charter was this year renewed, till twelve months’ 
 notice after 1st August 1812. 
 
 Dundee. — Its population this year was ascertained by census to be 15,700. 
 Small's History. It imported in ten vessels from foreign, 12,285 poods of iron, 
 26,307 poods of flax, 202 poods of tallow, 245 common deals, &c. 
 
 Linen Trade. — Linen stamped this year in Scotland, 15,177,800 yards ; 
 estimated value, £738,487. 
 
 

 Dr. THE DUNDEE BANKING COMPANY. [20 
 
 To the PUBLIC, for Notes in circulation, as follows, £52,802 15 0 
 
 Notes of 
 
 £0 
 
 5 
 
 0 
 
 £ 62 
 
 15 
 
 0 
 
 99 
 
 0 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 99 
 
 1 
 
 0 
 
 0 
 
 48,423 
 
 0 
 
 0 
 
 9 9 
 
 5 
 
 0 
 
 0 
 
 4,315 
 
 0 
 
 0 
 
 
 
 
 
 £52,802 
 
 15 
 
 0 
 
 To the PARTNERS of the Company, as per following Statement, 10,365 15 0 
 
 For CAPITAL paid up, £80 on 107 shares, £ 8,560 0 0 
 
 For past year’s PROFITS (out of this was paid a 
 Dividend of £7, 5s. on 107 shares, =£775, 15s.), as 
 
 per following Statement, 1,805 15 0 
 
 Profit and Loss — 
 
 By Discounts received, £ 668 10 7 
 
 Exchange gained, 331 12 7 
 
 Interest received, 1,552 13 9 
 
 £2,547 16 11 
 
 To Expense of Management, 742 1 11 
 
 By Nett Profit, £1,805 15 0 £10,365 15 0 
 
 TOTAL LIABILITIES of the Bank, 
 
 £63,168 10 0 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount of transactions in the Bank during the year was about £530,000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 574 
 
 £63,200 7 10 
 
 Gain, .£663 10 7 
 
 Bills Receivable, 
 
 514 
 
 76,292 13 3 
 
 
 Bills of Exchange, 
 
 871 
 
 79,050 4 5 
 
 Gain,.. 331 12 7 
 
 Totals, 
 
 1,959 
 
 £218,543 5 6 
 
 Gain, .£995 3 2 
 
 Total payments through Edinburgh Agents, £135,443, 6s. 9d. ; and through London 
 Agents, £17,272, 13s. 7d. 
 
 Specie in Chest at the end of the former year, £10,500 ; brought home, £3,025 ; paid away 
 (in addition to any taken over the counter), £6,725 ; left in the Chest, £6,840. 
 
20] 
 
 20th FEBRUARY 1783. 
 
 Cr. 
 
 By BANK OFFICE, £ 
 
 INVESTMENTS, as per following Statem 
 
 Cash. Accounts, in number 135, 
 
 Bonds Receivable, 
 
 Bills Discounted, i.e., due in Dundee, 
 
 30 
 
 .. £23,431 
 
 4 
 
 6 
 
 430 
 
 4 
 
 7 
 
 .. 17,249 
 
 16 
 
 0 
 
 .. 1,664 
 
 11 
 
 0 
 
 .. 3,078 
 
 15 
 
 7 
 
 £45,854 
 
 11 
 
 8 
 
 0 
 
 11 
 
 SUNDRY ACCOUNTS, Dr., 4,009 
 
 CASH at call and on hand, as per following Statement, 13,274 
 
 11 10 
 
 6 6 
 
 At call, Edinburgh Agents, £3,859 17 
 
 Do., London do., 768 6 
 
 On hand, as follows, 8, 646 3 
 
 Mixed Notes, £ 701 0 0 
 
 Gold, 7,160 0 0 
 
 Silver, 785 1 0 
 
 Copper, 0 2 1 
 
 £8,646 3 1 £13,274 6 6 
 
 TOTAL ASSETS of the Bank, £63,168 10 0 
 
 1782. Mar. 4. — Meeting of Partners resolve to alter Articles 6th and 8th of the Contract, 
 so as to declare — 6th, That, on the death of a Partner, the Directors may either accept his 
 heir as a Partner, or pay him off as shares stood at last Balance, with £40 in lieu of profits 
 8th, That a Partner wishing to sell his shares shall make the first offer of them to the Bank. 
 
 — The Contract of Copartnery to be printed, and a copy sent to each Partner, with a list 
 of the Stockholders, stating the number of their shares. 
 
 — Specie to be still brought from London by land on the waggon during the year. 
 
 Apr. 8. — Bank not to buy London Bills of longer currency than 60 days. 
 
 July 29. — Drafts on London, below £50, to be drawn at 50 days; and on Edinburgh, below 
 £15, on demand ; and above £15, at 6 days. 
 
 Dec. 3. — Town Council demand a rent of £21 for the Bank premises. 
 
 23. — Meeting of Partners authorise a loan of £1,500, for nine months without interest 
 to David Blair, Treasurer of the Committee of the Town Council and Guildry, for purchasing- 
 oatmeal, barley, and pease, to be retailed at cost price, for the benefit of the poorer inhabi- 
 tants of this place. 
 
 1783. Feb. 10. — Bank agrees to lend £500 to the Burgh of Forfar, and £500 to the Burgh of 
 Arbroath, for six months without interest, to enable them to supply the poor of those towns 
 with victual at prime cost. 
 
130 Banking Memoranda for 1782. 
 
 Currency, Prices, &c., in 1782. — War with American Colonies, France, 
 Spain, and Holland : Gold £3, 17s. 6d. per oz., imported £10,341,828, exported 
 £13,017,890, coined £698,074 ; Bank of England Circulation (end of Feb- 
 ruary), £8,028,880, and Bullion £2,157,869 ; Consols, 54£ to 66, and Bank 
 stock 109J- to 124 ; Parliamentary supplies, £24,261,477 ; wheat per quarter, 
 in London, 35s. 2d. to 47s. 10d., and in Edinburgh, 42s. 4d. — oatmeal per 
 peck 9jd., bearmeal and peasemeal 7d. each. 
 
 Dundee. — On June 4, the “ Dundee,” a Greenlander, was lost among the ice. 
 Captain Eobson published his journal of the accident, and of the sufferings of 
 the crew for twenty-one days on the ice. On November 13, Provost Pitcairn 
 wrote to Admiral Lord Kodney, presenting him with the freedom of the 
 burgh, in testimony of the high value set on his naval services by the citizens 
 of Dundee. 
 
 Bad Harvest. — The corns were much damaged by excessive rains, the 
 harvest was not completed till towards the end of November, and a consider- 
 able dearth followed. In November, owing to the high price of victual, the 
 ports were opened for the free importation of grain. In December, the Ma- 
 gistrates of Edinburgh began to retail oatmeal at Is. the peck to poor people, 
 at the rate of one hundred bolls the week. (See as to Dundee, Forfar, and 
 Arbroath, at foot of the preceding Balance Sheet.) 
 
 Peace with American Colonies. — The war between Britain and her 
 Colonies was terminated on 30th November 1782. This eight years’ war with 
 America aided by France (see 1783) cost the country £136,000,000. 
 
 Linen Trade. — Linen stamped this year in Scotland, 15,348,744 yards; 
 estimated value, £775,098. 
 
 A Dundee Directory. — At the close of the year was published the first 
 (so far as the compiler is aware) Directory for the town. As shewing the 
 condition of the burgh at that period, the following extracts from it are given. 
 It was titled : — 
 
 “ The 
 
Banking Memoranda for 1782 — (Continued). 131 
 
 — “ The Dundee Register of Merchants and Trades, with all the Public Offices, 
 &c., for mdcclxxxiii. Printed by and for T. Colvill, and sold at the 
 Printing Office, Kirk Wynd. 1782.” 
 
 — It begins with an account of Dundee, four pages, which states — “ At present 
 Dundee is in a very flourishing state ; manufactures go on briskly, and there 
 are near one hundred sail of shipping belonging to the place. The several 
 manufactures consist of linen (especially osnaburgs), sailcloth, cordage, thread, 
 stockings, buckrams, tanned leather, shoes, and hats. A sugarhouse has been 
 erected some years ago. The osnaburg trade is the staple, of which there has 
 been above four millions of yards annually stamped of late. Threads have been 
 long famous in Dundee, and are now manufactured to a large amount, employ- 
 ing about 3,000 people. The inhabitants are reckoned to be about 16,000.” 
 
 — “ November 1, 1781, to November 1, 1782. 
 
 Marriages, 150 
 
 Births — Males, 214 ; females, 184, 398 
 
 Burials — Males, 194 ; females, 249, 453 
 
 Certified by Ja. Ballingall, Hospital Master.” 
 — In the lists, it gives : — Private families, 46. Merchants (including shop- 
 keepers, of course), 158. Manufacturers, 12. Milliners, &c., 1 1. Shipmasters, 
 51. Nine Incorporated Trades : — 1. Bakers, 27 ; 2. Shoemakers, 63 ; 3. 
 Glovers, 10; 4. Tailors, 43; 5. Bonnetmakers, 4; 6. Fleshers, 16; 7. Ham- 
 mermen, 29; 8. Weavers, 101 ; 9. Walkers, 8. Pendicle Trades: — 1. Malt- 
 men, 50 ; 2. Wrights, 44 ; 3. Coopers, 8 ; 4. Shipbuilders, 3 ; 5. Heel and 
 last makers, 3 ; 6. Masons, 21 ; 7. Slaters, 9 ; 8. Barbers, 19 ; 9. Plasterers, 
 3; 10. Painters, 3; 11. Upholsterers, 2. Sundries: — 1. Clergy — Established 
 5, and Dissenters 6 ; 2. Physicians and surgeons, 10 ; 3. Midwives, 6 ; 4. 
 Writers and procurators, 14 ; 5. Officers of Customs 18, of Excise 7 ; 6. 
 Schoolmasters 8, private teachers 14 ; 7. Tavern and inn keepers, 22 ; 8. Chaise 
 and horse letters, 20 ; 9. Chair-hirers, 2 ; 10. Gardeners, 24; 11. Messengers 
 and Sheriff mairs, 6 ; 12. Town officers, 6 ; 13. Carriers, 30. 
 
Dr. THE DUNDEE BANKING COMPANY. [21 
 
 To the PUBLIC, for Notes in circulation, as follows, £56,342 15 0 
 
 Notes of £0 
 
 5 
 
 0 
 
 £ 62 
 
 15 
 
 0 
 
 „ o 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 „ 1 
 
 0 
 
 0 
 
 51,493 
 
 0 
 
 0 
 
 >> 5 
 
 0 
 
 0 
 
 4,785 
 
 0 
 
 0 
 
 £56,342 15 0 
 
 To the PARTNEBS of the Company, as per following Statement, 11,422 5 0 
 
 For CAPITAL paid up, £100 on 107 shares, £10,700 0 0 
 
 For Portion of past year’s PROFITS, set aside for a 
 Dividend of £6, 15s. on 107 shares, as per following 
 
 Statement, 722 5 0 
 
 Profit and Loss — 
 
 By Balance from former year, £1,030 0 0 
 
 By Discounts received, £ 287 8 8 
 
 Exchange gained, 360 19 0 
 
 Interest received, 1,859 0 4 
 
 £2,507 8 0 
 
 To Expense of Management,... 675 3 0 
 
 By Nett Profit, 1,832 5 0 
 
 By Total Profit on hand, £2,862 5 0 
 
 To Capital, £20 per share on 107 shares, 2,140 0 0 
 
 £722 5 0 £11,422 5 0 
 
 TOTAL LIABILITIES of the Bank, £67,765 0 0 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the year was about £600,000 received, 
 and about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 414 
 
 £ 46,243 19 8 
 
 Gain, .£287 8 8 
 
 Bills Receivable, 
 
 889 
 
 95,296 9 3 
 
 
 Bills of Exchange, 
 
 979 
 
 92,493 11 3 
 
 Gain,. 360 19 0 
 
 Totals, 
 
 2,282 
 
 £234,034 0 2 
 
 Gain, .£648 7 8 
 
 Total payments through Edinburgh Agents, £140,903, 2s. Od. (of this for the Bank’s 
 Notes retired, £67,319) ; and through London Agents, £19,977, 7s. lOd. 
 
 Specie in Chest at the end of the former year, £6,840; brought home (Half Guineas, 
 £3,109, 5s.; Silver, £2,839, 5s.; the cost of getting it was about £77), £5,948, 10s.; 
 paid away (in addition to any taken over the counter), £5,318, 4s. ; left in the Chest, 
 £7,470, 6s. 
 
 6 
 
21] 
 
 19th FEBRUARY 1784. 
 
 Or. 
 
 Br BANK OFFICE, £ 
 
 Bonds Receivable, 
 
 35 
 
 Bills Receivable, i.e., due in Edinburgh, 
 Bills of Exchange, i.e., due in London, 
 
 Interest Notes, 
 
 Share of the Bank, 
 
 ... £25,546 
 
 14 
 
 7 
 
 206 
 
 4 
 
 0 
 
 .... 6,736 
 
 2 
 
 8 
 
 .... 12,668 
 
 13 
 
 2 
 
 ... 5,666 
 
 1 
 
 10 
 
 362 
 
 15 
 
 4 
 
 130 
 
 0 
 
 0 
 
 £51,316 
 
 11 
 
 7 
 
 15 
 
 11 
 
 SUNDRY ACCOUNTS, Dr 735 
 
 CASH at call and on hand, as per following Statement, 15,676 
 
 16 
 
 16 
 
 At call, Edinburgh Agents, £ 4,753 
 
 Do., London do., 2,412 
 
 On hand, as follows, 8,511 
 
 Mixed Notes, £ 590 10 0 
 
 Gold, 7,592 6 0 
 
 Silver, 328 11 0 
 
 Copper, 0 1 5 
 
 £8,511 8 5 £15,676 16 11 
 
 TOTAL ASSETS of the Bank, £67,765 0 0 
 
 1783. Mar. 3. — As peace was re-established with France and Spain on 20th January, Specie 
 to be brought down from London by sea, as formerly. 
 
 — 10. — Bank to buy London Bills at 30 days, and to sell or draw at 50 days. 
 
 July 9. — Partners consider a proposal to erect a new Bank office, as the present premises 
 are too small, where the Meal Market and Guard House now are ; these being to be taken 
 down. The cost estimated, by John Peter, wright, to be £1,000. But the meeting resolves 
 rather to obtain from the Town Council the shop and cellar on the west of the entry to the 
 Town House, now occupied by Sir Alexander Douglas, physician, and Robert Stewart, 
 surgeon. This was accomplished ; and for the three shops and cellars on the east side of the 
 entry, already occupied by the Bank, and for the additional shop and cellar, the rent fixed 
 to be £28 per annum, on a lease of 42 years from Whitsunday 1784. 
 
 Sep. 9. — Wm. Watson, son of John Watson, hammerman, and clerk to Andrew Pitcairn, 
 writer, appointed Teller. Cashier authorised to leave in his hands always £1,000 to change 
 Notes with. 
 
 — 29. — Meeting of Partners resolve, As the business of the 'Bank is greatly increased, 
 new officer shall be appointed to assist the Cashier, at a salary of £40, finding security for 
 £1,000. But if a good man can be found to assist the Cashier and be the Teller also, he shall 
 have a salary of £60, finding security for £2,000. 
 
 Oct. 29. — David Jobson, lately Teller, appointed assistant to the Cashier ; he, like the 
 Teller, to be entrusted by the Cashier with £1,000 for carrying on the business. 
 
134 Banking Memoranda for 1783. 
 
 Currency, Prices, &c., in 1783. — Peace: Gold £3, 18s. per oz., im- 
 ported £13,122,235, exported £15,468,287, coined £227,083 ; Bank of Eng- 
 land Circulation (end of February), £7,675,890, and Bullion £1,321,190; 
 Consols 57^ to 70£, and Bank stock 112^ to 135J ; Parliamentary supplies, 
 £19,788,863 ; wheat per quarter, in London, 42s. 2d. to 52s. 8d., and in 
 Edinburgh, 35s. 6d. — oatmeal per peck Is. 5d., bearmeal lid., and pease- 
 meal ll£d. 
 
 Forgery of Bank Notes. — John M‘Affee, who was condemned for forging 
 British Linen Company 20s. notes, was hanged in Edinburgh, on 8th January 
 1783, after having appealed, on the ground that the forgery was executed in 
 Dublin, and therefore out of the jurisdiction of the Court. 
 
 Peace and its Effects. — Peace with France and Spain was established 
 at Paris, on 20th January 1783 — hence called the Pea.ce of Paris; and with 
 Holland on 2d September. In this war the British took of French, Spanish, 
 and Dutch ships, 2,514, and destroyed 704, altogether carrying 3,218 guns ; 
 and the latter took of British ships, 740, and destroyed 366, altogether carrying 
 1,106 guns. The return of peace, after eight years’ interruption, so stimulated 
 commerce, by re-opening the Continental markets to British purchasers, and 
 by again affording in the American States a vast field for British exports, that 
 a great overtrading was the consequence, accompanied both by a great increase 
 in the Bank’s circulation, and by a great drain of its specie. By October, the 
 bullion in its coffers was reduced to £473,000. 
 
 Royal 
 
Banking Memoranda for 1 7 83 — ( Continued). 135 
 
 Royal Bank. — The Royal Bank’s capital was increased from £151,000 
 to £300,000. 
 
 — “ This year the Royal Bank at length opened a branch in Glasgow. They 
 did so in a very humble manner. Their first office was on the one side of a 
 small shop in 4 Hopkirk’s Land,’ east side of High Street, five doors north from 
 the corner at the Cross. Their agent carried on his ordinary business of a 
 linendraper on the other side of the shop. The rent paid by the Bank was 
 £2, 10s. annually. The agent had been originally a herd-boy, afterwards a 
 weaver in Paisley, Hamilton, and Cambuslang, thereafter a clerk to a silk- 
 mercer in Glasgow, and at the time the Bank employed him he was, as already 
 said, a linendraper on his own account .” — Banking in Glasgow. 
 
 Paisley Bank. — On October 1, a Bank was established in Paisley, under 
 the title of the Paisley Banking Company. 
 
 Dundee. — A Fire Insurance Company was this year first established. 
 
 Linen Trade. — The linen stamped this year in Scotland, 17,074,777 yards; 
 estimated value, £866,983. 
 
 Great Cold. — In Edinburgh, on 31st December, at eight a.m., the ther- 
 mometer indicated cold of 35° below the freezing point. In Glasgow, the 
 previous day, it was 36°. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [22 
 
 To the PUBLIC, as per following Statement, £59,695 9 9 
 
 For N OTES in circulation, 
 Notes of 
 
 follows, £55,416 15 0 
 
 £0 5 
 0 10 
 1 0 
 5 0 
 
 Z 62 15 
 2 0 
 50,927 0 
 4,425 0 
 
 £55,416 15 0 
 
 For SUNDRY ACCOUNTS, Cr., 199 15 3 
 
 For Balance due London Agents, 4,078 19 6 
 
 £59,695 9 9 
 
 To the PARTNERS of the Company, as per following Statement, 13,134 5 0 
 
 For CAPITAL paid up, £100 on 107 shares, £10,700 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £22, 15s. on 107 shares, as per following Statement, 2,434 5 0 
 Profit and Loss — 
 
 By Discounts received, £ 777 12 9 
 
 Exchange gained, 288 10 8 
 
 Interest received, 2, 238 9 9 
 
 £3,304 13 2 
 
 To Expense of Management, 870 8 2 
 
 By Nett Profit, £2,434 5 0 £13,134 5 0 
 
 TOTAL LIABILITIES of the Bank 
 
 £72,829 14 9 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount of transactions in the Bank during the year was about £680,000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 514 
 
 £ 84,181 0 4 
 
 Gain,.... £777 12 9 
 
 Bills Receivable, 
 
 782 
 
 113,524 13 2 
 
 
 Bills of Exchange, 
 
 785 
 
 86,257 8 2 
 
 Gain, 288 10 8 
 
 Totals, 
 
 2,081 
 
 £283,963 1 8 
 
 Gain, .£1,066 3 5 
 
 Total payments through Edinburgh Agents, £166,596, Is. Id. (of this for the Bank’s 
 Notes retired, £91,150); and through London Agents, £27,796, Is. 9d. 
 
 Specie in Chest at the end of the former year, £7,470, 6s. ; brought home (Half Guineas, 
 £2,551, 2s. 6d. ; Silver, £3,731, 10s.; the cost of getting it, about £77), £6,282, 12s. 6d. ; 
 paid away (in addition to any taken over the counter), £6,317, 13s. ; left in the Chest, 
 £7,435, 5s. 6d. 
 
22] 
 
 19th FEBRUARY 1785. 
 
 Cr. 
 
 By BANK OFFICE, £ 20 
 
 INVESTMENTS, as per following Statement, 62,400 
 
 Cash Accounts, in number 150, £30,926 
 
 Bills Discounted, i.e., due in Dundee, 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 6,137 12 
 
 Bills of Exchange, i.e., due in London, 6,947 
 
 Interest Notes, 
 
 Share of the Bank, 
 
 ... £30,926 
 
 2 
 
 2 
 
 .... 18,081 
 
 8 
 
 0 
 
 .... 6,137 
 
 12 
 
 7 
 
 .... 6,947 
 
 1 
 
 6 
 
 188 
 
 3 
 
 9 
 
 120 
 
 0 
 
 0 
 
 £62,400 
 
 8 
 
 0 
 
 SUNDRY ACCOUNTS, Dr., 694 
 
 CASH at call and on hand, as per following Statement, 9,715 
 
 At call, Edinburgh Agents, £1,319 13 0 
 
 On hand, as follows, 8,395 9 6 
 
 Mixed Notes, £ 695 15 0 
 
 Gold, 7,357 5 6 
 
 Silver, 342 6 0 
 
 Copper, 0 3 0 
 
 £8,395 9 6 £9,715 2 6 
 
 TOTAL ASSETS of the Bank, £72,829 14 9 
 
 1784. Mar. 10. — Partners resolve that shares of the Company, purchased by the Bank 
 under the amended rules of Copartnery, shall be disposed of to new Partners only, and 
 but one share to each. 
 
 1785. Feb. 16. — Bank not to discount Bills having more than 2 months to run. And to 
 draw on Edinburgh at 6 days. 
 
 Particulars of Specie brought home in years ending February 1778 to 1783, omitted in 
 these years ; with probable expense, which was one per cent, paid for Silver in London and 
 a half per cent, allowed the Agent there for getting it, and a half per cent, on both Silver 
 and Gold for carriage from London : — 
 
 1778 — Half Guineas, £2,700 0 0 
 
 Silver, 
 
 £3,900 
 
 0 0 
 
 Probable Expense, 
 
 £ 91 
 
 10 0 
 
 1779 — Guineas, 2,000 0 0 
 
 do.,.. 
 
 2,100 
 
 0 0 
 
 do., 
 
 52 
 
 0 0 
 
 1780 — Half Guineas, 1,000 0 0 
 
 do.,.. 
 
 400 
 
 0 0 
 
 do., 
 
 12 
 
 0 0 
 
 1781— Do., 4,694 0 0 
 
 1782— Do., 3,450 0 6 
 
 do.,.. 
 
 5,781 
 
 10 0 
 
 do., 
 
 139 
 
 0 0 
 
 do.,.. 
 
 5,635 
 
 7 0 
 
 do., 
 
 129 
 
 10 0 
 
 1783— Do., 525 0 0 
 
 do.,.. 
 
 2,500 
 
 0 0 
 
 do. , 
 
 52 
 
 15 0 
 
 Amount of the Bank’s Notes retired in Edinburgh during the years ending February 1776 
 to 1783, omitted to be stated, but included in the sum paid by the Agents there : — 
 
 1776— £37,608 I 1778— £51,002 I 1780— £48,471 I 1782— £61,149 
 
 1777— 43,516 | 1779— 44,326 | 1781— 51,203 | 1783— 62,423 
 
138 Banking Memoranda for 1784. 
 
 Currency, Prices, &c., in 1784. — Peace: Gold at par, imported 
 £15,272,877, coined £822,126 ; Bank of England Circulation (end of Feb- 
 ruary), £6,202,760, and Bullion £635,840; Consols 53 J to 60 j, and Bank 
 stock 110 to 118; Parliamentary supplies, £11,988,174; wheat per quarter, 
 in London, 40s. to 48s. 10d., and in Edinburgh, 36s. 9d. — oatmeal per peck 
 Is. Id., bearmeal and peasemeal 9d. each. 
 
 Bank of Scotland. — Its capital was increased from £200,000 to £300,000. 
 
 Riots 
 
Banking Memoranda for 1784 — ( Continued). 139 
 
 Riots in Edinburgh. — In May, mobs arose for the destruction of the 
 distilleries, being excited by a belief that the high price of victual was caused, 
 or increased, by the consumption of so much grain, and roots of different sorts, 
 used in distillation. 
 
 Paisley Bank. — It opened a branch in Glasgow. 
 
 Linen Trade. — Linen stamped this year in Scotland, 19,138,593 yards; 
 estimated value, £932,617. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [23 
 
 To the PUBLIC, for Notes in circulation, as follows,, 
 
 Notes of 
 
 £0 
 
 5 
 
 0 
 
 £ 62 
 
 15 
 
 0 
 
 99 
 
 0 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 99 
 
 1 
 
 0 
 
 0 
 
 46,284 
 
 0 
 
 0 
 
 9 9 
 
 5 
 
 0 
 
 0 
 
 4,210 
 
 0 
 
 0 
 
 £50,558 15 0 
 
 £50,558 15 0 
 
 To the PARTNERS of the Company, as per following Statement, 23,513 5 0 
 
 For CAPITAL paid up, £200 on 107 shares, £21,400 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £19, 15s. on 107 Shares, as per following Statement, 2,113 5 0 
 Profit and Loss — 
 
 By Discounts received, £ 797 19 0 
 
 Exchange gained, 260 16 6 
 
 Interest received, 1,953 1 0 
 
 £3,011 16 6 
 
 To Expense of Management, 898 11 6 
 
 By Nett Profit, £2,113 5 0 £23,513 5 0 
 
 TOTAL LIABILITIES of the Bank, 
 
 £74,072 0 0 
 
 MEMORANDA concerning the Years Business. 
 
 The amount of transactions in the Bank during the year was about £730,000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 510 
 
 £ 74,386 5 5 
 
 Gain, ....£797 19 0 
 
 Bills Receivable, 
 
 796 
 
 113,971 4 8 
 
 
 Bills of Exchange, 
 
 1,009 
 
 112,862 16 8 
 
 Gain 260 16 6 
 
 Totals, 
 
 2,315 
 
 £301,220 6 9 
 
 Gain,.. £1,058 15 6 
 
 Total payments through Edinburgh Agents, £200,183, 5s. Od. (of this for the Bank’s 
 Notes retired, £112,781); and through London Agents, £41,181, 12s. 4d. 
 
 Specie in Chest at the end of the former year, £7,435, 5s. 6d. ; brought home (Half Guineas, 
 £3,130; Silver, £5,206; the cost of getting it, about £119, 10s.), £8,336; paid away (in 
 addition to any taken over the counter), £7,477, 5s. 6d. ; left in the Chest, £8,294. 
 
23] 20th FEBRUARY 1786. Cr. 
 
 By BANK OFFICE, . £ 24 0 0 
 
 INVESTMENTS, as per following Statement, 60,445 8 5 
 
 Cash Accounts, in number 165, £36,653 5 0 
 
 Bonds Receivable, 103 5 9 
 
 Bills Discounted, i. e . , due in Dundee, 849 9 8 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 14,970 15 10 
 
 Bills of Exchange, i.e., due in London, 7,587 15 11 
 
 Interest Notes, 40 16 3 
 
 Share of the Bank, 240 0 0 
 
 £60,445 8 5 
 
 SUNDRY ACCOUNTS, Dr., .... 
 
 
 
 
 
 
 654 
 
 15 
 
 10 
 
 CASH at call and on hand, as per 
 
 followin 
 
 g Statement,. 
 
 
 
 12,947 
 
 15 
 
 9 
 
 At call, Edinburgh Agents, 
 
 
 
 .....£ 2,309 
 
 3 
 
 10 
 
 
 
 
 Do., London do., 
 
 
 
 643 
 
 19 
 
 8 
 
 
 
 
 On hand, as follows, 
 
 
 
 9,994 
 
 12 
 
 3 
 
 
 
 
 Mixed Notes, 
 
 ...£ 993 
 
 0 
 
 0 
 
 
 
 
 
 
 Gold, 
 
 .. 8,475 
 
 0 
 
 0 
 
 
 
 
 
 
 Silver, 
 
 526 
 
 8 
 
 0 
 
 
 
 
 
 
 Copper, 
 
 0 
 
 4 
 
 3 
 
 
 
 
 
 
 
 £9,994 
 
 12 
 
 3 £12,947 
 
 15 
 
 9 
 
 
 
 
 TOTAL ASSETS of the Bank, .. 
 
 
 
 
 
 ...£ 
 
 74,072 
 
 0 
 
 0 
 
 1785. Mar. 22.—' The Directors finding the business of the Bank greatly increased, and that 
 it is absolutely necessary a call should be made on the Partners for a further portion of the 
 Capital Stock, authorise and empower the Cashier to call in from each Partner 25 per cent., 
 being £50 sterling a share, to be paid on 25th April next. 
 
 Sep. 14. — The two Boards of Directors having considered the present state of the Com- 
 pany’s affairs, find, that from the very large sums of Notes retired weekly from the Banks in 
 Edinburgh, and from the increasing amount of Bills for discount, the Company’s Agents are 
 run into heavy advances ; to remedy which, the meeting unanimously agreed to order another 
 call of 25 per cent, on the Company’s Stock, being £50 sterling per share, to be paid on 
 Monday the 14th November next. 
 
 Nov. 4. — The Directors considering the heavy advances their Agents in Edinburgh and in 
 London are under, resolve to discount no Inland Bills for a time. 
 
 — Fifteen Cash Accounts ordered to be paid up by 2d February next. 
 
142 Banking Memoranda for 1785. 
 
 Currency, Prices, &c., in 1785. — Peace: Gold at par, imported 
 £16,279,399, exported £16,117,649, coined £2,488,106 ; Bank of England 
 Circulation (end of February), £5,923,090, and Bullion £2,740,820 ; Consols 
 54^ to 731, and Bank stock 116 to 142 ; Parliamentary supplies, £9,736,868; 
 wheat per quarter, in London, 51s. 10d., and in Edinburgh, 35s. 3d. — oatmeal 
 per peck Is., bearmeal and peasemeal 8^d. each. 
 
 Greenock Bank. — On July 25, the Greenock Banking Company of 
 Dunlop, Houston, Gammel, & Co. was established, and, on the 28th, a branch 
 of it was opened in Glasgow. The first agent of the Bank in Glasgow was 
 James Dunlop, the chief partner, who, besides being a wealthy merchant, was 
 the largest landholder in that place, the rents of his twenty-one estates amount- 
 ing to £4,000 per annum — a respectable sum in those days. Yet, in the 
 disastrous 1793, he became unfortunate, and the Bank held his obligations to 
 the extent of £25,387. A severe run took place on the Bank in Greenock ; 
 but such was the confidence in the stability of the Company, that many of the 
 influential people in that town voluntarily came forward and indorsed the Bank 
 
 notes 
 
Banking Memoranda for 1785 — ( Continued ). 143 
 
 notes on tables placed on the street, which allayed the panic . — Banking in 
 Glasgow. 
 
 Private Bank in Glasgow. — On 4th October, Andrew, George, and 
 Andrew Thomson commenced business as private bankers in Glasgow. 
 
 Base Copper Coin. — The inconvenience and, distress occasioned by the 
 great influx of base copper coin into the kingdom, notwithstanding the 
 exertions of the Magistrates of Edinburgh and the Sheriff, together with reso- 
 lutions entered into by a number of shopkeepers, still continued as insufferable 
 as ever. Some traders took a notion into their heads, that, because the greatest 
 number of counterfeits were of halfpence of his then present Majesty, therefore 
 none of that reign were pure, and consequently took upon them to refuse all 
 indiscriminately. The poor also had the same idea, and refused them in 
 change from shopkeepers. Consequently, the Magistrates had to begin to 
 impose fines on persons refusing to take legal coin, and many were subjected 
 to penalties before the false notion could be suppressed. 
 
 Linen Trade. — Linen stamped this year in Scotland, 17,275,071 yards ; 
 estimated value, £855,081. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [24 
 
 To the PUBLIC, for Notes in circulation, as follows, 
 Notes of 
 
 .£53,559 15 0 
 
 £0 
 
 5 
 
 0 
 
 £ 62 
 
 15 
 
 0 
 
 0 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 1 
 
 0 
 
 0 
 
 48,830 
 
 0 
 
 0 
 
 5 
 
 0 
 
 0 
 
 4,665 
 
 0 
 
 0 
 
 
 
 
 £53,559 
 
 15 
 
 0 
 
 To the PARTNERS of the Company, as per following Statement, 23,593 18 
 
 For CAPITAL paid up, £200 on 107 shares, £21,400 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £21, 6s. on 103 shares, as per following Statement,... 2,193 18 0 
 Profit and Loss — 
 
 By Discounts received, £ 176 7 1 
 
 Exchange gained, 352 11 8 
 
 Interest received, 2,535 9 2 
 
 £3,064 7 11 
 
 To Expense of Management, 870 9 11 
 
 By Nett Profit, £2,193 18 0 £23,593 18 0 
 
 TOTAL LIABILITIES of the Bank, £77,153 13 0 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount of transactions in the Bank during the year was about £700,000 received, 
 and about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 162 
 
 754 
 
 1,225 
 
 £22,458 10 2 
 100,728 16 11 
 131,448 8 2 
 
 Gain,. £176 7 1 
 
 Gain,. 352 11 8 
 
 2,141 
 
 £254,635 15 3 
 
 Gain,. £528 18 9 
 
 Description. 
 
 Bills Discounted, . 
 Bills Receivable, . . 
 Bills of Exchange, 
 
 Totals, 
 
 Total payments through Edinburgh Agents, £203,930, 19s. lid. (of this for the Bank’s 
 Notes retired, £115,280); and through London Agents, £40,369, Is. 4d. 
 
 Specie in Chest at the end of the former year, £8,294 ; brought home (Half Guineas, 
 £3,055; Silver, £4,659; the cost of getting it, about £108, 5s.), £7,714; paid away (in 
 addition to any taken over the counter), £8,395, 14s. ; left in the Chest, £7,612, 6s. 
 
By BANK OFFICE, £ 
 
 24 
 
 Bonds Receivable, 
 Bills Discounted, i.e., 
 
 due in Dundee, 
 
 Bills of Exchange, i.e. 
 
 Interest Notes, 
 
 Shares of the Bank (four), 
 
 due in London, 
 
 1 
 
 .... £33,398 
 
 11 
 
 3 
 
 66 
 
 16 
 
 10 
 
 660 
 
 0 
 
 0 
 
 .... 13,518 
 
 18 
 
 3 
 
 .... 9,654 
 
 12 
 
 3 
 
 539 
 
 13 
 
 4 
 
 960 
 
 0 
 
 0 
 
 £58,798 
 
 11 
 
 11 
 
 0 0 
 
 11 11 
 
 SUNDRY ACCOUNTS, Dr., 670 18 
 
 CASH at call and on hand, as per following Statement, 17,660 2 
 
 At call, Edinburgh Agents, £7,272 12 9 
 
 Do., London do., 1,535 4 3 
 
 On hand, as follows, 8,852 5 2 
 
 Mixed Notes, £ 621 7 0 
 
 Gold, 7,737 12 6 
 
 Silver, 493 1 6 
 
 Copper, 0 4 2 
 
 £8,852 5 2 £17,660 2 2 
 
 TOTAL ASSETS of the Bank, £77,153 13 0 
 
 1786. Mar. 6. — Meeting of Partners leave it to the Directors to re-commence the discount- 
 ing of Inland Bills again when they see it to be for the interest of the Company to do so. 
 
 —Bank to draw on London and on Edinburgh for sums under £15, but in that case the 
 purchaser to pay for the stamp. 
 
 Sep. 7. — The Directors considering that the Bank has not discounted Bills since the 4th 
 November last, and that it may be for the benefit of the trade in the town and country again 
 to discount Bills, resolve to do so to the extent of £15,000, taking only Bills not having more 
 than three months to run. No one person to have more that £1,000 of discounts running, 
 and no discounts to be made but by the advice and consent of an Ordinary and an Extra- 
 ordinary Director, who are to put their initials on the Bills. 
 
 Oct. 23. — Bank to buy London Bills at 30 days, to sell at 35 days, and to draw at 40 days. 
 
146 Banking Memoranda for 1786. 
 
 Currency, Prices, &c., in 1786. — Peace: Gold at par, imported 
 £15,786,072, exported £16,300,730, coined £1,107,382; Bank of England 
 Circulation (end of February), £7,581,960, and Bullion £5,979,090; Con- 
 sols 68^ to 78£, and Bank stock 138 to 151^; Parliamentary supplies, 
 £13,420,962 ; wheat per quarter, in London, 38s. 10d., and in Edinburgh, 
 34s. 8d. — oatmeal per peck lid., bearmeal 8d., peasemeal 7jd. 
 
 George Dempster, M.P. — On July 13, he was presented with a piece of 
 plate, value one hundred guineas, by the Royal Burghs of Scotland, in testi- 
 mony of their esteem of his services as M.P., in respect to the promotion of 
 manufactures, trade, and fisheries. 
 
 Dundee. — On August 11, a shock of an earthquake was felt in it, and 
 generally all over Scotland. 
 
 Excise 
 
Banking Memoranda for 1786— (Continued). 147 
 
 Excise in Scotland. — In a report to the House of Commons, it is stated 
 that the taxes under the charge of the Commissioners of Excise in Scotland 
 produced, in the year ending Michaelmas 1786, £216,373, 9s. Id. 
 
 Aberdeen Bank. — On November 4, Mr Simpson, cashier of the Aberdeen 
 Banking Company, passed through Carlisle, bringing back eight vagrants, 
 travelling tinkers, who took from a beggar-man in Fife a pair of saddle-bags, 
 containing £1,600, belonging to the Bank, which had been lost, and which he 
 had found. They were apprehended south of Penrith, where they had clothed 
 themselves, bought a caravan, &c. £900 of the money was recovered. 
 
 Linen Trade. — Linen stamped this year in Scotland, 17,501,375 yards; 
 estimated value, £823,447. 
 
Dr. THE DUNDEE BANKING 
 
 COMPANY. 
 
 
 [25 
 
 To the PUBLIC, as per following Statement, 
 
 
 
 
 
 ...£58,598 
 
 14 
 
 7 
 
 For NOTES in circulation, as follows, 
 
 
 
 .£56,437 
 
 15 
 
 0 
 
 
 
 Notes of £0 5 0 £ 62 
 
 15 
 
 0 
 
 
 
 
 
 
 „ 0 10 0 2 
 
 0 
 
 0 
 
 
 
 
 
 
 ,, 1 0 0 51,553 
 
 0 
 
 0 
 
 
 
 
 
 
 „ 5 0 0 4,820 
 
 0 
 
 0 
 
 
 
 
 
 
 £56,437 
 
 15 
 
 0 
 
 
 
 
 
 
 For SUNDRY ACCOUNTS, Cr„ 
 
 
 
 200 
 
 0 
 
 0 
 
 
 
 For Balance due Edinburgh Agents, 
 
 
 
 1,055 
 
 8 
 
 11 
 
 
 
 For do. do. London do., 
 
 
 
 905 
 
 10 
 
 8 
 
 
 
 
 
 
 £58,598 
 
 14 
 
 7 
 
 
 
 To the PARTNERS of the Company, as per followii 
 
 ng Statement, 23,276 
 
 16 
 
 0 
 
 For CAPITAL paid up, £200 on 107 shares, 
 
 
 
 £21,400 
 
 0 
 
 0 
 
 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 
 
 
 
 
 £18, 8s. on 102 shares, as per following Statement, 
 
 1,876 
 
 16 
 
 0 
 
 
 
 Profit and Loss — 
 
 
 
 
 
 
 
 
 By Discounts received, £ 518 14 10 
 
 
 
 
 
 
 
 
 Exchange gained, 370 9 6 
 
 
 
 
 
 
 
 
 Interest received, 2,417 10 1 
 
 
 
 
 
 
 
 
 £3,306 14 5 
 
 
 
 
 
 
 
 
 To Expense of Management, .. . 974 12 5 
 
 
 
 
 
 
 
 
 By Nett Profit, . . £2, 332 
 
 2 
 
 0 
 
 
 
 
 
 
 To Expense of a Forgery, £ 31 18 6 
 
 
 
 
 
 
 
 
 Loss by Robbery of Bank, . . . 423 7 6 
 
 
 
 
 
 
 
 
 455 
 
 6 
 
 0 
 
 
 
 
 
 
 £1,876 
 
 16 
 
 0 £23,276 
 
 16 
 
 0 
 
 
 
 TOTAL LIABILITIES of the Bank, .... 
 
 
 
 
 
 ...£81,875 
 
 10 
 
 7 
 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the year was about £850,000 received, 
 and about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 315 
 
 £ 56,466 7 6 
 
 Gain, .£518 14 10 
 
 Bills Receivable, 
 
 739 
 
 103,790 1 10 
 
 
 Bills of Exchange, 
 
 1,239 
 
 149,866 3 11 
 
 Gain, .370 9 6 
 
 Totals, 
 
 2,293 
 
 £310,122 13 3 
 
 Gain, .£889 4 4 
 
 Bank’ 
 
 Total payments through Edinburgh Agents, £238,749, 9s. 2d. (of this for the 
 Notes retired, £122,885); and through London Agents, £50,719, Is. lOd. 
 
 Specie in Chest at the end of the former year, £7,612, 6s. ; brought home (Half Guineas, 
 £3,863, 2s.; Silver, £5,126, 18s. ; probable cost of getting it, about £121, 10s. ), £8,990 ; 
 paid away (in addition to any taken over the counter), £8,112, 4s.; left in the Chest, 
 £8,490, 2s. 
 
 1787. Mar. 7. — John Baxter & Son, manufacturers, have a Cash Account for £500; their 
 sureties, John Baxter, jun., Thomas Baxter, George Baxter, Charles Roger, Thomas Doig, 
 all manufacturers in Dundee. William Baxter, manufacturer, obtained one for £300 in 
 December following. 
 
 7 
 
25] 
 
 19th FEBRUARY 1788. 
 
 Or. 
 
 By BANK OFFICE, £ 25 2 
 
 INVESTMENTS, as per following Statement, 71,581 10 
 
 Cash. Accounts, in number 181, £34,684 16 11 
 
 Bills Discounted, i.e., due in Dundee, 11,385 15 7 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 10,921 7 0 
 
 Bills of Exchange, i.e., due in London, 13,029 15 6 
 
 Interest Notes, 359 15 10 
 
 Shares of the Bank (five), 1,200 0 0 
 
 £71,581 10 10 
 
 451 6 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH on hand, as per following Statement, 9,817 10 
 
 Mixed Notes, £ 727 0 0 
 
 Gold, 8,615 2 0 
 
 Silver, 475 4 6 
 
 Copper, 0 4 5 
 
 £9,817 10 11 
 
 TOTAL ASSETS of the Bank, 
 
 ,£81,875 10 7 
 
 July 12. — Expense of unsuccessful search after the forger of 20s. Notes, £31, 18s. 6d. 
 
 14. — Bank to buy London Bills at 35 days, sell at 40 days, and draw at 45 days. 
 
 1788. Feb. 19.— In the Directors’ minutes is the following resolution : — Whereas the Bank 
 Office was broke into, late on Saturday night the 16th, or early on Sunday morning the 17th 
 February current, and there was carried off from the drawers of Wm. Watson, Teller, cash 
 to the amount of £423, 7s. 6d. sterling, as follows : — Dundee Bank Notes, £168 ; Mixed 
 Notes, £77, 6s. ; New Half-Guineas, £137 ; Silver and Copper, £41, Is. 6d., = £423, 7s. 6d. 
 The Meeting, finding as yet no prospect of a recovery of the money, nor even of a discovery 
 of the perpetrators, orders the above sum to be placed to the debit of Profit and Loss. 
 
 — Entrance into the Office was effected by cutting a hole in the floor of the Guild Hall 
 above. 
 
 — The Bank afterwards spent £226, 18s. 8d. in trying to discover the thieves. 
 
 — James Falconer, Public Weigh-house, Vout, and Peter Bruce, son of John Bruce, manu- 
 facturer, West Port, were tried for this crime, August 13th, and condemned, and sentenced 
 to be hanged in Edinburgh on Oct. 1st, and, after being twice respited, were executed there, 
 Dec. 24. They denied to the last participation in or knowledge of the crime. Nov. 24. — James 
 Dick, shipmaster, John Willox, innkeeper, and Thos. Howie, journeyman watchmaker, were 
 indicted for the same offence, the two last being acquitted, but the former condemned, and 
 sentenced to be hanged January 7, 1789, but was afterwards pardoned. On 10th December 
 there was published in Edinburgh a history of the three men, written by themselves, and a 
 ( Continued below next Balance Sheet.) 
 
150 
 
 Banking Memoranda for 1787 . 
 
 Currency, Prices, &c., in 1787. — Peace: Gold at par, imported £17,804,024, 
 exported £16,870,114, coined £2,849,056, and silver coined £55,459 (the first 
 time any quantity of silver was coined for many years — and no more was coined 
 till the entire renewal of the silver coinage in 1816) ; Bank of England Circula- 
 tion (end of February), £8,329,480, and Bullion £5,626,690 ; Consols, 67 to 
 77f, and Bank stock 145 to 160J; Parliamentary supplies, £12,414,579; 
 wheat per quarter, in London, 41s. 2d., and in Edinburgh, 36s. lid. — oatmeal 
 per peck Is., bearmeal and peasemeal 9d. each. 
 
 Corn Laws. — A proposal to alter these laws having again arisen, a com- 
 mittee of a meeting in Edinburgh was appointed to watch the course of pro- 
 ceedings. 
 
 Despatch 
 
 
Banking Memoranda for 1 787 — ( Continued). 151 
 
 Despatch in Business. — The Scots Magazine mentions, as worthy of record, 
 that, in February, “A mercer in Edinburgh received some valuable goods from 
 London, by the mail-coach, in the short space of five days and sixteen hours 
 from the time he commissioned them. The letter was sent off on Wednesday 
 afternoon, and on Tuesday following, at eight o’clock in the morning, the 
 goods were delivered at his shop.” 
 
 Falkirk Bank. — This year a Bank was established in Falkirk, under the 
 title of the Falkirk Banking Company. 
 
 Linen Trade. — Linen stamped this year in Scotland, 19,425,031 yards ; 
 estimated value, £843,920. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [26 
 
 To the PUBLIC, as per following Statement, £55,898 6 5 
 
 Por NOTES in circulation, as follows, 
 Notes of £0 5 0 
 
 „ 0 10 0 
 
 „ 10 0 
 ,, 5 0 0 
 
 £ 62 
 
 15 
 
 0 
 
 2 
 
 0 
 
 0 
 
 47,426 
 
 0 
 
 0 
 
 4,985 
 
 0 
 
 0 
 
 £52,475 
 
 15 
 
 0 
 
 £52,475 15 0 
 
 For Balance due Edinburgh Agents, 1,703 6 
 
 For Do. do. London do., 1,719 5 
 
 £55,898 6 5 
 
 To THE PARTNERS of the Company, as per following Statement, 22,272 2 0 
 
 For CAPITAL paid up, £200 on 107 shares, £21,400 0 0 
 
 For Portion of past year’s PROFITS, set aside for a 
 Dividend of £8, 11s. on 102 Shares, as per following 
 
 Statement, 872 2 0 
 
 Profit and Loss — 
 
 By Discounts received, £ 367 6 11 
 
 Exchange gained, 327 16 5 
 
 Interest received, 2,422 15 1 
 
 £3,117 18 5 
 
 To Expense of Management, 997 19 9 
 
 By Nett Profit, £2, 1 1 9 1 8 8 
 
 To Dependancies, carried to 
 
 Cr. of, £1,020 18 0 
 
 Expenses of Robbery last 
 
 year, 226 18 8 
 
 1,247 16 8 
 
 £ 877 2 0 £22,272 2 0 
 
 TOTAL LIABILITIES of the Bank, £78,170 8 5 
 
 ( Continued from below last Balance Sheet.) 
 
 joint declaration of their innocency, signed before the Rev. Mr Greenfield, one of the 
 ministers of the city. 
 
 On Feb. 12, 1790, Alexander M 'Donald, tailor, High Street, one of the witnesses on the first 
 trial, was convicted of forging a Bill of £384 on Wm. Bruce, shipmaster. The Judge said this 
 threw doubts on his evidence at a late trial. On this M ‘Donald addressed the Court, speak- 
 ing without the least embarrassment, and with a fortitude worthy of a better cause. He said, 
 that as his Lordship had thrown out a doubt as if all was not fair at a late trial, he looked 
 upon it to be a duty he owed to himself and to his country, to declare (and he would die in 
 the faith of it) that Falconer and Br*ice were guilty of the robbery of the Dundee Bank. On 
 his way to Botany Bay, he was hailed on board the vessel for mutiny. 
 
 On Dec. 21, 1790, a William GWlesby was tried and convicted of a robbery, and con- 
 demned to be hanged on 2d February 1791, but not executed till the 23d ; being respited to 
 afford time for enquiry into an assertion he made, that he was concerned in the robbery of 
 the Dundee Bank, and not the men accused of it. It was believed he fabricated this story, 
 hoping to escape as a witness. However, when on the drop, with the cap drawn over his 
 face, he solemnly and repeatedly declared, though now on the brink of eternity, that 
 Falconer, Bruce, and Dick, were innocent of the robbery of the Dimdee Bank ; and that 
 were he spared he could still make discoveries of importance. 
 
26 ] 
 
 19th FEBRUARY 1789. 
 
 Cr. 
 
 By BANK OFFICE, 
 
 £ 91 11 
 
 INVESTMENTS, as per following Statement, 67,337 10 
 
 Cash Accounts, in number 160, £38,913 8 5 
 
 Bills Discounted, i.e., due in Dundee, 7,965 10 7 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 11,459 17 9 
 
 Bills of Exchange, i.e., due in London, 6,991 5 11 
 
 Interest Notes, 214 16 6 
 
 Shares of the Bank (five), 1,200 0 0 
 
 Failure Account, 592 11 6 
 
 9 
 
 8 
 
 £67,337 10 8 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH on hand, as per following Statement, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £1,167 0 0 
 8,009 4 6 
 987 3 6 
 0 4 3 
 
 £10,163 12 3 
 
 577 13 9 
 
 10,163 12 3 
 
 TOTAL ASSETS of the Bank, 
 
 £78,170 8 5 
 
 MEMORANDA concerning the Years Business. 
 
 The amount of transactions in the Bank during the year was about £850,000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 247 
 
 £ 45,408 14 5 
 
 Gain, ....£367 6 11 
 
 Bills Receivable, 
 
 806 
 
 121,669 8 10 
 
 
 Bills of Exchange, 
 
 1,298 
 
 157,527 1 0 
 
 Gain, 327 16 5 
 
 Totals, 
 
 2,351 
 
 £324,605 4 3 
 
 Gain,.... £695 3 4 
 
 Total payments through Edinburgh Agents, £242,346, 12s. 5d. (of this for the Bank’s 
 Notes retired), £114,320); and through London Agents, £53,786, 16s. 8d. 
 
 Specie in Chest at the end of the former year, £8,490, 2s. Od. ; brought home (Guineas, 
 £1,000; Half Guineas, £2,126; Silver, £4,318; probable cost of getting it, about £97), 
 £7,444; paid away (in addition to any taken over the counter), £7,617, 2s. ; left in the 
 Chest, £8,317. 
 
 ( Continued below next Balance Sheet. ) 
 
154 Banking Memoranda for 1788. 
 
 Currency, Prices, &c., in 1788. — Peace: Gold at par, imported 
 £18,027,188, exported £17,472,408, coined £3,664,174; Bank of England 
 Circulation (end of February), £9,561,120, and Bullion £5,743,440 ; Consols, 
 73^ to 77j, and Bank stock 158 to 1784 ; Parliamentary supplies, £11,860,263 ; 
 wheat per quarter, in London, 45s., and in Edinburgh, 38s. 3d. — oatmeal per 
 boll 14s. 3d. 
 
 Failures. — Most of the distillers and corn-dealers in Scotland failed, in 
 February and March, this year. 
 
 Paisley Union Bank. — In May, a Bank was established in Paisley, under 
 the title of the Paisley Union Bank. 
 
 Royal Bank of Scotland.— In July, it obtained another charter from the 
 Crown, authorizing the increase of the capital from £300,000 to £600,000. 
 “ In August, £3,592, 6s. 8d. of its stock was sold, in London, at the rate of 
 £209, 6s. 8d. per cent. — a proof of its being under good management, espe- 
 cially as the purchase was made by a banker in London much connected with 
 Scotland.” 
 
 Dundee. — The population was ascertained by census to be 19,329. A 
 great mortality in the town, chiefly from small-pox and hooping-cough, began 
 this year, and continued during the three following. The burials in Dun- 
 dee, in 1787, were an average number, viz., 552 ; but, in 1788, 867 ; in 1789, 
 609 ; in 1790, 846 ; and in 1791, 890. 
 
 Linen Trade. — Linen stamped this year in Scotland, 20,506,310 yards ; 
 estimated value, £854,900. 
 
 Public Revenue of Scotland. — In Sinclair’s Public Revenue is given an 
 abstract statement of the Public Revenue and Expenditure of Scotland for the 
 year 1788 (year ending 5th January 1789), which is of much interest, being 
 the first record of it after the Union — even the Government not possessing, as 
 formerly stated, any previous information on the subject. 
 
 General View of the Revenue and Expenditure of Scotland for 1788. 
 
 Revenue : — 
 
 Crown rents, &c., £ 60,342 
 
 Customs, 245,849 
 
 Salt duties, 18,043 
 
 Excise, &c., 340,056 
 
 Malt, 56,116 
 
 Stamps, 73,877 
 
 Post Office, 55,836 
 
 House tax, &c., 67,029 
 
 Land tax, 52,000 
 
 Total Revenue, £969,148 
 
 Expenditure : — 
 
Banking Memoranda for 1 7 88 — ( Continued ). 155 
 
 Expenditure : — 
 
 Expenses of Crown lands, £ 60,342 
 
 Collecting the Revenue, 174,961 
 
 Bounties, drawbacks, &c., 127,629 
 
 Expenses of Courts, &c., 64,867 
 
 Remitted to London — from Customs, £ 40,000 
 
 „ „ Excise, 250,000 
 
 „ ,, Post Office, 33,200 
 
 „ ,, Stamps, 65,845 
 
 „ „ Land tax, 48,000 
 
 „ ,, Sundries, 126,168 563,213 
 
 Total Expenditure, £991,012 
 
 Repetition of some of the items. 
 Customs Revenue was 
 
 £250,839 11 
 
 Debentures paid, 
 Bounties paid,... 
 
 Salaries, 
 
 Incidents, 
 
 £60,591 13 2 
 63,035 9 6 
 
 20,917 5 2 
 , 27,093 5 3 
 
 Free Revenue from Customs, 
 
 But the Revenue of the eight preceding years was as follows — 
 
 1780, 
 
 £60,000 
 
 1784, 
 
 1781, 
 
 80,000 
 
 1785, 
 
 1782, 
 
 60,000 
 
 1786, 
 
 1783, 
 
 60,000 
 
 1787, 
 
 Total £580,000, or an average of £72,500 per annum. 
 
 171,637 13 
 £79,201 18 
 
 £120,000 
 
 70.000 
 
 30.000 
 
 100,000 
 
 8 
 
 1 
 
 7 
 
 Salt duties were £18,043, less salaries, bounties, and drawbacks, £8,749. 
 Excise and malt duties were £422,018, less expenses, £83,982. 
 
 Stamp duties were £73,877, less expenses, £8,032. 
 
Dr. THE DUNDEE BANKING COMPANY. [27 
 
 To the PUBLIC, as per following Statement, £47,051 3 10 
 
 For NOTES in circulation, 
 
 as follows, . . 
 
 
 
 
 Notes of 
 
 £0 
 
 5 
 
 0 
 
 £ 62 
 
 15 
 
 0 
 
 9 9 
 
 0 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 99 
 
 1 
 
 0 
 
 0 
 
 39,793 
 
 0 
 
 0 
 
 99 
 
 5 
 
 0 
 
 0 
 
 3,550 
 
 0 
 
 0 
 
 
 
 
 
 £43,407 
 
 15 
 
 0 
 
 For Balance due Edinburgh Agents, 3,446 4 7 
 
 For Do. do. London do., 197 4 3 
 
 £47,051 3 10 
 
 To the PARTNERS of the Company, as per following Statement, 23,440 0 0 
 
 For CAPITAL paid up, £200 on 107 shares, £21,400 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £20 on 102 shares, as per following Statement, 2,040 0 0 
 
 Profit and Loss — 
 
 By Discounts received, £ 333 1 6 
 
 Exchange gained, 202 5 1 
 
 Interest received, 2,398 11 2 
 
 £2,933 17 9 
 
 To Expense of Management, 893 17 9 
 
 By Nett Profit, £2,040 0 0 £23,440 0 0 
 
 TOTAL LIABILITIES of the Bank, 
 
 £70,491 3 10 
 
 ( Continued from below last Balance Sheet.) 
 
 1788. Mar. 4. — The Directors, having taken into their serious consideration the present 
 universal alarm from the many failures that have lately happened, are unanimously of opinion 
 that the Discounting of Bills should be lessened, and therefore agree that no Bills (and these 
 not without two names at least) shall be discounted for more than £500 at any one time, and 
 this only at the sight of two Directors. 
 
 — No London Bills having more than 60 days to run to be taken till further orders. 
 
 18. — First considerable loss incurred ; the particulars of the debts, and what was recovered, 
 is as follows — 
 
 Robt. Stein & Co. on Sandieman& Graham, London, £1,250 6 6 
 
 James Craik on Alexander Coutts, 550 12 0 
 
 William Badenach on John Stein, 354 18 0 
 
 £2,155 16 6 
 
 Stein paid Is. 6d. per £1, £ 93 2 8 
 
 Sandieman & Graham paid about 6s., 377 11 9 
 
 James Craik paid about 14s. 9d., 404 7 9 
 
 William Badenach paid about 16s., 283 19 0 
 
 Alex. Coutts and John Stein apparently paid nothing. 
 
 1,159 1 2 
 
 Ultimate loss, besides Interest, £ 996 15 4 
 
27] 
 
 20th FEBRUARY 1790. 
 
 Cr. 
 
 By BANK OFFICE, £ 
 
 INVESTMENTS, as per following Statement, 
 
 Cash Accounts, in number 183, £39,540 2 4 
 
 Bills Discounted, i.e., due in Dundee, 6,511 17 11 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 6,599 4 3 
 
 Bills of Exchange, i.e., due in London, 4,667 10 1 
 
 Interest Notes, 282 16 6 
 
 Shares of the Bank (five), 1,200 0 0 
 
 Failure Account, 318 18 6 
 
 £59,120 9 7 
 
 91 11 
 59,120 9 
 
 9 
 
 7 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH on hand, as per following Statement, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £1,428 0 0 
 7,110 17 6 
 782 10 6 
 0 5 2 
 
 1,957 9 4 
 
 9,321 13 2 
 
 £9,321 13 2 
 
 TOTAL ASSETS of the Bank, 
 
 £70,491 3 10 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the year was about £780,000 received, 
 and about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 202 
 
 £ 36,717 16 6 
 
 Gain,. £333 1 6 
 
 Bills Receivable, 
 
 Bills of Exchange, 
 
 811 
 
 1,177 
 
 101,139 13 0 
 129,902 19 1 
 
 Gain,. 202 5 1 
 
 Totals, 
 
 2,190 
 
 £267,760 8 7 
 
 Gain, . £535 6 7 
 
 Total payments through Edinburgh Agents, £224,038, Is. 4d. (of this for the Bank’s 
 Notes retired, £103,282) ; and through London Agents, £39,434, Is. lOd. 
 
 Specie in Chest at the end of the former year, £8,317 ; brought home (Half Guineas, 
 £4,083, 16s. ; Silver, £3,313 ; probable cost of getting it, about £89), £7,396, 16s. ; paid away 
 (in addition to any taken over the counter), £8,084 ; left in the Chest, £7,629, 16s. 
 
 1789. June 11. — Bank to buy London Bills having 90 days to run, and to discount local 
 Bills of the same length of currency. No customer to have more than £1,000 of Bills under 
 discount at one time. 
 
158 Banking Memoranda for 1789. 
 
 Currency, Prices, &c., in 1789. — Peace: Gold at par, imported 
 £17,821,102, exported £19,340,548, coined £1,530,711; Bank of England 
 Circulation (end of February), £9,807,310, and Bullion £7,228,730 ; Consols, 
 71f to 81-J-, and Bank stock 169f to 191^ ; Parliamentary supplies, £11,293,036 ; 
 wheat per quarter, in London, 51s. 2d., and in Edinburgh, 42s. — oatmeal per 
 peck 9^d., bearmeal 7d., and peasemeal 6d. 
 
 Paisley Union Bank. — This Bank established a branch in Glasgow. 
 
 Linen Trade. — Linen stamped this year in Scotland, 19,996,075 yards ; 
 estimated value, £779,608. 
 
 Dundee. — The Paisley Banking Company opened a branch here (in Peter 
 Street) on 1st June 1789, under James Scott as their agent. As this James 
 Scott was from 1792 to 1802 the cashier of the Dundee Commercial Bank, 
 and from 1802 to 1806 the cashier of the Dundee New Bank, the books and 
 papers of which two Banks are in the charge of the compiler, he found among 
 them some papers belonging to James Scott, which refer to the branch of the 
 Paisley Bank, but none that shewed the extent of business carried on by it in 
 Dundee. Having discovered that the books of the Paisley Bank are deposited 
 in the Paisley branch of the British Linen Company, he applied to the manager 
 of that Bank for leave to ascertain whether the books contained such an 
 account of the Dundee branch as would shew what amount of business it 
 transacted, and when it was closed. The manager, with his usual courtesy, 
 granted an order to this effect ; but on its being presented to the Paisley agent, 
 who formerly had been in the service of the Paisley Bank, he refused to allow 
 of any examination, as “ he thought such information, for the particular pur- 
 pose named, should not in any case be given.” The following memoranda, 
 therefore, and those under date 1791, are all that can be here supplied. 
 
 — In the deed of security, dated 21st May 1789, granted by James Scott and 
 sureties (William Crichton & Co., Thomas Crichton, William Crichton, Wil- 
 liam Mann, Mungo Morton, and James Soutar), it is stated, that the Paisley 
 Banking Co. had agreed to establish a branch at Dundee, for the accommoda- 
 tion of the town and neighbourhood ; that they had appointed James Scott, 
 merchant, Dundee, to be their agent ; that he was to observe the rules, orders, 
 and directions of James Hog, cashier of said Bank, and his successors in 
 office ; and that “ whatever damage, loss, skaith, or expense the said Paisley 
 
 Banking 
 
Banking Memoranda for 1789 — ( Continued). 159 
 
 Banking Co. shall happen to sustain by me, the said James Scott, or by the 
 accidents of fire, robbery, theft, embezzlement, or any other accident or mis- 
 fortune happening to what is under the charge of me from the said Paisley 
 Banking Co., during my continuing in the said office and trust, we, the said 
 principal and cautioners before designed, bind and oblige us, and our foresaids, 
 conjunctly and severally, as said is, to refund, content, and pay the same to 
 the said Paisley Banking Co. And it is expressly provided and declared, 
 that the said James Scott, and my said cautioners, shall take upon us the 
 whole risk of all bills, or promissory notes, to be discounted by me, and of all 
 bills on London or elsewhere which I, the said James Scott, may purchase, in 
 the execution of the above office and trust committed to me,” &c. But the 
 liability of the cautioners to be restricted to £2,000. “ But as the Paisley 
 
 Banking Co. are to grant me cash accounts at their office in Paisley, I, and 
 my foresaid cautioners, shall be noways liable for the solvency of the obligants 
 therein.” The salary of the agent for all this responsibility was £100 ; and 
 when, towards the end of the second year, he petitioned that it might be 
 doubled, the cashier, in his letter of the 21st May 1791, replied that the Com- 
 pany would not do this, and that he should not have expected Mr Scott to have 
 asked for such a thing. However, in another letter of June 7, the cashier says, 
 that the agent’s allowance for trouble and risk had been fixed at £130. From 
 a sentence in the first of these letters, it appears that there was a sub-branch 
 or agency at Arbroath, under the care of William Rainie or Renny, who was 
 afterwards the agent for the Dundee Banking Company. The expense of the 
 Dundee branch during the second year, 1st June 1790 to 31st May 1791, was 
 
 as follows : — 
 
 Additional expense on the new office, £ 5 3 5 
 
 Postages, 10 16 0 
 
 Macfarlane, for a year’s carriage of the chest to Edinburgh, 5 0 0 
 
 Stationery, 17 10 6 
 
 Rent of office £10, candles £3, 16s. 5d., coals £2, 12s., 16 8 5 
 
 Clerks — Jas. Fenton, for two months, at £30 per annum, £ 5 0 0 
 
 Jas. Stewart, for ten months, at £25 per annum, 20 16 8 
 
 Agent, allowance for one year, 130 0 0 155 16 8 
 
 £210 15 0 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [28 
 
 To the PUBLIC, as per following Statement, £44,567 14 6 
 
 For NOTES in circulation, 
 Notes of 
 
 as follows, £35,471 10 0 
 
 £0 5 
 0 10 
 1 0 
 5 0 
 
 £ 62 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 32,212 
 
 0 
 
 0 
 
 3,195 
 
 0 
 
 0 
 
 £35,471 
 
 10 
 
 0 
 
 For SUNDRY ACCOUNTS, Cr., 303 13 2 
 
 For Balance due Edinburgh Agents, 5,851 4 4 
 
 For Do. due London do., 2,941 7 0 
 
 £44,567 14 6 
 
 To the PARTNERS of the Company, as per following Statement, 23,370 2 0 
 
 For CAPITAL paid up, £200 on 107 shares, £21,400 0 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £19, 18s. on 99 shares, as per following Statement, 1,970 2 0 
 Profit and Loss — 
 
 By Discounts received, £ 455 16 0 
 
 Exchange gained, 210 11 9 
 
 Interest received, 2,218 0 4 
 
 £2,884 8 1 
 
 To Expense of Management, 914 6 1 
 
 By Nett Profit, £1,970 2 0 £23,370 2 0 
 
 TOTAL LIABILITIES of the Bank £67,937 16 6 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount of transactions in the Bank during the year was about £770,000 received, and 
 about the same sum paid. 
 
 Total Transactions in Bills. 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 235 
 
 £ 44,160 11 7 
 
 Gain,.... £455 16 0 
 
 Bills Receivable, 
 
 782 
 
 95,060 13 2 
 
 
 Bills of Exchange, 
 
 1,011 
 
 117,592 8 10 
 
 Gain, 210 11 9 
 
 Totals, 
 
 2,028 
 
 £256,813 13 7 
 
 Gain, .... £666 7 9 
 
 Total payments through Edinburgh Agents, £203,551, 2s. Od. (of this for the Bank’s 
 Notes retired, £78,240, 5s.); and through London Agents, £34,985, 15s. lid. 
 
 Specie in Chest at the end of the former year, £7,629, 16s. ; brought home (Half Guineas, 
 £3,200; Silver, £2,750; probable cost of getting it, about £72), £5,950; paid away (in 
 addition to any taken over the coimter), £9,286, 16s. ; left in the Chest, £4,293. 
 
28 ] 
 
 21st FEBRUARY 1791. 
 
 Cr 
 
 By BANK OFFICE, £ 91 11 
 
 INVESTMENTS, as per following Statement, 61,174 9 
 
 Bills Discounted, i.e., due in Dundee, 
 
 Bills Receivable, i.e., due in Edinburgh, &c., 
 
 Bills of Exchange, i.e., due in London, 
 
 Interest Notes, 
 
 Failure Account, 
 
 £41,660 
 
 7 
 
 5 
 
 10,171 
 
 6 
 
 4 
 
 750 
 
 15 
 
 3 
 
 6,522 
 
 1 
 
 9 
 
 23 
 
 10 
 
 6 
 
 1,920 
 
 0 
 
 0 
 
 126 
 
 7 
 
 9 
 
 £61,174 
 
 9 
 
 0 
 
 SUNDRY ACCOUNTS, Dr., 475 15 
 
 CASH on hand, as per following Statement, 6,196 0 
 
 Mixed Notes, £1,546 0 0 
 
 Gold, 4,115 14 0 
 
 Silver, 534 4 0 
 
 Copper, 0 2 4 
 
 £6, 196 0 4 
 
 TOTAL ASSETS of the Bank, £67,937 16 6 
 
 1790. Mar. 1. — The Directors, according to custom, dine with their friends at “Gordon’s 
 - — the cost, £11, 15s. 2d. This appears to be the only extravagance, and was this year a little 
 more than usual. 5th March 1787, £8, 14s. 6d. ; 3d March 1788, £7, 9s. 3d. ; 3d March 
 1789, £8, 19s. The Salaries paid were still only £100 to the Cashier, £60 to the Accountant 
 £40 to the Teller, and £40 to a Clerk. 
 
 — 29. — James Ivory & Co., yarn spinners, Mill of Brigton (near Glammis), obtain a Cash 
 Account for £500. 
 
 Sep. 22.— Bank to exchange Notes at Forfar with David Mann & Son, Agents there for the 
 Commercial Banking Co. of Aberdeen, every Tuesday ; the balance to be settled by a draft 
 on London or Edinburgh at the par rate. 
 
 Dec. 13. — The Directors, understanding that several gentlemen who have Cash Accounts 
 with this Bank have also obtained credit with the Branch of the Paisley Banking Co. (whicl 
 was opened here in May last year), direct the Cashier to write to each of them, and say that, 
 as his keeping Accounts with both Banks is not for the interest of this Company, he is re- 
 quested to notify to him, on or before the 31st current, whether or not he will confine his 
 whole business to this Office. 
 
 Those who thus ceased doing their business with the Bank were — John Baxter & Son, John 
 Baxter, jun., Wm. Baxter, jun., Mungo Morton, Patrick Nimmo, William Sandieman, and 
 William Morison. 
 
162 Banking Memoranda for 1790. 
 
 Currency, Prices, &c., in 1790. — Peace: Gold at £3, 17s. 6d. per oz., im- 
 ported £19,130,886, exported £20,120,121, coined £2,660,521 ; Bank of Eng- 
 land Circulation, from £10,059,240 to £11,845,260, and Bullion £8,633,000; 
 Consols, 70^ to 81^, and Bank stock 168 to 187^; Parliamentary supplies, 
 £11,931,201 ; wheat per quarter, in London, 53s. 2d., and in Edinburgh, 45s. Id. 
 — oatmeal per peck Is., bearmeal and peasemeal 7d. each. 
 
 Commercial Failures. — From this year till after 1794 many failures 
 occurred throughout the kingdom. In Dundee this year, the principal parties 
 who suspended payments were — Morison Jack, David Keith, John Butter- 
 worth, William Spence, senr., and Colin Ross. As after this the number of 
 bankruptcies in England during each year will be mentioned, the annual num- 
 ber previously is here given by way of comparison. The number in Scotland 
 has not been met with. 
 
 1763, 
 
 259 
 
 1770, .. 
 
 287 
 
 1777, 
 
 . 430 
 
 1784, 
 
 ... 531 
 
 1764, 
 
 332 
 
 1771, .. 
 
 118 
 
 1778, 
 
 . 565 
 
 1785, 
 
 ... 507 
 
 1765, 
 
 254 
 
 1772, .. 
 
 173 
 
 1779, 
 
 . 491 
 
 1786, 
 
 ... 494 
 
 1766, 
 
 283 
 
 1773, .. 
 
 189 
 
 1780, 
 
 . 450 
 
 1787, 
 
 ... 507 
 
 1767, 
 
 352 
 
 1774, .. 
 
 231 
 
 1781, 
 
 . 435 
 
 1788, 
 
 ... 709 
 
 1768, 
 
 295 
 
 1775, .. 
 
 381 
 
 1782, 
 
 . 560 
 
 1789, 
 
 
 
 1769, 
 
 333 
 
 1776, .. 
 
 430 
 
 1783, 
 
 . 542 
 
 1790, 
 
 ... 747 
 
 Dundee.- 
 
 -On 
 
 June 4, 
 
 the Dundee Whig Club 
 
 sent 
 
 an address 
 
 to the 
 
 President of the National Assembly of France, in which occur the following 
 
 sentences : 
 
Banking Memoranda for 1790 — ( Continued). 103 
 
 sentences : — “ We beg you will lay this, our unanimous and humble address, 
 at the feet of the National Assembly. . . . The triumph of liberty and 
 reason over despotism, ignorance, and superstition, is an interesting event to 
 the most distant spectators. (Signed) Geo. Dempster, of Dunnichen, Pre- 
 sident.” An answer was received, dated Paris, July 31, 1790, and signed, 
 Trielhard, President of the National Assembly, in which is the following 
 remarkable sentence : — “ It is with reason that you congratulate us on the 
 advantage of having a Prince who knows no fairer title than that of King 
 over a free people. ... We might almost say, adopting your own words, that 
 the King of the French is almost the object of our adoration.” It seems 
 impossible now to conceive what could have induced Dundee burghers to join 
 the illuminati of Paris, in the delusion that their nation could be ruled and 
 benefited by the carrying into practice of the theories of their political philoso- 
 phers, especially after the dragging from Versailles to Paris, on the previous 
 6th October, of the King and Queen, and of this very National Assembly itself, 
 by a mob of armed women ; or how their eyes were not opened by the impudent 
 pretence of the President, that the King was an object of adoration to the 
 nation, when at that very time he was, with the Queen and royal family, held 
 a prisoner in the Thuilleries, whence he and the Queen were ultimately led to 
 execution. 
 
 Linen Trade. — Linen stamped this year in Scotland, 18,092,249 yards ; 
 estimated value, £722,544. 
 
 J 
 
 Bll 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [29 
 
 To the PUBLIC, as per following Statement, 
 
 For NOTES in circulation, as follows, £50,411 10 
 
 Notes of £0 5 0 
 
 „ 0 10 0 
 
 „ 10 0 
 „ 5 0 0 
 
 For MONEY DEPOSITED, as follows, 35,944 11 6 
 
 In Dundee, on 128 Account 
 At Arbroath, on 26 do., 
 
 ,, Forfar, on 9 do., 
 
 £ 62 
 
 10 
 
 0 
 
 2 
 
 0 
 
 0 
 
 45,562 
 
 0 
 
 0 
 
 4,785 
 
 0 
 
 0 
 
 £50,411 
 
 10 
 
 0 
 
 s, 
 
 
 
 £30,120 
 
 11 
 
 6 
 
 4,533 
 
 0 
 
 0 
 
 1,291 
 
 0 
 
 0 
 
 £35,944 
 
 11 
 
 6 
 
 .£110,342 9 
 0 
 
 For SUNDRY ACCOUNTS, Cr., 348 3 
 
 For Balance due Edinburgh Agents, 4,969 15 
 
 For do. do. London do., 18,668 9 
 
 £110,342 9 
 
 To the PARTNERS of the Company, as per following Statement, 23,085 5 0 
 
 For CAPITAL paid up, £200 on 107 shares, £21,400 0 0 
 
 For past year’s PROFITS reserved, as per following 
 
 Statement, 1,685 5 0 
 
 Profit and Loss — 
 
 By Discounts received, £1,528 5 7 
 
 Exchange gained, 149 4 6 
 
 Interest received, 2,337 13 1 
 
 £4,015 3 2 
 
 To Interest paid at 4 per cent., 688 15 11 
 
 £3,326 7 3 
 
 To Expense of Management, ... 1,641 2 3 
 
 By Nett Profit, £1,685 5 0 £23,085 5 0 
 
 TOTAL LIABILITIES of the Bank, £133,427 14 4 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount of transactions in the Bank during the year was about £1,110,000 received, 
 and about the same sum paid. 
 
 Total Transactions in Bills, 
 
 ( Including a half-a-year of the Branches.) 
 
 Description. 
 
 Number. 
 
 Amount. 
 
 Profit and Loss. 
 
 Bills Discounted, 
 
 1,724 
 
 1,641 
 
 1,087 
 
 £169,360 2 3 
 143,195 16 9 
 128,464 3 2 
 
 Gain,.. £1,528 5 7 
 
 Gain,.. 149 4 6 
 
 Bills Receivable, 
 
 Bills of Exchange, 
 
 Totals, 
 
 4,452 
 
 £441,020 2 2 
 
 Gain,.. £1,677 10 1 
 
 
 Total payments through Edinburgh Agents, £276,997, 17s. 2d. (of this for the Bank’s 
 Notes retired, £126,018) ; and through London Agents, £108,567, 15s. 4d. 
 
 Specie in Chest at the end of the former year, £4,293 ; brought home (Half Guineas, 
 £6,100; Silver, £5,866, 10s. ; probable cost of getting it, about £147, 5s.), £11,966, 10s. ; 
 paid away (in addition to any taken over the counter), £10,072, 10s. ; left in the Chest, 
 £6,187. 
 
 8 
 
29] 
 
 20th FEBRUARY 1792. 
 
 Or. 
 
 By BANK OFFICE, £ 70 0 0 
 
 INVESTMENTS, as per following Statement, 119,407 16 3 
 
 1st. In Dundee, as follows, £114,299 1 0 
 
 Casli Accounts, in number 219, £48,505 1 4 
 
 Bills Discounted, i.e., due in Dundee, 56,678 18 8 
 Bills Receiv., i.e., due inEdinbro’, &c. 549 13 1 
 
 Bills of Exchange, i.e., due in London, 8,565 7 11 
 
 £114,299 1 0 
 
 2d. At Arbroath, as follows, 2,512 6 3 
 
 Cash Accounts, in number 13, £2,257 0 0 
 
 Bills Receiv., i.e., due in Edinbro’, &c. 255 6 3 
 
 £2,512 6 3 
 
 3d. At Forfar, as follows, 2,596 9 0 
 
 Cash Accoimts, in number 13, £1,445 0 0 
 
 Bills Receiv., i.e., due inEdinbro’, &c.. 1,151 9 0 
 
 £2,596 9 0 £119,407 16 3 
 
 SUNDRY ACCOUNTS, Dr., 2,525 
 
 CASH on hand, as per following Statement, 
 At Head Office, Dundee, as fc 
 
 11,424 
 
 5 
 
 13 
 
 Gold, 
 
 Copper, 
 
 s, 
 
 .. £2,214 
 
 0 
 
 0 
 
 .. 4,572 
 
 7 
 
 0 
 
 .. 1,798 
 
 18 
 
 6 
 
 0 
 
 4 
 
 1 
 
 £8,585 
 
 9 
 
 7 
 
 8,585 9 7 
 
 At Arbroath Branch — Mixed Notes and Specie,., 
 
 935 1 2 
 
 Brechin 
 
 Do. 
 
 do. 
 
 do. , . . . . 
 
 937 
 
 12 
 
 11 
 
 Forfar 
 
 Do. 
 
 do. 
 
 do., .... 
 
 421 
 
 9 
 
 5 
 
 Kirkcaldy 
 
 Do. 
 
 do. 
 
 do., .... 
 
 545 
 
 0 
 
 0 
 
 £11,424 13 1 
 
 TOTAL ASSETS of the Bank, £133,427 14 4 
 
 1791. Mar. 7. — As soon as it shall be certainly known that the £1 and £1, Is. Notes are 
 to be exempted from taxation, the Directors are to send letters of thanks, in name of the 
 Company, to the Members of the Boroughs and for the County, for the trouble they have 
 taken in this affair. 
 
 24. — Resolved that, as the circulation of the Bank has considerably diminished, and pro- 
 bably owing to the number of Branches from other Banks which have been opened in this and 
 the neighbouring towns, it is expedient for this Company to establish Branches in other towns. 
 
 — The Bank to give up selling London Bills, and to draw on their Agents instead. Par 
 date on London to be 55 days, and on Edinburgh 8 days, the purchaser paying the stamp. 
 
 — The Bank to take in money on deposit, in sums not less than fifty pounds, and to make 
 partial repayments in sums not less than ten pounds, and to allow Interest at four per cent, 
 if it is to remain six months, or three per cent, if it is to be payable on demand. 
 
 — In consequence of the above resolution, the following Branches were opened : — 
 
 7th June 1791, At Brechin, Paterson & Ritchie, Agents, Closed 1802. 
 
 2d July ,, ,, Arbroath, W. & S. Rennie, do., do. 1820. 
 
 4th Aug. ,, ,, Forfar, W. Don & A. Binny, do., do. ,, 
 
 1st Feb. 1792, ,, Kirkcaldy, Geo. Heggie, do., do. 1794. 
 
166 Banking Memoranda for 1791. 
 
 Currency, Prices, &c., in 1791.— Peace : Gold at £3, 17s. 6d. per oz., 
 imported £19,669,782, exported £22,731,995, coined £2,456,566; Bank of 
 England Circulation, from£l 1,422,880 to £12,163,290, and Bullion £7, 869,410 ; 
 Consols, 75j to 90^-, and Bank stock 178-1 to 204^ ; Parliamentary supplies, 
 £14,064,656 ; wheat per quarter, in London, 47s., and in Edinburgh 46s. 
 — oatmeal per peck Is. Id., bearmeal and peasemeal 7d. each ; number of 
 bankruptcies in England 769, of which 1 was of a Bank. 
 
 Dundee Bank. — As mentioned at the foot of the previous Balance Sheet, 
 this Bank established branches in Brechin, Arbroath, and Forfar. In Brechin 
 it was the first Bank branch, but was soon followed (in August the same year) 
 by a branch of the Bank of Scotland, which, however, continued only till 1803, 
 when, not having been well managed, it was withdrawn. 
 
 Theft of Bank Parcels. — On 19th October 1791, a parcel, containing 
 five hundred guinea notes of the Paisley Union Bank, was stolen from the 
 mail-coach, between Carlisle and Glasgow, on its way to the Bank. A reward 
 was offered of fifty guineas, “ and no questions asked.” On Friday night, 
 29th of same month, a mahogany box, containing £1,600 in guinea and 20s. 
 notes, of Messrs Thomson’s (bankers, Glasgow, see 1785) issue, and twelve 
 bills, which had been put in a small sack, and sent on a carrier’s cart by Mr 
 Gavin Stewart, of Cumnock, addressed to the Bank, was stolen off the cart in 
 going along the streets. A reward of £200 was advertised, and 44 no questions 
 asked.” On the 17th November following, the box was found by a country 
 lad while clearing out a dunghill in Saltmarket, where it had been hid, and 
 never opened. The reward was promptly paid to the lucky finder . — Banking 
 in Glasgow. 
 
 Linen Trade. — Linen stamped this year in Scotland, 18,739,725 yards ; 
 estimated value, £756,546. 
 
 Dundee Branch of Paisley Bank. — At the close of the year, James Scott 
 resigned the agency of the Paisley Banking Company, in preparation for being 
 the cashier of a new local Bank, the Dundee Commercial Bank. The following 
 
 discharge 
 
Banking Memoranda for 179 1 — ( Continued ) . 167 
 
 discharge to Mr Scott reveals a few particulars about the branch of which he 
 had had charge, but it does not exhibit the extent of transactions, such as the 
 amount of London bills purchased, and of Edinburgh and Glasgow bills dis- 
 counted during the year, as these had, of course, been all forwarded to the head 
 office. 
 
 — “ State of accounts of the Dundee branch of the Paisley Banking Com- 
 pany, as standing in all their books, at settling with James Scott, their agent, 
 
 31st December 1791 : — 
 
 Due to James Hog, as cashier for the Company, £27,973 19 9 
 
 Due to sundries — for money at 4 per cent. — 73 accounts, 6,239 8 1 
 
 £34,213 7 10 
 
 Of which there is — 
 
 In 111 bills, given up to Mr James Robson, £5,831 6 
 
 In thirty-two 4 per cent, notes, 2,095 0 
 
 In interest account, £35, 13s. 4d. ; stamps, £55, 
 
 6s.; incidents, £80, 2s. Id., 171 1 
 
 In fifty-seven cash accounts, 13,909 0 
 
 Balance of cash on hand, 
 
 2 
 
 0 
 
 5 
 
 0 22,006 
 ...£12,207 
 
 7 7 
 0 3 
 
 Say, twelve thousand two hundred and seven pounds three pence sterling ; 
 which balance was found to be exactly right. And the same, with all the 
 bills, 4 per cent, notes, and books, instantly delivered up by James Scott to 
 James Robson, noAV agent for the Bank. And these presents, signed by both, 
 at Dundee, the second day of January seventeen hundred and ninety-two years, 
 James Scott being always liable for all the bills. James Robson. 
 
 James Scott.” 
 
 Bank of Scotland. — By a letter from James Fraser, Edinburgh, to the 
 above James Scott, dated 15th December 1791, it appears it was in contempla- 
 tion to open a branch of the Bank of Scotland in Dundee, under William 
 Pitcairn, son of Provost Pitcairn, and that James Scott had written enquiring 
 about the position of accountant therein. He says, in reply, that the 
 accountant is the representative of the Treasurer, and is the Directors’ check 
 on the transactions and cash of the agent. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [30 
 
 To the PUBLIC, as per following Statement, 
 
 For NOTES in circulation, as follows, £ 70,288 10 
 
 Notes of 10 0 £62,213 10 0 
 
 ,, 5 0 0 8,075 0 0 
 
 £70,288 10 0 
 
 For MONEY DEPOSITED, as follows, 55,769 
 
 In Dundee, on 194 Accounts, £44,162 8 10 
 
 At Arbroath, on 41 do., 7,682 0 0 
 
 ,, Forfar, on 20 do., 3,925 0 0 
 
 .£ 145,129 18 3 
 
 8 10 
 
 £55,769 8 10 
 
 142 8 7 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 For Balance due Edinburgh Agents, 2,962 19 11 
 
 For Do. do. London do., 15,966 10 11 
 
 £145,129 18 3 
 
 To the PARTNERS of the Company, as per following Statement, 
 
 For CAPITAL paid up, £200 on 107 shares, £21,400 0 0 
 
 For Rebate on Bills on hand, 456 0 0 
 
 For two years’ PROFITS (£37, 18s. per share, applied 
 
 to Capital, 24th Oct.), as per following Statement, ... 3,966 14 0 
 
 Profit and Loss — 
 
 5 5 0 
 
 To Rebate on Bills, £ 456 0 0 
 Management, ... 2,539 7 5 
 
 ..£4,288 
 
 10 
 
 5 
 
 .. 336 
 
 8 
 
 3 
 
 .. 2,914 
 
 6 
 
 11 
 
 £7,539 
 
 5 
 
 7 
 
 .. 2,262 
 
 9 
 
 2 
 
 £5,276 
 
 16 
 
 5 
 
 2,995 
 
 7 
 
 5 
 
 By Nett Profit, 2,281 9 0 
 
 £3,966 14 0 £25,822 14 0 
 
 25,822 14 0 
 
 TOTAL LIABILITIES of the Bank,. 
 
 .£ 170,952 12 3 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was about £1,410,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 Dundee, .... 
 
 495 
 
 91,200 1 5 
 
 1786 
 
 318,554 9 5 
 
 1197 
 
 166,708 14 1 
 
 3478 
 
 576,463 4 11 
 
 Arbroath, .. 
 
 464 
 
 18,426 16 8 
 
 147 
 
 9,015 9 2 
 
 97 
 
 12,587 15 11 
 
 708 
 
 40,030 1 9 
 
 Brechin, .... 
 
 
 130,897 10 5 
 
 
 
 
 
 
 130,897 10 5 
 
 Forfar, 
 
 
 34,115 11 8 
 
 
 
 
 
 906 
 
 34,115 11 8 
 
 Kirkcaldy, . 
 
 
 66,758 7 3 
 
 
 24,166 7 1 
 
 
 14,567 10 11 
 
 
 105,492 5 3 
 
 Totals, ... 
 
 
 341,398 7 5 
 
 
 351,736 5 8 
 
 
 193,864 0 11 
 
 
 886,998 14 0 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discoimted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
30] 20th FEBRUARY 1793. Or. 
 
 By BANK OFFICE, £ 60 0 0 
 
 INVESTMENTS, as per following Statement, 159,612 2 4 
 
 1st. In Dundee, as follows : — 
 
 Cash Accounts, in number 206, £51,653 6 2 
 
 Bills Discounted, i.e., due in Dundee,.. 12,615 12 5 
 Bills Receiv., i.e., due in Edinbro’, &c. 8,283 17 6 
 
 Bills of Exchange, i.e., due in London, 8,380 9 11 
 
 Shares of the Bank (four), 1,023 0 0 
 
 Failure Account, 142 15 2 
 
 £82,099 1 2 
 
 2d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 16, £ 3,335 0 0 
 
 Bills Discounted, i.e., due in Arbroath, 3,511 6 4 
 
 Bills Receiv., i.e., due in Edinbro’, &c. 350 7 0 
 
 7,196 13 4 
 
 3 d. At Brechin, as follows : — 
 
 Cash Accounts, in number 21, £ 3,878 0 0 
 
 Bills Discounted, i.e., due in Brechin,. 29,203 2 7 
 
 33,081 2 7 
 
 4 th. At Forfar, as follows : — 
 
 Cash Accounts, in number 26, £ 4,475 0 0 
 
 Bills Discounted, i.e., due in Forfar, ... 7, 159 11 3 
 
 11,634 11 3 
 
 5th. At Kirkcaldy, as follows : — 
 
 Cash Accounts, in number 18, £ 4,041 0 0 
 
 Bills Discounted, i.e., due in Kirkcaldy, 21,559 14 0 
 
 25,600 14 0 
 
 £159,612 2 4 
 
 sundry accounts, Dr., 77777777777777777 1,341 u 11 
 
 CASH on hand, as per following Statement, 9,938 15 0 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £1,573 0 0 
 
 Gold, 4,114 10 6 
 
 Silver, 1,675 15 6 
 
 Copper, 0 5 3 
 
 £7,363 11 3 
 
 At Arbroath Branch — M ixed Notes and Specie,. .. 647 8 9 
 
 ,, Brechin 
 
 Do. 
 
 do. 
 
 do., .... 
 
 705 
 
 9 
 
 0 
 
 ,, Forfar 
 
 Do. 
 
 do. 
 
 do., .... 
 
 609 
 
 6 
 
 0 
 
 ,, Kirkcaldy 
 
 Do. 
 
 do. 
 
 do., .... 
 
 613 
 
 0 
 
 0 
 
 £9,938 15 0 
 
 TOTAL ASSETS of the Bank, £170,952 12 3 
 
 Discounts received, . . 
 Exchange gained, .... 
 
 Dundee. 
 
 Arbroath. 
 
 Brechin. 
 
 Forfar. 
 
 Kirkcaldy. 
 
 Totals. 
 
 £ s. d. 
 1,286 14 2 
 249 18 11 
 
 £ s. d. 
 
 198 3 0 
 6 18 2 
 
 £ S. d. 
 
 1,529 18 9 
 
 £ S. d. 
 
 413 7 4 
 
 £ s. d. 
 860 7 2 
 79 11 2 
 
 £ S. d. 
 
 4,288 10 5 
 336 8 3 
 
 Total payments through Edinburgh Agents, £470,153, 2s. 7d. (of this for the Bank’s 
 Notes retired, £227,010); and through London Agents, £128,048, 10s. lid. 
 
 Specie in Chest at the end of the former year, £6,187 ; brought home (Half Guineas, 
 £7,000; Silver, £6,198, 15s. ; probable cost of getting it, about £159), £13,198, 15s. ; paid 
 away (in addition to any taken over the counter), £14,510, 15s. ; left in the Chest, £4,875. 
 
 1792. March 6. — The Cashier to cease serving at the counter. 
 
 9. — Donald Clerk, the Forfar riding-post, lost the Bank parcel, containing Notes £213, 8s., 
 and 18 Bills, amounting to £742, 6s. lid. 
 
170 Banking Memoranda for 1792. 
 
 Currency, Prices, &c., in 1792. — Peace : Gold at £3, 17s. 6d. per oz., 
 imported £19,659,358, exported £24,905,200, coined £1,171,863 ; Bank of 
 England Circulation, from £10,894,620 to £11,585,560, and Bullion £6,468,060 ; 
 Consols 74 to 97^, Bank stock 166 to 219J ; Parliamentary-supplies, £11, 138, 885 ; 
 wheat per quarter, in London, 38s. 2d. to 42s. lid. ; and in Edinburgh, 41s. 3d. 
 — oatmeal per peck Is., bearmeal 10d., peasemeal 9d. ; number of bankruptcies 
 in England 934, of which 1 was of a Bank. 
 
 Bank of Scotland. — Its shares of £83, 6s. 8d., with right to subscribe 
 to the extension of capital (from £300,000 to £600,000, for which the Bank 
 had agreed to petition, at a meeting on 23d January, and for which leave was 
 granted), sold for £246, 13s. 4d., which, with the auction-duty, would amount 
 to £254. 
 
 Political state of the Times. — On September 17, the Dundee Society of 
 the Friends of the Constitution held a meeting, and passed resolutions to try 
 and obtain a more full representation of the people, and shorter Parliaments, 
 and this not to injure the British Constitution, but to restore it to its origimd 
 purity. In October, two medals of a Revolutionary nature were struck in 
 Edinburgh. On November 22, a meeting of delegates of the Society of the 
 Friends of the People met at Edinburgh. 
 
 Commercial state of the Times. — Tooke, in his High and Low Prices , 
 states that, for some years previous to 1782, an enormous and undue extension 
 of mercantile speculation took place, not only in the internal trade and banking 
 of this country, but also throughout Europe and the United States. People 
 said, No more wars ! Bank of England notes were, in 1784, under £6,000,000, 
 but in autumn 1792, they were nearly £11,500,000. In autumn 1792, bank- 
 ruptcies began both here and in America. In the first ten months of the year 
 they averaged fifty a month, and in November they attained to one hundred and 
 five ; fewer in December, but more in January 1793. The French Revolution 
 was advancing, and the King made prisoner, August 10, 1792. In November, 
 a declaration of the Convention was made, equal to a declaration of war against 
 all established Governments. Great Britain thought it time to arm, and the 
 Militia was called out. Agitators were in correspondence with the French, 
 and raised troubles. On the murder of the French King, the Ambassador in 
 this country was expelled, and the Convention declared war. Credit, already 
 staggering, now gave way. With respect to Scotland, it is stated, in a 
 pamphlet dated 1816, and entitled, “Remarks by certain Directors of the 
 Royal Bank of Scotland on a Letter by Ramsay, Bonars, & Co. — “ The fact 
 is, that during the times to which Messrs Ramsay, Bonars, & Co. alludes, more 
 especially from 1783 to 1792, the circumstances of the country underwent a 
 more favourable change than they had ever done in so short a period at any 
 former time. The improving agriculture and trade of the country at that time 
 required a much greater circulation, and hence the banking business became 
 more profitable.” 
 
 Linen Trade. — Linen stamped this year in Scotland, 21,065,386 yards; 
 estimated value, £842,543. 
 
 Dundee. — Dr Small published a History of Dundee , from which the follow- 
 ing are interesting extracts : — 
 
Banking Memoranda for 1792 — ( Continued). 171 
 
 — As to want of water power — “ One disadvantage of Dundee arises from its 
 situation, and hardly admits of a proper remedy. It is the distance at which 
 it is placed from any large fresh water river, with falls sufficient for moving 
 machinery, now so important to several manufactures. The nearest falls of 
 this description are on the Dighty, and in the parish of Monifieth, but they are 
 too distant for deriving full advantage from the population of Dundee.” 
 
 — “The population of Dundee is now, within the burgh, 23,000, and in the 
 landward parish 1,100; total, 24,100. In comparison with other towns, it 
 has, at different periods, stood thus in the Cess for the Convention of Royal 
 Burghs 
 
 
 1; 
 
 536. 
 
 
 1695. 
 
 
 17 
 
 71. 
 
 
 Edinburgh, 
 
 
 16 
 
 8 
 
 £333 
 
 6 
 
 8 
 
 £418 
 
 0 
 
 0 
 
 Dundee, 
 
 105 
 
 9 
 
 3 
 
 46 
 
 13 
 
 4 
 
 58 
 
 16 
 
 0 
 
 Aberdeen, 
 
 
 15 
 
 0 
 
 60 
 
 10 
 
 0 
 
 70 
 
 16 
 
 0 
 
 Perth, 
 
 61 
 
 17 
 
 6 
 
 30 
 
 0 
 
 0 
 
 40 
 
 16 
 
 0 
 
 St Andrews, 
 
 
 0 
 
 0 
 
 6 
 
 0 
 
 0 
 
 4 
 
 4 
 
 0 
 
 Montrose, 
 
 
 10 
 
 0 
 
 20 
 
 0 
 
 0 
 
 25 
 
 4 
 
 0 
 
 Stirling, 
 
 21 
 
 1 
 
 0 2 
 
 14 
 
 6 
 
 8 
 
 16 
 
 16 
 
 0 
 
 Ayr, 
 
 
 13 
 
 9 
 
 10 
 
 13 
 
 4 
 
 9 
 
 0 
 
 0 
 
 Glasgow, 
 
 
 17 
 
 6 
 
 150 
 
 0 
 
 0 
 
 226 
 
 0 
 
 0 
 
 Dumfries, 
 
 14 
 
 11 
 
 6 
 
 19 
 
 3 
 
 4 
 
 24 
 
 0 
 
 0 
 
 — “ There are two local Banks, and two branch Banks (of Bank of Scotland and 
 Paisley Bank) — the circulation is supposed to be about £160,000. There is 
 one Fire Insurance Company (its partners believed to be worth half a 
 million), which, although only established a few years, has policies current for 
 £800,000.” [Observation. — The Dundee Bank’s circulation was £50,000, and 
 that of the Commercial Bank £25,000. If to these sums we add £25,000 for 
 that of the two branch Banks, £100,000 seems a more probable amount of the 
 circulation in Dundee. If notes of other Banks also were current in Dundee, it 
 must be remembered, a good deal of the notes of the local Banks were sent away, 
 and issued in other places. In the following statement of the amount of manufac- 
 tures in the place, the valuations given amount to £196,956 ; allowing for those 
 not given, the total may be supposed to amount to £300,000. It is curious to 
 compare with this the amount of bills discounted that year in Dundee, viz., by 
 the Dundee Bank £441,020, 2s. 2d., and by the Dundee Commercial Bank 
 £184,167, 13s. 7d. ; — total, £625,187, 15s. 9d. Some of these discounts were 
 indeed taken by agents for circulating the notes of these Banks in other towns, 
 but these may be supposed to be compensated for by the discounts in Dundee 
 of the two branch Banks. If further we allow £100,000 for the value of 
 goods manufactured in neighbouring- parishes, but sold in Dundee, the com- 
 parison will still be between £400,000 of products sold, and £600,000 of bills 
 discounted — confirming the statement made in the history of the Ayr and 
 Dumfries Bank (see 1776), respecting the system of manufacturing drafts on 
 draiuing -ports in London (chiefly), and selling them under the designation of 
 exchange.'] 
 
 — “The produce of its staple manufactures are as follows: — 1. Osnaburgs 
 and other coarse fabrics, for exportation — stamped, in Dundee, in 1789, 
 
172 Banking Memoranda for 17 92 — (Continued). 
 
 4,242,653 yards, worth £108,782, 14s. 2d., of which one-fourth for the neigh- 
 bouring parishes, leaves for made in this parish, 3,181,990 yards, worth 
 £80,587, 8d. 2. Canvas, in 1792, 704,000 yards, worth £32,000. 3. Sack- 
 cloth, for local use, 16,000 yards, worth £800. 4. Bagging, for cotton wool, 
 
 165.000 yards, worth £5,500. 5. Diapers, by one company lately established. 
 
 6. Great part of the linen necessary for household purposes, the amount of 
 which cannot be stated. 7. Cotton has been lately introduced, and will prob- 
 ably soon be an important business. Seven companies are engaged in it, 
 employing 400 men, women, and children in spinning cotton yarn for woof — 
 
 13.000 lbs. of yarn, worth £20,250. They buy warp, and weave it into 
 
 calicoes, handkerchiefs, and coarse waistcoats. One company spins yarn for 
 muslin, worth £3,000 a-year. 8. An English company, from Lambeth, has 
 established a woollen manufactory. (The number of looms in the parish, of 
 all sorts, is 1,800 to 1,900). 9. Coloured thread has been made here for from 
 
 fifty to sixty years, and was for a time peculiar to it. Seven companies or 
 masters employ 66 twisting-mills, of 1,340 spindles, and 370 servants to make 
 the yarn into thread. The total, 269,568 lbs., worth £33,696. The spinners 
 live in other parts where labour is cheaper. 10. Leather is tanned annually to 
 the value of £14,200 ; 32 persons are employed, and 12 curriers for upper 
 leathers — the oak-bark used costs £5,000. Shoemakers — 100 are employed 
 making shoes for exportation, worth £6,923, and 200 for consumption in the 
 town. 11. Two companies for cordage employ 30 persons. 12. Soap used 
 to be largely made here, but is now (1792) so diminished, that the duty last 
 year was only £1,828, 19s. 0^d. Soap was made here so far back as the 
 sixteenth century. 13. Glass within three or four years has begun to be made 
 of two sorts, bottles and window glass, employing 100 persons ; duty paid 
 last year, £3,406. 14. Tobacco and snuff are manufactured. 15. Sugar 
 
 boilers — one company having three pans, and employing 15 servants. 16. Cast- 
 iron. 17. Salt, &c. &c.” 
 
 GOVERNMENT REVENUE FROM DUNDEE. 
 
 Excise:— 1791. 1791. 
 
 Malt, 
 
 ... £1,436 
 
 7 
 
 11 
 
 Post Office, 
 
 £1,600 
 
 0 
 
 0 
 
 Ale and beer, 
 
 ... 1,690 
 
 2 
 
 1 
 
 Salt, 
 
 690 
 
 0 
 
 0 
 
 Candles, 
 
 622 
 
 2 
 
 10 
 
 Sugar, 583^- tons, 
 
 9,315 
 
 0 
 
 0 
 
 Hides, 
 
 ... 1,017 
 
 1 
 
 2 
 
 Tea, 47,733 lbs., 
 
 895 
 
 2 
 
 6 
 
 Soap, 
 
 ... 1,828 
 
 19 
 
 0 
 
 Stamped paper, 
 
 1,000 
 
 0 
 
 0 
 
 Glass, 
 
 ... 3,406 
 
 0 
 
 5 
 
 Snuff and tobacco du- 
 
 
 
 
 Bricks, 
 
 14 
 
 17 
 
 6 
 
 ties at place of import, 
 
 4,902 
 
 18 
 
 9 
 
 Total Excise,. 
 
 ..£10,015 
 
 10 
 
 11 
 
 Wine and spirits at the 
 
 
 
 
 Customs, 
 
 ... 6,341 
 
 17 
 
 1 
 
 port, 
 
 2,030 
 
 16 
 
 6 
 
 Land tax, &c., 
 
 341 
 
 8 
 
 1 
 
 Wine and spirits from 
 
 
 
 
 Town’s cess, 
 
 949 
 
 19 
 
 0 
 
 other parts, 
 
 5,970 
 
 0 
 
 0 
 
 Excise licences, 
 
 312 
 
 2 
 
 0 
 
 Sundries, 
 
 12,000 
 
 0 
 
 0 
 
 Ale licences, 
 
 280 
 
 18 
 
 6 
 
 Total, £56,645 
 
 13 
 
 4 
 
 — “N.B. The duty on ale and malt this year is not equal to 1745, when the 
 population was only 6,000. The duty of 2d. on the pint, granted by the town, 
 
Banking Memoranda for 1792 — ( Continued). 173 
 
 in 1745, = £500 ; in 1757, = £423, 9s. ; and in 1791, £326, 6s. 4d. Taxes 
 have so debased its qualities that men have taken to spirits, so that now, 
 instead of 5 or 6 spirit-dealers, there are 179.” 
 
 — “ The shipping is as follows : — There are 116 vessels belonging to the port, 
 of 8,550 tons, and navigated by 698 men.” 
 
 1745. 1791. 
 
 Tonnage cleared out foreign, 500 tons 1,279 tons. 
 
 Do. 
 
 do. 
 
 inwards do., 
 
 1,280 „ ..... 
 
 10,520 „ 
 
 Do. 
 
 do. 
 
 out coastwise, 
 
 3,000 „ ..... 
 
 20,055 „ 
 
 Do. 
 
 do. 
 
 inwards do., 
 
 
 40,923 „ 
 
 — “Prices of a few chief articles of provisions : — Butcher meat (17 oz. 4 dr. 
 to 1 lb.) — beef, 4s. 6d. per stone ; mutton, 4d. to 5d. per lb. ; veal, 3d. to 6d. 
 per lb. Hens, Is. 3d. each; chickens, 4d. to 6d. ; ducks, Is.; geese, 2s. 6d. 
 to 3s. ; turkeys, 5s. to 8s. ; pigeons, 4d. per pair. Butter, 9d. to lOd. per lb. 
 of 22 oz. Wages : — Servant maids, £3 to £4 ; farm servants, £7 to £10 ; 
 masons, Is. 8d. to 2s. per day ; house carpenters, Is. 3d. to Is. 6d. ; and 
 labourers, Is.” 
 
 Dundee Commercial Bank. — This Bank commenced business on 1st 
 February, a contract of copartnery to this effect having been signed, on 22d 
 December preceding, between John Baxter, senr. and junr. (the partners of 
 John Baxter & Son), William Morison, John Peter, William Spence, Alex- 
 ander Watt and Isaac Watt (the partners of Alexander Watt & Son), Thomas 
 Watt, George Wilkie, and James Scott (several of these were of the number of 
 persons who had, in 1789, begun to do business with the branch of the Paisley 
 Bank while having cash accounts in the Dundee Bank, which of course were 
 called up, as mentioned in a memorandum to that Bank’s Balance Sheet, of 21st 
 February 1791), proceeding on a narrative that these persons, being sensible of the 
 advantages which industry and every branch of commerce derives from the Bank- 
 ing business, have resolved to unite together for that purpose, under the title and 
 designation of the Dundee Commercial Banking Company. The capital to be 
 £10,000, divided into ten shares of £1,000 each (but seven only of these shares 
 appear to have been taken, on each of which the advance was £500). James 
 Scott, hitherto the agent of the Paisley Bank, to be the cashier, and to have a 
 salary of £100 a-year, with a free house to live in, the Company granting him 
 time to pay up the calls on his share of the capital — this he never accomplished. 
 On 3d February, the Bank informed the Bank of Scotland and the Royal Bank 
 of its having commenced business, and requested a favourable treatment of its 
 notes when they should appear in circulation. The former Bank replied, in letter 
 of the 7th, signed by James Fraser, that “ the Dundee Commercial Bank may rest 
 assured that the Bank of Scotland never transgresses the law of good neighbour- 
 hood, and their agents are instructed to observe the same. As to exchanging 
 notes at Dundee, the Directors will judge of that afterwards.” The latter Bank 
 returned an unfavourable answer, which, being sent over to the Bank’s agents 
 in Edinburgh for counsel, Sir William Forbes & Co. remark on it: — “We 
 are sorry at the answer given by the Royal Bank to the Commercial Bank’s 
 application to them. But perhaps it is occasioned by Mr Scott’s stating that 
 the Bank has appointed an agent in Glasgow, which the Royal Bank may 
 
174 Banking Memoranda for 1792 — ( Continued ). 
 
 conclude is for the purpose of issuing notes there. If the Commercial Bank is 
 to restrict its business to Dundee, as we understand it is, it will be best to 
 write and say so, and offer to give up the agents there — we can collect your 
 Glasgow bills for you.” The Bank made an agreement with James Stewart to 
 be their accountant, for a salary of £30, rising by an annual increase of £5 up 
 to £50 a-year. 
 
 — Annual Balance Sheets of this Bank, for 1792 to 1801, are subjoined in 
 due order. These have been compiled from the books of the Company ; for, 
 although a weekly statement of the chief items of the Company’s affairs, and 
 an annual statement of the various items which form a full account of profit 
 and loss, were laid before the partners, an actual balance sheet, in business 
 shape, does not appear to have been made up. 
 
 — At first the Bank had £1 notes only, and it employed agents to promote 
 their circulation in Glasgow, Paisley, Kirriemuir, Leslie, and Alyth. The 
 increase of the Circulation, of the Deposit Money, and of the advance on Cash 
 Accounts, and the weekly amount of Discounts being interesting, are given for 
 one year, from 11th February 1792. 
 
 Circulation. 
 
 Deposits. 
 
 Cash 
 
 Accounts. 
 
 Bills 
 
 Discounted. 
 
 Circulation. 
 
 Deposits. 
 
 Cash 
 
 Accounts. 
 
 Bills 
 
 Discounted. 
 
 £2,067 
 
 £583 
 
 £ 20 
 
 £3,666 
 
 £21,186 
 
 £5,135 
 
 £12,263 
 
 £4,630 
 
 3,171 
 
 1,060 
 
 150 
 
 2,026 
 
 21,201 
 
 5,435 
 
 13,000 
 
 2,550 
 
 4,532 
 
 1,598 
 
 200 
 
 3,315 
 
 20,457 
 
 5,391 
 
 13,118 
 
 3,331 
 
 6,398 
 
 1,765 
 
 1,170 
 
 2,907 
 
 19,799 
 
 5,191 
 
 12,846 
 
 3,702 
 
 7,392 
 
 1,739 
 
 1,742 
 
 3,280 
 
 21,165 
 
 5,468 
 
 12,657 
 
 3,943 
 
 8,354 
 
 2,005 
 
 2,418 
 
 3,071 
 
 21,031 
 
 6,503 
 
 13,568 
 
 3,773 
 
 8,209 
 
 2,388 
 
 2,753 
 
 3,033 
 
 20,661 
 
 6,575 
 
 13,261 
 
 3,596 
 
 8,527 
 
 2,719 
 
 3,631 
 
 2,438 
 
 20,561 
 
 6,720 
 
 12,684 
 
 3,261 
 
 10,039 
 
 3,652 
 
 3,730 
 
 4,464 
 
 20,151 
 
 6,751 
 
 12,900 
 
 3,158 
 
 11,936 
 
 3,336 
 
 4,715 
 
 2,362 
 
 20,149 
 
 7,962 
 
 12,567 
 
 4,767 
 
 12,393 
 
 3,432 
 
 4,918 
 
 3,896 
 
 21,439 
 
 7,120 
 
 13,192 
 
 3,001 
 
 13,396 
 
 3,923 
 
 6,433 
 
 3,255 
 
 21,186 
 
 7,401 
 
 12,631 
 
 4,087 
 
 14,241 
 
 4,183 
 
 6,775 
 
 4,305 
 
 22,549 
 
 7,445 
 
 12,903 
 
 5,157 
 
 16,865 
 
 4,330 
 
 6,668 
 
 2,341 
 
 23,592 
 
 7,375 
 
 14,207 
 
 2,694 
 
 15,309 
 
 3,572 
 
 9,272 
 
 3,949 
 
 23,969 
 
 8,026 
 
 13,291 
 
 5,243 
 
 17,082 
 
 3,397 
 
 8,997 
 
 3,961 
 
 23,862 
 
 7,098 
 
 13,623 
 
 5,613 
 
 18,200 
 
 3,867 
 
 10,237 
 
 4,285 
 
 27,204 
 
 7,491 
 
 13,888 
 
 6,254 
 
 18,810 
 
 4,037 
 
 10,751 
 
 4,068 
 
 28,408 
 
 7,780 
 
 14,512 
 
 4,636 
 
 17,548 
 
 4,685 
 
 11,037 
 
 5,417 
 
 25,808 
 
 8,033 
 
 14,839 
 
 2,848 
 
 20,379 
 
 4,426 
 
 11,382 
 
 4,490 
 
 25,839 
 
 8,406 
 
 14,998 
 
 4,537 
 
 18,636 
 
 4,514 
 
 12,141 
 
 3,110 
 
 25,982 
 
 8,453 
 
 14,758 
 
 3,961 
 
 17,530 
 
 4,625 
 
 12,680 
 
 2,901 
 
 25,398 
 
 8,685 
 
 14,584 
 
 5,074 
 
 17,685 
 
 4,481 
 
 13,445 
 
 2,578 
 
 26,760 
 
 8,787 
 
 15,065 
 
 3,242 
 
 18,210 
 
 4,712 
 
 12,348 
 
 3,626 
 
 26,947 
 
 8,883 
 
 14,766 
 
 4,445 
 
 20,196 
 
 5,375 
 
 13,111 
 
 3,412 
 
 23,660 
 
 9,368 
 
 13,960 
 
 4,636 
 
 20,093 
 
 5,077 
 
 12,923 
 
 5,181 
 
 24,492 
 
 9,148 
 
 15,111 
 
 3,654 
 
 — On the 
 
 i opposite 
 
 5 page is a 
 
 statement 
 
 i of the Bank’s affairs at the end of its 
 
 first year. 
 
Dr. THE DUNDEE BANKING COMPANY. [31 
 
 To the PUBLIC, as per following Statement, £100,550 3 2 
 
 For NOTES in circulation, as follows, £50,254 10 0 
 
 Notes of £10 0 £45,339 10 0 
 
 „ 5 0 0 4,915 0 0 
 
 £50,254 10 0 
 
 For MONEY DEPOSITED, as follows, 48,810 2 5 
 
 In Dundee, on 204 Accounts, £38,296 3 9 
 
 At Arbroath, on 52 do., 6,313 0 0 
 
 ,, Forfar, on 25 do., 4,200 18 8 
 
 £48,810 2 5 
 
 For SUNDRY ACCOUNTS, Cr., 129 9 0 
 
 For Balance due London Agents, 1,356 1 9 
 
 £100,550 3 2 
 
 To the PARTNERS of the Company, as per following Statement, 32,338 6 0 
 
 For CAPITAL paid up, £300 on 103 shares, and 
 
 £184, 9s. 6d. on 4 shares, £31,637 18 0 
 
 For Balance of past year’s PROFITS set aside, as per 
 
 following Statement, 700 8 0 
 
 Profit and Loss — 
 
 By Discounts received ( + former Rebate), ... £1,864 15 1 
 
 Exchange gained, 561 2 5 
 
 Interest received, 3,911 16 0 
 
 £6,337 13 6 
 
 Off Interest paid, 2,387 10 1 
 
 £3,950 3 5 
 
 To Expense of Management, 2, 126 0 10 
 
 By Nett Profit, £1,824 2 7 
 
 To Dependancies, 1, 123 14 7 
 
 £ 700 8 0 £32, 338 6 0 
 
 TOTAL LIABILITIES of the Bank, £132,888 9 2 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was about £1,280,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 £ S. d. 
 
 
 £ s. d. 
 
 
 £ 
 
 s. 
 
 d. 
 
 Dundee, .... 
 
 245 
 
 35,100 6 6 
 
 1062 
 
 156,080 19 0 
 
 1236 
 
 173,901 8 10 
 
 2543 
 
 365,082 
 
 14 
 
 4 
 
 Arbroath, .. 
 
 326 
 
 15,636 11 10 
 
 137 
 
 5,183 0 9 
 
 285 
 
 27,505 5 10 
 
 748 
 
 48,324 
 
 18 
 
 5 
 
 Brechin, .... 
 
 
 50,416 6 9 
 
 
 
 
 
 
 50,416 
 
 6 
 
 9 
 
 Forfar, 
 
 
 14,932 0 3 
 
 
 
 
 3,169 13 9 
 
 461 
 
 18,101 
 
 14 
 
 0 
 
 Kirkcaldy, . 
 
 
 11,425 2 9 
 
 
 9,980 0 0 
 
 
 21,548 16 0 
 
 
 42,953 
 
 18 
 
 9 
 
 Totals, ... 
 
 
 127,510 8 1 
 
 
 171,243 19 9 
 
 
 226,125 4 5 
 
 
 524,879 
 
 12 
 
 3 
 
 N.B. — The Dundee Bills Receivable includes Dim dee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
31] 20th FEBRUARY 1794. Cr. 
 
 By BANK OFFICE, £ 60 0 0 
 
 INVESTMENTS, as per following Statement, 115,818 13 8 
 
 ls£. In Dundee, as follows : — 
 
 Cash Accoimts, in number 198, £54,320 1 5 
 
 Bills Discounted, i.e., due in Dundee,.. 8,560 18 7 
 Bills Receiv., i.e., due in Edinbro’, &c. 2,668 2 3 
 
 Bills of Exchange, i.e., due in London, 13,877 6 10 
 
 Shares of the Bank (four), 960 0 0 
 
 Dependancies, 2,127 8 1 
 
 £82,513 17 2 
 
 2d. At Arbroath, as follows : — - 
 
 Cash Accounts, in number 23, £ 4,785 5 6 
 
 Bills Discounted, i.e., due in Arbroath, 5,353 16 6 
 
 10,139 2 0 
 
 3c?. At Brechin, as follows : — 
 
 Cash Accounts, in number 23, £ 5,130 0 0 
 
 Bills Discounted, i.e., due in Brechin,. 7,135 1 5 
 
 12,265 1 5 
 
 4 th. At Forfar, as follows : — 
 
 Cash Accounts, in number 29, £5,912 0 0 
 
 Bills Discounted, i.e., due in Forfar, ... 2,883 8 8 
 
 8,795 8 8 
 
 5th. At Kirkcaldy, as follows : — 
 
 Cash Accounts, in number 1 £ 200 0 0 
 
 Bills Discounted, i.e, due in Kirkcaldy, 1,905 4 5 
 
 2,105 4 5 
 
 £115,818 13 8 
 
 SUNDRY ACCOUNTS, Dr., 3,298 1 6 
 
 CASH at call and on hand, as per following Statement, 13,711 14 0 
 
 At call, Edinburgh Agents, £ 103 7 6 
 
 Cash on hand: — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £3,218 7 
 
 Gold, 5,314 14 
 
 Silver, 1,698 1C 
 
 Copper, 0 C 
 
 At Arbroath Branch — Mixed Notes and Specie 
 ,, Brechin Do. do. do., 
 
 „ Forfar Do. do. do., 
 
 ,, Kirkcaldy Do. do. do., 
 
 TOTAL ASSETS of the Bank, 
 
 0 
 
 : 0 
 i 0 
 
 ► 5 10,231 17 5 
 
 ,.... 610 16 9 
 
 .... 1,460 17 3 
 
 498 10 6 
 
 806 4 7 
 £13,711 14 0 
 
 
 Discounts received, . . 
 Exchange gained, 
 
 Dundee. 
 
 Arbkoath. 
 
 Brechin. 
 
 Forfar. 
 
 Kirkcaldy. 
 
 Totals. 
 
 £ s. d. 
 404 2 4 
 350 5 3 
 
 £ s. d. 
 166 9 6 
 68 9 8 
 
 £ s. d. 
 545 8 8 
 
 £ s. d. 
 163 19 7 
 2 3 5 
 
 £ s. d. 
 128 15 0 
 140 4 1 
 
 £ s. d. 
 1,408 15 1 
 561 2 5 
 
 Total payments through Edinburgh Agents, £421,703, 17s. Id. (of this for the Bank’s 
 Notes retired, £188,267) ; and through London Agents, £95,322, 9s. 8d. 
 
 Specie in Chest at the end of the former year, £4,875 ; brought home (Half Guineas, 
 £6,598 ; Silver, £8,838, 9s. ; probable cost of getting it, about £206), £15,436, 9s. ; paid away 
 (in addition to any taken over the counter), £14,998, 9s. ; left in the Chest, £5,313. 
 
 1793. March 4. — Capital to be increased by £100 per share, the profit on hand to form part. 
 
 — Discounting lessened, because of the many failures and the general scarcity of money. 
 
 June 12. — Robert McFarlane, carrier, reports that last night, on reaching Crossgates, Pit- 
 lessie, he found the ropes of his cart had been cut and the Bank parcel for the Kirkcaldy 
 Branch abstracted. It contained £1,000 in Notes. 
 
178 Banking Memoranda for 1793. 
 
 Currency, Prices, &c., in 1793. — War with France : Gold at £3, 17s. 6d. 
 the oz., imported £19,256,727, exported £20,390,180, coined £2,747,430 ; 
 Bank of England Circulation, from £10,953,490 to £12,366,840, and Bullion 
 £4,010,680 ; Consols, 73^ to 81, and Bank stock 161^ to 180 ; Parliamentary 
 supplies, £16,698,553 (Government loans issued, £4,505,000) ; wheat per qr., 
 in London, 42s. 9d. to 48s. lid., and in Edinburgh, 42s. — oatmeal per boll, 
 16s. 6d. ; bankruptcies in England, 1,956, of which 26 were of Banks. 
 
 War with France. — The war with France, called, from its cause, the war 
 of the Revolution, was proclaimed on 1st February 1793 — it lasted till 1802. 
 
 Government Loans. — Apropos of quoting the amount of Government Loans 
 this year, those of former years may be stated, viz. : — In 1776, two millions ; 
 1777, five millions; 1778, six millions; 1779, seven millions; 1780, twelve 
 millions; 1781, twelve millions; 1782, thirteen and a half millions; 1783, 
 twelve millions ; 1784, six millions ; 1789, one million. 
 
 Commercial Crisis. — Failures continued on an enlarged scale; some of 
 those in London which suspended payments in February, had engagements 
 exceeding a million each. The Bank of England refused all discounts, although 
 the Government urged the support of commercial credit. London bankers 
 became alarmed, and collected as much gold and silver as possible. Country 
 bankers were much tried by heavy runs on them (beginning at Newcastle, where 
 . the four Banks suspended payment on the 12th April, but, through an association 
 of the Northumberland gentlemen, were enabled speedily to resume business), 
 and the result was that 26 failed, about 50 suspended payments temporarily, and 
 about 100 were much shaken in credit. It is supposed that the circulation 
 of country bank notes became diminished by one half, and guineas became 
 more common. In Scotland, also, a great demand for specie arose, but, with the 
 exception of four, the Banks stood out very well. In The Memoirs of a Banking 
 House, it is stated that the deposit-money withdrawn from Sir Wm. Forbes & 
 Co. was as follows (and it is probable that the demands were proportionally 
 greater on all the Banks in Edinburgh): — December 1792, £10,670 ; January 
 1793, £16,916; February, £11,561; March, £52,961; April, £105,075; 
 May, up to the 23d, when the run ceased, £66,541 — total, £263,724. The 
 diminution in the balances of accounts-current was about as much more. In 
 Dundee several sequestrations took place: among others, Bolton, Vancouver, & 
 Co., or the British Woollen Company, Dudhope Castle, July 2. On April 16, Sir 
 John Sinclair, with the approbation of Government, proposed, in the House 
 of Commons, an issue of Exchequer bills, to the extent of £5,000,000, in loans 
 to commercial houses, which was agreed to. A director of the Royal Bank 
 of Scotland had arrived in London at the time, stating that the three Banks 
 in Edinburgh would be unable to support commercial houses and country 
 banks, and that, unless they received assistance from Government, universal 
 bankruptcy would follow. Mr Macdonald, M.P. for Glasgow, stated, that 
 commercial and manufacturing houses in Scotland were in great distress, for 
 the Banks in Glasgow, Paisley, and Greenock refused to discount any bills, 
 because their notes were immediately presented to them with a demand for 
 gold. Sinclair relates ( History of Revenue ) that, as soon as the bill passed, 
 
Banking Memoranda for 1793 — (Continued). 179 
 
 £70,000 being sent down to Manchester and Glasgow, in anticipation of the 
 Exchequer bills which were not yet issued, it acted like magic on the doubts 
 and fears of people, and had a greater effect in reviving credit than ten times 
 the sum would have had at a later period. Of the authorized issue of £5,000,000, 
 only £3,855,624 was applied for (by 338 firms), — the knowledge that assist- 
 ance could be got caused it in some cases not to be required. Of the sum 
 applied for, applications for £1,215,000, by 45 houses, were withdrawn, 
 £2,202,000 was granted to 244 houses, and the applications of 49 persons for 
 £438,624 were rejected. The sums lent, August 5, to the different parts of the 
 kingdom, were as follows : — In England — London, £989,700 ; Manchester, 
 £246,500; Liverpool, £137,020; Bristol, £41,500; other towns, £310,000 — 
 total, £1,724,720. In Scotland — Glasgow, £319,730 ; Paisley, £31,000 ; 
 Leith, £25,750 ; Dundee, £16,000 ; Edinburgh, £4,000 ; Perth, £4,000 ; Banff, 
 £4,000 — total, £404,480. The whole sum advanced by the Government 
 was duly repaid, and brought a profit of £4,348. Gold during this period was 
 steadily flowing into England, especially from France, so that towards the end 
 of the year, and during the two following, money became as abundant as in a 
 time of peace, and 4 per cent, could scarcely be got for it. 
 
 French Assignats. — These securities, granted by the Convention of States 
 to the French patriots who lent their money for the promotion of the cause of 
 freedom (as it was called), had by this time fallen into a state of great depre- 
 ciation : those in that country who had money to invest sent large sums across to 
 this country for security sake. These Assignats, bearing 4 per cent, interest, 
 began to be issued in 1790, and their depreciation commenced the same year 
 in June. In June 1791, they were worth only 2s. 3d., their nominal value. 
 On 11th April 1793, the Convention decreed six years’ imprisonment in chains 
 to whoever bought or sold Assignats below their professed value, or who made 
 a difference in the price of goods according as they were to be paid for in 
 specie or in paper. But, in spite of this, the depreciation went on : in June 
 that year, they were worth only one-tliird, and in August one-sixth, of their 
 professed value. In January 1796, they could be bought for one-thousandth 
 part of their nominal value, the amount that had been issued being so enor- 
 mous, viz., £3,500,000,000. 
 
 Bank of England. — The Bank began this year to issue £5 notes. By 
 Act 33, Geo. III., c. 32, the Bank of England was relieved from the statutory 
 penalties if it advanced money to the Government without the sanction of 
 Parliament. On such occasions formerly this licence was limited to a certain 
 sum, as in the American war to £150,000, but now there was no limit. It 
 is sometimes alleged that this encouraged the Government in its foreign 
 expenditure — on the army, foreign powers, and emigrants — which was about 
 that time as follows (all paid for by the export of specie) : — 
 
 1793. Army, £ 2,785,232— Subsidies and grants, £ 701,475 = £ 3,486,707 
 
 1794. Army, £ 8,335,592 — Subsidies and grants, £2,641,053 = 10,976,645 
 
 1795. Army, £11,040,236 — Subsidies and grants, £6,253,140 = 17,293,376 
 
 Total, £31,756,728 
 
180 Banking Memoranda for 1793 — (Continued). 
 
 Royal Bank. — Its capital was increased from £600,000 to <£1,000,000. 
 
 Leith Bank. — On January 1, a Bank was established in Leith, under the 
 title of the Leith Banking Company. 
 
 James & Robert Watson. — These private bankers in Glasgow began busi- 
 ness, and soon became agents in that city for various Banks. 
 
 Glasgow Arms Bank. — This Bank (established 1750) suspended payments 
 on 28th March ; its debts were £113,000, but they were paid in full. 
 
 Glasgow Merchants’ Banking Co. — I t also failed about the same time. 
 
 Bank of A. G. & A. Thomson. — This private Bank in Glasgow (estab- 
 lished 1785) suspended payment on November 5, with debts to the amount of 
 £47,000, which were ultimately paid in full. 
 
 Bertram, Gardner, & Co. — They were private bankers in Edinburgh, 
 agents for the Dundee Bank, and failed on 10th November. 
 
 Glasgow Royal Bank. — On June 12, a meeting was held in Glasgow, 
 to consider the propriety and means of establishing a chartered Bank in that 
 city. A committee was appointed to examine the proposal, which it did, and, 
 on 17th July, gave in an elaborate Report, which was approved of, and ordered 
 to be printed in the newspapers. The same committee was authorized to open 
 a subscription book on 28th August. The Report consisted of three branches 
 — 1st. The advantages to the public of a chartered over a private Banking 
 Company, which was its permanency. 2d. The probable emolument, illustrated 
 by the success of the Bank of Scotland, and the Royal Bank — the first having 
 paid 8 per cent., and its proprietors having, at each enlargement of capital, had 
 a right to subscribe for the new capital at par, while its shares of £83, 6s. 8d. 
 were selling at a premium, as in 1792 for £250 ; the second having paid less, 
 because laying aside yearly a sum of undivided profits, out of which they were 
 enabled, in 1783, to increase their capital from £111,000 to £300,000, and on 
 the last increase to £600,000 were enabled to advance £100,000 towards it — 
 the dividend being now 5f per cent., and the price of a £100 share of stock 
 from £238 to £243. 3d. The mode of carrying the plan into execution, viz., 
 
 the practice and constitution of the Bank of England should be adopted as 
 a model ; the Company to be established by Act of Parliament ; its capital to 
 be £300,000 ; liability to be limited ; the Board of Directors to be small, but a 
 separate Board of Auditors to be elected, and which should determine what 
 dividend could be prudently made ; the Bank to open deposit accounts, but not 
 credit accounts — the funds of the Bank to be all employed in discounting mer- 
 cantile bills. A list was exhibited of 175 persons likely to take from £2,000 to 
 £4,000 of the capital each, the total being £814,000. The discrepancy be- 
 tween the supposed wants of this assumed list of subscribers and the proposed 
 amount of the capital was not explained. The prime mover in this enterprise 
 was said to be Sir John Sinclair ; but the project was relinquished, probably 
 owing to the state of commercial affairs at the time. — Glasgow Courier , August 
 10, 1793. 
 
 Linen Trade. — Linen stamped this year in Scotland, 20,676,620 yards ; 
 estimated value, £757,332. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [32 
 
 To the PUBLIC, as per following Statement, £142,691 7 
 
 For NOTES in circulation, as follows, £ 69,064 10 0 
 
 Notes of £10 0 £61,724 10 0 
 
 „ 5 0 0 7,340 0 0 
 
 £69,064 10 0 
 
 For MONEY DEPOSITED, as follows, 73,514 8 
 
 In Dundee, on 254 Accounts, £55,715 9 8 
 
 At Arbroath, on 83 do., 10,284 0 0 
 
 ,, Forfar, on 39 do., 7,514 18 8 
 
 £73,514 8 4 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 112 9 1 
 
 £142,691 7 5 
 
 To the PARTNERS of the Company, as per following Statement, 33,454 18 
 For CAPITAL paid up, £300 on 103 shares, and 
 
 £184, 9s. 6d. on 4 shares, £31,637 18 0 
 
 For Rebate on Bills on hand, 
 
 For Portion of PROFITS, £15 on 103 shares, 
 Profit and Loss — 
 
 272 
 
 1,545 
 
 To Rebate on Bills, £ 272 0 0 
 Management, ... 2, 10* 
 
 .£2,364 
 
 11 
 
 1 
 
 . 1,098 
 
 12 
 
 11 
 
 . 3,553 
 
 8 
 
 7 
 
 £7,016 
 
 12 
 
 7 
 
 ,. 2,442 
 
 0 
 
 7 
 
 £4,574 
 
 ) 
 
 12 
 
 0 
 
 > 2,375 
 
 8 
 
 9 
 
 8 0 
 
 By Nett Profit, 2, 199 3 3 
 
 By Total Profit on hand, £2,899 11 3 
 
 To Dependancies, 1, 354 11 3 
 
 £1,545 0 0 £33,454 18 0 
 
 TOTAL LIABILITIES of the Bank, £176,146 5 5 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was about £1,420,000. 
 Total Transactions in Bills. 
 
 Dundee,. ... 
 Arbroath, .. 
 Brechin, .... 
 Forfar, 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 421 
 
 747 
 
 £ s. d. 
 70,333 3 0 
 40,602 4 9 
 76,017 18 7 
 27,713 8 1 
 
 1405 
 
 124 
 
 £ s. d. 
 220,326 14 9 
 7,066 12 4 
 
 11,221 18 7 
 
 1301 
 
 326 
 
 1 £ s. d. 
 
 204,222 2 6 
 38,133 4 7 
 
 16,525 7 5 
 
 3127 
 
 1197 
 
 918 
 
 £ s. d. 
 494,882 0 3 
 83,802 1 8 
 76,017 18 7 
 55,460 14 1 
 
 Totals, ... 
 
 
 214,666 14 5 
 
 
 238,615 5 8 
 
 
 256,880 14 6 
 
 
 710,162 14 7 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
32] 
 
 19th FEBRUARY 1795. 
 
 Or. 
 
 Br BANK OFFICE, £ 60 
 
 INVESTMENTS, as per following Statement, 155,296 
 
 In Dundee, as follows : — 
 
 Casli Accounts, in number 176, £ 44,961 0 
 
 Bills Discounted, i.e., due in Dundee, 16,496 0 
 Bills Receiv, i.e., due in Edinbro’, &c. 5,889 1 
 
 Bills of Exchange, i.e., due in London, 31,938 10 
 Shares of the Bank (four), 960 0 
 
 2 
 
 8 
 
 5 
 
 1 
 
 0 
 
 11 
 
 2d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 34, 
 
 Bills Discounted, i.e., due in Arbroath, 
 
 3d. At Brechin, as follows : — 
 
 Bills Discounted, i.e., due in Brechin, 
 4th. At Forfar, as follows : — 
 
 Bills Discounted, i.e., due in Forfar,.. 
 
 
 
 £101,703 
 
 12 
 
 3 
 
 .£ 7,096 
 
 0 
 
 0 
 
 
 
 
 12,369 
 
 3 
 
 5 
 
 
 
 
 
 
 
 19,465 
 
 3 
 
 5 
 
 .£ 5,726 
 
 0 
 
 0 
 
 
 
 
 14,651 
 
 10 
 
 7 
 
 
 
 
 
 
 
 20,377 
 
 10 
 
 7 
 
 .£ 7,013 
 
 0 
 
 0 
 
 
 
 
 6,736 
 
 13 
 
 10 
 
 
 
 
 
 
 
 13,749 
 
 13 
 
 10 
 
 
 
 £155,296 
 
 0 
 
 1 
 
 SUNDRY ACCOUNTS, Dr., 1,207 3 
 
 CASH at call and on hand, as per following Statement, 19,583 2 
 
 At call, Edinburgh Agents, £ 4,604 16 4 
 
 Do., London do., 6,619 5 
 
 Cash on hand: — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £ 804 0 0 
 
 Gold, 4,192 7 0 
 
 Silver, 1,951 16 6 
 
 Copper, 0 6 1 
 
 6,948 9 
 
 471 11 
 546 10 
 392 9 
 
 At Arbroath Branch — Mixed Notes and Specie, 
 ,, Brechin Do. do. do., 
 
 „ Forfar Do. do. do., 
 
 £19,583 2 1 
 
 TOTAL ASSETS of the Bank, 
 
 .£ 176,146 5 5 
 
 Discounts received, . 
 Exchange gained, . . . 
 
 Dundee. 
 
 Arbroath. 
 
 Brechin. 
 
 Forfar. 
 
 Totals. 
 
 £ S . d . 
 
 738 8 7 
 916 7 4 
 
 £ S . d . 
 
 506 5 3 
 179 18 8 
 
 £ S . d . 
 
 793 3 7 
 
 £ s. d . 
 326 13 8 
 2 6 11 
 
 £ s. d. 
 
 2,364 11 1 
 
 1,098 12 11 
 
 Total payments through Edinburgh Agents, £436,866, 17s. 5d. (of this for the Bank’s 
 Notes retired, £134,273) ; and through London Agents, £108,059, 9s. 9d. 
 
 Specie in Chest at the end of the former year, £5,314; brought home (Half Guineas 
 £7,000; Silver, £8,219, 14s. ; probable cost of getting it, about £199), £15,219, 14s. ; paid 
 away (in addition to any taken over the counter), £16,522, 14s. ; left in the Chest, £4,010. 
 
 1794. March 3 . — Partners send thanks to David Scott, Esq., M.P. for the County, for the 
 handsome and generous manner in which he assisted the Bank at a time of general distress. 
 
 6. — Bank to recommence discounting Inland Bills. 
 
 Aug. 27. — Agents at Branches paid by commission — fth per cent, on Bills discounted, they 
 guaranteeing the amount ; fths per cent, on London Bills, they guaranteeing one half ; and 
 i^th per cent, of all Interest they receive on Cash Accounts, or pay on Deposit Accounts. 
 
184 Banking Memoranda for 1794. 
 
 Currency, Prices, &c., in 1794. — War with France : Gold at £3, 17s. 6d. 
 per oz., imported £22,288,899, exported £20,748,967, coined £2,558,894 ; 
 Bank of England Circulation from £10,013,150 to £11,338,730, and Bullion 
 £6,987,110; Consols, 63f to 73J, and Bank stock 153§ to 169 j ; Parlia- 
 mentary supplies, £20,228,119 (Government loans £11,000,000) ; wheat per 
 quarter, in London, 46s. 4d. to 51s. 8d., and in Edinburgh, 46s. 8d. — oatmeal 
 per peck Is. l^d., bearmeal Is., and peasemeal 10^d. ; bankruptcies in Eng- 
 land 1,041, of which 2 were of Banks. 
 
 Bank of Scotland. — On 27th March 1794, the Circulation of the Bank 
 of Scotland was £480,000. 
 
 Dundee Infirmary. — A house for an Infirmary was founded in King 
 Street this year, a subscription for the purpose having been commenced in 
 1793 ; and regulations for the general government of it were prepared, and 
 agreed to by the committee of twenty-eight appointed to collect subscriptions 
 and to have a building erected. The circulars printed at the time set forth 
 that : — The necessity of establishing an Infirmary in Dundee, for the sick and 
 diseased, had long been acknowledged by all its humane and considerate 
 inhabitants ; but it was not till the year 1782 that any public measures were 
 taken for their relief, when a Dispensary was opened for supplying them with 
 medicines, and medical assistance and advice ; that the managers of the Dis- 
 pensary have for a long time entertained the design of rendering the charity 
 entrusted to their care more extensively and completely useful ; that the sick 
 of the neighbouring county were excluded by distance from the beneficence 
 of the contributors, and in general few, not merely of the poor, but also of 
 servants and labouring people, are provided with habitations fit for a time of 
 sickness ; that the only effectual way to remedy the imperfections of the 
 Dispensary was to add thereto an Infirmary ; that the subscriptions already 
 obtained, though amounting to £800, are not sufficient, the ground having cost 
 £160, the building requiring £1,050, and the fittings and furniture having to be 
 afterwards provided. At a meeting on 28th December 1796, it was agreed to 
 begin a fresh subscription, because although £1,408, 17s. lid. had formerly 
 been collected, it had all been expended on the building, which now had to be 
 fitted up and furnished. By the report made to a subsequent meeting, on 5th 
 February 1798, it appears that the second subscription amounted to £406, 13s., 
 which defrayed the expense of providing twenty beds for patients, and all the 
 necessary furnishings. The annual subscriptions, for year ending June 1797, 
 amounted to £102, 7s. 6d. ; June 1799, subscriptions and collections, £432, 
 3s. 6d., and legacy by Alexander Whyte, £500; June 1800, £400, 15s. 5d., 
 and legacy by James Miln, £100. 
 
 Dundee. — On December 24, the “ Dundee,” a Greenlander, which had 
 been captured by a French privateer, was retaken as she was being carried 
 into the port of Bergen in Norway. 
 
 Linen Trade. — Linen stamped this year in Scotland, 20,535,633 yards ; 
 estimated value, £797,416. 
 
Balance Sheet of the Dundee Commercial Bank , 31 s£ December 1794 . 
 
 Banking Memoranda for 1794— ( Continued). 185 
 
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THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [33 
 
 To the PUBLIC, as per following Statement, £183,739 13 6 
 
 For NOTES in circulation, as follows, £ 74,6(58 10 0 
 
 Notes of £10 0 £64,833 10 0 
 
 „ 5 0 0 9,835 0 0 
 
 £74,668 10 0 
 
 For MONEY DEPOSITED, as follows, 109,071 3 6 
 
 In Dundee, on 347 Accounts, £79,570 3 6 
 
 At Arbroath, on 127 do., 18,706 0 0 
 
 ,, Forfar, on 58 do., 10,795 0 0 
 
 £109,071 3 6 
 
 £183,739 13 6 
 
 To the PARTNERS of the Company, as per following Statement, 34,433 10 3 
 
 For CAPITAL paid up, £300 on 103 shares, and £184, 
 
 9s. 6d. on 4 shares, £31,637 18 0 
 
 For Rebate on Bills on hand, 442 16 5 
 
 For Portion of past year’s PROFITS, set aside for a Divi- 
 dend of £22, 16s. lOd. on 103 shares, as per following 
 Statement, 2,352 15 10 
 
 Profit and Loss — 
 
 By Balance from former year, £1,314 11 3 
 
 By Discounts received ( + for- 
 mer Rebate), £4,329 10 3 
 
 Exchange gained, 1,429 3 4 
 
 Interest received, 3,643 14 1 
 
 £9,402 7 8 
 
 Off Interest paid, 3,603 17 2 
 
 £5,798 10 6 
 
 To Rebate on Bills,. £ 442 16 5 
 Management, ... 2, 353 5 1 
 
 2,796 1 6 
 
 By Nett Profit, £3,002 9 0 
 
 By Total Profit on hand, £4,317 0 3 
 
 To Dependancies, 1,964 4 5 
 
 £2,352 15 10 £34,433 10 3 
 
 TOTAL LIABILITIES of the Bank, £218,173 3 9 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £1,835,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 Dundee,. ... 
 
 831 
 
 126,436 5 4 
 
 1689 
 
 310,660 10 3 
 
 1460 
 
 131,843 18 4 
 
 3980 
 
 568,940 13 11 
 
 Arbroath, .. 
 
 872 
 
 49,900 1 6 
 
 198 
 
 10,556 15 7 
 
 373 
 
 41,180 1 3 
 
 1443 
 
 101,636 18 4 
 
 Brechin, .... 
 
 
 139,672 8 7 
 
 
 
 
 
 
 139,672 8 7 
 
 Forfar, 
 
 
 53,605 19 8 
 
 
 12,527 1 8 
 
 
 21,067 13 8 
 
 1456 
 
 87,200 15 0 
 
 Totals, ... 
 
 
 369,614 15 1 
 
 
 333,744 7 6 
 
 
 194,091 13 3 
 
 
 897,450 15 10 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
 9 
 
33] 
 
 20th FEBRUARY 
 
 1796. 
 
 
 Cr. 
 
 By BANK OFFICE,... 
 
 
 
 
 £ 
 
 60 0 0 
 
 INVESTMENTS, as 
 
 per following Statement, 
 
 192,028 6 0 
 
 ls£. In Dundee, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 172, 
 
 £47,619 
 
 5 1 
 
 
 
 Bills Discounted, i.e., 
 
 due in Dundee, . . 39, 631 
 
 5 5 
 
 
 
 Bills Receiv., i.e., due in Edinbro’, &c. 8,172 
 
 1 4 
 
 
 
 Bills of Exchange, i.e. 
 
 due in London, 20,418 
 
 13 5 
 
 
 
 Shares of the Bank (four), 
 
 960 
 
 0 0 
 
 
 
 Dependancies, 
 
 
 448 
 
 19 11 
 
 
 
 
 
 
 £117,250 5 2 
 
 
 2d. At Arbroath, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 37, 
 
 £ 6,511 
 
 0 0 
 
 
 
 Bills Discounted, i.e., due in Arbroath, 12,872 
 
 8 9 
 
 
 
 
 
 
 19,383 8 9 
 
 
 3d. At Brechin, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 31, 
 
 £ 7,343 
 
 0 0 
 
 
 
 Bills Discounted, i.e., 
 
 due in Brechin, . 30, 000 
 
 1 7 
 
 
 
 
 
 
 37,343 1 7 
 
 
 Uli. At Forfar, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 37, 
 
 £8,491 
 
 0 0 
 
 
 
 Bills Discounted, i.e., 
 
 due in Forfar, ... 9, 560 
 
 10 6 
 
 
 
 
 
 
 18,051 10 6 
 
 
 
 
 
 £192,028 6 0 
 
 
 SUNDRY ACCOUNTS, Dr.,.. 
 
 
 
 
 CASH at call and on 
 
 hand, as per following Statement, 23,350 9 3 
 
 At call, Edinburgh Agents, 
 
 
 £ 3,113 4 10 
 
 
 Do., London do., 
 
 
 6,148 11 '7 
 
 
 Cash on hand : — • 
 
 
 
 
 
 
 At Head Office, Dundee, as follows : — 
 
 
 
 
 Mixed Notes, 
 
 
 £2,115 
 
 0 0 
 
 
 
 Gold, 
 
 
 4,709 
 
 10 6 
 
 
 
 Silver, 
 
 
 1,795 
 
 14 6 
 
 
 
 Copper, 
 
 
 0 
 
 7 3 
 
 
 
 
 
 
 8,620 12 3 
 
 
 At Arbroath Branch — M ixed Notes and Specie,.... 852 17 11 
 
 
 ,, Brechin Do. 
 
 do. 
 
 do 
 
 ., .... 2,957 3 3 
 
 
 ,, Forfar Do. 
 
 do. 
 
 do., .... 1,657 19 5 
 
 
 
 
 
 £23,350 9 3 
 
 
 TOTAL ASSETS of the Bank, 
 
 
 
 £218,173 3 9 
 
 
 Dundee. 
 
 Arbroath. 
 
 Brechin. 
 
 Forfar. 
 
 Totals. 
 
 
 £ s. d. 
 
 £ s. d. 
 
 £ s. d. 
 
 £ 6*. d. 
 
 £ s. d. 
 
 Discounts received, 
 
 1,421 9 2 
 
 588 15 5 
 
 1,472 12 6 
 
 574 13 2 
 
 4,057 10 3 
 
 Exchange gained, 
 
 1,184 15 8 
 
 241 4 0 
 
 
 3 3 8 
 
 1,429 3 4 
 
 Total payments through Edinburgh Agents, £583,049, 17s. 2d. (of this for the Bank’s 
 
 Notes retired, £193,939); and through London Agents, £102,149, 
 
 9s. lid. 
 
 
 Specie in Chest at the end of the former year, £4,010 ; brought home (Half Guineas, 
 
 £8,400 ; Silver, £9,677, 15s. 
 
 ; probable cost of gettin 
 
 g it, about £236), £18,077, 15s. ; paid 
 
 away (in addition to any taken over the counter), £18,187, 15s. ; left in the Chest, £3,900. 
 
 1795. May 11. — The Magistrates and Town Coimcil borrow £500 for the purpose of raising 
 
 men for His Majesty’s Navy. 
 
 
 
 
 
 Aug. 22. — The Magistrates and Town Council obtain a Cash Account for £4,000, to be used 
 
 for the purchase of meal to retail at prime cost in the present scarcity. 
 
 
 1796. Feb. 6. — Burgh of Arbroath obtains a Cash Account for £500 to buy meal and victual. 
 
 22. — The Magistrates apply for £3,000 
 
 more for the purchase of meal and victual. 
 
188 Banking Memoranda for 1795. 
 
 Currency, Prices, &c., in 1795. — War with France : Gold at’£3, 17s. 6d. 
 per oz., imported £22,736,889, exported £27,312,338, coined £493,416 ; Bank 
 of England Circulation, from £10,316,600 to £14,017,850, and Bullion 
 £6,127,720; Consols from 61 to 72, and Bank stock from 150f to 180; 
 Parliamentary supplies, £29,307,265 (Government loans £18,000,000) ; wheat 
 per quarter, in London, 66s. 3d. to 74s. 2d., and in Edinburgh, 49s. 6d. 
 — oatmeal per peck Is. Id., bearmeal 10^d., peasemeal 9d. ; number of bank- 
 ruptcies in England 879, of which 1 was of a Bank. 
 
 Severe Weather. — The winter, 1794—5, was one of the severest ever 
 known, and the whole of the present year was cold, wet, and stormy ; this 
 was general throughout Europe (being worst in France), and in America. In 
 Scotland, snow was lying during June in many parts — in one of the glens on 
 Campsie Fells it was five feet deep. Fears were entertained respecting all 
 sorts of corn, and consequently prices rose from 55s. per quarter for wheat in 
 January, to 108s. in August. The harvest was very late, and the produce, of 
 course, neither good nor abundant. 
 
 The Government and the Bank. — The crisis in the money market of 
 1797 gave plain tokens of its approach throughout this year. The Bank from 
 time to time (11th December 1794, and 15th January, 16th April, 30th July, 
 and 6th August 1795) warned the Chancellor of the Exchequer that it could 
 not with safety do anything more, either for the Government by loans, to enable 
 it to make its enormous continental expenditure ; or for the commercial classes 
 by continuing to discount freely, to allay the rising alarms, and to meet the 
 increased cost of all articles of trade. But the Government, desiring to raise a 
 loan of £6,000,000 for Austria, and another of £18,000,000 for itself, coerced 
 the Bank to continue its over-issues, so that the circulation of its notes, which 
 in August 1794 was about £10,000,000, had by February 1795 become 
 £14,000,000. By September, a steady drain on the Bank’s Bullion had set in, 
 and by October, gold sold at £4, 4s. per oz., while the prices of all other 
 articles, especially of corn, were also, of course, greatly increased, causing a 
 general excitement and dissatisfaction. In December, it was announced that 
 the Bank had to limit itself daily to a certain amount of discounts, and if the 
 sum total applied for exceeded this, which was always the case, it would give 
 each applicant a sum in proportion to the amount of the good bills sent in. 
 
 Forged Bills. — August 27, a singular forgery was detected at the Dundee 
 Bank. One Donald Ferguson, a plain-looking countryman, presented two 
 bills to be discounted ; one on Sir William Ramsay for £1,110, and the other 
 on Mr Smith, of Balharrie, for £135 sterling. He was stopped, and examined 
 by the Sheriff. He acknowledged the forgery, but denied that any person was 
 accessory to it ; a William Panton, Alyth, he said, wrote out the bills, for 
 which he paid him. On being told that he would probably be hanged for it, 
 he scratched his head and coolly said, “ I’ve seen as muckle.” 
 
 Linen Trade. — Linen stamped this year in Scotland, 21,374,196 yards; 
 estimated value, £827,003. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [34 
 
 To the PUBLIC, as per following Statement, 
 
 For NOTES in circulation, as follows, £ 56,601 
 
 Notes of £10 0 £48,991 10 0 
 
 „ 5 0 0 7,610 0 0 
 
 £56,601 10 0 
 
 10 
 
 .£144,916 19 
 0 
 
 11 
 
 For MONEY DEPOSITED, as follows, 83,337 0 0 
 
 In Dundee, on 337 Accounts, £64,988 0 0 
 
 At Arbroath, on 117 do., 12,022 0 0 
 
 ,, Forfar, on 33 do., 6,327 0 0 
 
 £83,337 0 0 
 
 For SUNDRY ACCOUNTS, Cr., 214 18 1 
 
 For Balance due Edinburgh Agents, 1,291 13 4 
 
 For Do. do. London do., 3,471 18 6 
 
 £144,916 19 11 
 
 To the PARTNERS of the Company, as per following Statement, 34,636 0 0 
 
 For CAPITAL paid up, £300 on 103 shares, and £184, 
 
 9s. 6d. on 4 shares, £31,700 0 0 
 
 For Rebate on Bills on hand, 237 8 0 
 
 For past year’s PROFITS (out of which was paid a 
 Dividend of £16, 4s. on 103 shares), as per following 
 
 Statement, 2,698 12 0 
 
 Profit and Loss — 
 
 By Discounts received ( + former Rebate), ...£4,018 3 7 
 
 Exchange gained, 1,195 5 3 
 
 Interest received, 4,547 13 0 
 
 Expense of Management, .. . 2,589 2 
 
 £9,761 1 
 
 10 
 
 ... 4,126 11 
 
 8 
 
 £5,634 10 
 
 2 
 
 0 
 
 
 5 
 
 
 2,826 10 
 
 5 
 
 .. £2,807 19 
 
 9 
 
 109 7 
 
 9 
 
 £2,698 12 
 
 0 £34,636 0 0 
 
 TOTAL LIABILITIES of the Bank, £179,552 19 11 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,680,000. 
 Total Transactions in Bills. 
 
 
 Bii.ls Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 Dundee, .... 
 
 729 
 
 109,612 13 7 
 
 1692 
 
 228,595 19 1 
 
 1495 
 
 267,284 7 6 
 
 3916 
 
 605,493 0 2 
 
 Arbroath, .. 
 
 846 
 
 54,595 4 2 
 
 123 
 
 9,666 0 4 
 
 305 
 
 49,407 2 7 
 
 1274 
 
 113,668 7 1 
 
 Brechin, .... 
 
 
 124,494 4 0 
 
 
 
 
 
 
 124,494 4 0 
 
 Forfar, 
 
 
 44,719 10 5 
 
 
 11,707 16 0 
 
 
 16,862 15 0 
 
 1314 
 
 73,290 1 5 
 
 Totals, ... 
 
 
 333,421 12 2 
 
 
 249,969 15 5 
 
 
 333,554 5 1 
 
 
 916,945 12 8 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
34] 
 
 20th FEBRUARY 1797. 
 
 
 Cr. 
 
 By BANK OFFICE,... 
 
 
 
 
 £ 
 
 60 0 0 
 
 INVESTMENTS, as per following Statement, 
 
 159,943 5 11 
 
 ls£. In Dundee, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 187, .... 
 
 £51,317 
 
 4 11 
 
 
 
 Bills Discounted, i.e., 
 
 due in Dundee, 18,405 
 
 17 0 
 
 
 
 Bills Beceiv., i.e., due 
 
 in Edinbro’, 
 
 &c. 1,101 
 
 11 2 
 
 
 
 Bills of Exchange, i.e. 
 
 due in London, 27,720 
 
 8 5 
 
 
 
 Shares of the Bank (four), 
 
 960 
 
 0 0 
 
 
 
 Dependancies, 
 
 
 81 
 
 19 11 
 
 
 
 
 
 — 
 
 99,587 1 5 
 
 
 2d. At Arbroath, as follows : — - 
 
 
 
 
 
 Cash Accounts, in number 45, .... 
 
 £10,868 
 
 0 0 
 
 
 
 Bills Discounted, i.e., due in Arbroath, 11,741 
 
 1 6 
 
 
 
 
 
 
 22,609 1 6 
 
 
 3d. At Brechin, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 34, 
 
 £ 8,560 
 
 0 0 
 
 
 
 Bills Discounted, i.e., 
 
 due in Brechin, 12,400 
 
 4 0 
 
 
 
 
 
 
 20,960 4 0 
 
 
 3d. At Forfar, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 43, 
 
 £10,505 
 
 0 0 
 
 
 
 Bills Discounted, i.e., 
 
 due in Forfar, ... 6, 281 
 
 19 0 
 
 
 
 
 
 
 16,7 
 
 86 19 0 
 
 
 
 
 
 £159,943 5 11 
 
 
 SUNDRY ACCOUNTS, Dr.,.. 
 
 
 
 3,176 13 11 
 
 CASH on hand, as per following Statement, 
 
 16,373 0 1 
 
 At Head Office, Dundee, as follows : — 
 
 
 
 
 Mixed Notes, 
 
 
 £1,934 
 
 0 0 
 
 
 
 Gold, 
 
 
 6,110 
 
 10 6 
 
 
 
 Silver, 
 
 
 2,316 
 
 1 6 
 
 
 
 Copper, 
 
 
 0 
 
 3 5 
 
 
 
 
 
 — 
 
 £10,360 15 5 
 
 
 At Arbroath Branch — Mixed Notes and Specie,.... 1,750 8 3 
 
 
 „ Brechin Do. 
 
 do. 
 
 do, 
 
 ,, .... 2,956 19 5 
 
 
 ,, Forfar Do. 
 
 do. 
 
 do. 
 
 , .... 1,304 17 0 
 
 
 
 
 
 £16,373 0 1 
 
 
 TOTAL ASSETS of the Bank, 
 
 
 £179,552 19 11 
 
 
 Dundee. 
 
 Arbroath. 
 
 Bkechin. 
 
 Forfar. 
 
 Totals. 
 
 
 £ s. d. 
 
 £ s. d. 
 
 £ s. d. 
 
 £ s. d. 
 
 £ S. d. 
 
 Discounts received, 
 
 1,141 13 4 
 
 644 14 6 
 
 1,296 2 3 
 
 492 17 1 
 
 3,575 7 2 
 
 Exchange gained, 
 
 848 3 8 
 
 345 16 9 
 
 
 1 4 10 
 
 1,195 5 3 
 
 Total payments through Edinburgh Agents, £460,188, 19s. 5d. ; (of this for the Bank’s 
 
 Notes retired, £135,039) ; and through London Agents, £203,338, 
 
 16s. lid. 
 
 
 Specie in Chest at the end of the former year, £3,900; brought home (Half Guineas, 
 
 £5,000; Silver, £7,841; probable cost of getting it, 
 
 about £181), £12,841 ; 
 
 paid away (in 
 
 addition to any taken over the counter), £12,715 ; left in the Chest, £4,026. 
 
 
192 Banking Memoranda for 1796 . 
 
 Currency, Prices, &c., in 1796. — War with France : Gold at £3, 17s. Gd. 
 per oz., imported £ , exported £30,424,184, coined £464,680 ; 
 
 Bank of England Circulation from £9,427,970 to £10,647,720, and Bullion 
 £2,539,630; Consols 53| to 71, and Bank stock 142 to 180; Parliamentary 
 supplies, £37,588,502 (Government loans £25,500,000) ; wheat per quarter, 
 in London, 70s. 8d. to 77s. Id., and in Edinburgh, 64s. 6d. — oatmeal per 
 peck Is. 5d., bearmeal Is. 2^d., and peasemeal Is. ; number of bankruptcies in 
 England 954, of which 6 were of Banks. 
 
 The Government and the Bank. — The Bank’s Bullion, in December 
 1795, had been reduced to £2,508,000, when a drain on it set in worse than 
 before ; and the Bank’s position became so critical by 1 1th February this year, 
 that it intimated to the Prime Minister, that any loan to Austria or other 
 foreign power, or an advance of money to them, would become fatal to the 
 Bank ; yet the Government, probably having little choice between different 
 evils, went on sending money abroad. On April 2, a meeting of the merchants 
 of London made complaint of the scarcity of money, owing to the diminution 
 of mercantile discounts by the Bank, the evil being aggravated by the increased 
 commerce of the country. They proposed as a remedy, the issue by the Go- 
 vernment of bills at six months, bearing an interest of l£d. per diem ; but this 
 was declined till it should be seen whether any relief could be obtained by 
 funding a large amount of the floating debt. 
 
 Counterfeit Coin. — In February, a large amount of counterfeit guineas 
 and half-guineas was put into circulation. They were cunningly made of the 
 full weight (that being a prime object with collectors of guineas at the time), 
 by slightly exceeding the proper size. 
 
 Gloomy Prospects. — Great Britain commenced hostilities with France, 
 having several of the continental kingdoms for allies, but by this time they had 
 either been conquered or seduced from their amicable arrangements. Owing 
 to these circumstances, by the autumn the peace party in this country became 
 more influential, and at last prevailed on Pitt to send an envoy to Paris in 
 October, to ascertain on what terms peace might be established ; but after 
 two months he returned, as his presence there seemed to be unavailing. 
 
 Dundee. — In November, an order was issued for the raising of 15,000 men 
 for the army and navy ; each town and district being appointed to find its 
 proper quota of this number, the portion allotted to Dundee was 330. 
 
 Linen Trade. — Linen stamped this year in Scotland, 23,102,404 yards; 
 estimated value, £906,202. 
 
 Dundee Copper Coins. — As the lack of a sufficient silver currency had led 
 to the issue of notes for 5s., and even of a lower amount, so the lack of a suffi- 
 cient copper currency gave rise to the issue by private parties of copper coins, 
 or tokens, for a penny, halfpenny, and farthing, in most of the larger towns in 
 Great Britain. The Scots Magazine at this date observes — ■“ It is stated that 
 there are at present current about seven hundred varieties of copper tokens 
 for pennies and halfpennies, worth as copper only from £30 to £70 for £100 
 of nominal value. The new copper coinage (referred to in the subjoined extract 
 also) will, no doubt, have the effect of banishing them from circulation.” While 
 
Banking Memoranda for 1796 — ( Continued). 193 
 
 some of these were, no doubt, of small weight, and issued for the sake merely of 
 the profit thence arising, most of them were of full weight, and were issued either 
 by employers of labour, who required them to pay their workmen with, or by 
 shopkeepers (the merchants of those days), as a mode of advertising and com- 
 mending their stocks of goods. Among the accompanying illustrations of Dundee 
 copper coins will be observed one by W. Croom, High Street, of date 1797, 
 announcing that he — “ Sells wholesale woollen and linen drapery goods, watches, 
 &c. &c., cheap.” In An Arrangement of Provincial Coins , Tokens, and Medalets , 
 by James Conder, published at Ipswich in 1798, there is given a list (very 
 imperfect), with descriptions, of Dundee coins — 2 shillings, 2 pennies, 7 half- 
 pennies, and 4 farthings. It may be interesting to some to quote this, and a 
 lesson to all (as shewing how a citizen of the good burgh, seventy years ago, 
 could write) to quote also some paragraphs from the Preface, which is written 
 by James Wright, under date, Dundee, 30th December 1797, and who *is 
 spoken of, in the author’s Address to the Public , as the late James Wright, Esq., 
 of Dundee. The Town-clerk, a gentleman learned in burghal antiquities and 
 local genealogies, informs the compiler of these Memoranda, that James 
 Wright was a merchant (the builder of the villa-looking house on the south 
 side of the Bucklemaker Wynd, now occupied as a Deaf and Dumb Asylum), 
 who had a brother Thomas, a sail-cloth manufacturer at the Hilton end of the 
 Water Wynd, and a son James, jun., an ironmonger in the Overgate, where the 
 Wesleyan Chapel stands. Both the brothers were men of good learning, 
 bookish -educated men above the common degree. From the description of the 
 coins quoted, it will be seen that the father and son were the designers of several 
 of them, and that the son was the issuer of the shilling No. 1, and probably 
 also of the other, of the penny No. 3, of the halfpennies Nos. 4 and 7, and of 
 the farthing No. 14, being the coins on which the name of Wright appears. It 
 was a daughter of this James Wright, jun., that was at the beginning of the 
 present century a political lecturer of some notoriety in the United States 
 (Miss Fanny Wright), whither he had emigrated. The quotations from the 
 Preface are given first : — u The utility of medals has been demonstrated by 
 many of the most eminent writers of the present century, which has been justly 
 termed the ‘Augustan age ’ of modern Europe, for the liberal encouragement and 
 cultivation of every elegant art. Much has been written concerning the pleasure 
 and amusement which result from the study and the possession of coins and 
 medals. To such as are devoted to this innocent and laudable pursuit, who by 
 it have extended their knowledge, refined their taste, and experienced the joys of 
 the fond and successful collector, it were superfluous to enlarge. But to others, 
 who may have disdained or neglected the beneficial study, and, in consequence, 
 are ignorant of its merits, and of the high degree of innocent and instructive 
 occupation which it affords, it may be important to notice, that the celebrated 
 names of the emperor Charles V., Petrarch, our own Charles I. and II., Crom- 
 well, the great painter Rubens, the sublime artist Michael Angelo, Jameson the 
 Vandyke of Scotland, the accomplished Sir Hans Sloane, the learned Camden, 
 the elegant Addison, Lord Orford, Dr William Hunter, besides those of many 
 other respectable and learned personages, both dead and living, are to be 
 classed among the collectors and lovers of medals.” 
 
194 Banking Memoranda for 179 (Continued). 
 
 — “ We should appreciate the dignity and usefulness of coins and medals, which 
 aspire to some striking and superlative characteristics. Taken collectively, ancient 
 and modern, they form the most numerous, the most various, the most valuable, 
 the most durable,* and perhaps, in some instances, the most exquisitely 
 finished of any class of the productions of human invention. They are the 
 most faithful of all recorders ; the cheapest, most minute, and portable of all 
 pictures ; they have greatly elucidated history ; they have raised our estimation 
 of the state of arts, taste, and ingenuity in ancient Greece and Rome ; and if 
 patronised by the wealthy, if well designed and well executed during the pre- 
 sent age in Britain, they will form a true mirror of the existing features of the 
 time, and hand down to posterity the well-earned reputation of our islanders 
 for industry, commerce, and arts, while the globe continues to revolve.” 
 
 — “ The right of coinage appears almost always to have been authorized by 
 law, and invested in the executive power of every nation and people, from the 
 days when the name of the Archons appeared on the tretradachmas of Athens, 
 to the period of the last struck shilling of George III. The most remarkable 
 exceptions are, in ancient mintages, those of the patrician families in the 
 Roman Republic, who, as far as I have read, were not by the Roman laws 
 accountable to the state for the purity and weight of their denarii, and, in 
 modern times, the tradesmen’s tokens of the last century, and the Provincial 
 Coins of the present day. The latter, including Medalets of certain sizes, form 
 the subject of the following arrangement.” 
 
 — “Provincial Coins and Tokens (or pledges for value) of tradesmen, and most 
 Medals, Medalets bearing various devices and allusions, have of late years 
 become numerous beyond all precedent in this country ; and some of these, 
 being of interesting design and elegant execution, besides having keenly 
 awakened the undistinguishing rage of the mere virtuoso, have very much 
 attracted the attention of lettered medallists, and gentlemen of taste in the arts. 
 We find also that several lists have already been attempted to be made of 
 them ; of these, Mr Birchall’s, of Leeds, though far from being strictly medallic 
 in the form of its arrangement, is the least exceptionable. Great numbers of 
 them have been engraven, and published in plates, byMrPye, of Birmingham, 
 and Mr Denton, of London. Several essays concerning them have also been 
 published in the most respectable literary journals of the time ; but as these 
 are in every person’s hands, or easily accessible, few extracts are proposed to 
 be given from them ; a list of them, however, is subjoined,! wherein they are 
 numbered for the purpose of reference. Nor shall we be surprised by these 
 effects, nor by the attention paid to these pieces, if their importance be fairly 
 estimated. Above two thousand varieties are described in this book, all struck 
 within the last twenty years, from which, if we make a large deduction for 
 those which are contemptible in design and rude in workmanship, still perhaps 
 
 * ‘ ‘ The writer of this preface is possessed of Greek coins unquestionably struck five 
 hundred years previous to the Christian era, in as good preservation as when they were 
 formed from the rude metal ; and in the late Dr Hunter’s, and the Earl of Pembroke’s 
 cabinets, there are perfect pieces fabricated nine hundred years before that epoch.” 
 
 f “1. A Paper, subscribed R. Y., in the Gentleman's Magazine lor September 1796, 
 p. 753. 2. Another by the same writer, ib. April 1797, p. 267. 3. By Mr Pye, editor of 
 
DUNDEE &c, COPPER COINS civ-1795 to1801. 
 
 it* COPIED FROM, COlRS )tf THE AKTIQUARIA^ MUSEUM., EDINBURGH . 
 
Banking Memoranda for 1796 — ( Continued ). 195 
 
 one-third of the number are worthy the notice of every medallist of judgment. 
 These in the Essay, marked 6 in the note, are divided into six descriptions, 
 viz. : — 1. Such as have views of remarkable buildings. 2. Those which afford 
 the representations of great and useful commercial and public works. 3. Some 
 exhibiting striking emblems of the industrious genius of this country. 4. Por- 
 traits of illustrious men. 5. Historical events, and characteristics of political 
 parties. 6. Curious representations of animals, landscapes, &c. Since that 
 paper was published, very few additions have been made to the 2d, 4th, or 5th 
 classes ; but considerable enlargements have appeared of the 3d and 6th, and 
 very great and numerous accessions have been made to the 1st. Pieces have 
 been struck bearing exact representations of almost every public building in 
 London, Coventry, Birmingham, and Dundee. Thus a general view of the archi- 
 tecture in Great Britain is exhibited ; the preservation of which must be of 
 extreme utility and value to posterity.” 
 
 — “ In this age of calculators (as Burke has denominated it), it may enhance 
 the estimation of the importance of this subject in many, to be told that, 
 taking an average of different statements made by various intelligent persons 
 in correspondence with the writer, not less than a capital of £300,000 has been 
 expended, by companies and individuals, on the whole mass of private coinage, 
 of which specimens are described by Mr Conder.” 
 
 — “ The halfpennies of Anglesea, Macclesfield, Edinburgh, Dundee, Crone- 
 bane, and several others, formed originally a good and respectable medium, 
 and were even heavier than any coins of their denomination that had ever 
 previously issued from our national mint. But it is well known that the 
 obligation to pay was in a short time evaded, and the country speedily inundated 
 by the basest imitations of them — some made payable everywhere, others 
 nowhere, and all diminished in purity and weight. The massy national 
 coinage, however, now on the anvil of fabrication for the Government, by 
 the ingenious Mr Boulton, is likely soon to supplant the whole.” 
 
 Abbreviations used in the following description of coins : — 0. Obverse, or front of the coin ; 
 It. Reverse, or back of the coin ; E. Edge of the coin ; and Ex. Exergue, or lower space 
 on either obverse or reverse, separated from the greater part of the field by a line. The 
 words between inverted commas are legends impressed on the pieces described. 
 
 ANGUSSHIRE. SILVER. — DUNDEE SHILLING. 
 
 — 1. O. A Highlander, with his sword and target. “ From the heath- 
 cover’d mountains of Scotia we come.” Ex. Arms, supporters, and motto, 
 “ Dei Donum,” in a sunk oval. R. An ancient ruin, “ Dundee Shilling pay ble 
 by J. Wright, Jun.” Ex. “ Broughty Castle.” 
 
 — 2. O. The same as last. R. An ancient cross, “ W. des.” On the sides, 
 “ Dundee Silver Medal, Price one shilling.” Ex. “ Cross taken down 1777.” 
 
 the plates noticed, ib. Dec. 1796, p. 991. 4. By Civis, ib. Jan. 1797, p. 31. 5. Another, 
 
 ib. April, p. 270. 6. By the same, in the Monthly Magazine , Dec. 1796, p. 867, with 
 
 additional remarks in continuation, ib. Feb. 1797, p. 120, and March, p. 177. 
 7. By V. F. of Newcastle (a paper full of information), ib. May, p. 351. 8. A short one 
 
 by D. (who promises further communications through the same instructive Magazine), 
 June, p. 441 ; and 9, by O. S. from Edinburgh, ib. Sep., p. 183.” 
 
196 Banking Memoranda for 1796 — ( Continued). 
 
 PENNY SIZE. DUNDEE. 
 
 — 3. O. Large building, “ Public Warehouse on the Quay.” ‘ ‘ Shipping of 
 this Port, 8,800 Tons Rege.” Ex. Arms, supporters, and motto, “ Dei 
 Donum,” in an oval. “ Wright, Jun. des.” R. A public building, “ Dundee 
 Penny 1797.” Ex. “ Town House, founded 1732.” E. “ Payable on Demand 
 by Thos. Webster, Jun.” 
 
 — 3*. O. Ahead, front face, “Dundee Penny 1798.” “Adm 1 - L cl * Duncan 
 born here 1731, defeated the Dutch fleet 1797.” Under the head, “P. K. fac.” 
 R. Adam and Eve under a tree, deceived by the serpent. Ex. “ Be fruitful 
 and multiply, Gen. i. 28.” “ 23,000 inhabitants in Dundee, vide Statistical 
 
 Account, by R. Small, D.D.” 
 
 HALFPENNY SIZE. DUNDEE. 
 
 — 4. O. A ship moored alongside a quay, “ Commerce augments Dundee.” 
 Ex. Arms, supporters, and motto, “ Dei Donum, Wright, delin.” R. An 
 ancient tower, “ Dundee Halfpenny 1795.” Ex. “ Old Tower, founded 1189.” 
 E. “Payable at the Warehouse of Alex’- Molison.” 
 
 — 5. O. Arms of Dundee and supporters, “ Dei Donum, Prudentia et Can- 
 dore.” “ Payable at W. Croom’s, High Street, Dundee.” R. “ Sells wholesale 
 woollen and linen drapery goods, watches, &c. &c., cheap.” 
 
 — 6. O. A public building in a sunk oval, under the building, “ I. W. I. 
 design.” “Dundee Halfpenny 1796.” “Infirmary, founded 1794.” R. A 
 ship moored alongside of a quay, and distant view of a rock at sea, “ Mare et 
 commercium colimus.” Ex. Arms, supporters, and motto, “ Dei Donum,” in 
 an oval. E. Engrailed. 
 
 — 6*. The same device as No. 6, badly executed. 
 
 — 7. O. A public building, “Dundee Halfpenny 1797.” Ex. “Town House, 
 finished 1734.” R. View of a glass manufactory, “ Glass Works, West Cone, 
 founded 1788.” Ex. “ Wright, des.” E. “ Payable by John Pilmer, Church 
 Lane.” 
 
 — 8. O. An ancient fortress, “Dundee Halfpenny 1797.” Ex. “Dudhope 
 Castle, founded 1660, converted into Barracks 1794.” R. A man working 
 flax, packages on the ground, “Flax Hackling.” “3,336 Tons Flax and 
 Hemp imported here in 1796; value, £160,128.” 
 
 — 9. O. South view of a church, “Dundee Halfpenny 1797.” “St Andrew’s 
 Church, found ed 1772.” R. A ruin, “Cowgate Port, the last remains of our 
 ancient walls.” Ex. “ Wright, Jun 1 '- des.” A star underneath. E. Payable 
 at the warehouse of Alex’- Swap & Co.” 
 
 FARTHING SIZE. DUNDEE. 
 
 — 13. O. A pair of scales, above a small cypher “ M. & Co.,” “ Payable on 
 demand, Dundee.” R. A sentinal on guard, a cannon, and part of a fort. 
 — 14. O. A horse drawing a cart loaded with large packages, “ Sic itur ad 
 opes. Ex. “ Wright, des.” R. A large building, “ Dundee Farthing 1796.” 
 Ex. “ Trades all.” 
 
 — 15. O. The same as the last. R. The same building as the last, “ Dundee 
 Farthing 1797.” Ex. “ Trades all.” 
 
 — 16 O. The same as last. R. The same building as the last, “Dundee 
 Farthing 1797.” Ex. “ Trades Hall.” 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [35 
 
 To the PUBLIC, as per following Statement, £161,769 
 
 For NOTES in circulation, as follows, £ 61,153 10 0 
 
 Notes of £0 5 0 £ 9,465 10 0 
 
 „ 1 0 0 45,093 0 0 
 
 „ 5 0 0 6,595 0 0 
 
 £61,153 10 0 
 
 For MONEY DEPOSITED, as follows, .... .7~ ~ 88, 952 18 
 
 In Dundee, on 354 Accounts, £63,164 18 6 
 
 At Arbroath, on 153 do., 18,348 0 0 
 
 ,, Forfar, on 39 do., 7,440 0 0 
 
 £88,952 18 6 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 496 15 
 
 For Balance due Edinburgh Agents, 2, 848 7 
 
 For do. do. London 
 
 do., 8,317 12 
 
 £161,769 3 7 
 
 To the PARTNERS of the Company, as per following Statement, 35,237 13 
 For CAPITAL paid up, £300 on 103 shares, and £184, 
 
 9s. 6d. on 4 shares, £31,700 0 0 
 
 For Rebate on Bills on hand, 349 16 5 
 
 For PROFITS on hand, set aside for a Dividend of 
 
 £30, 19s. on 103 shares, as per following Statement,. 3,187 17 0 
 Profit and Loss — 
 
 By Balance from former year, £1,030 0 0 
 
 By Discounts received ( + for- 
 mer Rebate), £3,154 11 10 
 
 Exchange gained, 1,002 2 10 
 
 Interest received, 4,851 18 5 
 
 13 1 
 6 1 
 
 £9,008 
 
 Off Interest paid, 3,701 
 
 To Abatement, . 
 Management, 
 
 .£ 349 16 5 
 . 2,359 10 1 
 
 £5,307 
 
 2,709 
 
 7 0 
 6 6 
 
 By Nett Profit, £2,598 0 6 
 
 To Depen dancies, 440 3 6 2, 157 17 0 
 
 £3,187 17 0 £35,237 13 5 
 
 TOTAL LIABILITIES of the Bank, 
 
 £197,006 17 0 
 
 MEMORANDA concerning the Years Business. 
 
 The amount received and paid in the Bank during the year was each about £1,400,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Beckivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 Dundee, .... 
 Arbroath, .. 
 
 Brechin, 
 
 Forfar, 
 
 632 
 
 1246 
 
 £ s. d. 
 90,784 9 0 
 61,712 17 2 
 116,171 12 11 
 45,202 16 6 
 
 1351 
 
 273 
 
 £ s. d. 
 143,386 19 11 
 14,031 16 7 | 
 
 7,650 4 7 
 
 1681 
 
 451 
 
 £ s. d. 
 262,328 7 5 
 57,361 13 10 
 
 15,288 15 9 
 
 3664 
 
 1970 
 
 1237 
 
 £ s. d. 
 
 496,499 16 4 
 133,106 7 7 
 116,171 12 11 
 68,141 16 10 
 
 Totals, ... 
 
 
 313,871 15 7 
 
 
 165,069 1 1 
 
 
 334,978 17 0 
 
 
 813,919 13 8 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
35] 20th FEBRUARY 1798. Cr. 
 
 Br BANK OFFICE, £ 60 0 0 
 
 INVESTMENTS, as per following Statement, 176,656 7 3 
 
 ls£. In Dundee, as follows : — 
 
 Cash Accounts, in number 178, £50,244 3 0 
 
 Bills Discounted, i.e., due in Dundee,.. 21,113 10 8 
 Bills Receiv., i.e., due in Edinbro’, &c. 870 4 10 
 
 Bills of Exchange, i.e., due in London, 25,654 2 6 
 
 Shares of the Bank (four), 960 0 0 
 
 Dependancies, 2,545 17 7 
 
 £101,387 18 7 
 
 2 d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 59, £14,915 0 0 
 
 Bills Discounted, i.e., due in Arbroath, 14,038 4 2 
 
 28,953 4 2 
 
 3 d. At Brechin, as follows : — 
 
 Cash Accounts, in number 33, £ 7,638 0 0 
 
 Bills Discounted, i.e., due in Brechin,. 20,006 12 9 
 
 27,644 12 9 
 
 4 th. At Forfar, as follows : — 
 
 Cash Accounts, in number 45, £12,061 0 0 
 
 Bills Discounted, i.e., due in Forfar, ... 6,609 11 9 
 
 18,670 11 9 
 
 £176,656 7 3 
 
 SUNDRY ACCOUNTS, Dr., 4,078 0 1 
 
 CASH on hand, as per following Statement, 16,212 9 8 
 
 At Head Office, Dundee, as follows : — • 
 
 Mixed Notes, £ 747 14 0 
 
 Gold, 8,524 7 0 
 
 Silver, 2,763 17 6 
 
 Copper, 0 3 5 
 
 £12,036 1 11 
 
 At Arbroath Branch — Mixed Notes and Specie,. ... 1,875 3 1 
 
 ,, Brechin Do. do. do., .... 1,403 13 3 
 
 ,, Forfar Do. do. do., .... 897 11 5 
 
 £16,212 9 8 
 
 TOTAL ASSETS of the Bank, 
 
 £197,006 17 0 
 
 Dundke. A 
 
 HBROATH. 
 
 Brechin. 
 
 Forfar. 
 
 Totals 
 
 Discounts received, 
 Exchange gained, . 
 
 £ s. d. 
 853 6 9 
 743 10 5 
 
 £ s. d. 
 697 7 9 
 267 19 5 
 
 £ s. d. £ s. d. 
 
 992 19 1 373 10 3 
 
 Loss, 9 7 0 
 
 £ 5. d. 
 
 2,917 3 10 
 1,002 2 10 
 
 Total payments through Edinburgh Agents, £446,654, 10s. 6d. (of this for the Bank’s 
 Notes retired, £163,218,); and through London Agents, £131,430, 17s. 7d. 
 
 Specie in Chest at the end of the former year, £4,026 ; brought home (Half Guineas, 
 £2,500; Silver, £3,200; probable cost of getting it, about £77), £5,700; paid away (in 
 addition to any taken over the counter), £3,226 ; left in the Chest, £5,500. 
 
200 Banking Memoranda for 1797. 
 
 Currency, Prices, &c., in 1797. — War with France: Gold at par, coined 
 £2,000,297 ; Bank of England Circulation from £8,640,250 to £11,215,330 
 (of which £867,585 under £5), and Bullion £1,036,170; Consols, 47J- to 
 56J, and Bank stock 115J to 146£; Parliamentary supplies, £44,783,262 
 (and Government loans, £32,500,000) ; wheat per quarter, in London, 44s. 3d. 
 to 53s. Id., and in Edinburgh, 51s. 6d. — oatmeal per boll 15s. 6d. ; bank- 
 ruptcies in England, 1,115, of which 1 was of a Bank. 
 
 Suspension of Cash Payments. — In 1794 and 1795, as already noticed, 
 owing to events connected with the war (viz., the enormous military expendi- 
 ture abroad, the many subsidies granted to foreign powers to encourage them 
 in their opposition to Buonaparte, and the large loans contracted by some of 
 them in this country), Bank issues were in excess, prices of everything had 
 risen very high, and Britain was almost drained of its bullion, and much of 
 the specie which remained was hoarded, through the gradually increasing 
 distrust of the final result which spread through all classes of the community. 
 (Tooke and Macculloch estimate the specie in the country at £22,500,000, and 
 that £5,000,000 of it was hoarded.) Early in F ebruary, this year, twelve hundred 
 French troops having landed in Wales, the Government issued general orders 
 to have all the stocks of farmers near the coasts inventoried, and driven 
 into the interior. This prudent step, and for the farmers themselves beneficial 
 arrangement, caused great alarm among that class, and those near Newcastle 
 taking the lead, drove their grain into the town, and sold it at any price they 
 could get, and, being paid in Bank notes, rushed to the Banks demanding 
 specie. This having taken place to a large extent on Saturday the 18th 
 February, the Banks there resolved to suspend payment on Monday morning. 
 The demand for gold on the Bank of England having continued all winter, 
 its stock of bullion, on Saturday the 25th February, was reduced to £1,272,000, 
 with the certainty of an increase, rather than a diminution of the evil, on the 
 following Monday. The Bank therefore, on that day, intimated to the Govern- 
 ment that it would be obliged, for the first time during its existence, to suspend 
 cash payments. The following day, at a Cabinet Council, a proclamation was 
 prepared, authorizing and ordering the Bank to refuse specie to all applicants, 
 until the sense of Parliament had been taken on the subject. This Order in 
 Council was made public the next morning, viz., on Monday the 27th, and with 
 it a statement shewing the good state of the Bank’s affairs, viz., that its debts 
 to the public were £13,770,390 (of which £8,640,250 was for notes in circula- 
 tion — reduced from £10,550,830 on 21st January), and its assets £17,597,280 
 (of which £11,686,800 was the permanent loan to the Government, and other 
 £1,086,170 was specie on hand). The same day, the merchants of London 
 began to subscribe a declaration, pledging themselves to uphold the credit of 
 the Bank, by receiving its notes, and otherwise — the signatures to which in a 
 few days amounted to four thousand. 
 
 — Each House of Parliament appointed a committee of enquiry respecting the 
 state of monetary affairs, and passed a Bill sanctioning the suspension of cash 
 payments till June 24th — subsequently extended till one month after the next 
 session, and then till six months after the signing of a definitive treaty of peace. 
 As an exception to the prohibition to giving specie to any applicant, the Bank 
 
Banking Memoranda for 1797 — ( Continued). 201 
 
 was authorized to advance £100,000 to the bankers of London, Westminster, 
 and Southwark, and £25,000 each to the Bank of Scotland and the Royal 
 Bank of Scotland. 
 
 — In March, an Act was passed permitting the Bank to issue notes of a lower 
 value than £5 till May 1. Accordingly the Bank commenced issuing £l and 
 £2 notes the same month, but they were not suppressed till 1821. The 
 country Banks in England were allowed the same privilege, but under the 
 usual obligation to pay them in specie when it was demanded. The Banks in 
 Scotland were permitted to issue notes below 20s. — the reason given being the 
 difficulty of procuring silver there — of which permission they immediately took 
 advantage. 
 
 — Besides issuing £1 and £2 notes, the Bank put into circulation, at 4s. 9d. each, 
 2, 325,099 Spanish dollars (struck with a small impression of the King’s head) ; 
 but these were recalled on 31st October the same year, because, being issued 
 at Id. above their true value, merchants imported dollars, had them stamped 
 like the others, and issued them to make a profit. 
 
 — Sir William Pulteney imputed much of the evil to the monopoly of the Bank, 
 and asked leave to introduce a Bill authorizing the establishing of another 
 Bank, if the Bank of England did not resume cash payments on the 24th June, 
 but it was refused by a majority of 55 to 15. 
 
 Suspension in Scotland. — “ This panic was not confined to England. It 
 soon reached Scotland, and a run on the Banks and banking houses in Edin- 
 burgh, similar to that of 1793, took place, although fortunately it was but of 
 short duration. It apparently had its commencement from a public meeting of 
 the county of Mid-Lothian, called by the Duke of Buccleuch, the lord- 
 lieutenant, on Friday the 17th February 1797, to concert measures for the 
 defence of the county in case an enemy should attempt to land. The resolu- 
 tions adopted at that meeting, being advertised in the Edinburgh newspapers 
 of Saturday, were perused and commented on next day by the farmers and 
 lower classes of people in the villages throughout the country, who, in conse- 
 quence, became alarmed, and, on Monday the 20th, they came to our banking 
 house in considerable numbers, evidently under the impression of terror, calling 
 for payment of their money that had been lodged at interest. This lasted the 
 whole of that week, and the two first days of the following. Nor was it con- 
 fined to us alone, for the public Banks experienced it in a still greater degree, 
 and we were beginning to think there was to be a similar, perhaps a still severer, 
 demand on us than what had taken place in 1793, when, early in the morning 
 of Wednesday the 1st March, an express arrived from London to the Bank of 
 Scotland, from Thomas Coutts & Co., their correspondents there, informing 
 them of the Privy Council prohibiting the Bank from making any more 
 issues of specie in exchange for their notes. . . . Thence we repaired to 
 the Bank of Scotland, where their Directors were assembled, and, after some 
 time spent in consideration with them, it was agreed that there was no choice 
 left but to follow the example of the Bank of England, and suspend all further 
 payments in specie. The Lord Provost immediately gave orders for calling a 
 meeting of the principal inhabitants that day, at two o’clock, which was very 
 numerously attended, considering the shortness of the notice, and, amongst 
 
202 Banking Memoranda for 1797 — ( Continued). 
 
 others, by the Lord President of the Court of Session, the Lord Chief Baron 
 of the Exchequer, the Lord Advocate, and the Sheriff of Edinburgh. After 
 stating the order of the Council for suspending the payments in specie of the 
 Bank of England, and the similar resolution taken by the Banks of Edinburgh, 
 a resolution was instantly and unanimously entered into by those present, to 
 give every countenance and support to the Edinburgh Banks — including our 
 firm — by receiving their notes in payments with the same readiness as hereto- 
 fore, and a handbill to this effect was immediately circulated over Edinburgh, 
 and inserted in all the newspapers. Expresses were likewise despatched to 
 Glasgow, Greenock, Paisley, Ayr, Perth, Dundee, and Aberdeen, at all which 
 places there were Banks, to inform them of what was passing. The instant 
 this resolution of paying no more specie was known in the street, a scene of 
 confusion and uproar took place, of which it is utterly impossible for those 
 who did not witness it to form an idea. In the course of these difficulties many 
 expedients were thought of ; among others, that of issuing tallies of half-a-crown 
 or five shillings value, which there was every reason to believe would have been 
 highly useful and most thankfully received by the public, but it was discovered 
 that the doing so was contrary to law, as the Act of Parliament, passed in the 
 year 1764, for correcting the evil of notes for trifling sums, with which the 
 country had been deluged, prohibited the issuing of any substitute for money of 
 less value than 20s. This drove many to adopt the old ingenious method of 
 tearing 20s. notes into halves and quarters, and paying them away accordingly, 
 and, when such were presented to the Banks, they always paid the value of the 
 fragments without hesitation.” — Memoirs of a Banking House , 1859. 
 
 Good Harvest. — Fortunately for the country, the harvest was abundant 
 and of good quality. 
 
 Linen Trade. — Linen stamped this year in Scotland, 19,475,241 yards ; 
 estimated value, £735,084. 
 
 Bank Branches. — The Edinburgh Almanac and Scots Register for this year 
 gives, for the first time, a list of the Branches of the three Edinburgh Banks 
 then existing. They were as follows, arranged apparently in the order in 
 which they were established : — 
 
 — Bank of Scotland : — Dumfries, Kelso, Kilmarnock, Inverness, Ayr, Stirling, 
 Aberdeen, Dunfermline, Banff, Elgin, Huntly, Haddington, Perth, Montrose, 
 Kirkcaldy, Cupar Fife, Wigton, Kirkcudbright, Tain, Hawick, Dundee, St 
 Andrews, Brechin, Greenock, Thurso, Forres. 
 
 — Royal Bank of Scotland : — Glasgow. 
 
 — British Linen Company : — Inverness, Montrose, Cupar, Inverary, Glasgow, 
 Dumfries, Hawick, Dunse, Berwick, Forres, Jedburgh, Dunbar. A branch 
 of this Bank was opened at Newton-Stewart this year. 
 
 Banks and Banking Houses in Edinburgh. — Bank of Scotland ; Royal 
 Bank of Scotland ; British Linen Company ; Mansfield, Ramsay, & Co. ; 
 Sir William Forbes, Hunter, & Co. ; Seton, Wallace, & Co. ; Robert Allan ; 
 Donald Smith & Co. ; Scott, Smith, Stein, & Co. ; Thomas Kinnear & Sons ; 
 Alex. Allan. 
 
Dr. THE DUNDEE BANKING COMPANY. [36 
 
 To the PUBLIC, as per following Statement, £180,827 3 10 
 
 For NOTES in circulation, as follows, £ 65,408 10 0 
 
 Notes of £0 5 0 £12,762 10 0 
 
 „ 1 0 0 46,491 0 0 
 
 „ 5 0 0 6,155 0 0 
 
 £65,408 10 0 
 
 For MONEY DEPOSITED, as follows, 114,191 12 0 
 
 In Dundee, on 363 Accounts, ..£80,995 12 0 
 
 At Arbroath, on 179 do., 24,556 0 0 
 
 ,, Forfar, on 43 do., 8,640 0 0 
 
 £114,191 12 0 
 
 For SUNDRY ACCOUNTS, Cr., 1,227 1 10 
 
 £180,827 3 10 
 
 To the PARTNERS of the Company, as per following Statement, 34,305 13 10 
 
 For CAPITAL paid up, £300 on 103 shares, and £184, 
 
 9s. 6d. on 4 shares, £31,700 0 0 
 
 For Rebate on Bills on hand, 329 7 10 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £22, 2s. on 103 shares, as per following Statement,... 2,276 6 0 
 
 Profit and Loss — 
 
 By Discounts received ( + former Rebate), . . £3,483 9 4 
 
 Exchange gained, 1,308 12 0 
 
 Interest received, 4,118 8 8 
 
 £8,910 10 0 
 
 Off Interest paid, 3,818 5 8 
 
 £5,092 4 4 
 
 To Abatement, £ 329 7 10 
 
 Expense of Management,. 2,486 10 6 
 
 2,815 18 4 
 
 By Nett Profit, £2,276 6 0 £34,305 13 10 
 
 TOTAL LIABILITIES of the Bank, £215,132 17 8 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,370,000. 
 Total Transactions in Bills. 
 
 
 Hills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount 
 
 No. 
 
 Amount 
 
 No. 
 
 Amount. 
 
 Dundee, .... 
 Arbroath, .. 
 Brechin, .... 
 Forfar, 
 
 593 
 
 1584 
 
 £ s. d. 
 
 80,031 12 5 
 66,477 11 7 
 128,798 12 0 
 39,935 19 10 
 
 1207 
 
 290 
 
 £ s. d. 
 144,186 11 1 
 14,158 5 7 
 
 3,745 9 10 
 
 1450 
 
 499 
 
 £ s. d. 
 264,391 10 9 
 61,548 14 5 
 
 36,674 4 1 
 
 3250 
 
 2373 
 
 1314 
 
 £ s. d. 
 
 488,609 14 3 
 142,184 11 7 
 128,798 12 0 
 80,355 13 9 
 
 Totals, ... 
 
 
 315,243 15 10 
 
 
 162,090 6 6 
 
 
 362,614 9 3 
 
 
 839,948 11 7 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
36] 
 
 20th FEBRUARY 
 
 1799. 
 
 
 Cr . 
 
 By BANK OFFICE,.... 
 
 
 
 
 
 GO 0 0 
 
 INVESTMENTS, as 
 
 per following Statement, ,.. 
 
 188,293 13 9 
 
 Is£. In Dundee, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 158, 
 
 ... £39,061 19 0 
 
 
 
 Bills Discounted, i . e ., due in Dundee, 18,813 
 
 5 7 
 
 
 
 Bills Receiv, i . e ., due in Edinbro’, &c. 856 13 8 
 
 
 
 Bills of Exchange, i . e ., due in London, 47,941 
 
 9 6 
 
 
 
 Shares of the Bank (four), 
 
 960 
 
 0 0 
 
 
 
 Dependancies, 
 
 
 ... 1,721 
 
 3 9 
 
 
 
 
 
 
 £109,354 11 6 
 
 
 2d . At Arbroath, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 63, 
 
 ....£15,070 
 
 0 0 
 
 
 
 Bills Discounted, i . e ., due in Arbroath, 16,576 
 
 5 1 
 
 
 
 
 
 
 31,646 5 1 
 
 
 3d . At Brechin, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 34, 
 
 . ... £ 7,374 
 
 0 0 
 
 
 
 Bills Discounted, i . e ., 
 
 due in Brechin, 20,509 19 3 
 
 
 
 
 
 
 27,883 19 3 
 
 
 4dh . At Forear, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 47, 
 
 ....£10,884 
 
 0 0 
 
 
 
 Bills Discounted, i . e ., 
 
 due in Forfar,... 8,524 ! 
 
 17 11 
 
 
 
 
 
 
 19,408 17 11 
 
 
 
 
 
 £188,293 13 9 
 
 
 SUNDRY ACCOUNTS, Dr., . 
 
 
 
 2,565 15 6 
 
 CASH at call and on 
 
 hand, as per followin' 
 
 ^ Statement, 24,213 8 5 
 
 At call, Edinburgh Agents, 
 
 
 £ 3,802 4 0 
 
 
 Do., London do., 
 
 
 6,224 17 3 
 
 
 Cash on hand : — • 
 
 
 
 
 
 
 At Head Office, Dundee, as follows : — 
 
 
 
 
 Mixed Notes, 
 
 
 £1,213 
 
 17 0 
 
 
 
 Gold, 
 
 
 7,191 
 
 14 0 
 
 
 
 Silver, 
 
 
 2,514 
 
 8 6 
 
 
 
 Copper, 
 
 
 0 
 
 2 6 
 
 
 
 
 
 
 10,920 2 0 
 
 
 At Arbroath Branch — Mixed Notes and Specie, ... 966 9 0 
 
 
 ,, Brechin Do. 
 
 do. 
 
 do., ... 894 2 7 
 
 
 ,, Forfar Do. 
 
 do. 
 
 do., ... 1,405 13 7 
 
 
 
 
 
 £24,213 8 5 
 
 
 TOTAL ASSETS of the Bank, 
 
 
 
 £215,132 17 8 
 
 
 Dundee. 
 
 Arbroath. 
 
 Brechin. 
 
 Forfar. 
 
 Totals. 
 
 
 £ S. d. 
 
 £ s. d. 
 
 £ s. d. 
 
 £ S. d. 
 
 £ 8 . d. 
 
 Discounts received, 
 
 757 17 10 
 
 744 3 7 
 
 1,236 10 9 
 
 395 0 9 
 
 3,133 12 11 
 
 Exchange gained, 
 
 991 9 9 
 
 273 9 9 
 
 
 43 12 6 
 
 1,308 12 0 
 
 Total payments through Edinburgh Agents, £405,341, 12s. 8d. (of this for the Bank’s 
 
 Notes retired, £165,456, 11s. 
 
 3d.); and through London Agents, £133,249, 10s. lid. 
 
 Specie in Chest at the end of the former year, £6,500 ; brought home (in Silver, probable 
 
 cost, £20), £1,000; paid away (in addition to any taken over the counter), 
 
 £600 ; left in 
 
 the Chest, £6, 900. 
 
 
 
 
 
 
206 Banking Memoranda for 1798. 
 
 Currency, Prices, &c., in 1798. — War with France : Gold at par, 
 coined £2,967,504; Bank of England Circulation, from £11,425,430 to 
 £15,116,090 (of which £1,807,502 under £5), and Bullion £5,828,940; 
 Consols, 47j to 57f, and Bank stock 116^ to 141^; Parliamentary supplies, 
 £35,028,798 (Government loans £17,000,000) ; wheat per quarter, in London, 
 41s. 9d. to 50s. 3d., and in Edinburgh, 46s. Od. — oatmeal per boll 13s. 6d. ; 
 bankruptcies in England 911, of which 3 were of Banks. 
 
 False Notes. — In January, a quantity of notes, purporting to be guinea 
 notes of “ The Company of the Bank of Aberdeen,” were put into circulation. 
 No such Bank existed, so they could not be called either forgeries or counter- 
 feit notes. 
 
 Linen Trade. — Linen stamped this year in Scotland, 21,297,059 yards; 
 estimated value, £850,403. 
 
Dr. THE DUNDEE BANKING COMPANY. [37 
 
 To the PUBLIC, as per following Statement, £185,759 14 5 
 
 For NOTES in circulation, as follows, £ 60,915 10 0 
 
 Notes of £0 5 0 £ 9,347 0 0 
 
 „ 1 0 0 42,073 10 0 
 
 „ 5 0 0 9,495 0 0 
 
 £60,915 10 0 
 
 For MONEY DEPOSITED, as follows, 119,385 19 9 
 
 In Dundee, on 420 Accounts, £82,736 19 9 
 
 At Arbroath, on 213 do., 27,889 0 0 
 
 ,, Forfar, on 47 do., 8,760 0 0 
 
 £119,385 19 9 
 
 For SUNDRY ACCOUNTS, Cr., 1,047 10 6 
 
 For Balance due London Agents, 4,410 14 2 
 
 £185,759 14 5 
 
 To the PARTNERS of the Company, as per following Statement, 36,378 2 0 
 
 For CAPITAL paid up, £300 on 99 shares, and £250 
 
 on 8 shares, £31,700 0 0 
 
 For Rebate on Bills on hand, 485 9 0 
 
 For past year’s PROFITS, set aside for a Dividend of 
 
 £42, 7s. on 99 shares, as per following Statement,.... 4,192 13 0 
 Profit and Loss — 
 
 By Discounts received ( + former Rebate), . 
 
 . £5,216 
 
 8 
 
 2 
 
 Exchange gained, 
 
 . 2,292 
 
 6 
 
 2 
 
 Interest received, 
 
 . 3,983 
 
 17 
 
 6 
 
 
 £11,492 
 
 11 
 
 10 
 
 Off Interest paid, 
 
 . 3,986 
 
 7 
 
 4 
 
 £7,506 4 6 
 
 To Rebate on Bills, £ 485 9 0 
 
 Expense of Management, . 2, 828 2 6 
 
 3,313 11 6 
 
 By Nett Profit, £4,192 13 0 £36,378 2 0 
 
 TOTAL LIABILITIES of the Bank, £222,137 16 5 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £1,550,000. 
 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 Dundee, 
 
 1206 
 
 156,045 13 3 
 
 1093 
 
 129,745 10 10 
 
 1699 
 
 298,161 8 01 
 
 3998 
 
 583,952 12 1 
 
 Arbroath, .. 
 
 1617 
 
 77,036 16 2 
 
 417 
 
 19,892 11 4 
 
 551 
 
 81,208 12 1 
 
 2585 
 
 178,137 19 7 
 
 Brechin, .... 
 
 
 179,345 12 8 
 
 
 
 
 
 
 179,345 12 8 
 
 Forfar, 
 
 
 58,739 19 0 
 
 
 6,895 7 8 
 
 
 30,301 2 2 
 
 1524 
 
 95,936 8 10 
 
 Totals, ... 
 
 
 471,168 1 1 
 
 
 156,533 9 10 
 
 
 409,671 2 3 
 
 
 1,037,372 13 2 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
 10 
 
37] 20th FEBRUARY 1800. Cr. 
 
 Br BANK OFFICE, £ 60 0 0 
 
 INVESTMENTS, as per following Statement, 195,747 19 2 
 
 ls£. In Dundee, as follows : — 
 
 Cash. Accounts, in number 158, £38,854 8 3 
 
 Bills Discounted, i.e., due in Dundee,. 34,568 8 10 
 Bills Receiv, i.e., due in Edinbro’, &c.. 2,273 9 6 
 
 Bills of Exchange, i.e., due in London, 31,380 10 11 
 
 Shares of the Bank (eight), 2,274 7 4 
 
 Dependancies, 19 10 2 
 
 £109,370 15 0 
 
 2d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 65, £16,032 0 0 
 
 Bills Discounted, i.e., due in Arbroath, 16,569 0 0 
 
 32,601 0 0 
 
 3d. At Brechin, as follows : — 
 
 Cash Accounts, in number 32, £ 6,764 0 0 
 
 Bills Discounted, i.e., due in Brechin,.. 26,901 2 9 
 
 33,665 2 9 
 
 4th. At Forfar, as follows 
 
 Cash Accounts, in number 41, ..., £ 7,773 0 0 
 
 Bills Discounted, i.e., due in Forfar, ... 12,338 1 5 
 
 20,111 1 5 
 
 £195,747 19 2 
 
 SUNDRY ACCOUNTS, Dr., 2,469 
 
 CASH at call and on hand, as per following Statement, 23,860 
 
 At call, Edinburgh Agents, £ 5,213 15 4 
 
 Cash on hand : — • 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £3,784 8 0 
 
 Gold, 6,257 14 0 
 
 Silver, 1,605 11 0 
 
 Copper, 0 7 2 
 
 11,648 0 2 
 
 At Arbroath Branch — Mixed Notes and Specie,.... 1,286 10 2 
 ,, Brechin Do. do. do., .... 3,536 14 8 
 
 „ Forfar Do. do. do., .... 2,175 8 8 
 
 £23,860 9 0 
 
 8 3 
 
 9 0 
 
 TOTAL ASSETS of the Bank, 
 
 £222,137 16 5 
 
 
 Dundee. 
 
 Arbroath. 
 
 Brechin. 
 
 Forfar. 
 
 Totals. 
 
 
 £ s. d. 
 
 £ s. d. 
 
 £ s. d. 
 
 £ s. d. 
 
 £ S. d. 
 
 Discounts received, 
 
 1,655 4 5 
 
 826 10 6 
 
 1,810 6 5 
 
 594 19 0 
 
 4,887 0 4 
 
 Exchange gained, 
 
 1,706 11 8 
 
 456 19 4 
 
 128 15 2 
 
 2,292 6 2 
 
 Total payments through Edinburgh Agents, £460,703, 9s. 7d. (of this for the Bank’s 
 Notes retired, £189,062); and through London Agents, £159,748, 18s. lid. 
 
 Specie in Chest at the end of the former year, £6,900; brought home (Half Guineas, 
 £2,500; Silver, £2,800; probable cost of getting it, about £54, 10s.), £5,300; paid away, 
 (in addition to any taken over the counter), £4,700 ; left in the Chest, £7,500. 
 
 1799. Mar. 11. — Interest on Deposits was 4 per cent., but 3 per cent, only to be allowed if 
 the money did not lie more than three months. This rule was frequently established and 
 rescinded, from a desire to do justice to two different classes of customers — those who allowed 
 their money to lie permanently, and those who by frequent out-drawings promoted the cir- 
 culation of Notes. 
 
 Apr. 15. — Bank to allow 25 days on London Bills, and to draw on London at 45 days par ; 
 these being the Edinburgh rates. 
 
210 Banking Memoranda for 1 7 9 9 . 
 
 Currency, Prices, &c., in 1799. — War with France : Gold at £3, 17s. 9d. 
 per oz., coined £449,961 ; Bank of England Circulation, from £13,746,320 to 
 £14,437,900 (of which £1,653,805 was below £5), and Bullion £7,563,900; 
 Consols, 52 J to 68|, and Bank stock 1 34 J to 176 ; Parliamentary supplies, 
 £44,782,923 (Government loans £20,500,000) ; wheat per quarter, in London, 
 57s. Id. to 67s. 6d., and in Edinburgh, 45s. 2d. — oatmeal per boll 14s. ; bank- 
 ruptcies in England, 717, of which 6 were of Banks. 
 
 Bank of England. — It obtained a renewal of its Charter till the end of 
 twenty-one years after 1812, on lending £3,000,000 to the Government for six 
 years without interest. At 3 per cent, this was a sacrifice of £90,000 per 
 annum, or £720,000 as the whole price. 
 
 Prices of Grain. — In 1798 the harvest was abundant ; hence, in January 
 this year, the price of grain was extremely low — wheat 49s. But the winter 
 1798-9 was rigorous, and the spring unfavourable, so that by May wheat had 
 risen to 61s. 8d., and by the end of the year to 94s. 2d. ; for the crop this year 
 was estimated to be only one half the usual quantity. 
 
 Failures in Hamburg. — In the autumn, 82 commercial houses, with 
 liabilities amounting to £2,500,000, suspended payments in Hamburg ; dis- 
 counts there rose to 15 per cent. 
 
 British Linen Company. — A branch of this Bank was opened in Greenock. 
 
 Dundee. — In January, a monthly periodical was started, called “The 
 Dundee Magazine and Journal of the Times,” and printed by T. Colville & 
 Son, Church Lane. It was a work in 12mo, the yearly volume extending to 
 700 pages. In it are many pieces of poetry, and among them one addressed 
 to De Winter’s ship — Admiral Duncan, who gained the victory over the Dutch 
 admiral off Camperdown, on 11th October 1797, being a native of Dundee. 
 
 Progress of the National Debt. — The increase of the Funded Debt of 
 Great Britain was as follows : — 
 
 1750,... 
 
 ...£ 72,178,898 
 
 1785,... 
 
 ...£226,260,805 
 
 1795,... 
 
 ...£260,157,773 
 
 1760,... 
 
 ... 88,341,268 
 
 1790,... 
 
 ... 238,231,248 
 
 1796,... 
 
 ... 285,767,670 
 
 1765,... 
 
 ... 127,564,821 
 
 1791,... 
 
 ... 238,231,248 
 
 1797,... 
 
 ... 327,071,369 
 
 1770,... 
 
 ... 126,963,267 
 
 1792,... 
 
 ... 233,831,248 
 
 1798,... 
 
 ... 394,159,046 
 
 1775,... 
 
 ... 122,963,267 
 
 1793,... 
 
 ... 238,231,248 
 
 1799,... 
 
 ... 424,159,046 
 
 1780,... 
 
 ... 142,113,264 
 
 1794,... 
 
 ... 244,481,248 
 
 1800,... 
 
 ... 451,699,919 
 
 Military Statistics in the first eight years of the War : — 
 
 
 Men recruited. 
 
 Men died. 
 
 Men discharged. 
 
 1793, 
 
 17,038 
 
 2,059 
 
 2,234 
 
 1794, 
 
 38,562 
 
 18,596 
 
 4,229 
 
 1795, 
 
 40,463 
 
 1,870 
 
 26,005 
 
 1796, 
 
 16,336 
 
 9,858 
 
 14,634 
 
 1797, 
 
 16,096 
 
 7^981 
 
 5,967 
 
 1798, 
 
 21,457 
 
 7,772 
 
 4,008 
 
 1799, 
 
 41,316 
 
 8,784 
 
 5,071 
 
 1800, 
 
 17,124 
 
 4,321 
 
 1,542 
 
 There remained of effective men on the 29th December 1800, 168,082. 
 
 Linen Trade. — Linen stamped this year in Scotland, 24,506,007 yards ; 
 estimated value, £1,116,022. 
 
Dr. THE DUNDEE BANKING COMPANY. [38 
 
 To the PUBLIC, as per following Statement, £174,022 2 3 
 
 For NOTES in circulation, as follows, £ 37,590 5 0 
 
 Notes of £0 5 0 £ 2,743 5 0 
 
 „ 1 0 0 27,162 0 0 
 
 „ 5 0 0 7,685 0 0 
 
 
 
 £37,590 
 
 5 
 
 0 
 
 For MONEY DEPOSITED, as follows,. 
 
 
 
 
 In Dundee, 
 
 on 467 Accounts, 
 
 ...£91,816 
 
 16 
 
 2 
 
 At Arbroath, 
 
 on 240 do., 
 
 ... 31,452 
 
 0 
 
 0 
 
 ,, Forfar, 
 
 on 41 do., 
 
 ... 7,500 
 
 0 
 
 0 
 
 
 
 £130,768 
 
 16 
 
 2 
 
 For SUNDRY ACCOUNTS, Cr., 682 1 3 
 
 For Balance due London Agents, 4,980 19 10 
 
 £174,022 2 3 
 
 To the PARTNERS of the Company, as per following Statement, 34,541 15 1 
 
 For CAPITAL paid up, £300 on 101 shares, and £233, 
 
 6s. 8d. on 6 shares, £31,700 0 0 
 
 For Rebate on Bills on hand, 428 9 3 
 
 For past year’s PROFITS, set aside for a Dividend of £23, 
 
 17s. lOd. on 101 shares, as per following Statement, 2,413 5 10 
 Profit and Loss — 
 
 By Discounts received (+ former Rebate),. £5,077 15 0 
 
 Exchange gained, 1,852 10 8 
 
 Interest received, 3,872 2 9 
 
 £10,802 8 5 
 
 Off Interest paid, 5,069 15 1 
 
 £5 732 13 4 
 
 To Rebate on Bills, £ 428 9 3 
 
 Management, 2,890 183 3,319 7 6 
 
 By Nett Profit, £2,413 5 10 £34,541 15 1 
 
 TOTAL LIABILITIES of the Bank, £208,563 17 4 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,570,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 Dim dee, .... 
 Arbroath, .. 
 
 Brechin, 
 
 Forfar, 
 
 1085 
 
 2258 
 
 £ s. d. 
 145,931 15 6 
 98,526 0 9 
 150,778 7 1 
 56,760 3 10 
 
 1303 
 
 187 
 
 £ s. d. 
 
 185,421 19 1 
 14,018 8 6 
 
 6,728 5 0 
 
 | 
 
 1565 
 
 674 
 
 £ s. d. 
 292, 100 10 3 
 95,662 15 1 
 
 24,359 12 10 
 
 3953 
 
 3119 
 
 1194 
 
 £ s. d. 
 
 623,454 4 10 
 208,207 4 4 
 150,778 7 1 
 87,848 1 8 
 
 Totals, ... 
 
 
 451,996 7 2 
 
 
 206,168 12 7 
 
 
 412,122 18 2 
 
 
 1,070,287 17 11 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
38] 
 
 20th FEBRUARY 
 
 1801. 
 
 
 Cr. 
 
 By BANK OFFICE,... 
 
 
 
 
 £ 
 
 60 0 0 
 
 INVESTMENTS, as per following Statement, 
 
 181,056 7 9 
 
 ls£. In Dundee, as follows : — 
 
 
 
 
 
 Casli Accounts, in number 145, — 
 
 £34,590 
 
 15 7 
 
 
 
 Bills Discounted, i.e., due in Dundee, . . 31,141 
 
 5 11 
 
 
 
 Bills Beceiv. , i.e., due in Edinbro’, &c. 752 12 9 
 
 
 
 Bills of Exchange, i.e. 
 
 due in London, 31,614 
 
 4 6 
 
 
 
 Shares of the Bank (six), 
 
 1,572 
 
 0 0 
 
 
 
 Dependancies, 
 
 
 19 
 
 10 2 
 
 
 
 
 
 
 £99,690 8 11 
 
 
 2d. At Arbroath, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 66, 
 
 £13,690 
 
 0 0 
 
 
 
 Bills Discounted, i.e., due in Arbroath, 18,727 
 
 11 11 
 
 
 
 
 
 
 3,2417 11 11 
 
 
 3d. At Brechin, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 37, 
 
 £ 9,344 
 
 0 0 
 
 
 
 Bills Discounted, i.e., due in Brechin,. 19,307 
 
 13 0 
 
 
 
 
 
 
 28,651 13 0 
 
 
 4 tli. At Forfar, as follows : — • 
 
 
 
 
 
 Cash Accounts, in number 46, 
 
 £11,683 
 
 0 0 
 
 
 
 Bills Discounted, i.e., 
 
 due in Forfar, ... 8,413 
 
 13 11 
 
 
 
 Bills of Exchange, i.e. 
 
 , due in London, 200 
 
 0 0 
 
 
 
 
 
 
 20,296 13 11 
 
 
 
 
 
 £181,056 7 9 
 
 
 SUNDRY ACCOUNTS, Dr.,.. 
 
 
 
 
 CASH at call and on 
 
 hand, as per following Statement, 20,574 16 11 
 
 At call, Edinburgh Agents, 
 
 
 £ 1,093 11 3 
 
 
 Cash on hand: — 
 
 
 
 
 
 
 At Head Office, Dundee, as follows : — 
 
 
 
 
 Mixed Notes, 
 
 
 £4,902 
 
 17 0 
 
 
 
 Gold, 
 
 
 6,784 
 
 7 0 
 
 
 
 Silver, 
 
 
 1,524 16 6 
 
 
 
 Copper, 
 
 
 0 
 
 4 9 
 
 
 
 
 
 
 13,212 5 3 
 
 
 At Arbroath Branch — Mixed Notes and Specie, ... . 2,355 4 9 
 
 
 „ Brechin Do. 
 
 do. 
 
 do., .... 2,894 18 9 
 
 
 ,, Forfar Do. 
 
 do. 
 
 do. 1,018 16 11 
 
 
 
 
 
 £20,574 16 11 
 
 
 TOTAL ASSETS of the Bank, 
 
 
 
 £208,563 17 4 
 
 
 Dundee. 
 
 Arbroath. 
 
 Brechin. 
 
 Forfar. 
 
 Totals. 
 
 
 £ s. d. 
 
 £ S. d. 
 
 £ S. d. 
 
 £ S. d. 
 
 £ s. d. 
 
 Discounts received, 
 
 1,459 13 8 
 
 1,023 6 4 
 
 1,545 5 4 
 
 564 0 8 
 
 4,592 6 0 
 
 Exchange gained, 
 
 1,080 2 3 
 
 670 11 7 
 
 
 101 16 10 
 
 1,852 10 8 
 
 Total payments through Edinburgh Agents, £524,196, 17s. 4d. (of this for the Bank’s 
 
 Notes retired, £192,140) ; and through London Agents, £203,390, 
 
 18s. 8d. 
 
 
 1800. Mar. 3. — A Clerk to be appointed to watch and calculate the comparative advantage 
 
 obtained by the Bank from each of the Branches. 
 
 A mark to be put on the Notes sent to 
 
 each Branch, in order to ascertain how far it promotes the circulation of the Bank. 
 
214 Banking Memoranda for 1800. 
 
 Currency, Prices, &c., in 1800. — War with France : Gold at par in 
 the spring, but rose to £4, 4s. 6d. per oz. in the autumn, shewing the currency 
 to be depreciated 8 per cent., coined £189,937 ; Bank of England Circulation 
 (end of February), £15,841,932 (£2,243,267 of it under £5), and Bullion 
 £6,144,250 ; Consols, 60^ to 67J, and Bank stock 153 to 175; Parliamentary 
 supplies, £47,490,739; wheat per quarter, in London, 89s. 4d. to 113s. 7d., 
 and in Edinburgh, 81s. 6d. — oatmeal per boll 31s. 6d. ; bankruptcies in Eng- 
 land, 951, of which 8 were of Banks. 
 
 Kirkland Works. — “ On Friday 28th February, the beautiful and valuable 
 flax-spinning mill at Kirkland Works was burned down.” 
 
 Leith Bank. — This Bank opened a branch in Glasgow. 
 
 Co-operative Societies. — On May 28, a Wheaten Bread Society opened 
 an account with the Dundee Commercial Bank. The first entries seem to be 
 the payment of a call on shares. 
 
 Forged Notes. — On August 25, a forgery of the 5s. notes of the Dundee 
 Commercial Bank, all executed with a pen, by one James Martin, was disco- 
 vered. On the Bank’s applying to the Procurator Fiscal to prosecute him, the 
 answer was, that the prosecution of such offenders was always left to the 
 Banks themselves ! This the Bank declined, on the ground that only eight 
 notes had appeared, and these so badly done, that no person familiar with the 
 genuine notes could be deceived by them. 
 
 Dundee. — Mems. by James Scott in the minute-book of Commercial 
 Bank : — January 2d and 3d. A severe gale ; vessels in the harbour damaged ; 
 a sloop, belonging to Johnshaven, with sugar, flax, &c., sunk. 6th. Public 
 kitchen opened ; several hundreds supplied with excellent soup, at a small 
 expense. 11th. The Magistrates of Dundee advertised a premium of 2s. 
 a boll for the first thousand bolls of barleymeal, which brought in plenty. 
 N.B. The last harvest was in very bad state generally. A small farm, Hoppas, 
 in Inverarity parish, has its corns still in the field, and now entirely covered 
 with snow. February 22d. A total stop put to counterfeit copper coin. 
 Oatmeal 2s. and barleymeal Is. 4d. a peck. May 1st. A new Exchange Coffee- 
 room opened in the Trades’ Hall, which is 51 ft. X 33 ft., and 26 ft. high — 
 coach -roofed. June 20th. Arrived from Greenland, the Estridge and Rodney — 
 full, nine fish each. 
 
 Prices of Grain. — Grain continued high, and by June wheat was 134s. 
 5d., but fell to 96s. 2d., owing to the importations being stimulated by the 
 bounty. The harvest this year, however, being even worse than the last, the 
 Government offered its guarantee to importers, that they would obtain 100s. 
 per quarter for wheat — a safe guarantee, for by the end of the year wheat was 
 133s., and by March 1801 prices had risen to — wheat 156s., barley 90s., and 
 oats 47s. 
 
 Depreciation of Bank of England Notes. — Macculloch says — “ In the 
 latter end, Bank of England notes had so much increased that they fell to a 
 discount of 8 per cent., but they soon returned nearly to par, and it was not 
 till 1808 that the decline of their value excited much attention.” 
 
 Linen Trade. — Linen stamped this year in Scotland, 24,235,633 yards ; 
 estimated value, £1,047,598. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [39 
 
 To the PUBLIC, as per following Statement, £162,858 6 1 
 
 For NOTES in circulation, as follows, £ 12,659 
 
 Notes of £0 5 0 £ 1,245 5 0 
 
 „ 1 0 0 9,574 0 0 
 
 0 0 
 
 1,840 0 0 
 £12,659 5 0 
 
 For MONEY DEPOSITED, as follows, 135,136 
 
 In Dundee, on 436 Accounts, £96,545 8 0 
 
 At Arbroath, on 331 do., 33,733 0 0 
 
 ,, Forfar, on 29 do., 4,858 0 0 
 
 5 0 
 
 8 0 
 
 £135,136 8 0 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 1,625 
 
 For Balance due London Agents, 13,437 
 
 £162,858 6 1 
 
 To the PARTNERS of the Company, as per following Statement, 
 
 For CAPITAL paid up, £200 on 107 shares, £21,400 0 0 
 
 For Rebate on Bills on hand, 
 
 For past year’s PROFITS, set aside for a Dividend of £16, 
 
 13s. lOd. on 107 shares, as per following Statement,... 
 
 Profit and Loss — 
 
 23,445 17 
 
 11 
 
 259 14 6 
 
 1,786 3 5 
 
 By Discounts received ( + former Rebate), . 
 
 ...£4,741 
 
 13 
 
 4 
 
 Exchange gained, 
 
 ... 1,494 
 
 18 
 
 7 
 
 Interest received, 
 
 ... 3,634 11 
 
 1 
 
 
 £9,871 
 
 3 
 
 0 
 
 Off Interest paid, 
 
 ... 5,188 
 
 8 
 
 9 
 
 
 £4,682 
 
 14 
 
 3 
 
 To Rebate on Bills, £ 259 14 
 
 6 
 
 
 
 Expense of Management, .. . 2,636 16 
 
 4 2,896 
 
 10 
 
 10 
 
 By Nett Profit, 
 
 . £1,786 
 
 3 
 
 5 
 
 £23,445 17 11 
 
 TOTAL LIABILITIES of the Bank, £186,304 4 0 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,480,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 Dundee, .... 
 Arbroath, .. 
 Brechin, .... 
 Forfar, 
 
 1008 
 
 1897 
 
 £ s. d . 
 155,948 8 1 
 78,140 19 4 
 143,960 6 5 
 58,074 18 11 
 
 1272 
 
 162 
 
 £ S . d . 
 
 192,397 18 3 
 13,814 7 3 
 
 7,585 14 4 
 
 1380 
 
 569 
 
 ... 
 
 £ s. d . 
 281,206 8 3 
 93,332 8 9 
 
 24,145 17 3 
 
 3660 
 
 2628 
 
 1058 
 
 £ s. d . 
 
 629,552 14 7 
 185,287 15 4 
 143,960 6 5 
 89,806 10 6 
 
 Totals, ... 
 
 
 436, 124 12 9 
 
 
 213,797 19 10 
 
 
 398,684 14 3 
 
 
 1,048,607 6 10 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
39] 
 
 20th FEBRUARY 
 
 1802. 
 
 
 
 Cr. 
 
 By BANK OFFICE,.... 
 
 
 
 
 
 .£ 
 
 662 7 10 
 
 INVESTMENTS, as 
 
 per following Statement, 
 
 
 . 154,123 19 9 
 
 In Dundee, as follows : — 
 
 
 
 
 
 
 Cash. Accounts, in number 148, 
 
 ....£34,849 
 
 4 11 
 
 
 
 
 Bills Discounted, i.e., 
 
 due in Dundee, 26,611 
 
 5 6 
 
 
 
 
 Bills of Exchange, i.e., 
 
 due in London, 22,231 17 6 
 
 
 
 
 
 
 
 83,692 7 
 
 11 
 
 
 2 d. At Arbroath, as follows : — 
 
 
 
 
 
 
 Cash Accounts, in number 79, 
 
 ....£16,940 
 
 0 0 
 
 
 
 
 Bills Discounted, i.e., due in Arbroath, 12,253 18 4 
 
 
 
 
 Bills of Exchange, i.e., 
 
 due in London, 5,098 
 
 8 0 
 
 
 
 
 
 
 
 34,292 6 
 
 4 
 
 
 3d. At Brechin, as follows : — 
 
 
 
 
 
 
 Cash Accounts, in number 23, 
 
 ....£ 5,978 
 
 0 0 
 
 
 
 
 Bills Discounted, i.e., due in Brechin, 10,772 14 2 
 
 
 
 
 
 
 
 16,750 14 
 
 2 
 
 
 4th. At Forfar, as follows : — 
 
 
 
 
 
 
 Cash Accoimts, in number 45, 
 
 £13,100 
 
 0 0 
 
 
 
 
 Bills Discounted, i.e., 
 
 due in Forfar,.... 6,288 
 
 11 4 
 
 
 
 
 
 
 
 19,388 11 
 
 4 
 
 
 
 
 
 £154,123 19 
 
 9 
 
 
 SUNDRY ACCOUNTS, Dr.,.. 
 
 
 
 
 
 CASH at call and on 
 
 hand, as per following 
 
 g Statement, 
 
 ... 26,672 9 6 
 
 At call, Edinburgh Agents, 
 
 
 £12,489 8 
 
 1 
 
 
 Cash on hand : — 
 
 
 
 
 
 
 
 At Head Office, Dundee, as follows : — 
 
 
 
 
 
 Mixed Notes, 
 
 
 £2,459 
 
 3 0 
 
 
 
 
 Gold, 
 
 
 5,572 
 
 14 0 
 
 
 
 
 Silver, 
 
 
 1,026 
 
 14 6 
 
 
 
 
 Copper, 
 
 
 0 
 
 7 10 
 
 
 
 
 
 
 
 9,058 19 
 
 4 
 
 
 At Arbroath Branch — Mixed Notes and Specie,.... 1,686 11 
 
 4 
 
 
 „ Brechin Do. 
 
 do. 
 
 do. 
 
 , .... 1,916 1 
 
 3 
 
 
 „ Forfar Do. 
 
 do. 
 
 do. 
 
 , .... 1,521 9 
 
 6 
 
 
 
 
 
 £26,672 9 
 
 6 
 
 
 TOTAL ASSETS of the Bank 
 
 
 
 
 ..£186,304 4 0 
 
 
 Dundee. 
 
 Arbroath. 
 
 Brechin. 
 
 Forfar. 
 
 Totals. 
 
 
 £ S . d . 
 
 £ s. d. 
 
 c& S . (1. 
 
 £ 
 
 s. d. 
 
 £ s. d. 
 
 Discounts received, 
 
 1,576 17 6 
 
 813 10 3 
 
 1,429 18 6 
 
 492 17 10 
 
 4,313 4 1 
 
 Exchange gained, 
 
 747 19 11 
 
 653 10 7 
 
 
 93 
 
 8 1 
 
 1,494 18 7 
 
 Total payments through Edinburgh Agents, £529,534, 3s. lOd. ; (of this for the Bank’s 
 
 Notes retired, £172,586) ; and through London Agents, £226,406, 
 
 16s. 4d. 
 
 
 1801. Mar. 9. — £100 per share of the Capital to be returned to the Partners, subject to a 
 
 recall at a month’s notice. 
 
 
 
 
 
 
 
 May 25. — An annuity of £80 granted to David Moncur, 37 years Accountant. 
 
 — Ground in Castle Street purchased for a new Office. It was 75 by 80 feet, price £480. 
 
 Oct. 14. — Mondays and Wednesdays to be Discount days. Bills to be sent in 
 
 i before 2 p.m. 
 
 and an answer given next forenoon at 11. 
 
 
 
 
 
 Nov. 4. — Owing to the decline of trade, the amount of Discounts to be restricted at Head 
 
 Office and at the Branches. 
 
 Arbroath to be limited to £1,000 a-week ; Forfar to £500; 
 
 Brechin to £500, discounting in Montrose to be entirely given up. N.B. — 1 
 
 This reference 
 
 to Montrose explains the apparently excessive amount of discounts in 
 
 Brechin ; the Agent 
 
 had gone, probably twice a 
 
 -week, to Montrose to discount Bills and pay cheques on Cash 
 
 Accoimts. 
 
 
 
 
 
 
 
218 Banking Memoranda for 1801. 
 
 Currency, Prices, &c., in 1801. — War with France: Gold at £4, 5s. 
 per oz., currency depreciated £8, 7s. 8d. per cent., coined £450,242 ; Bank of 
 England Circulation (end of February), £16,169,594 (£2,715,229 of it under 
 £5), and Bullion £4,640,120; Consols, 54 j to 69^, and Bank stock 149 J to 
 190^; Parliamentary supplies, £46,866,303; wheat per quarter, in London, 
 100s. 9d. to 118s. 3d., and in Edinburgh, 117s. 6d. — oatmeal per boll 38s. 2d. ; 
 bankruptcies in England, 1,199, of which 3 were of Banks. 
 
 Dundee. — The population was ascertained by a census to be 26,084. Under 
 date of August 6, a local chronicler remarks : — “ The contracts for Navy 
 canvas have much lessened in Dundee of late.” 
 
 First Dundee Newspaper. — The first Dundee newspaper, entitled The 
 Dundee Weekly Advertiser and Angusshire Intelligencer (the first title of the 
 Dundee Advertiser ), price 6d., began on Friday 16th January. 
 
 Small Notes. — The Return to the Stamp Office by the Dundee Com- 
 mercial Bank, dated 9th January, states that 19,000 notes of 5s. value had 
 been issued since July 6, the duty on which, at the rate of 2d. for four, was 
 £39, 11s. 8d. 
 
 British Linen Company. — A branch of this Bank was opened in Hawick. 
 
 Linen Trade. — Linen stamped this year in Scotland, 25,271,870 yards; 
 estimated value, £1,018,642. 
 
 Dundee Commercial Bank. — It transferred its business on the last day of 
 the year to the partners of the Dundee New Bank, although its name was kept 
 up till they had made their arrangements on 2d May 1802. 
 
Dr. THE DUNDEE BANKING COMPANY. [40 
 
 To the PUBLIC, as per following Statement, £221,211 9 9 
 
 For NOTES in circulation, as follows, £ 44,751 0 0 
 
 Notes of £0 5 0 £ 519 0 0 
 
 „ 1 0 0 38,217 0 0 
 
 „ 5 0 0 6,015 0 0 
 
 £44,751 0 0 
 
 For MONEY DEPOSITED, as follows, 166,323 19 4 
 
 In Dundee, on 481 Accounts, £115,411 19 4 
 
 At Arbroath, on 259 do., 47,812 0 0 
 
 ,, Forfar, on 21 do., 3,100 0 0 
 
 £166,323 19 4 
 
 For SUNDRY ACCOUNTS, Cr., ~ 597 1 4 
 
 For Balance due London Agents, 9,539 9 1 
 
 £221,211 9 9 
 
 To the PARTNERS of the Company, as per following Statement, 22,911 13 10 
 
 For CAPITAL paid up, £200 on 107 shares, £21,400 0 0 
 
 For Rebate on Bills on hand, 244 12 6 
 
 For past year’s PROFITS reserved, as per following 
 
 Statement, 1,267 1 4 
 
 PROFIT AND LOSS — 
 
 By Discounts received ( + former Rebate), . £ 3,259 5 10 
 
 Exchange gained, 1,052 5 5 
 
 Interest received, 6,736 17 4 
 
 £11,048 8 7 
 
 Off Interest paid, 7,268 18 5 
 
 £3,779 10 2 
 
 To Rebate on Bills, £ 244 12 6 
 
 Expense of Management, . . 2,267 16 4 
 
 2,512 8 10 
 
 By Nett Profit, £1,267 1 4 £22,911 13 10 
 
 TOTAL LIABILITIES of the Bank, £244,123 3 7 
 
 MEMORANDA concerning the Year’s Business . 
 
 The amount received and paid in the Bank during the year was each about £1,250,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount.. 
 
 
 
 £ S. 
 
 d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ 
 
 s. d. 
 
 Dundee,. ... 
 
 775 
 
 140,651 13 
 
 2 
 
 1188 
 
 218,139 7 3 
 
 958 
 
 154,696 13 5 
 
 2921 
 
 513,487 
 
 13 10 
 
 Arbroath, .. 
 
 1635 
 
 72,122 6 
 
 0 
 
 162 
 
 9,846 0 4 
 
 438 
 
 92,719 19 5 
 
 2235 
 
 174,688 
 
 5 9 
 
 Brechin, .... 
 
 
 41,372 12 
 
 2 
 
 
 
 
 
 
 41,372 
 
 12 2 
 
 Forfar, 
 
 
 36,167 11 
 
 3 
 
 
 6,905 13 7 
 
 
 15,031 0 7 
 
 776 
 
 58, 104 
 
 5 5 
 
 Totals, ... 
 
 
 290,314 2 
 
 7 
 
 
 234,891 1 2 
 
 
 262,447 13 5 
 
 
 787,652 
 
 17 2 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
40] 20th FEBRUARY 1803. Cr. 
 
 By BANK OFFICE, £ 663 7 10 
 
 INVESTMENTS, as per following Statement, 224,529 0 9 
 
 ls£. In Dundee, as follows : — 
 
 Cash Accounts, in number 127, £28,674 15 2 
 
 Bills Discounted, i.e., due in Dundee,.. 30,523 1 4 
 Bills Receiv., i.e., due in Edinbro’, &c. 314 0 3 
 
 Bills of Exchange, i.e., due in London, 16,593 5 1 
 
 Exchequer Bills, 3d. per diem, 25,203 2 6 
 
 Consols, 3 per cent., £70,000 at, 48,429 5 4 
 
 Share of the Bank, 223 6 2 
 
 Dependancies, 189 16 8 
 
 Do., Wm. Marshall, 28,157 6 7 
 
 • £178,307 19 1 
 
 2d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 69, £13,825 18 2 
 
 Bills Discounted, i.e., due in Arbroath, 16,813 9 10 
 
 Bills of Exchange, i.e., due in London, 6,546 18 11 
 
 37,186 6 11 
 
 3d. At Forfar, Cash Accounts, in number 37, 9,034 14 9 
 
 £224,529 0 9 
 
 SUNDRY ACCOUNTS, Dr., 1,180 2 5 
 
 CASH at call and on hand, as per following Statement, 17,750 12 7 
 
 At call, Edinburgh Agents, £ 7,608 11 3 
 
 Cash on hand : — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £2,711 3 0 
 
 Gold, 4,715 7 0 
 
 Silver, 1,243 10 6 
 
 Copper, 0 6 7 
 
 8,670 7 1 
 
 At Arbroath Branch — Mixed Notes and Specie,.... 848 12 5 
 
 ,, Forfar Do. do. do., .... 623 1 10 
 
 £17,750 12 7 
 
 TOTAL ASSETS of the Bank, £244,123 3 7 
 
 
 Dundee. 
 
 Arbroath. 
 
 Brechin. 
 
 Forfar. 
 
 Totals. 
 
 
 £ s. d. 
 
 £ s. d. 
 
 £ S . d . 
 
 £ s. d. 
 
 £ S. d . 
 
 Discounts received, 
 
 1,440 8 4 
 
 730 13 6 
 
 465 14 8 
 
 362 14 10 
 
 2,999 11 4 
 
 Exchange gained, 
 
 695 14 0 
 
 294 17 0 
 
 
 61 14 5 
 
 1,052 5 5 
 
 Total payments through Edinburgh Agents, £397,131, 6s. 2d. (of this for the Bank’s Notes 
 retired, £116,023) ; and through London Agents, £290,861. 
 
 1802. Apr. 21. — Wm. Marshall, the Cashier’s Assistant, absconded, and escaped to St 
 Omers, having taken about £35,000 of the Bank’s funds, and employed them in his private 
 business, but, his assets turning out pretty well, the ultimate loss was only about £8,000, 
 besides interest. 
 
 May 31. — The Cash Account Bonds, for Dundee and the Branches, were in number 363. 
 The Bills on hand were 357 ; amount £70,305, Is. 7d. 
 
 June 23. — The Directors were examined by a Committee of Partners as to their fulfilment 
 of Article IX. of the Contract, which provides for the examination of the Cash in the hands of 
 the Cashier. 
 
 July 26. — The Branch at Brechin to be withdrawn, and the Branch at Forfar to be restricted 
 to Cash Accounts. No Deposits to be received, and no Bills discounted. 
 
 — David Jobson appointed Cashier, not to carry on any private business, salary to be £250; 
 Accountant’s, £130 ; Teller’s, £60, with perquisites, about £40. 
 
222 Banking Memoranda for 1802. 
 
 Currency, Prices, &c., in 1802.— Peace: Gold at £4, 4s. per oz., cur- 
 rency depreciated £7, 5s. lOd. per cent., coined £437,018; Bank of England 
 Circulation (end of February), £17,054,454 (£3,136,479 of it under £5), and 
 Bullion £4,152,950 ; Consols, 66 to 77f, and Bank stock 177^ to 200 ; Parlia- 
 mentary supplies, £56,904,828 ; wheat per quarter, in London, 63s. 7d. to 
 67s. 5d., and in Edinburgh, 70s. — oatmeal per boll 17s. 4d. ; bankruptcies in 
 England, 1,090, of which 8 were of Banks. 
 
 Peace with France. — The peace of Amiens was signed 27th March 1802. 
 This war of nine years cost Great Britain £464,000,000. 
 
 Bank of England. — According to the Act of 1797, the Bank should have 
 reverted to cash payments six months after the peace was signed, but in April 
 another Act was passed continuing the suspension till 1st March 1803, on the 
 ground that the exchanges all over Europe were against this country ; but 
 this was a good reason for resuming the payment of notes in specie, especially 
 as the Bank stated that it had plenty of bullion in its coffers. In February 
 1803, the resumption of cash payments was again postponed. 
 
 Fife Bank. — In May, a Bank was established at Cupar, under the title of 
 the Fife Banking Company, consisting of forty-seven partners, and having a 
 capital of £30,000. It opened branches in Kirriemuir and Kirkcaldy, and, in 
 1807, an agency in Glasgow. Its average circulation came to be £50,000. 
 
 Kilmarnock Bank. — On 10th June, a Bank was established in Kilmarnock, 
 under the title of the Kilmarnock Bank. The notes bore the Kilmarnock 
 arms, with the motto Confdo, and were to be retired in Edinburgh by Alex- 
 ander Allan & Co., and in Glasgow by James and llobert Watson. 
 
 Renfrewshire Bank. — A Bank was established in Greenock, under the 
 firm of William Napier & Co., and the title of the Renfrewshire Banking 
 Company — it had nine partners. The following year it opened a branch in 
 Glasgow, and soon after others at Rothesay, Inverary, and Campbelton. 
 
 John Wardrop & Co. — This firm commenced business as private bankers 
 in Edinburgh. 
 
 Opposition to New Banks. — In the beginning of the year the Edinburgh 
 Banks resolved not to take the notes of any more Provincial Banks that might 
 be established. Accordingly, when in May the notes of the Dundee New 
 Bank appeared they were at first refused ; but on a representation that 
 although there were some new partners in it, the Dundee New Bank was 
 virtually a continuation of the Dundee Commercial Bank, and therefore pro- 
 perly not included in the said resolution, the Edinburgh Banks agreed to receive 
 them in the course of business. 
 
 Linen Trade. — Linen stamped this year in Scotland, 23,803,255 yards ; 
 estimated value, £915,103. 
 
 Dundee New Bank. — The responsible partners of the Dundee Commercial 
 Bank having been reduced to four, and its credit not increasing, while the 
 gradual extension of the trade of the town demanded for its accommodation 
 enlarged resources, it was felt to be desirable, if not necessary, to enlarge the 
 copartnery of the Company. On an attempt to do this being made by John 
 Baxter, one of the partners, he found that it would be preferable to purchase 
 
Banking Memoranda for 1802 — (Continued). 223 
 
 up the shares of his copartners, and to form an entirely new concern to take 
 up the business of the Dundee Commercial Bank. This having been done, and 
 arrangements made accordingly, on 14th January 1802, a copartnery was 
 entered into between George Lord Kinnaird (who having married the daughter 
 of Mr Ransom, head partner of the banking-house of Ransom, Morland, & Co., 
 Pall Mall, London, had succeeded his father-in-law in that connection); John 
 Baxter, merchant in Dundee ; William Morland, another partner of Ransom, 
 Morland, & Co. ; James Bell, merchant in London ; Yfiiliam Bell, tanner 
 and sugar-refiner in Dundee; John Duff, merchant in Dundee; and James 
 Scott, banker there, to carry on in Dundee the business of banking, under 
 the firm of “ The Dundee New Bank.” The capital was to be nomi- 
 nally £58,000, divided into twenty-nine shares of £2,000 each, to be 
 paid up as required ; and the contract was to last twenty-one years 
 from 1st January 1802. James Duff was appointed manager, and James 
 Scott cashier, £200 per share of the capital was called up, and the business 
 began to be transacted in the name of the Dundee New Bank, instead of 
 that of the Dundee Commercial Bank, on the 26th May 1802. The Balance 
 Sheets at first continued to be made up on the last day of December, but in 
 1805, and thenceforward, on the last day of June, and these documents, till the 
 Bank’s amalgamation with the Dundee Bank in 1838, are subjoined in regular 
 order. The occurrence which led to this alteration in the period of balancing 
 the books, and to a great change in the copartnery, it may be convenient 
 to state here, although out of the order of time. When the system of books 
 for the new Company was being arranged, in the spring of 1802, “Mr 
 William Bell proposed that certain parts of the business should be kept from 
 the knowledge of the clerks, and that, with this view, there should be a set of 
 private books, in which the different accounts of notes in circulation, the amount 
 of charges, profit and loss, and various other matters, should be separately 
 entered. Your Lordship will afterwards have occasion to observe the bad 
 consequences which resulted from these private books.” (Ans. for John 
 Baxter in the litigation of 1807.) John Duff having resigned, in September 
 1803, and being at first succeeded by Ramsay, the latter proceeded to exa- 
 
 mine the books, and, on October 10th, struck a balance, when it appeared that 
 the cash on hand, which ought to have been £26,024, Is. 10d., was actually 
 £29,318, 6s., or £3,294, 4s. 2d. over. At this time William Bell arrived from 
 London, and spent much time in the Bank office, and requested his copartner, 
 John Baxter, to assist him in examining the cash and bills on hand, which they 
 did, on the 27th of that month, and found the former as well as the latter to 
 be apparently right. But when afterwards, at the proper time, viz., on 31st 
 December, the manager and cashier attempted to make up the annual Balance 
 Sheet, they found the books would not balance by a difference of nearly 
 £12,000. On this discovery, James Speid, accountant, was called in to examine 
 the Bank’s books, and ascertain the exact amount of error, and whence it arose. 
 Having checked the books from the beginning, and having carried the errors 
 as discovered to the debit and credit of an account called, The Cashier for errors 
 in Cash, it was found that the balance stood Dr. £11,420, 9s. Id., as seen by 
 the following abstract of the Report : — 
 
 b 14 
 
224 Banking Memoranda for 1802 — ( Continued). 
 
 1. Errors previous to 20th June 1803 — 20 entries 
 
 to Dr. of Cash omitted, amounting to £927 11 4 
 
 and 20 to its Cr., 751 3 10 
 
 showing that Cash was then short by 
 
 2. Errors from 20th June to 10th Oct. 1803 — 19 
 
 entries to Dr. of Cash omitted, £12,636 19 
 
 and 15 to its Cr., 4,031 12 
 
 shewing that Cash was more short by 
 
 3. Errors from 10th to 27th October — 1 entry to 
 
 Dr. of Cash omitted, £3,216 0 
 
 and 4 to its Cr., 210 9 
 
 shewing that Cash was further short by 
 
 Total deficiency on 27th October 1803 being .... 
 
 4. Errors from 27th October 1803 to 31st Decem- 
 
 ber 1803 — 14 entries to Dr. of Cash omitted, £3,616 12 
 
 and 12 to its Cr., 3,983 8 
 
 shewing that Cash was less short by 
 
 - £176 
 
 7 
 
 6 
 
 3 
 
 
 
 6 
 
 
 
 8,605 
 
 6 
 
 9 
 
 0 
 
 
 
 0 
 
 
 
 — 3,005 
 
 11 
 
 0 
 
 .£11,787 
 
 5 
 
 3 
 
 5 
 
 
 
 7 
 
 
 
 366 
 
 16 
 
 2 
 
 ,.£11,420 
 
 9 
 
 1 
 
 The mistakes, though one hundred and five in number, were easily corrected, with 
 the exception of three which together more than accounted for the deficiency. 
 These were — 1st. A parcel of £5,000 of torn notes, set aside from use on 
 January 8, February 12, March 9, April 27, and June 10, £1,000 at each 
 date, and which ought to have been in the chest in the safe, but was not — 
 the notes having been put into circulation again. 2d. Another parcel of 
 £4,650, 19s. of notes which had been retired in Edinburgh by Scott, Smith, 
 & Stein, on 2d to 7th September, and returned to the Bank by the carrier 
 as usual, but with which the cash on hand had not been charged. 3d. A 
 further parcel of £3,216 of notes, retired in Edinburgh by Kinnear & Sons, 
 on 17th-19th October, and which also had been sent over to the Bank, but 
 with which, in like manner, the cash on hand had not been charged. It was 
 the autumn of 1804 before Speid had completed his examinations and had 
 brought to light all these particulars. Lord Kinnaird was so alarmed at this 
 result that he wrote to Henry Boase, one of his copartners in the Banking- 
 house in Pall Mall, to come down and assist him with his practical acquaint- 
 ance with Bank books and practices in endeavouring to trace out the truth 
 concerning this affair. James Bell, also, having arrived from London, joined 
 them in their attempt to find an answer to the question, which of course arose, 
 as to who had purloined these parcels of notes. All their searchings and 
 enquiries were in vain, and the question remains unanswered to this day ; but 
 that the notes were stolen and made use of was abundantly proved by the 
 amount of the Bank’s notes dated before that time which gradually came in, 
 and had to be paid by the solvent partners of the Company. The persons 
 naturally suspected at first were the officers and clerks of the Bank, and espe- 
 cially the Cashier, who had charge of the money ; but there was no proof 
 elicited against any one of them, and the latter survived for many years, 
 living and dying a very poor man. Lord Kinnaird’s London counseller recom- 
 
Banking Memoranda for 1802 — ( Continued). 225 
 
 mended him to insist on a dissolution of the copartnery then existing, hut, 
 having spent a month in the Bank, and seen the nature and extent of the 
 transactions, he advised also that a new copartnery should be formed for con- 
 tinuing the business, by which in a short time the loss incurred might be 
 recovered, and a source of considerable revenue be secured for the future. 
 Accordingly, after much negotiation, a minute of agreement for the dissolution 
 of the Company was signed on 13th September by Lord Kinnaird, John Baxter, 
 and James Bell, and afterwards concurred in by Wm. Morland. It was to 
 take effect on the 31st December following; Lord Kinnaird was to settle all 
 claims on the Company (either closing the Bank or continuing it as he saw fit) ; 
 but the present partners were to share in the profits or loss up to the 30th 
 June 1805. As to the second part of the advice offered, Lord Kinnaird was 
 willing to adopt it, on condition that Wm. Morland would continue, and 
 that the giver of the counsel should himself take part in the copartnery, 
 and by their watching its transactions from their post in Pall Mall, aid in 
 keeping the Bank in a prudent course. This took the counseller rather aback, 
 for at that time Londoners had rather a horror of being connected with Scotch 
 commercial affairs. As an illustration of this, it may be worth while to quote, 
 from memoranda left by him concerning the events of that period, his own 
 remarks on this proposal : “ I had already as much to do as I wished, and no 
 desire to embark in any other business, especially in one so distant. His Lord- 
 ship, however, continued to urge it so earnestly that we at last unwillingly con- 
 sented, on condition that one of our confidential clerks, who had been instructed 
 under my direction, should be appointed the manager, with a very liberal 
 salary. There were three or four whom we judged competent, but they all dis- 
 liked the thought of going to reside in Scotland, quite as much as we disliked 
 the being involved in the concern. I had laid it down as a principle that our 
 best security for the fidelity of a person vested with so great a trust was to 
 secure him a proportional emolument, and accordingly stipulated that the 
 manager should have a share as partner, and a salary of £500 a-year, with a 
 free house. With that great inducement I hardly prevailed on Mr Wm. Roberts 
 to consent to go down to Dundee, and then only on the condition of having 
 his situation in Pall Mall (under £200 a-year) kept open for him, in case he 
 should prefer to return to it. Thus reluctantly did we all embark in a business 
 which has proved worth, to Mr Morland’s family and mine, upwards of twenty 
 thousand pounds, and to Mr Roberts a great deal more — as he married, 
 has supported his rank among the bankers and merchants of that large town, 
 and has saved, I suppose, forty thousand pounds. (Written circ. 1825.) In 
 like manner, when applied to in 1809 to send down one of our clerks to be 
 the manager of the Glasgow Bank, then being established, and I could offer 
 Mr W. B. Cabbell to place him there as partner and manager on terms still 
 more advantageous, he also demurred at first to the proposal, and I had 
 to exert no little endeavour to overcome his reluctance. Yet, having gone, 
 he also has been enabled to realise a handsome fortune.” (As to the per- 
 sons here named, Mr Roberts was manager of the Dundee New Bank till 
 1828, and Mr Cabbell of the Glasgow Bank till about the same time.) 
 Accordingly Mr Roberts came down to Dundee at Christmas 1804, in time 
 
226 Banking Memoranda for 1802 — ( Continued). 
 
 to be present at the framing of the annual balance on December 31, and 
 to take charge of the business as manager on 2d January 1805. Various 
 circumstances hindered an immediate arrangement of the new copartnery, 
 and when in preparation for this, Lord Kinnaird, at Midsummer 1805, 
 advertised the dissolution of the old copartnery, and that his Lordship, Wm. 
 Morland, and John Baxter, were ready to satisfy all claims on the Bank, 
 the Bells applied for an interdict against this proceeding — the beginning 
 of a litigation which lasted several years. Lord Kinnaird’s death in October 
 following caused another delay in carrying into effect the agreed-on scheme 
 for continuing the business of the Dundee New Bank ; but at length, in 
 December 1806, a contract was signed between Charles Lord Kinnaird, 
 Wm. Morland, banker, London, John Baxter, banker and merchant, Dundee, 
 Wm. Roberts, banker there, and Henry Boase, banker, London, agreeing to 
 carry on the business of banking as from the previous 1st July for twenty- 
 one years, under the same title of the Dundee New Bank, with a capital (to be 
 gradually paid up) of £52,000, divided into twenty-six shares of £2,000 each, 
 of which Lord Kinnaird was to hold ten, and the other partners four each.* 
 But to return to 1802. The rapid increase of the Bank’s business from 
 what it had been under the name of the Dundee Commercial Bank, shewed 
 the stability which, in the judgment of the inhabitants of the district, was 
 attained to by the entrance of Lord Kinnaird into the concern. By the fol- 
 lowing Balance Sheet of 1802, in contrast with that of 1801, it will be seen 
 that the circulation had risen from £24,746 to £58,374, and the deposit money 
 from £72,894 to £139,635, 14s. 6d. The Bank soon opened three branches : 
 at Arbroath — being petitioned, on 16th August 1802, so to do by some of the 
 merchants and manufacturers in that town — where William Renny (who had 
 formerly acted for the Paisley Bank) opened a branch in September, and which 
 was made a joint agency of Renny & Airth, on 20th December ; at Brechin, 
 where Alex. Ritchie, agent for the Dundee Bank (but which had arranged to 
 cease business there on 1st February 1803), opened a branch on the 13th Sep- 
 tember ; and at Forfar, where William Don & Co., having applied on 15th 
 
 * Having endeavoured to form out of a vast mass of documents as succinct a narrative 
 as possible of this strange occurrence, it may perhaps be excused if the compiler mentions, 
 by way of finale to it, a curious illustration of the concatenation of events which in pro- 
 vidence occur, the latter ones bringing to pass occurrences which at first sight it might be 
 supposed could by no possibility have any connection with the more early ones. If the 
 money above referred to had not been stolen this book would never have been written, 
 for there would in that case have been no likelihood of the writer being in the position in 
 which he could do it. It was the loss of the money that, as mentioned above, brought his 
 father from London on a visit to Dundee to assist, if possible, in tracing out the delinquents ; 
 this led to his becoming a partner in the new copartnery ; this again caused him to send 
 the writer in 1821 to learn Scotch Banking in the office of the Dundee New Bank, and 
 this opened the way for him to become manager of that Bank in February 1828, and after- 
 wards manager of the Dundee Bank in February 1838, where the necessity arose (as 
 stated in the Preface to the first edition) for his examining the books of the latter Bank 
 for some years previously, in the course of which examination the idea was suggested of 
 proceeding further and culling from the old books as many statements in figures as would 
 tend to add something to our knowledge of the commercial statistics of the district in past 
 days, the chief object of the present publication. 
 
Banking Memoranda for 1802 — (Continued). 227 
 
 June to be employed by the Dundee New Bank, and resigned on the 24tli of 
 the same month the agency of the Dundee Bank, opened a branch on the 6th 
 September. It granted cash accounts during the first twelve months — in 
 Dundee, 42, amounting to £15,100; in Arbroath, 7, amounting to £2,250; 
 in Brechin, 7, amounting to £2,200 ; and in Forfar, 54, amounting to £16,750. 
 
 The following Tables, showing the progress of the business, are inserted 
 here for want of a more appropriate place. A memorandum by the Manager 
 on the fly-leaf of one of the books, indicative of his musings on the progress 
 of the Bank, shews the extent of the business being transacted at it towards 
 the end of 1802. It is as follows : — 
 
 Abstract of Cash Book in the week 
 
 Abstract of Cash Book in the week 
 
 18-23 October 1802. 
 
 22-2 
 
 17 November 1802. 
 
 
 
 No. 
 
 Amount 
 
 Amount 
 
 
 No. 
 
 Amount 
 
 Amount 
 
 
 Trans. 
 
 Received, 
 
 Paid. 
 
 
 Trans. 
 
 Received. 
 
 Paid. 
 
 Monday, .... 
 Tuesday, 
 
 79 
 
 £ 7,822 
 
 £ 3,642 
 
 Monday, 
 
 140 
 
 £14,508 
 
 £13,586 
 
 153 
 
 7,043 
 
 11,916 
 
 Tuesday, 
 
 185 
 
 12,842 
 
 12,441 
 
 Wednesday,. 
 
 102 
 
 5,947 
 
 5,192 
 
 Wednesday,. 
 
 122 
 
 7,261 
 
 6,157 
 
 Thursday,... 
 
 49 
 
 5,355 
 
 5,592 
 
 Thursday,... 
 
 111 
 
 4,909 
 
 5,116 
 
 Friday, 
 
 148 
 
 7,301 
 
 6,631 
 
 Friday, ...... 
 
 198 
 
 9,665 
 
 8,800 
 
 Saturday,.... 
 
 109 
 
 3,729 
 
 6,580 
 
 Saturday, ... 
 
 151 
 
 11,433 
 
 9,172 
 
 ^ week,... 
 
 640 
 
 £37,197 
 
 £39,553 
 
 ^ week,... 
 
 907 
 
 £60,618 
 
 £55,272 
 
 — “At this rate, for a year, it would be, 
 transactions No. 33,280, amount received 
 £1,934,244, amount paid £2,056,756.” 
 
 “At this rate, for a year, it would be, 
 transactions No. 47,164, amount received 
 £3,152,136, amount paid £2,874,144 — but 
 this being old Martinmas week, the sums 
 stated are greatly above an average.” 
 
 The amount of transactions at the Branches and through the Bank’s correspondents, 
 during the 19 months from June 1802 to December 1803, was as follows : — Arbroath 
 Branch, £143,720, 11s. 7d. ; Brechin Branch, £95,511, 3s. lid. ; Forfar Branch, £186,370, 
 12s. 6d. ; Agents in London, £462,928, 19s. 2d. ; Agents in Edinburgh, £784,322, 15s. 2d.; 
 and Agents in Glasgow, £50,484, 11s. 6d. 
 
 Amount of Dundee New Bank Notes retired in Dundee and in Edinburgh during the 
 year ls<( July 1805 to 30 th June 1806, and of Notes of other Banks collected by 
 the Dundee New Bank during the same period : — 
 
 
 Notes 
 
 of Dundee New Bank. 
 
 Notes of other Banks. 
 
 
 Dundee. 
 
 Edinburgh. 
 
 N 
 
 Total. 
 
 Dundee. 
 
 Edinburgh. 
 
 Total. 
 
 1805. July ... 
 
 £36,082 
 
 £23,440 
 
 £59,522 
 
 £21,711 
 
 £22,931 
 
 £44,642 
 
 Aug.... 
 
 41,498 
 
 27,074 
 
 68,572 
 
 23,935 
 
 30,510 
 
 54,445 
 
 Sept.... 
 
 41,636 
 
 21,809 
 
 63,445 
 
 22,262 
 
 26,957 
 
 49,219 
 
 Oct 
 
 30,830 
 
 21,536 
 
 52,366 
 
 19,563 
 
 26,038 
 
 45,599 
 
 Nov. ... 
 
 37,479 
 
 24,206 
 
 63,685 
 
 23,405 
 
 26,243 
 
 49,648 
 
 Dec. ... 
 
 32,855 
 
 29,185 
 
 62,040 
 
 26,843 
 
 29,032 
 
 54,875 
 
 1806. Jan 
 
 47,687 
 
 17,670 
 
 65,357 
 
 23,767 
 
 20,431 
 
 44,198 
 
 Feb. ... 
 
 44,080 
 
 21,528 
 
 65,608 
 
 29,513 
 
 17,459 
 
 46,972 
 
 March . 
 
 45,043 
 
 25,709 
 
 70,752 
 
 27,436 
 
 21,340 
 
 48,776 
 
 April... 
 
 32,128 
 
 20,517 
 
 52,645 
 
 22,048 
 
 20,204 
 
 42,252 
 
 May.... 
 
 52,316 
 
 20,888 
 
 73,204 
 
 30,504 
 
 20,915 
 
 51,419 
 
 June... 
 
 28,883 
 
 31,578 
 
 60,461 
 
 17,297 
 
 24,239 
 
 41,536 
 
 
 
 Total, .... 
 
 £757,657 
 
 
 Total, 
 
 .£573,581 
 
228 
 
 Banking Memoranda for 1802- 
 
 —( Continued). 
 
 
 The gradual increase of a Bank’s Circulation in the early days of its career is 
 interesting, as shewing the wants of the district. There exists a correct state- 
 ment, taken weekly, of the experience of the Dundee New Bank from May 1802 
 to December 1805, distinguishing the portion of it that arose from the trans- 
 
 Table of the Circulation of the Dundee New Bank , 
 
 1 8 0 2. 
 
 1 8 03. 
 
 Total 
 
 Circulation. 
 
 Arbroath 
 
 Portion, 
 
 Brechin 
 
 Portion. 
 
 Forfar 
 
 Portion. 
 
 Total 
 
 Circulation. 
 
 Arbroath 
 
 Portion. 
 
 Brechin 
 
 Portion. 
 
 Forfar 
 
 Portion. 
 
 
 
 
 
 £57,648 
 
 £1,531 
 
 £ 4,430 
 
 £9,339 
 
 
 
 
 
 58,861 
 
 3,104 
 
 3,288 
 
 8,556 
 
 
 
 
 
 59,790 
 
 3,242 
 
 4,516 
 
 6,726 
 
 
 
 
 
 57,526 
 
 3,500 
 
 3,524 
 
 6,627 
 
 
 
 
 
 60,529 
 
 4,104 
 
 4,393 
 
 6,175 
 
 
 
 
 
 60,734 
 
 4,769 
 
 5,477 
 
 6,966 
 
 
 
 
 
 60,012 
 
 4,293 
 
 4,822 
 
 6,511 
 
 
 
 
 
 58,947 
 
 5,225 
 
 3,997 
 
 5,519 
 
 
 
 
 
 58,872 
 
 5,359 
 
 4,671 
 
 5,572 
 
 
 
 
 
 56,935 
 
 5,904 
 
 4,813 
 
 4,543 
 
 
 
 
 
 58,249 
 
 5,642 
 
 6,007 
 
 4,890 
 
 
 
 
 
 55,517 
 
 5,697 
 
 5,449 
 
 3,453 
 
 
 
 
 
 56,634 
 
 5,856 
 
 5,247 
 
 3,370 
 
 
 
 
 
 56,203 
 
 5,439 
 
 4,906 
 
 4,131 
 
 
 
 
 
 54,532 
 
 5,334 
 
 5,527 
 
 3,442 
 
 
 
 
 
 53,259 
 
 5,666 
 
 5,207 
 
 3,927 
 
 
 
 
 
 60,524 
 
 5,770 
 
 8,050 
 
 3,492 
 
 
 
 
 
 57,211 
 
 5,700 
 
 8,409 
 
 4,183 
 
 
 
 
 
 55,354 
 
 5,785 
 
 7,838 
 
 4,066 
 
 
 
 
 
 60,210 
 
 5,290 
 
 8,644 
 
 4,691 
 
 
 
 
 
 62,754 
 
 6,693 
 
 10,944 
 
 5,003 
 
 
 
 
 
 68,836 
 
 7,161 
 
 10,939 
 
 5,463 
 
 £ 3,517 
 
 
 
 
 70,665 
 
 6,844 
 
 12,087 
 
 6,631 
 
 6,304 
 
 
 
 
 69,446 
 
 6,465 
 
 10,186 
 
 8,343 
 
 8,129 
 
 
 
 
 70,209 
 
 6,260 
 
 10,532 
 
 6,678 
 
 10,304 
 
 
 
 
 71,000 
 
 6,393 
 
 11,129 
 
 6,452 
 
 12,396 
 
 
 
 
 72,636 
 
 6,695 
 
 10, 143 
 
 6,760 
 
 14,463 
 
 
 
 
 73,193 
 
 5,898 
 
 9,287 
 
 6,671 
 
 16,765 
 
 
 
 
 72,970 
 
 5,608 
 
 8,640 
 
 5,982 
 
 19,071 
 
 
 
 
 70,884 
 
 6,412 
 
 6,729 
 
 4,811 
 
 21,539 
 
 
 
 
 72,854 
 
 6,461 
 
 8,141 
 
 4,410 
 
 23,904 
 
 
 
 
 76,111 
 
 6,550 
 
 6,945 
 
 4,888 
 
 26,297 
 
 
 
 
 74,587 
 
 6,689 
 
 6,415 
 
 5,331 
 
 28,714 
 
 
 
 
 63,980 
 
 6,601 
 
 6,727 
 
 6,460 
 
 30,872 
 
 
 
 
 66,527 
 
 6,468 
 
 5,348 
 
 5,867 
 
 34,145 
 
 
 
 
 63,224 
 
 6,225 
 
 5,386 
 
 4,544 
 
 35,509 
 
 
 
 £ 3,250 
 
 61,399 
 
 5,776 
 
 4,957 
 
 4,124 
 
 36,854 
 
 
 
 5,828 
 
 60,374 
 
 6,885 
 
 4,935 
 
 5,030 
 
 43,969 
 
 
 
 7,185 
 
 62,649 
 
 7,167 
 
 5,700 
 
 3,860 
 
 46,789 
 
 
 
 6,029 
 
 63,454 
 
 6,835 
 
 5,424 
 
 4,265 
 
 47,396 
 
 
 
 5,726 
 
 65,959 
 
 7,858 
 
 3,780 
 
 4,347 
 
 50,833 
 
 
 
 7,083 
 
 66,929 
 
 7,247 
 
 3,652 
 
 4,013 
 
 50,200 
 
 
 
 9,098 
 
 65,065 
 
 7,701 
 
 3,650 
 
 4,842 
 
 52,183 
 
 
 
 9,145 
 
 65,803 
 
 6,487 
 
 3,011 
 
 4,464 
 
 56,513 
 
 
 
 10,979 
 
 63,609 
 
 6,766 
 
 3,565 
 
 6,653 
 
 54,511 
 
 
 
 10,134 
 
 72,700 
 
 7,301 
 
 4,390 
 
 6,264 
 
 58,117 
 
 
 
 9,796 
 
 72,820 
 
 4,952 
 
 4,753 
 
 5,303 
 
 64,771 
 
 
 
 9,905 
 
 70,341 
 
 4,671 
 
 3,906 
 
 5,735 
 
 61,682 
 
 
 
 9,298 
 
 69,552 
 
 4,900 
 
 4,912 
 
 4,874 
 
 59,125 
 
 
 
 9,450 
 
 59,394 
 
 4,696 
 
 2,168 
 
 3,828 
 
 59,455 
 
 
 
 10,225 
 
 65,867 
 
 6,023 
 
 3,724 
 
 4,312 
 
 58,374 
 
 
 
 10,455 
 
 65, 103 
 
 5,709 
 
 4,366 
 
 5,084 
 

 Banking Memoranda for 1802- 
 
 -( Continued). 
 
 229 
 
 actions at its three Branches, and as it seems a pity not to put it on record, it is 
 given in this Table. The spaces which cross the Table indicate the four terms 
 (new style) of Candlemas, Whitsunday, Lammas, and Martinmas, at which periods 
 there is generally an extension of the Circulation for about three weeks. 
 
 shewing the portion arising from its Branches. 
 
 1 8 04 . 
 
 1 8 0 5 . 
 
 Total 
 
 Circulation. 
 
 Arbroath 
 
 Portion. 
 
 Brechin 
 
 Portion. 
 
 Forfar 
 
 Portion. 
 
 Total 
 
 Circulation. 
 
 Arbroath 
 
 Portion. 
 
 Brechin 
 
 Portion. 
 
 Forfar 
 
 Portion. 
 
 £64,446 
 
 £ 5,900 
 
 £1,918 
 
 £ 4,312 
 
 £100,568 
 
 £11,385 
 
 £ 4,946 
 
 £11,653 
 
 71,221 
 
 5,848 
 
 3,156 
 
 3,250 
 
 96,586 
 
 10,462 
 
 4,517 
 
 11,419 
 
 64,086 
 
 5,515 
 
 3,857 
 
 3,377 
 
 96,148 
 
 9,644 
 
 4,857 
 
 11,929 
 
 59,689 
 
 5,070 
 
 3,286 
 
 2,986 
 
 89,548 
 
 10,738 
 
 3,546 
 
 11,183 
 
 62,943 
 
 6,475 
 
 2,987 
 
 2,847 
 
 82,503 
 
 10,290 
 
 2,391 
 
 9,295 
 
 60,848 
 
 5,529 
 
 1,397 
 
 3,051 
 
 91,049 
 
 10,748 
 
 4,007 
 
 10,551 
 
 75,891 
 
 5,394 
 
 2,577 
 
 2,720 
 
 87,640 
 
 11,160 
 
 3,826 
 
 10,744 
 
 62,211 
 
 5,677 
 
 137 
 
 952 
 
 86,804 
 
 13,188 
 
 3,354 
 
 8,736 
 
 59,8J 8 
 
 6,812 
 
 378 
 
 1,124 
 
 87,634 
 
 11,966 
 
 5,467 
 
 11,295 
 
 58,808 
 
 5,256 
 
 647 
 
 465 
 
 83,619 
 
 11,698 
 
 4,810 
 
 9,731 
 
 59,103 
 
 8,156 
 
 742 
 
 1,693 
 
 87,941 
 
 12,062 
 
 4,459 
 
 9,874 
 
 59,247 
 
 8,577 
 
 
 1,807 
 
 81,881 
 
 11,842 
 
 3,939 
 
 8,041 
 
 61,821 
 
 8,467 
 
 
 1,374 
 
 82,397 
 
 12,258 
 
 4,331 
 
 7,620 
 
 66,834 
 
 8,910 
 
 833 
 
 1,406 
 
 83,520 
 
 12,590 
 
 4,414 
 
 9,375 
 
 59,930 
 
 6,853 
 
 
 7,096 
 
 81,283 
 
 11,764 
 
 2,554 
 
 8,165 
 
 58,239 
 
 7,858 
 
 
 5,762 
 
 77,436 
 
 12,706 
 
 2,605 
 
 8,508 
 
 62,586 
 
 7,802 
 
 1,781 
 
 7,700 
 
 84,803 
 
 11,609 
 
 3,746 
 
 11,908 
 
 64,299 
 
 7,399 
 
 
 8,205 
 
 84,495 
 
 11,275 
 
 3,485 
 
 10,482 
 
 66,800 
 
 6,973 
 
 
 7,872 
 
 82,921 
 
 10,722 
 
 4,320 
 
 10,952 
 
 71,150 
 
 7,533 
 
 1,994 
 
 10,353 
 
 92,622 
 
 11,967 
 
 5,559 
 
 11,335 
 
 67,902 
 
 7,752 
 
 3,826 
 
 11,234 
 
 84,352 
 
 11,029 
 
 4,825 
 
 12,573 
 
 78,130 
 
 9,386 
 
 4,300 
 
 12,909 
 
 93,612 
 
 11,909 
 
 5,169 
 
 10,896 
 
 72,702 
 
 8,270 
 
 3,094 
 
 11,150 
 
 86,561 
 
 11,781 
 
 4,807 
 
 8,750 
 
 76,320 
 
 8,286 
 
 1,753 
 
 9,286 
 
 79,320 
 
 12,084 
 
 6,106 
 
 8,290 
 
 77,675 
 
 8,787 
 
 6,503 
 
 12,859 
 
 85,161 
 
 10,803 
 
 6,551 
 
 11,249 
 
 75,816 
 
 8,626 
 
 5,370 
 
 12,826 
 
 85,807 
 
 10,675 
 
 4,186 
 
 10,723 
 
 71,696 
 
 8,984 
 
 3,972 
 
 12,723 
 
 83,440 
 
 10,941 
 
 1,804 
 
 10,949 
 
 66,743 
 
 8,217 
 
 4,534 
 
 12,504 
 
 79,746 
 
 10,444 
 
 1,998 
 
 10,081 
 
 67,934 
 
 8,002 
 
 3,723 
 
 11,693 
 
 82,312 
 
 11,434 
 
 2,817 
 
 11,489 
 
 66,385 
 
 7,992 
 
 1,403 
 
 10,290 
 
 86,636 
 
 11,019 
 
 4,615 
 
 11,241 
 
 69,157 
 
 8,422 
 
 1,790 
 
 12,272 
 
 88,501 
 
 10,689 
 
 4,032 
 
 12,869 
 
 65,656 
 
 8,507 
 
 1,299 
 
 12,420 
 
 88,985 
 
 10,788 
 
 5,469 
 
 13,487 
 
 73,325 
 
 8,318 
 
 2,054 
 
 12,551 
 
 90,540 
 
 9,704 
 
 4,826 
 
 13,285 
 
 74,883 
 
 8,972 
 
 3,022 
 
 13,672 
 
 87,437 
 
 10,292 
 
 3,675 
 
 13,865 
 
 78,589 
 
 9,047 
 
 2,965 
 
 13,118 
 
 94,970 
 
 12,369 
 
 4,685 
 
 14,168 
 
 75,215 
 
 9,456 
 
 1,792 
 
 12,047 
 
 89,699 
 
 11,115 
 
 4,697 
 
 12,613 
 
 82,747 
 
 10,320 
 
 2,472 
 
 13,637 
 
 86,362 
 
 10,773 
 
 3,776 
 
 11,429 
 
 79,557 
 
 9,287 
 
 2,011 
 
 15,087 
 
 90,808 
 
 11,521 
 
 3,827 
 
 14,244 
 
 84,460 
 
 9,841 
 
 4,931 
 
 13,777 
 
 89,064 
 
 14,308 
 
 6,121 
 
 13,951 
 
 82,158 
 
 9,352 
 
 3,777 
 
 14,519 
 
 87,777 
 
 11,756 
 
 5,501 
 
 13,296 
 
 71,918 
 
 10,217 
 
 3,757 
 
 13,094 
 
 96,777 
 
 16,382 
 
 10,396 
 
 16,581 
 
 82,087 
 
 10,172 
 
 4,732 
 
 14,067 
 
 100,272 
 
 13,784 
 
 9,372 
 
 15,759 
 
 88,965 
 
 10,203 
 
 4,538 
 
 14,877 
 
 101,778 
 
 15,099 
 
 7,497 
 
 12,863 
 
 88,732 
 
 10,347 
 
 5,636 
 
 13,091 
 
 104,745 
 
 14,530 
 
 10,203 
 
 14,263 
 
 91,188 
 
 11,041 
 
 5,223 
 
 14,494 
 
 104,866 
 
 15,570 
 
 10,612 
 
 13,747 
 
 97,849 
 
 11,883 
 
 7,347 
 
 13,545 
 
 108,308 
 
 16,011 
 
 9,882 
 
 13.408 
 
 99,345 
 
 11,387 
 
 5,977 
 
 13,203 
 
 107,711 
 
 12,489 
 
 11,208 
 
 12,262 
 
 104,554 
 
 12,469 
 
 7,268 
 
 14,993 
 
 116,540 
 
 15,131 
 
 12,029 
 
 14,312 
 
 102,822 
 
 12,218 
 
 4,902 
 
 14,002 
 
 117,464 
 
 16,286 
 
 13,598 
 
 15,645 
 
 99,965 
 
 10,221 
 
 6,174 
 
 12,243 
 
 116,096 
 
 17,071 
 
 19,030 
 
 15,744 
 
 104,935 
 
 10,885 
 
 5,009 
 
 13,377 
 
 115,277 
 
 17,911 
 
 17,131 
 
 15,074 
 
 103,189 
 
 10,110 
 
 4,278 
 
 12,225 
 
 1 114,802 
 
 17,205 
 
 16,852 
 
 14,694 
 
I 
 
 230 Banking Memoranda for 1802 — ( Continued .) 
 
 Chief Items in the Balance Sheets of the Dundee Commercial Bank and Dundee New Bank. 
 
 Year. 
 
 As to the Extent of Business. 
 
 As to the Result. 
 
 Capital. 
 
 Circulation. 
 
 Deposits. 
 
 Investments. 
 
 Profits 
 
 Divided. 
 
 Profits 
 applied to 
 Bad Debts. 
 
 Bad Debts. 
 
 Dividends 
 
 Recovered. 
 
 
 
 Dun 
 
 dee Com 
 
 MEftCIAL 
 
 Bank. 
 
 
 
 
 
 1792 
 
 £ 3,500 
 
 £ 25,982 
 
 £ 8,453 
 
 £ 34,864 
 
 £ 418 
 
 
 
 
 
 3 
 
 3,500 
 
 11,019 
 
 3,921 
 
 19,284 
 
 
 £ 189 
 
 
 
 
 4 
 
 3,500 
 
 23,951 
 
 10,737 
 
 36,135 
 
 410 
 
 174 
 
 
 
 
 5 
 
 2,000 
 
 25,230 
 
 22,048 
 
 39,061 
 
 494 
 
 
 
 
 
 6 
 
 2,000 
 
 19,352 
 
 21,972 
 
 36,032 
 
 464 
 
 
 
 
 
 7 
 
 2,000 
 
 14,809 
 
 22,745 
 
 32,939 
 
 231 
 
 
 
 
 
 8 
 
 2,000 
 
 13,577 
 
 26,127 
 
 42,000 
 
 375 
 
 
 
 
 
 9 
 
 2,000 
 
 18,403 
 
 41,866 
 
 58,840 
 
 511 
 
 
 
 
 
 1800 
 
 2,000 
 
 29,750 
 
 66,553 
 
 64.792 
 
 573 
 
 
 
 
 
 1 
 
 2,000 
 
 24,746 
 
 72,894 
 
 61,766 
 
 956 
 
 
 
 
 
 
 
 
 Dundee 
 
 New 
 
 Bank. 
 
 
 
 
 
 2 
 
 
 58,374 
 
 139,635 
 
 174,934 
 
 
 1,650 
 
 
 
 
 3 
 
 5,800 
 
 69,903 
 
 135,986 
 
 144,714 
 
 
 2,024 
 
 £ 6,051 
 
 
 4 
 
 5,800 
 
 102,810 
 
 182,789 
 
 213,207 
 
 
 2,298 
 
 
 5,369 
 
 
 5 
 
 
 99,961 
 
 201,907 
 
 225,749 
 
 
 934 
 
 
 1,286 
 
 
 
 
 
 
 
 
 cap. 5.800 
 
 
 
 
 6 
 
 
 110,047 
 
 200,632 
 
 280,010 
 
 5,259 
 
 618 
 
 (2) 
 
 131 
 
 
 7 
 
 5,200 
 
 99,904 
 
 226,383 
 
 292,402 
 
 5,214 
 
 529 
 
 (1) 
 
 8 
 
 
 8 
 
 6,500 
 
 113,740 
 
 260,834 
 
 340,546 
 
 5,544 
 
 566 
 
 
 
 9 
 
 13,000 
 
 111,514 
 
 288,977 
 
 411,958 
 
 6,500 
 
 540 
 
 (3) 
 
 350 
 
 
 1810 
 
 17,160 
 
 96,768 
 
 276,843 
 
 352,183 
 
 4,160 
 
 138 
 
 (16) 
 
 3,568 
 
 
 1 
 
 18,850 
 
 70,629 
 
 205,625 
 
 266,398 
 
 1,690 
 
 514 
 
 (6) 
 
 1,894 
 
 £ 413 
 
 2 
 
 20,800 
 
 72,208 
 
 228,060 
 
 308,049 
 
 1,950 
 
 747 
 
 (21) 
 
 3,658 
 
 
 3 
 
 22,100 
 
 62,355 
 
 201,748 
 
 276,874 
 
 1,300 
 
 800 
 
 (1) 
 
 6 
 
 1,791 
 
 4 
 
 23,400 
 
 54,994 
 
 236,743 
 
 301,850 
 
 1,300 
 
 1,383 
 
 (3) 
 
 442 
 
 2,295 
 
 5 
 
 24,700 
 
 55,289 
 
 236,984 
 
 316,883 
 
 1,300 
 
 1,351 
 
 
 316 
 
 6 
 
 3,640 
 
 44,249 
 
 175,326 
 
 246,685 
 
 1,040 
 
 240 
 
 (6) 
 
 583 
 
 594 
 
 7 
 
 5,200 
 
 36,053 
 
 178,961 
 
 233,901 
 
 1,560 
 
 347 
 
 (7) 
 
 593 
 
 312 
 
 8 
 
 7,800 
 
 51,430 
 
 227,200 
 
 275,592 
 
 2,600 
 
 375 
 
 (3) 
 
 385 
 
 243 
 
 9 
 
 9,360 
 
 46,916 
 
 214,403 
 
 259,896 
 
 1,560 
 
 2,142 
 
 (9) 
 
 1,533 
 
 192 
 
 1820 
 
 10,920 
 
 49,514 
 
 214,323 
 
 243,168 
 
 1,560 
 
 791 
 
 (44) 
 
 9,395 
 
 2,531 
 
 1 
 
 10,920 
 
 39,957 
 
 242.068 
 
 244,757 
 
 2,600 
 
 580 
 
 (5) 
 
 290 
 
 3,214 
 
 2 
 
 10,920 
 
 38,586 
 
 284,714 
 
 329,561 
 
 3,120 
 
 360 
 
 (6) 
 
 403 
 
 319 
 
 3 
 
 10,920 
 
 41,918 
 
 246,542 
 
 303,846 
 
 3,120 
 
 475 
 
 (5) 
 
 342 
 
 1,038 
 
 4 
 
 10,920 
 
 47,923 
 
 240,532 
 
 279,526 
 
 3,120 
 
 233 
 
 (4) 
 
 139 
 
 147 
 
 5 
 
 10,920 
 
 49,643 
 
 243,081 
 
 271,532 
 
 2,860 
 
 387 
 
 (5) 
 
 209 
 
 126 
 
 6 
 
 10,920 
 
 25,486 
 
 183,935 
 
 211.003 
 
 
 1,922 
 
 (81) 
 
 6,681 
 
 3,736 
 
 7 
 
 10,920 
 
 22,630 
 
 192,175 
 
 203,986 
 
 1,232 
 
 206 
 
 (94) 
 
 15,313 
 
 7,892 
 
 8 
 
 5,460 
 
 27,129 
 
 200,114 
 
 196,497 
 
 910 
 
 232 
 
 (4) 
 
 884 
 
 2,466 
 
 
 
 
 
 
 
 cap. 2,002 
 
 
 1,288 
 
 9 
 
 12,825 
 
 25,807 
 
 212,918 
 
 228,618 
 
 2,025 
 
 283 
 
 (3) 
 
 122 
 
 1830 
 
 14, 145 
 
 25,754 
 
 207,517 
 
 227,308 
 
 2.645 
 
 188 
 
 (3) 
 
 121 
 
 2,179 
 
 1 
 
 16,790 
 
 25,923 
 
 199,320 
 
 226,829 
 
 2; 645 
 
 243 
 
 (2) 
 
 78 
 
 340 
 
 2 
 
 15,300 
 
 29,359 
 
 197,940 
 
 199,837 
 
 2,890 
 
 
 (7) 
 
 225 
 
 99 
 
 3 
 
 21,000 
 
 26,265 
 
 204,032 
 
 219,945 
 
 2,700 
 
 203 
 
 (1) 
 
 8 
 
 49 
 
 4 
 
 24,000 
 
 27,012 
 
 188,615 
 
 230,682 
 
 3,000 
 
 55 
 
 
 166 
 
 5 
 
 27,500 
 
 29,769 
 
 173,806 
 
 228,364 
 
 3,500 
 
 300 
 
 (3) 
 
 68 
 
 41 
 
 6 
 
 40,000 
 
 26,060 
 
 158,719 
 
 220,225 
 
 *4,500 
 
 331 
 
 (5) 
 
 384 
 
 43 
 
 7 
 
 50,000 
 
 23,013 
 
 134,798 
 
 191,401 
 
 3,000 
 
 1,183 
 
 (3) 
 
 1,870 
 
 95 
 
 8 
 
 19,000 
 
 19,412 
 
 138,719 
 
 152,009 
 
 
 4,053 
 
 (83) 
 
 10,615 
 
 5,322 
 
 
 
 
 
 
 £86,404 
 
 £37,023 
 
 £73,004 
 
 £37,247 
 
 * Of this sum £1,206 was taken back from Dependencies as undivided profits. 
 
 The summations of the last four columns (deducting £8,500, £2,002, and £1,266 from 
 the second of them), shew that the total profits of the period were £111,659, of which 
 £86,404 was divided among the partners (exclusive of £11,020 divided after the winding 
 up of the Company’s affairs), and £25,255 (besides £5, 800 + £2,002 taken from the capital) 
 was applied to the payment of losses — the bad debts (including the £12,866 of notes stolen 
 from the Bank) being £73,004, and the dividends recovered being £37,247. 
 
B 15 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 To the PUBLIC, as per following Statement, £228,937 
 
 For NOTES in circulation, as follows, £ 54,096 0 0 
 
 Notes of £0 5 0 £ 399 0 0 
 
 „ 1 0 0 45,987 0 0 
 
 „ 5 0 0 7,710 0 0 
 
 £54,096 0 0 
 
 For MONEY DEPOSITED, as follows, 157,822 7 0 
 
 In Dundee, on 473 Deposit Accts.,..£ 107, 145 3 8 
 ,, Do., on 35 Cash Accts., Cr., 10,296 14 4 
 
 At Arbroath, on 260 Accounts, 39,880 9 0 
 
 ,, Forfar, on 7 do., 500 0 0 
 
 775 £157,822 7 0 
 
 For SUNDRY ACCOUNTS, Cr., 2,112 7 7 
 
 For Balance due London Agents, 14, 906 14 1 
 
 £228,937 8 8 
 
 j41 
 
 8 8 
 
 To the PARTNERS of the Company, as per following Statement, 8,114 5 6 
 
 For CAPITAL paid up, £73 on 107 shares, £7,811 0 0 
 
 For Rebate on Bills on hand, 303 5 6 
 
 Profit and Loss — 
 
 By Balance from former years, £1,267 1 4 
 
 By Discounts received ( + for- 
 mer Rebate), £3,332 2 9 
 
 Exchange gained, ],914 5 10 
 
 Interest received, 5,690 17 3 
 
 £10,937 5 10 
 
 Off Interest paid, 5,735 12 7 
 
 £5,201 13 3 
 
 To Rebate on Bills, £ 303 5 6 
 
 Management.... 2,239 3 8 2,542 9 2 
 
 By Nett Profit, 2,659 4 1 
 
 By Total Profit on hand, £ 3,926 5 5 
 
 Taken off Capital, £127 on 107 shares,. ... 13,589 0 0 
 
 To Dependancies, £8,286 0 1 
 
 £17,515 5 5 
 
 Gov. Stock, depreciation in 
 
 price of Consols, 9, 229 5 4 
 
 17,515 5 5 £8,114 5 6 
 
 TOTAL LIABILITIES of the Bank, ..£237,051 14 2 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £1,350,000. 
 
 Total Transactions in Bills. 
 
 
 Hills Discounted. 
 
 Bills Receivable. 
 
 Bills op Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ S. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. 
 
 d. 
 
 Dundee, .... 
 
 1658 
 
 205,189 3 1 
 
 570 
 
 91,988 12 0 
 
 967 
 
 192,281 0 1 
 
 3195 
 
 489,458 15 
 
 2 
 
 Arbroath, .. 
 Forfar, 
 
 1008 
 
 85,457 19 6 
 
 163 
 
 13,364 1 3 
 
 416 
 
 71,383 2 7 
 
 1587 
 
 170,205 3 
 
 4 
 
 Totals, ... 
 
 2666 
 
 290,647 2 7 
 
 733 
 
 105,352 13 3 
 
 1383 263,664 2 8 
 
 4782 
 
 659,663 18 
 
 6 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
 11 
 
41] 20th FEBRUARY 1804. 
 
 
 Cr. 
 
 By BANK OFFICE, 
 
 
 
 
 £ 
 
 663 7 10 
 
 INVESTMENTS, as per following Statement, 
 
 
 
 ls£. In Dundee, as follows : — 
 
 
 
 
 
 
 Casli Accounts, in number 125, 
 
 £31,163 
 
 12 
 
 9 
 
 
 
 Bills Discounted, i.e., due in Dundee, 37,837 
 
 6 
 
 7 
 
 
 
 Bills of Exchange, i.e., due in London, 41,074 16 
 
 1 
 
 
 
 Outstanding Bills, 
 
 464 19 
 
 1 
 
 
 
 Excheq uer Bills, £ 1 5, 000 with Interest, 1 5, 1 5 1 
 
 17 
 
 6 
 
 
 
 Consols, £70,000 at £56, 
 
 39,200 
 
 0 
 
 0 
 
 
 
 Share of the Bank, 
 
 223 
 
 6 
 
 2 
 
 
 
 Dependancies, 
 
 7,695 
 
 18 
 
 2 
 
 
 
 
 
 
 £172,811 16 4 
 
 
 2 d. At Arbroath, as follows : — 
 
 
 
 
 
 
 Cash Accounts, in number 72, .... 
 
 £16,719 
 
 0 
 
 0 
 
 
 
 Bills Discounted, i.e., due in Arbroath, 17,511 
 
 17 
 
 7 
 
 
 
 Bills of Exchange, i.e., due in London, 13,478 
 
 3 
 
 4 
 
 
 
 
 
 
 47,709 0 11 
 
 
 3 d. At Forfar — C ash Accounts, in 
 
 number 39, . . 
 
 
 ... 5,213 0 0 
 
 
 ' 
 
 
 
 £225,733 17 3 
 
 
 SUNDRY ACCOUNTS, Dr.,.. 
 
 
 
 
 
 795 13 6 
 
 CASH at call and on hand, as per following Statement, 9,858 15 7 
 
 At call, Edinburgh Agents, 
 
 
 
 £ 390 12 6 
 
 
 Cash on hand : — - 
 
 
 
 
 
 
 At Head Office, Dundee, as follows : — 
 
 
 
 
 
 Mixed Notes, 
 
 £1,110 
 
 17 
 
 0 
 
 
 
 Gold, 
 
 6,492 
 
 17 
 
 6 
 
 
 
 Silver, 
 
 698 
 
 10 
 
 0 
 
 
 
 Copper, 
 
 0 
 
 8 
 
 5 
 
 
 
 
 
 
 8,302 12 11 
 
 
 At Arbroath Branch — M ixed Notes and Specie, . 
 
 617 3 6 
 
 
 ,, Forfar Do. do. 
 
 do., . 
 
 548 6 8 
 
 
 
 
 
 £9,858 15 7 
 
 
 TOTAL ASSETS of the Bank 
 
 
 
 
 £237,051 14 2 
 
 
 Dundee. 
 
 Arbkoath. 
 
 Forfar. 
 
 Totals. 
 
 
 £ S . d . 
 
 £ s. d . 
 
 £ S . d . 
 
 £ S . d . 
 
 Discounts received, 
 
 2,146 6 0 
 
 941 4 3 
 
 
 3,087 10 3 
 
 Exchange gained, 
 
 1,441 10 5 
 
 4 
 
 72 15 5 
 
 
 1,914 5 10 
 
 Total payments through Edinburgh Agents, £317,395, 17s. 5d. (of this for the Bank’s 
 
 Notes retired, £120,806) ; and through London Agents, £198,125, 
 
 15s. Id. 
 
 
 1803. Oct. 12. — Cash Account granted to Paterson Saunders, ’ 
 
 Paymaster of the Dundee 
 
 Volunteers, for £300 ; William Lindsay, Archibald Crichton, Robert Stirling, David Hackney, 
 
 J ohn Soutar, David Brown, Thomas Rattray, and Charles Stewart Lindsay, Captains in the 
 
 said Regiment, to join in the Security. 
 
 
 
 
 
 
 N.B. — In the statement of Profit and Loss, the gain or 
 
 loss by the variation 
 
 in price of the 
 
 Government Stock held by the Bank is kept separate from the other items, in 
 
 order to show 
 
 the amount of ordinary banking profits. 
 
 
 
 
 
 
234 
 
 Banking Memoranda for 1803. 
 
 Currency, Prices, &c., in 1803. — War with France : Gold at £4 per oz., 
 currency depreciated £2, 13s. 2d. per cent., coined £596,444 ; Bank of Eng- 
 land Circulation (end of February), £16,847,522 (£3,864,045 of this under 
 £5), and Bullion £3,776,750 ; Consols, 50^ to 71f, and Bank stock 136J to 
 193 ; Parliamentary supplies, £38,956,919 ; wheat per quarter, in London, 
 49s. 9d. to 56s. 6d., and in Edinburgh, 53s. — oatmeal per boll, 16s. 8d. ; 
 bankruptcies in England, 1,214, of which 8 were of Banks. 
 
 War with France. — This war, sometimes more appropriately called the 
 war with Buonaparte, was proclaimed 29th April 1803. It did not finally 
 close till 18th June 1815. France at this time had conquered and annexed 
 Italy, and could constrain Holland and Switzerland, and exercised great 
 influence over Spain and Portugal with their South American possessions. 
 Prussia was inclined rather towards France, while Russia, Austria, and 
 Sweden were favourable to England. 
 
 Falkirk Union Bank. — Another Bank was established at Falkirk, under 
 the title of the Falkirk Union Banking Company — its capital was £12,000. 
 
 Provincial Banks in Scotland. — The country Banks at this date existing 
 in Scotland, as given for the first time in th e. Edinburgh Almanac for 1804, 
 were as follows. The branches are not given in the Almanac till 1821. 
 
 Aberdeen Banking Co. 
 Aberdeen Commercial Bk. 
 Ayr Banking Co. 
 
 Cupar Banking Co. 
 Dundee Banking Co. 
 Dundee New Bank. 
 Falkirk Banking Co. 
 
 Paisley Union Bank 5, Co. 
 Perth Banking Co. 
 Renfrewshire Bank 5- Co. 
 Stirling Banking Co. 
 Stirling Private Bank of 
 Belsh & Co. 
 
 Falkirk Union Bank. Co. 
 
 Fifesliire Banking Co. 
 
 Glasgow Ship Bank 5, Co. 
 
 Glasgow Thistle Bank 5 Co. 
 
 Greenock Banking Co. 
 
 Kilmarnock Banking Co. 
 
 Paisley Banking Co. 
 
 Arbroath’s Request for a Bank. — The petition of 16th Aug. 1802, referred 
 to at page 226, was signed by the following merchants and manufacturers: — 
 Jas. Marnie, Pat. Bruce, John Leslie, David Lumgair, David Paterson, George 
 Morison, James Dear, James Burns, George Gow, David Ferrier, J. Simpson, 
 Alex. Esplin, David Knight, Alex. Vannet, John Airth, James Renny, James 
 Bell, William Renny, John Airth, jr., Samuel Renny, David Robertson, John 
 Williamson, James Salmond, Alex. Webster, Thomas Millar, Aw. Matthew. 
 
 Difficulty of collecting Gold in London. — William Bell writes to the 
 Dundee New Bank, under date August 9 (one of many letters about that time, 
 advising the despatch of small parcels of gold), “ If I can get £50 or £60 I will 
 send it by the mail. I have got application made to a person who farms a great 
 number of tolls round London, to get his gold and silver. If I succeed I will send 
 it to you as fast as possible.” Of course a premium had to be paid for it, but 
 it was a favour to obtain it even on these terms — usually £1, 11s. 6d. for £100. 
 
 Dundee Volunteers. — From an account in the Dundee New Bank con- 
 nected with the Hon. Charles Kinnaird’s company of H.R.H. Prince of Wales’ 
 Volunteers, it appears that privates, drummers, and fifers were paid 6s. a-week 
 for subsistence-money, by John M‘Kellar, the serjeant -major. 
 
 Linen Trade. — Linen stamped this year in Scotland, 15,890,878 yards ; 
 estimated value, £687,692. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. ' 
 
 [42 
 
 To the PUBLIC, as per following Statement, £281,090 2 11 
 
 For NOTES in circulation, as follows, £ 67,169 0 0 
 
 Notes of £0 5 0 £ 368 0 0 
 
 „ 1 0 0 56,886 0 0 
 
 „ 5 0 0 9,915 0 0 
 
 £67,169 0 0 
 
 For MONEY DEPOSITED, as follows, 197,673 13 11 
 
 In Dundee, on 574 Deposit Accts.,.. £127, 378 3 7 
 ,, Do., on 45 Cash. Accts., Cr., 20,155 16 4 
 
 At Arbroath, on 302 Accounts, 49,689 14 0 
 
 ,, Forfar, on 6 do., 450 0 0 
 
 92 7~ £197,673 13 11 
 
 For SUNDRY ACCOUNTS, Cr., 2,850 2 2 
 
 For Balance due London Agents, 13,397 6 10 
 
 £281,090 2 11 
 
 To the PARTNERS of the Company, as per following Statement, 13,147 0 2 
 
 For CAPITAL paid up, £119 on 105 shares, and £73 on 
 
 2 shares, £12,641 0 0 
 
 For Rebate on Bills on hand, 506 0 2 
 
 Profit and Loss — 
 
 By Discounts received ( + former Rebate),. 
 
 £ 4,004 
 
 19 
 
 7 
 
 Exchange gained, 
 
 2,018 
 
 14 
 
 0 
 
 Interest received, ... 
 
 5,791 
 
 9 
 
 9 
 
 
 £11,815 
 
 3 
 
 4 
 
 Off Interest paid, 
 
 6,063 
 
 8 
 
 1 
 
 
 £5,751 
 
 15 
 
 3 
 
 To Rebate on Bills, £ 506 0 2 
 
 
 
 
 Expense of Management, . 2,165 15 1 
 
 
 
 
 
 2,671 
 
 15 
 
 3 
 
 By Nett Profit, 
 
 ,..£3,080 
 
 0 
 
 0 
 
 By Rise on Consols, 
 
 ... 1,750 
 
 0 
 
 0 
 
 By Total Profit on hand, 
 
 ,..£4,830 
 
 0 
 
 0 
 
 To Capital, £46 per share on 105 shares,... 
 
 ... 4,830 
 
 0 
 
 0 
 
 £13,147 0 2 
 
 TOTAL LIABILITIES of the Bank, £294,237 3 1 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,510,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills op Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 Dundee,. ... 
 
 1915 
 
 £ s. d. 
 222,398 10 1 
 
 553 
 
 £ s. d. 
 44,977 18 3 
 
 858 
 
 £ s. d. 
 
 181,956 9 9 
 
 3326 
 
 £ S. d. 
 
 449,332 18 1 
 
 Arbroath, .. 
 Forfar, 
 
 1194 
 
 128,276 2 6 
 
 163 
 
 19,107 3 7 
 
 511 
 
 95,858 9 10 
 
 1868 
 
 243,241 15 11 
 
 Totals, ... 
 
 3109 
 
 350,674 12 7 
 
 716 
 
 64,085 1 10 
 
 1369 
 
 277,814 19 7 
 
 5194 
 
 692,574 14 0 
 
 N. B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
42] 
 
 20th FEBRUARY 1805. 
 
 Or. 
 
 By BANK OFFICE, £ 693 
 
 INVESTMENTS, as per following Statement, 277,778 
 
 lstf. In Dundee, as follows : — 
 
 Cash. Accounts, in number 108, £23,797 3 4 
 
 Bills Discounted, i.e., due in Dundee, 52,652 8 7 
 Bills Receiv, i.e., due in Edinbro’, &c. 240 10 3 
 
 Bills of Exchange, i.e., due in London, 26,199 1 8 
 
 Outstanding Bills, 63 15 10 
 
 Exchequer Bills, £50, 000 with Interest, 52,259 10 0 
 
 Consols, £70,000 at £58, 10s., 40,950 0 0 
 
 Shares of the Bank (two), 336 6 2 
 
 10 
 
 1 
 
 Dependancies, 2,579 12 7 
 
 2d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 77, £16,808 0 0 
 
 Bills Discounted, i.e., due in Arbroath, 39,693 16 3 
 Bills of Exchange, i.e., due in London, 18,713 12 11 
 
 -£199,078 8 5 
 
 3d. At Forfar, Cash Accounts, in number 25, 
 
 75,215 9 
 3,484 11 
 
 £277,778 9 1 
 
 SUNDRY ACCOUNTS, Dr., 1,437 6 4 
 
 CASH at call and on hand, as per following Statement, 14,327 19 10 
 
 At call, Edinburgh Agents, . . £ 5,017 5 3 
 
 Cash on hand : — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £ 579 12 0 
 
 Gold, 5,792 14 0 
 
 Silver, 1,505 15 6 
 
 Copper, 0 4 5 
 
 At Arbroath Branch — Mixed Notes and Specie,... 
 ,, Forfar Do. do. do., ... 
 
 7,878 5 11 
 843 7 7 
 589 1 1 
 
 £14,327 19 10 
 
 TOTAL ASSETS of the Bank, 
 
 £294,237 3 1 
 
 Discounts received, 
 Exchange gained, . . 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ S. 
 
 d. 
 
 £ S. d. 
 
 £ S. d. 
 
 £ S. d. 
 
 2,291 2 
 
 1 
 
 1,410 12 0 
 
 
 3,701 14 1 
 
 1,302 11 
 
 5 
 
 716 2 7 
 
 
 2,018 14 0 
 
 Total payments through Edinburgh Agents, £379,759, 7s. Od. (of this for the Bank’s Notes 
 retired, £131,668); and through London Agents, £253,604, 13s. lOd. 
 
 1804. July 23. — The Bank to cease issuing or receiving Spanish Dollars in Cash transactions, 
 but to use instead Bank of England Dollars. 
 
 — 30. — The Branch at Arbroath to cease discounting Bills to persons resident in Dundee, 
 Forfar, Brechin, and Montrose ; there being sufficient Banking accommodation to be had in 
 those places. 
 
 Sept. 3. — The Bank in future to charge, by way of exchange, additional days’ discount on 
 Bills due in other places, viz., Aberdeen 10 days, Ayr 10, Berwick per cent, and 20 days, 
 Brechin 8, Greenock 6, Kilmarnock 8, Montrose 8, Newcastle | percent, and 20 days, Paisley 6, 
 Stirling 8, and towns in Fife 6. 
 
238 Banking Memoranda for 1804. 
 
 Currency, Prices, &c., in 1804. — War with France : Gold at £4 the oz., 
 currency depreciated £2, 13s. 2d. per cent., coined £718,396 ; Bank of Eng- 
 land Circulation (end of February), £17,345,020 (£4,723,672 of this under 
 £5), and Bullion £3,372,140 ; Consols, 54^ to 59, and Bank stock 146^ to 169 ; 
 Parliamentary supplies, £53,609,574; wheat per quarter, in London, 53s. 5d. 
 to 60s. Id. ; and in Edinburgh, 52s. 6d. — oatmeal per boll 18s. ; bankruptcies 
 in England, 1,117, of which 6 were of Banks. 
 
 Irish Currency. — In February, during a debate on the Bank of Ireland 
 restriction Bill, it was stated that the Bank of Ireland had been directed to 
 suspend cash payments at the same time (1797) that the Bank of England was ; 
 that its Circulation had increased from £600,000 to £700,000 in 1794, to from 
 £2,700,000 to £3,000,000 in January 1804 ; that hash currency of the real 
 Mint coin was so worn, it required 94s. 6d. to weigh a pound, instead of 62s. 
 weighing 1 lb. Troy, and of Mint coin and base coin together, or the currency 
 on an average, it took 126s. to make up a pound weight ; that in the south of 
 Ireland specie was so scarce as to give ready currency to silver notes , that is, 
 notes for small sums of silver, issued by all sorts of traders as well as bankers, 
 viz., for 6s., 3s., and 9 Jd. — payable twenty-one days after date ; that the cur- 
 rent base shillings had but from 3d. to 6d. of silver in them, and were made 
 for sale at from 26s. to 30s. for a guinea ; that Bank of England notes bore 
 in Ireland the same premium as guineas ; that the balance of payments was, 
 as formerly, in favour of Ireland, yet the exchange on London at Dublin was 
 £18 per cent., on 27th January 1804, and no guineas to be got for Irish notes 
 except at a premium of 2s. 4d. to 2s. 6d. ; that in Belfast, it being stipulated 
 for all commercial bills to be payable in gold, the exchange on London was at 
 the same period only £6. 
 
 Scarcity of Silver. — The scarcity of silver coin in London was so much 
 felt, that the Bank of England issued 1,419,481 of 5s. dollars. 
 
 Bank of Scotland. — The capital of the Bank was increased from £1,000,000 
 to £1,500,000. A Branch of the Bank was opened in Glasgow. 
 
 Royal Bank. — The capital was increased from £1,000,000 to £1,500,000. 
 
 British Linen Company. — A Branch of the Bank was opened in Leith. 
 
 Dumfries Bank. — A Bank was established in Dumfries, under the title of 
 the Dumfries Banking Company. 
 
 Circulating Scotch Notes in the North of England. — On August 4, 
 the Workington Bank (Wood, Thompson, & Co.) acknowledged the receipt of 
 £2,000 in 20s. Notes of the Dundee New Bank, “which,” they write, “we 
 dare say will answer our purpose, for keeping and distributing at our Branches 
 in this county.” They paid for them with their drafts on London, at 40, 50, 
 and 60 days after date. 
 
 Rupture with Spain. — On October 5, under the excuse that Spain was 
 covertly aiding France in its war with Britain, some English frigates watched 
 for, attacked, and took as prizes, a Spanish fleet of treasure-ships coming home 
 from South America. 
 
 Linen Trade. — Linen stamped this year in Scotland, 15,198,676 yards ; 
 estimated value, £749,115. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [43 
 
 To the PUBLIC, as per following Statement,-. £335,253 11 
 
 For NOTES in circulation, as follows : — 
 
 Notes of 
 
 £0 
 
 1 
 
 1 
 
 5 
 
 20 
 
 £ 342 5 
 
 58,521 0 
 5,113 15 
 12,955 0 
 3,040 0 
 
 0 
 
 0 
 
 0 
 
 0 
 
 0£ 79,972 
 
 0 0 
 
 For MONEY DEPOSITED, as follows .— 
 
 In Dundee, on 843 Deposit Accts.,.. £157, 700 7 7 
 
 ,, Do., on 47 Cash. Accts., Cr., 19,600 8 11 
 
 At Arbroath, on 363 Accounts, 53,097 15 0 
 
 ,, Forfar, on 23 do., 2,500 0 0 
 
 For SUNDRY ACCOUNTS, Cr., ” 
 
 232,898 
 497 
 
 For Balance due London Agents, 21,885 
 
 £335,253 11 5 
 
 To the PARTNERS of the Company, as per following Statement, 
 For CAPITAL paid up, £156, 9s. 7d. on 103 shares, and 
 
 £122, 7s. Id. on 4 shares, £16,606 15 5 
 
 For Rebate on Bills on hand, 639 9 3 
 
 For Portion of past year’s PROFITS, set aside for a Dividend 
 
 of £20 on 103 shares, as per following Statement,.... 2,060 0 0 
 Profit and Loss — 
 
 By Discounts received ( + former Rebate), . £5, 833 9 5 
 
 Exchange gained, 2,089 13 6 
 
 Interest received, 9,308 18 7 
 
 £17,232 1 6 
 
 19,306 4 8 
 
 Off Interest paid, 8,598 
 
 £8,633 
 
 To Rebate on Bills, £ 639 9 3 
 
 Expense of Management, 2,952 111 3,591 
 
 By Nett Profit, £5,041 
 
 Rise on Consols, £1,750 ; less fall on 
 
 Exchequer Bills, £1,139, 11s. 5d., 610 
 
 Outstanding Notes assumed to be lost, . . 383 
 
 13 
 
 H 2 
 16 10 
 
 By Total Profit on hand, £6,035 15 
 
 To Dependancies, £ 50 0 0 
 
 Capital, £37, 9s. 7d. on 103 
 shares, and £16, 7s. Id. 
 
 on 4 shares added, 3,925 15 5 3,975 15 
 
 £2,060 0 0 £19,306 4 8 
 
 TOTAL LIABILITIES of the Bank, 
 
 .£354,559 16 1 
 
 MEMORANDA concerning the Years Business. 
 
 The amount received and paid in the Bank during the year was each about £1,935,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills <>f Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. I 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 Dundee, .... 
 
 2565 
 
 £ s. d. 
 292,173 8 8 
 
 569 
 
 £ s. d. \ 
 69,594 14 11 
 
 919 
 
 £ s. d. 
 208,040 18 3 
 
 4053 
 
 £ s. d. 
 
 569,809 1 10 
 
 Arbroath, .. 
 Forfar, 
 
 2269 
 
 192,343 12 4 
 
 101 
 
 8,794 10 6 
 
 
 
 584 
 
 98,372 1 10 
 
 2954 
 
 299,510 4 8 
 
 Totals, ... 
 
 4834 
 
 484,517 1 0 
 
 670 
 
 78,389 5 5 
 
 1503 
 
 306,413 0 1 
 
 7007 
 
 869,319 6 6 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
43] 20th FEBRUARY 1806. Cr. 
 
 By BANK OFFICE, £ 687 17 10 
 
 INVESTMENTS, as per following Statement, 329,090 17 3 
 
 ls£. In Dundee, as follows : — 
 
 Cash Accounts, in number 105, £25,030 1 5 
 
 Bills Discounted, i.e., due in Dundee,.. 65,656 16 8 
 Bills Receiv., i.e., due in Edinbro’, &c. 21 15 0 
 
 Bills of Exchange, i.e., due in London, 19,369 10 4 
 
 Outstanding Bills, 13 1 0 
 
 Exchequer Bills, £75,500 with Interest, 77,783 19 4 
 
 Consols, £70,000 at £61, 42,700 0 0 
 
 Shares of the Bank (four), 449 6 2 
 
 Dependancies, 1,690 1 6 
 
 £232,714 11 5 
 
 2d. At Arbroath, as follows :■ — 
 
 Cash Accounts, in number 77, £18,573 0 0 
 
 Bills Discounted, i.e., due in Arbroath, 51,045 4 11 
 Bills of Exchange, i.e., due in London, 20,247 7 2 
 
 89,865 12 1 
 
 3d. At Forfar — Cash Accounts, in number 40, 6,510 13 9 
 
 £329,090 17 3 
 
 SUNDRY ACCOUNTS, Dr., 2,412 18 5 
 
 CASH at call and on hand, as per following Statement, 22,368 2 7 
 
 At call, Edinburgh Agents, £12,319 4 0 
 
 Cash on hand: — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £1,929 4 0 
 
 Gold, 6,002 10 6 
 
 Silver, 784 16 6 
 
 Copper, 0 2 3 
 
 8,716 13 3 
 
 At Arbroath Branch — Mixed Notes and Specie,.... 829 18 2 
 ,, Forfar Do. do. do., .... 502 7 2 
 
 £22,368 2 7 
 
 TOTAL ASSETS of the Bank, £354,559 16 1 
 
 Discounts received, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d. 
 
 3,144 11 1 
 1,383 6 4 
 
 £ s. d. 
 2,182 18 2 
 706 7 2 
 
 £ s. d. 
 
 £ s. d. 
 5,327 9 3 
 2,089 13 6 
 
 Exchange gained, 
 
 
 Total payments through Edinburgh Agents, £458,286, 18s. 3d. (of this for the Bank’s 
 Notes retired, £183,112); and through London Agents, £332,998, 0s. 5d. 
 
 1805. Aug. 1. — At a meeting of the Partners, the question was debated whether the Company 
 should be continued or dissolved, when the former was resolved on, by a majority of 60 votes 
 against 19. 
 
 Oct. 11. — The Bank began to issue Guinea Notes and Twenty Pound Notes. 
 
242 Banking Memoranda for 1805. 
 
 Currency, Prices, &c., in 1805. — War with France : Gold at £4 per oz., 
 currency depreciated £ 2 , 13s. 2d. per cent., coined £54,668 ; Bank of England 
 Circulation (end of February), £17,241,032 (£4,544,580 of this under £5), 
 and Bullion £5,883,800 ; Consols, 56J to 62§, and Bank stock 168£ to 196^ ; 
 Parliamentary supplies, £55,590,122; wheat per quarter, in London, 76s. 4d. 
 to 87s. 10d., and in Edinburgh, 84s. — oatmeal per boll 20s. ; bankruptcies in 
 England, 1,129, of which 9 were of Banks. 
 
 Stamping Paper in Edinburgh. — In January a memorial was laid before 
 Government, emanating from a meeting held in Edinburgh on the 27th Decem- 
 ber, on the need there was for establishing a branch of the Stamp Office there, 
 and the right, under the Articles of the Treaty of Union, that Scotland has to 
 such a privilege. It was stated that, during the progress of the late Stamp Act 
 through the House of Commons, the deputation from the bankers in Scotland 
 had had an interview with the Chancellor of the Exchequer on the subject, and 
 that he had expressed a wish that the matter should be again properly brought 
 under consideration at the Treasury. A petition to the same effect from the 
 Dundee New Bank was presented in February. 
 
 Dundee. — On 11th January, William Braid’s cotton-mill at Duntrune was 
 burned down ; next day, the sugarhouse in Dundee was on fire, and its ware- 
 houses much damaged. On the following day, a flax warehouse in the Cow- 
 gate was on fire, and much material burned. On 21st October, Robert Job- 
 son, the original cashier of the Dundee Bank in 1763, died, and on the same 
 day his son John. 
 
 France’s Hostilities. — The camp at Boulogne, which for two years had 
 threatened Britain with invasion, w^as this summer broken up, as the troops 
 were required for the war with Austria. In this contest France was suc- 
 cessful, and Austria was glad to sign the peace of Presburg, on 26th December. 
 On the 15th of the same month, an amicable treaty between France and 
 Prussia was signed, having for a chief object the exclusion of British com- 
 merce from Prussian ports. 
 
 British Linen Company. — A Branch of this Bank was opened in Dun- 
 fermline. 
 
 Falkirk Union Bank. — A Branch of this Bank was opened in Glasgow. 
 
 Ruling Paper by a Machine. — It was only this year, by letter from J. 
 Thomson, jun., & Co., dated Edinburgh, 10th July, that specimens of sheets 
 of paper, ruled by a machine in red, blue, and faint-line inks, after different 
 patterns, suitable for account-books, were submitted to the consideration 
 of bankers and merchants, claiming their patronage. Those who have had 
 occasion to turn over account-books of an older date, must have often been 
 astonished at the variation, from page to page, of the distances at which the 
 faint lines were placed from one another, and at the variation of the breadth 
 allowed for the columns of £ s. d. — these being frequently twice as great in 
 one page as in another. It now seems strange that so simple a remedy should 
 have been so long in being discovered. 
 
 Linen Trade. — Linen stamped this year in Scotland, 19,413,057 yards; 
 estimated value, £936,453. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [44 
 
 To the PUBLIC, as per following Statement, £382,982 9 
 
 For NOTES in circulation, as follows, £ 84,563 0 0 
 
 Notes of £0 5 0 
 
 1 
 
 1 
 
 5 
 
 20 
 
 0 0 
 1 0 
 0 0 
 0 0 
 
 For MONEY DEPOSITED, as follows, 272,068 
 
 In Dundee, on 1040 Deposit Accts.,..£l74, 191 
 ,, Do., on 56 Cash. Accts. 
 
 At Arbroath, on 411 Accounts, 58,250 
 
 ,, Forfar, on 63 do., 
 
 1570 
 
 For Balance due London Agents, 26,351 9 
 
 £382,982 9 
 
 £ 341 
 
 10 
 
 0 
 
 60,161 
 
 0 
 
 0 
 
 6,990 
 
 10 
 
 0 
 
 13,350 
 
 0 
 
 0 
 
 3,720 
 
 0 
 
 0 
 
 £84,563 
 
 0 
 
 0 
 
 
 .£174,191 
 
 9 
 
 5 
 
 , 28,338 
 
 4 
 
 5 
 
 58,250 
 
 2 
 
 6 
 
 11,288 
 
 3 
 
 8 
 
 £272,068 
 
 0 
 
 0 
 
 0 0 
 
 To the PARTNERS of the Company, as per following Statement, 24,651 11 1 
 
 For CAPITAL paid up, £202 on 100 shares, and £136, 
 
 19s. 7d. on 7 shares, £21,158 17 1 
 
 For Rebate on Bills on hand, 992 14 0 
 
 For Portion of past year’s PROFITS, set aside for a Dividend 
 
 of £25 on 100 shares, as per following Statement, 2,500 0 0 
 
 Profit and Loss — 
 
 By Discounts received ( + former Rebate),.. £ 8,008 
 
 13 
 
 11 
 
 Exchange gained, 
 
 .. 2,368 
 
 0 
 
 11 
 
 Interest received, 
 
 .. 11,271 
 
 8 
 
 6 
 
 
 £21,648 
 
 3 
 
 4 
 
 Off Interest paid, 
 
 .. 13,046 
 
 17 
 
 9 
 
 
 £8,601 
 
 5 
 
 7 
 
 To Rebate on Bills, £ 992 14 
 
 0 
 
 
 
 Expense of Management, . . 3, 106 14 
 
 4 4,099 
 
 8 
 
 4 
 
 By Nett Profit, 
 
 .. £4,501 
 
 17 
 
 3 
 
 Rise on Consols, 
 
 .. 2,250 
 
 4 
 
 5 
 
 Outstanding Notes assumed to be lost, 
 
 300 
 
 0 
 
 0 
 
 By Total Profit on hand, 
 
 ....£7,052 
 
 1 
 
 8 
 
 To Capital added, £45, 10s. 5d. on 100 shares, 4,552 
 
 1 
 
 8 
 
 
 £2,500 
 
 0 
 
 0 £24,651 11 1 
 
 TOTAL LIABILITIES of the Bank, £407,634 0 10 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2,035,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 Dundee, . . . 
 
 3063 
 
 371,749 2 5 
 
 657 
 
 71,185 13 5 
 
 1049 
 
 225,599 5 8 
 
 4769 
 
 668,534 1 6 
 
 Arbroath, . 
 
 2735 
 
 221,723 13 1 
 
 108 
 
 16,601 7 4 
 
 736 
 
 110,355 12 4 
 
 3579 
 
 348,680 12 9 
 
 Forfar, 
 
 586 
 
 48,117 18 10 
 
 
 
 201 
 
 16,350 1 5 
 
 787 
 
 64,468 0 3 
 
 Totals, . . 
 
 6384 
 
 641,590 14 4 
 
 765 
 
 87,787 0 9 
 
 1986 
 
 352,304 19 5 
 
 9135 
 
 1,081,682 14 6 
 
 N.B. — The Dundee Bills Receivable includes Dundee Bills discounted at the Branches. 
 On Bills Receivable no Discount or Exchange is charged. The reason does not appear. 
 
44] 20th 
 
 FEBRUARY 1807. 
 
 
 
 
 
 
 Cr. 
 
 By BANK OFFICE, 
 
 
 
 
 
 
 .£ 
 
 
 684 17 10 
 
 INVESTMENTS, as per following Statement, 
 
 
 
 
 385,128 
 
 9 1 
 
 In Dundee, as follows : — 
 
 
 
 
 
 
 
 
 
 
 Cash Accounts, in number 103, £ 26,216 8 
 
 8 
 
 
 
 
 
 
 
 Heritable Bond, 
 
 697 11 
 
 4 
 
 
 
 
 
 
 
 Bills Discoimted, i.e., due in Dundee, 108,705 14 
 
 8 
 
 
 
 
 
 
 
 Bills Beceiv., i.e., due in Edinbro’, &c. 363 18 
 
 6 
 
 
 
 
 
 
 
 Bills of Exchange, i.e., due in London, 16,436 19 
 
 2 
 
 
 
 
 
 
 
 Outstanding Bills, 
 
 
 19 7 
 
 0 
 
 
 
 
 
 
 
 Exchequer Bills, £40,500 and Interest, 42,126 10 
 
 0 
 
 
 
 
 
 
 
 Consols, £120,000 at £62, 10s., 
 
 75,000 0 
 
 0 
 
 
 
 
 
 
 
 Shares of the Bank (seven), 
 
 961 5 
 
 4 
 
 
 
 
 
 
 
 Dependancies, 
 
 913 1 
 
 6 
 
 
 
 
 
 
 
 
 
 
 £271,440 
 
 16 
 
 2 
 
 
 
 
 2d. At Arbroath, as follows : — 
 
 
 
 
 
 
 
 
 
 
 Cash Accounts, in number 84, 
 
 £17,202 0 
 
 0 
 
 
 
 
 
 
 
 Bills Discounted, i.e., due in Arbroath, 58,690 2 
 
 8 
 
 
 
 
 
 
 
 Bills of Exchange, i.e., due in 
 
 London, 18,025 13 
 
 6 
 
 
 
 
 
 
 
 
 
 
 93,917 
 
 16 
 
 2 
 
 
 
 
 3d. At Forfar, as follows : — 
 
 
 
 
 
 
 
 
 
 
 Cash Accounts, in number 43, 
 
 £ 6,000 0 
 
 0 
 
 
 
 
 
 
 
 Bills Discoimted, i.e., due in Forfar, ... 13,769 16 
 
 9 
 
 
 
 
 
 
 
 
 
 
 
 19,769 
 
 16 
 
 9 
 
 
 
 
 
 
 
 £385,128 
 
 9 
 
 1 
 
 
 
 
 SUNDRY ACCOUNTS, Dr 
 
 
 
 
 
 
 3,668 
 
 9 1 
 
 CASH at call and on hand, 
 
 as per following Statement, 
 
 
 
 18,152 
 
 4 10 
 
 At call, Edinburgh Agents, . . . 
 
 
 
 £ 
 
 : 7,017 
 
 10 
 
 7 
 
 
 
 
 Cash on hand : — 
 
 
 
 
 
 
 
 
 
 
 At Head Office, Dundee, as 
 
 i follows : — 
 
 
 
 
 
 
 
 
 
 Mixed Notes, 
 
 £1,442 12 
 
 0 
 
 
 
 
 
 
 
 Gold, 
 
 7,115 17 
 
 6 
 
 
 
 
 
 
 
 Silver, 
 
 
 768 5 
 
 6 
 
 
 
 
 
 
 
 Copper, 
 
 
 0 7 
 
 3 
 
 
 
 
 
 
 
 
 
 
 
 9,327 
 
 2 
 
 3 
 
 
 
 
 At Arbroath Branch — Mixed Notes and Specie, 
 
 
 1,001 
 
 9 
 
 0 
 
 
 
 
 ,, Forfar Do. 
 
 do. 
 
 do., 
 
 
 806 
 
 3 
 
 0 
 
 
 
 
 
 
 
 £18,152 
 
 4 
 
 10 
 
 
 
 
 TOTAL ASSETS of the Bank, 
 
 
 
 
 
 ..£ 407,634 
 
 0 10 
 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 
 £ S. d. 
 
 £ s. 
 
 d. 
 
 
 £ 
 
 S. 
 
 d. 
 
 £ 
 
 s. d. 
 
 Discounts received, 
 
 4,220 17 7 
 
 2,580 
 
 6 9 
 
 
 568 
 
 0 
 
 4 
 
 7,369 
 
 4 8 
 
 Exchange gained, 
 
 1,655 9 4 
 
 718 14 2 
 
 Loss, 
 
 6 
 
 2 
 
 7 
 
 2,368 
 
 0 11 
 
 Total payments through Edinburgh Agents, £523,745, 10s. lOd. 
 
 (of this for the Bank’s 
 
 Notes retired, £214,298); and through London Agents, £350,471, 12s 
 
 i. 6d. 
 
 
 
 
 1806. Mar. 3. — The Branch at Forfar to be allowed to 
 
 Discount 
 
 Bills and to ] 
 
 receive 
 
 Money on Deposit as formerly. 
 
 
 
 
 
 
 
 
 
 
246 Banking Memoranda for 1806. 
 
 Currency, Prices, &c., in 1806. — War with France and Prussia : Gold 
 at £4 per oz., currency depreciated £2, 13s. 2d. per cent., coined £405,105 ; 
 Bank of England Circulation (end of February), £17,135,400 (£4,291,230 
 of this under £5), and Bullion £5,987,190 ; Consols 58§ to 65§, and Bank 
 stock 191f to 223 ; Parliamentary supplies, £67,824,993 ; wheat per quarter, 
 in London, 66s. 5d. to 79s., and in Edinburgh, 60s. — oatmeal per boll 19s. ; 
 bankruptcies in England, 2,168, of which 5 were of Banks. 
 
 Dundee Men Prisoners of War. — The following entry in the books of 
 the Dundee New Bank speaks of a practice then common, but with which 
 happily the present generation has no acquaintance, viz., the sending of small 
 sums of money from working men in this country to their captive relatives in 
 France: “ Cr., Ransom & Co., £9, 10s., to procure the payment of the following 
 sums to prisoners of war in France — John Black, £3; James Dick, £1, 5s.; 
 Jas. Wighton, £1 ; Jas. Stewart, £1, 5s. ; John Kerr, £2 ; Phillip Henry, £1.” 
 
 War with Prussia. — Buonaparte having conquered Hanover, as belonging 
 to George III., gave it to Prussia in exchange for three small provinces belong- 
 ing to her. In March, Prussia issued a decree against the admission of any 
 British manufactured articles into its territory. The exclusion of British 
 commerce from Prussian ports being now made stringent, an embargo was laid 
 on all Prussian vessels in British ports ; war with Prussia followed. Yet soon 
 afterwards Prussia was at war with France, and, in November, Napoleon’s 
 decree of exclusion against Britain was dated from Berlin. 
 
 Belsh & Co. — The banking-house of Belsh & Co., established at Stirling 
 in 1804, failed. Having but a small business, the loss to the community was 
 not great. The following is a copy of one of their 5s. Notes : — 
 
 “ No. — — Five Shillings. 
 
 57 
 
 “We promise to give the Bearer, on demand, at our office here, one 
 
 Twenty Shilling Bank Note for four of this description. 
 
 “ Stirling, 28 December 1804. 
 
 “ John Belsh & Co.” 
 
 Murder of a Bank Porter. — William Begbie, porter of the British Linen 
 Company, Edinburgh, when coming out of the office one gloomy afternoon, was 
 stabbed to the heart in the close which led from the Bank, and a parcel which 
 he was carrying, containing upwards of £4,000, was carried off. The mur- 
 derer was not discovered, and the money was never recovered. But certain 
 circumstances which came out on the trial of James M‘Coul (see 1811), led 
 to a belief that he was the perpetrator of this atrocious act. 
 
 Linen Trade. — Linen stamped this year in Scotland, 21,490,123 yards; 
 estimated value, £973,171. 
 
 British Linen Company. — Its Capital was authorized, by a new charter 
 dated 5th June 1806, to be increased from £100,000 to £200,000. 
 
B 16 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [45 
 
 To the PUBLIC, as per following Statement, £374,969 17 4 
 
 0 
 
 Notes of £0 5 0 
 
 1 
 
 1 
 
 5 
 
 20 
 
 In Dundee- 
 
 Forfar, on 159 
 
 £ 327 
 
 3 
 
 0 
 
 56,407 
 
 0 
 
 0 
 
 6,021 
 
 17 
 
 0 
 
 11,195 
 
 0 
 
 0 
 
 4,320 
 
 0 
 
 0 
 
 £78,271 
 
 0 
 
 0 
 
 
 1 
 
 
 
 4 
 
 
 
 £217,307 
 
 1 
 
 5 
 
 ... 59,641 
 
 15 
 
 8 
 
 ... 19,750 
 
 0 
 
 3 
 
 £296,698 
 
 17 
 
 4 
 
 £374,969 17 4 
 
 To the PABTNERS of the Company, as per following Statement, 27,891 3 
 
 For CAPITAL paid up, £237 on 98 shares, and £162, 
 
 8s. 6d. on 9 shares, £24,687 17 1 
 
 753 6 
 
 For Rebate on Bills on hand, 
 
 For Portion of past year’s PROFITS, set aside for a Dividend 
 
 of £25 on 98 shares, as per following Statement, 2,450 
 
 Profit and Loss — 
 
 0 0 
 
 To Interest paid, 
 
 To Rebate on Bills, £ 753 6 
 
 Expense of Management, . . 2,720 3 
 
 ,..£13,345 
 
 16 
 
 0 
 
 ... 4,785 
 
 12 
 
 8 
 
 £8,560 
 
 3 
 
 4 
 
 6 
 
 
 
 1 3,473 
 
 9 
 
 7 
 
 ... £5,086 
 
 13 
 
 9 
 
 ... 1,200 
 
 0 
 
 0 
 
 ... £6,286 
 
 13 
 
 9 
 
 To Dependancies, £ 307 13 9 
 
 Capital added, £35 on 98 
 shares, and £11 on 9 shares, 3,529 0 0 3,836 13 9 
 
 £2,450 0 0 £27,891 3 7 
 
 TOTAL LIABILITIES of the Bank, £402,861 0 11 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2,400,000. 
 Total Transactions in Bills. 
 
 
 Bii.ls Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 * £ s. d. 
 
 
 £ s. d. 
 
 
 £ 
 
 s. 
 
 d. 
 
 Dundee, ... 
 
 4143 
 
 545,354 4 2 
 
 1107 
 
 117,975 4 4 
 
 1150 
 
 278,230 13 0 
 
 6400 
 
 941,560 
 
 1 
 
 6 
 
 Arbroath, . 
 
 2534 
 
 229,589 8 3 
 
 103 
 
 5,428 17 9 
 
 671 
 
 109,601 17 3 
 
 3308 
 
 344,620 
 
 3 
 
 3 
 
 Forfar, 
 
 
 64,813 17 2 
 
 
 
 
 15,011 19 2 
 
 1113 
 
 79,825 
 
 16 
 
 4 
 
 Totals, . . 
 
 
 839,757 9 7 
 
 
 123,404 2 1 
 
 
 402,844 9 5 
 
 10821 
 
 1,366,006 
 
 1 
 
 1 
 
 Of this, about £15,000 was Bills collected for correspondents. 
 
 12 
 
45] 20th FEBRUARY 1808. Cr. 
 
 By BANK OFFICE, £ 681 17 10 
 
 INVESTMENTS, as per following Statement, 373,557 18 1 
 
 ls£. In Dundee, as follows :■ — - 
 
 Casli Accounts, in number 120, £33,735 7 10 
 
 Bills Discounted, i.e., due in Dundee,.. 94,360 5 7 
 Bills Receiv., i.e., due in Edinbro’, &c. 305 19 2 
 
 Bills of Exchange, i.e., due in London, 54,893 13 1 
 
 Outstanding Bills, 605 13 7 
 
 Exchequer Bills, 29,435 3 11 
 
 Consols, £120,000 at 63|, 76,200 0 0 
 
 Shares of the Bank (nine), 1,658 8 9 
 
 Dependancies, 27 1 6 
 
 £291,221 13 5 
 
 2d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 83, £12,125 0 0 
 
 Bills Discounted, i.e., due in Arbroath, 37,377 5 10 
 Bills of Exchange, i.e., due in London, 15,151 0 8 
 
 64,653 6 6 
 
 3d. At Forfar, as follows : — 
 
 Cash Accounts, in number 72, £11,937 18 2 
 
 Bills Discounted, i. e. , due in Forfar, .. . 5,745 0 0 
 
 17,682 18 2 
 
 £373,557 18 1 
 
 SUNDRY ACCOUNTS, Dr., £ 4,544 3 9 
 
 CASH at call and on hand, as per following Statement, 24,077 1 3 
 
 At call, Edinburgh Agents, £ 8,627 4 2 
 
 Do., London do., 4,710 16 10 
 
 Cash on hand : — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £ 146 4 0 
 
 Gold, 6,815 ]0 6 
 
 Silver, 1,237 8 6 
 
 Copper, 0 6 10 
 
 8,199 9 10 
 
 At Arbroath Branch — Mixed Notes and Specie,.... 1,582 3 8 
 ,, Forfar Do. do. do., 957 6 9 
 
 £24,077 1 3 
 
 TOTAL ASSETS of the Bank, £402,861 0 11 
 
 Discounts Received. 
 
 Bills Discounted, 
 
 Bills of Exchange, 
 
 Dundke. 
 
 ARBROATH. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d. 
 6,022 2 10 
 2,324 5 6 
 
 £ s. d. 
 2,671 18 5 
 623 1 8 
 
 £ s. d. 
 701 6 6 
 10 7 1 
 
 £ 8. d. 
 
 9,395 7 9 
 2,957 14 3 
 
 Totals, 
 
 8,346 8 4 
 
 3,295 0 1 
 
 711 13 7 
 
 12,353 2 0 
 
 Interest Received and Paid. 
 
 Interest Received, 
 
 Interest Paid, 
 
 Balances Paid, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d. 
 6,391 16 2 
 9,594 5 8 
 
 £ S. d. 
 
 874 12 1 
 2,292 2 11 
 
 £ S. d. 
 
 351 2 3 
 516 14 7 
 
 £ s. d. 
 7,617 10 6 
 12,403 3 2 
 
 3,202 9 6 
 
 1,417 10 10 
 
 165 12 4 
 
 4,785 12 8 
 
 Total payments through Edinburgh Agents, £538,372, 10s. 6d. (of this for the Bank’s Notes 
 retired, £231,958); and through London Agents, £299,718, 4s. 2d. 
 
250 Banking Memoranda for 1807. 
 
 Currency, Prices, &c., in 1807. — War with France, Prussia, and Austria : 
 Gold at £4 per oz., currency depreciated £2, 13s. 2d. per cent., coined none ; 
 Bank of England Circulation (end of February), £17,405,001 (of which 
 £4,103,013 under £5), and Bullion £6,142,840 ; Consols 59J to 64J, and 
 Bank stock 208J to 235J ; Parliamentary supplies, £54,041,631 ; wheat per 
 quarter, in London, 66s. 7d. to 73s. 3d., and in Edinburgh, 76s. — oatmeal 
 per boll 21s. 6d. ; bankruptcies in England, 1,362, of which 1 was of a Bank. 
 
 Mild Season. — In Power’s Calendar of Flora , it is stated that, at Market 
 Bos worth, in Leicestershire, there were noted to be in bloom, between 1st and 
 31st January, no less than 276 wild and garden flowers. 
 
 British Linen Company". — A Branch of this Bank was opened in Perth. 
 
 Tweed Bank. — A Bank under this title was established at Berwick. 
 
 Galloway Bank. — A Bank was established at Castle Douglas under the 
 firm of Sir II. Douglas & Co., and the title of the Galloway Banking Co. 
 
 Dumfries Bank. — This Bank, established in 1766, discontinued business. 
 
 War yvith France. — England and France fulminated decrees one against 
 the other — the British flag was excluded from e\ T ery port except those of Sweden. 
 
 War yyith Austria, &c. — Under the influence, or rather compulsion, of 
 Buonaparte, Austria, Turkey, and Denmark, one after the other, entered into 
 the war against Britain ; while after the peace of Tilsit, signed between France 
 and Russia, on 7th July, the latter country agreed to resile from its favourable 
 inclination towards Britain, and to take up the position of an armed neutrality — 
 so of all the European powers Sweden alone remained as a friend to England. 
 
 Dundee. — The variations in its trade, at the beginning of the century, are 
 thus stated by one who had personal experience of them. In 1801, the Baltic 
 being closed against Britain, the trade in Dundee became much curtailed for 
 want of flax and hemp, which rose to prices never before known ; peace in 
 October brought relief, with supplies of material. In 1803, the war Yvith 
 France Yvas at first favourable to Dundee trade, through the Government’s 
 demand for goods ; but, in December 1807, the supplies of material from 
 Russia being cut off, the trade became depressed. In 1810, the bad state of 
 things was made worse by immense importations of German linens, owing to 
 an oversight in not renewing the Act of prohibition. After the renewal of 
 this Act, trade revived a little, from midsummer 1811 to autumn 1812, when 
 the fear of Russia being conquered by Buonaparte caused the prices of material 
 again to rise high ; but, after his defeat in 1813, prices declined to their usual 
 level, and trade went on smoothly for several years. 1820-1-2 were 
 prosperous years, in consequence chiefly of our fabrics being much improved, 
 and more adapted to the wants of other countries. 1823 was a bad year, 
 owing to the failure of the flax and hemp crops in Russia in 1822. “I always 
 found that, when there was a bad crop of flax in Russia, the trade in Dundee 
 was depressed the following year.” 1824-5 were years of good trade, till 
 the money crisis began at Christmas 1825 ; but it revived towards the end of 
 1826, and continued till the money crisis of 1836-7, which caused much dis- 
 tress in Dundee. That of 1847-8 did not affect us. 
 
 Linen Trade. — Linen stamped this year in Scotland, 20,776,774 yards; 
 estimated value, £957,238. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [46 
 
 To the PUBLIC, as per following Statement, £456,482 12 3 
 
 For NOTES in circulation, 
 Notes of 
 
 follows, £ 84,968 0 0 
 
 £0 
 
 1 
 
 1 
 
 5 
 
 20 
 
 £ 325 
 
 61,317 
 5,795 
 12,370 
 5,160 
 
 £84,968 0 0 
 
 For MONEY DEPOSITED, as follows, 354,170 14 10 
 
 In Dundee — 
 
 On 1218 Deposit Accts., £221,673 15 4 
 On 61 Cash Accts., Cr., 37,137 10 2 
 
 £258,811 5 6 
 
 At Arbroath, on 485 Accounts, 70,197 14 5 
 
 „ Forfar, on do., 25,161 14 11 
 
 £354,170 14 10 
 
 For SUNDRY ACCOUNTS, Cr., 1,273 10 3 
 
 For Balance due Edinbnrgh Agents, 4,682 16 10 
 
 For Do. do. London do., 11,387 10 4 
 
 £456,482 12 3 
 
 To the PARTNERS of the Company, as per following Statement, 34,703 5 8 
 
 For CAPITAL paid up, £301, 5s. 6d. on 98 shares, and 
 
 £187, 14s. 5d. on 9 shares, £31,214 8 9 
 
 2,325 0 0 
 
 For Dependancies, Cr., 126 14 
 
 For Rebate on Bills on hand, 1,037 2 
 
 For Portion of past year’s PROFITS, set aside for a Divi- 
 dend of £25 on 93 shares, as per following Statement, 
 
 Profit and Loss — 
 
 By Discounts received ( + former Rebate), ..£11, 617 3 4 
 
 To Interest paid, less received, 3,306 5 6 
 
 £8,310 17 10 
 
 To Rebate on Bills, £1, 037 2 9 
 
 Expense of Management, . . 3, 032 0 9 4, 069 3 6 
 
 By Nett Profit, £4,241 14 4 
 
 Gain on Navy 5 per Cents, 533 5 8 
 
 Rise on Consols, 4,200 0 0 
 
 By Total Profit on hand, £8,975 
 
 To Capital added, £64, 5s. 6d. on 98 shares, 
 
 and £39 on 9 shares, 6, 650 
 
 0 0 
 
 0 0 
 
 £2,325 0 0 £34,703 5 8 
 
 TOTAL LIABILITIES of the Bank, £491,185 17 11 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2,620,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ S . d . 
 
 
 * £ s. 
 
 d . 
 
 
 £ s. d . 
 
 
 £ S . 
 
 d . 
 
 Dundee, .... 
 
 3311 
 
 491,756 0 11 
 
 842 
 
 103,405 2 
 
 2 
 
 1115 
 
 283,973 13 9 
 
 5268 
 
 879,134 16 
 
 10 
 
 Arbroath, . . 
 
 1722 
 
 143,520 2 6 
 
 213 
 
 20,704 8 
 
 9 
 
 609 
 
 108,558 16 11 
 
 2544 
 
 272,783 8 
 
 2 
 
 Forfar, 
 
 
 129,880 16 1 
 
 
 3,955 17 
 
 4 
 
 
 50,902 18 5 
 
 2041 
 
 184,739 11 
 
 10 
 
 Totals, ... 
 
 
 765,156 19 6 
 
 
 128,065 8 
 
 3 
 
 
 443,435 9 U 
 
 9853 
 
 1,336,657 16 
 
 10 
 
 Of this, about £50,000 was Bills collected for correspondents. 
 
46] 
 
 20th FEBRUARY 1809. 
 
 Cr. 
 
 By BANK OFFICE, £ 678 17 
 
 INVESTMENTS, as per following Statement, 476,144 9 
 
 ls£. In Dundee, as follows : — 
 
 Cash Accounts, in number 113, £ 30,568 10 
 
 Bills Discounted, i.e., due in Dundee, 126,325 15 
 
 Bills Receiv., i.e., due in Edinbro’, &c. 4,043 14 
 
 Bills of Exchange, i.e., due in London, 35,000 15 
 
 Outstanding Bills, 261 6 
 
 Exchequer Bills, £88, 500 and Interest, 91,755 14 
 
 Consols, £120,000 at 67, 80,400 0 
 
 Shares of the Bank (nine), 1,559 8 
 
 2d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 82, £13,688 15 4 
 
 Bills Discounted, i.e., due in Arbroath, 33,840 5 0 
 Bills of Exchange, i.e., due in London, 10,858 0 4 
 
 £369,915 4 10 
 
 3d. At Forfar, as follows : — 
 
 Cash Accounts, in number 81, £18,774 13 2 
 
 Bills Discounted, i.e., due in Forfar, ... 29,067 10 7 
 
 58,387 0 8 
 
 47,842 3 9 
 £476, 144 9 3 
 
 SUNDRY ACCOUNTS, Dr., 4,046 18 
 
 CASH on hand, as per following Statement, 10,315 12 
 
 Cash on hand : — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £ 675 13 0 
 
 Gold, 7,335 7 0 
 
 Silver, 976 18 6 
 
 Copper, 0 4 5 
 
 At Arbroath Branch — Mixed Notes and Specie, 
 ,, Forfar Do. do. do., 
 
 £8,988 2 
 785 16 
 541 13 
 
 £10,315 12 2 
 
 TOTAL ASSETS of the Bank, £491,185 17 
 
 11 
 
 Discount Received. 
 
 Bills Discounted, 
 
 Bills of Exchange, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d . 
 5,306 5 3 
 1,773 5 9 
 
 £ S . d . 
 
 1,571 1 5 
 602 13 11 
 
 £ S . d . 
 
 1,434 1 4 
 176 9 2 
 
 £ S . d . 
 
 8,311 8 0 
 2,552 8 10 
 
 Totals, 
 
 7,079 11 0 
 
 2,173 15 4 
 
 1,610 10 6 
 
 10,863 16 10 
 
 Interest Received and Paid. 
 
 Interest Received, 
 
 Interest Paid, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar 
 
 Totals. 
 
 £ S . d . 
 
 11,050 17 11 
 12,312 15 2 
 
 £ S . d . 
 
 719 5 7 
 2,669 19 3 
 
 £ s. d . 
 729 10 6 
 823 5 1 
 
 £ s. d . 
 
 12,499 14 0 
 15,805 19 6 
 
 Balances Paid, 
 
 1,261 17 3 
 
 1,950 13 8 
 
 93 14 7 
 
 3,306 5 6 
 
 Total payments through Edinburgh Agents, £630,000 (of this for the Bank’s Notes retired, 
 £286,839) ; and through London Agents, £485,000. 
 
254 Banking Memoranda for 1808. 
 
 Currency, Prices, &c., in 1808. — War with France: Gold at £4 per oz., 
 currency depreciated £2, 13s. 2d. per cent., coined £371,744 ; Bank of Eng- 
 land Circulation (end of February), £17,534,580 (£1,132,420 of which under 
 £5), and Bullion £7,855,470 ; Consols, 62j to 70-f, and Bank stock 224J to 
 244 ; Parliamentary supplies, £48,653,170 ; wheat per quarter, in London, 
 71s. 8d. to 79s., and in Edinburgh, 65s. — oatmeal per boll 27s. 6d. ; bank- 
 ruptcies in England, 1,433, of which 5 were of Banks. 
 
 Speculative Mania. — Napoleon’s decree, published in the Moniteur of 
 13th November 1807, depriving the King of Portugal of his throne, and the 
 consequent emigration of the royal family to Brazils, opened up to British 
 merchants so large a field for commercial enterprize in South America, that an 
 enormous export trade speedily arose, the success of which seemed to kindle a 
 complete frenzy for speculation, which led to the formation, in this and the 
 following year, of endless joint-stock companies, as infatuated as those of 
 1720. The readiness of the Bank of England to discount bills at the time 
 encouraged this. Sir Francis Baring stated, in his evidence before the Com- 
 mittee of the House of Commons, that merchants’ clerks, not worth £100, had 
 a liberty of discounts to the extent of £5,000 to £10,000. Hence the Bank’s 
 discounts, which in 1795 had been only £2,946,500, rose in 1809 to 
 £15,475,700, and in 1810 to £20,070,600. In England, Country Banks 
 were a favourite speculation, and they started up everywhere, as in 1793, so 
 that whereas they had been reduced in 1797 to 270, in 1808 they became 
 60D, and in 1810 when the Bullion Committee was appointed, they were 721. 
 At the latter period, the circulation of these Banks was probably rising up 
 towards £10,000,000 (it was the fashion to estimate it at £30,000,000), while, 
 at the same time, that of the Bank of England had crept up to £21,000,000, 
 and guineas of fair weight sold for 26s. or 27s. a-piece. 
 
 Licence to issue Notes. — By the new Stamp Act, 48 Geo. III., cap. 149, 
 Banks were required to take out annually, in October, a licence, costing £20, 
 to issue Notes at the head office, and at such branches as they had established 
 previous to 2d July 1808, but for all future branches, it was enacted, another 
 licence, costing the same sum, should be taken out for each of them. 
 
 Steam Power in Dundee. — The steam power in Dundee employed in 
 spinning at this time was as follows : — James Brown, Witchknowe, 25 horse 
 power ; George Wilkie, same place, 20 ; David Cathro, Tay Street, 12 ; and 
 Peter Hutton, Dens, 6. — Daily Argus, 17th July 1860. (See 1832.) 
 
 Linen Trade. — Linen stamped this year in Scotland, 19,390,497 yards ; 
 estimated value, £1,014,629. 
 
 Dundee. — On 3d December 1807, an announcement was made that any 
 proprietor , on calling at the printing office in New Inn Entry, might obtain a 
 copy of A Notice to the Proprietors of Lands and Houses in Dundee and its Neigh- 
 bourhood, and, on signing a declaration that he was not connected with any of 
 the existing Banks, might see the scheme, of a highly important and interesting 
 nature, to which it referred. So mysterious an intimation caused a rush to the 
 appointed place, whence copies of the Notice soon spread over the town. This 
 brochure, consisting of four pages, was found to contain a violent attack on 
 
Banking Memoranda for 1808 — ( Continued). 
 
 255 
 
 the Banks in the town, and to suggest to 'proprietors the necessity that, for their 
 own and the public good, they should establish another Bank, through which 
 the security of their lands and house property might be offered to the public for 
 the safety of deposit money, and those of themselves who wished it might obtain, 
 at any time, such advances on their properties as they might require. No one 
 having signed the conditions to obtain a sight of the Scheme , and the Notice 
 having caused much discussion in the place, the author published, on 2d June 
 this year, a pamphlet, pp. 64, with the title : — Address to the Proprietors of Lands 
 and Houses , and Lenders of Money , in the Town and Neighbourhood of Dundee. By a 
 Proprietor. The Proprietor had evidently had his temper soured, and perhaps his 
 financial operations incommoded, by a want of banking accommodation, his 
 assertions and descriptions must therefore be accepted under a heavy discount, 
 yet it is curious to read the complaints of a citizen sixty years since against the 
 commercial practices of his day. The pamphlet being large, all that can be done 
 here is to give a few extracts from the Notice and the Address. 
 
 The following are sentences culled from the Notice : — “ It is to be hoped, that 
 the eyes of a number of honest and well-meaning people, in Dundee and its 
 neighbourhood, will soon be opened to the conduct of a few individuals in this 
 place, who have, for these number of years past, directed the operations of 
 the banking offices. These self-called bankers have always taken advantage 
 of every unfortunate event occurring, either in the commercial or the political 
 world, to withhold money from those who wanted it, on pretence of the danger 
 of the times. The present situation of affairs, and some failures, or suspected 
 failures, in this and other places, serve as an excuse at present ; whereas the fault 
 is, and it is well known to every person in the least versant with these Banks, 
 that they actually have not money to carry on the business of bankers, which 
 they pretend to ; and they are in fact not bankers, but really merchants and 
 stock-jobbers. The whole of the Banks here may properly be termed reservoirs 
 for all the money that the town and neighbourhood deposit with them ; and, 
 in place of distributing it faithfully to the town and neighbourhood, on proper 
 securities, a few individuals serve themselves and their friends with it, to carry 
 on their own businesses, and speculate in the public funds. Therefore, the 
 present Notice is given to all proprietors of lands or houses, &c., in and about 
 this place, to bethink themselves of establishing a Fund, upon the security of 
 their respective properties, to supply themselves with cash, independent of 
 these pretended Banks ; for it may be depended upon as a fact, that one of the 
 officers, of considerable rank, in one of these Banks, declared, a few years ago, 
 that applications had been made to the Bank, by upwards of three hundred 
 proprietors of lands and houses , in this town and neighbourhood , for money upon their 
 properties , but that none of these applications were complied with. Indeed, although 
 that Bank was then supposed to have nearly two hundred thousand pounds of 
 borrowed money, and is supposed at present to have upwards of three hundred 
 thousand pounds sterling of borrowed money [N.B. Meaning, of course, money 
 deposited with the Bank], yet it is believed that it would not advance one 
 single hundred pounds sterling to any unconnected individual proprietor, upon 
 the most unexceptionable heritable security. A narrative of some of the 
 practices of the pretended bankers o£ Dundee, and of their partial manner 
 
256 Banking Memoranda for 1808— ( Continued). 
 
 of conducting the banking business, with a plan of counteracting these prac- 
 tices, and rendering all men of property, and their friends, independent of these 
 Banks, is already drawn up, and will soon be published. The substance of the 
 intended plan is to shew — 1st. That it will be for the interest of the proprietors 
 to begin with higher interest to the lenders of money than the Banks give at 
 present. 2dly. That, in case the Banks shall afterwards give the same interest, 
 it will still be for the advantage of many of the money lenders, and the duty of 
 all of them, to prefer this Society to the Banks ; as, besides the security being 
 better, the money lenders, by furnishing this Society with money, will serve 
 twenty times the number of persons in this neighbourhood that they can do by 
 giving it to the Banks.” 
 
 The following are sentences from the Address ; — “ It is very common for 
 a trading company to erect houses and warehouses, &c., for carrying on a 
 trade that may require a capital of £8,000 or £10,000. Each partner 
 may subscribe for a share of £500 or £1,000. The partners, in place of 
 paying in their full shares, perhaps pay only £50 or £100 each, to begin 
 the business. They may get credit in a banking company, of which they are 
 perhaps partners, for what sum they please — suppose £2,000 or £3,000. They 
 may also employ the writers, or money-scriveners, as they are sometimes called, 
 and their other friends, to procure borrowed money for the company, upon 
 personal bonds or bills ; and they may by these means, in a few months or 
 years, perhaps get £20,000 or £30,000 of borrowed money, in place of the sum 
 the company needed, or the business required. Then the partners get back the 
 £50 or £100, or what part they may have advanced of their capital, and the 
 whole business is carried on with borrowed money. . . . When I speak of the 
 Dundee Banks, I do not comprehend the branch from Edinburgh (i.e., of the 
 Bank of Scotland) in that term, as I cannot pretend to say whether it would 
 be understood to be a Bank or not. But, as it has been managed here, I 
 believe it is rather a greater nuisance to the public of this place than any of 
 the other two, being, as I understand, conducted on more selfish and illiberal 
 principles. I believe it is only about forty years since there was not a Bank 
 in Dundee. At that time, considerable loss and risk is said to have been 
 incurred by individuals in trade having frequently great sums of money lying 
 by them unemployed, as commercial transactions were about that time increas- 
 ing. To put an end to these inconveniences, a banking company, under the 
 firm of George Dempster, Esq., & Co., was projected by a few public-spirited 
 individuals. The shares were numerous and small ; and the principal business 
 of the Bank is reported to have consisted in issuing notes, and giving out 
 credits, or cash accounts, to such as required them, upon finding satisfactory 
 security. That company is reported to have soon suffered a severe attack from 
 the Edinburgh Banks, and that it required its utmost exertions to sustain the 
 run that these Banks made upon it ; but that Bank having been supposed to have 
 acted honourably to the public, and sensible people thinking they perceived it, 
 and also that it was a convenience to the place, the generality of the inhabi- 
 tants gave it all the support in their power, and it was, though with great diffi- 
 culty, enabled to repel that attack. The management of the affairs of the Bank 
 having, however, been supposed to have fallen into the hands of self-interested 
 
Banking Memoranda for 1808 — ( Continued). 257 
 
 individuals, who were thought to regard nothing but their own interest and 
 that of their friends and connexions, a number of individuals in this place, 
 finding themselves entirely deprived of the benefit of the Bank, were obliged 
 to apply to the Banks in other places, as they found no justice in the Bank 
 here.* At last these sufferers got a branch of the Paisley Banking Company 
 established in this place, about twenty years ago. Soon after this, six indi- 
 viduals, for their own accommodation with money, as was supposed, more than 
 with a view of any profit, established another Bank here, under the name of 
 the Commercial Bank, which, as well as the branch from Paisley, was lately 
 given up ; and the Dundee New Bank, formed by the cashier and one of the 
 partners of the Commercial Bank, and two other individuals about this place, 
 and a mercantile house in London. These are the only banks in this place at 
 present ; but none of them have, properly speaking, the slightest pretensions 
 to the designation of a Bank ; for the banking company of George Dempster, 
 Esq., & Co., or the Old Bank of Dundee, as it is called, was, some years ago, 
 found by the Court of Session not to be entitled to the designation of a Bank. 
 This decision was pronounced in a case where the friends of that Bank were 
 wanting to get possession of some thousands of pounds, belonging to a bank- 
 rupt estate, by getting it deposited in that Bank. But their Lordships found it 
 not competent to keep the money in that Bank, not thinking the Company 
 entitled to be considered a Banking Company, the proprietors consisting prin- 
 cipally of merchants , or persons extensively concerned in trade. And as to the 
 Dundee New Bank, besides having no better title to the designation of Bank 
 in that respect than the other, the branch of the Edinburgh Bank in this town, 
 actually refuses to take any of its notes in payments ; so that it may be consi- 
 dered even inferior to the other. But, I apprehend, the partial and selfish 
 manner of conducting the affairs of these Banks, is a more substantial ground 
 of objection to them on our part, than either the decision of the Court of 
 Session, or the practice of the Edinburgh Banks ; and I believe it would be an 
 advantage to a great majority of the dealers, particularly those of the middling 
 class in this place, that there were no local Banks in it, and that it depended en- 
 tirely on other places for its banking concerns. The control of the cash of the 
 public of this town and neighbourhood, lodged, in a great measure, with the 
 bankers and their connexions, is a trust too great for the honour of a few Dun- 
 dee insurance-brokers, merchants, and shopkeepers, and many of these, too, of 
 the meanest characters, styling themselves bankers. For whatever merit the 
 inhabitants of this town may have in other respects, I believe there is fully as 
 great a want of candour and liberality of sentiment among the richer sort of 
 them in particular, as in any place whatever — a great many of them being 
 remarkably ignorant, and either real or pretended bigots ; and that, in pro- 
 portion to the bulk of the place, it is thought, there are few places where low 
 
 * Some confirmation of the remarks of this acrid writer appears in the correspondence 
 of the Manager of the Dundee New Bank (the establishing of which the author goes on to 
 relate) with a London partner. Under date 3d April 1809, referring to the setting up of 
 the Dundee Union Bank, he says : — “ The people in this country are so little accustomed 
 to civility in a Bank that we have won their hearts, and every exertion shall be used to 
 keep possession of them.” 
 
258 Banking Memoranda for 1 808— ( Continued). 
 
 mean pride, avarice, lying, flattery, treachery, deceit, cruelty, all often of the 
 worst kinds, and even the worst crimes that can be perpetrated, abound 
 among what are called the better sort of inhabitants, such -as merchants, shop- 
 keepers, manufacturers, &c., and where these crimes are regarded with less 
 abhorrence ; for, in place of these crimes being held in detestation as they 
 ought to be, we see many characters who are publicly notorious for a great 
 many of them, and who are supposed to have accumulated considerable for- 
 tunes, chiefly by some of these very crimes, held in great estimation, and 
 holding public stations in the place. . . . What, it will naturally be asked, is 
 the practice in the Banks that I object to ? It consists in a total change of 
 the original plan of the Dundee Old Bank, and turning banking from a liberal 
 and impartial plan to the reverse. The original plan of the Dundee Bank was 
 calculated as much for the general conveniency and interest of the town, and 
 neighbourhood at large, as for private gain. The shares in it, as already 
 observed, were numerous and small. It was a kind of public Bank. It took 
 no money at interest. Its principal business consisted in issuing notes, as 
 already observed, and giving out cash accounts to every individual who desired 
 them, and could find satisfactory security ; and it discounted or gave money 
 for all good bills. The person who got the cash account or credit, which was 
 generally from £100 to £300, drew upon the Bank for what he needed, to the 
 full extent of the credit, in any sum not less than £10 at a time ; and for 
 whatever sum he drew out he paid interest, at the rate of 5 per cent, per 
 annum ; and any sum that he got in the way of his business, or otherwise, and 
 choosed to pay into the Bank, he had liberty to do so, in sums not less than 
 £10 at a time, and this sum was deducted from the sum drawn out, and the 
 balance only carried interest. This method is reported to have been invented 
 by the inhabitants of Edinburgh, and to be still much practised there ; and 
 the practice has been so much countenanced by the legislature, that, to give it 
 more encouragement, by rendering it more easily accomplished, there was a 
 law made a few years ago, empowering bankers , and other persons , to take 
 heritable security for credits , or cash accounts , to be furnished by them , as by law no 
 heritable security could be granted but for a specific sum of money really 
 advanced, and not to be advanced. But I have never heard of one cash account 
 in Dundee granted upon heritable security, agreeably to the late Act of Parlia- 
 ment. From what is above stated, it is established that the Banks, as presently 
 conducted, are a greater grievance than the one formerly and loudly com- 
 plained upon, viz., the partial and unjust election of the Magistrates and Town 
 Council. For the revenue that these self-elected magistrates have the manage- 
 ment of, without the least legal check or control of the inhabitants, is sup- 
 posed not to exceed £4,000 per annum ; and surely they cannot misapply the 
 whole of it, and if they did, it is but a trifle to the inhabitants at large ; so 
 that, although I believe it were wise for the town that it had no other magis- 
 trate in it but a sheriff-substitute, yet the grievances of the Banks are of a 
 more serious nature to a great many individuals. As actions are the best 
 illustration of characters, I shall shortly state a few anecdotes.” (Here follow 
 fifteen pages of the malicious gossip of a country town — most of the stories 
 probably more or less founded on facts.) 
 
Dr. THE DUNDEE BANKING COMPANY. [47 
 
 To the PUBLIC, as per following Statement, £439,333 16 11 
 
 For NOTES in circulation, as follows, 
 Notes of £0 5 0 
 
 „ 10 0 
 
 „ 110 
 
 „ 5 0 0 
 
 „ 20 0 0 
 
 £ 58,473 0 0 
 
 £ 322 13 0 
 
 44,335 0 0 
 3,220 7 0 
 7,715 0 0 
 2,880 0 0 
 £58,473 0 0 
 
 For MONEY DEPOSITED, as follows, 337,204 2 6 
 
 In Dundee — 
 
 On 1479 Deposit Accts., £230, 453 12 10 
 On 42 Cash. Accts., Cr., 24, 107 18 6 
 
 £254,561 11 4 
 
 At Arbroath, on 433 Accounts, 56,963 9 11 
 
 ,, Forfar, on do., 25,679 1 3 
 
 £337,204 2 6 
 
 For Balance due London Agents, 
 
 . 43,656 14 5 
 
 £439,333 16 11 
 
 To the PARTNERS of the Company, as per following Statement, 
 For CAPITAL paid up, £354, 5s. 6d. on 93 shares, and 
 
 £198, 8s. 4d. on 14 shares, £35,725 8 9 
 
 For Dependancies, Cr., 
 
 For Rebate on Bills on hand, 
 
 For Portion of past year’s PROFITS, set aside for a Divi- 
 dend of £25 on 93 shares, as per following Statement, 
 Profit and Loss — 
 
 By Discounts received (+ former Rebate),. £12,639 4 6 
 
 Interest paid, less received, 3,415 15 0 
 
 ~£9, 223 9 6 
 
 503 16 
 1,106 9 
 
 2,325 0 0 
 
 To Rebate on Bills, £1,106 9 9 
 
 Expense of Management, . 3,072 1 7 4,178 11 4 
 
 By Nett Profit, £5,044 18 2 
 
 Rise on Consols, £ 600 0 0 
 
 Do. on Navy 5 per Cents,. 1,609 1 10 2,209 1 10 
 
 By Total Profit on hand, £7,254 0 0 
 
 To Capital added, £53 on 93 shares, 4,929 0 0 
 
 £2,325 0 0 £39,660 14 10 
 
 39,660 14 10 
 
 TOTAL LIABILITIES of the Bank, 
 
 £478,994 11 9 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £2,775,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ S. d. 
 
 
 * £ s. d. 
 
 
 £ s. d. 
 
 
 £ 
 
 s. d. 
 
 Dundee,. ... 
 
 3136 
 
 562,704 13 1 
 
 746 
 
 109,396 5 5 
 
 1105 
 
 287,231 8 4 
 
 4987 
 
 959,332 
 
 6 10 
 
 Arbroath, .. 
 
 761 
 
 96,180 2 7 
 
 79 
 
 17,689 2 10 
 
 196 
 
 45,391 8 7 
 
 1036 
 
 159,260 
 
 14 0 
 
 Forfar, 
 
 
 175,534 1 1 
 
 
 5,367 12 3 
 
 
 43,772 3 0 
 
 2569 
 
 224,673 
 
 16 4 
 
 Totals, . . 
 
 
 834,418 16 9 
 
 
 132,453 0 6 
 
 
 376,394 19 11 
 
 8592 
 
 1,343,266 
 
 17 2 
 
 * Of this, about £45,000 was Bills to collect for correspondents. 
 
47] 20th FEBRUARY 1810. Or. 
 
 By BANK OFFICE, £ 150 17 10 
 
 INVESTMENTS, as per following Statement, 450,803 5 7 
 
 ls£. In Dundee, as follows : — 
 
 Cash. Accounts, in number 130, £37,671 10 6 
 
 Bills Discoimted, i.e., due in Dundee, 134,280 2 11 
 Bills Receiv, i.e., due in Edinbro’, &c. 1,941 3 7 
 
 Bills of Exchange, i.e., due in London, 23,301 16 10 
 
 Outstanding Bills, 199 19 7 
 
 Consols, £120,000 at 67i 81,000 0 0 
 
 Navy 5 per Cents, £56,950 at 994, — 56,665 5 0 
 
 Shares of the Bank (eleven), 2,126 19 3 
 
 £337,186 17 8 
 
 2 d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 73, £18,181 0 0 
 
 Bills Discoimted, i.e., due in Arbroath, 30,103 2 2 
 
 Bills of Exchange, i.e., due in London, 5,713 11 7 
 
 53,997 13 9 
 
 3 d. At Forfar, as follows : — 
 
 Cash Accounts, in number 87, £22,067 16 5 
 
 Bills Discounted, i.e., due in Forfar, ... 37,550 17 9 
 
 59,618 14 2 
 
 £450,803 5 7 
 
 SUNDRY ACCOUNTS, Dr., £ 4,667 
 
 CASH at call and on hand, as per following Statement, 23,373 
 
 At call, Edinburgh Agents, £12,099 15 5 
 
 Cash on hand : — 
 
 At Head Office, Dundee, as follows :■ — 
 
 Mixed Notes, £1,310 19 0 
 
 Gold, 7,545 17 6 
 
 Silver, 506 19 6 
 
 Copper, 0 5 8 
 
 9,364 1 8 
 
 At Arbroath Branch — Mixed Notes and Specie,... 896 18 4 
 „ Forfar Do. do. do., ... 1,012 9 7 
 
 3 4 
 5 0 
 
 £23,373 5 0 
 
 TOTAL ASSETS of the Bank, 
 
 £478,994 11 9 
 
 Discount Received. 
 
 Bills Discounted, 
 
 Bills of Exchange, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d. 
 6,250 13 10 
 1,837 14 2 
 
 £ s. d. 
 1,069 15 1 
 240 5 7 
 
 £ S. d. 
 
 2,039 1 2 
 164 11 11 
 
 £ 5. d. 
 
 9,359 10 1 
 2,242 11 8 
 
 Totals, 
 
 8,088 8 0 
 
 1,310 0 8 
 
 2,203 13 1 
 
 11,602 1 9 
 
 Interest Received and Paid. 
 
 Interest Received, 
 
 Interest Paid, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 | Totals. 
 
 £ S. d. 
 
 9,583 19 5 
 11,349 3 5 
 
 £ s. d. 
 658 7 11 
 2,384 9 1 
 
 £ s. d. 
 999 10 5 
 924 0 3 
 
 1 £ s. d. 
 
 11,241 17 9 
 14,657 12 9 
 
 Balances Paid, 
 
 1,765 4 0 
 
 1,726 1 2 
 
 iRc d - 75 10 2 
 
 ! 3,415 15 0 
 
 Total payments through Edinburgh Agents, £649,000 (of this for the Bank’s Notes retired, 
 £216,446) ; and through London Agents, £322,000. 
 
262 Banking Memoranda for 1809. 
 
 Currency, Prices, &c., in 1809. — War with France : Gold at £4 per 
 oz., and silver 5s. 2d. to 5s. 7d., currency depreciated £2, 13s. 2d. per cent., 
 gold coined £298,946 ; Bank of England Circulation, £19,001,890 (of which 
 £4,868,275 under £5), and Bullion £4,488,700 ; Consols, 65J to 70, and 
 Bank stock 235 to 285 ; Parliamentary supplies, £82,027,288 ; wheat per 
 quarter, in London, 85s. 6d. to 95s. 7d., and in Edinburgh, 95s. — oatmeal per 
 boll 28s. ; bankruptcies in England, 1,382, of which 7 were of Banks. 
 
 Dundee Union Bank. — On 22d February, another Bank was established 
 in Dundee, under the title of the Dundee Union Banking Company. Its con- 
 tract was for forty-two years, its nominal capital £100,000, of which £60,000 
 was paid up at starting. It gradually opened branches at the following 
 places : — Kirriemuir, Stonehaven, Langholm, Auchtermuchty, Arbroath, Mon- 
 trose, Brechin, and Forfar ; those in the four first of these towns were, how- 
 ever, after a time, withdrawn. At a much later period, the Bank tried the 
 experiment of a branch in London, but without success. 
 
 Glasgow Bank. — In May, the partners of the Dundee New Bank, asso- 
 ciated with six merchants of standing in Glasgow and six other persons, estab- 
 lished in that city a Bank, titled the Glasgow Bank. Its capital was at 
 first £100,000 divided into 40 shares of £2,500 each, all paid up. The chief 
 items of its Balance Sheets for some years are annually subjoined. James 
 Denniston of Golfhill, one of the partners, acted as managing director for 
 twenty years (see 1829), and superintended one of the largest banking busi- 
 nesses in Glasgow. 
 
 British Linen Company. — A Branch of this Bank was opened in Elgin. 
 Banks in Glasgow. — From the Glasgow Directory of 1809, it appears that 
 there were the following local Banks, and Branches, or agencies of other Banks. 
 
 1. Ship Bank. 
 
 2. Thistle Bank. 
 
 3. Glasgow Bank. 
 
 4. Bank of Scotland, 
 
 5. Royal Bank. 
 
 6. British Linen Co. 
 
 7. Ayr Bank. 
 
 15. Paisley Bank. 
 
 16. Paisley Union Bank. 
 
 17. Perth Bank. 
 
 18. Renfrewshire Bank. 
 
 19. Stirling Bank. 
 
 8. Dundee New Bank. 
 
 9. Falkirk Bank. 
 
 10. Falkirk Union Bank. 
 
 11. Fife Bank. 
 
 12. Greenock Bank. 
 
 13. Kilmarnock Bank. 
 
 14. Leith Bank. 
 
 Linen Trade. — Linen stamped this year in Scotland, 22,469,990 yards ; 
 estimated value, £1,171,880. The average quantity and value stamped in this 
 district during the years 1805, 6, 7 (see 1818), were as follows: — 
 
 Dundee, 
 
 yards of linen, 
 
 4,413,764 ... 
 
 
 £203,217 
 
 0 
 
 0 
 
 Kirriemuir, .. 
 
 do., 
 
 2,225,300 ... 
 
 
 102,456 
 
 2 
 
 1 
 
 F orfar, 
 
 do., 
 
 1,765,704 ... 
 
 
 81,295 
 
 10 
 
 10 
 
 Kirkcaldy,... 
 
 do., 
 
 1,641,403 ... 
 
 
 75,572 
 
 10 
 
 4 
 
 Cupar, 
 
 do., 
 
 967,186 ... 
 
 
 44,530 
 
 17 
 
 1 
 
 Brechin, 
 
 do., 
 
 523,168 ... 
 
 
 24,087 
 
 10 
 
 6 
 
 Arbroath, ... 
 
 do., 
 
 287,233 ... 
 
 
 13,224 
 
 13 
 
 8 
 
 Letham, 
 
 do., 
 
 266,897 ... 
 
 
 12,288 
 
 7 
 
 7 
 
 Montrose, .... 
 
 do., 
 
 198,375 ... 
 
 
 9,138 
 
 16 
 
 3 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [48 
 
 To the PUBLIC, as per following Statement, £377,499 8 7 
 
 For 
 
 NOTES in circulation, 
 Notes of 
 
 as follows, £ 56,493 0 0 
 
 £0 
 
 1 
 
 1 
 
 5 
 
 20 
 
 £ 321 10 
 
 43,022 0 
 2,754 10 
 7,075 0 
 3,320 0 
 
 £56,493 0 0 
 
 For MONEY DEPOSITED, as follows 
 
 In Dundee — 
 
 On 1632 Deposit Accts., £238, 437 2 7 
 On 36 Casli Accts., Cr., 13,399 7 10 
 
 £251,836 10 5 
 
 At Arbroath, on 408 Accounts, 49, 160 9 1 
 
 ,, Forfar, on 220 do., 13,779 2 11 
 
 £314,776 2 5 
 
 For SUNDRY ACCOUNTS, Cr., 7.... 
 
 For Balance due London Agents, 
 
 314,776 2 5 
 
 1,444 
 
 4,786 
 
 £377,499 8 7 
 
 To the PARTNERS of the Company, as per following Statement, 
 For CAPITAL paid up, £358, 5s. 6d. on 92 shares, and 
 
 £208, 16s. 2d. on 15 shares, £36,093 8 
 
 For Dependancies, Cr., 515 3 
 
 For Rebate on Bills on hand, 1,014 9 
 
 For Portion of past year’s PROFITS, set aside for a Dividend 
 
 of £25 on 92 shares, as per following Statement, 2,300 
 
 Profit and Loss — 
 
 By Discounts received, £14,744 12 4 
 
 Interest received, * 5,728 1 4 
 
 39,923 1 5 
 
 9 
 7 
 1 
 
 0 0 
 
 To Rebate on Bills, £1,014 9 1 
 
 Expense of Management,.... 3,193 11 5 
 
 £9,016 11 0 
 
 4,208 0 6 
 
 By Nett Profit, £4,808 10 6 
 
 To Fall on Consols, £1,800 0 0 
 
 Do., on Navy 5 per Cents,. 340 10 6 2,140 10 6 
 
 By Total Profit on hand, £2,668 0 0 
 
 To Capital added, £4 on 92 shares 368 0 0 
 
 £2,300 0 0 £39,923 1 5 
 
 TOTAL LIABILITIES of the Bank, £417,422 10 0 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £2,910,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable, j 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. j 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 * £ s. d.\ 
 
 
 £ s. d. 
 
 
 £ S. 
 
 d. 
 
 Dundee, ... 
 
 3565 
 
 663,807 13 4 
 
 983 
 
 132,432 1 3 
 
 1394 
 
 371,622 13 5 
 
 5942 
 
 1,167,862 8 
 
 0 
 
 Arbroath, . 
 
 1773 
 
 118,671 0 1 
 
 47 
 
 9,392 9 1 
 
 181 
 
 37,699 19 5 
 
 2001 
 
 165,763 8 
 
 7 
 
 Forfar, 
 
 
 161,567 18 1 
 
 
 5,695 9 0 
 
 
 46,649 15 1 
 
 2806 
 
 213,913 2 
 
 2 
 
 Totals, . . 
 
 
 944,046 11 6 
 
 
 147,519 19 4 
 
 
 455,972 7 11 
 
 10749 
 
 1,547,538 18 
 
 9 
 
 Of this, about £65,000 was Bills collected for correspondents. 
 
48] 20th FEBRUARY 1811. Cr. 
 
 By BANK OFFICE, £ 147 17 10 
 
 INVESTMENTS, as per following Statement, 384,543 13 9 
 
 ls£. In Dundee, as follows : — 
 
 Cash Accounts, in number 133, £ 38,711 14 7 
 
 Heritable Bonds, 515 0 0 
 
 Bills Discounted, i.e., due in Dundee, 134,775 16 7 
 Bills Receiv., i.e., due in Edinbro’, &c. 1,303 9 2 
 
 Bills of Exchange, i.e., due in London, 36,212 1 11 
 
 Outstanding Bills, 933 14 10 
 
 Consols, £120,000 at 66, 79,200 0 0 
 
 Shares of the Bank, 2, 126 19 3 
 
 £293,778 16 4 
 
 2 d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 60, £13,894 13 9 
 
 Bills Discounted, i.e., due in Arbroath, 29,940 10 1 
 
 Bills of Exchange, i.e., due in London, 3,558 6 5 
 
 47,393 10 3 
 
 3d. At Forfar, as follows : — 
 
 Cash Accounts, in number 84, £22,304 10 1 
 
 Bills Discounted, i.e., due in Forfar, ... 21,066 17 1 
 
 43,371 7 2 
 
 £384,543 13 9 
 
 SUNDRY ACCOUNTS, Dr., 2,507 16 3 
 
 CASH at call and on hand, as per following Statement, 30,223 2 2 
 
 At call, Edinburgh Agents, £21,002 14 5 
 
 Cash on hand : — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £ 254 11 0 
 
 Gold, 6,115 7 0 
 
 Silver, 938 0 6 
 
 Copper, 0 5 4 
 
 7,308 3 10 
 
 At Arbroath Branch — Mixed Notes and Specie,.... 878 12 10 
 ,, Forfar Do. do. do., .... 1,033 11 1 
 
 £30,223 2 2 
 
 TOTAL ASSETS of the Bank, £417,422 10 0 
 
 Discount Received. 
 
 Bills Discounted, 
 
 Bills of Exchange, 
 
 Totals, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d. 
 7,856 1 9 
 2,461 4 8 
 
 £ s. d. 
 1,249 12 11 
 202 12 1 
 
 £ s. d. 
 1,722 9 3 
 146 1 11 
 
 £ s. d. 
 
 10,828 3 11 
 2,809 18 8 
 
 10,317 6 5 
 
 1,452 5 0 
 
 1,868 11 2 
 
 13,638 2 7 
 
 Interest Received and Paid. 
 
 Interest Received, 
 
 Interest Paid, 
 
 Balances Paid, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d. 
 6,255 8 7 
 11,173 18 9 
 
 £ S. d. 
 
 787 8 11 
 2,120 13 10 
 
 £ S. d. 
 
 1,355 15 2 
 832 1 5 
 
 £ S. d. 
 
 8,398 12 8 
 14,126 14 0 
 
 4,918 10 2 
 
 1,333 4 11 
 
 Rc d - 523 13 9 
 
 5,728 1 4 
 
 Total payments through Edinburgh Agents, £684,000 (of this for the Bank’s Notes 
 retired, £204,585) ; and through London Agents, £295,000. 
 
266 Banking Memoranda for 1810. 
 
 Currency, Prices, &c., in 1810. — War with France: Gold at £4, 10s. per 
 oz., currency depreciated £13, 9s. 6d. per cent., coined £316,935 ; Bank of Eng- 
 land average Circulation, £2 2,541,000, and English Country Banks (compuied) 
 £21,819,000 — total, £44,360,000 (from 1810 to 1818, £271,000 ought to he 
 added to the Country average, for the unstamped small notes of the three Char- 
 tered Banks), and Bank’s Bullion £3,501,410 ; Consols, 64§ to 70f, and Bank 
 stock 243J to 277 ; Public Revenue £74,040,544, and Loans £13,242,356 ; 
 wheat per quarter, in London, 109s. 9d., and in Edinburgh, 84s. — oatmeal per 
 boll 24s. ; bankruptcies in England, 2,314, of which 26 Avere of Banks. 
 
 Bullion Report of 1810. — Gold having risen so much above the Mint price, 
 and Bank notes consequently appearing to be depreciated 13^ per cent., a Com- 
 mittee of the House of Commons was appointed in February to examine into the 
 causes of this. The Committee examined many witnesses, and gave in its 
 celebrated Report (containing much statistical information, and the conflicting 
 opinions of various eminent persons), on the 9th June ; it was next day ordered 
 to be printed for the use of the members, but Avas not formally considered till 
 6th May 1811. The sum of the Committee’s judgment was, that the deprecia- 
 tion of notes was owing to over-issue, and that the Bank ought to resume cash 
 payments at the end of tAVO years ; but the House did not approve of this 
 recommendation, and hence notes continued to decline in value till 1814. The 
 following is a \ r ery brief summary of the Report and its Appendix : — • 
 
 — 1st. Facts of the case generally admitted : — 1. Mint price of gold was by laAV 
 £3, 17s. 10-^d. per oz. 2. Market price had risen to £4, 10s. per oz. 
 3. Foreign exchanges had fallen enormously — with Hamburg 9 per cent., Avith 
 Baris 14 per cent. 4. Amount of Bank notes in circulation had greatly in- 
 creased during the last few years, and was rapidly augmenting. 5. Specie 
 had disappeared from circulation. (Illustration. — Evidence of William Merle, 
 bullion merchant, on 24th February 1810: — Q. “Can you state what is the 
 average weight of guineas nowin circulation ?” A. “We see none ; we do not 
 even see a seven-shilling piece.” Q. “ Can you state the proportion of gold 
 Avhich is in circulation in ordinary dealings at this time to the proportion of 
 Bank notes ?” A. “ No, I cannot ; we see no gold now. My clerks, who are 
 out collecting everyday, do not perhaps bring me a seA r en-shilling piece. They 
 bring nothing but stamped dollars now.” He states gold to be worth 90s. an 
 ounce, and guineas at that rate worth £1, 4s. Id. a-piece. Gold to be 16 per cent, 
 above par, and silver 9d. ; Dollars, instead of 4s. 4d., being worth 4s. 9d.) 
 
 — 2d. Opinions of Horner, Huskisson, Thornton, and others of the Committee,, 
 and of some witnesses examined, not personally interested. 1. That Bank notes 
 were depreciated ; and that the difference betAveen the market price and the 
 Mint price of gold bullion was the measure of the depreciation. 2. That 
 the extreme limit to which foreign exchanges could fall was the expense of 
 remitting bullion, and that at the time there Avas a large excess of depression 
 beyond this limit, and that this excess of depression of the exchanges Avas 
 caused by the excessive issue of Bank notes. 3. That a diminution of the 
 quantity of notes would increase the value of the domestic currency, and cause 
 the foreign exchanges to rise, and the market price of gold to fall to the Mint 
 price. 4. That the Bank Directors ought to follow the same rule as to the 
 
Banking Memoranda for 1810 — (Continued). 267 
 
 extent of their issues, during the restriction of cash payments, as they did 
 before, viz., the condition of the foreign exchanges. 
 
 — 3d. Opinions of Rose, Yansittart, Peel, and Lord Stanhope (who were not on 
 the committee), and of most of the witnesses examined, viz., officials of the Bank, 
 private bankers, &c. 1. That Bank notes were not depreciated, but the price 
 
 of gold had risen, and that there was no difference in price of bullion, whether 
 paid for in notes or in specie. 2. That the depression in the foreign exchanges 
 was entirely owing to the balance of payments being against this country, through 
 the remittances to the army, the measures of Napoleon, and other political causes. 
 3. That a diminution or increase of the issues of the Bank would have no effect 
 on the foreign exchanges, nor on the market price of bullion. 4. That since 
 the restriction there was no necessity for observing the same rule as to extent 
 of issues as before ; but that the public demand was the sole criterion, and as 
 long as this alone was regarded, there could be no over-issues. 
 
 — In the discussion, May 1811, the case of Ireland was referred to by both 
 parties. There guineas were openly sold for a premium, and goods had two 
 prices, according as they were to be paid for in specie or in notes ; whilst in 
 England apparently this was not the case. But it was observed, there was no 
 law against the doing of this in Ireland, while in England there was, and three 
 men were at the time in jail, in London, waiting their trial for buying and 
 selling guineas above 21s., that is, full weight guineas, for light ones might be 
 sold, and were so, for a £1 note, and 6s. or 7s. It was also pointed out, 
 that there were not guineas in circulation to prove that notes were not of less 
 value — all was paid for in notes ; and it was, by the witnesses’ own acknow- 
 ledgment, an opinion merely, that if they had guineas to pay with, they would 
 obtain no more bullion than notes did. Witnesses proved that the whole 
 expense of sending bullion to Amsterdam and Hamburg was from 4 to 5J per 
 cent., but beyond these rates there was then 12 to 14 per cent, of depression. 
 Two most remarkable times of the market price of bullion being above Mint 
 price were referred to — 1st, in King William’s reign, when silver coin was 
 so worn and debased ; and 2d, in the beginning of George III.’s reign, when 
 gold coin was in a very degraded state. In both cases, the reformation of the 
 coin had lowered the market price of bullion to the Mint price. The dates of 
 great derangements of the Currency were also noticed — Of the Scotch currency 
 in 1763, of the Irish in 1804, and of the English in 1696-7, and now from 
 1801 to 1810. The Bullion Report was no sooner published than its con- 
 clusions were assailed by many pamphlets. Yet the Government was at 
 the time, when paying soldiers in Guernsey, charging them 23s. for the 
 guineas ; and R. Sharp, one of the Committee, stated, that a friend going to 
 invest £1,000 in 3 per cents., was told the price was 64J, but on mentioning 
 he had the money in guineas, he was told that the price would be 60 only. 
 
 French Licences to export and import. — Although the ports of France, 
 and wherever Buonaparte’s power extended, were closed against commerce 
 with Britain, yet licences for cargoes to and from Britain were granted by the 
 French Government — of course, for a consideration. E. Laffon, merchant, 
 Dunkirk, writes, in a printed circular, dated 25th February 1810 : — “ The 
 present circumstances have induced me to take the liberty to address your 
 
268 
 
 Banking Memoranda for 1810— ( Continued). 
 
 house this letter, with a detail of what passes betwixt the two countries 
 respecting trade, and a note of the goods that can be exported from France 
 to foreign parts, and of those that are admitted, with their respective prices in 
 this country. The whole under the protection of special licences granted by 
 both Governments of France and Great Britain, in virtue of which there has 
 been above one thousand cargoes great or small of corn, meal, flour, &c. &c., 
 exported from this country and imported into England, principally to the port 
 of London, so that this makes our trade revive a little, and gives us hopes for 
 further favours.” The list for exportation contained grain, flour, seeds, wines, 
 brandies, oils, salt, &c. ; and for importation, timber, staves, jfitch and tar, 
 ashes, dying woods, medical drugs, iron, lead, tin, arsenic, fish oils, and hides. 
 
 East Lothian Bank. — On 1st June, a Bank was established at Dunbar, 
 under this title, having a capital of £80,000, divided into four hundred shares 
 of £200 each, held by twenty-seven partners. 
 
 Glasgow Bank. — Chief items in its Balance Sheet, 30th June 1810 : — 
 
 Dr. Notes, £144,795, probable 
 
 Circulation, £110,795 
 
 Deposit Money, with Interest, 226,610 
 
 Sundry Accounts, Cr., 28,463 
 
 Capital, £2,500 on 40 shares, 100,000 
 Interest at 5 per cent, added, 5,630 
 Profits, £175 per share, do., 7,000 
 
 £478,498 
 
 Cr. Bank Office, £ 4,436 
 
 Bills Receivable, 431,597 
 
 Kirkcaldy Branch, 23,056 
 
 Sundry Accounts, Dr., 2,132 
 
 Edinburgh Agents, 6,566 
 
 Cash £44,711, probable Spe- 
 cie and mixed Notes, 10,711 
 
 £478,498 
 
 Expenses of Management £5,046 paid, and Dependancies, Cr., £818. 
 
 Interest on Deposits. — The Banks in Scotland had hitherto allowed 4 per 
 cent, on dormant or real deposits, and 3 only on current accounts ; but on 
 October 10, the rate on the latter was raised to 4 per cent. 
 
 Commercial Bank of Scotland. — At Edinburgh, in November, there was 
 established a joint-stock Banking Company, projected on a larger scale than 
 usual, the promoters of which, not satisfied with the title of The Commercial 
 Bank, superadded the distinction of Scotland, which had hitherto been restricted 
 to establishments founded by national authority. It has been followed by so 
 many Banks of Scotland — National, Union, Central, Eastern, Western, Northern, 
 Southern — and by so many insurance and other companies, hoping to secure 
 customers by this profession of nationality, that now-a-days people’s sense of 
 propriety is not shocked as it then was by the unauthorized assumption of this 
 designation. It may be questioned whether much profit is obtained by this 
 sounding title, for in fact it is seldom used, and the Banks are known as the 
 Commercial, the National, the Union, &c. (See 1831.) The success of this 
 most prosperous establishment has been owing to its good management, and 
 not to its designation, which has thus been made honourable. The capital of 
 the Bank was nominally £3,000,000, divided into 6,000 shares of £500 each, 
 but of which 4,500 only were at first issued, and £100 per share paid up — 
 making the real capital at starting £450,000. (See 1829.) 
 
 Linen Trade. — Linen stamped this year in Scotland, 26,457,079 yards ; 
 estimated value, £1,265,669. 
 
B 17 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [49 
 
 To the PUBLIC, as per following Statement, £439,414 8 4 
 
 For NOTES in circulation, as follows, £ 52,154 0 0 
 
 Notes of 
 
 £0 
 
 1 
 
 1 
 
 5 
 
 20 
 
 £ 321 10 0 
 
 40,285 0 0 
 2,152 10 0 
 6,315 0 0 
 3,080 0 0 
 £52,154 0 0 
 
 For MONEY DEPOSITED, as follows, 376,303 
 
 In Dundee — 
 
 On 1886 Deposit Accts., £274, 698 19 5 
 On 35 Cash Accts., Cr., 23,143 9 2 
 
 £297,842 8 7 
 
 At Arbroath, on 468 Accounts, 65,367 15 10 
 
 ,, Forfar, on 202 do., 13,093 0 4 
 
 £376,303 4 9 
 
 For Balance due London Agents, 10,957 3 
 
 £439,414 8 
 
 4 9 
 
 To the PARTNERS of the Company, as per following Statement, 35,338 15 
 For CAPITAL paid up, £307 on 89 shares, and £240 
 
 on 18 shares, £31,643 8 9 
 
 For Dependancies, Cr., 485 10 2 
 
 For Rebate on Bills on hand, 984 16 1 
 
 For Portion of CAPITAL, set aside for a Dividend of £25 
 
 on 89 shares, as per following Statement, 2,225 
 
 Profit and Loss — 
 
 By Discounts received, £11,553 8 8 
 
 To Interest paid, less received, 3,387 16 9 
 
 £8,165 11 11 
 
 To Rebate on Bills, £ 984 16 1 
 
 Expense of Management, . . 3,177 6 1 4,162 2 2 
 
 0 0 
 
 By Nett Profit on ordinary business, £4,003 
 
 To Fall on Consols, £4,200 0 0 
 
 Do. on Navy 5 per Cents, 2, 028 9 9 6, 228 
 
 9 9 
 
 9 9 
 
 To Loss this year, £2,225 0 0 
 
 By Capital taken off, £50 on 89 shares, 4,450 0 0 
 
 £2,225 0 0 £35,338 15 0 
 
 TOTAL LIABILITIES of the Bank,, 
 
 .£474,753 3 4 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2,540,000. 
 Total Transactions in Bills. 
 
 
 Bili 
 
 .s Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 * £ s. d. 
 
 
 £ s. d. 
 
 
 £ S. 
 
 d. 
 
 Dundee, . . . 
 
 2815 
 
 491,759 6 11 
 
 1077 
 
 112,908 1 2 
 
 1524 
 
 293,008 6 10 
 
 5416 
 
 897,675 14 11 
 
 Arbroath, . 
 
 2140 
 
 143,074 6 4 
 
 
 
 243 
 
 54,214 11 3 
 
 2383 
 
 197,288 17 
 
 7 
 
 Forfar, 
 
 
 108,829 6 6 
 
 
 8,143 15 5 
 
 
 32,571 15 4 
 
 2166 
 
 149,544 17 
 
 3 
 
 Totals, . . 
 
 
 743,662 19 9 
 
 
 121,051 16 7 
 
 
 379,794 13 5 
 
 9965 
 
 1,244,509 9 
 
 9 
 
 * Of this, about £55,000 was for Bills collected for correspondents. 
 
 13 
 
49] 20th FEBRUARY 1812. Cr. 
 
 By BANK OFFICE, £ 151 2 4 
 
 INVESTMENTS, as per following Statement, 442,514 10 9 
 
 ls£. In Dundee, as follows : — 
 
 Cash Accounts, in number 119, £ 33,315 16 0 
 
 Heritable Bonds, 515 0 0 
 
 Bills Discounted, i.e., due in Dundee, 121,078 12 1 
 
 Bills Receiv, i.e., due in Edinbro’, &c. 1,351 3 11 
 
 Bills of Exchange, i.e., due in London, 26,251 1 7 
 
 Outstanding Bills, 1,533 10 3 
 
 Exchequer Bills, £38,000 and Interest, 38,827 1 4 
 
 Consols, £120,000 at 62 1, 75,000 0 0 
 
 Navy 5 per Cents, £50,000 at 93^, — 46,625 0 0 
 
 Shares of the Bank (eighteen), 3,562 9 1 
 
 £348,059 14 3 
 
 2 d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 65, £10,342 0 0 
 
 Bills Discounted, i.e., due in Arbroath, 36,759 19 11 
 Bills of Exchange, i.e., due in London, 6,518 13 9 
 
 53,620 13 8 
 
 3 d. At Forfar, as follows : — 
 
 Cash Accounts, in number 84, £18,945 11 4 
 
 Bills Discounted, i.e., due in Forfar, ... 21,888 11 6 
 
 40,834 2 10 
 
 £442,514 10 9 
 
 SUNDRY ACCOUNTS, Dr., 4,206 10 2 
 
 CASH at call and on hand, as per following Statement, 27,881 0 1 
 
 At call, Edinburgh Agents, £17,444 3 11 
 
 Cash on hand : — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £ 753 7 0 
 
 Gold, 6,742 10 6 
 
 Silver, 733 10 0 
 
 Copper, 0 4 2 
 
 8,229 11 8 
 
 At Arbroath Branch — Mixed Notes and Specie,... 1,195 6 7 
 ,, Forfar Do. do. do., ... 1,011 17 11 
 
 £27,881 0 1 
 
 TOTAL ASSETS of the Bank, £474,753 3 4 
 
 Discount Received. 
 
 Bills Discounted, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ .9. d. 
 
 5,822 14 6 
 1,250 0 0 
 
 £ s. d. 
 1,852 4 11 
 349 13 8 
 
 £ S. d. 
 
 1,049 16 1 
 214 10 5 
 
 £ s. d. 
 8,724 15 6 
 1,814 4 1 
 
 Bills of Exchange, 
 
 Totals, 
 
 7,072 14 6 
 
 2,201 18 7 
 
 1,264 6 6 
 
 10,538 19 7 
 
 Interest Received and Paid. 
 
 Interest Received, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ S. d. 
 
 8,833 9 6 
 11,382 6 1 
 
 £ S. d. 
 
 584 19 1 
 2,088 16 8 
 
 £ s. d. 
 1,183 0 8 
 518 3 3 
 
 £ s. d. 
 10,601 9 3 
 13,989 6 0 
 
 Interest Paid, 
 
 Balances Paid, 
 
 2,548 16 7 
 
 1,503 17 7 
 
 Rc d - 664 17 5 
 
 3,387 16 9 
 
 Total payments through Edinburgh Agents, £711,000 (of this for the Bank’s Notes retired, 
 £192,369 ) ; and through London Agents, £344,000. 
 
272 Banking Memoranda for 1811. 
 
 Currency, Prices, &c., in 1811. — War with France: Gold at £4, 7s. 6d. 
 to £4, 19s. 6d. per oz., average £4, 4s. 6d., Currency depreciated £7, 16s. lOd. 
 per cent., coined £312,263 ; Bank of England average Circulation, £23,282,000, 
 and English Country Banks, (computed) £21,543,000 — total, £44,825,000, and 
 Bank’s Bullion £3,350,940; Consols, 62 to 67^, and Bank stock 230 to 248 ; 
 Public Revenue £71,113,588, and Loans £16,636,375 ; wheat per quarter, 
 in London, 97s. 5d., and in Edinburgh, 78s. — oatmeal per boll 19s. 6d.; bank- 
 ruptcies in England, 2,500, of which 4 were of Banks. 
 
 Commercial Distress. — In March, a Committee of the House of Commons 
 was appointed to enquire into the causes of, and the means of relieving, the 
 commercial distress. It reported that it was owing to the over-exporting of 
 manufactures, especially of cotton goods, to South America and other places, 
 and recommended the issue of £6,000,000 in loans to manufacturers and 
 merchants. This recommendation was adopted. 
 
 Bullion Report of 1810. — When the recommendation of the Bullion 
 Committee of 1810 was declined by the House of Commons, Lord King, to 
 mark his sense of the injustice (it is supposed, rather than for the sake of the 
 profit), had notices served on all his tenants that they must thereafter pay 
 their rents in gold. This raised a singular clamour both through the country 
 and in Parliament. The hardship, if it was such, to the tenants was not so 
 much spoken of as the disloyalty of the proceeding, and the lack of patriotism 
 in not upholding the national currency ; and to prevent such, Lord Stanhope 
 introduced a Bill into Parliament to prevent guineas being paid for at more, 
 and Bank notes at less, than what they were issued for, making it a misde- 
 meanour to show any difference in payments between guineas and Bank notes. 
 Strange as this now appears, the Bill passed by a majority of 143 to 16 in the 
 House of Commons, and of 133 to 35 in the Lords. (See French Assignats, 1 793.) 
 
 Scarcity of Silver. — The Government had done nothing beyond coining, 
 from time to time, some half, one-third, and quarter guineas, towards alleviat- 
 ing the unspeakable inconvenience of a want of small change in the country, 
 of so many years’ continuance, and which had gone on increasing, and was 
 now intolerable. The Bank of England was at length authorized to strike 
 and issue silver tokens for 5s. 6d., 3s., and Is. 6d., and various other com- 
 panies and private individuals took the liberty of putting silver tokens of their 
 own into circulation, which licence was tolerated till July 1813, and then put 
 a stop to. The Mint silver which was current was so worn, and the counterfeit 
 counters (for they could not be called coins, having never been under a die) 
 which circulated with them were so base, that one of the witnesses before the 
 Bullion Committee stated, that while he had in harvest time to give £101 for 
 £100 in silver to pay his reapers with, the silver coin he thus bought at a 
 premium would, if melted down, be not worth more than £60. 
 
 British Linen Company. — Branches of this Bank were opened in the 
 following places : — Dundee, Stranraer, and Tain. 
 
 C ommerc i a l Bank. — Branches of this Bank were opened in Leith, Crieff, 
 Dalkeith, Dunfermline, and Tain. 
 
 Perth Union Bank. — Another Bank was established in Perth, under the 
 title of the Perth Union Banking Co. 
 
Banking Memoranda for 1811 — (Continued). 273 
 
 Dundee. — The population of the town was ascertained by the census to be 
 29,616, and Dundee appeared to be the seventeenth town in Great Britain. 
 With reference to the record of the opening of a Branch of the British Linen 
 Co. in Dundee, just given, it may be noted that its notes began to be separated 
 from mixed notes in the daily sorting of notes on 28th February, and that 
 the notes of the Bank of Scotland had ceased to be so separated on the 25th 
 of August 1810. It is to be presumed that this marks the closing of the latter 
 Branch as the corresponding fact does of the opening of the former. 
 
 Glasgow Bank. — Chief items in its Balance Sheet, 30th June 1811 : — 
 
 Dr. Notes, £149,847, probable 
 
 
 Cr. Bank Office, 
 
 . £ 4,424 
 
 Circulation, £ 
 
 89,847 
 
 Bills Receivable...... 
 
 .. 366,320 
 
 Deposit Money, with Interest, 212,768 
 
 Current Accounts, Dr...... 
 
 .. 5,086 
 
 Sundry Accounts, Cr., 
 
 19,364 
 
 Exchequer Bills, 
 
 .. 3,007 
 
 Capital, £2,956 on 40 shares, 112,680 
 
 Kirkcaldy Branch, 
 
 .. 17,958 
 
 Interest at 5 per cent, added, 
 
 5,631 
 
 Sundry Accounts, Dr., 
 
 .. 17,924 
 
 Profits, £50 on 40 shares, do., 
 
 2,000 
 
 Edinburgh Agents, 
 
 .. 7,368 
 
 Dependancies, Cr., 
 
 818 
 
 Cash £81,021, probable Spe- 
 
 
 
 cie and mixed Notes,.... 
 
 .. 21,021 
 
 £443,108 
 
 
 £443,108 
 
 Expense of Management £4,500 paid, and Dependancies, Cr., £2,500. 
 
 Bank Robbery. — On the morning of Sunday 14th July, the Branch of the 
 Paisley Union Bank in Glasgow was broken into, and £20,000 carried away. 
 With this large sum the thieves got clear off to London, in a post-chaise and 
 four. The Bow Street officers recovered £12,000 shortly after, through the 
 medium of a London boxer , who acted as middleman between them and the 
 robbers, but only a portion of the remaining £8,000 was ever recovered, and 
 that under circumstances so singular as to be almost like a romance. It will 
 hardly be credited that the principal robber, James M‘Coul, had the audacity 
 to prosecute the Bank for arresting him a number of years after in Edinburgh, 
 where he had been purchasing, from several of the Banks, drafts on London, 
 in name of a fictitious party, with the very notes he had stolen ! The Paisley 
 Union Bank was very nearly cast in that action, and only escaped through the 
 remarkable sagacity and exertions of Mr Denovan, originally of the Bow Street 
 Office, and afterwards Master of Police in Glasgow, who succeeded in identi- 
 fying M‘Coul with the robbery, and turned the tables so completely against 
 him, that he was tried and sentenced to death, but died in prison, in December 
 1820. The counsel for the Bank were Mr Francis Jeffrey and Mr Henry 
 Cockburn ; and the present President of the Court of Session was for M‘Coul ! ! 
 It was altogether a singular case, and a history was published at the time, in 
 an octavo volume, with some curious papers, and a portrait of M‘Coul, who 
 seems to have been a thorough villain, cheating even his wretched accomplices 
 out of their share of the spoil. The other two thieves concerned in the Paisley 
 Union Bank robbery were punished for different crimes — one of them, Fluffy 
 White, having been hung at Northampton for robbing the Leeds mail ; and the 
 other, named Harry French, being transported for a burglary . — Banking in 
 Glasgow. The handbill, dated Glasgow, the 20th September 1811, offering a 
 
274 Banking Memoranda for 1811 — ( Continued). 
 
 reward of two hundred guineas for the apprehension of James M‘Coul, alias 
 Moffat, and Henry French (both of whom it minutely describes), and another 
 of five hundred guineas for the recovery of the property stolen, amounting to 
 nearly £8,000, states that the three men had been traced to London, where 
 they arrived on the night of Tuesday the 16th July, and where one of them 
 had been apprehended. Whether the £8,000 thus spoken of was all that was 
 stolen, or merely what remained stolen after a larger sum had been recovered 
 by the police, is not plain . — Banking in Glasgow . 
 
 Commission on Country Bills. — It was customary to charge a number of 
 days of extra discount, by way of a commission, on bills due at different 
 places. The following was the Bank of Scotland’s list in April 1811, when, no 
 doubt, those of the other Banks was much the same : — 
 
 Aberdeen, . ... 
 
 21 
 
 Dumfries, 
 
 18 
 
 Inverness, .... 
 
 . 26 
 
 Perth, ....... 
 
 .. 16 
 
 Ayr, 
 
 , 16 
 
 Dunfermline, . 
 
 14 
 
 Kelso, 
 
 
 St Andrews, 
 
 .. 16 
 
 Banff, 
 
 , 26 
 
 Glasgow, 
 
 14 
 
 Kirkcaldy,.... 
 
 . 12 
 
 Stirling, 
 
 
 Cupar, 
 
 , 16 
 
 Greenock, 
 
 16 
 
 Kirkcudbright 21 
 
 Tain, 
 
 
 Dundee, 
 
 , 16 
 
 Haddington, .. 
 
 12 
 
 Montrose, .... 
 
 . 18 
 
 Wigton, 
 
 .. 21 
 
 High Price of Grain. — The harvest being deficient, and all Continental 
 supplies being cut off, the price of grain rose rapidly, and continued to do 
 so till August 1812, when it reached its maximum. Dantzic wheat was then 
 at 180s., home wheat 155s., and oats 84s. Part of this price was fictitious, 
 owing to the depreciation of the currency in which it was estimated, but the 
 greater part was owing to the scarcity. .The dearness of provisions caused a 
 disposition to riot to arise in England. It commenced in Nottingham at the 
 end of 1811, and from time to time recurred in various parts of the country 
 throughout this year. 
 
 Stamp Office and the Banks. — The Stamp Office in 1812 gave no- 
 tice to the Banks that by the Act of 1808, if any change in the copartnery 
 had taken place since 1808, separate licences must be taken out for each 
 Branch, because the Bank had become a new Bank. This intimation set the 
 Banks in an uproar. On the matter being submitted to two of the most 
 eminent counsel in Edinburgh, John Clerk and George Cranstoun, they gave 
 it as their opinion, that the Stamp Office was unjustified by the Stamp Act in 
 putting forth such a claim, and that the Banks should resist it, under a protest 
 of holding the Stamp officers personally liable for all costs and damages that 
 might arise to the Banks if they persevered in their ill-founded claim. Cor- 
 respondence and meetings about this matter continued till 11th May 1813, 
 when the Commissioners of Stamps in London acknowledged that the officers 
 in Edinburgh had been over zealous for the Public Revenue, and that their 
 demand could not be maintained. 
 
 Linen Trade. — Linen stamped this year in Scotland, 21,499,765 yards ; 
 estimated value, £999,439. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [50 
 
 To the PUBLIC, as per following Statement, £470,957 12 
 
 For NOTES in circulation, as follows, £ 49,140 0 0 
 
 Notes of 
 
 £0 
 
 1 
 
 1 
 
 5 
 
 20 
 
 £ 316 3 
 
 39,116 0 
 2,432 17 
 4,955 0 
 2,320 0 
 
 £49,140 0 0 
 
 For MONEY DEPOSITED, as follows, 402,677 12 11 
 
 In Dundee — 
 
 On 2093 Deposit Accts., £287,090 12 2 
 On 39 Casli Accts., Cr., 30,154 18 5 
 
 £317,245 10 7 
 
 At Arbroath, on 483 Accounts, 72,132 10 9 
 
 ,, Forfar, on 209 do. 
 
 . 13,299 11 7 
 
 £402,677 12 11 
 
 For Sundry Accounts, Cr., 956 
 
 For Balance due London Agents, 1 8, 1 83 
 
 £470,957 12 
 
 To the PARTNERS of the Company, as per following Statement, 28,433 2 9 
 
 For CAPITAL paid up, £229 on 85 shares, and £252 on 
 
 22 shares, £25,013 8 
 
 For Rebate on Bills on hand, 1,294 14 
 
 For Portion of CAPITAL, set aside for Division, as 
 
 per following Statement, 2,125 0 
 
 Profit and Loss — 
 
 By Discounts received, £13,230 15 9 
 
 Interest paid, less received, 3,237 10 10 
 
 £9,993 4 11 
 
 To Rebate on Bills, £1,294 14 0 
 
 Expense of Management, . 3,159 10 11 4,454 4 11 
 
 By Nett Profit on ordinary business, £5,539 
 
 To FaH on Consols, £4,200 0 0 
 
 Do. on Navy 5 per Cents, 4,744 0 0 
 Dependancies, 1,100 0 0 10,044 
 
 0 0 
 
 0 0 
 
 To Loss this year, £4,505 0 0 
 
 By Capital taken off, £78 on 85 shares, 6,630 0 0 
 
 £2,125 0 0 £28,433 2 9 
 
 TOTAL LIABILITIES of the Bank,. 
 
 .£499,390 15 3 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £2,785,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounter. 
 
 Bills Receivable. 
 
 Bill 
 
 s of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Am lint. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ S . d . 
 
 
 * £ s. d. 
 
 
 £ s. d. 
 
 
 £ 
 
 s. 
 
 d. 
 
 Dundee,. ... 
 
 2483 
 
 597,500 19 0 
 
 1016 
 
 127,765 11 9 
 
 1248 
 
 269,518 6 6 
 
 4747 
 
 994,784 
 
 17 
 
 3 
 
 Arbroath, .. 
 
 1972 
 
 128,503 11 6 
 
 
 
 276 
 
 60,698 8 2 
 
 2248 
 
 189,201 
 
 19 
 
 8 
 
 Forfar, 
 
 
 144,739 8 10 
 
 
 4,329 12 11 
 
 
 34,047 12 0 
 
 1611 
 
 183,116 
 
 13 
 
 9 
 
 Totals, ... 
 
 
 870,743 19 4 
 
 
 132,095 4 8 
 
 
 364,264 6 8 
 
 ,8606 
 
 1,367,103 
 
 10 
 
 8 
 
 * This includes Bills to collect for correspondents. 
 
50] 20th FEBRUARY 1813. Cr. 
 
 By BANK OFFICE, £ 148 2 4 
 
 INVESTMENTS, as per following Statement, 472,564 6 0 
 
 1st. In Dundee, as follows 
 
 Cash. Accounts, in number 104, £ 32,017 10 7 
 
 Heritable Bonds, 515 0 0 
 
 Bills Discounted, i.e., due in Dundee,. 123,766 7 8 
 Bills Receiv., i.e., due in Edinbro’, &c. 1,032 3 9 
 
 Bills of Exchange, i.e., due in London, 22,625 10 10 
 
 Outstanding Bills, 3,657 0 6 
 
 Consols, £120,000 at 59, 70,800 0 0 
 
 Navy 5 per Cents, £122, 900 at 89, ... . 109, 385 6 0 
 
 Shares of tbe Bank (twenty-two), 5,397 9 1 
 
 Dependancies, 71 11 7 
 
 £369,268 0 0 
 
 2c?. At Arbroath, as follows : — 
 
 Cash Accounts, in number 48, £11,373 8 0 
 
 Bills Discounted, i.e., due in Arbroath, 34,472 15 0 
 Bills of Exchange, i.e., due in London, 10,355, 14 9 
 
 56,201 17 9 
 
 3c?. At Forfar, as follows : — 
 
 Cash Accounts, in number 72, £16,499 12 4 
 
 Bills Discounted, i.e., due in Forfar, ... 30,594 15 11 
 
 47,094 8 3 
 
 £472,564 6 0 
 
 SUNDRY ACCOUNTS, Dr., £ 2,996 2 4 
 
 CASH at call and on hand, as per following Statement, 23,682 4 7 
 
 At call, Edinburgh Agents, £13,731 11 9 
 
 Cash on hand : — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £1,510 13 0 
 
 Gold, 6,057 14 0 
 
 Silver, 524 18 0 
 
 Copper, 0 7 6 
 
 8,093 12 6 
 
 At Arbroath Branch — Mixed Notes and Specie,.... 1,023 10 7 
 
 ,, Forfar Do. 
 
 do. 
 
 do., .... 
 
 833 9 9 
 
 
 
 
 £23,682 4 7 
 
 
 TOTAL ASSETS of the Bank, 
 
 
 £499,390 15 3 
 
 Discount Received. 
 
 
 Dundee. 
 
 Arbroath. 
 
 | Forfar. 
 
 Totals. 
 
 Bills Discounted, 
 
 Bills of Exchange, 
 
 £ s. d. 
 
 7,210 17 11 
 1,234 l 11 
 
 £ s. d. 
 
 1,627 1 7 
 480 2 6 
 
 £ s. d. 
 1,539 15 10 
 153 19 11 
 
 £ S. d. 
 
 10,377 15 4 
 1,868 4 4 
 
 Totals, 
 
 8,444 19 10 
 
 2,107 4 1 
 
 1,693 15 9 
 
 12,245 19 8 
 
 Interest Received and Paid. 
 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 Interest Received, 
 
 Interest Paid, 
 
 £ s. d. 
 11,128 11 8 
 12,524 5 1 
 
 £ S. d. 
 
 564 5 5 
 2,748 17 8 
 
 £ s. d. 
 
 917 9 9 
 574 14 11 
 
 £ s. d. 
 12.610 6 10 
 15,847 17 8 
 
 Balances Paid, 
 
 1,395 13 5 
 
 2,184 12 3 
 
 Rc d 342 14 10 
 
 3,237 10 10 
 
 Total payments through Edinburgh Agents, £760,000 (of this for the Bank’s Notes retired, 
 £215,318) ; and through London Agents, £330,000. 
 
278 Banking Memoranda for 1812. 
 
 Currency, Prices, &c., in 1812. — War with France and America : Gold at 
 £1, 15s. to £5, 7s. per oz., average £4, 15s. 6d., Currency depreciated £20, 14s. 9d. 
 per cent., coined none ; Bank of England average Circulation, £23,237,000, 
 and English Country Banks, (computed) £19,944,000 — total, £43,181,000, 
 and Bank’s Bullion £2,983,190; Consols, 55J to 63§, and Bank stock 212J 
 to 232^ ; Public Revenue £72,469,257, and Loans £29,268,587 ; wheat per 
 quarter, in London, 105s. to 155s., and in Edinburgh, 95s. — oatmeal per boll 
 24s. ; bankruptcies in England, 2,228, of which 17 were of Banks. 
 
 Dundee. — The Dundee chronicler already quoted, says : — “ This has been 
 a severe year for bankruptcies in Dundee. William San deman has failed for 
 £120,000 ; he offers 4s. 4d. per £1, so that his creditors lose by him more than 
 £90,000. Joseph Glen Johnston, who lately returned from St Petersburg in 
 great state, bought a fine house here (Amelia Bank, now Belmont), and lived 
 in style, has also failed ; as also the following : — Sandeman, Turnbull, & Co., 
 W. J. Sandeman, Mrs Catherine Sandeman, Alexander Boswell, Hector Turn- 
 bull, and many more.” 
 
 Dundee Union Bank. — Some items in its Balance Sheet of 31st March 
 
 1812. The capital paid up 
 
 Places. 
 
 was £67,200. 
 
 Deposits. 
 
 Cash Accounts. 
 
 Discounts, &c., 
 Received. 
 
 Dundee, 
 
 £52.096 
 
 ... £9,305 
 
 £7.188 
 
 Stonehaven, 
 
 8,330 
 
 4,430 
 
 751 
 
 Arbroath, 
 
 25,108 
 
 8,769 
 
 865 
 
 Brechin, 
 
 19,045 
 
 2,376 
 
 
 Kirriemuir, 
 
 8,410 
 
 2,047 
 
 854 
 
 Totals, 
 
 £112,989 
 
 ... £26,927 
 
 £10,433 
 
 The sum of Discounts, Exchanges, and Interest received, less Interest paid, 
 was £10,433, from which Expense of Management about £4,000, and Interest 
 due about £3,000 being deducted, the Nett Profits left were about £3,433. 
 
 Glasgow Bank. — Chief items in its Balance Sheet, 30th June 1812 : — 
 Dr. Notes, £153,486, probable 
 
 Circulation, £ 93,486 
 
 Deposit Money, with Interest, 295,406 
 
 Sundry Accounts, Cr., 23,154 
 
 Capital, £3,006 on 40 shares, 120,261 
 Interest at 5 per cent, added, 6,030 
 Profits, £112, 10s. per share 
 
 added, 4,500 
 
 Dependancies, Cr., 1,597 
 
 Cr. Bank Office, £ 4,094 
 
 Bills Receivable, 461,421 
 
 Current Accounts, Dr., 16,553 
 
 Exchequer Bills, 10,327 
 
 Kirkcaldy Branch, 23,537 
 
 Sundry Accounts, Dr., 4,031 
 
 Edinburgh Agents, 3,984 
 
 Cash £80,487, probable Spe- 
 cie and mixed Notes, 20,487 
 
 £544,434 
 
 £544,434 
 
 Expense of Management £4,145 paid, and Dependancies, Cr., £646. 
 Commercial Bank. — Branches of this Bank were opened in the following 
 places : — Aberdeen, Annan, Cupar Fife, Dunkeld, Kirkcaldy, and Thurso. 
 
 Caithness Bank. — In October, a Bank was established in Wick, under 
 the title of the Caithness Banking Company. 
 
 Linen Trade. — Linen stamped this year in Scotland, 18,975,862 yards ; 
 estimated value, £1,020,493. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [51 
 
 To the PUBLIC, as per following Statement, 
 
 For N OTES in circulation, as follows, . . 
 
 Notes of £0 5 0 
 „ 10 0 
 
 » 110 
 
 „ 5 0 0 
 
 „ 20 0 0 
 
 For MONEY DEPOSITED, as follows, 
 In Dundee — 
 
 £514,067 11 
 
 £ 46,627 0 0 
 
 £ 315 15 0 
 
 38,145 0 0 
 1,811 5 0 
 3,795 0 0 
 2,560 0 0 
 £46,627 0 0 
 
 445,067 15 0 
 
 On 2009 Deposit Accts., £320,041 6 9 
 
 On 38 Cash Accts., Cr., 22,273 19 5 
 
 £342,315 6 2 
 
 At Arbroath, on 509 Accounts, 82,772 11 5 
 
 „ Forfar, on 350 do., 19,979 17 5 
 
 £445,067 15 0 
 
 For SUNDRY ACCOUNTS, Cr., U77U77T77U7U 423 15 6 
 
 For Balance due London Agents, 21,949 0 6 
 
 £514,067 11 0 
 
 0 
 
 To the PARTNERS of the Company, as per following Statement, 48,945 3 8 
 
 For CAPITAL paid up, £525 on 83 shares, £43,575 0 0 
 
 For Dependancies, Cr. 
 
 For Rebate on Bills on hand, 
 
 For Portion of past year’s PROFITS, set aside for a Divi- 
 dend of £35 on 83 shares, as per following Statement, 
 
 Profit and Loss — 
 
 By Discounts received, £13,124 18 6 
 
 Interest paid, less received, 4,296 14 8 
 
 £8,828 3 10 
 
 To Rebate on Bills, £1,176 1 6 
 
 Expense of Management,.. 3, 199 11 1 4,375 12 7 
 
 By Nett Profit on ordinary business, £ 4,452 11 3 
 
 Rise on Consols, 13,200 0 0 
 
 Do. on Navy 5 per Cents, 11,056 14 0 
 
 By Total Profit on hand, £28,709 5 3 
 
 To Dependancies, £ 763 3 3 
 
 Capital added, £301, 14s. 
 
 on 83 shares, 25, 041 2 0 25, 804 5 3 
 
 £2,905 0 0~ £48,945 3 8 
 
 TOTAL LIABILITIES of the Bank, £563,012 14 8 
 
 MEMORANDA concerning the Years Business. 
 
 The amount received and paid in the Bank during the year was each about £2,390,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills op Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ S. (1. 
 
 
 * £ s. 
 
 d. 
 
 
 £ s. d. 
 
 
 £ 5 . 
 
 d. 
 
 Dundee, .... 
 
 2245 
 
 522,560 4 6 
 
 921 
 
 115,210 19 
 
 5 
 
 1285 
 
 283,761 10 9 
 
 4451 
 
 921,532 14 
 
 8 
 
 Arbroath, . . 
 
 2102 
 
 143,269 3 0 
 
 
 
 
 307 
 
 67,845 9 1 
 
 2409 
 
 211,114 12 
 
 1 
 
 Forfar, 
 
 
 174,964 8 2 
 
 
 2,031 5 
 
 9 
 
 
 33,960 0 7 
 
 2522 
 
 210,955 14 
 
 6 
 
 Totals, ... 
 
 
 840,793 15 8 
 
 
 117,242 5 
 
 2 
 
 
 385,567 0 5 
 
 9382 
 
 1,343,603 1 
 
 3 
 
 * This includes Bills collected for correspondents. 
 
 1,244 11 4 
 1,220 12 4 
 
 2,905 0 0 
 
51] 19th FEBRUARY 1814. Cr. 
 
 By BANK OFFICE, £ 152 11 1 
 
 INVESTMENTS, as per following Statement, 545,731 19 0 
 
 ls£. In Dundee, as follows : — 
 
 Cash Accounts, in number 94, £ 29,514 6 2 
 
 Heritable Bonds, 515 0 0 
 
 Bills Discounted, i.e., due in Dundee, 134,520 12 6 
 Bills Receiv., i.e., due in Edinbro’, &c. 1,774 6 4 
 
 Bills of Exchange, i.e., due in London, 23,487 13 0 
 
 Outstanding Bills, 4,379 13 8 
 
 Exchequer Bills, £20, 000 and Interest, 20,792 19 7 
 
 Consols, £120,000 at 70, 84,000 0 0 
 
 Navy 5 per Cents, £122,900 at 98,. ... 120,442 0 0 
 
 £419,426 11 3 
 
 2d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 48, £13,528 19 9 
 
 Bills Discounted, i.e., due in Arbroath, 38,259 8 5 
 Bills of Exchange, i.e., due in London, 8,166 12 10 
 
 Bills Outstanding, 6,495 6 5 
 
 66,450 7 5 
 
 3d. At Forfar, as follows : — 
 
 Cash Accounts, in number 65, £17,313 15 9 
 
 Bills Discounted, i.e., due in Forfar, ... 41,854 4 1 
 
 Bills of Exchange, i.e., due in London, 687 0 6 
 
 59,855 0 4 
 
 £545,731 19 0 
 
 SUNDRY ACCOUNTS, Dr., 1,439 4 5 
 
 CASH at call and on hand, as per following Statement, 15,689 0 2 
 
 At call, Edinburgh Agents, £5,164 13 5 
 
 Cash on hand: — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £1,920 3 0 
 
 Gold, 5,107 10 6 
 
 Silver, 372 19 6 
 
 Copper, 0 2 2 
 
 7,400 15 2 
 
 At Arbroath Branch — Mixed Notes and Specie,.... 1,767 9 7 
 
 ,, Forfar Do. 
 
 do. 
 
 do., 
 
 1,356 2 0 
 
 
 
 
 £15,689 0 2 
 
 
 TOTAL ASSETS of the Bank, 
 
 
 £563,012 14 8 
 
 Discount Received. 
 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 Bills Discounted, 
 
 Bills of Exchange, 
 
 £ s. d. 
 6,255 5 11 
 1,200 5 3 
 
 £ s. d 
 1,837 5 4 
 534 4 6 
 
 £ s. d. 
 1,874 7 11 
 128 15 7 
 
 £ s. d. 
 
 9,966 19 2 
 1,863 5 4 
 
 Totals, 
 
 7,455 11 2 
 
 2,371 9 10 
 
 2,003 3 6 
 
 11,830 4 6 
 
 Interest Received and Paid. 
 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 Interest Received, 
 
 Interest Paid, 
 
 £ s. d. 
 
 11,102 4 5 
 13,385 7 0 
 
 £ «. d. 
 739 8 9 
 3,119 6 5 
 
 £ s. d. 
 1,053 3 2 
 686 17 7 
 
 £ s. d. 
 
 12,894 16 4 
 17,191 11 0 
 
 Balances Paid, 
 
 2,283 2 7 
 
 2,379 17 8 
 
 Rc<J- 366 5 7 
 
 4,296 14 8 
 
 Total payments through Edinburgh Agents, £602,000 (of this for the Bank’s Notes retired, 
 £214,596) ; and through London Agents, £273,000. 
 
282 Banking Memoranda for 1813. 
 
 Currency, Prices, &c., in 1813. — War with France anrl America : Gold at 
 £4, 18s. to £5, 10s. per oz., average £5, Is. 8d., Currency depreciated £22, 18s. 
 per cent., coined £579,722 ; Bank of England average Circulation, £24,023,000, 
 and English Country Banks, (computed) £22,597,000 — total, £46,620,000, and 
 Bank’s Bullion £2,884,100 ; Consols, 55J to 65^-, and Bank stock 21 1 A to 242 ; 
 Public Revenue £81,644,212, and Loans £35,050,575 ; wheat per quarter, 
 in London, 123s. 5d., and in Edinburgh, 120s. — oatmeal per boll 35s. 6d. ; 
 bankruptcies in England, 1,953, of which 8 were of Banks. 
 
 Prices. — Gold in November reached £5, 10s. 10d., its highest price. The 
 present was the last coinage of guineas. The high price of grain had con- 
 tinued so long that rents became treble what they had been in 1792; but 
 this harvest was so abundant, that the price of wheat, which had been gradu- 
 ally declining slowly from 155s. in August 1812, then began to fall rapidly, 
 and in July 1814 was only 68s. 
 
 Dundee Union Bank. — Profit and Loss Account 31st March 1813 — the 
 Capital being £72,500, of which 11 shares (£4,400) were in the hands of the 
 Bank. Its Circulation was £58,950. 
 
 Old Balance, . 
 
 
 . ... £ 30 
 
 1 
 
 1 
 
 ! Forward, 
 
 
 
 £13,705 
 
 7 
 
 6 
 
 Gains by Omnium, 
 
 ... 1,049 
 
 10 
 
 5 
 
 I Losses, £ 784 
 
 2 11 
 
 
 
 
 Dundee Discount, &c., . 
 
 .... 6,455 
 
 16 
 
 10 
 
 | Expense of Man- 
 
 
 
 
 
 
 London 
 
 do., 
 
 .... 2,487 
 
 10 
 
 8 
 
 agement, 3,765 
 
 7 
 
 2 
 
 
 
 
 Stonehaven 
 
 do., 
 
 993 
 
 9 
 
 8 
 
 Interest due,.... 2,869 
 
 19 
 
 2 
 
 
 
 
 Arbroath 
 
 do. , 
 
 .... 1,133 
 
 11 
 
 2 
 
 Property Tax, . . 400 
 
 0 
 
 0 
 
 7,819 
 
 9 
 
 3 
 
 Brechin 
 
 do., 
 
 862 
 
 16 
 
 1 
 
 
 
 
 £5,885 
 
 18 
 
 3 
 
 Kirriemuir 
 
 do., 
 
 092 
 
 11 
 
 7 
 
 Div d - 8 per cent, on £69,000, 
 
 5,520 
 
 0 
 
 0 
 
 
 
 £13,705 
 
 7 
 
 6 
 
 Balance, 
 
 
 
 £365 
 
 18 
 
 3 
 
 Glasgow Bank. — Chief items in its Balance Sheet, 30th June 1813 : — 
 
 Dr. Notes, £166,518, probable 
 
 Circulation, £121,518 
 
 Deposit Money, with Interest, 330,718 
 
 Sundry Accounts, Cr., 25,683 
 
 Capital, £3,269 on 40 shares, 130,791 
 Interest at 5 per cent, added, 6,539 
 Profits, £162, 10s. per share, 
 
 added, 6,500 
 
 Dependancies, Cr., 2,244 
 
 Cr. Bank Office, £ 3,764 
 
 Bills Receivable, 539,786 
 
 Current Accounts, Dr., 7,913 
 
 Exchequer Bills, 9,999 
 
 Kirkcaldy Branch, 37.950 
 
 Sundry Accounts, Dr., 3,532 
 
 Edinburgh Agents, 4,993 
 
 Cash £61,056, probable Spe- 
 cie and mixed Notes, 16,056 
 
 £623,993 
 
 £623,993 
 
 Expense of Management £4,543 paid, and Dependancies, Cr., £569. 
 
 Re-opening of the Continent. — After the retreat of the French from Russia 
 in 1812, and the battle of Leipsic in October this year, the ports of Russia and 
 of North Germany being re-opened, stimulated a great speculative overtrading. 
 
 Berwick and Kelso Bank. — A Bank was established at Berwick to carry 
 on business in these two places. 
 
 Stirling Merchants’ Bank. — A Bank with this title is said to have failed, 
 but that its debts, amounting to £50,000, were paid in full. 
 
 Linen Trade. — Linen stamped this year in Scotland, 19,799,146 yards ; 
 estimated value, £977,382. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [52 
 
 To the PUBLIC, as per following Statement, £560,137 
 
 14 1 
 
 For NOTES in circulation, 
 Notes of 
 
 follows, £ 44,402 0 0 
 
 £0 
 
 1 
 
 1 
 
 2 
 
 5 
 
 20 
 
 £ 315 5 
 
 35,535 0 
 1,989 15 
 982 0 
 3,260 0 
 2,320 0 
 
 £44,402 0 0 
 
 For MONEY DEPOSITED, as follows 477,965 14 1 
 
 In Dundee — 
 
 On 2193 Deposit Accts., £337, 522 4 0 
 On 39 Cash Accts., Cr., 24,207 16 0 
 
 -£361,730 0 0 
 
 At Arbroath, on 593 Accounts, 95,708 9 7 
 
 ,, Forfar, on 359 do., 20,527 4 6 
 
 £477,965 14 1 
 
 For SUNDRY ACCOUNTS, Cr., 2,061 
 
 For Balance due London Agents, 35,708 
 
 £560,137 14 
 
 To the PARTNERS of the Company, as per following Statement, 41,308 11 
 For CAPITAL paid up, £397 on 76 shares, and £525 on 
 
 7 shares, £34,847 0 0 
 
 For Dependancies, Cr., 2,610 5 1 
 
 For Rebate on Bills on hand, 1,431 6 4 
 
 For Portion of CAPITAL, set aside for a Dividend of £45 
 
 on 76 shares, as per following Statement, 3,420 
 
 Profit and Loss — 
 
 By Discounts received, £14,064 9 5 
 
 Interest paid, less received, 4,638 11 0 
 
 0 0 
 
 £9,425 18 5 
 
 To Rebate on Bills, £1,426 3 6 
 
 Expense of Management, . . 3, 320 3 2 
 
 4,746 6 
 
 By Nett Profit on ordinary business, £4,679 11 
 
 To Fall on Consols, £6,000 0 0 
 
 Do. on Navy 5 per Cents, 3,687 0 0 
 
 Dependancies, 1,300 11 9 10,987 11 
 
 To Loss, this year, £6,308 0 
 
 By Capital taken off, £128 on 76 shares,. ... 9,728 
 
 £3,420 0 0 £41,308 11 5 
 
 TOTAL LIABILITIES of the Bank, £601,446 5 6 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2,455,000. 
 Total Transactions in Bills. 
 
 
 Hills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 * £ s. d. 
 
 
 £ s. d. 
 
 
 £ 
 
 s. d. 
 
 Dundee, . . . 
 
 2301 
 
 616,518 15 10 
 
 1129 
 
 127,774 17 6 
 
 1272 
 
 274,373 18 6 
 
 4702 
 
 1,018,667 
 
 11 10 
 
 Arbroath, . 
 
 1847 
 
 137,691 13 4 
 
 
 
 263 
 
 60,457 12 6 
 
 2410 
 
 198,149 
 
 5 10 
 
 Forfar, 
 
 
 174,905 17 7 
 
 
 2,275 4 9 
 
 
 41,867 12 0 
 
 2496 
 
 219,048 
 
 14 4 
 
 Totals, . . 
 
 
 929,116 6 9 
 
 
 130,050 2 3 
 
 
 376,699 3 0 
 
 9608 
 
 1,435,865 
 
 12 0 
 
 This includes Bills collected for correspondents. 
 
52] 20th FEBRUARY 1815. Cr. 
 
 By BANK OFFICE, £ 100 0 0 
 
 INVESTMENTS, as per following Statement, 575,871 19 6 
 
 Is?. In Dundee, as follows : — 
 
 Cash. Accounts, in number 98, £ 26,877 17 1 
 
 Heritable Bonds, 515 0 0 
 
 Bills Discounted, i.e., due in Dundee, 178,011 11 8 
 Bills Receiv., i.e., due in Edinbro’, &c. 1,764 19 9 
 
 Bills of Exchange, i.e., due in London, 12,644 10 9 
 
 Outstanding Bills, 852 10 10 
 
 Exchequer Bills, £25, 000 and Interest, 26,179 7 7 
 
 Consols, £120,000 at 65, 78,000 0 0 
 
 Navy 5 per Cents, £122,900 at 95, 116,755 0 0 
 
 Shares of the Bank (seven), 3,955 0 0 
 
 £445,555 17 8 
 
 2d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 51, £14,052 0 0 
 
 Bills Discounted, i.e., due in Arbroath, 40,747 11 9 
 Bills of Exchange, i.e., due in London, 8,064 16 1 
 
 Bills Outstanding, 5,800 2 7 
 
 68,664 10 5 
 
 3c?. At Forfar, as follows : — 
 
 Cash Accounts, in number 65, £20,133 4 3 
 
 Bills Discounted, i.e., due in Forfar, ... 41,518 7 2 
 
 61,651 11 5 
 
 £575,871 19 6 
 
 SUNDRY ACCOUNTS, Dr., 2,146 7 6 
 
 CASH at call and on hand, as per following Statement, 23,327 18 6 
 
 At call, Edinburgh Agents, £14,224 18 5 
 
 Cash on hand: — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, 
 
 £ 844 15 
 
 0 
 
 Gold, 
 
 5,362 17 
 
 6 
 
 Silver, 
 
 524 2 
 
 0 
 
 Copper, 
 
 0 4 
 
 6 
 
 At Arbroath Branch — Mixed Notes and Specie, ... . 1,31017 2 
 ,, Forfar Do. do. do., .... 1,060 3 11 
 
 £23,327 18 6 
 
 TOTAL ASSETS of the Bank, £601,446 5 6 
 
 Discount Received. 
 
 Bills Discounted, 
 
 Bills of Exchange, 
 
 Totals, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d. 
 7,719 3 4 
 860 15 5 
 
 £ S. d. 
 
 1,729 6 3 
 445 12 7 
 
 £ s. d. 
 1,937 7 8 
 151 11 10 
 
 £ s. d. 
 11,385 17 3 
 1,457 19 10 
 
 8,579 18 9 
 
 2,174 18 10 
 
 2,088 19 6 
 
 12,843 17 1 
 
 Interest Received and Paid. 
 
 Interest Received, 
 
 Interest Paid, 
 
 Balances Paid, 
 
 Total payments through Edinbi 
 £230, 154) ; and through London 1 
 
 Dundee. \ Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ S. d. 
 
 12,306 13 9 
 14,347 15 11 
 
 £ s. d. 
 716 9 0 
 3,604 14 9 
 
 £ S. d. 
 
 1,211 15 6 
 920 18 7 
 
 £ s. d. 
 14,234 18 3 
 18,873 9 3 
 
 2,041 2 2 
 irgh Agents, £ 
 Agents, £336,0 
 
 2,888 5 9 |Rc d -290 16 11 
 
 667, 000 (of this for the Bank 
 00. 
 
 4,638 11 0 
 ’s Notes retired, 
 
286 
 
 Banking Memoranda for 1814. 
 
 Currency, Prices, &c., in 1814. — War with France and America : Gold 
 at £4, 5s. to £5, 10s. per oz., average £5, 4s., Currency depreciated £25, 2s. 6d. 
 percent., coined none ; Bank of England average Circulation, £26,901,000, and 
 English Country Banks, (computed) £22,709,000 — total, £49,610,000, and 
 Bank’s Bullion, £2, 201,430 ; Consols, 62|- to 72 J, and Bank stock, 2344 to 
 266 ; Public Revenue £83,436,764, and Loans £36,078,047 ; wheat per 
 quarter, in London, 81s., and in Edinburgh, 71s. — oatmeal per boll 21s. 6d. ; 
 bankruptcies in England, 1,612, of which 29 were of Banks. 
 
 Commercial Crisis. — The overtrading in the export trade, commenced in 
 the previous year, came to a head in this, causing the price of all commodities 
 suitable for the Continental market to have vastly increased ; a violent reaction 
 was the consequence, causing a long series of bankruptcies. The fall in the 
 price of grain caused ruin to a large extent among farmers also. These dis- 
 asters continued till 1817, and compelled the suspension of payments, during 
 these years, of 240 Banks, 89 of which had commissions of bankruptcy issued 
 against them. A large share of the fault of these losses is often imputed to 
 the number of Country Banks which, it is alleged, had sprung up, an increase, 
 it is sometimes stated, rising from 280 in 1797, and 400 in 1800, and 728 in 
 1811, to 940 in 1813. But the last of these numbers appear to be taken 
 from the number of licences to issue notes granted yearly, and as, except in 
 peculiar cases, a Bank in England had to take out a licence, not only for the 
 Plead Office, but for each of its Branches, the number of licences only indicates 
 at how many places notes were put into circulation. 
 
 Peace with France. — Buonaparte having abdicated, and, on 5th April, 
 accepted the isle of Elba for his retreat, Louis XVIII. re-entered Paris, May 3. 
 
 Peace with America. — On 24th December, peace with America was 
 signed at Ghent — hence sometimes called the Peace of Ghent. 
 
 Dundee Union Bank. — Its Circulation, 31st March 1814, was £72,460. 
 
 Commercial Bank of Scotland. — Branches of this Bank were opened in 
 Glasgow and Peterhead. 
 
 Montrose Bank. — In May, a Bank was established in Montrose, under 
 the title of the Montrose Banking Company. 
 
 Glasgow Bank. — The chief items in its Balance Sheet, 30th June 1814 : — 
 Dr. Notes, £188,023, probable Cr. Bank Office, £ 4,045 
 
 Circulation, £135,023 
 
 DepositMoney, with Interest, 400, 734 
 
 Sundry Accounts, Cr., 32,913 
 
 Capital, £3,595 on 40 shares, 143,830 
 Interest at 5 per cent, added, 7,190 
 Profits, £225 per share, do., 9,000 
 Dependancies, Cr., 4,032 
 
 £732,722 
 
 Bills Receivable, 654,595 
 
 Current Accounts, Dr., 4,362 
 
 Exchequer Bills 12,287 
 
 Kirkcaldy Branch, 14,348 
 
 Sundry Accounts, Dr., 4,843 
 
 Edinburgh Agents, 27,045 
 
 Cash £64,197, probable Spe- 
 cie and mixed Notes, 11,197 
 
 £732,722 
 
 Expense of Management £5,082 paid, and Dependancies, Cr., £1,218. 
 Linen Trade. — Linen stamped this year in Scotland, 26,126,620 yards; 
 estimated value, £1,253,574. 
 
B 18 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [53 
 
 To the PUBLIC, as per following Statement, £459,292 
 
 For NOTES in circulation, as follows, £ 41,380 12 0 
 
 5 1 
 
 Notes of 
 
 £0 
 
 1 
 
 1 
 
 2 
 
 5 
 
 20 
 
 £ 315 
 
 32,817 
 1,435 
 2,478 
 2,755 
 1,580 
 
 £41,380 12 0 
 
 For MONEY DEPOSITED, as follows 416,800 6 10 
 
 In Dundee — 
 
 On 2183 Deposit Accts., £317, 990 14 5 
 On 22 Cash Accts., Cr., 9,915 13 8 
 
 £327,906 8 1 
 
 At Arbroath, on 497 Accounts, 78,753 14 4 
 
 ,, Forfar, on 205 do., 10,140 4 5 
 
 £416,800 6 10 
 
 For SUNDRY ACCOUNTS, 
 
 Cr., 
 
 1,111 6 3 
 
 £459,292 5 1 
 
 875 12 
 
 0 0 
 
 To the PARTNERS of the Company, as per following Statement, 32,643 17 
 For CAPITAL paid up, £290 on 76 shares, and 
 
 £602, 14s. 3d. on 7 shares, £26,259 0 0 
 
 For Dependancies, Cr., 2,849 5 7 
 
 For Rebate on Bills on hand, 
 
 For Portion of CAPITAL, set aside for a Dividend of £35 
 
 on 76 shares, as per following Statement, 2,660 
 
 Profit and Loss — 
 
 By Discounts received (+ former Rebate),. £12, 951 0 1 
 
 Interest paid, less received, 4,893 16 1 
 
 £8,057 4 0 
 
 To Rebate on Bills, £ 875 12 4 
 
 Expense of Management, . . 3,286 11 2 4,162 3 6 
 
 6 
 
 11 
 
 By Nett Profit on ordinary business, £3,895 
 
 To Fall on Consols, £3,600 0 0 
 
 Do. on Navy 5 per Cents, 4,916 0 0 
 Dependancies, 851 0 6 9,367 
 
 0 
 
 0 6 
 
 To Loss on year’s business, £5,472 0 0 
 
 By Capital taken off, £107 on 76 shares,.... 8,132 0 0 
 
 £2,660 0 0 £32,643 17 11 
 
 TOTAL LIABILITIES of the Bank, £491,936 3 0 
 
 MEMORANDA concerning the Years Business. 
 
 The amount received and paid in the Bank during the year was each about £2,310,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 * £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 Dundee, . . . 
 
 2179 
 
 533,131 8 0 
 
 945 
 
 135,275 0 8 
 
 1318 
 
 293,287 0 10 
 
 4442 
 
 961,693 9 6 
 
 Arbroath, . 
 
 2206 
 
 125,815 10 5 
 
 
 
 216 
 
 48,098 8 0 
 
 2422 
 
 173,913 18 5 
 
 Forfar, 
 
 
 141,237 13 2 
 
 
 5,193 16 3 
 
 
 21,850 14 3 
 
 2461 
 
 168,282 3 8 
 
 Totals, . . 
 
 
 800,184 11 7 
 
 
 140,468 16 IP 
 
 
 363,236 3 1 
 
 9325 
 
 1,303,889 11 7 
 
 * This includes Bills collected for correspondents. 
 
 14 
 
53] 20th FEBRUARY 1816. 
 
 
 
 
 Or. 
 
 By BANK OFFICE, 
 
 
 
 
 .£ 
 
 80 
 
 0 
 
 0 
 
 INVESTMENTS, as per 
 
 following Statement, 
 
 
 . 462,950 15 
 
 10 
 
 ls£. In Dundee, as follows 
 
 
 
 
 
 
 
 
 Cash Accounts, in number 95, £ 38,472 15 4 
 
 
 
 
 
 
 Heritable Bonds, 
 
 
 517 13 0 
 
 
 
 
 
 
 Bills Discounted, i.e., due in Dundee, 74,497 3 5 
 
 
 
 
 
 
 Bills Receiv., i.e., due in Edinbro’, &c. 1,769 0 5 
 
 
 
 
 
 
 Bills of Exchange, i.e., due in London, 38,789 4 4 
 
 
 
 
 
 
 Outstanding Bills, 
 
 25,411 7 1 
 
 
 
 
 
 
 Consols, £120,000 at 62, ... . 
 
 74,400 0 0 
 
 
 
 
 
 
 Navy 5 per Cents, £122, 900 at 91, .... 1 1 1, 839 0 0 
 
 
 
 
 
 
 Shares of the Bank (seven), 3,955 0 0 
 
 
 
 
 
 
 
 
 £369,651 3 
 
 7 
 
 
 
 
 2d. At Arbroath, as follows : — - 
 
 
 
 
 
 
 
 Cash Accounts, in number 45, £13,952 19 11 
 
 
 
 
 
 
 Bills Discounted, i. e . , due in Arbroath, 24, 223 7 7 
 
 
 
 
 
 
 Bills of Exchange, i.e., due 
 
 in London, 
 
 686 5 2 
 
 
 
 
 
 
 Bills Outstanding, 
 
 6,230 19 2 
 
 
 
 
 
 
 
 
 45,093 11 
 
 10 
 
 
 
 
 3d. At Forfar, as follows 
 
 
 
 
 
 
 
 
 Cash Accounts, in number 63, £18,760 14 5 
 
 
 
 
 
 
 Bills Discounted, i.e., due in Forfar, ... 29,445 6 0 
 
 
 
 
 
 
 
 
 48,206 0 
 
 5 
 
 
 
 
 
 
 £462,950 15 
 
 10 
 
 
 
 
 SUNDRY ACCOUNTS, Dr., 
 
 
 
 
 2,882 
 
 7 
 
 7 
 
 CASH at call and on hand, as per following Statement, 
 
 
 26,022 
 
 19 
 
 7 
 
 At call, Edinburgh Agents, 
 
 £8,137 15 
 
 1 
 
 
 
 
 Do., London do., 
 
 
 
 7,379 4 10 
 
 
 
 
 Cash on hand : — 
 
 
 
 
 
 
 
 
 At Head Office, Dundee, as follows : — 
 
 
 
 
 
 
 
 Mixed Notes, 
 
 £2,767 10 0 
 
 
 
 
 
 
 Gold, 
 
 4,710 7 0 
 
 
 
 
 
 
 Silver, 
 
 
 933 12 6 
 
 
 
 
 
 
 Copper, 
 
 
 0 7 4 
 
 
 
 
 
 
 
 
 
 8,411 16 
 
 10 
 
 
 
 
 At Arbroath Branch — M ixed Notes and Specie,.... 
 
 674 2 
 
 0 
 
 
 
 
 ,, Forfar Do. 
 
 do. 
 
 do., .... 
 
 1,420 0 
 
 10 
 
 
 
 
 
 
 £26,022 19 
 
 7 
 
 
 
 
 TOTAL ASSETS of the Bank, 
 
 
 
 .£491,936 
 
 3 
 
 0 
 
 Discount Received. 
 
 
 D UNDER. 
 
 Akbkoath 
 
 Forfar. 
 
 Totals. 
 
 
 £ s. d. 
 
 £ s. d. 
 
 £ S. 
 
 d. 
 
 £ 
 
 s. 
 
 d. 
 
 Bills Discoimted, 
 
 6,698 16 0 
 
 1,539 11 2 
 
 1,408 7 
 
 1 
 
 9,648 
 
 14 
 
 3 
 
 Bills of Exchange, 
 
 1,447 3 0 
 
 360 11 0 
 
 70 8 
 
 4 
 
 1,878 
 
 2 
 
 4 
 
 Totals, 
 
 8,145 19 0 
 
 1,900 2 2 
 
 1,478 15 
 
 5 
 
 11,524 16 
 
 7 
 
 Interest Received and Paid. 
 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. i 
 
 Totals. 
 
 
 £ S. d. 
 
 £ S. d. 
 
 £ 8. 
 
 d. 
 
 £ 
 
 s. 
 
 d. 
 
 Interest Received, 
 
 11,331 4 0 
 
 806 17 3 
 
 1,407 10 
 
 7 
 
 13,545 
 
 11 
 
 10 
 
 Interest Paid, 
 
 14,421 5 4 
 
 3,477 4 3 
 
 540 18 
 
 4 j 
 
 18,439 
 
 7 
 
 11 
 
 Balances Paid, 
 
 3,090 1 4 
 
 2,670 7 0 
 
 Rc d - 866 12 
 
 : 3 
 
 4,893 
 
 16 
 
 1 
 
 Total payments through Edinburgh Agents, £551,000 (of this for the Bank’s 
 
 Notes 
 
 retired, £197,430) ; and through London Agents, £258,000. 
 
 
 
 
 
 
290 Banking Memoranda for 1815. 
 
 Currency, Prices, &c., in 1815. — War with France: Gold at from £4 
 2s. to £5, 7s. per oz., average £4, 13s. 6d., Currency depreciated £16, 
 14s. 3d. per cent., coined none; Bank of England average Circulation, 
 £26,886,000, and English Country Banks (computed), £19,011,000 — total, 
 £45,897,000; Bank’s Bullion, £2,036,910; Consols, 55J to 65§ (in March 
 63 J, in April 58) ; and Bank stock, 219 to 260 (in March 259, in April 223) ; 
 Public Revenue, £87,722,037, and Loans, £39,421,959 ; wheat per quarter, 
 in London, 57s. 2d. to 69s. 8d., and in Edinburgh, 59s. — oatmeal per boll 
 17s. 6d. ; bankruptcies in England, 2,284, of which 26 were of Banks. 
 
 Public Revenue. — The Parliamentary Supplies quoted in 1807 to 1810 
 do not express all the burden laid on the nation. The following figures are 
 given in correction : — 1807, Public Revenue £70,706,946, and Loans 
 £18,234,958; 1808, Public Revenue £73,911,745, and Loans £18,937,587 ; 
 1809, Public Revenue £79,442,755, and Loans £18,895,913; 1810, Public 
 Revenue £79,778,827, and Loans £19,763,621. 
 
 Bank of England Notes. — In March, the resumption of cash payments 
 by the Bank was appointed by Act of Parliament to take place in July 1816, 
 but soon after, on the news of Buonaparte’s escape from Elba, and arriving in 
 France on the 1st March, the time was deferred to July 1818. Yet, in No- 
 vember this year, the Bank commenced retiring its notes dated previous to 1st 
 January 1812, and in April 1817 the notes dated previous to 1st January 
 1816, thus anticipating the prescribed time. 
 
 Licences for issuing Notes. — Another Stamp Act was enacted this year, 
 55 Geo. III., cap. 184, by which, as it respected licences for issuing notes, the 
 charge was raised from £20 to £30, and Banks having branches were com- 
 pelled to take out a licence for each — except in Scotland, where the total 
 number of licences necessary for one Bank was restricted to five. 
 
 Corn Laws. — A n Act was passed continuing a modified protection, which 
 the landed interest fondly expected would maintain the price of wheat per 
 quarter in this country at 80 s., which they thought a fair medium price. 
 
 Peace with France. — Buonaparte having been defeated at the battle of 
 Waterloo, 15th to 18th June, peace was established on the entrance of the 
 Allies into Paris soon after. Louis XVIII., having fled from Paris on March 
 20, returned on July 8. This war of twelve years cost the country 1,159 
 millions. In 127 years up to this time, Great Britain had enjoyed only 62 
 years of peace, and spent 65 in war, at an expense of 2,023 millions of money. 
 
 Dundee. — The commercial calamities, so wide spread, overtook Dundee, 
 where upwards of sixty individuals failed this year. 
 
 British Linen Co. — Its capital was, by a supplementary charter dated 
 8th September 1813, authorized to be enlarged from £200,000 to £500,000. 
 
 Commercial Bank. — Branches were opened in Banff and Beith. 
 
 Dundee Union Bank. — Additional particulars to what was stated in 1809 
 and since. Its capital was divided into 200 shares of £500 each, of which £400 
 was at first paid up, but £100 afterwards returned, leaving the permanent 
 amount paid up £60,000. In 1831, each share was divided into three, making 
 600 in number, and in 1839 it was resolved to double the capital, dividing it 
 
Banking Memoranda for 181 5 — ( Continued ). 291 
 
 into 6,000 shares of £20 each ; but of the new shares 348 only were given off, 
 so that the capital never exceeded £66,960. Its profits 1810 to 1815 were 
 as follows, those for the subsequent years being stated annually : — 
 
 Carried to 
 
 Profits. Divided. Dependancies. 
 
 1810, 
 
 £5,249 
 
 19 
 
 0 ... 
 
 ...£5,103- 
 
 £27 
 
 on 
 
 189 
 
 shares... 
 
 ...£ 146 19 
 
 0 
 
 1811, 
 
 3,680 
 
 0 
 
 6... 
 
 ... 3,780- 
 
 20 
 
 on 
 
 189 
 
 do. ... 
 
 
 
 1812, 
 
 4,662 
 
 16 
 
 1 ... 
 
 ... 4,988- 
 
 29 
 
 on 
 
 172 
 
 do. ... 
 
 
 
 1813, 
 
 7,070 
 
 l 
 
 2... 
 
 ... 5,504- 
 
 32 
 
 on 
 
 172 
 
 do. ... 
 
 ... 1,566 1 
 
 2 
 
 1814, 
 
 6,118 
 
 17 
 
 10... 
 
 ... 5,472- 
 
 32 
 
 on 
 
 171 
 
 do. ... 
 
 ... 646 17 
 
 10 
 
 1815, 
 
 5,833 
 
 1 
 
 2... 
 
 ... 5,280- 
 
 32 
 
 on 
 
 165 
 
 do. ... 
 
 ... 553 1 
 
 2 
 
 Its circulation at the annual Balance on 31st March 1815 was £59,207, 19s. 
 — the average of the year being £67,582. 
 
 Glasgow Bank. — The result of the year ending 30th June 1815 was : — 
 
 Capital during the previous year, £4,000 on 40 shares £160,000 
 
 Interest thereon, at 5 per cent., added, 8,000 
 
 Profits of the year, £250 on 40 shares, added, 10,000 
 
 Capital at 30th June 1815, £178,000 
 
 Linen Trade. — Linen stamped this year in Scotland, 32,056,015 yards; 
 estimated value, £1,403,766. 
 
 Royal Bank Stock. — During the period June to November this year a 
 correspondence took place between the Royal Bank and Ramsays, Bonars, & 
 Co., private bankers, Edinburgh (one of the oldest establishments, reaching 
 back to 1733), respecting the account of the latter, which had become over- 
 drawn to the extent of £130,000, and was paid up, when required, on 22d 
 November. This led to a letter being addressed by Ramsays & Co. to the 
 proprietors of Royal Bank stock, and printed in preparation for the election of 
 Directors on 5th March 1816. In illustration of the great benefit of the ser- 
 vices of William Ramsay of Barnton, as a director of the Royal Bank from 
 1781 till 1807, the following statement is given : — Appendix, No. 2. General 
 view of the progressive increase of the capital of the Royal Bank of Scotland, 
 and of the advantages derived by the holders of stock, from Midsummer 1780 
 to Christmas 1815. In the year 1780, the capital of the Bank stood at its 
 
 original amount of £111,347 19 10 
 
 to which the following additions were afterwards made, viz. : — 
 
 1. From undivided profits — 
 
 AtLadyday 1783, ....£ 38,652 0 2 
 
 At Midsummer 1784, .... 150,000 0 0 
 
 At do. 1788,.... 100,000 0 0 £288,652 0 2 
 
 2. From calls on proprietors — 
 
 At Midsummer 1788, ....£200,000 0 0 
 
 At Christmas 1793,.... 400,000 0 0 600,000 0 0 888,652 0 2 
 
 Making, with the original capital, £1,000,000 0 0 
 
 And, from a particular statement referred to, it appeared that, on a purchase 
 of £111, 6s. lly^d., or one-thousandth part of the capital in 1780, at the then 
 
292 Banking Memoranda for 1815 — (Continued). 
 
 selling price of £230 per cent., equal to £256, 2s., the ultimate profit would 
 stand as follows : — Amount of the dividends at Christmas 1780, and Christmas 
 
 1815, and intervening half-yearly terms, £1,779 19 9 
 
 From which, deducting the amount of interest 
 on the original price, and subsequent calls, 
 from 10th July 1780 to 10th January 1816, 1,035 7 11 
 
 There is a surplus of dividends of £744 11 10 
 
 To which adding the amount of progressive 
 interest on said surplusses in the above- 
 
 mentioned period, £329 10 7 
 
 But abating for property-tax, 19 2 8 310 711 
 
 The sum is £1,054 19 9 
 
 To which adding the present value of the stock increased to 
 
 £1,000 capital, at 185 per cent., 1,850 0 0 
 
 The amount is £2,904 19 9 
 
 And from this deducting the original price and subsequent 
 calls, the interest of which is allowed yearly out of the 
 
 dividends, 856 2 0 
 
 There remains as a clear gain, over and above interest, on an 
 
 investment of £256, 2s., £2,048 17 9 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [54 
 
 To the PUBLIC, as per following Statement, £484,086 19 
 
 For NOTES in circulation, as follows, £ 38,866 4 0 
 
 Notes of 
 
 £0 
 
 5 
 
 0 
 
 £ 315 
 
 5 
 
 0 
 
 n 
 
 1 
 
 0 
 
 0 
 
 28,862 
 
 0 
 
 0 
 
 99 
 
 1 
 
 1 
 
 0 
 
 1,279 
 
 19 
 
 0 
 
 ») 
 
 2 
 
 0 
 
 0 
 
 2,114 
 
 0 
 
 0 
 
 99 
 
 5 
 
 0 
 
 0 
 
 3,935 
 
 0 
 
 0 
 
 99 
 
 20 
 
 0 
 
 0 
 
 2,360 
 
 0 
 
 0 
 
 
 
 
 
 £38,866 
 
 4 
 
 0 
 
 For MONEY DEPOSITED, as follows, . 
 In Dundee — 
 
 On 225 Deposit Accts., £335, 722 16 8 
 On 21 Cash Accts., Or., 15,098 13 2 
 
 442,961 0 10 
 
 £350,821 9 10 
 
 At Arbroath, on 553 Accounts, 80,385 17 11 
 
 ,, Forfar, on 215 do., 11,753 13 1 
 
 £442,961 0 10 
 
 For SUNDRY ACCOUNTS, Cr., ’ 128 
 
 For Balance due London Agents, 2,131 
 
 £484,086 19 
 
 0 
 
 12 
 
 11 
 
 To the PABTNEBS of the Company, as per following Statement, 46,446 11 
 For CAPITAL paid up, £290 on 76 shares, and 
 
 £602, 14s. 3d. on 7 shares, £26, 259 
 
 For Dependancies, Cr., 3,660 
 
 For Rebate on Bills on hand, 687 
 
 For past year’s PROFITS (out of which a dividend of 
 £25 on 76 shares was paid= £1,900), as per following 
 
 Statement, 15, 839 
 
 Profit and Loss — 
 
 By Discounts received ( + former Rebate), . £ 8,659 12 4 
 Interest paid, less received, 579 19 11 
 
 10 
 
 7 6 
 
 To Rebate on Bills, £ 687 11 9 
 
 Expense of Management,.. 3,434 13 8 
 
 £ 8,079 12 5 
 
 4,122 5 5 
 
 By Nett Profit, £ 3,957 7 
 
 Rise on Consols, £4,650 0 0 
 
 Do. on Navy 5 per Cents, 8,449 7 6 13,099 7 
 
 0 
 
 By Total Profit on hand, £17,056 14 6 
 
 To Dependancies, 1,217 7 0 
 
 £15,839 7 6 £46,446 11 10 
 
 TOTAL LIABILITIES of the Bank, £530,533 11 1 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,670,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 * £ s. d. 
 
 
 £ s. d. 
 
 
 £ 
 
 s. 
 
 d. 
 
 Dundee, ... 
 
 1647 
 
 330,670 0 2 
 
 763 
 
 95,090 19 5 
 
 1241 
 
 207,689 18 6 
 
 3651 
 
 633,450 
 
 18 
 
 1 
 
 Arbroath, . 
 
 1078 
 
 58,048 15 8 
 
 
 
 117 
 
 21,417 4 1 
 
 1195 
 
 79,465 
 
 19 
 
 9 
 
 Forfar, 
 
 
 117,562 15 10 
 
 
 5,532 5 9 
 
 
 24,127 11 11 
 
 2190 
 
 147,222 
 
 13 
 
 6 
 
 Totals, . . 
 
 
 506,281 11 8 
 
 
 100,623 5 2 
 
 
 253,234 14 6 
 
 7036 
 
 860,139 
 
 11 
 
 4 
 
 This includes Bills collected for correspondents. 
 
54] 
 
 20th FEBRUARY 1817. 
 
 Cr. 
 
 By BANK OFFICE £ 
 
 70 
 
 INVESTMENTS, as per following Statement, 506,002 
 
 ls£. In Dundee, as follows : — 
 
 Cash Accoimts, in number 88, £ 
 
 31,500 
 
 17 
 
 9 
 
 Heritable Bonds, 
 
 507 
 
 8 
 
 1 
 
 Bills Discounted, i.e., due in Dundee, 
 
 86,740 
 
 0 
 
 0 
 
 Bills Receiv., i.e., due in Edinbro’, &c. 
 
 2,223 
 
 3 
 
 9 
 
 Bills of Exchange, i.e., due in London, 
 
 21,467 
 
 15 
 
 1 
 
 Outstanding Bills, 
 
 4,718 
 
 19 
 
 9 
 
 Exchequer Bills, £63, 000 and Interest, 
 
 65,013 
 
 7 
 
 3 
 
 Consols, £120,000 at 65|, 
 
 79,050 
 
 0 
 
 0 
 
 Navy 5 per Cents, £122,900 at 97|, ... 
 
 120,288 
 
 7 
 
 6 
 
 Shares of the Bank (seven), 
 
 3,955 
 
 0 
 
 0 
 
 2d. At Arbroath, as follows :■ — 
 
 Cash. Accounts, in number 47, £15,004 0 0 
 
 Bills Discounted, i.e., due in Arbroath, 14,139 18 0 
 Bills of Exchange, i.e., due in London, 1,227 18 7 
 Bills Outstanding, 6, 250 8 7 
 
 -£415,464 19 2 
 
 3d. At Forfar, as follows : — 
 
 Cash Accounts, in number 61, £19,661 12 11 
 
 Bills Discounted, i.e., due in Forfar, ... 24,605 7 4 
 Bills Outstanding, 9,647 17 2 
 
 36,622 5 2 
 
 53,914 17 5 
 £506,002 1 9 
 
 SUNDRY ACCOUNTS, Dr., 
 
 3,134 
 
 CASH at call and on hand, as per following Statement, 21,327 
 
 At call, Edinburgh Agents, £ 8,674 1 7 
 
 Cash on hand: — - 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £7,571 10 0 
 
 Gold, 3,001 7 0 
 
 Silver, 328 10 6 
 
 Copper, 0 9 6 
 
 At Arbroath Branch — Mixed Notes and Specie,. 
 ,, Forfar Do. do. do., . 
 
 TOTAL ASSETS of the Bank, 
 
 10,901 17 
 642 10 
 1,108 13 
 
 £21,327 2 11 
 
 6 5 
 2 11 
 
 .£530,533 11 1 
 
 Discount Received. 
 
 Bills Discounted, 
 
 Bills of Exchange, 
 
 Totals, 
 
 Dundee. 
 
 Akbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d . 
 4,659 12 8 
 974 14 10 
 
 £ s. d 
 
 726 7 6 
 69 0 3 
 
 £ s. d . 
 1,319 1 6 
 82 9 5 
 
 £ s. d . 
 
 6,705 1 8 
 1,126 4 6 
 
 5,634 7 6 
 
 795 7 9 
 
 1,401 10 11 
 
 7,831 6 2 
 
 Interest Received and Paid. 
 
 Interest Received, 
 
 Interest Paid, 
 
 Balances Paid, 
 
 Du ' i> f. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d . 
 14,324 15 1 
 13.474 14 7 
 
 £ s. d . 
 757 6 3 
 3,162 18 0 
 
 £ S . d . 
 
 1,380 14 10 
 405 3 6 
 
 £ S . d . 
 
 16,462 16 2 
 17,042 16 1 
 
 Rc d - 850 0 6 
 
 2,405 11 9 
 
 Rc d - 975 11 4 
 
 579 19 11 
 
 Total payments through Edinburgh Agents, £421,000 (of this for the Bank’s Notes retired, 
 £150,824) ; and through London Agents, £263,000. 
 
296 
 
 Banking Memoranda for 1816. 
 
 Currency, Prices, &c., in 1816. — Peace: Gold at £4, 2s. to £5, 18s. 6d. 
 per oz., average £4, 13s. 6d., Currency depreciated £16, 14s. 3d. per cent., 
 coined none, but silver £1,805,241 ; Bank of England average Circulation, 
 £26,574,000, and English Country Banks (computed), £15,096,000 — total, 
 £41,670,000 ; Bank’s Bullion £4,640,880 ; Consols, 59f to 64|, and Bank stock 
 215^ to 262^ ; Public Revenue £75,396,885, and Loans £8,939,802 ; wheat 
 per quarter, in London, 53s. 9d. to 92s. 9d., and in Edinburgh, 50s. — oatmeal 
 per boll, 14s. ; bankruptcies in England, 2,731, of which 37 were of Banks. 
 
 Silver Coinage. — One of the first matters which occupied the attention 
 of Government, after the re-establishing of peace, was the restoration of the 
 silver currency, by calling in and re-coining all that was in circulation. But 
 as towards the close of the previous century the relative value of gold and 
 silver had undergone a considerable change, it was ordered that the pound of 
 silver should now be coined into 66s., instead of 62s. as before, and that 4s. 
 should be kept back to pay for the expense of coining, so that a shilling was 
 made to pass current for 6 per cent, more than its intrinsic value. As no one 
 alive had been accustomed to the use of silver money having visible impressions 
 of the sovereign’s effigy and arms (the silver in circulation, at least so far as 
 shillings and sixpences were concerned, being perfectly smooth, and therefore 
 easily imitated by counters punched out of thin sheets of metal having very 
 little silver in them), people were astonished at the beauty of the new coins 
 when they appeared, and could scarcely realize that medals fit for the cabinets 
 of the curious were to be daily applied by all ranks to the commonest matters 
 of buying and selling. 
 
 Bankruptcies. — The occurrence of numerous and large bankruptcies, at 
 home and abroad, still continued, especially in Russia, and among those trading 
 to that country. In St Petersburg, Warovieth failed for £1,000,000, and 
 Wenostiff for £300,000. In Dundee there were several failures. 
 
 Dundee Union Bank. — Its profits at the annual Balance, 30th March 1816, 
 were £3,410, 10s. 2d., of which £2,562 (=£16 per share on 162 shares) was 
 divided, and £848, 10s. 2d. carried to Dependancies. Its circulation was 
 £42,454, 11s. ; the average of the year being £43,627. 
 
 Falkirk Union Bank. — On October 18, this Bank, established in 1803, and 
 which had never done well, failed for about £50,000 — it paid 10s. in the £1. 
 
 Glasgow Bank. — Chief items of its Balance Sheet, 30th June 1816 : — 
 
 Dr. Notes, £212,256, probable 
 
 Circulation, £142,256 
 
 D eposi t Mon ey, with Interest, 361,729 
 
 Sundry Accounts, Cr., 52,281 
 
 Capital, £4,450 on 39 shares, 173,572 
 Interest at 5 per cent, added, 8,900 
 Profits, £200 on 39 shares, do. 7,800 
 Dependancies, Cr., 4,996 
 
 Cr. Bank Office, £ 4,000 
 
 Bills Receivable, 665,607 
 
 Current Accounts, Dr.,... 19,292 
 
 Kirkcaldy Branch, 13,771 
 
 Sundry Accounts, Dr.,... 6,065 
 
 Edinburgh Agents, 7,559 
 
 Cash, £105,240, probable 
 Specie and mixed Notes, 35,240 
 £751, "534 
 
 Expense of Management, £5,837 paid, and Dependancies, Cr., £817. 
 Linen Trade. — Linen stamped this year in Scotland, 26,112,045 yards; 
 estimated value, £1,026,674. 
 
 £751,534 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [55 
 
 To the PUBLIC, as per following Statement, £392,669 10 
 
 For NOTES in circulation, as follows, £ 45,399 7 0 
 
 Notes of 
 
 clS 1U11UWJS, ... 
 
 £0 5 0 
 
 £ 313 
 
 15 
 
 0 
 
 1 
 
 0 
 
 0 
 
 32,742 
 
 0 
 
 0 
 
 1 
 
 1 
 
 0 
 
 1,482 
 
 12 
 
 0 
 
 2 
 
 0 
 
 0 
 
 1,606 
 
 0 
 
 0 
 
 5 
 
 0 
 
 0 
 
 5,715 
 
 0 
 
 0 
 
 20 
 
 0 
 
 0 
 
 3,540 
 
 0 
 
 0 
 
 £45,399 7 0 
 
 For MONEY DEPOSITED, as follows, 311,783 4 4 
 
 In Dundee — 
 
 On 1653 Deposit Accts., £227,009 11 7 
 On 25 Cash Accts., Cr., 16,314 2 7 
 
 £243,323 14 2 
 
 At Arbroath, on 417 Accounts, 48,147 4 10 
 
 „ Forfar, on 370 do., 20,312 5 4 
 
 £ 311,783 4 4 
 
 For SUNDRY ACCOUNTS, Cr., 563 3 8 
 
 For Balance due London Agents, 34,923 15 3 
 
 £392,669 10 3 
 
 To the PARTNERS of the Company, as per following Statement, 61,225 12 
 For CAPITAL paid up, £290 on 76 shares, and 
 
 £602, 14s. 3d. on 7 shares, £26,259 0 0 
 
 For Dependancies, Cr. , 3, 643 5 7 
 
 For Rebate on Bills on hand, 661 1 3 
 
 For PROFITS (out of which a Dividend of £25 on 76 
 shares was paid = £1,900), as per following State- 
 ment, 30, 662 
 
 Profit and Loss — 
 
 By Balance from former year, £13,939 7 6 
 
 By Discounts (+ Rebate), £ 6,827 13 6 
 
 Interest paid, less recvd. , . . . 1, 662 4 5 
 
 5 10 
 
 To Rebate on Bills, £ 661 1 3 
 Management, . . . 3,572 17 1 
 
 £8,489 17 11 
 4,233 18 4 
 
 By Nett Profit, £ 4,255 19 7 
 
 Rise on Cons., £2,495 5 0 
 Do. on Navy 
 
 5 per Cents, 9,971 13 9 12,466 18 9 16,722 18 4 
 
 By Total Profit on hand, £30,662 5 10 £61,225 12 8 
 
 TOTAL LIABILITIES of the Bank, £453,895 2 11 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £1,875,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 1 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Aiixiun 
 
 it. 
 
 
 
 £ s. d. 
 
 
 * £ s. d. 
 
 
 £ s. d. 
 
 
 £ 
 
 s. d. 
 
 Dundee,. ... 
 
 1409 
 
 291,926 1 6 
 
 669 
 
 83,551 11 11 
 
 1083 
 
 175,520 4 5 
 
 3161 
 
 550,997 
 
 17 10 
 
 Arbroath, .. 
 
 1163 
 
 56,370 2 7 
 
 
 
 175 
 
 31,114 3 2 
 
 1338 
 
 87,484 
 
 5 9 
 
 Forfar, 
 
 
 26,344 10 9 
 
 
 944 17 8 
 
 
 16,848 5 .10 
 
 664 
 
 44,137 
 
 14 3 
 
 Totals, ... 
 
 
 374,640 14 10 
 
 
 84,496 9 7 
 
 
 223,482 13 5 
 
 5163 
 
 682,619 
 
 17 10 
 
 * This includes Bills to collect for correspondents. 
 
55] 20th FEBRUARY 1818. Or. 
 
 By BANK OFFICE, £ 50 0 0 
 
 INVESTMENTS, as per following Statement, 440,396 18 9 
 
 1 st. In Dundee, as follows :■ — 
 
 Cash Accounts, in number 88, £ 25,675 15 5 
 
 Heritable Bonds, 507 13 8 
 
 Bills Discounted, i.e., due in Dundee,. 96,759 11 7 
 Bills Receiv., i.e., due in Edinbro’, &c. 944 19 9 
 
 Bills of Exchange, i.e., due in London, 7,962 6 5 
 
 Outstanding Bills, 5,208 6 11 
 
 Exchequer Bills, £60,000 & Interest,. 61,183 0 5 
 Navy 5 per Cents, £132,900 at 106, ... 140,874 0 0 
 
 Shares of the Bank (seven), 3,955 0 0 
 
 Wm. Don’s (Forfar Agt.) Deficiencies, 30,653 17 3 
 
 £373,724 11 5 
 
 2d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 41, £10,015 0 0 
 
 Bills Discounted, i.e., due in Arbroath, 19,354 0 5 
 
 Bills of Exchange, i.e., due in London, 4,873 15 4 
 
 Bills Outstanding, 6,004 2 1 
 
 40,246 17 10 
 
 3c?. At Forfar, as follows : — 
 
 Cash Accounts, in number 47, £13,051 15 9 
 
 Bills Discounted, i.e., due in Forfar, ... 7,901 7 4 
 
 Bills Outstanding, 5,472 6 5 
 
 26,425 9 6 
 
 £440,396 18 9 
 
 SUNDRY ACCOUNTS, Dr., 2,435 8 3 
 
 CASH at call and on hand, as per following Statement, 11,012 15 11 
 
 At call, Edinburgh Agents, £ 2,192 8 10 
 
 Cash on hand : — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £1,542 13 0 
 
 Gold, 3,327 17 6 
 
 Silver, 553 5 6 
 
 Copper, 0 4 3 
 
 5,424 0 3 
 
 At Arbroath Branch — Mixed Notes and Specie,.... 1,754 7 6 
 ,, Forfar Do. do. do., .... 1,641 19 4 
 
 £11,012 15 11 
 
 TOTAL ASSETS of the Bank, 
 
 £453,895 2 11 
 
 Discount Received. 
 
 Bills Discounted, 
 
 Bills of Exchange, 
 
 Totals, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. i 
 
 Totals. 
 
 £ s. d. 
 
 4,584 17 2 
 445 18 9 
 
 £ S. d. 
 
 692 19 10 
 42 12 8 
 
 £ S. d. 
 
 309 6 2 
 64 7 2 
 
 £ s. d. 
 
 5,587 3 2 
 552 18 7 
 
 5,030 15 11 
 
 735 12 6 
 
 373 13 4 
 
 6,140 1 9 
 
 Interest Received and Paid. 
 
 Interest Received, 
 
 Interest Paid, 
 
 Balances Received, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d. 
 15,609 10 0 
 12,622 12 2 
 
 £ S. d. 
 
 822 4 9 
 2,503 11 0 
 
 £ s. d. 
 975 7 7 
 618 14 9 
 
 £ s. d. 
 17,407 2 4 
 15,744 17 11 
 
 2,986 17 10 
 
 P a - 1,681 6 3 
 
 356 12 10 
 
 1,662 4 5 
 
 Total payments through Edinburgh Agents, £507,000 (of this for the Bank’s Notes retired, 
 £149,737) ; and through London Agents, £333,000. 
 
300 Banking Memoranda for 1817. 
 
 Currency, Prices, &c., in 1817. — Peace : Gold at £3, 18s. 6d. to £4, 6d. 
 per oz., or an average £3, 19s. 6d., Currency depreciated £2, 13s. 2d. per cent., 
 specie coined — gold £4,275,337, and silver £2,436,297 ; Bank of England 
 average Circulation, £28,274,000, and English Country Banks (computed), 
 £15,898,000 — total, £44,172,000 ; Bank’s Bullion £9,680,970 ; Consols 62§ 
 to 83f, and Bank stock 220 to 294J; Public Revenue £64,162,996, and 
 Loans £3,000,000 ; wheat per quarter, in London, 79s. 7d. to 102s. 8d., and 
 in Edinburgh, 79s. 2d. — oatmeal per boll 29s. 8d. ; bankruptcies in England, 
 1,927, of which 5 were of Banks. 
 
 Gold Coinage. — The Mint began to coin, instead of guineas of 21s. value, 
 gold pieces, weighing 5 dwts. 3*274 grs., and of the value of 20s. These were 
 by authority ordered to be called sovereigns, in imitation of coin in the time 
 of Henry VII. The new coin was issued by the Bank as fast as it could be 
 supplied by the Mint. In the course of this and the next year, 6,756,000 
 sovereigns were put into circulation. 
 
 Bullion in the Bank. — In spite of the return to cash payments, the stock 
 of Bullion in the hands of the Bank went on increasing till October this year, 
 when it amounted to £11,914,000. This was, no doubt, in great part owing 
 to the liberation of the vast quantities hoarded. When guineas could not be 
 easily got, every one tried to lay past at least a few, and this, practised all over 
 the country, must have amounted to a very considerable sum. When any 
 amount of gold required could be at once obtained, no one cared to hoard it ; 
 on the contrary, the possessors of it wished to employ it in some more pro- 
 fitable manner, and therefore, as soon as the ebb tide turned, the flood 
 tide set in with astonishing rapidity. Before the Committee of the House of 
 Commons, in 1817, one of the witnesses stated that guineas had reappeared in 
 such quantities as to become a nuisance ; that his bankers declined taking 
 them, lest the Bank should object to relieve them of them. Bank notes had 
 risen almost to par, although their amount had increased from £26,901,000 in 
 1814 to £28,274,000, because, on the other hand, country Bank notes had 
 diminished from £22,709,000 in 1814 to £15,898,000, or five times as much. 
 
 Foreign Loans. — The rate of interest on Exchequer Bills having been 
 reduced, and the plethora of gold being so great, several foreign governments 
 thought it a good time to raise loans in Great Britain, some of them doing this 
 for the purpose of replacing their depreciated paper currency with coin. In 
 this and the next year the following loans were subscribed for — Great Britain 
 14 millions, France 15 millions, Russia 3 millions, Prussia 3 millions, Austria 
 4 millions, and Holland 2 millions — total, 41 millions. As a natural conse- 
 quence, the price of gold and the exchanges on Hamburg began to rise in 
 April, and continued to do so throughout this and the following year. 
 
 The Season. — The autumn was marked by frequent and heavy rains. As 
 an illustration, it is recorded, that one day at the Falls of Moness, near Aber- 
 feldy, the river at two p.m. was about five feet wide, and two feet deep, but 
 at five p.m., after a thunder shower, it was thirty-four feet wide, and twelve 
 feet deep. 
 
 Counterfeit Coin. — A chest sent from Hull to Dundee, being seized at 
 
Banking Memoranda for 1817 — ( Continued). 301 
 
 the latter place and opened, was found to be filled with counterfeit shillings 
 and eighteen-penny pieces. 
 
 Sayings Banks. — The Savings Banks in England, first established under 
 Parliamentary regulations last year, had now deposits amounting to £231,000. 
 The first 20,000 depositors belonged to the following classes : — Domestic 
 servants, 7,245 ; persons in trade, mechanics, &c., 7,473 ; labourers and 
 porters, 672 ; miners, 1,454 ; friendly and charitable societies, 58 ; and per- 
 sons not classed, viz., widows, teachers, sailors, &c., 3,098. 
 
 Interest on Deposits. — On July 20, the rate of interest on current deposit 
 accounts was reduced to 3 per cent., from 4 — to which it was raised on 10th 
 October 1810. 
 
 Dundee Union Bank. — Its profits at the annual Balance, 31st March 1817, 
 were £4,836, of which £3,925 (=£25 per share on 157 shares) was divided, 
 and £911 carried to Dependancies. 
 
 Glasgow Bank. — Chief items of its Balance Sheet, 30th June 1817 : — 
 
 Dr. Notes, £179,346, probable 
 
 Circulation, £129,346 
 
 Deposit Money, with Interest, 41 7, 668 
 
 Sundry Accounts, Cr., 5,163 
 
 Capital, £4,873 on 39 shares, 190,053 
 Interest at 5 per cent, added, 9,500 
 Profits, £180 on 39 shares, do. 7,020 
 Dependancies, Cr., 5,793 
 
 £764,543 
 
 Cr. Bank Office, £ 4,000 
 
 Bills Receivable, 658,613 
 
 Current Accounts, Dr., 21,306 
 
 Kirkcaldy Branch, 13,784 
 
 Sundry Accounts, Dr., 1,835 
 
 London Agents, 10,872 
 
 Edinburgh do., 16,710 
 
 Cash £87,423, probable Spe- 
 cie and mixed Notes, 37,423 
 
 £764,543 
 
 On the following narrative, the Bank resolved to admit as partners seven of 
 the principal merchants in Glasgow, who agreed to pay £1,000 premium for 
 each share allotted. “ As the opposition we have to encounter in the business 
 here is become very formidable, we have for some time been perceiving an 
 urgent necessity to strengthen the local interest of the Bank. This opposition 
 arises chiefly from the managers of the Royal Bank and their new agent here, 
 who are making great exertions to monopolize as much as they can the 
 banking business of Glasgow, by encouraging, and even soliciting, the mer- 
 chants to purchase shares of their stock, by offering them large cash accounts 
 of from one to ten thousand pounds, and by discounting bills at six and even 
 seven months’ date. Besides this, a new banking office is now establishing in 
 Glasgow by the British Linen Company.” 
 
 Small Notes in the Colonies. — The Bank of New South Wales had 10s. 
 notes in circulation, dated Sydney, 8th April 1817. 
 
 Destitution in Dundee. — By the autumn of 1816 a two years’ course 
 of bad trade had so checked manufactures in Dundee, that there, like as 
 in many other places, a lack of full and regular employment for the working 
 classes occurred, and much distress of course followed. A meeting was held 
 on 16th December that year, when — “The Provost stated that the object 
 of the meeting was to draw up regulations for the proper management and 
 application of the very liberal subscription that had been made for the 
 
302 Banking Memoranda for 1817 — (Continued). 
 
 relief of the suffering poor ; and that a committee, appointed by some of the 
 contributors on Saturday last, had drawn up a series of resolutions, to be 
 submitted to the meeting for their correction and adoption.” The plan was 
 to divide the town into eleven districts, and have a committee of from three 
 to eight residenters, according to the size of the district, to receive and 
 examine applications, and administer relief. The money collected amounted 
 to £1,895, 9s. 2d., the sum expended was £1,869, 9s. 3d. Of fifty-nine 
 persons, whose names are given in the printed — “ Proceedings relative to a 
 provision for the labouring poor,” only six now (December 1866) survive. 
 These are — Archibald Crichton, John Sturrock, James Ogilvie, James Brown, 
 Edward Baxter, and David Blair. 
 
 Dundee. — On November 4, the property at the Rood Yards, comprising 
 4 acres, 2 roods, 18 falls, and 11 ells, with the houses and wharves thereon, 
 all as possessed by Thomas Smart, was offered for sale at the upset-price of 
 £1,500, and, not finding a purchaser, it was afterwards sold to William Lind- 
 say and others, the neighbouring proprietors, for £1,300. 
 
 Linen Trade. — Linen stamped this year in Scotland, 28,784,967 yards : 
 estimated value, £1,092,689. 
 
 L 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [56 
 
 To the PUBLIC, as per following Statement, £397,173 5 10 
 
 For N OTES in circulation. 
 Notes of 
 
 as follows, £ 40,450 
 
 £0 5 0 
 
 1 
 
 1 
 
 2 
 
 5 
 
 20 
 
 For MONEY DEPOSITED, as follows, 
 
 In Dundee — 
 
 On 1431 Deposit Accts., £237,866 3 11 
 On 31 Cash Accts., Cr., 26,422 10 9 
 
 £ 312 
 
 5 
 
 0 
 
 28,837 
 
 0 
 
 0 
 
 1,361 
 
 17 
 
 0 
 
 1,584 
 
 0 
 
 0 
 
 5,235 
 
 0 
 
 0 
 
 3,120 
 
 0 
 
 0 
 
 £40,450 
 
 2 
 
 0 
 
 2 0 
 
 
 £264,288 
 
 14 
 
 8 
 
 At Arbroath, on 423 Accounts, 
 
 51,887 
 
 11 
 
 0 
 
 ,, Forfar, on 441 do., 
 
 25,094 
 
 3 
 
 2 
 
 
 £341,270 
 
 8 
 
 10 
 
 341,270 8 10 
 
 For Balance due London Agents, 15,452 15 0 
 
 £397,173 5 10 
 
 To the PARTNERS of the Company, as per following Statement, 64,277 13 10 
 
 For CAPITAL paid up, £290 on 76 shares, and 
 
 £527, 7s. 6d. on 8 shares, £26,259 0 0 
 
 For Dependancies, Cr., 3,751 13 10 
 
 For Rebate on Bills on hand, 925 7 5 
 
 For PROFITS (out of which a Dividend of £30 on 76 shares 
 
 was paid = £2, 280), as per following Statement, 33,341 12 7 
 
 Profit and Loss — 
 
 By Balance from former year, £28,762 5 10 
 
 By Discounts (+ Rebate), £8,199 5 6 
 
 Interest paid, less recvd.,... 802 7 3 
 
 £7,396 18 3 
 
 To Rebate on Bills, £ 925 7 5 
 
 Management,... 3,078 16 7 4,004 4 0 
 
 By Nett Profit, £3,392 14 3 
 
 Rise on Navy 5 per Cents,.. 1,186 12 6 4,579 6 9 
 
 By Total Profit on hand, £33,341 12 7 £64,277 13~io 
 
 TOTAL LIABILITIES of the Bank,... £461,450 19 8 
 
 MEMORANDA concerning the Years Business. 
 
 The amount received and paid in the Bank during the year was each about £1,560,000. 
 Total Transactions in Bills. 
 
 
 Bills Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 * £ s. d. 
 
 
 £ S. 
 
 d. 
 
 
 £ S. 
 
 d. 
 
 Dundee, .... 
 
 1445 
 
 305,703 5 10 
 
 793 
 
 96,594 16 11 
 
 971 
 
 159,501 9 
 
 5 
 
 3209 
 
 561,799 12 
 
 2 
 
 Arbroath, . . 
 
 1537 
 
 88,267 5 5 
 
 
 
 247 
 
 36,565 14 
 
 2 
 
 1784 
 
 124,832 19 
 
 7 
 
 Forfar, 
 
 
 17,675 12 3 
 
 
 
 
 7,548 6 
 
 9 
 
 382 
 
 25,223 19 
 
 0 
 
 Totals, ... 
 
 
 411,646 3 6 
 
 
 96,594 16 11 
 
 
 203,615 10 
 
 4 
 
 5375 
 
 711,856 10 
 
 9 
 
 * This includes Bills collected for correspondents. 
 
56] 19th FEBRUARY 1819. Cr. 
 
 By BANK OFFICE, Castle Street, £ 1,810 6 2 
 
 INVESTMENTS, as per following Statement, 441,823 16 6 
 
 1 st. In Dundee, as follows : — 
 
 Casli Accounts, in number 77, £ 24,672 12 0 
 
 Heritable Bonds, 1,493 8 11 
 
 Bills Discounted, i.e., due in Dundee, 124,597 3 6 
 Bills Receiv, i.e., due in Edinbro’, &c. 536 14 0 
 
 Bills of Exchange, i.e., due in London, 6,927 12 1 
 
 Outstanding Bills, 4,570 16 4 
 
 Navy 5 per Cents, £160,000 at 106^,.. 170,400 0 0 
 
 Shares of the Bank (eight), 4,384 16 3 
 
 Win. Don’s (Forfar Agt. ) Deficiencies, 30,477 12 6 
 
 £368,060 15 7 
 
 2 d. At Arbroath, as follows : — 
 
 Cash Accounts, in number 40, £10,164 0 3 
 
 Bills Discounted, i.e., due in Arbroath, 30,128 1 4 
 
 Bills of Exchange, i.e., due in London, 6,260 6 1 
 
 Bills Outstanding, 3,769 2 1 
 
 50,321 9 9 
 
 3 d. At Forfar, as follows : — 
 
 Cash Accounts, in number 43, £11,435 18 0 
 
 Bills Discounted, i.e., due in Forfar, ... 6,862 18 9 
 
 Bills Outstanding, 5, 142 14 5 
 
 23,441 11 2 
 
 £441,823 16 6 
 
 SUNDRY ACCOUNTS, Dr., 3,016 8 1 
 
 CASH at call and on hand, as per following Statement, 14,800 8 11 
 
 At call, Edinburgh Agents, £ 5,957 13 8 
 
 Cash on hand : — 
 
 At Head Office, Dundee, as follows : — 
 
 Mixed Notes, £2,785 4 0 
 
 Gold, 4,102 7 0 
 
 Silver, 317 5 6 
 
 Copper, 0 7 1 
 
 7,205 3 7 
 
 At Arbroath Branch — Mixed Notes and Specie, ... 298 2 11 
 
 ,, Forfar Do. do. do., ... 
 
 £ 
 
 TOTAL ASSETS of the Bank, 
 
 1,339 8 9 
 
 14,800 8 11 
 
 
 Discount Received. 
 
 Bills Discounted, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d. 
 5,529 12 10 
 290 2 7 
 
 £ s. d. 
 1,200 12 10 
 265 13 8 
 
 £ s. d. 
 206 55 3 
 45 17 1 
 
 £ S. d. 
 
 6,936 10 11 
 601 13 4 
 
 Bills of Exchange, 
 
 Totals, 
 
 5,819 15 5 
 
 1,466 6 6 
 
 252 2 4 
 
 7,538 4 3 
 
 Interest Received and Paid. 
 
 Interest Received, 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 £ s. d. 
 10,187 10 9 
 9,389 7 2 
 
 £ s. d. 
 491 13 5 
 1,880 9 2 
 
 £ S. d. 
 653 3 10 
 864 18 11 
 
 £ S. d. 
 
 11,332 8 0 
 12,134 15 3 
 
 Interest Paid, 
 
 Balances Paid, 
 
 Rc a - 798 3 7 
 
 1,388 15 9 
 
 211 15 1 ! 
 
 802 7 3 
 
 Total payments through Edinburgh Agents, £431,000 (of this for the Bank’s Notes retired, 
 £129,798) ; and through London Agents, £284,000. 
 
30G Banking Memoranda for 1818. 
 
 Currency, Prices, &c., in 1818. — Peace: Gold at £4 per oz., Currency 
 depreciated £2, 13s. 2d. per cent.; Specie coined — gold £2,862,373, and silver 
 £576,279 ; Bank of England average Circulation £22,220,000 (it was at the end 
 of February £27,770,970), and English Country Banks, (computed) £20,507,000 
 — total, £42,727,000 ; Bank’s Bullion £10,055,450 ; Consols 73| to 82, and 
 Bank stock 267 to 292 ; Public Revenue £77, 153,253 ; wheat per quarter, 
 in London, 80s. 2d. to 89s. 6d., and in Edinburgh, 80s. — oatmeal per boll 
 27s. ; bankruptcies in England, 1,245, of which 6 were of Banks. 
 
 Linen Trade. — Linen stamped this year in Scotland, 31,283,100 yards; 
 estimated value, £1,253,528. The average quantity and value stamped during 
 the years 1816, 7, 8 (see 1809) in the towns in this district, were as follows : — 
 
 Dundee, 
 
 yards of linen, 
 
 7,951,489 ... 
 
 
 £333,059 
 
 11 
 
 2 
 
 Forfar, 
 
 do., 
 
 2,611,776 ... 
 
 
 104,470 
 
 19 
 
 11 
 
 Kirriemuir, .. 
 
 do., 
 
 2,327,123 ... 
 
 
 89,334 
 
 18 
 
 4 
 
 Arbroath, .... 
 
 do., 
 
 2,055,203 ... 
 
 
 82,208 
 
 2 
 
 4 
 
 Kirkcaldy, ... 
 
 do., 
 
 2,022,493 ... 
 
 
 80,899 
 
 14 
 
 4 
 
 Cupar-Fife,.. 
 
 do., 
 
 1,422,687 ... 
 
 
 77,903 
 
 6 
 
 3 
 
 Brechin, 
 
 do., 
 
 749,481 ... 
 
 
 29,979 
 
 4 
 
 9 
 
 Letham, 
 
 do., 
 
 478,116 ... 
 
 
 19,124 
 
 12 
 
 9 
 
 Montrose, ... 
 
 do., 
 
 465,369 ... 
 
 
 18,614 
 
 15 
 
 2 
 
 Importations. — The prostration of commercial enterprise in 1815 and 
 1816 caused the importations of chief articles of consumption to fall off nearly 
 one-half, but the revival of 1817 caused the aspect of matters to change, so 
 that importations of colonial and foreign products returned to its usual amount 
 in 1818. Besides this, the importations of wheat were this year very great, 
 owing to the unusual drought from May to September leading to the expecta- 
 tion that the crops would be deficient. But a fair crop of wheat following 
 these large importations, caused its price to decline to 75s., although other 
 grains ruled high — barley 63s. 6d., oats 35s., beans 76s., and pease 70s. in 
 December. 
 
 Dundee Union Bank. — It profits at the annual Balance, 31st March 1818, 
 were £4,282, 16s. 8d., of which £3,255 (=£21 on 155 shares) was divided, 
 and £1,027, 16s. 8d. carried to Dependancies. 
 
 Glasgow Bank. — Chief items of its Balance Sheet. 30th June 1818 : — 
 
 Dr. Notes, £269,537, probable 
 
 Circulation, £189,537 
 
 Deposit Money, with Interest, 939,783 
 
 Kirkcaldy Branch, Cr., 14,075 
 
 Sundry Accounts, Cr., 17,582 
 
 Capital, £5,296 on 45 shares, 238,320 
 Interest at 5 per cent, added, 11,917 
 Profits, £3 50 on 45 shares, do., 15,750 
 
 Dependancies, Cr., 11,884 
 
 £1,438,848 
 
 Cr. Bank Office, £ 4,000 
 
 Bills Receivable, 1,320,458 
 
 Cash Accounts, 40,373 
 
 Consols, 7,512 
 
 Sundry Accou nts, Cr. , 11,743 
 
 Edinburgh Agents, 6,864 
 
 Cash £127,898, probable 
 
 Specie and mixed Notes, 47,898 
 
 £1,438,848 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [57 
 
 To the PUBLIC, as per following Statement, £367,149 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £0 5 0 £ 294 10 0 
 
 „ 1 0 0 20,500 2 3 
 
 ,, 1 1 0 1,277 11 9 
 
 „ 2 0 0 3,080 0 0 
 
 „ 5 0 0 4,145 0 0 
 
 ,, 20 0 0 2,920 0 0 £32,217 4 0 
 
 For MONEY DEPOSITED, as follows 
 In Dundee — 
 
 On 1534 Deposit Accts., £266,773 7 10 
 
 On 25 Cash Accts., Cr., 14,374 6 9 £281,147 14 7 
 
 At Arbroath, on 187 Accounts, 21,524 15 0 
 
 „ Forfar, on 494 do., 29,792 9 9 332,464 19 4 
 
 For SUNDRY ACCOUNTS, Cr., 494 14 7 
 
 For Balance due Edinburgh Agents, 191 11 8 
 
 For Balance due London Agents, 1,780 16 0 
 
 £367,149 5 7 
 
 5 7 
 
 To the PARTNERS of the Company, as per following Statement, 18,468 13 3 
 
 For CAPITAL, £160 on 76, £527, 7s. 6d. on 8 shares,.... £16,379 0 0 
 
 For Rebate on Bills, 569 13 3 
 
 For PROFITS, for a Dividend of £20 on 76 shares, 1,520 0 0 
 
 Profit and Loss — 
 
 By Balance from former year, £31,061 12 7 
 
 Dependancies, Balance of, 3,835 14 7 
 
 Capital, £130 on 76 shares, taken off,... 9,880 0 0 
 
 £11 777 7 2 
 
 By Discounts (+ Rebate), £7,547 6 1 
 
 Interest paid, less received, 2,142 15 7 
 £5,404 10 6 
 
 To Rebate on Bills, £ 569 13 3 
 
 Management, ... 3,315 18 2 3,885 11 5 
 
 By Nett ordinary Profit, £1,518 19 1 
 
 To Fall on Navy 5 per Cents, 5,162 15 3 
 To Actual Loss on the year,.. £3, 643 16 2 
 Dundee Outstanding Bills, 2,048 17 6 
 Arbroath do. do., 6,426 18 3 
 Do. Dependancies,... 700 0 0 
 Forfar Outstanding Bills, . 6,437 15 3 
 
 Do. Dependancies, 24,000 0 0 43,257 7 2 
 
 £1,520 0 0 £18,468 13~3 
 
 TOTAL LIABILITIES of the Bank, £385,617 IFlO 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £1,490,000. 
 Total Transactions in Bills. 
 
 
 Bii.ls Discounted. 
 
 Bills Receivable. 
 
 Bills of Exchange. 
 
 Totals. 
 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 No. 
 
 Amount. 
 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ s. d. 
 
 
 £ S. 
 
 d. 
 
 Dundee,. ... 
 
 1432 
 
 259,992 1 10 
 
 497 
 
 66,773 17 5 
 
 903 
 
 140,348 18 11 
 
 2832 
 
 467,114 18 
 
 2 
 
 Arbroath, .. 
 
 1213 
 
 80,041 6 0 
 
 
 
 132 
 
 16,531 7 5 
 
 1345 
 
 96,572 13 
 
 5 
 
 Forfar, 
 
 
 15,543 15 5 
 
 
 
 
 15,680 18 3 
 
 387 
 
 31,224 13 
 
 8 
 
 Totals, ... 
 
 
 355,577 3 3 
 
 
 66,773 17 5 
 
 
 172,561 4 7 
 
 4564 
 
 594,912 5 
 
 3 
 
 Total payments through Edinburgh Agents, £446,000 (of this for the Bank’s Notes 
 retired, £144,861) ; and through London Agents, £154,000. 
 
 15 
 
57] 20th FEBRUARY 1820. 
 
 
 
 
 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, 
 
 
 
 
 .£ 
 
 2,400 
 
 0 
 
 0 
 
 INVESTMENTS, as per following Statement,.... 
 
 
 
 . 370,338 
 
 8 
 
 7 
 
 ls£. In Dundee, as follows 
 
 
 
 
 
 
 
 
 
 Cash Accounts, in number 80, £ 28,085 0 8 
 
 
 
 
 
 
 
 Heritable Bonds, 
 
 2,250 3 3 
 
 
 
 
 
 
 
 Bills Discounted, i.e., due 
 
 in Dundee, 90,704 14 8 
 
 
 
 
 
 
 
 Bills Receiv. , i.e., due in Edinbro’, &c. 
 
 45 2 10 
 
 
 
 
 
 
 
 Bills of Exchange, i.e., due in London, 12,904 6 8 
 
 
 
 
 
 
 
 Outstanding Bills, 
 
 19,212 12 4 
 
 
 
 
 
 
 
 Navy 5 per Cents, £165,000 at 103|,.. 170,362 10 0 
 
 
 
 
 
 
 
 Shares of the Bank (eight), 
 
 4,384 16 3 
 
 
 
 
 
 
 
 
 
 -£327,949 
 
 6 
 
 8 
 
 
 
 
 2d. At Arbroath, as follows : — 
 
 
 
 
 
 
 
 
 Cash Accounts, in number 39, £ 8,595 7 8 
 
 
 
 
 
 
 
 Bills Discounted, i. e. , due in Arbroath, 12,518 18 1 
 
 
 
 
 
 
 
 Bills Outstanding, 
 
 
 1,500 0 0 
 
 
 
 
 
 
 
 Dependancies, 
 
 2,427 19 7 
 
 
 
 
 
 
 
 
 
 
 25,042 
 
 5 
 
 4 
 
 
 
 
 3d. At Forfar, as follows 
 
 
 
 
 
 
 
 
 
 Cash Accounts, in number 51, £13,388 6 10 
 
 
 
 
 
 
 
 Bills Discounted, i.e., due 
 
 in Forfar, . . . 
 
 880 17 0 
 
 
 
 
 
 
 
 Bills Outstanding, 
 
 
 858 15 11 
 
 
 
 
 
 
 
 Dependancies, 
 
 2,218 16 6 
 
 
 
 
 
 
 
 
 
 
 17,346 
 
 16 
 
 7 
 
 
 
 
 
 
 £370,338 
 
 8 
 
 7 
 
 
 
 
 SUNDRY ACCOUNTS 
 
 , Or., 
 
 
 
 
 
 3,044 
 
 6 
 
 3 
 
 CASH on hand, as per following Statement, 
 
 
 
 
 9,835 
 
 4 
 
 0 
 
 At Head Office, Dundee, as follows : — 
 
 
 
 
 
 
 
 
 Mixed Notes, 
 
 £3,472 13 0 
 
 
 
 
 
 
 
 Gold, 
 
 
 1,322 10 6 
 
 
 
 
 
 
 
 Silver, 
 
 
 557 18 6 
 
 
 
 
 
 
 
 Copper, 
 
 
 0 6 2 
 
 
 
 
 
 
 
 
 
 £5,353 
 
 8 
 
 2 
 
 
 
 
 At Arbroath Branch — M ixed Notes and Specie,.... 
 
 3,608 : 
 
 19 
 
 10 
 
 
 
 
 ,, Forfar Do. 
 
 do. 
 
 do., .... 
 
 872 16 
 
 0 
 
 
 
 
 
 
 £9,835 
 
 4 
 
 0 
 
 
 
 
 TOTAL ASSETS of the Bank, 
 
 
 
 
 .£385,617 
 
 18 
 
 10 
 
 Discount Received. 
 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. 
 
 Totals. 
 
 
 £ s. d. 
 
 £ S. d. 
 
 £ 
 
 s. 
 
 d. 
 
 £ 
 
 s. 
 
 d. 
 
 Bills Discounted, 
 
 4,221 13 6 
 
 1,280 3 6 
 
 174 
 
 2 11 
 
 5,675 
 
 19 
 
 11 
 
 Bills of Exchange, 
 
 743 14 4 
 
 106 0 0 
 
 96 
 
 4 
 
 5 
 
 945 
 
 18 
 
 9 
 
 Totals, 
 
 4,965 7 10 
 
 1,386 3 6 
 
 270 
 
 7 
 
 4 
 
 6,621 
 
 18 
 
 8 
 
 Interest Received and Paid. 
 
 
 Dundee. 
 
 Arbroath. 
 
 Forfar. | 
 
 Totals. 
 
 
 £ s. d. 
 
 £ s. d. 
 
 £ 
 
 s. 
 
 d. 
 
 £ 
 
 s. 
 
 d. 
 
 Interest Received, 
 
 10,667 5 1 
 
 622 12 0 
 
 471 
 
 7 
 
 1 
 
 11,761 
 
 4 
 
 2 
 
 Interest Paid, 
 
 10,773 8 7 
 
 1,918 15 11 
 
 1,211 15 
 
 3 
 
 13,903 
 
 19 
 
 9 
 
 Balances Paid, 
 
 Red- 106 3 6 
 
 1,296 3 11 
 
 740 
 
 8 
 
 2 
 
 2,142 
 
 15 
 
 7 
 
 1819. Sept. 6. — Partners resolve that the Branches at Arbroath and Forfar shall be closed. 
 
310 
 
 Banking Memoranda for 1819. 
 
 Currency, Prices, &c., in 1819. — Peace : Gold at £4, Is. 6d. per oz., 
 Currency depreciated £4, 9s. per cent. ; Specie coined — gold £3,574, and 
 silver £1,267,272 ; Bank of England Circulation (at the end of February) 
 £25,126,700, and English Country Banks (computed) £17,366,875 — total, 
 £42,493,575 ; Bank’s Bullion £4,184,620 ; Consols 65 to 79, and Bank stock 
 210 to 272^; Public Revenue £69,448,899, and Loans £18,756,087; wheat 
 per quarter, in London, 65s. lid. to 77s. 7d., and in Edinburgh, 75s. — oat- 
 meal per boll 23s. 6d. ; bankruptcies, in England 1,499 (of which 13 were 
 of Banks), and in Scotland 289. 
 
 Bank Suspension Acts. — Both Houses of Parliament appointed Committees 
 to inquire into the state of the Bank, and on April 5, they reported that it was 
 expedient to suspend the Acts of 1816-7 respecting a return to Cash Payments. 
 In the Committees it was stated that in the first six months of 1818, 125 
 millions of francs (a little more than half a million sterling), had been coined 
 fit the French Mint, the bulk of the gold for which had been obtained from 
 this country. The opinion of most of the witnesses was in favour of the doc- 
 trine of the Bullion Report, although in 1804 and 1810 the tendency of the 
 testimony given was the other way. Both Houses recommended that the Bank 
 should be bound to deliver gold (in bullion) at £4, Is. per oz. after 1st Feb- 
 ruary 1820, at £3, 19s. 6d. after the 1st October that year, and at £3, 17s. lOJd. 
 after 1st May 1821 ; but that, at the end of two years after 1st May 1821, 
 they should be bound to pay their notes in specie. At the same time the old 
 law was revived prohibiting the Bank from advancing money to the Govern- 
 ment, in anticipation of taxes, without the sanction of the House of Commons. 
 
 John Maberley, M.P., & Co. — An English company of manufacturers 
 in Scotland commenced banking business under the title of the Aberdeen, 
 Montrose, Dundee, Edinburgh, and Glasgow Exchange and Deposit Bank. 
 It circulated notes and received deposits from their workpeople and others. 
 One pretence for setting up as bankers was the high rate of exchange on London. 
 
 Dundee Union Bank. — Its profits at the Balance on 3 1st March 1819 were 
 £6,292, 15s., of which £3,875 (=£25 on 155 shares) was divided, and £2,417, 
 15s. carried to Dependancies. 
 
 Glasgow Bank. — Chief items in its Balance Sheet, 30th June 1819 : — 
 
 Dr. Notes, £233,920, probable 
 
 Circulation, £153,920 
 
 Deposit Money, with Interest, 778,325 
 
 Sundry Accounts, Cr., 6,851 
 
 Capital, £5,91 1 on 45 shares, 266,021 
 Interest at 5 per cent, added, 13,301 
 Profits, £2 00 on 45 shares, do., 9, 000 
 Dependancies, Cr., 10,064 
 
 £1,237,482 
 
 Cr. Bank Office, £ 4,000 
 
 Bills Receivable, 985,576 
 
 Cash Accounts, 97,996 
 
 Consols, 14,262 
 
 Kirkcaldy Branch, 1 0, 1 82 
 
 Sundry Accounts, Dr., 9,732 
 
 London Agents, 60,162 
 
 Edinburgh Agents, 14,841 
 
 Cash£l 20, 731, probable Spe- 
 cie and mixed Notes, 40,731 
 
 £1,237,482 
 
 Expense of Management £5,394 paid, and Dependancies, Cr., £6,194. 
 Linen Trade. — Linen stamped this year in Scotland, 29,334,428 yards; 
 estimated value, £1,157,923. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [58 
 
 To the PUBLIC, as per following Statement, £326,382 10 
 
 For NOTES in circulation, as follows : — 
 
 Notes of 
 
 £0 
 
 1 
 
 1 
 
 2 
 
 5 
 
 20 
 
 294 10 
 
 13,071 
 
 1,166 
 
 2,944 
 
 4,715 
 
 2,520 
 
 0 
 
 3 
 
 9 
 
 0 
 
 0 
 
 0 £24,711 
 
 0 0 
 
 For MONEY DEPOSITED, as follows 
 In Dundee — 
 
 On 1586 Deposit Accts., £272, 561 17 4 
 On 24 Cash Accts., Cr., 8,875 9 0 
 Interest due thereon, ... . 8,407 6 10 £289,844 13 2 
 
 At Arbroath, on Accounts, 2,602 13 4 
 
 ,, Forfar, on do., 8,106 6 4 
 
 £300,553 12 10 
 
 For Balance due Edinburgh Agents, 1,117 17 6 
 
 £326,382 10 4 
 
 To the PARTNERS of the Company, as per following Statement, 22,658 £ 
 For CAPITAL, £200 on 76, £527, 7s. 6d. on 8 shares,.... £19,419 0 0 
 
 For Dependancies, Cr., 
 
 For Rebate on Bills, 
 
 For Portion of PROFITS, Dividend of £25 on 76 shares,. 
 Profit and Loss — 
 
 By Discounts (+ former Rebate), £ 5,417 10 2 
 
 Interest, 11,590 14 8 
 
 £17,008 4 10 
 
 Off Interest paid, 12,159 14 0 
 
 £4,848 10 10 
 
 To Rebate on Bills, £ 436 7 3 
 
 Expense of Management, . . 2,747 17 5 3,184 4 8 
 
 902 19 
 436 7 
 ,900 0 
 
 By Nett ordinary Profit, £1,664 
 
 Rise on 4 per Cents, £ 725 19 4 
 
 Rise on Navy 5 per Cents, 4,537 10 0 5,263 
 
 6 2 
 
 9 4 
 
 By Total Profit on hand, £6,927 15 6 
 
 To Dependancies, £ 802 19 3 
 
 Capital, £40 on 76 shares, 
 
 added, 3,040 0 0 
 
 Bank Shares, cost of, re- 
 duced, 1,184 16 3 5,027 15 6 
 
 £1,900 0 0 £22,658 6 6 
 
 TOTAL LIABILITIES of the Bank, 
 
 .£349,040 16 10 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £1,200,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 Bills Receivable, 
 
 Bills of Exchange, 
 
 Totals, 
 
 1,253 
 
 179 
 
 677 
 
 £230,391 8 1 
 22,844 13 10 
 92,465 19 7 
 
 £4,073 11 5 
 
 774 5 6 
 
 2,109 
 
 £345,702 1 6 
 
 £4,847 16 11 
 
 Total payments through Edinburgh Agents, £304,000 (of this for the Bank’s Notes retired, 
 £85,915) ; and through London Agents, £167,000. 
 
58] 20th FEBRUARY 1821. Cr. 
 
 By BANK OFFICE, Castle Street, £ 2,370 0 0 
 
 INVESTMENTS, as per following Statement, 338,827 2 9 
 
 Cash Accounts, in number 87, 
 
 — £ 37,686 
 
 14 
 
 2 
 
 Heritable Bonds, 
 
 .... 2,098 
 
 18 
 
 5 
 
 Bills Discounted, i.e., due in Dundee, 
 
 .... 79,636 
 
 5 
 
 8 
 
 Bills of Exchange, i.e., due in London, 
 
 8,920 
 
 4 
 
 10 
 
 Outstanding Bills, 
 
 2,484 
 
 15 
 
 11 
 
 Gov. 4 per Cents, £17,000 at 91, and Interest, ... . 
 
 15,715 
 
 0 
 
 0 
 
 Navy 5 per Cents, £165,000 at 106, 
 
 174,900 
 
 0 
 
 0 
 
 Shares of the Bank (eight), 
 
 3,200 
 
 0 
 
 0 
 
 Arbroath Branch, Liquidation Account, 
 
 4,884 
 
 18 
 
 5 
 
 Forfar do., do do., 
 
 .... 9,300 
 
 5 
 
 4 
 
 
 £338,827 
 
 2 
 
 9 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH at call and on hand, as per following Statement, 
 
 At call, London Agents, 
 
 On hand, as follows, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £1,570 3 0 
 2,119 14 0 
 607 19 6 
 0 8 3 
 
 ,£1,703 19 10 
 . 4,298 4 9 
 
 £4,298 4 9 £5,002 4 7 
 
 1,841 9 6 
 
 6,002 4 7 
 
 TOTAL ASSETS of the Bank, 
 
 £349,040 16 10 
 
314 Banking Memoranda for 1820. 
 
 Currency, Prices, &c., in 1820. — Peace: Gold at £3, 19s. lid. per oz., 
 Currency depreciated £2, 12s. per cent.; Specie coined — gold £949,516, and 
 silver £847,717 ; Bank of England Circulation (at the end of February) 
 £23,484,110, and English Country Banks (computed) £11,767,391 — total, 
 £35,251,501 ; Bank’s Bullion £4,911,050 ; Consols 66 to 70, and Bank stock 
 215 to 226|-; Public Revenue £65,599,570, and Loans £17,292,544 ; wheat 
 per quarter, in London, 58s. 3d. to 71s. lid., and in Edinburgh, 65s. — oatmeal 
 per boll 17s. ; bankruptcies, in England 1,317 (of which 4 were of Banks), and 
 in Scotland 208. 
 
 Free Trade. — The first public movement for the adoption of the principles 
 of Free Trade was made on May 8, by the presentation to the House of Com- 
 mons of the celebrated petition by the merchants of the city of London. 
 
 Great Harvest. — After a backward spring, a warm June, a wet July, and 
 a fine August, there was an enormous crop — a full third above an average one. 
 
 Dundee. — The steam power now employed in spinning in Dundee- (see 
 1808), was as follows : — Andrew Brown, Bell Mill, 25 horse ; J. & W. Brown, 
 Witcliknowe, 20 ; Chalmers & Hackney, Tay Street, 12 ; John Scott, Lower 
 Dudhope, 6 ; Boyack & Davie, Lower Dudhope, 6 ; James Carmichael, Dens, 
 6 ; Henry Blyth, Ward Road, 6 ; — total, 81 horse power. 
 
 Commercial Bank of Scotland. — A Branch was opened in Falkirk. 
 
 Dundee Union Bank. — Its profits at the Balance on 31st March 1820 were 
 £5,514, 14s. 10d., of which £3,725 was divided (=£25 per share on 149 shares), 
 and £1,789, 14s. lOd. carried to Dependancies. 
 
 Glasgow Commercial Bank. — This Bank, established in 1810, ceased to 
 carry on business. 
 
 Prevention of Forgery. — In 1819 the Society of Arts, London, stated: — 
 The Bank of England Note is inferior to many shop-bills ; and there are 10,000 
 persons in Great Britain able to engrave such a plate — the most of them being 
 in needy, if not necessitous, circumstances. Other Banks have for twenty 
 years protected their notes successfully by having them ornamented. The 
 Bank, therefore, should employ the best historical engravers to engrave vig- 
 nettes for their notes. So very few engravers are able to execute this style 
 of engraving, there is little chance of any one of them becoming a forger, and 
 that, if he did, his work would be at once traced to him by the trade, for each 
 of such engravers has as distinctly recognisable a manner as the hand-writing 
 of a commercial man. As to the expense, an ornamented note on a steel plate 
 would cost ten times as much as the copper plate at present used by the Bank 
 — that is £30 instead of £3 — yet, as it would print 100,000 clear impressions 
 instead of 5,000, the expense of engraving would be this £30 against £60 — 
 the cost of twenty of the present plates required to supply that number of 
 notes. Besides the vignette, a border with other ornaments should be employed, 
 partly on the plate and partly cut on wood blocks, so that it should require 
 seven artists, each of first-rate talent in his own department, to produce a Bank 
 note, and of course to produce a tolerable forgery of it. 
 
 Linen Trade. — Linen stamped this year in Scotland, 26,259,011 yards; 
 estimated value, £1,038,708. 
 
Dr. THE DUNDEE BANKING COMPANY. [59 
 
 To the PUBLIC, as per following Statement, £349,481 13 0 
 
 For NOTES in circulation, as follows, £ 23,682 0 0 
 
 Notes of £0 
 
 5 
 
 0 
 
 £ 294 
 
 10 
 
 0 
 
 „ 1 
 
 0 
 
 0 
 
 13,185 
 
 8 
 
 3 
 
 ,, 1 
 
 1 
 
 0 
 
 1,078 
 
 1 
 
 9 
 
 „ 2 
 
 0 
 
 0 
 
 2,894 
 
 0 
 
 0 
 
 „ 5 
 
 0 
 
 0 
 
 3,870 
 
 0 
 
 0 
 
 „ 20 
 
 0 
 
 0 
 
 2,360 
 
 0 
 
 0 
 
 £23,682 0 0 
 
 For MONEY DEPOSITED, as follows, 325,471 5 5 
 
 In Dundee — 
 
 On 1694 Deposit Accts., £296,761 11 0 
 On 31 Cash Accts., Cr., 16,495 15 7 
 Interest due thereon, ... . 9,164 2 8 £322, 421 9 3 
 
 At Arbroath, on Accounts, 442 9 8 
 
 ,, Forfar, on do., 2,607 6 6 
 
 £325,471 5 5 
 
 For SUNDRY ACCOUNTS, Cr., 328 7 7 
 
 £349,481 13 0 
 
 To the PARTNERS of the Company, as per following Statement, 20,641 1 1 
 
 For CAPITAL paid up, £175 on 76 shares, and 
 
 £527, 7s. 6d. on 8 shares, £17,519 0 0 
 
 For Dependancies, Cr. , 
 
 For Rebate on Bills, 
 
 For Portion of CAPITAL, set aside for a Dividend of £25 
 
 on 76 shares, 
 
 Profit and Loss — 
 
 By Discounts received, £ 4,620 5 0 
 
 Interest received, 12,198 9 0 
 
 £16,818 14 0 
 
 Off Interest paid, 12,399 18 10 
 
 £4,418 15 2 
 
 To Rebate on Bills, £ 408 19 0 
 
 Expense of Management, . . 1,985 1 11 2,394 0 11 
 
 By Nett ordinary Profit, £2,024 14 3 
 
 Rise on Gov. 4 per Cents,... £1,342 16 5 
 To Fall on Navy 5 per Cents,. . 3,153 4 8 1,810 8 3 
 
 By Actual Gain, £214 6 0 
 
 To Dependancies, 214 6 0 
 
 By Capital taken off, £25 on 76 shares, .£1,900 0 0 
 
 £20,641 1 1 
 
 TOTAL LIABILITIES of the Bank, £370,122 14~~1 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,035,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 Bills Receivable, 
 
 Bills of Exchange, 
 
 Totals, 
 
 1,336 
 
 152 
 
 1,056 
 
 £190,737 3 8 
 18,421 7 2 
 86,593 15 8 
 
 £3,539 1 11 
 
 644 15 10 
 
 2,544 
 
 £295,752 6 6 
 
 £4,183 17 9 
 
 Total payments through Edinburgh Agents, £215,000 (of this for the Bank’s Notes retired, 
 £67,848); and through London Agents, £127,000. 
 
 813 2 1 
 408 19 0 
 
 1,900 0 0 
 
59] 
 
 20th FEBRUARY 1822. 
 
 
 
 Or . . 
 
 By BANK OFFICE 
 
 
 
 
 .£ 2,300 
 
 0 0 
 
 INVESTMENTS. 
 
 , as per following Statement,. 
 
 
 
 ,. 347,923 
 
 3 10 
 
 Cash Accounts, in 
 
 number 72, 
 
 .£ 30,485 
 
 6 
 
 3 
 
 
 Heritable Bonds, .. 
 
 
 . 2,000 
 
 0 
 
 0 
 
 
 Bills Discounted, i 
 
 .e., due in Dundee, 
 
 . 74,635 
 
 2 
 
 5 
 
 
 Bills of Exchange, 
 
 i.e., due in London, 
 
 . 9,490 
 
 12 
 
 7 
 
 
 Outstanding Bills, . 
 
 
 1,654 
 
 8 
 
 0 
 
 
 Gov. 4 per Cents, £30,000 at 984, 
 
 . 29,550 
 
 0 
 
 0 
 
 
 Navy 5 per Cents, 
 
 £180,000 at 1044, 
 
 ,. 188,100 
 
 0 
 
 0 
 
 
 Shares of the Bank 
 
 (eight), 
 
 .. 3,200 
 
 0 
 
 0 
 
 
 Arbroath Branch, 
 
 Liquidation Account, 
 
 . 2,365 
 
 4 
 
 1 
 
 
 Forfar .do., ... 
 
 do do., 
 
 . 6,442 
 
 10 
 
 6 
 
 
 
 
 £347,923 
 
 3 
 
 10 
 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH at call and on hand, as per following Statement, 
 
 At call, Edinburgh Agents, 
 Do. London do. , 
 
 On hand, as follows, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £1,790 13 0 
 1,700 7 0 
 342 15 0 
 0 3 4 
 
 .£ 3,694 9 
 , 10,115 5 
 . 3,833 18 
 
 9 
 
 1 
 
 4 
 
 2,255 17 
 17,643 13 
 
 £3,833 18 4 
 
 1 
 
 2 
 
 £17,643 13 2 
 
 TOTAL ASSETS of the Bank, £370,122 14 1 
 
 
318 
 
 Banking Memoranda for 1821. 
 
 Currency, Prices, &c., in 1821. — Peace: Gold at par; Specie coined — 
 gold £9,520,758, and silver £433, 68G — total £9,954,444; Bank of England 
 Circulation (at the end of February) £23,884,920, and English Country Banks 
 (computed) £8,414,281— total £32,299,201; Bank’s Bullion, £11,869,900; 
 Consols 69^ to 78^, and Bank stock 222 to 240 \ ; Public Revenue £66,652,080, 
 and Loans £13,828,783 ; wheat per quarter, in London, 52s. 7d. to 58s. 8d., 
 and in Edinburgh, 61s. — oatmeal per boll 16s. ; bankruptcies, in England 1,258 
 (of which 10 were of Banks), and in Scotland 161. 
 
 Price of Gold. — In August the market price of gold had returned to the 
 Mint price, viz., £3, 17s. 10^d., and remained at or about that price till June 
 1822, when it fell to £3, 17s. 6d. Looking back, we see that, from 1800 to 
 this date, the real value of £1 of the circulating medium was as follows : — 
 
 1819, £0 19 2 
 
 1820, J) 19 6 
 
 1821, 10 0 
 
 1799, £1 
 
 0 
 
 0 
 
 1804, £0 
 
 19 
 
 6 
 
 1809, £0 19 
 
 6 
 
 1814, 
 
 £0 15 
 
 0 
 
 1800, 0 
 
 18 
 
 5 
 
 1805, 
 
 0 
 
 19 
 
 6 
 
 1810, 
 
 0 17 
 
 4 
 
 1815, 
 
 0 16 
 
 8 
 
 1801, 0 
 
 18 
 
 3 
 
 1806, 
 
 0 
 
 19 
 
 6 
 
 1811, 
 
 0 18 
 
 2 
 
 1816, 
 
 0 16 
 
 8 
 
 1802, 0 
 
 18 
 
 6 
 
 1807, 
 
 0 
 
 19 
 
 6 
 
 1812, 
 
 0 15 10 
 
 1817, 
 
 0 19 
 
 6 
 
 1803, 0 
 
 19 
 
 6 
 
 1808, 
 
 0 
 
 19 
 
 6 
 
 1813, 
 
 0 15 
 
 5 
 
 1818, 
 
 0 19 
 
 6 
 
 Bank Suspension Act. — Early this year an Act was passed to allow the 
 Bank to resume specie payments at 1st May 1821, instead of at 1st May 1823. 
 As usual there was much debate, manifesting much diversity of opinion on the 
 operation of the currency laws, especially on April 9. 
 
 Dundee. — The population of the town was ascertained by census to be 
 34,000. A second Fire Insurance Company was established. 
 
 British Linen Company. — Branches opened in Castle Douglas and Hamilton. 
 
 Commercial Bank of Scotland. — A Branch was opened in Kilmarnock. 
 
 Dundee Union Bank. — Its profits at the Balance on 31st March 1821 were 
 £4,447, 9s. 7d., of which £3,725 was divided (=£25 on 149 shares), and £722, 
 9s. 7d. carried to Dependancies. Its circulation was £55,017. 
 
 Galloway Bank. — This Bank, established before 1807, closed in October. 
 
 Kilmarnock Bank. — In October, the business of this Bank, established 
 before 1807, was transferred to the Ayr Banking Company (Hunter & Co.) 
 
 Shetland Bank. — A Bank was established in Lerwick under this title. 
 
 Linen Trade. — Linen stamped this year in Scotland, 30,473,461 yards ; 
 estimated value, £1,232,038. 
 
 Branches of Provincial Banks. — The Edinburgh Almanac for 1821 
 supplies (for the first time, but imperfectly) a list of the Branches of the Pro- 
 vincial Banks in Scotland. At that time they were as follows : — 
 
 Aberdeen Bank — Peterhead, Fraser- 
 burgh, Banff, Elgin, Keith, Huntly. 
 Ayr Bank — Irvine and Maybole. 
 Dundee New Bank — Forfar. 
 
 Dundee Union Bank — Montrose, 
 Brechin, Forfar, and Arbroath. 
 
 East Lothian Bank — Haddington. 
 Falkirk Bank — Glasgow. 
 
 Fifeshire B k — Kirkcaldy, Kirriemuir. 
 Galloway B k - — D umf ries, Kirkcudbrs ht - 
 Glasgow Bank — Kirkcaldy. 
 
 Greenock B k - — Port Glasgow, Kothsay. 
 
 Montrose Bank — Arbroath, Brechin. 
 
 Paisley Bank — Glasgow, Irvine, 
 Alloa, and Stranraer. 
 
 Paisley Union Bank — Glasgow, 
 Hamilton, and Beith. 
 
 Perth Bank — Auchtermuchty, Coupar 
 Angus, Crieff, Dunkeld, Inverness. 
 
 Perth Union Bank — Dunkeld, Coupar 
 Angus, and Alloa. 
 
 Renfrewshire Bank — Port Glasgow, 
 Inverary, Campbelton, Rothsay, and 
 Glasgow. 
 
Dr. THE DUNDEE BANKING COMPANY. [60 
 
 To the PUBLIC, as per following Statement, £386,057 4 3 
 
 For NOTES in circulation, as follows, £ 23,002 0 0 
 
 Notes of 
 
 £0 
 
 5 
 
 0 
 
 £ 294 
 
 5 
 
 0 
 
 * 9 
 
 1 
 
 0 
 
 0 
 
 12,790 
 
 19 
 
 3 
 
 99 
 
 1 
 
 1 
 
 0 
 
 987 
 
 15 
 
 9 
 
 9 9 
 
 2 
 
 0 
 
 0 
 
 2,874 
 
 0 
 
 0 
 
 9 9 
 
 5 
 
 0 
 
 0 
 
 3,675 
 
 0 
 
 0 
 
 99 
 
 20 
 
 0 
 
 0 
 
 2,380 
 
 0 
 
 0 
 
 
 
 
 
 £23,002 
 
 0 
 
 0 
 
 MONEY DEPOSITED, as 
 
 follows 
 
 . 
 
 
 
 On 1745 Deposit Accounts,. 
 
 
 
 ,.£293,330 
 
 7 
 
 6 
 
 On 28 Cash Accounts, Cr., ... 
 
 
 .. 19,269 
 
 17 
 
 6 
 
 Interest due thereon, . . 
 
 
 
 
 .. 7,869 
 
 0 
 
 0 
 
 £320,469 7 0 
 
 For SUNDRY ACCOUNTS, Cr., 1,276 9 2 
 
 For Balance due Edinburgh Agents, 3,805 4 7 
 
 For do. do. London do., 37,504 3 6 
 
 £386,057 4 3 
 
 To the PARTNERS of the Company, as per following Statement, 22,897 1 6 
 
 For CAPITAL paid up, £200 on 76 shares, and 
 
 £527, 7s. 6d. on 8 shares, £19,419 0 0 
 
 For Dependancies, Cr., 561 1 11 
 
 For Rebate on Bills, 1,016 19 7 
 
 For Portion of past year’s PROFITS, set aside for 
 
 Division, as per following Statement, 1,900 0 0 
 
 PROFIT AND Loss — 
 
 By Discounts received, £ 5,622 17 7 
 
 Interest received, 13,378 19 5 
 
 £19,001 17 0 
 
 Off Interest paid, 11,799 5 3 
 
 £7,202 11 9 
 
 To Rebate on Bills, £1,016 19 7 
 
 Expense of Management, . . 2,385 12 2 3,402 11 9 
 
 By Nett Profit, £3,800 0 0 
 
 To Capital added, £25 on 76 shares, 1,900 0 0 
 
 £1,900 0 0 
 
 £22,897 1 6 
 
 TOTAL LIABILITIES of the Bank, 
 
 £418,954 5 9 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,100,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 Bills Receivable, 
 
 Bills of Exchange, 
 
 Totals, 
 
 1,305 
 
 97 
 
 615 
 
 £220,839 10 2 
 11,754 6 6 
 86,593 15 8 
 
 £4,703 2 3 
 
 510 16 4 
 
 2,017 
 
 £319,187 12 4 
 
 £5,213 18 7 
 
 Total payments through Edinburgh Agents, £287,000 (of this for the Bank’s Notes retired, 
 £102,035) ; and through London Agents, £215,000. 
 
60] 
 
 20th FEBRUARY 1823. 
 
 Cr. 
 
 By BANK OFFICE, 
 
 INVESTMENTS, as per following Statement, 
 
 Cash Accounts, in number 74, 
 
 Heritable Bonds, 
 
 Bills Discounted, i.e., due in Dundee, 
 
 Bills of Exchange, i.e., due in London, 
 
 Outstanding Bills, 
 
 Gov. New 4 per Cents, £160,000 at 1044, 
 
 Shares of the Bank (eight), 
 
 Arbroath Branch, Liquidation Account, 
 
 Forfar do., do do., 
 
 £ 2,200 0 
 
 402,101 19 
 
 ,£ 28,202 4 9 
 76,563 2 6 
 . 116,904 15 11 
 2,352 6 9 
 562 8 7 
 . 167,850 10 0 
 3,200 0 0 
 . 2,242 1 5 
 
 4,224 9 10 
 
 £402,101 19 9 
 
 0 
 
 9 
 
 SUNDRY ACCOUNTS, Dr., 
 CASH on hand, as follows, .... 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £ 580 0 0 
 1,372 7 0 
 836 10 0 
 0 4 11 
 
 £2,789 1 11 
 
 1,863 4 1 
 
 2,789 1 11 
 
 TOTAL ASSETS of the Bank, 
 
 £408,954 5 9 
 
 1822. March 4. — Robert Low, the Accountant, made Cashier in the place of David Jobson, 
 retired. 
 
 — May 3. — Loan of £15,000 to Norman M‘Leod and William Ingles, W.S., his factor, 
 secured on the Island of Harris. This sum was entirely lost soon after by the reduction of 
 the duty on Barilla causing the Kelp to become of no value. 
 
322 Banking Memoranda for 1822. 
 
 Currency, Prices, &c., in 1822. — Peace: Gold at par; Specie coined — 
 gold £5,356,787, and silver £31,430 — total £5,388,217 ; Bank of England 
 Circulation (at the end of February) £18,665,350, and English Country Banks 
 (computed) £8,067,260 — total £26,732,610; Bank’s Bullion £11,057,150; Con- 
 sols 75§ to 83, and Bank stock 235 to 252J ; Public Revenue £63,801,494, 
 and Loans £11,872,155 ; wheat per quarter, in London, 38s. lOd. to 49s., 
 and in Edinburgh, 56s. — oatmeal per boll 15s. 6d. ; bankruptcies, in England 
 1,113 (of which 9 were of Banks), and in Scotland 150. 
 
 Agricultural Distress. — The declension of the prices of corn continued, 
 being much promoted by the good harvest. The committee of the House of 
 Commons on agricultural distress, reported, on 1st April, that its chief cause 
 was the abundance of produce. The farming speculations of 1811 and 1812, 
 stimulated by the previous famine prices of grain, had led to the cultivation of 
 moors, high lying land, and other poor soils, and was now followed by ruination 
 to those employed thereon. 
 
 Small Notes. — Notes under £5, which were suppressed in 1777, had again 
 been permitted, in 1797, till two years after the resumption of cash payments 
 should have occurred. The circulation of such notes ought therefore to have 
 ceased after 1st May 1823 ; but, as an alleviation to the agricultural distress, 
 they were by Act permitted till the expiry of the Bank Charter in 1833. 
 
 Bank of England. — The Government tried to get the Bank to give up the 
 restriction, beyond sixty-five miles of London, of Banks to six partners, in 
 order to improve the security of country notes ; but the Bank declined this. 
 
 Currency Laws. — On 11th June, the attack on the Currency Laws was now 
 brought forward formally. Mr Western moved for a committee to examine into 
 the effects of the Act on the general interests of the empire — his allegation being 
 that the Act of 1819 had contracted the currency, and wrought all the distress. 
 He was opposed by Mr Huskisson, whose amendment, “ That this House will 
 not alter the standard of gold or silver, in fineness, weight, or denomination ” 
 (being Mr Montague’s of 1696), was carried by 194 to 30. 
 
 Bank’s Rate of Discount. — On June 20, the Bank raised the rate on 
 short dated bills (not exceeding ninety-five days to run) to 5 per cent. ; the 
 rate on such bills had been at 4 only ever since 1st May 1746. After this its 
 discount rates are noted at the top of the page. 
 
 Dundee. — In two years spinning-mills were increased from nine to eighteen. 
 Spinning by hand cost Is. 6d. per spyndle, by machinery only 6d. 
 
 Forged Notes. — In May, there appeared in circulation forgeries of the 
 guinea notes, both of the Renfrewshire Bank and of the Commercial Bank. 
 
 British Linen Company. — Branches opened in Coldstream and Haddington. 
 
 Commercial Bank. — Branches opened in Coldstream, Kelso, and Lanark. 
 
 Dundee Union Bank. — Its profits at the Balance 31st March 1822 were 
 £6,675, Is., of which £3,725 (=£25 on 149 shares) was divided, and £2,950, Is. 
 carried to Dependancies. 
 
 Linen Trade. — Linen stamped this year in Scotland, 36,268,530 yards; 
 estimated value, £1,396,295. 
 
b 20 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [61 
 
 To the PUBLIC, as per following Statement,. 
 For NOTES in circulation, as follows : — 
 
 Notes of 
 
 .£380,534 9 10 
 
 £0 
 
 5 
 
 0 
 
 £ 294 
 
 5 
 
 0 
 
 1 
 
 0 
 
 0 
 
 17,959 
 
 19 
 
 3 
 
 1 
 
 1 
 
 0 
 
 924 
 
 15 
 
 9 
 
 2 
 
 0 
 
 0 
 
 2,866 
 
 0 
 
 0 
 
 5 
 
 0 
 
 0 
 
 4,710 
 
 0 
 
 0 
 
 20 
 
 0 
 
 0 
 
 2,920 
 
 0 
 
 0 
 
 For MONEY DEPOSITED, as follows 
 
 On 1,882 Deposit Accounts, £321,345 15 2 
 
 On 25 Cash Accounts, Cr., 15,010 7 1 
 
 Interest due thereon, 7,592 12 1 
 
 -£ 29,675 0 0 
 
 For SUNDRY ACCOUNTS, Cr., 
 For Balance due London Agents, . 
 
 343,948 14 
 5,058 0 
 1,852 15 
 
 £380,534 9 10 
 
 To the PARTNERS of the Company, as per following Statement, 27,974 
 For CAPITAL’paid up, £240 on 76 shares and £527, 7s. 
 
 6d. on 8 shares, £22,459 0 0 
 
 For Dependancies, 733 19 4 
 
 For Rebate on Bills, 981 10 4 
 
 For Portion of past year’s PROFITS, set aside for 
 
 a Dividend of £50 on 76 shares, 3,800 0 0 
 
 Profit and Loss — 
 
 By Discounts (+ former Rebate), £ 5,415 14 7 
 
 Interest received, 12,453 14 2 
 
 £17,869 8 9 
 
 Off Interest paid, 10,676 18 2 
 
 9 8 
 
 To Rebate on Bills, £ 981 10 4 
 
 Expense of Management, . . 2,041 7 2 
 
 £7,192 10 
 3,022 17 
 
 By Nett ordinary Profit, £4,169 13 1 
 
 Rise on Gov. 4 per Cents, 3,030 13 5 
 
 By Total Profit on hand, £7,200 
 
 To Capital added, £40 on 76 
 
 shares, £3,040 0 0 
 
 Dependancies, 360 6 6 3,400 
 
 6 6 
 
 6 6 
 
 £3,800 0 0 £27,974 9 8 
 
 TOTAL LIABILITIES of the Bank, £408,508 19 6 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,310,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 1,548 
 
 676 
 
 £250,262 14 8 
 95,348 13 10 
 
 £3,918 6 7 
 
 480 8 5 
 
 Bills of Exchange, 
 
 Totals, 
 
 2,224 
 
 £245,611 8 6 
 
 £4,398 15 0 
 
 
 Total payments through Edinburgh Agents, £288,000 (of this for the Bank’s Notes retired, 
 £87,340); and through London Agents, £221,000. 
 
 16 
 
61] 
 
 20th FEBRUARY 1824. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 2,200 0 0 
 
 INVESTMENTS, as per following Statement, 393,573 18 10 
 
 Cash Accounts, in number 68, 
 
 £30,167 
 
 3 
 
 9 
 
 Heritable Bonds, 
 
 111,195 
 
 9 
 
 2 
 
 Bills Discounted, i.e., due in Scotland, 
 
 118,004 
 
 5 
 
 0 
 
 Bills of Exchange, i.e., due in London, 
 
 8,446 
 
 10 
 
 9 
 
 Outstanding Bills, 
 
 1,131 
 
 5 
 
 11 
 
 Old 4 per Cents, £65,700 at par, 
 
 65,700 
 
 0 
 
 0 
 
 New 4 per Cents, £50,000 at par, 
 
 50,000 
 
 0 
 
 0 
 
 Shares of the Bank (eight), 
 
 3,200 
 
 0 
 
 0 
 
 Arbroath Branch, Liquidation Account, 
 
 2,190 
 
 19 
 
 11 
 
 Forfar do., do do., 
 
 3,538 
 
 4 
 
 4 
 
 
 £393,573 
 
 18 
 
 10 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH at call and on hand, as per following Statement, 
 
 At call, Edinburgh Agents, 
 
 On hand, as follows, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £2,430 10 0 
 1,988 17 6 
 353 3 6 
 0 5 7 
 
 £3,105 2 5 
 . 4,772 16 7 
 
 £4,772 16 7 £7,877 19 0 
 
 4,857 1 
 7,877 19 0 
 
 TOTAL ASSETS of the Bank, 
 
 £408,508 19 6 
 
326 Banking Memoranda for 1823. 
 
 Currency, Prices, &c., in 1823. — Peace: Gold at par; Specie coined — 
 gold £759,748, silver £285,271 — total £1,045,019 ; Bank of England Circu- 
 lation (at the end of February) £18,392,240, and Country Banks (computed) 
 £8,798,277— total £27,190,517 ; Bank’s Bullion £10,384,230; Consols 
 to 84J, and Bank stock 204f to 246^; Public Revenue £67,476,515, and 
 Loans £2,400,000; wheat per quarter, in London, 39s. lid. to 61s. 7d., and 
 in Edinburgh, 41s. — oatmeal per boll 14s. 3d. ; bankruptcies, in England 953 
 (of which 9 were of Banks), and in Scotland 131 ; Bank of England’s minimum 
 discount rate 5 per cent., Bill Brokers’ rate 3 \ per cent. ; Scotch Banks’ deposit 
 rate 3 per cent. 
 
 Currency Laws. — On June 11, in the House of Commons, Mr Western 
 again made a motion to disturb the settlement of the currency laws made in 
 1819, but it was negatived. 
 
 Commercial Bank of Scotland. — A Branch was opened in Alloa. 
 
 Dundee Union Bank. — Its profits, at 31st March 1823, were £5,375, 
 11s. 10d., of which (and former unused profits) £5,960 (=£40 on 149 shares), 
 was divided. 
 
 East Lothian Bank — This Bank, established in 1810, ceased to do business 
 in 1822. The Bank never did any good, chiefly from the unprincipled conduct 
 of the cashier, William Borthwick. On 10th April that year he absconded with 
 £21,000, after having involved the Bank, during a series of years, to a large 
 amount, in connection with certain firms of which he was secretly a partner. 
 Sir William Forbes & Co., the Bank’s Edinburgh agents, assisted the directors 
 in their difficult position with a credit for £100,000, on ample security over the 
 partners’ estates, till the Bank’s assets could be realized, and until a call of £250 
 per share, which had been made on the shareholders, was got in. The Bank 
 paid in full. After Borthwick’s flight, a singular paper in his autograph was 
 discovered, containing minute instructions for “kidnapping” one of the directors, 
 and the law agent, who were obnoxious to him. They were to be inveigled to a 
 place pointed out, seized, gagged, and thrust into empty puncheons, with air-holes, 
 then shipped on board a vessel at Dunbar, belonging to his brother, about to 
 sail for Dantzic, thereafter to be taken to a remote and desolate part of Prussia, 
 and confined eight or nine months, “ without change of clothes or shaving 
 materials,” and Borthwick concludes thus : — “ I will venture to affirm that, at 
 the expiry of that time, they will have repented most sincerely of their con- 
 duct ” {Old Session Papers ). Luckily they escaped the snare. — Banking in 
 Glasgow. 
 
 Linen Trade. — By Act passed June 27, the stamping of linen in Scotland 
 was abolished — there is therefore no longer any means of ascertaining the 
 quantity manufactured. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [62 
 
 To the PUBLIC, as per following Statement, £438,892 11 
 
 For NOTES in circulation, 
 
 Notes of 
 
 as follows 
 £10 0 
 1 
 0 
 0 
 0 
 
 1 
 
 2 
 
 5 
 
 20 
 
 £17,807 4 
 924 15 
 2,862 0 
 5,315 0 
 3,760 0 
 
 For MONEY DEPOSITED, as follows 
 
 On 1,924 Deposit Accounts, £377,897 15 5 
 
 On 21 Cash Accounts, Cr., 11,704 12 5 
 
 Interest due thereon, 8,530 4 7 
 
 -£ 30,669 0 0 
 
 For SUNDRY ACCOUNTS, Cr.,... 
 For Balance due Edinburgh Agents, , 
 For do. do. London do.. 
 
 398,132 
 
 329 
 
 179 
 
 9,582 
 
 £438,892 11 6 
 
 478 17 
 927 15 
 
 To the PARTNERS of the Company, as per following Statement, 28,943 13 1 
 
 For CAPITAL paid up, £277, 16s. 6d. on 84 shares, £23,337 0 0 
 
 For Dependancies, 
 
 For Rebate on Bills, 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £50 on 84 shares, 4,200 
 
 Profit and Loss — 
 
 By Discounts (+ former Rebate), £ 6,031 0 8 
 
 Interest received, 12,911 9 0 
 
 £18,942 9 8 
 
 Off Interest paid, 12,026 2 10 
 
 0 0 
 
 £6,916 6 10 
 
 To Rebate on Bills, £ 927 15 6 
 
 Expense of Management, . . 1,874 3 5 2,801 18 11 
 
 By Nett ordinary Profit, £4,114 7 11 
 
 Dividends received, 2,529 15 0 
 
 Five Shilling Notes unpresented, 250 0 0 
 
 Dependancies, 200 0 0 
 
 By Total Profit on hand, £7,094 2 11 
 
 To Arbroath Branch, Liquidn. ,.£1,813 10 9 
 Forfar Branch, Liquidation, . 240 12 2 
 
 Capital added, £10 on 84 shares, 840 0 0 2,894 2 11 
 
 £4,200 0 0 £28,943 13 1 
 
 TOTAL LIABILITIES of the Bank, £467,836 4 7 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,645,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 1,849 
 
 691 
 
 £301,391 12 2 
 110,591 3 8 
 
 £4,301 14 8 
 
 747 15 8 
 
 Bills of Exchange, 
 
 Totals, 
 
 2,540 
 
 £411,982 15 10 
 
 £5,049 10 4 
 
 
 Total payments through Edinburgh Agents, £364,000 (of this for the Bank’s Notes retired, 
 £104,174); and through London Agents, £175,000. 
 
62] 
 
 19th FEBRUARY 1825. 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, £ 2,200 0 
 
 INVESTMENTS, as per following Statement, 457,020 2 
 
 Cash Accounts, in number 71, ■£ 36,332 4 2 
 
 Heritable Bonds, 147,453 8 1 
 
 Bills Discounted, i.e., due in Scotland, 131,464 11 8 
 
 Bills of Exchange, i.e., due in London, 11,570 15 5 
 
 Outstanding Bills, 624 3 2 
 
 New 4 per Cents at par, 50,000 0 0 
 
 New 3^ per Cents at par, 65,700 0 0 
 
 Bank of England Stock, £6,000 at 231^, 13,875 0 0 
 
 0 
 
 6 
 
 £457,020 2 6 
 
 SUNDRY ACCOUNTS, Dr.,. 
 
 CASH on hand, as follows, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 TOTAL ASSETS of the Bank, 
 
 3,116 5 7 
 
 5,499 16 6 
 
 £2,920 14 0 
 2,246 10 6 
 332 7 6 
 0 4 6 
 
 £5,499 16 6 
 
 £467,836 4 7 
 
330 Banking Memoranda for 1824. 
 
 Currency, Prices, &c., in 1824. — Peace : Gold at par; Specie coined — 
 gold £4,065,075, and silver £282,070 — total £4,347,145 ; Bank of England 
 Circulation (at the end of February) £19,736,990, and English Country Banks 
 (computed) £10,604,172 — total £30,341,162; Bank’s Bullion £13,810,060; 
 Consols 86^ to 96f, and Bank stock 227 to 245f ; Public Revenue 
 £69,310,912 ; wheat per quarter, in London, 59s. 6d. to 64s. 7d., and in 
 Edinburgh, 58s. — oatmeal per boll 19s. 6d. ; bankruptcies, in England 923 
 (of which 10 were of Banks), and in Scotland 103 ; Bank of England’s mini- 
 mum discount rate 5 per cent., Bill Brokers’ rate 3^ per cent. ; Scotch Banks’ 
 deposit rate 3 per cent. 
 
 Abundance of Money. — In January the Bank’s Bullion was £14,200,000, 
 it having been accumulated to fill up the gap in the Circulation on the with- 
 drawal of the Country Banks’ £1 notes, but the Government having extended 
 the period of their circulation, the specie was not immediately required. The 
 Government now reduced its rates of interest as far as it could, viz., the Navy 
 5 per Cents, to 4 per cent., and the 4 per Cents, to 3i per cent. In subsequent 
 discussions respecting the currency, it was generally admitted that the manufac- 
 turing and commercial interests were never more sound and satisfactory than 
 during the period from 1821 to 1824, both inclusive, although the agriculturists 
 were suffering — on which Parliament was congratulated in the royal speech at 
 the close of the Session in 1823. Yet the activity of commerce was unnatural, 
 being stimulated by the sanguine spirit of prosperous times, the abundance of 
 money through the increased issues both of the Bank and the Provincial 
 Banks in England. Imports of almost all commodities increased in 1822, 3, 4, 
 from 50 to 100 per cent. ; the value of the increase of the three years has been 
 estimated at £115,000,000, which could not but cause a revulsion in prices. 
 The extension of the Circulation of the Bank of England was — 1823, 
 £16,845,840; 1824, £19,313,989; 1825, £20,328,979. The glut of money, 
 and the consequent low rate of interest that obtained during 1824 and the early 
 part of 1825, had induced bankers to advance money on securities not easily 
 realized, and hence, when their customers began to require extra assistance 
 they were not in a position to render it. In September the evil effects of all 
 this began to manifest themselves by many failures, but the extent of the 
 mischief was not seen till the following March. 
 
 Forged Notes. — On 1st June a forgery of the Dundee Union Bank’s £1 
 notes were put into circulation, 
 
 Commercial Bank of Scotland. — This Bank opened a Branch at Camp- 
 beltown. 
 
 Dundee Union Bank. — Its profits, at 31st March 1824, were £8,547, 
 5s. 5d., of which £4,470 (=£30 on 149 shares), was divided, and £4,077 
 carried to Dependancies. 
 
 Interest on Deposits. — On 20th December the rate on operative deposit 
 accounts in Scotland was reduced to 2 ^ per cent, from 3, at which it had been 
 since 20th July 1817. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [63 
 
 To the PUBLIC, as per following Statement, 
 
 £431,226 
 
 For NOTES in circulation, as follows : — 
 Notes of £10 0 
 „ 110 
 „ 2 0 0 
 
 ,, 5 0 0 
 
 „ 20 0 0 
 
 £16,545 4 3 
 882 15 9 
 2,862 0 0 
 4,975 0 0 
 3,520 0 0 
 
 £ 28,785 0 0 
 
 For MONEY DEPOSITED, as follows 
 
 On 1,036 Interest Receipts, £ 90,044 0 6 
 
 On 1, 107 Current Accounts, 244,989 10 7 
 
 On 296 Casli Accounts, Cr., 23,703 10 6 
 
 Interest due on do., 8,025 17 5 
 
 366,762 19 0 
 
 For SUNDRY ACCOUNTS, Cr., 1,408 0 9 
 
 For Balance due Edinburgh Agents, 986 16 10 
 
 For do. do. London do., 33,283 6 7 
 
 3 2 
 
 £431,226 3 2 
 
 To the PARTNERS of the Company, as per following Statement, 29,058 14 8 
 
 For CAPITAL paid up, £302, 16s. 6d. on 84 shares, £25,437 0 0 
 
 For Dependancies, 719 4 2 
 
 For Rebate on Bills, 877 10 6 
 
 For Portion of past year’s PROFITS, set aside for 
 
 a Dividend of £25 on 81 shares, 2,025 0 0 
 
 PROFIT AND Loss — 
 
 By Discounts ( + former Rebate), 
 
 £ 6,280 
 
 16 
 
 7 
 
 Interest received, 
 
 12,967 
 
 15 
 
 11 
 
 
 £19,248 
 
 12 
 
 6 
 
 Off Interest paid, 
 
 12,860 
 
 8 
 
 0 
 
 
 £6,388 
 
 4 
 
 6 
 
 To Rebate on Bills, £ 877 
 
 10 6 
 
 
 
 Expense of Management, . . 1 , 783 
 
 2 10 2,660 
 
 13 
 
 4 
 
 By Nett Profit, 
 
 £3,727 
 
 11 
 
 2 
 
 Rise on Heritable Property, 
 
 397 
 
 8 
 
 10 
 
 By Total Profit on hand, 
 
 £4,125 
 
 0 
 
 0 
 
 To Capital added, £25 on 84 shares, . 
 
 2,100 
 
 0 
 
 0 
 
 
 £2,025 
 
 0 
 
 0 £29,058 14 8 
 
 TOTAL LIABILITIES of the Bank, £460,284 17 10 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,710,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Nximber. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 2,149 
 
 823 
 
 £317,496 17 7 
 104,700 0 7 
 
 £4,681 10 7 
 
 671 10 6 
 
 Bills of Exchange, 
 
 Totals, 
 
 2,972 
 
 £422,196 18 2 
 
 £5,353 1 1 
 
 
 Total payments through Edinburgh Agents, £304,000 (of this for the Bank’s Notes retired, 
 £115,001); and through London Agents, £167,000. 
 
63] 
 
 20th FEBRUARY 1826. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 2,200 0 0 
 
 INVESTMENTS, as per following Statement, 450,243 12 0 
 
 Cash Accounts, in number 74, 
 
 £ 55,236 
 
 8 
 
 2 
 
 Heritable Bonds, 
 
 154,616 
 
 5 
 
 6 
 
 Bills Discounted, i.e., due in Scotland, 
 
 99,094 
 
 7 
 
 2 
 
 Bills of Exchange, i.e., due in London, 
 
 8,449 
 
 7 
 
 1 
 
 Outstanding Bills, 
 
 782 
 
 11 
 
 5 
 
 New 4 per Cents at par, 
 
 50,000 
 
 0 
 
 0 
 
 New 3^ per Cents at par, 
 
 65,700 
 
 0 
 
 0 
 
 Bank of England Stock, £6,000 at 231|, 
 
 13,875 
 
 0 
 
 0 
 
 United States Stock, 
 
 1,000 
 
 0 
 
 0 
 
 Shares of the Bank (three), 
 
 1,489 
 
 12 
 
 8 
 
 
 £450,243 
 
 12 
 
 0 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH on hand, as follows, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 TOTAL ASSETS of the Bank, 
 
 1,284 5 7 
 
 6,557 0 3 
 
 £5,404 17 0 
 845 7 0 
 306 12 0 
 0 4 3 
 
 £6,557 0 3 
 
 £460,284 17 10 
 
334 Banking Memoranda for 1825 . 
 
 Currency, Prices, &c., in 1825. — Peace : Gold at par; Specie coined — 
 gold £4,580,919, silver £417,535 — total £4,998,454 ; Bank of England Cir- 
 culation (at the end of February) £20,753,760, and English Country Banks 
 (computed) £14,147,211 — total £34,900,971; Bank’s Bullion £8,779,100; 
 Consols 80f to 94^, and Bank stock 196 to 240 ; Public Revenue £68,111,052 ; 
 wheat per quarter, in London, average 55s. 10d., and in Edinburgh, 63s. lOd. — 
 oatmeal per boll 18s. ; number of bankruptcies, in England 1,107 (of which 37 
 were of Banks), and in Scotland 90 ; Bank of England’s minimum discount rate 
 5 per cent., Bill Brokers’ rates 3^- per cent., November 4J, December 5 ; Scotch 
 Banks’ deposit rates 3 per cent., 19th December 4. 
 
 N.B. The monetary events of 1825 being not only precursors of, but the 
 causes of those of 1826, have been prefixed to the latter (pp. 338—340). 
 
 Bank of Scotland. — Branches opened in Stonehaven, Leith, Fort-William. 
 
 British Linen Company. — Branches were opened in Annan, Arbroath, 
 Kirriemuir, Peebles, Selkirk, and Wigton. 
 
 Commercial Bank of Scotland. — Branches were opened in Dumfries, 
 Dumbarton, Elgin, Hawick, Inverness, Paisley, Stirling, and Wick. 
 
 National Bank of Scotland. — On 2 1 st March, a Joint-Stock Bank was estab- 
 lished under this title, with Branches in Airdrie, Banff, Bathgate, Castle Douglas, 
 Dalkeith, Dumfries, Inverness, Keith, and Leith. Its capital was £5,000,000, 
 divided into 500,000 £10 shares, of which 50,000 only were then given off. 
 
 Aberdeen Town and County Bank — A Bank was established under this 
 title, having 470 partners, and a capital of £150,000 — afterwards £250,000. It 
 opened Branches in Peterhead, Stonehaven, Wick, Dingwall, and Golspie. 
 
 Arbroath Bank. — A Bank was established under this title, with Branches 
 in Coupar Angus and Forfar. Its capital was £60,000, on which the usual 
 dividend was 6 per cent. Some notes of its business are annually subjoined. 
 
 Caithness Bank. — This Bank, established at Wick in 1812, suspended 
 payment. Its business was taken up by the Commercial Bank of Scotland. 
 
 Dundee Commercial Bank. — On 16th May a Bank was established under 
 this title, on the usual pretence of there being a deficiency of banking accom- 
 modation in the town. Two of its promoters being the accountant and teller 
 of the Dundee New Bank, a large portion of those who became the first share- 
 holders or customers of the Commercial Bank had been transacting their busi- 
 ness with the former Bank. The capital was £50,000, divided into 500 shares 
 shares of £100 each. Some notices of its business are occasionally subjoined. 
 
 Dundee Union Bank. — Its profits at the Balance on 31st March 1825 
 were £8,312, 9s. lid., of which £4,440 (=£30 on 148 shares) was divided, 
 and £3,872, 9s. lid. carried to Dependancies. 
 
 Falkirk Bank. — This Bank, established in 1787, was wound up at the 
 termination of its contract. Each £100 share yielded to its owner £1,500. 
 
 Fife Banking Company. — This Bank, established at Cupar in 1802, with a 
 capital of sixty £50 shares, fell into difficulties on the 15th December, and was 
 closed on 21st May 1829. Litigations lasted till 1850, when the fourteen solvent 
 partners had paid up £5,500 on each share, in addition to the original £50. 
 
 Leith Bank. — Branches at Callander, Dalkeith, Galashiels, and Langholm. 
 
 Stirling Bank. — Branches were opened at Alloa and Kinross. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [64 
 
 For NOTES in circulation, as follows : — 
 Notes of £10 0 
 ,, 110 
 „ 2 0 0 
 
 „ 5 0 0 
 
 „ 20 0 0 
 
 £381,978 
 
 £9,930 4 3 
 882 15 9 
 2,862 0 0 
 3,390 0 0 
 2,720 0 0 
 
 £ 19,785 0 0 
 
 To the PUBLIC, as per following Statement, 
 
 For MONEY DEPOSITED, as follows 
 
 On 1,914 Interest Receipts, £155,043 11 2 
 
 On 434 Current Accounts, 144,414 11 2 
 
 On 25 Cash Accounts., Cr., 11,111 15 0 
 
 Interest due on do., 8,564 7 4 
 
 319,134 4 8 
 
 For SUNDRY ACCOUNTS, Cr., 511 18 11 
 
 For Balance due Edinburgh Agents, 4,004 13 3 
 
 For do. do. London Agents, 38,542 5 5 
 
 2 
 
 £381,978 2 3 
 
 3 
 
 To the PARTNERS of the Company, as per following Statement, 26,720 4 9 
 
 For CAPITAL paid up, £300 on 84 shares, £25,200 0 0 
 
 For Rebate on Bills, 425 4 9 
 
 For Sum set aside for a Dividend of £15 on 73 shares, 1,095 0 0 
 
 Profit and Loss — 
 
 By Discounts ( -»- former Rebate), £ 4,669 17 10 
 
 Interest received, 15,756 8 3 
 
 £20,426 6 1 
 
 Off Interest paid, 15,496 11 1 
 
 £4,929 15 0 
 
 To Rebate on Bills, £ 425 4 9 
 
 Expense of Management, . . 2,062 11 9 2,487 16 6 
 
 By Nett Profit, £2,441 18 6 
 
 To Dependancies, £1,234 9 10 
 
 Bank Shares, cost of, re- 
 duced, 820 12 8 2,055 2 6 
 
 £386 16 0 
 
 By Next Year’s Profit and Loss, Dr., 708 4 0 
 
 £1,095 0 0 £26,720 4 9 
 
 TOTAL LIABILITIES of the Bank, £408,698 7 ) 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,180,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 Bills of Exchange, 
 
 1,366 
 
 696 
 
 £203,886 14 0 
 81,846 5 9 
 
 £3,294 16 0 
 
 497 11 4 
 
 Totals, 
 
 2,062 
 
 £285,732 19 9 
 
 £3,792 7 4 
 
 
 Total payments through Edinburgh Agents, £213,000 (of this for the Bank’s Notes 
 retired, £76,174) ; and through London Agents, £127,000. 
 
64] 20th FEBRUARY 1827. 
 
 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, 
 
 
 
 .£ 2,200 
 
 0 0 
 
 INVESTMENTS, as per following Statement, . 
 
 
 
 .. 402,132 
 
 11 9 
 
 Cash Accounts, in number 81, 
 
 .£ 63,116 
 
 7 
 
 11 
 
 
 Heritable Bonds, 
 
 . 125,050 
 
 8 
 
 5 
 
 
 Bills Discounted, i.e., due in Scotland, 
 
 . 75,229 
 
 1 
 
 8 
 
 
 Bills of Exchange, i.e., due in London, 
 
 2,381 
 
 15 
 
 5 
 
 
 Outstanding Bills, 
 
 443 
 
 5 
 
 8 
 
 
 New 4 per Cents at par, 
 
 . 50,000 
 
 0 
 
 0 
 
 
 New 34 per Cents at par, 
 
 ,. 65,700 
 
 0 
 
 0 
 
 
 Bank of England Stock, £6, 000 at 231^, 
 
 .. 13,875 
 
 0 
 
 0 
 
 
 Shares of the Bank (eleven), 
 
 .. 2,200 
 
 0 
 
 0 
 
 
 Dependancies, 
 
 3,428 
 
 8 
 
 8 
 
 
 Profit and Loss, Dr. , 
 
 708 
 
 4 
 
 0 
 
 
 
 £402,132 
 
 11 
 
 9 
 
 
 811 14 3 
 
 3,554 1 0 
 
 £ 2,012 12 0 
 1,107 17 6 
 433 5 0 
 0 6 6 
 
 £3,554 1 0 
 
 £408,698 7 0 
 
 1826. Aug. 1. — The old Contract of Copartnery expired this day, but was renewed for 40 
 years. The Capital to be £42,000, divided into 84 shares of £500, of which £300 was at the 
 time paid up. 
 
 SUNDRY ACCOUNTS, Dr.,.. 
 
 CASH on hand, as follows, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 TOTAL ASSETS of the Bank, 
 
338 Banking Memoranda for 1826. 
 
 Currency, Prices, &c., in 1826. — Peace : Gold at par, Specie coined — 
 gold £5,896,461, silver £608,605 — total, £6,505,066 ; Bank of England 
 Circulation (end of February) £25,467,910, and Deposits £6,935,940 = total 
 liabilities £32,403,850; Bullion £2,459,510, and Securities £32,918,580 = 
 total assets £35,378,090, making the Rest £2,974,240 ; Consols 73J to 84§, 
 and Bank stock 193 to 223 ; Public Revenue £63,408,347 ; wheat per quarter, 
 in London, average 61s. Id., and in Edinburgh, 60s. 8d. — oatmeal per boll 
 18s. 6d. ; number of bankruptcies, in England 2,583 (of which 43 were of 
 Banks), and in Scotland 51 ; Bank of England’s minimum discount rate 5 per 
 cent., Bill Brokers’ rates 5 per cent., June 4J, August 4 ; Scotch Banks’ deposit 
 rate 4 per cent. 
 
 COMMERCIAL CRISIS of 1825 and 1826. 
 
 Speculative Mania of 1825. — The year 1825 is often referred to as one 
 of the great periods of insane speculation, followed by an incomprehensible panic. 
 Various causes promoted this gambling spirit. The price of corn being un- 
 naturally depressed in 1823, rebounded in 1824, and encouraged large pur- 
 chases, which, paying well, whetted the appetite for unreasonable profits ; and 
 just as the catastrophe of 1810 was greatly promoted by the opening of trade 
 with the Brazils, so the long contest between Spain and her South American 
 Colonies having terminated in 1824 by the recognition of their independence, 
 the consequence was both that a disproportionate export of British manu- 
 factures was made thither, and that large loans were made to those new 
 Republics — partly from the popular feeling in their favour, and partly from a 
 delusive hope of unlimited amounts of gold and silver being raised from their 
 mines. In these two and other ways it has been calculated that £15,000,000 
 of British capital was sunk in Mexico and South America. The mania for 
 speculation was rife at Christmas 1824, and at the beginning of 1825 it 
 amounted to an infection, every one being encouraged by the example of his 
 neighbour to leave his own business and to rush into dealings in commodities 
 and securities the nature of which he did not understand. E.g. In Lockart’s 
 Life of Scott, it is told how his respectable book-publishing firm tried its fortune 
 in a speculation of £100,000 worth of hops. Although symptoms of the 
 coming evil were plain in the beginning of 1825, yet the King’s speech said : 
 “ There never was a period in the history of this country when all the great 
 interests of the nation were at the same time in so thriving a condition, or when 
 a feeling of content and satisfaction was more widely diffused through all 
 classes of the British people.” But the Lord Chancellor called the attention 
 of the House to the mania for Joint-Stock Companies, and, in another seven 
 weeks, Lord Lauderdale attracted observation to the frenzy for bubble Com- 
 panies which had seized the people, by pointing out that the schemes already 
 subscribed for amounted to £200,000,000. 
 
 A trick of the projectors of Companies, which induced speculators to buy 
 
 largely, was to issue shares with a promise to call up only small part of their 
 amount, say £100 shares to have £5 only paid on them. Then, if these shares 
 rose to £40, the profit made was seven times as much as the sum advanced. 
 This possibility of enormous profit, from risking a trifle, was a bait too tempting 
 to be resisted. E.g. Anglo-Mexican Mine Shares, on which £10 was paid, 
 
Banking Memoranda for 1826 — ( Continued ). 389 
 
 were at £43 on 10th December 1824, and at £150 on 11th January 1825 ; and 
 Real del Monte Mine Shares, with £70 paid, were at £550 in December 1824, 
 and £1,350 in January 1825 ; and scores of other shares were at a great, 
 though not at so great, a proportionate rise. During this time the Bank of 
 England increased its issues, although its Bullion, which was £14,000,000 in 
 January 1824, was reduced to £11,600,000 in October that year — in which 
 month the Bank’s issues increased by £2,300,000. In April 1825 its Bullion 
 was reduced to £6,650,000, while its issues were £3,600,000 higher than when 
 it had £14,000,000 of Bullion. The height of speculation ended with this 
 month ; in May and June prices began to decline — successive calls on Com- 
 panies’ shares having compelled the weaker holders to realise at what they could 
 get, which was the case also with speculators in goods and produce. 
 
 Money Panic of 1825. — In the autumn many private persons, and even 
 firms of respectable standing, failed, and in November the Country Banks 
 began to give way, the suspension of some casting doubt on the others, and 
 so ruin spread from district to district. At last, on Saturday, December 3, 
 the money panic in London had risen to a height, the whole City was in 
 consternation, and a rumour arose that Pole, Thornton, & Co., a leading 
 City banking house, was in difficulties. The Bank held a meeting next day, 
 and resolved to advance that firm £300,000 on proper security ; but, although 
 it struggled on all the following week, on Monday the 12th it had to sus- 
 pend payments, and with it many of the Country Banks for whom it acted 
 in London. From that day to the following Saturday was the height of 
 the crisis in London. The failure of Pole & Co. caused a run on all the 
 London Banks, three or four of them gave way, and twenty- three more of the 
 Country Banks ; but some of these paid in full, and resumed business. (See 
 description by Mr Richards, deputy-governor of the Bank of England, Report 
 on Bank Charter, 1832, p. 401.) Monday 19th, about £400,000 gold came 
 from France, and the demands being sensibly diminished, the Mint was this 
 week able to supply as much coin as was drawn from the Bank, which, though 
 working day and night, it could not do the previous week. 
 
 — During the forty-eight hours of Monday and Tuesday, December 12 and 13, 
 it was impossible to convert into money, to any extent, even the best securities 
 of the Government. Persons could not sell Exchequer bills, nor Bank stock, 
 nor East India stock, nor the public Funds. Men would not part with their 
 money on any terms, nor for any security. On Wednesday 14, the Bank 
 altered its policy, and began to discount with profuseness. Mr Harman 
 says : — “We lent money by every possible means, and in modes we had never 
 adopted before : we took in Stock as security, we purchased Exchequer bills, 
 we made advances on Exchequer bills, we not only discounted outright, but we 
 made advances on deposit of Bills of Exchange to an immense amount ; in 
 short, by every possible means consistent with the safety of the Bank, and we 
 were not, on some occasions, over nice ; seeing the dreadful state in which the 
 public were, we rendered every assistance in our power.” On the 15th, a 
 meeting of merchants was held at the Mansion House, at which it was stated 
 that Pole, Thornton, & Co. had a surplus of assets of £170,000, besides Sir 
 P. Pole’s landed property, and £100,000 of private property belonging to the 
 
 b 21 
 
340 Banking Memoranda for 1826 — ( Continued ). 
 
 other partners ; also, that Williams, Burgess, & Co., another London Bank, had 
 40s. per £1 for their debts ; therefore, if the liberal course followed by the Bank 
 on the loth had been adopted on the 12th, much of what had happened would 
 have been hindered. On the 16th, men began to say : — We are happy to think 
 that the worst is over, though there are still great demands on the Bank, par- 
 ticularly from the country ; and on 17th people said, Public confidence is on 
 the return in the metropolis, although this is not yet the case in the country. 
 Between Wednesday 14th and Saturday 17th, the Bank issued upwards of 
 £5,000,000 in notes. During the following week, the demand from the country 
 through London bankers being continued, and it being remembered that the 
 Bank had in its cellars a chest full of £1 notes which had never been used, the 
 Directors proposed to the London bankers to send these to the country, who, 
 approving of it, and the sanction of the Government being obtained, about 
 £500,000 were sent. This greatly helped to allay all remaining alarm, and by 
 24th December the panic ceased all over the country — 1826 beginning with 
 restored confidence in the Banks. 
 
 English Provincial Banks in 1825. — Of these 79 stopped payment (70 of 
 them within six weeks), having among them 58 Branches — their liabilities 
 £14,000,000 and their assets £11,000,000, shewing a loss of £3,000,000. 
 These establishments were blamed for exciting, or at least promoting, the 
 speculative mania by the superabundance of their issues. But their secretary, 
 Mr Burgess, put in evidence before a Committee of the House to shew that 
 their issues had been diminishing, rather than increasing, for some time before 
 the evil came to a climax. He stated that the following were their average 
 Circulations, the proportions given being that of each year compared with the 
 first : — 
 
 1818, £12,200,000, 
 
 1819, 11,991,000, deer. If ^cent. 
 
 1820, 11,487,000, do. 6 „ nearly. 
 
 1821, 11,352,000, do. 7 „ do. 
 
 1822, £10,778,000, deer. 11^ ^ cent. 
 
 1823, 10,748,000, do. 12 „ nearly. 
 
 1824, 11,640,000, do. 4£ „ 
 
 1825, 12,478,000, incr. 2f „ 
 
 Bank’s Bullion in 1824 and 1825. — Its steady decrease was as follows: — 
 
 January 31 
 
 1824,.... 
 
 ....£13,527,850 
 
 January 29 
 
 1825...... 
 
 £9,490,420 
 
 February 28 
 
 ,, ..... 
 
 .... 13,800,390 
 
 February 26 
 
 ,, •••• 
 
 
 March 27 
 
 ,, ..... 
 
 
 March 26 
 
 ,, •«.. 
 
 
 April 24 
 
 ,, ..... 
 
 .... 13,405,550 
 
 April 30 
 
 r > •••• 
 
 
 May 29 
 
 ,, ..... 
 
 
 May 28 
 
 u •••• 
 
 
 June 26 
 
 
 
 
 June 25 
 
 , 9 ..... 
 
 
 July 31 
 
 
 .... 11,814,720 
 
 July 30 
 
 » •••" 
 
 
 August 28 
 
 ,, ..... 
 
 
 August 27 
 
 „ .... 
 
 
 September 25 
 
 J> 
 
 
 September 24 
 
 „ .... 
 
 
 October 30 
 
 „ .... 
 
 
 October 29 
 
 ,9 .... 
 
 
 November 27 
 
 >» 
 
 
 November 26 
 
 99 ..... 
 
 
 December 24 
 
 „ ..... 
 
 
 December 31 
 
 99 ••••. 
 
 
 RESULTS in 1826. 
 
 Suppression of Small Notes in England. — As soon as Parliament met, 
 on 3d February 1826, the late money crisis was the chief topic of discussion, 
 the result of which was an Act, 1826, c. 6, reviving the Act of 1777, c. 30, 
 
Banking Memoranda for 1826 — ( Continued). 341 
 
 which forbid the circulation of Small Notes (that is, under £5) in England, 
 but permitting 20s. Notes, stamped by Provincial Banks, though not issued, 
 before February 5 (that is, before the intentions of Government were announced), 
 and those that should be stamped by the Bank of England before the 10th 
 October, to be circulated till the 5th April 1829. 
 
 Emancipation of Banks in England. — The Act of 1708, forbidding the 
 issue of Notes in England by Banks having more than six partners, was, with 
 the consent of the Bank of England, it being one of its protections, now 
 repealed, except as to London and its neighbourhood, to the extent of sixty- 
 five miles on all sides. From this date commences the establishing of the Pro- 
 vincial Joint-stock Banks in England, which were formed as follows— in 1826, 3 ; 
 1827, 4 ; 1829, 7 ; 1830, 1 ; 1831, 9 ; 1832, 7 ; 1833, 9 ; 1834, 10 ; 1835, 9 ; 
 1836, 45. 
 
 Committees on Scotch Banks. — On February 20, Lord Liverpool having, 
 in answer to a question put to him, let out the secret that the Government 
 proposed, as soon as the Act respecting Small Notes in England was passed, to 
 proceed to the suppression of the same in Scotland and Ireland, a great ferment 
 on the subject arose in Scotland (on which occasion, Sir Walter Scott’s cele- 
 brated Letters of Sir Malachi Malagrowther were written), and the Scotch 
 members, the Irish members assisting them, compelled the Government to assent 
 to the appointment of a Committee of each House, to take evidence and report 
 on the nature of Scotch banking, and the value of small Notes to that part of 
 the kingdom. At the conclusion of the labours of the Committee of the House 
 of Commons, on May 8, Mr Peel, with great frankness, confessed that he had 
 come down to the Committee with an impression that the measure which had 
 been settled for England ought to be extended to Scotland and Ireland, but he 
 now felt that such a case had been made out as proved it to be inexpedient to do 
 so at present, and he thought that the evidence should be accompanied with a 
 Report to this effect. The evidence, printed at length in the Blue Book, is of 
 great interest to Scotch bankers — from it the following memoranda are 
 extracted : — 
 
 R. Paul, Commercial Bank of Scotland — The Falkirk Union Bank has paid 
 9s. 6d., and a little more is expected. The Fife Bank, and the East Lothian 
 Bank, have paid in full. The Fife Bank notes were retired by the British 
 Linen Company and National Bank ; the East Lothian Bank notes by Sir 
 William Forbes & Co. 
 
 — He supposes there are ten to twelve thousand Cash Accounts in Scotland, each 
 having two or three securities = 30,000 persons interested in their payment. 
 
 — Rate of Interest on Deposits has been — 1810 to Whitsunday 1822 = 4 per 
 cent. ; till September 1822 = 3^ per cent. ; till December 1824 = 3 per cent. ; 
 till 2d December 1825 = per cent. ; till 19th of same month = 3 per cent. ; 
 since then till now (19th April 1826) = 4 per cent. 
 
 — Money paid at Wick in one season, for fish and curing, probably £140,000. 
 — At Whitsunday 1824, there was scarcely a Note left in any Bank in Edin- 
 burgh, there being great increase of circulation in 1824 and 1825, the effect of 
 increased activity and enterprise. 
 
 — Profit of Notes is 5 per cent, on the amount, less the expenses. If the circula- 
 
342 Banking Memoranda for 1826 — ( Continued). 
 
 tion in Scotland of small Notes be £1,800,000, and a reserve of £600,000 is 
 kept, and each Note costs 7d., and lasts three years, the profit from that 
 portion of the circulation will be £65,667 per annum, thus : — 5 per cent, on 
 £1,800,000 = £90,000, less one-third the cost of 2,400,000 Notes = £23,333. 
 
 — The issue of small cheques on bankers in London is very much the same as our 
 issue of Notes— issued at mid-day, but the bulk of them in a Bank by three p.m. 
 — The Commercial Bank has sixteen directors, including the manager ; five 
 must attend at the Bank every day (in rotation), and all on Thursday ; but, on 
 an average, ten or twelve are in attendance every day. 
 
 — While the alarm existed in December last, there was no run on any Bank in 
 Edinburgh. A run is totally unknown in Edinburgh. We did not send to 
 London for gold or Bank of England Notes. 
 
 — If the usury laws were abolished, it would introduce a great change in 
 banking business ; yet he does not think that the chief class of customers would 
 ever take money at higher rates than 5 per cent. 
 
 — Usual date of bills is three months, sometimes four, but seldom five or six. 
 
 — We (the Commercial Bank) have paid half-yearly dividends of 3 per cent., 
 for ten or twelve years ; that is, 6 per cent, per annum. 
 
 T. Kinneak, private banker , Edinburgh — He was sent to London by the 
 Scotch bankers, to state their dissatisfaction with the proposal to suppress 
 Notes under £5. 
 
 — The Bank of Scotland was established in 1695 ; it issued Notes, then called 
 Bills or Tickets, of from £100 down to £5. 
 
 — Scotland was then a poor country, and did not possess a circulating medium 
 sufficient to encourage the industry of the inhabitants. The coined money at 
 the Union, in 1707, was said to have been £1,000,000, but the bulk of this, no 
 doubt, was hoarded, or at least stored up. £1,000,000 in active circulation 
 would have been more than ample for the wants of the country. 
 
 — Previous to 1704, the Bank of Scotland received several proposals to issue 
 “Tickets” (i.e. notes, on “stamped brass coin,” or “wooden tallies”), for 
 small sums, to remedy the want of a circulating medium of coin below £5 in 
 value, but they declined. “ They were probably conscious of their want of 
 experience, and refrained for a time from so novel an experiment as an attempt 
 at so great a change in the currency of the country, being prudently appre- 
 hensive and uncertain of the result.” In 1704, however, the measure was 
 again brought forward, and £1 Notes, or tickets, were issued for the first time. 
 — In 1729, the Royal Bank commenced the system of Cash Accounts, and the 
 Bank of Scotland did the same in 1731, thus accommodating persons in trade 
 and manufacturers with moderate assistance on the very cheapest terms, viz., 
 interest on just such sums as from day to day they want. The supplying large 
 manufacturers with Notes through a cash account took away the temptation to 
 issue their own Notes, as in England, where often a good manufacturer became 
 a bad banker, and brought misery on his district. 
 
 — The Bank of Scotland had fifteen Branches in 1826. 
 
 — Interest on Deposits, during the last years of the war, was 3 per cent, if the 
 money lay six months, and 4 if it lay twelve months. Since then it has gra- 
 dually decreased to 2 per cent., but now it is raised again to 4. 
 
Banking Memoranda for 1826 — ( Continued). 343 
 
 — In the spring of 1824, some Banks in Scotland began to decline taking 
 further Deposits ; and, in autumn 1824, the great Banks made a rule not to 
 take more than £5,000 from any one depositor, allowing 2J per cent, for the 
 first £3,000, 2 for the last £2,000, and beyond that no interest. This con- 
 tinued through 1825. 
 
 — The Discount rate is now 5 per cent., it was 4 when Deposit rate was 
 lower. 
 
 — He supposes the Deposits in Scotland amount to £20,000,000, probably not 
 £3,000,000 more, nor £3,000,000 less. 
 
 — He supposes Cash Accounts to be in number from nine to twelve or thirteen 
 thousand — perhaps ten or eleven thousand ; and in amount, probably 
 £6,000,000. He fears the abolishing of <£1 Notes would put an end to Cash 
 Accounts, and even destroy banking business. 
 
 — In Scotland at present, the par on London is twenty days. 
 
 — The exchange of notes and cheques between the Edinburgh Banks is settled 
 by a bill on London at ten days, payable, of course, in thirteen days. 
 
 — Last year, a restless speculative spirit induced many persons to dabble in 
 Stocks of all sorts. This led to increased demand, not so much for the loan of 
 capital, as for an increased circulating medium, which the Banks were made 
 sensible of by increased drafts upon them by their customers, and by the cir- 
 cumstance that the Notes which they issued did not come back to them so soon 
 as usual ; in short, by a greater use for Bank notes, and the consequent in- 
 crease of the circulation. 
 
 — At the present time, long dated bills of persons engaged in the South 
 American trade are current, as an exception to the general rule. 
 
 J. Thomson, Royal Bank , Glasgow — He thinks that much more gold is 
 brought to this country on account of Glasgow merchants, than all the coin 
 sent from London to Scotland on account of the Banks. He has no account ; 
 but states from memory, that one house had, from 1819 to the end of 1825, 
 bills of lading for £98,829 ; another in three years, £30,000 ; and a third, from 
 April 1820 to 1826, £84,754. 
 
 — J. Maberly & Co., lately set up as bankers in Scotland, issue notes payable 
 in London, but when they get any Scotch notes they demand gold for them. 
 Established about 1817. The exchange on London is twenty days; about 
 fifteen years ago it was forty to fifty days at Glasgow, and fifty in Aberdeen. 
 J. Maberly & Co. offered to draw on London at twenty days, and the Banks 
 were obliged to do the same. 
 
 Hugh Watt, Arbroath Bank — He believes the Banks in Perth pay £10,000 
 a-year of interest to depositors of from £10 to £100. 
 
 R. Aytoun, Renfrewshire Bank , Greenock — The Renfrewshire Bank was 
 established in 1802. It has a considerable amount of gold which was pro- 
 cured when the Bank was set up ; it was sealed up then, and remains unused. 
 In the course of business, bills of lading for much gold and some silver pass 
 through its hands. 
 
 J. Dunsmore, Secretary to the Commissioners of the Herring and Cod Fisheries 
 — On the west coast, tickets or memorandums for sums of less than £1 were 
 issued long after they were forbidden by Act of Parliament. They were of 
 
344 Banking Memoranda for 1826 — ( Continued ). 
 
 this form — “For want of change, I owe you 5s. ; and for four of these tickets 
 I will give you a £1 Note. John Sinclair.” 
 
 — At Barras, the Excise officer informed him that, on paying a farmer there a 
 small sum for some oats, the latter declared he had not seen the face of a 
 shilling for two years before. 
 
 James Gibson Craig, Writer to the Signet, Edinburgh — The Merchants Bank- 
 ing Company of Stirling failed in 1813. Its debts were £50,104 ; preferable 
 debts paid in full, £8,830 ; on the rest, 14s. 9d. per £1 was paid ; the loss to 
 the public was £10,840 : but this was owing to the immense law expenses of the 
 trustees— of assets there was actually recovered £59,000. The Falkirk Union 
 Bank failed 18th Oct. 1816. Its debts were £51,008. They have paid 9s. 
 per £1, and are expected to pay Is. or 2s. more. If they pay only Is. more, 
 the loss to the public will be £25,504. 
 
 — At Whitsunday 1824, by eleven a.m., there was not a Note in any Bank in 
 Edinburgh. They sent round to borrow from one another, but could not. By 
 three, each Bank had plenty of Notes, either of their own or of other Banks. 
 
 — Within these few years much money has been sent from England to invest in 
 Scotland. He has lent several sums of £100,000. 
 
 — He supposes the Deposits in the Scotch Banks to be £24,000,000. The sums 
 from £10 to £200 generally. 
 
 D. G. Sandeman, merchant , Perth , and a Director of the Commercial Bank of 
 Scotland — The Perth Bank was established in 1766, the second copartnery 
 was formed in 1787, and the third in 1808. It had on an average 250 Cash 
 Accounts of from £100 to £500 ; the total loss during twenty-one years being 
 one such account of £200. The payments and receipts on these Cash Accounts 
 during these twenty-one years (second contract, 1787 to 1808) amount to from 
 80 to 90 millions. [N.B. There seems to be some mistake in these figures.] 
 The loss of the Bank in every way during these twenty-one years did not exceed 
 £1,200. The average profits were from 10 to 12 per cent. The shares were 
 £100, but in one or two years the dividend was £22. It divided all its profits 
 after reasonable reserve. The shares sold for £220. 
 
 — He saw in 1766, Is. and Id. Notes in circulation ; and the Perth Bank was 
 established, first, to save the trouble of sending money to and from Edinburgh 
 by the carrier, and second, to put an end to these notes. The Earl of Kinnoul, 
 to encourage the Perth Bank as being beneficial to the country, used to keep 
 £1,500 of its notes in Duplin Castle. 
 
 John Maberley, M.P., merchant , London — He established Banks in Scotland 
 in 1818, at Edinburgh, Glasgow, Aberdeen, Montrose, and Dundee, = 5* He 
 issued 20s. Notes, at first made payable in Edinburgh, but afterwards in London 
 only. His Deposits are payable by bill on London at ten days— -a higher rate 
 is given when a party agrees to give 30 days’ notice, and then to take a bill on 
 London at ten days. His London par is ten days. 
 
 Lewis Loyd, banker , London and Manchester — The circulation in Lanca- 
 shire is 9-10ths in small bills, and l-10th in Bank of England notes and gold. 
 [N.B. A previous witness, a banker at Rochdale, said as 50 to 1.] The bills 
 are from £10 to £30 for the most part, and at two months’ date. Sometimes 50 
 to 100 names are endorsed on one ; a slip off a long sheet of paper is pasted to 
 
Banking Memoranda for 1826 — (Continued). 345 
 
 the bill, and then another to that. Thirty years ago some were for £5. The 
 only check on the total amount in circulation becoming too great is the 
 diminishing facility of discounting these bills in London. 
 
 Average amount of Notes circulating in Scotland. 
 
 
 1815. 
 
 1821. 
 
 
 £5 and upwards. 
 
 Below £5. 
 
 Totals. 
 
 £5 and upwai ds. 
 
 Below £5. 
 
 Totals. 
 
 Highest, 
 
 £1,365,998 
 
 £2,185,498 
 
 £3,551,496 
 
 £1,309,535 
 
 £1,935,224 
 
 £3,244,759 
 
 Lowest, . 
 
 908,306 
 
 1,868,324 
 
 2,776,630 
 
 963,143 
 
 1,597,302 
 
 2,560,445 
 
 Average 
 
 £1,137,152 
 
 £2,026,911 
 
 £3,164,063 
 
 £1,131,334 
 
 £1,766,263 
 
 £2,902,602 
 
 
 18 23. 
 
 18 24. 
 
 
 £5 and upwards. 
 
 Below £5. 
 
 Totals. 
 
 £5 and upwards. 
 
 Below £5. 
 
 Totals. 
 
 Highest, 
 
 £1,396,390 
 
 £2,065,622 
 
 £3,462,012 
 
 £1,701,196 
 
 £2,296,492 
 
 £3,997,688 
 
 Lowest, . 
 
 1,006,605 
 
 1,706,631 
 
 2,713,236 
 
 1,095,190 
 
 1,764,825 
 
 2,860,015 
 
 Average 
 
 £1,201,497 
 
 £1,686,626 
 
 £3,087,624 
 
 £1,398,193 
 
 £2,030,658 
 
 £3,428,851 
 
 
 18 25. 
 
 182 6. 
 
 
 £5 and upwards. 
 
 Below £5. 
 
 Totals. 
 
 £5 and upwards. 
 
 Below £5. 
 
 Totals. 
 
 Highest, 
 
 £1,946,721 
 
 £2,738,491 
 
 £4,683,212 
 
 £ 
 
 £ 
 
 £ 
 
 Lowest, . 
 
 1,313,451 
 
 2,110,648 
 
 3,434,099 
 
 
 
 
 Average 
 
 £1,630,086 
 
 £2,423,569 
 
 £4,058,655 
 
 £1,229,838 
 
 £2,079,244 
 
 £3,309,082 
 
 Trade of Scotland according to Official Valuation. 
 
 Years. 
 
 Imports. 
 
 Exports. 
 
 Produce & Manufactures. 
 
 Foreign and Colonial. 
 
 Total Exports, 
 
 1790 
 
 £1,688,337 
 
 4 
 
 6 
 
 £ 894,671 
 
 3 
 
 6 
 
 £ 340,734 
 
 5 
 
 10 
 
 £1,235,405 
 
 9 
 
 4 
 
 1 
 
 1,981,630 
 
 13 
 
 9 
 
 944,756 
 
 2 
 
 3 
 
 351,764 
 
 10 
 
 4 
 
 1,296,520 
 
 12 
 
 7 
 
 2 
 
 1,761,657 
 
 9 
 
 0 
 
 922,875 
 
 0 
 
 5 
 
 308,009 
 
 4 
 
 5 
 
 1,230,884 
 
 4 
 
 10 
 
 3 
 
 1,431,842 
 
 4 
 
 7 
 
 810,517 
 
 17 
 
 8 
 
 212,881 
 
 16 
 
 9 
 
 1,023,399 
 
 14 
 
 5 
 
 4 
 
 1,443,895 
 
 0 
 
 10 
 
 889,155 
 
 17 
 
 4 
 
 195,655 
 
 11 
 
 0 
 
 1,084,811 
 
 8 
 
 4 
 
 5 
 
 1,268,520 
 
 1 
 
 10 
 
 874,150 
 
 18 
 
 2 
 
 102,841 
 
 1 
 
 0 
 
 976,991 
 
 19 
 
 2 
 
 6 
 
 1,724,610 
 
 3 
 
 0 
 
 1,164,469 
 
 1 
 
 4 
 
 158,254 
 
 5 
 
 10 
 
 1,322,723 
 
 7 
 
 2 
 
 7 
 
 1,493,084 
 
 8 
 
 11 
 
 1,062,208 
 
 2 
 
 2 
 
 154,913 
 
 1 
 
 0 
 
 1,217,121 
 
 3 
 
 2 
 
 8 
 
 1,903,727 
 
 14 
 
 0 
 
 1,415,477 
 
 11 
 
 8 
 
 253,719 
 
 10 
 
 5 
 
 1,669,197 
 
 2 
 
 1 
 
 9 
 
 2,353,590 
 
 17 
 
 1 
 
 1,696,584 
 
 8 
 
 5 
 
 220,046 
 
 8 
 
 7 
 
 1,926,630 
 
 17 
 
 0 
 
 1800 
 
 2,212,790 
 
 11 
 
 8 
 
 1,908,723 
 
 3 
 
 2 
 
 437,346 
 
 4 
 
 6 
 
 2,346,069 
 
 7 
 
 8 
 
 1 
 
 2,579,944 
 
 8 
 
 10 
 
 2,505,824 
 
 8 
 
 0 
 
 338,677 
 
 16 
 
 0 
 
 2,844,502 
 
 4 
 
 0 
 
 2 
 
 2,912,213 
 
 7 
 
 3 
 
 2,079,198 
 
 1 
 
 5 
 
 523,660 
 
 11 
 
 1 
 
 2,602,858 
 
 12 
 
 6 
 
 3 
 
 2,497,732 
 
 15 
 
 7 
 
 1,751,570 
 
 6 
 
 10 
 
 301,652 
 
 4 
 
 2 
 
 2,053,222 
 
 11 
 
 0 
 
 4 
 
 2,611,942 
 
 9 
 
 4 
 
 1,924,086 
 
 4 
 
 11 
 
 328,223 
 
 0 
 
 9 
 
 2,252,309 
 
 5 
 
 8 
 
 5 
 
 3,010,978 
 
 5 
 
 11 
 
 2,208,263 
 
 8 
 
 6 
 
 296,604 
 
 10 
 
 5 
 
 2,504,867 
 
 18 
 
 11 
 
 6 
 
 3,033,963 
 
 4 
 
 7 
 
 2,300,906 
 
 17 
 
 6 
 
 415,707 
 
 15 
 
 10 
 
 2,716,614 
 
 13 
 
 4 
 
 7 
 
 3,039,157 
 
 17 
 
 9 
 
 2,271,100 
 
 12 
 
 10 
 
 465,737 
 
 10 
 
 6 
 
 2,736,838 
 
 3 
 
 4 
 
 8 
 
 2,152,683 
 
 16 
 
 5 
 
 2,395,051 
 
 1 
 
 6 
 
 421,291 
 
 6 
 
 10 
 
 2,816,342 
 
 8 
 
 4 
 
 9 
 
 3,264,069 
 
 2 
 
 6 
 
 3,635,698 
 
 4 
 
 8 
 
 729,395 
 
 11 
 
 8 
 
 4,365,093 
 
 16 
 
 4 
 
 1810 
 
 3,671,158 
 
 0 
 
 5 
 
 4,245,104 
 
 17 
 
 8 
 
 495,134 
 
 17 
 
 5 
 
 4,740,239 
 
 15 
 
 1 
 
 1 
 
 2,427,917 
 
 11 
 
 0 
 
 3,226,439 
 
 3 
 
 6 
 
 669,117 
 
 8 
 
 1 
 
 3,895,656 
 
 11 
 
 7 
 
 2 
 
 2,775,183 
 
 19 
 
 7 
 
 5,266,005 
 
 1 
 
 11 
 
 849,732 
 
 18 
 
 7 
 
 6,115,738 
 
 0 
 
 6 
 
 3 
 
 3,182,223 
 
 6 
 
 3 
 
 6,982,485 
 
 17 
 
 5 
 
 847,509 
 
 12 
 
 6 
 
 7,829,995 
 
 9 
 
 11 
 
 4 
 
 3,757,058 
 
 7 
 
 3 
 
 6,236,593 
 
 15 
 
 4 
 
 1,949,063 
 
 8 
 
 9 
 
 8,185,657 
 
 4 
 
 1 
 
 5 
 
 3,447,353 
 
 14 
 
 3 
 
 7,441,888 
 
 11 
 
 8 
 
 1,535,820 
 
 15 
 
 11 
 
 8,977,709 
 
 7 
 
 7 
 
 6 
 
 2,539,231 
 
 18 
 
 0 
 
 5,872,689 
 
 18 
 
 4 
 
 810,962 
 
 19 
 
 2 
 
 6,683,652 
 
 17 
 
 6 
 
 7 
 
 3,426,753 
 
 14 
 
 2 
 
 7,329,745 
 
 19 
 
 1 
 
 423,802 
 
 14 
 
 5 
 
 7,753,548 
 
 13 
 
 6 
 
 8 
 
 4,130,360 
 
 0 
 
 9 
 
 6,255,224 
 
 8 
 
 7 
 
 514,808 
 
 19 
 
 10 
 
 6,770,033 
 
 8 
 
 5 
 
 9 
 
 3,240,347 
 
 0 
 
 7 
 
 5,328,776 
 
 12 
 
 4 
 
 542,344 
 
 13 
 
 6 
 
 5,871,121 
 
 5 
 
 10 
 
 1820 
 
 3,275,307 
 
 16 
 
 5 
 
 5,479,225 
 
 10 
 
 1 
 
 416,552 
 
 12 
 
 3 
 
 5,895,77 8 
 
 2 
 
 4 
 
346 Banking Memoranda for 1826 — ( Continued). 
 
 Lords’ Report of May 1826. — “With respect to Scotland (to which the 
 Committee wishes, in the first place, to call the attention of the House), it is 
 to be remarked, that during the period from 1766 to 1797, when no small notes 
 were by law issuable in England, the portion of the currency of Scotland in 
 which payments under £5 were made, continued to consist almost entirely of 
 notes of £1 and £1, Is., and that no inconvenience is known to have resulted 
 from this difference in the currency of the two countries. This circumstance, 
 amongst others, tends to prove that uniformity, however desirable, is not indis- 
 pensably necessary. It is also proved by the evidence, and by the documents, 
 that the Banks of Scotland, whether chartered or joint-stock companies, or 
 private establishments, have, for more than a century, exhibited a stability 
 which the Committee believes to be unexampled in banking ; that they sup- 
 ported themselves, from 1797 to 1812, without any protection from the restric- 
 tion by which the Bank of England and that of Ireland were relieved from 
 cash payments ; that there was little demand for gold during the late embarrass- 
 ments in the circulation, and that, in the whole period of their establishment, 
 there are not more than two or three instances of bankruptcy. As during the 
 whole of this period a large portion of their issues consisted almost entirely of 
 notes not exceeding £1 or £1, Is., there is the strongest reason for concluding 
 that, as far as respects the Banks of Scotland, the issue of paper of that descrip- 
 tion has been found compatible with the highest degree of solidity ; and that 
 there is not, therefore, while they are conducted upon the present system, 
 sufficient ground for proposing any alteration, with the view of adding to a 
 solidity which has so long been sufficiently established.” 
 
 Bank Failures in England. — In addition to those of last year, there were 
 further failures of Banks in England to the number of 26, with liabilities of 
 £4,500,000, and assets £3,000,000, shewing a loss of £1,500,000. 
 
 Bank Offices in Scotland. — At this time there were thirty-four Banks 
 in Scotland, having among them 133 Branches, making the total Bank Offices 
 open 167 = 1 for each 13,000 of the inhabitants. 
 
 Bank of Scotland. — A Branch was opened at Falkirk. 
 
 Commercial Bank of Scotland. — Branches were opened at Kirkwall and 
 Musselburgh. 
 
 National Bank of Scotland. — Branches were opened at Galashiels, Jed- 
 burgh, Kirkwall, and Kirkcaldy. 
 
 Arbroath Bank. — Chief items of the Balance Sheet of the Head Office, 
 15th June 1826:— 
 
 Dr. Circulation, £10,205 
 
 Deposit Money, 23,980 
 
 Capital, 60,000 
 
 Cr. Bills Receivable, £44,843 
 
 Cash Accounts, 2,034 
 
 Current Accounts, Dr...... 1,681 
 
 The total Bills discounted during the year was No. 1,485, £133,613. 
 
 Dundee Commercial Bank. — The total of Bills discounted during its first 
 year, ending 30th June 1826, was No. 6,572, £840,612. 
 
 Stirling Bank. — This Bank, which was the continuation of another pri- 
 vate Bank, established in 1777, suspended payment, and had to be sequestrated 
 on 14th August. Its liabilities were £182,896, 12s. 5d., which, with interest 
 to the date of sequestration, was ultimately paid in full. 
 
b 22 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 To the PUBLIC, as per following Statement, 
 
 For NOTES in circulation, as follows : — 
 Notes of £10 0 
 ,, 110 
 „ 2 0 0 
 
 „ 5 0 0 
 
 ,, 20 0 0 
 
 For MONEY DEPOSITED, as follows 
 
 £392,170 
 
 £12,735 10 3 
 734 9 9 
 1,762 0 0 
 6,015 0 0 
 2,980 0 0 
 
 £ 24,227 0 0 
 
 On 1,902 Interest Receipts, £178,655 3 5 
 
 On 365 Current Accounts, 163,000 9 3 
 
 On 23 Cash Accounts, Cr., 17,505 10 0 
 
 Interest due thereon, 8,354 19 3 
 
 367,516 1 11 
 
 For SUNDRY ACCOUNTS, Cr., 427 1 4 
 
 £392,170 3 3 
 
 [65 
 3 3 
 
 To the PARTNERS of the Company, as per following Statement, 27,140 0 0 
 
 For CAPITAL paid up, £300 on 84 shares, £25,200 0 0 
 
 For Rebate on Bills, 500 0 0 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £20 on 72 shares, 1,440 0 0 
 
 Profit and Loss — 
 
 To Balance from former year, £ 708 4 0 
 
 By Discts. ( + former Rebate), £ 4,845 0 4 
 
 Interest received, 13,776 0 7 
 
 £18,621 0 11 
 
 Off Interest paid, 13,356 6 5 
 
 £5,264 14 6 
 
 To Rebate on Bills, £ 500 0 0 
 
 Management,... 1,948 14 6 2,448 14 6 
 
 By Nett Profit of the year, 2,816 0 0 
 
 By Total Profit on hand, £2,107 16 0 
 
 To Dependancies, for Law Expenses, 667 16 0 
 
 £1,440 0 0 £27,140 0 0 
 
 TOTAL LIABILITIES of the Bank,... ”....£419,310 3 1 
 
 MEMORANDA concerning the Year's Business . 
 
 The amount received and paid in the Bank during the year was each about £1,300,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 1,922 
 
 703 
 
 £256,899 1 9 
 92,835 16 3 
 
 £3,951 10 8 
 
 668 4 11 
 
 Bills of Exchange, 
 
 Totals, 
 
 2,625 
 
 £349,734 18 0 
 
 £4,619 15 7 
 
 
 Total payments through Edinburgh Agents, £223,000 (of this for the Bank’s Notes retired, 
 £65,438) ; and through London Agents, £132,000. 
 
 17 
 
65] 
 
 20th FEBRUARY 1828. 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, f 
 
 INVESTMENTS, as per following Statement, 
 
 Cash Accounts, in number 81, £ 54,918 3 11 
 
 Heritable Bonds, 121,355 7 9 
 
 Bills Discounted, i.e., due in Scotland, 104,957 5 3 
 
 Bills of Exchange, i.e., due in London, 11,047 7 8 
 
 Outstanding Bills, 631 6 1 
 
 New 3 1 per Cents at par, 65,700 0 0 
 
 Bank of England Stock, £6,000 at 23 U, 13,875 0 0 
 
 Shares of the Bank (twelve), 2,890 0 0 
 
 Dependancies, 1,855 17 4 
 
 £377,230 8 0 
 
 2,200 0 0 
 377,230 8 0 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH at call and on hand, as per following Statement, 
 
 At call, Edinburgh Agents, 
 Do., London do., 
 
 On hand, as follows, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £6,546 10 0 
 1,476 10 6 
 969 16 6 
 0 7 6 
 
 £14,921 2 8 
 
 . 13,814 13 1 
 . 8,993 4 6 
 
 2,150 15 
 37,729 0 
 
 £8,993 4 6 £37,729 0 3 
 
 0 
 
 3 
 
 TOTAL ASSETS of the Bank, 
 
 £419,310 3 3 
 
350 Banking Memoranda for 1827. 
 
 Currency, Prices, &c., in 1827. — Peace: Gold at par; Specie coined — 
 gold £2, 512,636, silver £33,019 — -total £2,545,655 ; Bank of England Cir- 
 culation (at the end of February) £21,890,610, and Deposits £8,801,660=total 
 liabilities £30,692,270; Bullion £10,159,020, and Securities £23,529,530 
 = total assets £33,688,550, making the Rest £2,996,280; Consols 76f to 89§, 
 and Bank stock 202^ to 217 ; Public Revenue £63,768,671 ; wheat per quarter, 
 in London, 52s. to 61s. 9d., and in Edinburgh, 56s. 6d. — oatmeal per boll 
 21s. 8d. ; number of bankruptcies in England 1,223, of which 3 were of 
 Banks ; Bank of England’s minimum discount rates 5 per cent., 5th July to 4 ; 
 Bill Brokers’ rates 4 per cent, February 3^, June 3 ; Scotch Banks’ deposit 
 rate 4 per cent. 
 
 Bank of England. — The Directors of the Bank, at the instance of ¥m. 
 Ward, one of their number, expunged the resolution of the Directors in 1819, 
 declaring that the variations in the foreign exchanges were not important 
 indications of the state of the currency in this country, and resolved that 
 henceforth the rate of the exchanges should be taken into consideration as an 
 element in a sound decision as to the amount of Bank Notes to be issued. 
 
 National Bank of Scotland. — A 
 Arbuoath Bank. — Chief items of 
 15th June 1827 : — 
 
 Dr. Circulation, £16,805 
 
 Deposit Money, 31,825 
 
 Capital, 60,000 
 
 Total Bills discounted during 
 
 Branch was opened in Oban. 
 
 the Balance Sheet of the Head Office, 
 
 Cr. Bills Receivable, £65,725 
 
 Cash Accounts, 33,962 
 
 Current Accounts, Dr., 1,198 
 
 year, No. 2,466, £197,258. 
 
 
 Dundee Commercial Bank. — Its profits at the Balance, on 30th June 
 1827, w T ere £4,518, 0s. 8d., of which £4,000 (=£8 on 500 shares) was divided, 
 and £518, 0s. 8d. carried to Dependancies. The total Bills discounted during 
 the year were No. 7,943, £845,903. 
 
 Dundee Union Bank. — Its profits at 31st March 1827 were £4,321, 
 4s. 6d., of which £2,235 (=£15 on 149 shares) was divided, and £2,086 placed 
 to Dependancies. 
 
 Dundee. — Here, as elsewhere in Scotland, this was a bad year for making 
 up Banks’ Profit and Loss accounts. In Dundee there were many failures, and 
 large ones, in the course of 1826. Trade became so deranged that it was both 
 a matter of prudence and of charity for the Banks to adopt a most unusual 
 course with respect to small manufacturers having acceptances falling due to 
 spinners who had failed, viz., to receive payment in cloth ; hence the strange- 
 looking entries in the Dundee New Bank’s Balance Sheets of 1826, 7, and 8, 
 “Goods bought £1,454, 0s. 10d.,” “Goods bought £3,638, 16s. 10d.,” and 
 “ Goods bought £1,287, 19s. 4d.” But the bankruptcies in Arbroath, in respect 
 of the result, caused the ones at home not to be so much thought of. Almost 
 every merchant and manufacturer in that town went down together, and kept 
 one another so well in countenance, that fame reported there was little sorrow in 
 the place, but the usual eating and drinking and merry-making. In general they 
 paid but London dividends , that is, very small ones. The experience of Dundee, 
 with respect to London bankrupts, having been that their dividends, if there 
 
Banking Memoranda for 1827 — ( Continued.) 351 
 
 be any, amount generally to from 9d. to lid. only per £1, and paid after five or 
 ten years’ delay, the custom has arisen, that when a bad failure occurs, people 
 use the phrase, “ There w r ill only be a London dividend, I fear.” As an illus- 
 tration of the poor estimate at that time formed of the probabilities respecting 
 the winding up of bankrupt estates in this district, the following figures, shewing 
 how much per pound was expected, are quoted from a sheet of calculations re- 
 specting outstanding debts in 1827, made up for the purpose of the partners of 
 a Bank settling their affairs among themselves. Of course, as usual, many even 
 of these small anticipations were not fulfilled. The persons mentioned, with 
 no place of residence given, resided in Dundee. 
 
 William Sandeman, 
 
 5s. 
 
 Wm. Fitch et & Sons, Arbroath, 3s. 
 
 William Anderson & Son, 
 
 Is. 
 
 D. D. Cargill, 
 
 do., 
 
 9d. 
 
 William Duncan, 
 
 5s. 
 
 Francis Stirling, 
 
 do., 
 
 Is. 
 
 John & Alexander Webster,.. 
 
 Is. 6 d. 
 
 David Duncan, 
 
 do., 
 
 2 s. 
 
 Joseph Stark, 
 
 10 s. 
 
 P. & T. Smart, 
 
 do., 
 
 2 s. 
 
 John M‘Leish, 
 
 2 s. 
 
 James Weir, 
 
 do., 
 
 3s. 
 
 Robert Matthew, 
 
 5s. 
 
 James Key & Co., 
 
 do., 
 
 3s. 
 
 James Petrie, 
 
 5s. 
 
 William James, 
 
 do., 
 
 2 s. 6 d. 
 
 Wm. Thomas Baxter & Sons, 
 
 2 s. 
 
 Peter Just, 
 
 do., 
 
 5s. 
 
 Alexander & James Liddell,.. 
 
 2 s. 
 
 John Fyffe & Co., Glasgow,... 
 
 10 s. 
 
 Silvester Rollo & Co., 
 
 Is. 
 
 Thomas Fairlie, 
 
 do., 
 
 Is. 
 
 William William Baxter, 
 
 3s. 6 d. 
 
 Alex. Morrison, London, 
 
 10 s. 
 
 George Leighton & Co., 
 
 9s. 
 
 J. Ogilvie & Co., Edinburgh, 
 
 2 s. 
 
 Thomas Millie, 
 
 5s. 
 
 Wm. Steven & Co., 
 
 do., 
 
 2 s. 6 d. 
 
 John Strachan, 
 
 Is. 
 
 William Kidd, Cupa] 
 
 p 
 
 7s. 
 
 Thomas Spalding, 
 
 4s. 
 
 Robert, Scott. do.. 
 
 
 6 s. 
 
 James Innes, 
 
 3s. 
 
 — ; 7 - 
 
 J. & R. Robertson, Hull, 
 
 2 s. 
 
 George Nicoll & Son, 
 
 2 s. 
 
 John Morris, St Andrews, 
 
 6 s. 6 d. 
 
 Neish & Smart, 
 
 7s. 
 
 John Wilkie, Kirriemuir, 
 
 2 s. 
 
 James Thomson, jun., 
 
 3s. 6 d. 
 
 Alex. Robertson, Kirkcaldy,.. 
 
 6 d. 
 
 Hugh Dick & Sons, 
 
 10 s. 
 
 A. & J. Thomson, 
 
 do., 
 
 10 s. 
 
 Bank-Clerks’ Half- Holiday in Dundee. — In August 1826, in answer to 
 a petition from the sub-officers and clerks in their offices, the Managers of the 
 Banks in Dundee had agreed that there, as in other places, the Banks should 
 on Saturdays close at twelve o’clock. A few months afterwards, a Director of 
 one of the Banks, having brought up the complaint of a friend of his, that 
 having received payment of an account of £24 one Saturday afternoon at 2 
 p.m., he had been obliged to keep all this money in his pocket till Monday 
 morning, the Board resolved, for the sake of the public convenience, to revert to 
 the old practice of keeping the office open till 3 p.m. on Saturdays, as well as 
 on other days. On this the Bank clerks applied to and obtained the signatures 
 of the principal inhabitants to the following declaration, and on 1 st February 
 this year, laid it, with a fresh petition, before the Managers of the Banks, and 
 procured a confirmation of this reasonable practice. The Compiler being, as 
 Teller in the Dundee New Bank, one of the petitioners, is happy in having the 
 opportunity of putting on record, to their honour, the names of those who 
 signed the declaration, by here printing the document in full : — 
 
352 Banking Memoranda for 1827 — ( Continued). 
 
 — “We, the undersigned merchants and manufacturers, and others carrying on 
 
 business in Dundee, beg to state that the late regulation of the Banking estab- 
 
 lishments here, of limiting the hours of public business on Saturdays to twelve 
 
 o’clock noon, has not been attended with inconvenience to us in our business, 
 
 and we are perfectly agreeable that the Banks should continue to adopt it. 
 
 “ John Baxter. 
 
 Alex. Cameron. 
 
 Wil. B. Baxter. 
 
 W. Baxter & Son. 
 
 Chas. Walker. 
 
 John B. Baxter. 
 
 Baxter, Brothers, & Co. 
 
 John Bell. 
 
 George Both. 
 
 Will. Lindsay. 
 
 Alexander Soot. 
 
 Robert Gowans. 
 
 Alex. Rob. 
 
 TheTay Steam Packet Co. 
 
 Jas. Small, jr. 
 
 John Morton. 
 
 Alexander Kay. 
 
 James Cathcart. 
 
 Alex. Dick. 
 
 James Whitton. 
 
 D. & J. Livingston. 
 
 Peter Duncan. 
 
 Wm. Boyack. 
 
 Andw. Buik & Co. 
 
 John Collier. 
 
 Jas. Chalmers. 
 
 James Flow. 
 
 Turnbull & Co. 
 
 Wm. Morton. 
 
 M‘Ewen & Miller. 
 
 Kinmond & Hill. 
 
 Alex. Christie. 
 
 Peter Donald. 
 
 John Thain. 
 
 James Hay. 
 
 Robt. Nicoll. 
 
 Peter Kinmond. 
 
 Thomas Nish. 
 
 Jno. Miller. 
 
 David Ogilvie. 
 
 James Martin, jr. 
 
 John Boyd. 
 
 Neilson & Co. 
 
 Alex r * Smith. 
 
 James Justice, jun. 
 
 John Ramsay & Co. 
 
 Robt. Brough. 
 
 David Hill. 
 
 Watt & Brown. 
 
 John Mu die. 
 
 James Miln, jun. 
 
 James Watt, jun. 
 
 Thomas Hutchison. 
 
 Will. Sime. 
 
 Jas. & Wm. Brown. 
 
 Joseph Gibson. 
 
 D. Hutchison. 
 
 James Low. 
 
 Will. Howe. 
 
 James M‘Nicoll. 
 
 John Robb. 
 
 Rob. Meldrum. 
 
 Willm. Curr. 
 
 John Kerr. 
 
 George Moir. 
 
 Chas. R. Watson. 
 
 Dav. Smith. 
 
 Tho. Smart, jun. 
 
 Daniel Pope. 
 
 Wm. Sandeman. 
 
 James Keillor. 
 
 John Mackay. 
 
 John Sanderson. 
 
 Da. Gardiner. 
 
 Thomas Rattray. 
 
 Aw. Kinmond. 
 
 Willm. Constable. 
 
 John Edwards. 
 
 J. G. Russell. 
 
 Tho. Holmes. 
 
 David Smart. 
 
 Geo. Duncan. 
 
 James Gilroy. 
 
 James Buchan. 
 
 Robt. Adamson. 
 
 Geo. H. Baxter. 
 
 George Stephen. 
 
 Chalmers & Hackney. 
 
 Wm. Beharie. 
 
 John Todd. 
 
 John Gray. 
 
 Wm. Watson. 
 
 Alex. Abbot. 
 
 David How, jun. 
 
 James Thomson. 
 
 James H. Baxter. 
 
 Jas. Cameron. 
 
 Alex. M. Anderson. 
 
 Geo. R. Baxter. 
 
 George Wyllie & Son. 
 
 Wm. Anderson. 
 
 Peter Fyfe. 
 
 P. H. Thoms. 
 
 Alex. Tullo. 
 
 Blins 1 - Small. 
 
 W. Johnston. 
 
 Wm. Henderson. 
 
 Robert Moyes. 
 
 And 1 - Brown. 
 
 David Bower. 
 
 W. Kirkaldy. 
 
 Wm. Bell, jun. 
 
 William Ritchie, jr. 
 
 Bell & Balfour. 
 
 Geo. H. Newall. 
 
 Alex. Whyte, jr. 
 
 James Watson. 
 
 The Dundee Foundry Co. 
 
 Alx. Scott & Co. 
 
 Chris. Kerr.” 
 
 Dundee Flaxdressers. — Their strike, celebrated for its obstinacy, against 
 
 a reduction of 3d. out of 2s. 6d. 
 
 per cwt. for dressing flax, began in the autumn, 
 
 and lasted thirteen weeks. The men had to accept the diminished wages. 
 
Dr. THE DUNDEE BANKING COMPANY. [66 
 
 To the PUBLIC, as per following Statement, £437,702 14 8 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 
 
 £13,992 2 
 
 3 
 
 
 
 „ 110 
 
 621 17 
 
 9 
 
 
 
 „ 2 0 0 
 
 1,462 0 
 
 0 
 
 
 
 „ 5 0 0 
 
 5,715 0 
 
 0 
 
 
 
 „ 20 0 0 
 
 3,020 0 
 
 0 
 
 
 
 
 — 
 
 — £ 24,811 
 
 0 
 
 0 
 
 For MONEY DEPOSITED, as follows : 
 
 
 
 
 
 On 2,014 Interest Receipts, 
 
 £204,267 14 
 
 11 
 
 
 
 On 349 Current Accounts, 
 
 189,484 6 
 
 2 
 
 
 
 On 20 Cash Accounts, Cr., 
 
 11,496 17 
 
 7 
 
 
 
 Interest due thereon, 
 
 7,634 8 
 
 3 
 
 
 
 
 — 
 
 — 412,883 
 
 6 
 
 11 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 
 8 
 
 7 
 
 9 
 
 
 
 £437,702 
 
 14 
 
 8 
 
 To the PARTNERS of the Company. 
 
 , as per following Statement, 28,598 7 11 
 
 For CAPITAL paid up, £150 on 168 shares, 
 
 ... £25,200 
 
 0 
 
 0 
 
 For Rebate on Bills, 
 
 
 518 
 
 7 
 
 11 
 
 For past year’s PROFITS, set aside 
 
 for a Dividend 
 
 
 
 of £20 on 144 shares, 
 
 
 ... 2,880 
 
 0 
 
 0 
 
 Profit and Loss — 
 
 
 
 
 
 By Discounts ( + former Rebate), 
 
 ..£ 4,849 0 
 
 0 
 
 
 
 Interest received, 
 
 .. 14,299 10 
 
 5 
 
 
 
 
 £19,148 10 
 
 5 
 
 
 
 Off Interest paid, 
 
 .. 13,148 3 
 
 3 
 
 
 
 
 £6,000 7 
 
 2 
 
 
 
 To Rebate on Bills, £ 518 7 11 
 
 
 
 
 Expense of Management, . . 1,743 4 
 
 3 2,261 12 
 
 2 
 
 
 
 By Nett Profit, 
 
 ....£3,738 15 
 
 0 
 
 
 
 To Fall on Bank of England Stock, 
 
 .... 858 15 
 
 0 
 
 
 
 By Actual Gain, 
 
 ,...£2,880 0 
 
 0 
 
 
 
 
 
 £28,598 
 
 7 
 
 11 
 
 TOTAL LIABILITIES of the Bank, £466,301 2 7 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £1,415,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 2,055 
 
 £283,418 10 
 
 4 
 
 £3,814 13 10 
 
 Bills of Exchange, 
 
 704 
 
 102,406 11 
 
 2 
 
 534 6 2 
 
 Totals, 
 
 2,759 
 
 £385,825 1 
 
 6 
 
 £4,349 0 0 
 
 Total payments through Edinburgh Agents, £207,000 (of this for the Bank’s Notes retired, 
 £ ); and through London Agents, £158,000. 
 
66] 20th FEBRUARY 1829. 
 
 
 
 Cr . 
 
 Br BANK OFFICE, Castle Street, 
 
 
 
 ..£ 2,200 
 
 0 0 
 
 INVESTMENTS, as per following Statement, 
 
 
 
 .. 428,269 
 
 0 1 
 
 Cash Accounts, in number 69, 
 
 .£ 52,231 
 
 8 
 
 11 
 
 
 Heritable Bonds, 
 
 . 134,015 
 
 8 
 
 3 
 
 
 Bills Discounted, i.e., due in Scotland 
 
 . 110,721 
 
 1 
 
 2 
 
 
 Bills of Exchange, i.e., due in London, 
 
 8,630 
 
 1 
 
 0 
 
 
 Outstanding Bills, 
 
 632 
 
 5 
 
 4 
 
 
 Exchequer Bills, £28,000, 
 
 29,149 
 
 13 
 
 4 
 
 
 New 3£ per Cents at par, 
 
 65,700 
 
 0 
 
 0 
 
 
 Bank of England Stock, £10,700 at 214, 
 
 . 22,898 
 
 0 
 
 0 
 
 
 Shares of the Bank (twenty -four), 
 
 . 2,890 
 
 0 
 
 0 
 
 
 Dependancies, 
 
 . 1,401 
 
 2 
 
 1 
 
 
 
 £428,269 
 
 0 
 
 1 
 
 
 SUNDRY ACCOUNTS, Dr., 1,522 10 
 
 CASH at call and on hand, as per following Statement, 34,309 12 
 
 At call, Edinburgh Agents, £15,563 11 11 
 
 Do., London do., 12,144 15 1 
 
 On hand, as follows, 6,601 5 3 
 
 Mixed Notes, £3,701 13 0 
 
 Gold, 2,119 14 0 
 
 Silver, 779 14 0 
 
 Copper, 0 4 3 
 
 £6,601 5 3 £34,309 12 3 
 
 TOTAL ASSETS of the Bank, 
 
 ,£466,301 
 
 2 7 
 
 1828. June 18. — The Capital redivided into 168 Shares of £250 each, having £150 thereof 
 paid up. 
 
356 Banking Memoranda for 1828. 
 
 Currency, Prices, &c., in 1828. — Peace : Gold at par ; Specie coined — 
 gold £1,008,559, and silver £16,288 ; Bank of England Circulation (at the 
 end of February) £21,980,710, and Deposits £9,198,140 = total liabilities 
 £31,178,850— Bullion £10,347,290, and Securities £23,581,270 = total assets 
 £33,928,560, making the Rest £2,749,710 ; Consols 82f to 88|, and Bank 
 stock 203J to 215 J ; Public Revenue £64,662,799 ; wheat per quarter, in 
 London, 52s. to 94s., and in Edinburgh, 48s. 8d. — oatmeal per boll 13s. lid. ; 
 bankruptcies in England 1,223, of which 3 were of Banks; Bank of England’s 
 minimum rate of discount 4 per cent., Bill Brokers’ rates 3 per cent^, December 
 3^- ; Scotch Banks’ deposit rates 4, 1st June 3. 
 
 Suppression of Scotch Notes in England. — Although the Acts of 1775 and 
 subsequent dates prohibited the issue of small Notes in England, it did not forbid 
 the circulating of Scotch small Notes there, and consequently these continued 
 to pass freely in the northern counties, and were found to be very convenient. 
 This was now interfered with (for uniformity sake) by the Act 8 Geo. IV., 
 c. 65, which passed in spite of numerous petitions against it from the border 
 district, which set forth that seven-eighths of all rents were usually paid in 
 Scotch notes, and had been so for seventy years without loss. (See 1804.) 
 
 British Linen Company. — A Branch was opened at Kinross. 
 
 National Bank of Scotland. — Branches were opened at Dingwall and 
 Gran town. 
 
 Arbroath Bank. — Chief items of the Balance Sheet of the Head Office, 
 15th June 1828 : — 
 
 Dr. Circulation, £18,619 
 
 Deposit Money, 58,654 
 
 Capital, 60,000 
 
 Cr. Bills Receivable, £81,968 
 
 Cash Accounts, 3,352 
 
 Current Accounts, Dr. 
 
 1,980 
 
 Total Bills discounted during the year, No. 2,490, £246,096. 
 
 Dundee Commercial Bank. — Its profits at the Balance, on 30th June 
 1828, were £7,017, 3s. 6d., of which £5,000 ( = £10 on 500 shares) was 
 divided, and £2,017, 3s. 6d. carried to Dependancies. Its Circulation was 
 £32,554 ; the total Bills discounted during the year was No. 11,185, 
 £1,178,918 ; and the market price of the £100 share was £175. 
 
 Dundee Union Bank. — Its profits at 31st March 1828 were £4,534, 
 16s. lid., of which £3,552 ( = £24 on 148 shares) was divided, and £982, 
 16s. lid. placed to Dependancies. Its Circulation was £51,706. 
 
 Greenock Bank. — This Bank was broken into by a party of thieves from 
 England, on March 9, and robbed of £28,350. One of them, Henry Sanders, 
 was tried for it, but acquitted, in September following. Most of the money 
 stolen was, however, recovered some time afterwards. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [67 
 
 To the PUBLIC, as per following Statement, 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £16,555 8 3 
 
 „ 1 1 0 494 11 9 
 
 „ 2 0 0 846 0 0 
 
 „ 5 0 0 5,130 0 0 
 
 „ 20 0 0 3,290 0 0 
 
 £ 26,316 
 
 For MONEY DEPOSITED, as follows 
 
 On 2, 132 Interest Receipts, £214,834 0 1 
 
 On 345 Current Accounts, 184,081 12 6 
 
 On 18 Cash Accounts, Cr., 12,401 7 6 
 
 Interest due thereon, 8,263 0 9 
 
 419,580 
 
 For SUNDRY ACCOUNTS, Cr., 11 
 
 For Balance due London Agents, 1,563 
 
 £447,471 
 
 .£447,471 1 3 
 
 0 0 
 
 0 10 
 16 8 
 3 9 
 
 1 3 
 
 To the PARTNERS of the Company, as per following Statement, 29,958 0 6 
 
 For CAPITAL paid up, £150 on 168 shares, £25,200 0 0 
 
 For Dependancies, Cr. 1,144 0 6 
 
 For Rebate on Bills, 734 0 0 
 
 For Portion of past year’s PROFITS, set aside for 
 
 a Dividend of £20 on 144 shares, 2,880 0 0 
 
 Profit and Loss — 
 
 By Discounts (+ former Rebate), £ 5,521 14 10 
 
 Interest received, 14, 988 4 9 
 
 £20,509 19 7 
 
 Off Interest paid, 12,893 4 5 
 
 £7,616 15 2 
 
 To Rebate on Bills, £ 734 0 0 
 
 Expense of Management, . . 1,907 4 0 2,641 4 0 
 
 By Nett Profit, £4,975 11 2 
 
 To Fall on New 3| per Cents, 520 17 6 
 
 By Real Gain, £4,454 13 8 
 
 To Dependancies, 1,574 13 8 
 
 £2,880 0 0 £29,958 0 6 
 
 TOTAL LIABILITIES of the Bank, £477,429 I 9 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £1,670,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 Bills of Exchange, 
 
 Totals, 
 
 2,418 
 
 766 
 
 £370,467 10 1 
 84,448 12 5 
 
 £4,636 9 2 
 
 366 17 9 
 
 3,184 
 
 £454,916 2 6 
 
 £5,003 6 11 
 
 Total payments through Edinburgh Agents, £284,000 (of this for the Bank’s Notes retired, 
 £ ) ; and through London Agents, £290, 000. 
 
67] 
 
 20th FEBRUARY 1830. 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, £ 2,200 0 
 
 INVESTMENTS, as per following Statement, 468,422 11 
 
 Cash Accounts, in number 73, £ 53,360 12 2 
 
 Heritable Bonds, 204,828 15 11 
 
 Bills Discounted, i.e., due in Scotland, 126,228 5 3 
 
 Bills of Exchange, i.e., due in London, 5,455 7 3 
 
 Outstanding Bills, 2,634 11 4 
 
 Exchequer Bills, £46,000, 48,561 10 0 
 
 Bank of England Stock, £10,700 at 214, 22,898 0 0 
 
 Shares of the Bank (twenty-four), 4,455 9 8 
 
 £468,422 11 7 
 
 0 
 
 7 
 
 SUNDRY ACCOUNTS, Dr., 2,120 9 8 
 
 CASH at call and on hand, as per following Statement, 4,686 0 6 
 
 At call, Edinburgh Agents, £ 564 6 9 
 
 On hand, as follows, 4,121 13 9 
 
 Mixed Notes, £1,922 7 0 
 
 Gold, 1,700 7 0 
 
 Silver, 498 19 6 
 
 Copper, 0 0 3 
 
 £4,121 13 9 £4,686 0 6 
 
 TOTAL ASSETS of the Bank...... £477,429 1 9 
 
360 Banking Memoranda for 1829. 
 
 Currency, Prices, &c., in 1829. — Peace : Gold at par ; Specie coined — 
 gold £2,446,754, and silver £108,259 ; Bank of England Circulation (at the 
 end of February) £19,870,850, and Deposits £9,553,960 = total liabilities 
 £29,424,810 — Bullion £6,835,020, and Securities £25,384,750 = total assets 
 £32,219,770, making the Best £2,794,960; Consols, 81| to 94^, and Bank 
 stock 208 to 218 ; Public Bevenue £59,723,438 ; wheat per quarter, in Lon- 
 don, 70s. to 82s., and in Edinburgh, 74s. — oatmeal per boll, 15s. 3d. ; bank- 
 ruptcies in England 1,590, of which 3 were of Banks ; Bank of England’s 
 minimum discount rate 4 per cent., Bill Brokers’ rates 3^- per cent., January 4, 
 February 3J, August 3 ; Scotch Banks’ deposit rate 3 per cent. 
 
 Boyal Bank of Scotland. — The Capital of this Bank was raised from 
 £1,500,000 to £2,000,000. It may be recorded here, having been overlooked 
 at the proper time, that the earliest notice met with respecting the extent of 
 this Bank’s business is, that its Circulation, on 28th September 1763, was 
 £180,223. 
 
 Commercial Bank of Scotland. — Its Capital was enlarged from £450,000 
 to £600,000, by giving off the remaining 1,500 shares of the nominal capital. 
 The shares were £100 each, but were issued to the partners of the Company 
 rateably at £150 each, thus obtaining for the Bank a premium of £75,000. 
 
 National Bank of Scotland. — Branches were opened at Montrose and 
 Nairne. 
 
 Arbroath Bank. — Chief items of the Balance Sheet of the Head Office, 
 15th June 1829 : — 
 
 Dr. Circulation, £22,716 
 
 Deposits, 79,770 
 
 Capital, 60,000 
 
 Cr. Bills Beceivable, £86,331 
 
 Cash Accounts, . 7,792 
 
 Current Accounts, Dr...... 3,477 
 
 Total Bills discounted during the year, No. 3,441, £259,339. 
 
 Dundee Commercial Bank. — Its profits at the Balance, on 30th June 
 1829, were £6,920, 4s. 2d., of which £5,000 (=£10 on 500 shares) was 
 divided, and £1,920, 4s. 2d. carried to Dependancies. Its Circulation was 
 £32,934 ; the total Bills discounted during the year was No. 12,349, £1,385,888 ; 
 and the market price of the £100 share was £170. 
 
 Dundee Union Bank. — It profits at 31st March 1829 were £5,074, 15s. 9d., 
 of which £3,552 (=£24 on 148 shares) was divided, and £1,522, 15s. 9d. 
 carried to Dependancies. Its Circulation was £66,333, 10s. 
 
 Glasgow Bank. — James Denniston, of Goifhill (where he died, 11th 
 October 1835), the managing director, retired from active service, and was 
 succeeded in that office by William Boberts, cashier of the Dundee New Bank. 
 On this occasion, the merchants of Glasgow entertained Mr Denniston at a 
 magnificent banquet, in the great hall of the Boyal Exchange, and had his 
 portrait painted in token of their esteem. To this day, fine engravings of Mr 
 Denniston’s likeness are to be seen in many an old merchant’s house, to testify 
 their respect for this most worthy man . — Banking in Glasgow. 
 
 Montrose Bank. — This Bank, established in 1814, was dissolved. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY 
 
 [68 
 
 To the PUBLIC, as per following Statement, £483,001 19 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 
 
 „ 110 
 „ 2 0 0 
 
 „ 5 0 0 
 
 „ 20 0 0 
 
 For MONEY DEPOSITED, as follows 
 
 On 2,049 Interest Receipts, 
 
 On 354 Current Accounts, 
 
 On 23 Cash Accounts., Cr., 
 
 Interest due thereon, 
 
 £17,389 11 3 
 391 8 9 
 594 0 0 
 6,375 0 0 
 4,120 0 0 
 
 £ 28,870 0 0 
 
 £230,494 11 8 
 , 189,174 5 8 
 . 12,640 15 10 
 
 . 8,524 1 2 
 
 440,833 14 4 
 
 For SUNDRY ACCOUNTS, Cr., 98 6 10 
 
 For Balance due London Agents, 13,199 18 6 
 
 £483,001 19 8 
 
 To the PARTNERS of the Company, as per following Statement, 31,604 12 9 
 
 For CAPITAL paid up, £150 on 168 shares, £25,200 0 0 
 
 For Dependancies, Cr. , 2, 674 12 9 
 
 For Rebate on Bills, 770 0 0 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £20 on 148 shares, 2,960 0 0 
 
 Profit and Loss — 
 
 By Discounts (+ former Rebate), £ 5,966 17 4 
 
 Interest received, 14,184 16 9 
 
 £20,151 14 1 
 
 Off Interest paid, 13,265 16 11 
 
 £6,885 17 2 
 
 To Rebate on Bills, £ 770 0 0 
 
 Expense of Management, . . 1,753 12 8 2,523 12 8 
 
 By Nett Profit, £4,362 4 6 
 
 To Dependancies, 1,402 4 6 
 
 £2,960 0 0 £31,604 12 9 
 
 TOTAL LIABILITIES of the Bank, £514,606 12 5 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £1,760,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 Bills of Exchange, 
 
 2,605 
 
 776 
 
 £383,289 10 8 
 96,569 15 1 
 
 £4,797 3 11 
 
 435 13 5 
 
 Totals, 
 
 3,381 
 
 £479,859 5 9 
 
 £5,232 17 4 
 
 
 Total payments through Edinburgh Agents, £278,000 (of this for the Bank’s Notes 
 retired, £ ) ; and through London Agents, £224,000. 
 
68] 
 
 19th FEBRUARY 1831. 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, £ 
 
 INVESTMENTS, as per following Statement, 
 
 Cash Accounts, in number 71, £ 47,045 7 8 
 
 Heritable Bonds, 216,944 9 3 
 
 Bills Discounted, i.e., due in Scotland, 133,973 2 0 
 
 Bills of Exchange, i.e., due in London, 6,584 16 10 
 
 Outstanding Bills, 3,838 11 10 
 
 Exchequer Bills, £29,000, 31,059 4 11 
 
 Consols, £18,400 at 81|, 14,996 14 0 
 
 Bank of England Stock, £19,300 at 207£, 40,066 19 0 
 
 Shares of the Bank (twenty), , 3,881 18 0 
 
 £498,391 3 6 
 
 498,391 
 
 0 
 
 3 
 
 0 
 
 6 
 
 SUNDRY ACCOUNTS, Dr., 2,373 11 5 
 
 CASH at call and on hand, as per following Statement, 11,641 17 6 
 
 At call, Edinburgh Agents, £ 1,312 0 6 
 
 At Head Office, Dundee, as follows, 10,329 17 0 
 
 Mixed Notes, £7,310 17 0 
 
 Gold, 1,815 10 6 
 
 Silver, 1,203 9 0 
 
 Copper, 0 0 6 
 
 £10,329 17 0 £11,641 17 6 
 
 TOTAL ASSETS of the Bank, 
 
 £514,606 12 5 
 

 364 Banking Memoranda for 1830. 
 
 Currency, Prices, &c., in 1830. — Peace: Gold at par ; Specie coined — 
 gold £2,387,881, and silver £151 ; Bank of England Circulation (end of 
 February) £20,050,730, andDeposits£l0,763,150 = total liabilities £30,81 3,880 
 — Bullion £9,171,000, and Securities £24,204,390 = total assets £33,375,390, 
 making the Rest £2,561,510 ; Consols 77^ to 94^, and Bank stock 194^ to 
 222 ; Public Revenue £59,308,872 ; wheat per quarter, in London, 70s. to 
 78s., and in Edinburgh, 52s. 8d. — oatmeal per boll 13s. lOd. ; bankruptcies 
 in England 1,308, of which 14 were of Banks ; Bank of England’s minimum 
 discount rate 4 per cent., Bill Brokers’ rates 3 per cent., March 2f, May 2J, 
 October 2 J, November 3, December 4 ; and Scotch Banks’ deposit rate 3 per 
 cent. 
 
 British Linen Company. — A Branch was opened in Sanquhar. 
 
 National Bank of Scotland. — Branches of this Bank were opened in 
 Fort- William, Langholm, Lerwick, and Stornoway. 
 
 Arbroath Bank. — Chief items in the Balance Sheet of Head Office, 15th 
 June 1830 : — 
 
 Dr. Circulation, £22,359 
 
 Deposits, 85,717 
 
 Capital, 60,000 
 
 Cr. Bills Receivable, 
 
 ,£92,231 
 
 Cash Accounts, 11,271 
 
 Current Accounts, Dr., 4,105 
 
 Total Bills discounted during the year, No. 2,214, £277,359. 
 
 Ayrshire Bank. — In April, a Bank under this title was established in Ayr. 
 It opened Branches in Girvan, Irvine, Kilmarnock, Maybole, and Saltcoats. 
 
 Dundee Commercial Bank. — Its profits at the Balance, on 30th June 1830, 
 were £7,372, 5s. 10d., of which £5,000 (=£10 on 500 shares) was divided, 
 and £2,372, 5s. lOd. carried to Dependancies. Its Circulation was £28,769 ; 
 the total Bills discounted during the year was No. 11,165, £1,167,545; and 
 the £100 share sold for £165. 
 
 Dundee Union Bank. — Its profits at 31st March 1830 were £5,200, of 
 which £3,700 (= £25 on 148 shares) was divided, and £1,500 placed to De- 
 pendancies. Its Circulation was £89,355, 3s. 
 
 Glasgow Union Bank. — A Bank under this title, having 488 partners, 
 and a capital of £350,000, was established in Glasgow. It opened Branches 
 in Edinburgh, Greenock, and Bathgate. 
 
 Shetland Bank. — This Bank, established in 1821, failed, and paid only 
 six shills 8 - per £1. It was set up by Hay & Ogilvy, two merchants in Lerwick, 
 for facilitating their commercial transactions, and their debts, as bankers and 
 merchants, amounted to £60,000. 
 
b 23 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [69 
 
 To the PUBLIC, as per following Statement, £486,389 1 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £18,291 0 0 
 
 ,, 1 1 0 273 0 0 
 
 „ 2 0 0 378 0 0 
 
 „ 5 0 0 6,715 0 0 
 
 „ 20 0 0 4,360 0 0 
 
 £ 30,017 0 0 
 
 For MONEY DEPOSITED, as follows 
 
 On 2, 110 Interest Receipts, £231,602 15 9 
 
 On 373 Current Accounts, 200,589 5 5 
 
 On 24 Cash Accounts, Cr., 15,227 0 5 
 
 Interest due thereon, 8,230 10 7 
 
 455 04g 2 
 
 For SUNDRY ACCOUNTS, Cr., 722 9 7 
 
 £486,389 1 9 
 
 To the PARTNERS of the Company, as per following Statement, 31,913 4 
 
 For CAPITAL paid up, £150 on 168 shares, £25,200 0 0 
 
 For Dependancies, Cr., 2,928 4 3 
 
 For Rebate on Bills, 785 0 0 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £20 on 150 shares, 3,000 0 0 
 
 Profit and Loss — 
 
 By Discounts received ( + former Rebate),.. £ 7,575 17 5 
 
 Interest received, 14,559 0 0 
 
 £22,134 17 5 
 
 Off Interest paid, 14, 140 19 7 
 
 £7,993 17 10 
 
 To Rebate on Bills, £ 785 0 0 
 
 Expense of Management, .. 1,848 12 1 2,633 12 1 
 
 By Nett Profit, £5,360 5 9 
 
 To Loss on Exchequer Bills, 956 17 5 
 
 ~4 
 4 
 
 By Total Profit on hand, £4,403 8 
 
 To Dependancies, carried to Cr. of, 1,403 8 
 
 £3,000 0 0 £31,913 4 3 
 
 TOTAL LIABILITIES of the Bank,. 
 
 ,£518,302 
 
 6 0 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2,050,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 3,056 
 
 £445,600 8 6 
 
 £5,582 18 6 
 
 Bills of Exchange, 
 
 1,117 
 
 184,450 7 10 
 
 1,222 18 11 
 
 Totals, 
 
 4,173 
 
 £630,050 16 4 
 
 £6,805 17 5 
 
 Total payments through Edinburgh Agents, £295,000 (of this for the Bank’s Notes retired, 
 £ ) ; and through London Agents, £184,000. 
 
 18 
 
69] 
 
 20th FEBRUARY 1832. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, 
 
 INVESTMENTS, as per following Statement, 
 
 Cash Accounts, in number 68, 
 
 Heritable Bonds, 
 
 Bills Discounted, i.e., due in Scotland, 
 
 Bills of Exchange, i.e., due in London, 
 
 Outstanding Bills, 
 
 Exchequer Bills, £16,000, 
 
 Bank of England Stock, £19,300 at 207£, 
 
 Shares of the Bank (eighteen), 
 
 .£ 45,649 
 
 17 
 
 1 
 
 . 231,153 
 
 10 
 
 1 
 
 . 126,586 
 
 3 
 
 7 
 
 16,656 
 
 8 
 
 2 
 
 4,300 
 
 12 
 
 1 
 
 .. 16,815 
 
 0 
 
 0 
 
 .. 40,066 
 
 19 
 
 0 
 
 3,416 
 
 17 
 
 2 
 
 £484,645 
 
 7 
 
 2 
 
 £ 2,771 
 484,645 
 
 15 
 
 7 
 
 4 
 
 2 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH at call and on hand, as per following Statement, 
 
 At call, Edinburgh Agents, £10,387 0 2 
 
 Do., London do., 6,670 4 3 
 
 On hand, as follows, 10,528 16 11 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £7,015 13 0 
 2,307 10 6 
 1,205 13 0 
 0 0 5 
 
 3,299 
 
 27,586 
 
 £10,528 16 11 £27,586 1 4 
 
 2 2 
 1 4 
 
 TOTAL ASSETS of the Bank, 
 
 £518,302 6 0 
 
368 
 
 Banking Memoranda for 1831. 
 
 Currency, Prices, &c., in 1831. — Peace : Gold at par ; Specie coined — 
 gold £587,949, and silver £33,696 ; Bank of England Circulation (end 
 of February) £19,600,140, and Deposits £11,213,530 = total liabilities 
 £30,813,670 — Bullion £8,217,050, and Securities £25,208,980 = total assets 
 £33,426,030, making the Rest £2,612,360 ; Public Revenue £54,384,233 ; 
 Consols 78£ to 84J, and Bank stock 189 to 204 ; wheat per quarter, in 
 London, 59s. 2d. to 80s., and in Edinburgh, 58s. 8d. — oatmeal per boll 
 19s. 4d. ; bankruptcies in England 1,433 ; Bank of England’s minimum dis- 
 count rate 4 per cent., Bill Brokers’ rates 4 per cent., January 3£, February 3, 
 March 3^-, May 4, August 3-|, October 4 ; Scotch Banks’ deposit rate 3 per cent. 
 
 Bank of England. — The amount of commercial paper discounted by the 
 Bank in thirty-seven years, from 1795 to 1831, was £277,793,600, or, on an 
 average, £7,507,935 per annum. Its loss on this sort of investment for forty- 
 one years, from 1791 to 1831, was £31,698, or, on an average, £773 per 
 annum — that is, not much more than one ten-thousandth part. As to its stock 
 of Bullion, its rule for many years had been to hold an amount at least equal 
 to one-third of its obligations to the public ; but should it exceed this propor- 
 tion even a good deal, it was not accustomed to seek to keep it down, either by 
 purchasing Government Securities, or by encouraging discounts. It paid in 
 dividends and bonuses — 
 
 1798 to 1816, or nineteen years, at 7 percent., on...£ll,642,400=£l5,484,392 
 
 1817 to 1822, or six years, at 10 per cent., on 14,553,000= 8,731,800 
 
 1823 to 1832, or ten years, at 8 per cent., on 14,553,000= 11,164,240 
 
 And in bonuses, £17,318,070 — total, £52,698,502. That is, on an average, 
 £1,505,670 per annum. Its expenses in 1831 were £339,400, which is some- 
 what less than three-tenths of the sum divided, viz., £1,164,240. — Macculloch’ s 
 Dictionary . 
 
 Steam Power in Dundee. — The amount of steam power applied to spin- 
 ning, in this town, had now risen from 63 horse-power in 1808 to 648, besides 
 157 applied to other purposes, making a total of 805, as per following state- 
 ment from Daily Argus , 17th July 1860 : — 
 
 William Boyack, 66 
 
 J. & W. Brown, 58 
 
 Baxter Bro s - & Co., 58 
 Chalmers & Hackney 56 
 
 John Brown, 36 
 
 Peter Kinmond, 50 
 
 Andrew Brown, 30 
 
 A.&D. Edward & Co. 30 
 
 Bell & Balfour, 26 
 
 Daniel Duff, machinemakers, 20 
 
 Dundee Foundry Co., do., 14 
 
 James Taylor, do., 6 
 
 Umpherston & Kerr, do., 3 
 
 Robert Sandiman, calender, 16 
 
 Turnbull & Co., do., 14 
 
 William Gray, 
 
 John Halley, 
 
 Wylie & Johnstone,. 
 
 David Lindsay, 
 
 Alexander Milne,.... 
 
 James Forbes, 
 
 Alexander Dick, 
 
 John Crichton & Co., 
 
 25 
 
 John Sharp, 
 
 10 
 
 20 
 
 John Preston, 
 
 12 
 
 20 
 
 James Low, 
 
 10 
 
 20 
 
 Brown & Allan, 
 
 10 
 
 20 
 
 John Gray, 
 
 9 
 
 16 
 
 James Carmichael,... 
 
 7 
 
 16 
 
 Robert Thornton,.... 
 
 6 
 
 16 
 
 William Halley, 
 
 4 
 
 13 
 
 James Hynd, 
 
 4 
 
 William Shaw, 
 
 do.. 
 
 William Morton,. 
 
 J. & C. Carmichael, foundry, 8 
 
 Peter Borrie, do., 6 
 
 David Cumming, smith, 2 
 
 Charles Clark, flour mills, 30 
 
 Wm. Kirkland & Son, saw mill,... 14 
 
 John Anderson, bone mill, 12 
 
 6 Dundee Sugar Refining Co., 6 
 
Banking Memoranda for 1831 — (Continued). 369 
 
 Robbery of a Bank. — The Virginia Street Office of J. & R. Watson, 
 Glasgow, was robbed by a gang of London thieves, on Sunday 26tli December, 
 who escaped with their booty ; but one of them, named William Heath, was 
 afterwards captured, tried, and executed. While under sentence of death, this 
 villain confessed that he had nearly committed murder. One Sunday before 
 the robbery, he was within the Bank trying the false keys, and one of the 
 gentlemen of the Bank happened to come in unexpectedly. The robber had 
 only time to glide behind a door which stood ajar. He saw the gentleman sit 
 down, read a letter, and afterwards go out. The robber had a drawn dagger 
 in his hand, and declared that, if the gentleman had discovered him, he would 
 at once have stabbed him to the heart. — Banking in Glasgow. 
 
 Commercial Bank of Scotland. — This Bank was now incorporated by 
 Royal Charter, but without limiting the responsibility of the proprietors, after 
 which the distinction of shares ceased, and the portions of the capital have 
 been held and transferred as portions of stock. The chief reason alleged for 
 granting this royal favour, and thus deviating from what was understood to 
 have been a mature resolution of the Government, is somewhat startling — 
 
 “ particularly that the said Company has existed and carried on business for 
 so many years, and was the first which, after the lapse of upwards of half a 
 century, had been established on the principle of a joint-stock society extending 
 over the whole of Scotland, during which period the agriculture, manufactures, 
 and commerce of the country had greatly improved and increased, and a new 
 institution of the kind becomes thereby useful and necessary.” This clause of 
 the Charter, a transcript, of course, of a clause in the Bank’s petition for one, is 
 evidently carefully written in such a way as to suggest two or three .things, which, 
 first of all, are apparently assumed to be good reasons for granting a Charter, 
 but without actually asserting that these things are true. It insinuates, without 
 declaring it, that this Company was the first joint-stock Bank established after 
 the British Linen Company ; but, of course, it was known that there had been 
 a good many such formed, from the date of the Dundee Banking Company in 
 1763 downwards, and several of which still existed. It insinuates, without 
 asserting it, that this was a joint-stock Bank, the proprietors of which were so 
 numerous and so thoroughly scattered all over Scotland, as to give the Com- 
 pany a sort of national character, and therefore worthy of royal patronage ; 
 but, of course, its capital of £600,000 was not intended for, as it afforded no 
 scope for the inhabitants of the country generally to procure and hold shares 
 of it. Or, it insinuates, without asserting it, that this Bank facilitated the 
 money transactions of so large a portion of the inhabitants of this part of the [ 
 kingdom, that the adding dignity to this Bank would be benefitting the country j 
 at large ; but, of course, the Bank’s thirty-one Branches, at that time opened, j 
 could not assist all Scotland, and all of them that transacted any amount of ; 
 business worth noticing were set up in places where local Banks, or Branches j 
 of other Banks, had long been established, and they did but enter into com- j 
 petition with these for a share of the public favours. When Jones Lloyd 
 stated his objections to joint-stock Banks (see 1832), he had apparently not : 
 thought of this evil connected with them, that from the extent of their busi- \ 
 ness, and the number of the partners, it becomes advisable to employ gentlemen j 
 
370 Banking Memoranda for 1831 — ( Continued). 
 
 of the law to do many things for them, which, of course, will therefore not 
 be done in the spirit of a banker, but in that of a lawyer, which are as different 
 as can well be imagined. The former, while as desirous perhaps of a large 
 and lucrative business as any of his reasonable neighbours, is content to acquire 
 it, if at all, quietly and gradually by his being ever known to act on the prin- 
 ciple and advice expressed in the motto of our ancient and loyal burgh, 
 Prudentid et Candore ; but the latter glories in shewing his cleverness by stuffing 
 his process with all manner of possible and impossible assertions, and with 
 every sort of plausible, though it may be incongruous arguments, in the hope 
 that perhaps, by a lucky chance, some one or other of them may seem to the 
 judge to have a measure of cogency in it. It is impossible to divine why the 
 Government should not have granted charters to such highly respectable estab- 
 lishments as the Commercial Bank of Scotland and the National Bank of 
 Scotland, on the simple ground that they wished them to protect themselves 
 from the injurious operation of a rule which the Court of Session had estab- 
 lished, viz., that the executors of deceased parties, and the trustees on bankrupt 
 estates, should keep their funds in the hands of a Chartered Bank. It was to 
 effect this in favour of all Banks in Scotland, that the clause for incorporating 
 Banks was introduced into the Amended Companies Act of 1843. 
 
 National Bank of Scotland — Which was established in 1825, with a 
 capital of £500^000, also obtained a Royal Charter of the same nature as that 
 granted to the Commercial Bank of Scotland. A Branch of this Bank was 
 opened in Inverary. 
 
 Arbroath Bank. — Chief items of the Balance Sheet of the Head Office, 
 15 th June 18*31 : — 
 
 Dr. Circulation, £18,267 
 
 Deposits...... 82,683 
 
 Capital, 60,000 
 
 Cr. Bills Receivable, £105,303 
 
 Cash Accounts, 14,042 
 
 Current Accounts, Dr., ... 4, 1 76 
 
 Total Bills discounted during the year, No. 2,697, £314,719. 
 
 Dundee Commercial Bank. — Its profits at the Balance, on 30th June 1831, 
 were £6,548, 6s. 8d., of which £5,000 (= £10 on 500 shares) was divided, 
 and £1,548, 6s. 8d. carried to Dependancies. Its Circulation was £27,778 ; the 
 total Bills discounted during the year was No. 10,532, £1,193,393 ; and the 
 market price of the £100 share was £150. 
 
 Dundee Union Bank. — Its profits at the Balance, on 31st March 1831, were 
 £7,786, of which £4,440 (=£10 on 444 shares, the £500 shares being now 
 divided into 3 of £166, 13s. 4d., having £100 paid up thereon) was divided, 
 and £3,346 carried to Dependancies. Its Circulation was £81,139, Is. 
 
 Glasgow Union Bank. — Branches were opened in Ayr, Moffat, and 
 Strathearn. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 To the PUBLIC, as per following Statement, 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £18,505 0 0 
 
 „ 110 168 0 0 
 
 ,, 2 0 0 214 0 0 
 
 „ 5 0 0 6,205 0 0 
 
 „ 20 0 0 3,840 0 0 
 
 £ 28,932 
 
 For MONEY DEPOSITED, as follows 
 
 On 2, 256 Interest Receipts, £255,139 5 2 
 
 On 397 Current Accounts, . . 203,353 5 7 
 
 On 24 Cash Accounts, Cr., 23,593 15 6 
 
 Interest due thereon, 9,336 13 10 
 
 491,423 
 
 For SUNDRY ACCOUNTS, Cr., 184 
 
 For Balance due London Agents, 3,886 
 
 [70 
 
 £524,425 11 4 
 
 0 0 
 
 0 1 
 6 10 
 4 5 
 
 £524,425 11 4 
 
 To the PARTNERS of the Company, as per following Statement, 31,551 8 3 
 
 For CAPITAL paid up, £150 on 168 shares, £25,200 0 0 
 
 For Dependancies, Cr. , 3,601 8 3 
 
 For Rebate on Bills, 800 0 0 
 
 For Portion of past year’s PROFITS, set aside for 
 
 a Dividend of £12, 10s. on 156 shares, 1,950 0 0 
 
 Profit and Loss — 
 
 By Discounts received (+ former Rebate),. £ 8,202 9 9 
 
 Interest received, 15,025 15 1 
 
 £23,228 4 10 
 
 Off Interest paid, 14,563 8 10 
 
 £8,664 16 0 
 
 To Rebate on Bills, £ 800 0 0 
 
 Expense of Management, . . 2,031 10 4 2,831 10 4 
 
 By Nett Profit, £5,833 5 8 
 
 To Dependancies, carried to Cr. of, 3,883 5 8 
 
 £1,950 0 0 £31,551 8 3 
 
 TOTAL LIABILITIES of the Bank, £555,976 19 7 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £2, 300, 000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 2,995 
 
 1,551 
 
 £428,315 9 5 
 233,285 5 5 
 
 £5,879 3 2 
 1,538 6 7 
 
 Bills of Exchange, 
 
 Totals, 
 
 4,546 
 
 £661,600 14 10 
 
 £7,417 9 9 
 
 
 Total payments through Edinburgh Agents, £373,000 (of this for the Bank’s Notes retired, 
 £ ) ; and through London Agents, £300,000. 
 
70] 
 
 20th FEBRUARY 1833. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 3,186 12 
 
 INVESTMENTS, as per following Statement, 535,974 14 
 
 Cash Accounts, in number 69, £ 47,155 19 2 
 
 Heritable Bonds, 231,911 2 6 
 
 Bills Discounted, i.e., due in Scotland, 159,625 6 6 
 
 Bills of Exchange, i.e., due in London, 32,052 10 9 
 
 Outstanding Bills, 4,216 6 7 
 
 Exchequer Bills, £18,000, 18,849 12 6 
 
 Bank of England Stock, £19,300 at 2074, 40,066 19 0 
 
 Shares of the Bank (twelve), 2,096 17 2 
 
 £535,974 14 2 
 
 8 
 
 2 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH at call and on hand, as per following Statement, 
 
 At call, Edinburgh Agents, 
 
 On hand, as follows, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £6,389 4 0 
 1,872 10 6 
 111 7 6 
 0 1 6 
 
 £6,793 8 1 
 8,373 3 6 
 
 1,649 1 
 
 15,166 11 
 
 £8,373 3 6 £15,166 11 7 
 
 2 
 
 7 
 
 TOTAL ASSETS of the Bank, 
 
 £555,976 19 7 
 
374 Banking Memoranda for 1832. 
 
 Currency, Prices, &c., in 1832. — Peace : Gold at par ; Bank of England 
 Circulation (end of February) £18,051,710, and Deposits £8,937,170 = total 
 liabilities £26,988,880 — Bullion £8,217,050, and Securities £24,333,490 = 
 total assets £29,626,640, making the Pest £2,637,760 ; Consols 81 J to 85, and 
 Bank stock 185J to 208 ; Public Revenue £54,161,517 ; wheat per quarter, in 
 London, 52s. 5d. to 63s. 5d., and in Edinburgh, 57s. 4d. — oatmeal per boll 
 17s. 6d. ; bankruptcies in England 1,365 ; Bank of England’s minimum rate 
 of discount 5 per cent., Bill Brokers’ rates 4 per cent., February 3J, March 3^, 
 July 3, October 2f, and Scotch Banks’ deposit rate 3 per cent. 
 
 The Reform Money Crisis. — The excitement about Reform rose so high 
 that one of the parties, as a means of obtaining the object it had in view, strove 
 hard to get up a run on the Bank for gold, which partially took effect. 
 
 Joint-Stock Banks. — The House of Commons enquired respecting the 
 Bank, and its benefit to the country, in reference to a renewal of its Charter. 
 The political excitement was too great to permit of this enquiry being impartial 
 and complete. Evidence was led chiefly as to the rules by which the Bank 
 regulated its issues ; whether the Bank should, from time to time, publish a 
 statement of its position ; as to the benefit oi» otherwise of there being Joint- 
 stock Banks in London ; as to the advantage of there being one or more addi- 
 tional Banks of issue in London ; the causes of the money crisis of 1825 ; and 
 whether Bank of England Notes should be permanently made legal tender or not. 
 Jones Lloyd, the banker, made the following declaration of opinion : — “I think 
 that Joint-stock Banks are deficient in everything requisite for the conduct of 
 banking business, except extended responsibility.” 
 
 Commercial Bank of Scotland. — Branches were opened in Biggar, Blair- 
 gowrie, Callander, Colinsburgh, and Hamilton. 
 
 National Bank. — Branches were opened in Anstruther, Falkirk, and 
 
 Stirling. 
 
 Arbroath Bank. — Chief items of the Balance Sheet of the Head Office, 
 15th June 1832 : — 
 
 Dr. Circulation, £19,895 
 
 Deposits, 88,451 
 
 Capital, 60,000 
 
 By Bills Receivable, £94,307 
 
 Cash Accounts, 1 0, 685 
 
 Current Accounts, Dr., 4,315 
 
 Total Bills discounted during the year, No. 3,312, £283,393. 
 
 Dundee Commercial Bank. — Its profits at the Balance, on 30th June 1832, 
 were £6,637, 11s. lid., of which £5,000 (=£10 on 500 shares) was divided, 
 and £1,637^ 11s. lid. carried to Dependancies. Its Circulation was £24,277 ; 
 the total Bills discounted during the year was No. 9,266, £1,001,579 ; and the 
 market price of the £100 share was £145. 
 
 Dundee Union Bank. — Its profits at the Balance, on 31st March 1832, were 
 £6,850, 17s. 5d., of which £4,450 (=£10 on 445 shares) was divided, and 
 £2,400, 17s. 5d. carried to Dependancies. Its Circulation was £86,652, 18s. 
 
 John Maberly, M.P., & Co. — This manufacturing and banking firm failed. 
 
 J. & R. Watson, Glasgow. — These private bankers, of 1793, failed. 
 
 Western Bank of Scotland. — In July, a Bank under this title, having 
 471 partners, and a capital of £600,000 — afterwards £1,708,000, was estab- 
 lished in Glasgow. Alas for the credit of Scotch sobriety in banking matters ! 
 
Banking Memoranda for 1832 — ( Continued). 
 
 375 
 
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 Profit and Loss — Interest set aside last year, with Discounts and Interest received this, less Interest paid and due = Gross Profits, £4,768, 12s. 2d., 
 which less Expense of Management (Notes, £62, 15s. Id. ; Head Office, £1,107, 6s. 6d. ; Branches, £418, 10s. 7d. ; London Agents, £130; Edin- 
 burgh Agents, £160) = Nett Profits, £2,890, which (=£170 per share) was added to the Capital. 
 
 * Bills at Head Office consisted of — 951 Dundee Bills, £114,289, 7s. 2d. ; 81 London, £36,000, 4s. 3d. ; 6 Edinburgh and Glasgow, 
 £1,090, 7s. 8d. ; and 23 Country, £2,019, 14s. 3d. 
 
Dr. THE DUNDEE BANKING COMPANY. 
 
 
 
 [71 
 
 To the PUBLIC, as per following Statement, 
 
 
 
 
 ..£589,906 
 
 11 
 
 4 
 
 For NOTES in circulation, as follows : — 
 
 
 
 
 
 
 
 Notes of £10 0 £17,012 
 
 0 
 
 0 
 
 
 
 
 
 ,, 5 0 0 5,575 
 
 0 
 
 0 
 
 
 
 
 
 „ 20 0 0 3,880 
 
 0 
 
 0 
 
 
 ' 
 
 
 
 — 
 
 
 — £26,467 
 
 0 
 
 0 
 
 
 
 For MONEY DEPOSITED, as follows 
 
 
 
 
 
 
 
 On 2,458 Interest Receipts, £276,086 
 
 2 
 
 9 
 
 
 
 
 
 On 387 Current Accounts, 243,203 
 
 10 
 
 8 
 
 
 
 
 
 On 20 Cash Accounts, Cr., 33,635 
 
 0 
 
 10 
 
 
 
 
 
 Interest due thereon, 1 0, 27 7 
 
 11 
 
 8 
 
 
 
 
 
 
 
 563,202 
 
 5 
 
 11 
 
 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 
 237 
 
 5 
 
 5 
 
 
 
 
 
 £589,906 
 
 11 
 
 4 
 
 
 
 To the PARTNERS of the Company, as per following Statement, 25,900 
 
 0 
 
 0 
 
 For CAPITAL paid up, £150 on 168 shares,. . 
 
 
 .... £25,200 
 
 0 
 
 0 
 
 
 
 For Rebate on Bills, 
 
 
 700 
 
 0 
 
 0 
 
 
 
 Profit and Loss — 
 
 
 
 
 
 
 
 By Discounts received ( + former Rebate),. £ 6,720 
 
 15 
 
 3 
 
 
 
 
 
 Interest received, 15,595 
 
 10 
 
 0 
 
 
 
 
 
 £22,316 
 
 5 
 
 3 
 
 
 
 
 
 Off Interest paid, 15,816 
 
 5 
 
 5 
 
 
 
 
 
 £6,499 
 
 19 
 
 10 
 
 
 
 
 
 To Rebate on Bills, £ 700 0 0 
 
 
 
 
 
 
 
 Expense of Management, . . 2,093 14 3 2,793 
 
 14 
 
 3 
 
 
 
 
 
 By Nett Profit, £3,706 
 
 5 
 
 7 
 
 
 
 
 
 By Rise on Bank of England 
 
 
 
 
 
 
 
 Stock, £3,562, 2s. 6d., 
 
 
 
 
 
 
 
 less Fall on Exchequer 
 
 
 
 
 
 
 
 Bills, £336, 1 7s. 6d. , . . . . £3, 225 5 0 
 
 
 
 
 
 
 
 Profit on an Annuity, 300 0 0 
 
 
 
 
 
 
 
 £5 Notes of 1784 not pre- 
 
 
 
 
 
 
 
 sented, 40 0 0 
 
 
 
 
 
 
 
 £0, 5s. Od. Notes do., 40 0 0 3,605 
 
 5 
 
 0 
 
 
 
 
 
 By Total Profit on hand, £7,311 
 
 10 
 
 7 
 
 
 
 
 
 To Dependancies, carried to Cr. of, 7,311 
 
 10 
 
 7 
 
 
 
 
 
 
 
 £25,900 
 
 0 
 
 0 
 
 
 
 TOTAL LIABILITIES of the Bank, 
 
 
 
 
 .£615,806 
 
 11 
 
 4 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £1,970,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Discounted, 
 
 2,446 
 
 971 
 
 £370,383 19 10 
 145,564 6 0 
 
 £5,123 15 9 
 
 796 19 6 
 
 Bills of Exchange, 
 
 Totals, 
 
 3,417 
 
 £515,948 5 10 
 
 £5,920 15 3 
 
 
 Total payments through Edinburgh Agents, £304,000 (of this for the Bank’s Notes retired, 
 £ ) ; and through London Agents, £430,000. 
 
 
71] 
 
 20th FEBRUARY 1834. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 3,204 2 
 
 INVESTMENTS, as per following Statement, 578,578 10 
 
 Cash Accounts, in number 69, £ 44,770 
 
 Heritable Bonds, 245,694 
 
 Bills Discounted, i.e., due in Scotland 
 
 Bills of Exchange, i.e., due in London, 17,268 
 
 Outstanding Bills, 5,161 
 
 New per Cents, £71,500 at 97|, 69,975 
 
 Consols, £35,000 at 89 J, 31,212 10 
 
 Bank of England Stock, £9, 300 at 2 1 7, 20, 1 8 1 
 
 Shares of the Bank (fourteen), 2,436 17 
 
 Dependancies, 9, 591 
 
 ,.£ 44,770 
 
 6 
 
 9 
 
 . 245,694 
 
 8 
 
 11 
 
 . 132,286 
 
 14 
 
 2 
 
 . 17,268 
 
 3 
 
 6 
 
 5,161 
 
 19 
 
 9 
 
 . 69,975 
 
 0 
 
 0 
 
 .. 31,212 
 
 10 
 
 0 
 
 .. 20,181 
 
 0 
 
 0 
 
 .. 2,436 
 
 17 
 
 2 
 
 9,591 
 
 10 
 
 3 
 
 £578, 578 
 
 10 
 
 6 
 
 SUNDRY ACCOUNTS, Dr., 2,653 
 
 CASH at call and on hand, as per following Statement, 31,370 
 
 At call, Edinburgh Agents, £ 6,297 7 8 
 
 Do., London do., 17,452 1 5 
 
 17 
 
 1 
 
 On hand, as follows, 7,620 12 2 
 
 Mixed Notes, £5,015 13 0 
 
 Gold, 1,879 7 0 
 
 Silver, 725 9 0 
 
 Copper, 0 3 2 
 
 £7,620 12 2 £31,370 1 3 
 
 TOTAL ASSETS of the Bank, £615,806 11 4 
 
378 Banking Memoranda for 1833. 
 
 Currency, Prices, &c., in 1833. — Peace: Gold at par; Bank of England 
 Circulation (end of February) £19,372,000, and Deposits £12,455,000 = total 
 liabilities £31,827,000 — Bullion £10,205,000, and Securities £23,850,000 = total 
 assets £34,055,000, making the Rest £2,228,000 ; Scotch Banks’ average Cir- 
 culation £3,107,183; Consols 85f to 90, and Bank stock 192 to 213^; Public 
 Revenue £52,071,842 ; wheat per quarter, in London, 50s. 2d. to 55s. 4d., and 
 in Edinburgh, 49s. — oatmeal per boll 13s. 9d. ; bankruptcies in England 1,020 ; 
 Bank of England’s minimum rate of discount 4 per cent., Bill Brokers’ rates 
 2f per cent., February 2^, March 2^, May 2-^, September 3, November 3^ ; 
 Scotch Banks’ deposit rate 3 per cent. 
 
 Bank of England Charter. — By the Act 3 and 4 Will. IV., c. 98, the 
 Bank’s Charter was renewed for ten years from 1st August 1834. The chief 
 points of novelty in it were — Joint-stock Banks in London were declared legal, 
 provided they did not issue Notes ; Bank of England Notes to be a legal tender 
 as long as the Bank was paying them in gold ; the Bank to publish a weekly 
 statement of its accounts. 
 
 Usury Laws Relaxed. — One clause in the Bank Charter Act provides for 
 the abrogation of the Usury Laws, so far as Bills of three months currency were 
 concerned. The full abrogation of these laws did not take place till 1854. 
 
 Bank of Scotland. — Branches were opened in Dundee, Dunse, and Lauder. 
 
 British Linen Co. — B ranches were opened in Aberdeen, Leith, and Melrose. 
 
 Commercial Bank of Scotland. — Branches were opened in Dunbar, Eye- 
 mouth, Melrose, and Newburgh. 
 
 National Bank of Scotland. — Branches were opened in Aberdeen, Dun- 
 dee, Forres, Hawick, and Kelso. 
 
 Cr. Bills Receivable, £87,743 
 
 Cash Accounts, 13,677 
 
 Current Accounts, Dr., 8,007 
 
 Aberdeen Commercial Bank. — This Bank, established in 1778, was 
 amalgamated with the National Bank of Scotland. 
 
 Arbroath Bank. — Chief items of the Balance Sheet of the Head Office, 
 15 th June 1833 : — 
 
 Dr. Circulation, £18,107 
 
 Deposits, 83,840 
 
 Capital, 60,000 
 
 Total Bills discounted during the year, No. 3,150, £258,367. 
 
 Ayrshire Bank. — A Branch was opened in Cumnock. 
 
 Dundee Commercial Bank. — Its profits at the Balance, on 29th June 1833, 
 were £6,514, 9s. 3d., of which £3,500 (=£7 on 500 shares) was divided, and 
 £3,014, 9s. 3d. carried to Dependancies. Its Circulation was £21,991 ; the 
 total Bills discounted during the year was No. 9,516, £1,021,121 ; and the 
 market price of its £100 share was £140. 
 
 Dundee Union Bank. — Its profits at the Balance, on 31st March 1833, were 
 £7,962, 13s. 4d., of which £3,560 (=£8 on 445 shares) was divided, and 
 £4,402, 13s. 4d. carried to Dependancies. Its Circulation was £90,834, Is. 
 
 Glasgow Union Bank. — Branches were opened in Alloa, Kincardine, 
 Auchtermuchty, Port Glasgow, Lochgilphead, and Paisley. 
 
 Western Bank of Scotland. — Branches were opened in Edinburgh, Alloa, 
 Blairgowrie, Coupar Angus, Hamilton, Lockerby, and Paisley. 
 
Dr. THE DUNDEE BANKING COMPANY. 
 
 To the PUBLIC, as per following Statement, £518,327 13 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £19,707 0 0 
 
 „ 5 0 0 7,165 0 0 
 
 „ 20 0 0 5,220 0 0 
 
 £ 32,092 0 0 
 
 For MONEY DEPOSITED, as follows 
 
 On 2,380 Interest Receipts, £227,746 10 4 
 
 On 386 Current Accounts, 230,605 8 11 
 
 On 20 Cash Accounts, Cr., 19,096 16 7 
 
 Interest due thereon, 8, 656 5 6 
 
 486,105 1 4 
 
 For SUNDRY ACCOUNTS, Cr., 130 12 1 
 
 £518,327 13 5 
 
 [7: 
 
 o 
 
 To the PARTNERS of the Company, as per following Statement, 28,480 0 0 
 
 For CAPITAL paid up, £150 on 168 shares, £25,200 0 0 
 
 For Rebate on Bills, 1,000 0 0 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £15 on 152 shares, 2,280 0 
 
 Pjrofit and Loss — 
 
 By Discounts received ( -t- former Rebate), .£ 7,595 17 7 
 Interest received, 15,431 10 1 
 
 £23,027 7 8 
 
 Off Interest paid, 14, 180 3 8 
 
 To Rebate on Bills, £1,000 0 
 
 Expense of Management, . . 2,077 7 
 
 £8,847 4 0 
 
 5 3,077 7 5 
 
 By Nett Profit, £5,769 16 7 
 
 Rise on Consols, £1,075 0 0 
 
 Do. on 34 per Cents, 1,299 17 6 
 
 Do. on Bank of England 
 
 Stock, 639 3 0 
 
 Do. on Dutch 5 per Cents, 940 18 9 3,954 19 3 
 
 By Total Profit on hand, £9,724 15 10 
 
 To Dependancies, carried to Cr. of, 7,444 15 10 
 
 £2,280 0 0 £28,480 0 0 
 
 TOTAL LIABILITIES of the Bank,. 
 
 .£546,807 13 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2,130,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Bills Discounted,. . 
 Bills of Exchange, 
 
 Totals, 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 3,011 
 
 720 
 
 £433,715 14 1 
 119,502 1 2 
 
 £6,182 1 0 
 
 713 16 7 
 
 3,731 
 
 £553,217 15 3 
 
 £6,895 17 7 
 
 Total payments through Edinburgh Agents, £356,000 (of this for the Bank’s Notes 
 retired, £ ) ; and through London Agents, £243,000. 
 
72] 
 
 20th FEBRUARY 1835. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 3,204 
 
 INVESTMENTS, as per following Statement, 501,595 
 
 Cash Accounts, in number 74, £ 57,931 18 2 
 
 Heritable Bonds, 187,408 5 5 
 
 Bills Discounted, i.e., due in Scotland, 159,164 2 8 
 
 Bills of Exchange, i.e., due in London, 15,842 17 9 
 
 Outstanding Bills, 6,711 7 4 
 
 New 3| per Cents, 56,500 0 0 
 
 Bank of England Stock, 10,752 0 0 
 
 Shares of the Bank (sixteen), 2,776 17 2 
 
 Dependancies, 4,507 17 8 
 
 £501,595 6 2 
 
 2 1 
 6 2 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH at call and on hand, as per following Statement, 
 
 At call, Edinburgh Agents, 
 
 Do., London do., 
 
 At Head Office, Dundee, as follows, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £10,607 8 1 
 
 19,143 8 5 
 
 10,858 17 1 
 
 £8,998 13 0 
 1,386 17 6 
 472 18 6 
 0 8 1 
 
 1,398 11 
 40,609 13 
 
 £10,858 17 1 £40,609 13 7 
 
 7 
 
 7 
 
 TOTAL ASSETS of the Bank, 
 
 £546,807 13 5 
 
 1834. July 24. — The Bank’s Edinburgh Agents, Kinnears Smiths & Co., suspended pay- 
 ment, owing the Bank about £6,000. They paid their creditors a composition of 11s. per £1. 
 
382 
 
 Banking Memoranda for 1834. 
 
 Currency, Prices, &c., in 1834. — Peace: Gold at par; Bank of England 
 Circulation (end of February) £19,050,000, and Deposits £13,087,000 = total 
 liabilities £32,137,000 — Bullion £9,225,000, and Securities £25,212,000 = total 
 assets £34,437,000, making the Rest = £2,300,000 ; Scotch Banks’ average 
 Circulation £3,111,348; Consols 87^ to 93, and Bank stock 211 to 225^; 
 Public Revenue £52,837,839 ; wheat per quarter, in London, 41s. to 49s. 3d., 
 and in Edinburgh, 48s. — oatmeal per boll 12s. lid. ; bankruptcies 1,101 ; Bank 
 of England’s minimum rate of discount 4 per cent., Bill Brokers’ rates 3J per 
 cent., February 3, March 2J, April 3, May 3^, September 4, October 3 j ; and 
 Scotch Banks’ deposit rates 3 per cent., IGth May 2\. 
 
 Commercial Bank of Scotland. — A Branch was opened in Gatehouse. 
 
 Arbroath Bank. — Chief items of the Balance Sheet of the Head Office, 
 15th June 1834 : — 
 
 Dr. Circulation, £15,388 
 
 Deposits, 92,717 
 
 Capital, 60,000 
 
 Total Bills discounted during the year, No. 2,805, £257,017. 
 
 Berwick Bank. — A Branch was opened in Alnwick. 
 
 Central Bank of Scotland. — In May a Bank under this title, having 405 
 partners, and a capital of £78,125, was established in Perth. 
 
 Dundee Commercial Bank. — Its profits at the Balance, on 30th June 1834, 
 were £5,828, Is. 9d., of which £4,000 ( = £8 on 500 shares) was divided, and 
 £1,828, Is. 9d. carried to Dependancies. The total of Bills discounted during 
 the year was No. 9,395, £1,064,454; and the market price of the £100 share 
 was £140. 
 
 Dundee Union Bank. — Chief items of the Balance Sheet on 31st March 1834: 
 
 Cr. Bills Receivable, £87,005 
 
 Cash Accounts, 12,823 
 
 Current Accounts, Dr., 7,636 
 
 Dr. Circulation, £ 80,822 
 
 Deposits — Head Office,.... 264,492 
 
 Do. — Branches, 285,239 
 
 Capital, 48,400 
 
 Cr. Bills— H d - Office, Local,... £235, 121 
 
 Do. do., London, 
 Do. Branches, Local,... 
 Cash Accounts, H d * Office,.. 
 
 Do. Branches' .. 
 
 Current Ac ts ’ Dr., H d Office, 
 Do., Branches, 
 
 70,154 
 92,533 
 82,305 
 51,352 
 6,743 
 11,061 
 
 Its profits were £8,078, 18s. 2d., of which £3,870 (=£8 on 484 shares) was 
 divided, and £4,206, 18s. 2d. carried to Dependancies. 
 
 Western Bank. — A Branch was opened in Lochwinnoch. 
 
 Dundee. — The Trades’ Unions, which had for some time been getting 
 troublesome, now assumed, in the case of the weavers, a more bold and organized 
 position. On June 23 was issued, “Objects and Rules of the Dundee and 
 Lochee Factory Weavers’ Union.” On the appearance of these Objects and 
 Rules of the Union, as the result of many meetings of the weavers, the manu- 
 facturers issued the next day, as the result of many consultations on their 
 part, a handbill containing two resolutions — 1st. That after the 30th of the 
 month they would not employ any persons belonging to a Union. 2d. That 
 they shall require their workpeople to sign a declaration that they do not 
 belong to a Union. To which resolutions an apology is attached, founded on 
 the domineering spirit of the workmen. 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [73 
 
 To the PUBLIC, as per following Statement, £507,976 10 
 
 For N OTES in circulation, as follows : — 
 
 Notes of £10 0 £16,997 0 0 
 
 „ 5 0 0 9,715 0 0 
 
 „ 20 0 0 4,380 0 0 
 
 -£ 31,092 0 0 
 
 For MONEY DEPOSITED, as follows 
 In Dundee — 
 
 On 2, 189 Interest Receipts, £207,087 5 9 
 
 On 425 Current Accounts, 236,457 16 2 
 
 On 18 Cash Accounts, Cr., 15,615 9 11 
 
 Interest due thereon, 7,459 4 9 
 
 466,619 16 7 
 
 For SUNDRY ACCOUNTS, Cr., 318 9 11 
 
 For Balance due Edinburgh Agents, 9, 946 3 11 
 
 £507,976 10 5 
 
 1,810 
 
 2,460 
 
 0 
 
 To the PARTNERS of the Company, as per following Statement, 
 
 For CAPITAL paid up, £150 on 168 shares, £25,200 0 0 
 
 For Dependancies, Cr., 2,300 14 
 
 For Rebate on Bills, 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £15 on 164 shares, 
 
 Profit and Loss — 
 
 By Discounts received ( + former Rebate), . . £10, 903 2 11 
 
 Interest received, 12,278 18 7 
 
 £23, 182 1 6 
 
 Off Interest paid, 11,827 0 9 
 
 31,770 14 6 
 
 0 0 
 
 £11, 35o 
 
 To Rebate on Bills, £1,810 0 0 
 
 Expense of Management, . . 1,914 0 3 
 
 3,724 
 
 By Nett ordinary Profit, £7,631 0 6 
 
 Gain on an Annuity, 300 0 0 
 
 Do. on Bank Shares, 749 8 2 
 
 £8,680 8 8 
 
 To Fall on 3| per Cents, 675 5 0 
 
 By Total Profit on hand, £8,005 3 8 
 
 To Dependancies, carried to Cr. of, 5,545 3 8 
 
 £2,460 0 0 £31,770 14 6 
 
 TOTAL LIABILITIES of the Bank,, 
 
 .£539,747 4 11 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2,450,000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Bills Discounted, . 
 Bills of Exchange, 
 
 Totals, 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 3,291 
 
 954 
 
 £600,036 6 9 
 186,745 6 0 
 
 £8,449 0 0 
 1,454 2 11 
 
 4,245 
 
 £786,781 12 9 
 
 £9,903 2 11 
 
 Total payments through Edinburgh Agents, £439,000 (of this for the Bank’s Notes retired, 
 £ ) ; and through London Agents, £250, 000. 
 
 19 
 
73] 
 
 20th FEBRUARY 1836. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 
 
 INVESTMENTS, as per following Statement, 
 
 Cash Accounts, in number 76, £ 58,562 1 10 
 
 Heritable Bonds, 182,059 9 0 
 
 Bills Discounted, i.e., due in Scotland, 223,389 7 1 
 
 Bills of Exchange, i.e., due in London, 26,290 16 4 
 
 Outstanding Bills, 7,037 10 10 
 
 Exchequer Bills, 5, 126 7 6 
 
 Bank of England Stock, £4,800 at 224, 10,752 0 0 
 
 Shares of the Bank (four), 840 0 0 
 
 £514,057 12 7 
 
 3,204 2 
 
 514,057 12 
 
 1 
 
 7 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH at call and on hand, as per following Statement, 
 
 At call, London Agents, 
 
 On hand, as follows, 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £10,717 
 
 10,396 
 
 £9,083 16 0 
 1,237 10 6 
 73 14 6 
 1 0 10 
 
 5 1 
 1 10 
 
 1,372 
 
 21,113 
 
 £10,396 1 10 £21,113 6 11 
 
 3 4 
 
 6 11 
 
 TOTAL ASSETS of the Bank, 
 
 £539,747 4 11 
 
386 Banking Memoranda for 1835. 
 
 Currency, Prices, &c., in 1835. — Peace : Gold at par ; Bank of England 
 Circulation (end of February) £18,510,000, and Deposits £10,071,000 = total 
 liabilities £28,581,000 — Bullion £6,289,000, and Securities £24,895,000 = 
 total assets £31,184,000, making the llest £2,603,000 ; Public Revenue 
 £52,740,285; Consols 89^ to 92§, and Bank Stock 208 to 225; wheat per 
 quarter, in London, 36s. 8d. to 46s. Id., and in Edinburgh, 40s. 8d. — oatmeal 
 per boll 14s. 9d. ; bankruptcies in England, 1,032; Bank of England’s minimum 
 rate of discount 4 per cent., Bill Brokers’ rates 3f per cent, February 3^, 
 March 3J, April 3 j, June 4, August 3J-, September 3f ; and Scotch Banks’ 
 deposit rate 2^-. 
 
 Bank of Scotland. — Branches were opened in Fraserburgh and Montrose. 
 
 British Linen Company. — Branches were opened in Fort- William and 
 Kingussie. 
 
 Commercial Bank of Scotland. — Branches were opened in Cromarty, 
 Dumbarton, and Perth. 
 
 National Bank of Scotland. — A Branch was opened in Perth. 
 
 Aberdeen Bank. — A Branch was opened in Inverary. 
 
 Aberdeen Town and County Bank. — Branches were opened in Thurso 
 and Wick. 
 
 Arbroath Bank. — Chief items of the Balance Sheet of the Head Office, 
 15th June 1835 : — 
 
 Dr. Circulation, £16,512 
 
 Deposits, 99,563 
 
 Capital, 60,000 
 
 Cr. Bills Receivable, £95,255 
 
 Cash Accounts, 12,805 
 
 Current Accounts, Dr...... 7,995 
 
 Total Bills discounted during the year, No. 2,691, £285,766. 
 
 Central Bank of Scotland. — Branches were opened in Aberfeldy, Auch- 
 terarder, Newburgh, and Pitloclirie. 
 
 Dundee Commercial Bank. — Its profits at the Balance on 30th June 1835 
 were £6,660, 4s. 10d., of which £4,000 (=£8 on 500 shares) was divided, and 
 £2,660, 4s. lOd. carried to Dependancies. The total of Bills discounted 
 during the year, No. 10,149, £1,248,984; and the market price of its £100 
 share £140. 
 
 Dundee Union Bank. — C hief items of the Balance Sheet, 31st March 
 1835 : — 
 
 Dr. Circulation, £ 87,382 By Bills, Head Office, Local, ...£243,057 
 
 Deposits, Head Office,... 223,276 Do., do., London, 70,111 
 
 Do., Branches, 303,314 Do., Branches, Local, 86,179 
 
 Capital, 47,500 Cash Accounts, Head Office, 66,710 
 
 Do., Branches,... 48,855 
 
 Current A cts - Dr., H d Office 4,902 
 
 Do. Branches, 7,409 
 
 Its profits were £9,245, 14s. 9d., of which £3,800 (=£8 on 475 shares) was 
 divided, and £5,445, 14s. 9d. carried to Dependancies. 
 
 Leith Bank. — A Branch was opened in Carlisle. 
 
Dr. THE DUNDEE BANKING COMPANY. [74 
 
 To the PUBLIC, as per following Statement, £472,353 14 5 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £17,053 0 0 
 
 „ 5 0 0 8,105 0 0 
 
 ,, 20 0 0 5,020 0 0 
 
 £ 30,178 0 0 
 
 For MONEY DEPOSITED, as follows 
 In Dundee — 
 
 On 2,017 Interest Receipts, £194,746 5 1 
 
 On 453 Current Accounts, 227,969 14 10 
 
 On 16 Cash Accounts, Cr., 5,397 10 11 
 
 Interest due thereon, 8,476 12 2 
 
 436,590 3 0 
 
 For SUNDRY ACCOUNTS, Cr., 112 0 11 
 
 For Balance due London Agents, 5,473 10 6 
 
 £472,353 14 5 
 
 To the PARTNERS of the Company, as per following Statement, 34,321 4 6 
 
 For CAPITAL paid up, £150 on 168 shares, £25,200 
 
 For Depen dancies, Cr. 5, 101 
 
 For Rebate on Bills, 1,500 
 
 For Portion of past year’s PROFITS, set aside for 
 
 a Dividend of £15 on 168 shares, 2,520 
 
 Profit and Loss — 
 
 By Discounts (+ former Rebate), £13,688 15 9 
 
 Interest received, 9,821 3 5 
 
 0 0 
 
 £23,509 19 2 
 
 Off Interest paid, 12,731 18 11 
 
 £10,778 0 3 
 
 To Rebate on Bills, £1,500 0 0 
 
 Expense of Management, . . 1,926 13 11 
 
 3,426 13 11 
 
 By Nett Profit, £7,351 6 4 
 
 To Dependancies, carried to Cr. of, 4,831 6 4 
 
 £2,520 0 0 £34,321 4 6 
 
 TOTAL LIABILITIES of the Bank,. 
 
 .£506,674 18 11 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2, 860, 000. 
 Total Transactions in Bills. 
 
 Class of Bills. 
 
 Number. 
 
 Amount. 
 
 Discount. 
 
 Bills Disp.fmntfid, 
 
 3,738 
 
 942 
 
 £740,661 13 3 
 206,212 3 1 
 
 £10,008 13 2 
 1,870 2 7 
 
 Bills of Exchange, 
 
 Totals, 
 
 4,680 
 
 £946,873 16 4 
 
 £11,878 15 9 
 
 
 Total payments through Edinburgh Agents, £415,000 (of this for the Bank’s Notes retired, 
 £ ) ; and through London Agents, £315,000. 
 
74] 
 
 20tii FEBRUARY 1837. 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, £ 3,204 2 
 
 INVESTMENTS, as per following Statement, 491,854 14 
 
 Cash Accounts, in number 70, £ 69,480 5 8 
 
 Heritable Bonds, 140,376 15 10 
 
 Bills Discounted, i.e., due in Scotland, 248,613 0 7 
 
 Bills of Exchange, i.e., due in London, 19,097 1 4 
 
 Outstanding Bills, 3, 535 11 2 
 
 Bank of England Stock, £4,800 at 224, 10,752 0 0 
 
 £491,854 14 7 
 
 1 
 
 7 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH at call and on hand, as per following Statement, 
 
 At call, Edinburgh Agents, £4,253 13 2 
 
 On hand, as follows, 6,051 2 4 
 
 Mixed Notes, 
 
 Gold, 
 
 Silver, 
 
 Copper, 
 
 £3,798 6 0 
 1,450 17 6 
 801 6 6 
 0 12 4 
 
 1,311 6 
 
 10,304 15 
 
 9 
 
 6 
 
 £6,051 2 4 £10,304 15 6 
 
 TOTAL ASSETS of the Bank, 
 
 £506,674 18 11 
 
390 Banking Memoranda for 1836. 
 
 Currency, Prices, &c., in 1836. — Peace: Gold at par; Bank of England 
 Circulation (end of February) £18,181,000, and Deposits £14,044,000 = total 
 liabilities £32,225,000 — Bullion £7,701,000, and Securities £27,368,000 = total 
 assets £35,155,000, making the Pest £2,930,000; Public Revenue £55,085,150; 
 Consols 86f to 92, and Bank Stock 199 to 219 ; wheat per quarter, in London, 
 36s. 5d. to 58s. 2d., and in Edinburgh, 33s. 6d — oatmeal per boll 15s. 6d. ; 
 bankruptcies in England 929 ; Bank of England’s minimum rates of discount 
 4 per cent., 21st July 4^, 1st September 5 ; Bill Brokers’ rates 3f, March 3^, 
 April 3J, June 4, August 4J, September 5, November 5J; and Scotch Banks’ 
 deposit rates 2\, 11th November 3. 
 
 Money Crisis. — The spirit of speculation which preceded the crisis of 
 1836-7, while as great as that which preceded the panic of 1825-6, was ex- 
 pended on quite a different class of objects. In the earlier case, it manifested 
 itself in a desire to purchase up, for redistribution at an enormous profit, every 
 home and foreign product, from milk and fish to cotton and silks. Now, Pro- 
 vincial Joint-stock Banks, which had been made legal as far back as J826, but 
 of which only 34 had been established up to the end of 1834, suddenly became 
 a favourite object of enterprise. Of these 26 new ones were established in 
 1835, and 42 more this year, making 102 in all, which, with their branches, 
 amounted to about 200 — three-fourths of them being Banks of issue — these 
 figures regarding England and Wales only, and therefore exclusive of 13 Joint- 
 stock Banks established in Ireland. The success of the first railways had also 
 raised a mania for projecting new lines, and as soon as projected, while as yet 
 no survey, and consequently no trustworthy estimate of their cost and return 
 could be made, shares in the proposed undertakings were bought and sold with 
 amazing celerity. Another important element in the evil that was brewing 
 was the great amount of bills, drawn by American importing houses, on credits 
 opened for them (latterly without security) by six commercial firms in Liverpool, 
 and three in London, whose acceptances of drafts, granted without value received, 
 sometimes it is said amounted to £16,000,000, while the capitals of all these 
 houses together did not exceed £2,500,000. These bills were for a time in great 
 favour with the Bill Brokers, as it was supposed they all represented goods 
 purchased in this country, and which could be transported to America and sold, 
 and returns obtained by the end of four months, at which date they were drawn. 
 Further, an immense amount of American securities, of very various sorts, had 
 been sent over to this country for sale, and, owing to the low rate of interest 
 here, had found a ready market, the produce of such sales causing large amounts 
 of specie and bullion to be sent to America. 
 
 — In May, the President of the Board of Trade (Poulett Thompson) called the 
 attention of the public to the excess of speculation that had been going on for a 
 year at least. Having kept a note of new advertised companies, he announced 
 that already their proposed capitals amounted to £200,000,000, but that they were 
 mostly projects got up by mere speculators, for the purpose of selling the shares 
 at any premium they could get, and then leaving the purchasers in the lurch. 
 
 — During this period, the Bank had failed to preserve its proposed proportion 
 of two-thirds Securities, and one-third Bullion, to the amount of its Liabilities, 
 thus : — 
 
Banking Memoranda for 1836 — ( Continued). 
 
 Liabilities. Securities. Bullion. 
 
 1st October 1833, £30,937,000 £22,640,000 £10,527,000 
 
 8.901.000 
 
 8.298.000 
 
 7.010.000 
 
 6.608.000 
 5,951,000 
 
 11th March 1834, 31,372,000 24,777,000 
 
 15th July 1834, 37,554,000 31,735,000 
 
 9th September 1834,... 31,058,000 26,643,000 
 
 13th January 1835,.... 33,071,000 29,165,000 
 
 5th May 1835, 29,417,000 26,179,000 
 
 By March 1836, its Bullion had recovered to £8,000,000, but in July it had 
 fallen again to £6,000,000, when, to stop this decline, the Bank raised its 
 discount rate to 4J per cent., but without effect. In August, it raised the rate 
 to 5 per cent., and refused to discount bills bearing the endorsations of any of 
 the Joint-stock Banks of issue. In autumn, symptoms of the coming storm 
 appeared. The alarm commenced in Ireland, when, on November 14, the 
 Agricultural and Commercial Bank, with its forty-five Branches, stopped pay- 
 ment, with liabilities of about £1,350,000 ; but it soon extended to the northern 
 parts of England, where the Northern and Central Bank of England (having 
 thirty-eight Branches) had to be assisted by the Bank of England to the extent 
 — first of £500,000, and then with £870,000 more. The precautions of the 
 other provincial Banks in England and Ireland led to a heavy withdrawal of 
 gold from the Bank, so that, at the end of November, while its liabilities were 
 still £30,941,000, its Bullion was only £3,840,000. 
 
 Aberdeen Bank. — A Branch was opened in Cullen. 
 
 Aberdeen Town and County Bank. — A Branch was opened in Ellon. 
 Arbroath Bank. — Chief items of the Balance Sheet of the Head Office, 
 15th June 1836 : — 
 
 Dr. Circulation, £ 20,237 
 
 Deposits,.... 105,655 
 
 Capital, 60,000 
 
 Total Bills discounted during the year, No. 2,679, £305,719. 
 
 Central Bank of Scotland. — A Branch was opened in Crieff. 
 
 Dundee Commercial Bank. — Chief items of its Balance Sheet, 30th June 
 1836 : — 
 
 Cr. Investments, as follows, ...£424,861 
 Bills Receivable, ....£340,978 
 
 Cash A cts - (70), 45,126 
 
 Curr fc - A cts - Dr. (117) 38,757 
 £424,861 
 
 Cashiers and Sub-Committee, 11,177 
 
 Sundry Accounts, Dr., 4,975 
 
 Expenses of Management,... 1,745 
 London Agents, due by them, 21,729 
 Specie and Mixed Notes, ... 7,290 
 
 £471,777 
 
 Cr. Bills Receivable, £100,283 
 
 Cash Accounts, 8,763 
 
 Current Accounts, Dr., ... 7,640 
 
 Dr. Circulation, 
 
 
 Deposits, 
 
 .... 338,845 
 
 Edinburgh and other 
 
 Agents, due to them, 
 
 ... 19,799 
 
 Sundry Accounts, Cr.,., 
 
 .... 2,389 
 
 Capital, 
 
 .... 50,000 
 
 Interest Account, 
 
 
 Dependancies, 
 
 
 £471,777 
 
 Its profits were £6,993, 17s. Id., of which £4,000 ( = £8 on 500 shares) was 
 divided, and £2,993, 17s. Id. carried to Dependancies. The total of Bills 
 discounted during the year was No. 9,745, £1,380,019 ; and the price of its 
 £100 share was £140. 
 
392 
 
 Banking Memoranda for 1836— ( Continued). 
 
 Dundee Union Bank. — Chief items of the Balance Sheet, 31st March 1836: 
 
 Dr. Circulation, £ 81,769 
 
 Deposits, Head Office, 253,731 
 
 Do., Branches, 299,838 
 
 Capital, 47,500 
 
 Cr. Bills, Head Office, Local, ..£261, 299 
 Do., Do., London, 87,822 
 Do., Branches, Local, .... 99,392 
 
 Cash Accounts, Head Office, 61,805 
 Do., Branches,... 47,650 
 Current A cts -> Dr., H d - Office, 6,558 
 Do., Branches, 6,967 
 
 Its profits were £10,008, 3s. 5d., of which £3,800 (=£8 on 475 shares) was 
 divided, and £6,208, 3s. 5d. carried to Dependancies. The total Bills 
 discounted during the year was — in Dundee, Local £952,515, and London 
 £487,543, in Arbroath £44,859, in Brechin £68,536, in Forfar £70,550, and 
 in Montrose £79,571 — whole amount £1,703,574. 
 
 Bank of Scotland. — Branches were opened in Airdrie, Greenock, and 
 Paisley. 
 
 Royal Bank of Scotland. — Branches were opened in Dundee, Dalkeith, 
 Greenock, Leith, Port Glasgow, and Rothsay. 
 
 British Linen Company. — Branches were opened in Balfron, Brechin, and 
 Nairn. 
 
 Commercial Bank of Scotland. — A Branch was opened in Leven. 
 
 National Bank of Scotland. — A Branch was opened in Stromness. 
 
 Glasgow and Ship Bank. — This Bank was established (see page 397). 
 
 Glasgow Union Bank. — Branches were opened in Beith, Neilston, 
 Stewarton, and Thornhill. 
 
 Leith Bank. — On 7th May, this Bank, established in 1793, was seques- 
 trated — its debts being £123,582 (whereof about £10,000 was for notes in 
 circulation), and whereon 13s. 4d. per £1 was paid. At one time this Bank 
 had a considerable business at Leith, and at Galashiels, Dalkeith, and Callander, 
 where they had good agencies. Their Branch at the latter place gave them 
 also some hold of the Highland district, and they had a pretty extensive note- 
 circulation there. They were in the practice of attending the Falkirk Trysts 
 and other fairs, with money, in a tent, as some of the Edinburgh Banks do yet. 
 The Leith Bank had also a Branch at Langholm, which turned out unfavour- 
 ably. They had another at Carlisle, and were consequently registered as an 
 English Bank . — Banking in Glasgow. 
 
 North of Scotland Bank. — A Bank under this title was established in 
 Aberdeen, having 1,418 partners and a capital of £200,000, afterwards in- 
 creased to £380,000. It opened Branches in Huntly, Peterhead, and Turriff. 
 
 Perth Union Bank. — This Bank, established in 1810, was amalgamated 
 with the National Bank of Scotland. 
 
 The Thistle Bank. — This Bank, established in 1761, was amalgamated 
 with the Glasgow Union Bank (afterwards the Union Bank of Scotland). 
 
 Western Bank of Scotland. — Branches were opened in Dumfries, Mussel- 
 burgh, and Portobello. 
 
Banking Memoranda for 1836 — ( Continued ). 
 
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Dr. THE DUNDEE BANKING COMPANY. [75 
 
 To the PUBLIC, as per following Statement, £445,052 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £16,747 0 0 
 
 „ 5 0 0 7,370 0 0 
 
 ,, 20 0 0 5,460 0 0 
 
 £29,577 0 0 
 
 For MONEY DEPOSITED, as follows 
 In Dundee — 
 
 On 2,009 Interest Receipts, £192,208 6 11 
 
 On 479 Current Accounts, 203,454 1 9 
 
 On 12 Cash Accounts, Cr., 7,135 8 6 
 
 Interest due thereon, 8,596 19 3 
 
 411,394 16 5 
 
 For SUNDRY ACCOUNTS, Cr.,. 255 4 8 
 
 For Balance due London Agents, 3, 825 5 3 
 
 £445,052 6 4 
 
 To tiie PARTNERS of the Company, as per following Statement, 28,720 
 
 For CAPITAL paid up, £150 on 168 shares,. £25,200 0 0 
 
 For Rebate on Bills, 1,000 0 0 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £15 on 168 shares, 2,520 0 0 
 
 Profit and Loss — 
 
 By Discounts (+ former Rebate), £10,167 2 5 
 
 Interest received, 12,359 13 6 
 
 £22,526 15 11 
 
 Off Interest paid, 13,592 2 10 
 
 £8,934 13 1 
 
 To Rebate on Bills, £1,000 0 0 
 
 Expense of Management, . . 1,898 4 11 2,898 4 11 
 
 By Nett Profit, £6,036 8 2 
 
 To Fall on Bank of England Stock, 1,052 0 0 
 
 By Total Profit on hand, £4,984 8 2 
 
 To Dependanoies, carried to Cr. of, 2,464 8 2 
 
 £2,520 0 0 £28,720 0 0 
 
 6 4 
 
 0 0 
 
 TOTAL LIABILITIES of the Bank, 
 
 £473,772 6 4 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2, 110, 000. Bills 
 Discounted, No. 3,846, £585,186, 6s. 3d. ; Discount, £8,667, 2s. 5d. Total payments through 
 Edinburgh Agents, £358,000 (of this for the Bank’s Notes retired, £ ) ; and through 
 
 London Agents, £ 1 60, 000. 
 
 In the Autumn of 1837 various circumstances tended to make the Directors weary of bear- 
 ing the burden of personally managing the business of the Bank, and to suggest the propriety 
 of obtaining the services of a professional banker, as Manager, who might be competent to 
 undertake the responsibility of superintending all the affairs of the Company, consulting the 
 Directors as to such matters only as were of unusual importance or difficulty. In conse- 
 quence, an application was made to Mr C. W. Boase, the managing partner of the Dundee 
 New Bank, requesting him to become the Manager of the Dundee Bank, and this proposal 
 led to the purchase by the latter Bank of the business of the former, that Mr Boase might 
 be free so to do. This arrangement took effect on the 31st January 1838, although the joint 
 business did not come under his care till the 13th March, his formal appointment being 
 enacted at the Annual General Meeting of Partners held on the 12th of that month, and 
 
75] 
 
 20tii FEBRUARY 1838. 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, £ 3,204 
 
 INVESTMENTS, as per following Statement, 449,493 
 
 Cash Accounts, in number 78, £ 93,195 13 
 
 Heritable Bonds, 1 1 5, 530 
 
 Bills Discounted, 148,824 
 
 Bank of England Stock, £4, 800 at 202, 
 
 Shares of the Bank (two), 
 
 Dependancies, 81,873 
 
 .£ 93,195 
 
 13 
 
 4 
 
 . 115,530 
 
 3 
 
 11 
 
 .. 148,824 
 
 2 
 
 5 
 
 . 9,700 
 
 0 
 
 0 
 
 370 
 
 0 
 
 0 
 
 .. 81,873 
 
 19 
 
 2 
 
 £449,493 
 
 18 
 
 10 
 
 2 
 
 18 
 
 SUNDRY ACCOUNTS, Dr., 7,354 
 
 CASH at call and on hand, as per following Statement, 13,719 
 
 At call, Edinburgh Agents, . . £8,666 4 6 
 
 On hand, as follows, 5,053 9 9 
 
 Mixed Notes, £4,116 18 0 
 
 Gold, 801 10 6 
 
 Silver, 134 15 6 
 
 Copper, 0 5 9 
 
 £5,053 9 9 £13,719 14 3 
 
 11 
 
 14 
 
 TOTAL ASSETS of the Bank, £473,772 6 4 
 
 on the conditions of the following resolution : — “ The Directors having represented to the Part- 
 “ ners that it would be of the utmost importance for the good management of the Company’s 
 “ business to leave the discounting of Bills, and other ordinary business, to the administration 
 “ of the Manager alone ; and having recommended that it should be an instruction from the 
 “ General Meeting that such powers shall be conferred upon the Manager as will enable him 
 “ freely to administer the ordinary business of the Company according to his own judgment of 
 “ what is for the Company’s interest ; the Directors being, of course, entitled to suspend and 
 “ control this power as they shall see cause ; the Meeting unanimously approved of this 
 “ recommendation, and resolved in terms of it.” From that time to its close the business of 
 the Bank was managed by the Manager, and the result was (partly however owing to the 
 Partners being willing to be content with moderate dividends, and partly through the gradual 
 improvement in the condition of the manufacturers and merchants of Dundee), that whereas 
 the actual position of the Bank in 1838 was, that its assets were deficient by more than the 
 amount of its capital, at 20th February 1864 it had areal capital of £100,000, undivided 
 profits £15,000, and no bad debts to be provided for. The Dividends realized in the course of 
 time out of the above sum of £81,873, 19s. 2d. of bad debts was about £55,000, but there 
 was a loss of Interest to the extent of nearly £10,000. 
 
396 Banking Memoranda for 1837 . 
 
 Currency, Prices, &c., in 1837. — Peace : Gold at par; Bank of England 
 Circulation (end of February) £18,105,000, and Deposits £10,007,000 = total 
 liabilities £28,172,000 — Bullion £4,077,000, and Securities £27,297,000 = total 
 assets £31,374,000, making the Rest £3,202,000; Public Revenue £52,563,742; 
 Consols 89§ to 93 J, and Bank Stock 203^ to 213 ; wheat per quarter, in 
 London, 50s. 4d. to 61s. 2d., and in Edinburgh, 54s. — oatmeal per boll 
 21s. 6d. ; bankruptcies in England, 1,668; Bank of England’s minimum rate 
 of discount 5 per cent., Bill Brokers’ rates 5i per cent., May 4-^, August 4, 
 September 3J, November 3 J, December 3^ ; and Scotch Banks’ deposit rates 3, 
 20th November 3ijr. 
 
 Money Crisis. — The commercial storm which had been for some time brew- 
 ing, and the mutterings of which had been heard at the end of the last year, burst 
 with all its fury in March. The most noted illustration of the state of commercial 
 houses, was the application for assistance to the Bank by three firms of the 
 first standing, but who, having largely given way to the course of accepting 
 the drafts of American houses (see 1836), were now so entangled, that, although 
 of great wealth, they could not fulfil their engagements. These three firms 
 (called at the time, for pre-eminence sake, “ the three Ws,” Wildes & Co., 
 Wiggins & Co., and Wilson & Co.) had acceptances afloat to the extent of 
 £5,500,000, and obtained assistance from the Bank to the extent of £6,000,000. 
 This enabled these houses to retire their bills as they fell due, but the winding 
 up of their affairs was disastrous to themselves, owing to the state of commercial 
 affairs in America. 
 
 Money Crisis in United States. — In May, all the Banks at New York 
 (including the Government, or United States Bank, with a capital of 
 £7,000,000) suspended specie payments, and this state of matters rapidly 
 spread all over the Union. The distrust once started progressed, and the result 
 was that most of the Banks in that country failed, while a few only in New 
 York and New England resumed business the following year, and in January 
 1839 professed to be paying ail demands in specie. President Jackson had 
 before this resolved not to renew the charter of the United States Bank, and 
 to take other measures for raising the circulating medium out of the disgraceful 
 condition into which, by the unlimited issues of a countless multitude of Banks, 
 it had fallen. “ AYliile all the Banks stopped, nine-tenths of them became in a 
 short time insolvent. It could not be otherwise ; for, in most of them, needy 
 Bank directors had absorbed more than half the discounts, and a few favoured, 
 but defunct, schemes, the remainder. It could not be otherwise ; for the yearly 
 balance of trade had for some time been cleared off only by postponement of 
 payment, or renewal of bills. It could not be otherwise ; for, while debts 
 increased, imports were, for the sake of keeping up appearances, allowed each 
 year to become more and more extensive. It could not be otherwise ; for, 
 although the great fire at New York, in 1834, had inflicted on the State a loss 
 of 18 millions of dollars, the people, led on by the Banks, plunged, in the 
 course of two succeeding years, into debts of 47 millions of dollars for gambling 
 land purchases, and the further sum of 111 millions of dollars on account of 
 speculative foreign loans, forming together a mass of loss and liability to the 
 amount of 177 millions of dollars. It could not be otherwise; for, in less 
 
Banking Memoranda for 1837 — (Continued). 397 
 
 than five years, the Banks, by fraud and failure, occasioned a loss to the 
 Government of £3,813,000, and to the public at large £91,362,625. Finally, 
 it could not be otherwise ; for the Banks, instead of controlling and giving 
 right direction to adventurous enterprise, identified themselves with specula- 
 tion, ruined the community, and entailed permanent dishonour on the nation. 
 To give the history of the institution entitled 4 The United States Bank,’ 
 would be to furnish an account of the conduct of nearly every one of the 
 delinquent Banks of America. They were mostly of the same genus — mania 
 begot, and panic extinguished them. Great Britain is reckoned to have lost 
 by this establishment capital to the extent of £10,000,000 .” — British Losses by 
 Bank Failures , 1820—1857. 
 
 Bank of Scotland. — A Branch was opened in Strathaven. 
 
 British Linen Company. — Branches were opened in Carluke & Wishaw, 
 Irvine, and Paisley. 
 
 Aberdeen Town and County Bank. — Branches were opened in Dingwall, 
 Huntly, and Inverury. 
 
 Arbroath Bank. — Chief items in the Balance Sheet of the Head Office, 
 
 15th June 1837 : — 
 
 Dr. Circulation, £22,802 
 
 Deposits, 116,094 
 
 Capital, 60,000 
 
 Cr. Bills Receivable, £109,868 
 
 Cash Accounts, 12,571 
 
 Current Accounts, Dr...... 15,448 
 
 The total Bills discounted during the year, No. 3,195, £326,086. 
 
 Dundee Commercial Bank. — Chief items in the Balance Sheet, 30th June 
 
 1837 : — 
 
 Dr. Circulation, £ 35,688 
 
 Deposits, 245,293 
 
 Glasgow and other Agents, 15,479 
 
 Sundries, Cr., 884 
 
 Capital, 50,000 
 
 Interest Account, 10,125 
 
 £357,469 
 
 Cr. Bills Receivable, £243,809 
 
 Cash Accounts (70), 43,586 
 
 Current Accounts, Dr. (84), 28,025 
 
 Depen dancies, 1,649 
 
 Cashiers & Sub-Committee, 11,178 
 
 Sundry Accounts, Dr., 5,034 
 
 Expenses of Management,.. 1,570 
 
 London Agents, 7,106 
 
 Edinburgh do., 1,080 
 
 Specie and Mixed Notes, ... 14,432 
 
 £357,469 
 
 Its profits were £6,801, 2s. 9d., of which £4,000 ( = £8 on 500 shares) was 
 divided, and £2,801, 2s. 9d. carried to Dependancies. The total of Bills dis- 
 counted during the year was No. 9,281, £1,317,161, and the price of its £100 
 share £135. 
 
 Dundee Union Bank. — Its profits at the Balance, 31st March 1837, were 
 £11,240, 11s. 10d., of which £3,928 (=£8 on 491 shares), was divided, and 
 £7,312, 11s. lOd. carried to Dependancies. Its Circulation was £79,856, 3s. 6d. 
 Glasgow Bank. The Ship Bank, established in 1750, and the 
 
 Ship Bank. Glasgow Bank, established in 1809, were amal- 
 
 Glasgow and Ship Bank, gamated, in 1836, under their joint titles, The 
 Glasgow and Ship Bank. The following notice respecting the Ship Bank is 
 
398 Banking Memoranda for 1837 — ( Continued ). 
 
 from that storehouse of Glasgow biographies — Banking in Glasgow: — “The 
 Bank used to be closed from one till two o’clock daily ; and it was part 
 of the duty of the youngest apprentice to protect the treasure during the 
 night, for which purpose he was armed with a gun, powder-horn, and a 
 few charges of slugs, and locked in till morning, a ‘box-bed’ being 
 fitted up in the telling room for his convenience. A bugle lay beside 
 him to sound an alarm. For this dangerous service he received a present, 
 at the annual balance, of £1, 10s. 6d. From a list of cash credit accounts in 
 the Ship Bank for 1789 ( vide Appendix ), it appears that £33,500 were lent out 
 in this manner among eighty merchants, with two or more cautioners each, in 
 sums generally from £300 to £1,000, which was the highest amount ; and many 
 of those in this interesting list thus accommodated, became well known for their 
 successful career. Here is one of the Bank’s advertisements towards the close 
 of the first contract of copartnery: — ‘Messrs Dunlop, Houston, & Co., bankers 
 in Glasgow, desire those who have money lodged with them at 4 per cent., that 
 they would call at their office, as soon as possible, to receive payment.’ — Glasgow 
 Journal , 30th November 1775. There was a glut at that time in the money 
 market ; the Edinburgh Banks were then giving only 3 per cent, on money 
 deposited with them for a full year, and 2| per cent, if for six months.” 
 
 North of Scotland Bank. — Branches were opened in Auchinblae, Banff, 
 Old Deer, and Ellon. 
 
 Paisley Bank. — In November, this Bank, established in 1783, closed 
 through the expiry of its contract. The British Linen Company took up its 
 business, including its Branches in Glasgow, Irvine, and Stranraer. 
 
 Paisley Union Bank. — A Branch was opened in Johnstone. This Bank, 
 established in 1788, was, later in the year, amalgamated with the Glasgow 
 Union Bank. 
 
 Ramsay, Bonars, & Co. — This banking-house in- Edinburgh, originally 
 established in 1733 as Mansfield & Co., ceased doing business. 
 
 Western Bank of Scotland. — Branches were opened in Greenock and 
 Lanark. 
 
Banking Memoranda for 1837 — ( Continued ), 
 
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Dr - THE DUNDEE BANKING COMPANY. [7G 
 
 To THE PUBLIC, as per following Statement, £614,604 12 1 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £1 0 0 £24,605 14 0 
 
 „ 5 0 0 11,115 0 0 
 
 „ 20 0 0 5,420 0 0 
 
 £ 41,140 14 0 
 
 For MONEY DEPOSITED, as follows 
 
 In Dundee — On 2,835 Accounts, £522,401 10 10 
 
 At Forfar — On Accounts, 30,357 9 6 
 
 Interest due thereon, 10,000 0 0 
 
 562,759 0 4 
 
 For SUNDRY ACCOUNTS, Cr., 10,704 17 9 
 
 £614,604 12 1 
 
 To the PARTNERS of the Company, as per following Statement, 29,720 0 0 
 
 For CAPITAL paid up, £150 on 168 shares, £25,200 0 0 
 
 For Rebate on Bills, 2,000 0 0 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £15 on 168 shares, 2,520 0 0 
 
 Peofit and Loss — 
 
 By Discounts and Interest received, £34,974 14 7 
 
 Off Interest paid, 14,428 9 2 
 
 le 20, 546 5 5 
 
 To Rebate on Bills, £ 2,000 0 0 
 
 Interest due, 10,000 0 0 
 
 Expense of Management, 4,115 18 9 16, 115 18 9 
 
 By Nett Profit, £4,430 6 8 
 
 To Dependancies, carried to Cr. of, 1,910 6 8 
 
 £2,520 0 0 £29,720 0 0 
 
 TOTAL LIABILITIES of the Bank, £644,324 12 1 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £3,500,000. 
 The Bills discounted were No. 3,123, £523,600, 7s. 3d. Total payments through Edinburgh 
 Agents, £440,000 (of this for the Bank’s Notes retired, £150,280); and through London 
 Agents, £210,000. 
 
76] 20th FEBRUARY 1839. 
 
 Cr. 
 
 By BANK OFFICE, Castle Street,... 
 
 
 
 2 
 
 1 
 
 INVESTMENTS, as per following 
 
 1 Statement, 576,664 
 
 10 
 
 2 
 
 ls£. In Dundee, as follows, 
 
 
 ...£548,232 8 8 
 
 
 
 CasiL Accounts, in number 82, i 
 
 67,191 10 
 
 0 
 
 
 
 Overdrawn Accounts, in number 50, . 
 
 17,066 10 
 
 6 
 
 
 
 Heritable Bonds, in number 16, 
 
 102,007 16 
 
 6 
 
 
 
 Bills Receivable, 
 
 285,009 13 
 
 9 
 
 
 
 Bank of England Stock, £4, 800 at 202, 
 
 9,700 0 
 
 0 
 
 
 
 Shares of the Bank, (nine), 
 
 1,623 15 
 
 0 
 
 
 
 Premium paid Dundee New Bank, .... 
 
 8,500 0 
 
 0 
 
 
 
 Dependancies, 
 
 57,133 2 
 
 11 
 
 
 
 £548,232 8 
 
 8 
 
 
 
 2 d. At Forfar, as follows, 
 
 
 ... 28,432 1 6 
 
 
 
 Cash Accounts, 
 
 £ 7,770 12 
 
 0 
 
 
 
 Bills Receivable, 
 
 20,661 9 
 
 6 
 
 
 
 
 £28,432 1 
 
 6 
 
 
 
 
 
 £576,664 10 2 
 
 
 
 SUNDRY ACCOUNTS, Dr., 
 
 
 
 1 
 
 2 
 
 CASH at call and on hand, as per following Statement, 57,645 
 
 18 
 
 8 
 
 At call, Edinburgh Agents, 
 
 
 £29,493 7 5 
 
 
 
 Do., London do., 
 
 
 12,432 15 6 
 
 
 
 At Head Office, Dundee, as follows, 
 
 13,524 19 2 
 
 
 
 Mixed Notes, 
 
 £8,691 19 
 
 9 
 
 
 
 Gold, 
 
 4,210 10 
 
 6 
 
 
 
 Silver, 
 
 620 15 
 
 6 
 
 
 
 Copper, 
 
 1 13 
 
 5 
 
 
 
 
 £13,524 19 
 
 2 
 
 
 
 At Forfar Branch, as follows, 
 
 
 2,194 16 7 
 
 
 
 Mixed Notes, 
 
 . £1,676 0 
 
 0 
 
 
 
 Specie, 
 
 518 16 
 
 7 
 
 
 
 
 £2,194 16 
 
 7 £57,645 18 8 
 
 
 
 TOTAL ASSETS of the Bank, ... 
 
 
 
 12 
 
 1 
 
 1838. March 13. — Balance Sheet of the Business of the Dundee New Bank on 31st Jan., 
 
 amalgamated with that of the Dundee Bank 
 
 at this date 
 
 : — 
 
 
 
 Deposits, 
 
 
 £138,578 14 3 
 
 
 
 Rebate on Bills, 
 
 
 1,062 7 1 
 
 
 
 Partners of the Dundee New Bank, 
 
 
 28,648 15 11 
 
 
 
 Sundry Accounts, Cr., 
 
 
 6,626 9 0 
 
 
 
 
 
 £174,916 6 3 
 
 
 
 Bills Receivable, 
 
 
 £123,780 3 10 
 
 
 
 Cash Accounts, &c., 
 
 
 31,640 5 9 
 
 
 
 Heritable Properties, 
 
 
 3,360 0 0 
 
 
 
 Cash on hand, Mixed Notes and Specie, 
 
 10,166 19 2 
 
 
 
 Sundry Accounts, Dr. , 
 
 
 5,968 17 6 
 
 
 
 
 
 £174,916 6 3 
 
 
 
 
 
 
 
 
402 
 
 Banking Memoranda for 1838 . 
 
 Currency, Prices, &c., in 1838. — Peace: Gold at par; Bank of England 
 Circulation (end of February) £18,975,000, and Deposits £10,825,000 = total 
 liabilities £29,800,000— Bullion £10,471,000, and Securities £21,958,000 = 
 total assets £32,429,000, making the Rest £2,629,000; Public Revenue 
 £53,207,951 ; Consols 90 j to 95, and Bank Stock 201^ to 208^; wheat per 
 ouarter, in London, 53s. to 74s. 6d., and in Edinburgh, 54s. 7d.— oatmeal per 
 boll 16s. 3d.; bankruptcies in England, 978; Bank of England’s minimum 
 rates of discount 5 per cent., 13th February 4 ; Bill Brokers’ rates 3} per cent., 
 February 3, April 2f, May 2*, June 2f, July 3, August 2f, September 3, 
 November 3 J, December 3^ ; and Scotch Banks’ deposit rates 3J per cent., 
 31st May 3, 1st October 2J. 
 
 Influx of Gold. — The great diminution of the notes of the provincial 
 Banks in England and Ireland caused, as usual, gold to flow into this country 
 till March 1838. The Bank reduced the rate of discount from 5 to 4 per 
 cent. ; and it remitted a million of sovereigns to the United States, to assist the 
 American Banks in resuming cash payments. These operations tended to relieve 
 the Bank of its Bullion, which was also promoted by the expectation of a bad 
 harvest this year leading to considerable importations of corn, and by the con- 
 traction of paper money abroad— in Belgium, through the failure of the Bank of 
 Belgium, and in France, through the heavy political runs on the Banks in Pans. 
 In December, a drain of gold from the Bank began, which continued steadily 
 for six months. 
 
 Scotch Banks.— July 11. The state of banking in America, the failure of 
 Banks in England and Ireland, the increase of Joint-stock Banks in Scotland, 
 and the mode of conducting their business, followed by the difficulties of one 
 of the latter, led to a communing among the Banks in Scotland, on the 
 necessity of every Bank holding specie and convertible securities to a large ex- 
 tent, and otherwise managing its affairs with undiminished discretion. There 
 were at this time in Scotland 17 Joint-stock Banks, with 227 Branches, and 
 having 7,487 Partners, and Capitals amounting to £6,537,700 their average 
 dividend being 6 per cent. 
 
 Bank of Scotland. — Branches were opened in Banchory, Cumnock, Kil- 
 marnock, and Whithorn. 
 
 Commercial Bank of Scotland. — A Branch was opened in Turriff. 
 
 Aberdeen Bank. — Branches were opened in Ellon, F ochabers, and Tarland. 
 
 Arbroath Bank. — Chief items in the Balance Sheet of the Head Office, 
 15th June 1838 : — 
 
 Cr. Bills Receivable, £107,767 
 
 Cash Accounts, * 11,864 
 
 Current Accounts, Dr.,... 12,887 
 
 Dr. Circulation, £ 19,822 
 
 Deposits, 118,491 
 
 Capital, 60,000 
 
 Total Bills discounted during the year, No. 3,234, £322,128. 
 
 Ayr Bank. — A Branch was opened at Troon. 
 
 Caledonian Bank. — A Bank under this title, having 903 partners, and a 
 capital of £125,000, was established at Inverness. 
 
 Clydesdale Bank.— A Bank under this title was established at Glasgow 
 
Banking Memoranda for 1838 — ( Continued). 403 
 
 in May, having 776 partners, and a capital of £375,000 — afterwards enlarged 
 to £807,386. It opened a Branch in Edinburgh. 
 
 Dundee Commercial Bank. — Chief items of its Balance Sheet, 31st March 
 1838 : — 
 
 Dr. Circulation, 
 
 .£ 30,662 
 
 Cr. Bills Receivable, 
 
 £230,744 
 
 Deposits, 
 
 . 241,401 
 
 Cash Accounts (70), 
 
 , 50,234 
 
 Edinburgh & other Agents, 24,727 
 
 Current Accounts, Dr. (129) 39,302 
 
 Sundry Accounts, Cr...... 
 
 1,395 
 
 Dependancies, 
 
 444 
 
 Capital, 
 
 . 50,000 
 
 Cashiers & Sub-Committee, 
 
 , 11,178 
 
 Interest Account, 
 
 . 5,222 
 
 Sundry Accounts, Dr., 
 
 , 4,727 
 
 
 
 Expenses of Management, 
 
 . 1,291 
 
 
 
 London Agents, 
 
 , 3,462 
 
 
 
 Specie and Mixed Notes,..., 
 
 , 12,025 
 
 
 £353,407 
 
 
 £353,407 
 
 The total of Bills discounted during the year ending 30th June 1838 was No. 
 8,154, £894,218. 
 
 — This Bank, established in 1825, sold its business very suddenly to the new 
 establishment of the Eastern Bank of Scotland, which had been as hastily 
 founded and opened. The mystery of this proceeding was revealed in the 
 course of winding up the affairs of the former Bank, when the partners came 
 to find that not only had its whole capital of £50,000 been lost, but about half 
 as much more, which, less the premium of £20,000 received from the Eastern 
 Bank for the goodwill of the business, they had to liquidate. For this purpose, 
 £40 per share was called up, and was paid on 391 shares, but £13, 10s. per 
 share of this was returned at subsequent periods. 
 
 Dundee New Bank. — On January 31, this Bank, established in 1802, was 
 amalgamated with the Dundee Banking Company. The cause that led to this 
 is explained in the Preface to the first edition of this book. The Balance Sheet 
 of this date is consequently the last. 
 
 Dundee Union Bank. — Its profits at the Balance, on 31st March 1838, were 
 £7,709, 2s. 2d., of which £3,880 (=£8 on 485 shares) was divided, and 
 £3,829, 2s. 2d. carried to Dependancies. Its Circulation was £78,009, 3s. 6d. 
 
 Eastern Bank of Scotland. — A Bank under this title, with a capital of 
 £112,510, was in July established in Dundee. Its origin, being the clever work 
 of a cute man of business to avert a public calamity, may be noted. The 
 Dundee Commercial Bank had come into such an evil condition (see above) 
 that it could not go on, and therefore those connected with it invented this 
 ingenious remedy to prevent a failure with its public clamour. They projected 
 a new Bank, under the pretence that there was not a local Bank of sufficient 
 capital to accommodate properly the increasing business of the town. The 
 profession was that there were to be two head offices, one in Edinburgh and one 
 in Dundee, -with a board of directors in each place, yet that one of the Cashiers 
 of the Commercial Bank, resident in Dundee, was to be General Manager of the 
 new concern. As soon as this was sufficiently established, a gentleman of the 
 law attended at a meeting of the directors of the Commercial Bank, on the 26th 
 J une, and, it is to be presumed, restraining himself from laughter, informed 
 
404 Banking Memoranda for 1838 — ( Continued). 
 
 the board that the Eastern Bank was desirous of buying up the business of the 
 Commercial Bank, and turning it into its Dundee establishment, and was willing 
 to grant such and such terms. These pre-arranged terms, being duly considered, 
 were approved of, and those present signed for themselves, as partners, a deed 
 of acceptance brought ready engrossed, and, as directors, authorized the said 
 legal gentleman, though he was not their law agent, to go round to their 
 partners, and obtain their signatures if he could. This he, being a man of 
 a most persuasive tongue, effected by July 3d ; and the deed of dissolution of 
 the Commercial Bank being formally approved of on the 13th of that month, 
 and the deed of purchase by the Eastern Bank being approved on the 14th, in 
 less than three weeks the Dundee Commercial Bank merged into the Eastern 
 Bank of Scotland. 
 
 Edinburgh and Leith Bank. — A Bank under this title was established. 
 
 Forbes, Sir William, & Co. — This highly respected banking-house in 
 Edinburgh, established in 1773, was, with its four Branches, amalgamated with 
 the Glasgow Union Bank. 
 
 Glasgow Union Bank. — The Branches of Sir William Forbes & Co. were 
 adopted in Inverary, Johnstone, Lerwick, and Stranraer. 
 
 North of Scotland Bank. — Branches were opened in Elgin, Fraserburgh, 
 Invergordon, Inverury, Keith, Macduff, and Tain. 
 
 Southern Bank of Scotland. — In Dumfries, a Bank under this title was 
 established, having 447 partners, and a capital of £125,000. It opened 
 Branches in Edinburgh, Lockerby, New Galloway, Newton Stewart, Stranraer, 
 and Whithorn. 
 
 Western Bank of Scotland. — Branches were opened in Airdrie, Dairy, 
 Haddington, Kirkintilloch, and Largs. 
 
b 25 
 
 * These sums are accumulated here, although some of them were not passed through the Bank’s books till afterwards, in order to exhibit the 
 winding up of the concern. Half the Bank’s Capital was returned to the Partners on the 31st January, before this Balance was struck. The other 
 half, entered above, was repaid to them soon after, and gradually the £11,020 was divided among them, as stated in the note at the foot of page 23i), 
 yielding £580 per share. 
 
 N.B. — See the Memorandum concerning the Dundee New Bank at page 403. 
 
Dr. THE DUNDEE BANKING COMPANY. [77 
 
 To the PUBLIC, as per following Statement, £538,182 2 2 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £21,912 0 0 
 
 „ 5 0 0 5,080 0 0 
 
 ,, 20 0 0 4,240 0 0 
 
 £ 31,232 0 0 
 
 For MONEY DEPOSITED, as follows 
 
 In Dundee — On 2, 7 1 3 Accounts, £463, 442 13 8 
 
 At Forfar — On 607 Accounts, 29,202 13 0 
 
 Interest due thereon, 8,458 4 7 
 
 501,098 11 3 
 
 For SUNDRY ACCOUNTS, Cr., 5,851 10 11 
 
 £538,182 2 2 
 
 To the PARTNERS of the Company, as per following Statement, 65,1 12 6 10 > 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 0 
 
 For Rebate on Bills, 2,112 6 10 
 
 For Portion of half-year’s P R O F I T S, set aside for 
 
 a six months’ Dividend of £3 on 1,000 shares, 3,000 0 0 
 
 Profit and Loss — 
 
 By Discounts and Interest received, £37,253 2 11 
 
 Off Interest paid, 15,147 3 5 
 
 £22,105 19 6 j 
 
 To Rebate on Bills, £2,112 6 10 
 
 Interest due, 8,453 4 7 
 
 Expense of Management, . . 3,507 3 0 14,072 14 5 
 
 By Nett Profit, £8,033 5 1 < 
 
 To Dependancieson20thAug. 
 
 1839, being six months’ 
 
 Profits, £2,992 19 10 
 
 Premium Account, 1,000 0 0 
 
 Dependancies, 1,040 5 3 5,033 5 1 
 
 £3,000 0 0 £65,112 6 10 
 
 TOTAL LIABILITIES of the Bank, £603,294 9 0 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amomit received and paid in the Bank during the year was each about £3, 000, 000. 
 Bills Receivable discounted during the year, No. 5,998, £983,430, 13s. 9d. Total payments 
 through Edinburgh Agents, £560,000 (of this for the Bank’s Notes retired, £200,085 ) ; and 
 through London Agents, £210,000. 
 
 20 
 
77] 
 
 20th FEBRUARY 1840. 
 
 Or. 
 
 By 
 
 BANK OFFICE, Castle Street, £ 3,200 
 
 INVESTMENTS, as per following Statement, 527,041 
 
 ls£. In Dundee, as follows, £483,858 
 
 Cash Accounts, in number 75, £ 84,182 14 3 
 
 0 0 
 
 3 1 
 
 Overdrawn Accounts, in number 64,. 22,561 
 
 Heritable Bonds, in number 21, 102,524 
 
 Bills Receivable, 246,748 
 
 Bank of England Stock, £4,800 at 197 3, 9,472 
 
 Premium paid Dundee New Bank,, ... 7,500 
 
 Goods in New York, 4,079 
 
 Dependancies 6, 789 
 
 £483,858 3 1 
 
 2 d. At Forfar, as follows, 43, 183 4 
 
 Cash Accounts, in number 49, £16,801 17 9 
 
 Bills Receivable, 26,381 6 9 
 
 £43,183 4 6 
 
 £527,041 
 
 SUNDRY ACCOUNTS, Dr., 2,767 8 6 
 
 CASH at call and on hand, as per following Statement, 70,285 12 11 
 
 At call, Edinburgh Agents, £32,465 5 5 
 
 Do., London do., 24,049 17 1 
 
 On hand, at Head Office, Dundee, as follows, 13,311 15 0 
 
 Mixed Notes, £8,660 6 6 
 
 Gold, 4,019 0 0 
 
 Silver, 629 5 0 
 
 Copper, 3 3 6 
 
 £13,311 15 0 
 
 On hand, at Forfar Branch, as follows, 
 
 Mixed Notes, £114 0 
 
 Specie, 344 15 
 
 458 15 5 
 
 £458 15 5 £70,285 12 11 
 
 TOTAL ASSETS of the Bank, £603,294 9 0 
 
 1839. Aug. 20. — When the new Manager had ascertained the true state of the Bank’s 
 affairs, he called the attention of the Directors to the imperative necessity of correcting this, 
 and the propriety of strengthening the position of the Company by an enlargement of the 
 Capital. This proposal being approved of, the nominal Capital of £42,000 with 60 per cent, 
 paid up=£25,200, was increased to £100,000 with 60 per cent, paid up=£60, 000. The 
 Partners, and some few of their friends to whom the whole matter could be confidentially 
 explained, purchased the new stock at £90 per share. The premium thus obtained, with 
 the surplus profits of eighteen months’ business, and £10 per share paid up by the Partners 
 on the 168 old shares, at this date effected the object in view. 
 
408 .Banking Memoranda for 1839. 
 
 Currency, Prices, &c., in 1839. — Peace : Gold at par; Bank of England 
 Circulation (end of February) <£18,098,000, and Deposits £7,739,000 = total 
 liabilities £25,837,000 — Bullion £6,773,000, and Securities £21,741,000 = total 
 assets £28,514,000, making the Best £2,677,000; Scotch Banks’ average 
 Circulation £3,247,535; Public Revenue £48,915,714; Consols 90 to 
 93 J, and Bank Stock 177J- to 206 ; wheat per quarter, in London, 67s. 4d. 
 to 79s. 8d., and in Edinburgh, 65s. — oatmeal per boll 22s. 6d. ; bankruptcies 
 in England 1,081, Ireland 57, and Scotland 148 ; Bank of England’s 
 minimum rates of discount 4 per cent., 16th May 5, 20th June 5^-, 1st 
 August 6 ; Bill Brokers’ rates 3J per cent., January 3 j, May 4, June 5, 
 July 5J, August 6, September 6i ; and Scotch Banks’ deposit rates 2J per 
 cent., 31st May 3. 
 
 Drain op Bullion. — The call for Bullion, which began in December, 
 lasted the first half of the year, as follows : — 
 
 December 18, 
 
 1838,..., 
 
 Liabilities. 
 
 ... £28,120,000 ... 
 
 Securities. 
 
 .... £20,776,000 .. 
 
 Bullion. 
 
 .... £9,794,000 
 
 January 1, 
 
 1839,..., 
 
 ... 28,856,000 .. 
 
 .... 22,377,000 .. 
 
 
 » 15, 
 
 ,, .... 
 
 ... 30,305,000 .. 
 
 .... 24,529,000 .. 
 
 .... 8,336,000 
 
 February 12, 
 
 ,, ..., 
 
 ... 26,939,000 .. 
 
 .... 22,628,000 .. 
 
 
 March 12, 
 
 ,, .... 
 
 ... 26,088,000 .., 
 
 .... 22,178,000 .. 
 
 
 April 9, 
 
 ,, ... 
 
 ... 29,039,000 .. 
 
 
 .... 5,213,000 
 
 ,, 30, 
 
 ,, .... 
 
 ... 26,475,000 .. 
 
 .... 24,536,000 .., 
 
 
 May 14, 
 
 ,, .... 
 
 ... 25,711,000 ... 
 
 .... 24,098,000 ... 
 
 .... 4,117,000 
 
 „ 28, 
 
 „ .... 
 
 ... 24,565,000 ... 
 
 .... 23,170,000 ... 
 
 
 July 16, 
 
 ,, .... 
 
 ... 28,860,000 ... 
 
 
 
 August 27, 
 
 ,, .... 
 
 ... 24,470,000 ... 
 
 
 
 December 31, 
 
 55 •••' 
 
 ... 23,864,000 ... 
 
 .... 22,098,000 .., 
 
 
 To check this drain, the Bank raised the rate of discount on 16th May to 5, | 
 
 on 20th June to 5-J, and on 1st August to 6 per cent. In May, it also disposed f 
 of £760,000 of public securities, from which arose the idea abroad, that the | 
 Bank could not long maintain cash payments, and therefore all long-dated * 
 Bills on this country held on the Continent were sent across to be discounted, i 
 and remittances made for them, which counteracted the Bank’s endeavours. ; 
 In July, the Bank resorted to an unusual arrangement to obtain some relief, 
 viz., inducing Barings to draw on Paris bankers to the extent of £2,000,000, 
 and on Hamburg bankers for £900,000, the Bank transferring a sufficient 
 amount of Government Stock into the names of trustees to secure both 
 
 drawers 
 
 — 
 
Banking Memoranda for 1839 — (Continued). 
 
 409 
 
 drawers and acceptors — the bills being re-drawn as needed during nine 
 months, from July 1839 to April 1840. The Bank’s not having adhered to 
 its own rule of two-thirds Securities and one-third Bullion, caused much 
 remark by commercial men of the political economy school ; and an idea, first 
 broached in 1837, and which afterwards was carried out in Peel’s Act of 1844, 
 viz., the separation of the issue department and the banking department, was 
 eagerly discussed. 
 
 Bank of Scotland. — Branches were opened in Ardrossan and Blairgowrie. 
 
 Commercial Bank of Scotland. — A Branch was opened in Denny. 
 
 Arbroath Bank. — Chief items in the Balance Sheet of the Head Office, 
 15th June 1839 : — 
 
 Cr. Bills Receivable, £102,560 
 
 Cash Accounts, 16,537 
 
 Current Accounts, Dr.,... 15,798 
 
 Dr. Circulation, £20,014 
 
 Deposits, 129,652 
 
 Capital, 60,000 
 
 Total Bills discounted during the year, No. 2,973, £308,460. 
 
 Ayr Bank. — A Branch was opened in Golston. 
 
 Ayrshire Bank. — A Branch was opened in Ardrossan. 
 
 Caledonian Bank. — Branches were opened in Cromarty, Dingwall, Dor- 
 noch, Elgin, Forres, Grantown, and Nairn. 
 
 Clydesdale Bank. — Branches were opened in Campbelton and Falkirk. 
 
 Dundee Union Bank. — Its profits at the Balance, 31st March 1839, were 
 £10,794, 8s. lid., of which £5,356, 16s. (=£1, 12s. on 3,348 shares of £20 each) 
 was divided, and £5,437, 12s. lid. carried to Dependancies. Its Circulation 
 was £85,404, 18s. 6d. 
 
 Edinburgh and Leith Bank. — A Bank under this title was established in 
 Edinburgh. It opened Branches in Leith, Dalkeith, Tillicoultry, Galashiels, 
 Melrose, and Mid-Calder. 
 
 City of Glasgow Bank. — A Bank under this title, consisting of 779 part- 
 ners, and having a capital of £670,000, was established ill Glasgow. 
 
 Glasgow Union Bank. — A Branch was opened in Stirling. 
 
 North of Scotland Bank. — Branches were opened in Aberchirder, 
 Beauly, Buckie, Dufftown, Glasgow, Insch, Old Meldrum, Portsoy, Stricken, 
 and Tarland. 
 
 Paisley Commercial Bank. — A Bank under this title, consisting of 334 
 partners, and having a capital of £ , was established in Paisley. 
 
 Western Bank. — A Branch was opened in North Berwick. 
 
Dr. THE DUNDEE BANKING COMPANY. [78 
 
 To the PUBLIC, as per following Statement, £499,167 15 0 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £22,774 0 0 
 
 ,, 5 0 0 5,305 0 0 
 
 „ 20 0 0 2,260 0 0 
 
 £ 30,339 0 0 
 
 For MONEY DEPOSITED, as follows 
 
 In Dundee — On 2,602 Accounts, £421,924 8 6 
 
 At Forfar — On 655 Accounts, 32,597 8 3 
 
 Interest due thereon, 7,831 12 9 
 
 462,353 9 6 
 
 For SUNDRY ACCOUNTS, Cr., 6,475 5 6 
 
 £499,167 15 0 
 
 To the PARTNERS of the Company, as per following Statement, 68,166 11 6 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 0 
 
 For Rebate on Bills, 2,166 11 6 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £6 on 1,000 shares, 6,000 0 0 
 
 Profit and Loss — 
 
 By Discounts and Interest received, £37,259 9 5 
 
 Offlnterest paid, 14,539 2 10 
 
 £22,720 6 7 
 
 To Rebate on Bills, £2,166 11 6 
 
 Interest due, 7,831 12 9 
 
 Expense of Management, 3,015 5 6 13,013 9 9 
 
 By Nett Profit, £9,706 16 10 
 
 To Bank of England Stock,. £ 500 0 0 
 
 Premium Account, 1,000 0 0 
 
 Dependancies, 2,206 16 10 3,706 16 10 
 
 £6,000 0 0 £68,166 11 6 
 
 TOTAL LIABILITIES of the Bank, £567,334 6 6 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2,330,000. 
 The Bills discounted were No. 5,327, £857,609, 12s. lid. Total payments through Edinburgh 
 Agents, £470,000 (of this for the Bank’s Notes retired, £122,445) ; and through London 
 Agents, £200,000. 
 
78] 
 
 20th FEBRUARY 1841. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 3,200 0 0 
 
 INVESTMENTS, as per following Statement, 530,717 18 1 
 
 414 14 9 
 
 ls£. In Dundee, as follows, 
 
 
 
 ...i 
 
 Cash Accounts, in number 82, 
 
 £ 91,346 
 
 3 
 
 8 
 
 Overdrawn Accounts, in number 63, . 
 
 20,909 
 
 6 
 
 8 
 
 Heritable Bonds, in number 23, 
 
 98,427 
 
 8 
 
 8 
 
 Bills Receivable, 
 
 260,427 
 
 9 
 
 1 
 
 Bank of England Stock, £4,800 at 184| 
 
 L , 8,972 
 
 0 
 
 0 
 
 Shares of the Bank (five), 
 
 450 
 
 0 
 
 0 
 
 Premium paid Dundee New Bank,. ... 
 
 6,500 
 
 0 
 
 0 
 
 Goods in New York, 
 
 1,519 
 
 15 
 
 3 
 
 Dependancies, 
 
 1,862 
 
 11 
 
 5 
 
 
 £490,414 
 
 14 
 
 9 
 
 2d. At Forfar, as follows, 
 
 
 
 
 Cash Accounts, in number 41, 
 
 . £13,301 
 
 3 
 
 9 
 
 Bills Receivable, 
 
 27,001 
 
 19 
 
 7 
 
 
 £40,303 
 
 3 
 
 4 
 
 3 4 
 
 £530,717 18 1 
 
 SUNDRY ACCOUNTS, Dr., 5,085 
 
 CASH at call and on hand, as per following Statement, 28,331 
 
 At call, Edinburgh Agents, ....£ 6,561 18 7 
 
 Do., London do., 8,004 14 4 
 
 On hand, at Head Office, Dundee, as follows, 12,262 5 8 
 
 Mixed Notes, £7,349 8 3 
 
 Gold, 3,445 0 0 
 
 Silver, 1,465 13 0 
 
 Copper, 2 4 5 
 
 5 6 
 
 2 11 
 
 £12,262 5 8 
 
 On hand, at Forfar Branch, as follows, 1,502 4 
 
 Mixed Notes, £1,040 0 0 
 
 Specie, 462 4 4 
 
 £1,502 4 4 
 
 £28,331 2 11 
 
 TOTAL ASSETS of the Bank, 
 
 ,£567,334 6 6 
 
 1840. March 9. — The number of Directors reduced to six, and a Board of six Extra- 
 Ordinary Directors established. 
 
412 Banking Memoranda for 1840. 
 
 Currency, Prices, &c., in 1840. — Peace: Gold at par ; Bank of England 
 Circulation (end of February) £16,504,000, and Deposits £6,556,000 = total 
 liabilities £23,060,000 — Bullion £4,311,000, and Securities £21,611,000 = 
 total assets <£25,922,000, making the Rest £2,862,000 ; average total circu- 
 lation of Notes in tlie United Kingdom, during tbe year ending March 1840, 
 £34,933,947, viz., Bank of England £16,224,400, English Private Banks 
 £6,190,306, English Joint-Stock Banks £3,895,748, Scotch Banks £2,764,692, 
 and Irish Banks £5,796,425 ; Public Revenue £53,132,051 ; Consols 86J to 
 93, and Bank Stock 156^ to 179 j ; wheat per quarter, in London, 60s. 3d. to 
 71s. Id., and in Edinburgh, 56s. — oatmeal per boll 19s. 4d. ; bankruptcies in 
 England 1,432, Ireland 72, and Scotland 366 ; Bank of England’s minimum 
 rates of discount 6 per cent., 23d January (for 65 days’ bills) 5, 15th October 
 (for 95 days’ bills) 5 ; Bill Brokers’ rates 6J per cent., January 6, February 4j, 
 May 4^, June 4j, July 4^-, September 4j, October 5, November 6, December 
 5§, and Scotch Banks’ deposit rate 3 per cent. 
 
 Currency Question. — On March 10, a Committee of the House of Com- 
 mons was appointed to examine into the whole system of paper issues. It pro- 
 longed its enquiry through two sessions, and gave in two reports, with notes of 
 evidence; but the former were indefinite, and the latter contradictory. The 
 opinions of the witnesses rather tended to oppose the principle established 
 in 1832, that the Bank should conform to the advice of the Bullion Report of 
 1810. The report concluded by recommending that Parliament should issue a 
 commission to gather up further information. 
 
 Reduction of Postages. — One of the greatest changes in taxation, as it 
 affected our social system, and, at first sight also, as it concerned the public 
 economy, was this year produced by the Act 2 and 3 Vic., cap. 52, reducing all 
 postages, from 5th December 1839, to one uniform rate of Id. per half-ounce 
 on pre-paid letters. The number of letters distributed during the year ending 
 22d January 1838 having been 74,714,720, producing a gross revenue of 
 £2,339,739, and a nett revenue of £1,658,4-80, it was estimated that, under the 
 reduced rates, the number of letters would probably be raised to 267,000,000, 
 producing, even at Id. each, a gross revenue of £1,112,500, and, deducting as 
 before £680,000 for expenses, a nett revenue of £432,000, or £1,200,000 less 
 than before, which, however, it was considered would be well sacrificed to 
 obtain so great and general a convenience. But the result of this proceeding 
 exceeded all expectations, viz. : — 
 
 1840, 
 
 ...Gross Revenue £1,342,604, Expenses £858, 677, 
 
 Nett Revenue £483,927 
 
 1841, 
 
 Do. 
 
 1,495,540, 
 
 do. 
 
 938,168, 
 
 do. 
 
 557,371 
 
 1842, 
 
 ... Do. 
 
 1,578,145, 
 
 do. 
 
 977,504, 
 
 do. 
 
 600,641 
 
 1843, 
 
 Do. 
 
 1,535,215, 
 
 do. 
 
 890,650, 
 
 do. 
 
 oo 4, o 65 
 
 Bank of Scotland. — A Branch was opened in Castle Douglas. 
 
 Arbroath Bank. — Chief items of the Balance Sheet of the Head Office, 
 15th June 1840 ; — 
 
 Dr. Circulation, ...£14,777 
 
 Deposit Money, 140,535 
 
 Capital, 60,000 
 
 Cr. Bills Receivable, £112,335 
 
 Cash Accounts, 12,516 
 
 Current Accounts, Dr.,... 21,178 
 
 Total Bills discounted during the year, No. 3,042, £337,600. 
 
Banking Memoranda for 1840 — ( Continued ). 413 
 
 Ayrshire Bank. — A Branch was opened in Muirkirk. 
 
 Clydesdale Bank. — Branches were opened in Alexandria, Cupar, Denny, 
 and St Andrews. 
 
 Dundee Union Bank. — Its profits at the Balance, on 31st March 1840, were 
 £10,956, Is. 7d., of which £5,356, 16s. (=£1, 12s. on 3,348 shares of £20 
 each) was divided, and £5,599, 5s. 7d. carried to Dependancies. Its Circula- 
 tion was £62,593, 3s. 6d., of which there were of £1 Notes £46,768, 3s. 6d., 
 and of £5 Notes and upwards £15,825. 
 
 Edinburgh and Leith Bank. — A Branch was opened in Dunfermline. 
 
 City oe Glasgow Bank. — A Branch was opened in Peebles. 
 
 Glasgow Joint-Stock Bank. — A Bank under this title was established. 
 
 Glasgow Union Bank. — Branches were opened in Doune, Dunblane, and 
 Troon. 
 
 Greenock Bank. — A Branch was opened in Lochgilphead. 
 
 Greenock Union Bank. — A Bank under this title was established. 
 
 North of Scotland Bank. — Branches were opened in Alford, Glasgow, 
 Inverness, Old Deer, Portree. 
 
 Paisley Commercial Bank. — A Branch was opened in Dairy. 
 
 Western Bank of Scotland. — Branches were opened in Biggar, Carn- 
 wath, Coatbridge, Dumbarton, Helensburgh, and Holytown. 
 
 Scotch Banks’ Circulation. — In the Appendix to the Eeports just referred 
 to, there is given the first accurate statement respecting the Circulation in Scot- 
 land, all former ones having been computations or guesses. Twenty-eight 
 Banks made returns of their Circulation in each week, from August 1833 to 
 March 1840. The average amount in each year has been given among the 
 small items at the head of the left-hand page in these years, but the whole 
 statement is interesting to a banker to have beside him — it affords the best 
 answer to the anti-20s. Note orators, who love to abuse Scotland for clinging 
 to its Small Note Currency, and to ring their changes, without the slightest 
 justification, on “overwhelming floods,” “enormous expansions,” “sudden 
 contractions,” &c. &c. For the amount of the Circulation is exceedingly small 
 compared with the wealth and commercial transactions of Scotland, and the 
 statement at the foot of each column, shewing the highest and lowest amounts 
 and the average of the year, proves the quiet, steady, healthy action of a Cir- 
 culation, which expanded and contracted at different periods of the year 
 according to the v/ants of the community, and which could not be improved, in 
 these respects, by being changed for one of gold. The amounts here given are 
 in the order of the 1st to the 52d week of each year, and the blanks crossing 
 the page intimate the four terms, Candlemas February 2, Whitsunday May 15, 
 Lammas August 1, and Martinmas November 11 — after the first and third of 
 which there is always a small, and after the second and fourth a large, increase 
 for a few weeks. (See Table at page 416.) 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [79 
 
 To the PUBLIC, as per following Statement, 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £23,015 13 6 
 
 ,, 5 0 0 4,905 0 0 
 
 „ 20 0 0 3,860 0 0 
 
 For MONEY DEPOSITED, as follows 
 
 In Dundee — On 2,756 Accounts, £470,132 9 11 
 
 At Forfar — On 667 Accounts, 33,174 6 6 
 
 Interest due thereon, 9,184 4 4 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 ,£550,762 19 
 
 £31,780 13 6 
 
 512,491 0 9 
 6,491 5 4 
 
 7 
 
 £550,762 19 7 
 
 To the PARTNERS of the Company, as per following Statement, 67,201 1 10 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 0 
 
 For Rebate on Bills, 2,201 1 10 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £5 on 1,000 shares, 5,000 0 0 
 
 PROFIT AND Loss — 
 
 By Discounts and Interest received, £37,170 1 3 
 
 Off Interest paid, 14,458 7 2 
 
 £22,711 14 1 
 
 To Rebate on Bills, £2,201 1 10 
 
 Interest due, 9, 184 4 4 
 
 Expense of Management, . . 3,313 13 3 14,698 19 5 
 
 By Nett Profit, £8,012 14 8 
 
 To Premium Account, £1,000 0 0 
 
 Dependancies, 2,012 14 8 3,012 14 8 
 
 £5,000 0 0 £67,201 l 10 
 
 TOTAL LIABILITIES of the Bank, £617,964 1 5 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2, 370, 000. Bills 
 Discounted, No. 5,640, £839,423, 16s. 2d. Total payments through Edinburgh Agents, 
 £400,000 (of this for the Bank’s Notes retired, £112,685) ; and through London Agents, 
 £195,000. 
 
79] 
 
 19th FEBRUARY 1842. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 3,200 0 
 
 INVESTMENTS, as per following Statement, 547,137 10 
 
 ls£ In Dundee, as follows, £503,987 13 7 
 
 Cash Accounts, in number 79, £ 93,432 10 6 
 
 Overdrawn Accounts, in number 67,. 27,480 14 5 
 
 Heritable Bonds, in number 26, 108,099 19 7 
 
 Bills Receivable, 256,446 5 0 
 
 Bank of England Stock, £4,800 at 184f, 8,972 0 0 
 
 Shares of the Bank (five), 450 0 0 
 
 Premium paid Dundee New Bank, 5,500 0 0 
 
 Goods in New York, 1,519 15 3 
 
 Dependancies, 2,086 8 10 
 
 £503,987 13 7 
 
 2d. At Forfar, as follows, 43, 149 16 10 
 
 Cash Accounts, in number 37, £12,065 2 1 
 
 Bills Receivable, 31,084 14 9 
 
 £43,149 16 10 
 
 £547,137 10 5 
 
 SUNDRY ACCOUNTS, Dr., 4,092 10 
 
 CASH at call and on hand, as per following Statement, 63,534 0 
 
 At call, Edinburgh Agents, £38,845 1 5 
 
 Do., London do., 11,461 2 2 
 
 On hand, at Head Office, Dundee, as follows, 10,548 17 9 
 
 Mixed Notes, £6,321 0 0 
 
 Gold, 3,424 0 0 
 
 Silver, 800 0 6 
 
 Copper, 3 17 3 
 
 £10,548 17 9 
 
 On hand, at Forfar Branch, as follows, 2,678 18 11 
 
 Mixed Notes, £2,107 17 0 
 
 Specie, 571 1 11 
 
 £2,678 18 11 £63,534 0 3 
 
 TOTAL ASSETS of the Bank 
 
 £617,964 
 
416 
 
 Banking Memoranda for 1840 — (Continued). 
 
 
 Scotch Banks’ Weekly Circulation , 1834 — 1839. 
 
 18 34. 
 
 1835. 
 
 1836. 
 
 183 7. 
 
 18 38. 
 
 | 18 3 9. 
 
 £3,091,058 
 
 £3,164,425 
 
 £3,212,275 
 
 £3,188,937 
 
 £3,034,489 
 
 £3,350,892 
 
 3,033,227 
 
 3,062,999 
 
 3,064,081 
 
 3,152,377 
 
 3,139,722 
 
 3,013,584 
 
 3,282,803 
 
 2,952,668 
 
 2,985,507 
 
 3,049,639 
 
 2,956,179 
 
 3,208,222 
 
 2,942,989 
 
 2,958,807 
 
 3,047,961 
 
 3,116,251 
 
 2,990,530 
 
 3,136,495 
 
 3,033,598 
 
 3,112,408 
 
 3,103,595 
 
 3,155,806 
 
 2,974,683 
 
 3,215,450 
 
 2,948,567 
 
 3,034,828 
 
 3,076,218 
 
 3,094,523 
 
 2,903,481 
 
 3,229,248 
 
 2,889,355 
 
 2,969,752 
 
 3,308,511 
 
 3,015,979 
 
 2,901,625 
 
 3,127,770 
 
 3,000,347 
 
 3,032,377 
 
 2,980,899 
 
 3,031,852 
 
 2,828,522 
 
 3,095,072 
 
 2,888,512 
 
 2,936,770 
 
 2,956,878 
 
 2.996,500 
 
 2,861,679 
 
 3,095,438 
 
 2,850,844 
 
 2,907,987 
 
 3,005,217 
 
 2 962,762 
 
 2,829,308 
 
 3,061,560 
 
 2,816,198 
 
 2,880,977 
 
 2,912,989 
 
 2,891,052 
 
 2,875,404 
 
 2,812,548 
 
 2,963,695 
 
 2,789,694 
 
 2,815,283 
 
 2,937,286 
 
 2,788,470 
 
 2,954,899 
 
 2,834,627 
 
 2,822,417 
 
 2,934,292 
 
 2,837,132 
 
 2,811,377 
 
 3,041,545 
 
 2,852,355 
 
 2,822,507 
 
 3,203,188 
 
 2,925,339 
 
 2,941,092 
 
 3,084,200 
 
 2,827,5 65 
 
 2,913,374 
 
 3,016,568 
 
 2,836,434 
 
 2,981,251 
 
 3,060,790 
 
 2,825,850 
 
 2,901,866 
 
 3,004,164 
 
 2,858,433 
 
 2,883,170 
 
 3,008,832 
 
 2,839,753 
 
 2,855,690 
 
 2,995,111 
 
 2,862,282 
 
 2,921,090 
 
 3,079,771 
 
 2,926,163 
 
 2,939,514 
 
 3,052,056 
 
 3,024,511 
 
 3,011,230 
 
 3,139.679 
 
 3,095,765 
 
 3,062,505 
 
 3,128,805 
 
 3,187,998 
 
 3,346,561 
 
 3,277,821 
 
 3,326,793 
 
 3,239,689 
 
 3,360,719 
 
 3,345,028 
 
 3,545,431 
 
 3,512,514 
 
 3,384,372 
 
 3,284,047 
 
 3,455,901 
 
 3,563,044 
 
 3,469,469 
 
 3,658,064 
 
 3,440,053 
 
 3,539,923 
 
 3,691,846 
 
 3,792,675 
 
 3,630,126 
 
 3,627,228 
 
 3,344,548 
 
 3,277,829 
 
 3,220,355 
 
 3,997,508 
 
 3,204,027 
 
 3,447,508 
 
 3,470,479 
 
 3,225,807 
 
 3,454,297 
 
 3,091,427 
 
 3,378,477 
 
 3,394,461 
 
 3,194,227 
 
 3,221,961 
 
 3,222,940 
 
 3,083,460 
 
 3,296,826 
 
 3,302,185 
 
 3,222,346 
 
 3,158,884 
 
 3,205,239 
 
 2,935,285 
 
 3,292,405 
 
 3,305,414 
 
 3,127,627 
 
 2,999,780 
 
 3,251,855 
 
 3,028,963 
 
 3,13S,760 
 
 3,189,978 
 
 3,095,347 
 
 3,058,098 
 
 3,232,322 
 
 2,934,159 
 
 3,165,403 
 
 3,198.920 
 
 3,115,515 
 
 3,094,468 
 
 3,076,387 
 
 3,235,940 
 
 2.966,616 
 
 3,123,167 
 
 3,153,964 
 
 3,097,947 
 
 3,207,075 
 
 2,962,673 
 
 3,060,199 
 
 3,120,183 
 
 3,092,943 
 
 3,055,297 
 
 3,222,142 
 
 2,927,831 
 
 3,173,482 
 
 3,175,808 
 
 3,143,483 
 
 3,076,116 
 
 3,250,247 
 
 2,932 659 
 
 3,160,640 
 
 3,184,050 
 
 3,093,378 
 
 3,054,839 
 
 3,253,470 
 
 2,923,988 
 
 3,147,154 
 
 3,162,755 
 
 3,014,331 
 
 3,030,903 
 
 3,213,577 
 
 2,934.554 
 
 3,072,135 
 
 3,135,295 
 
 3.117,436 
 
 2,984,684 
 
 3,165,000 
 
 2,893,088 
 
 3,074,520 
 
 3,119,123 
 
 3,163,462 
 
 3,142,667 
 
 3, 136,451 
 
 2,925,921 
 
 3,087,167 
 
 3,009,731 
 
 3,135,450 
 
 2,977,232 
 
 3,] 92,418 
 
 2,951,597 
 
 3,129,284 
 
 3,148,378 
 
 3,104,235 
 
 3,018,817 
 
 3,226,534 
 
 3,006,008 
 
 3,u92,018 
 
 3,I5i,G4i 
 
 3,131,429 
 
 3,012 984 
 
 3,212,014 
 
 3,002,057 
 
 3,178,459 
 
 3,189,198 
 
 3,141,554 
 
 3,067,293 
 
 3,264,726 
 
 3,075,663 
 
 3,208,928 
 
 3,201,969 
 
 3,272,906 
 
 3,117,067 
 
 3,350,23.) 
 
 3,048,421 
 
 3,321,693 
 
 3,316,464 
 
 3,278,073 
 
 3.151,234 
 
 3,371,539 
 
 3,121,110 
 
 3,294,751 
 
 3.312,933 
 
 3,245,753 
 
 3,174,273 
 
 3,333,777 
 
 3,196,915 
 
 3,415,316 
 
 3,319,688 
 
 3,208,006 
 
 3,165,050 
 
 3,404,570 
 
 3,257,870 
 
 3,418,981 
 
 3,460,558 
 
 3,470,558 
 
 3,286,132 
 
 3,478,699 
 
 3,474,320 
 
 3,695,547 
 
 3,625,636 
 
 3,528,174 
 
 3,459,486 
 
 3,778,454 
 
 3,549,613 
 
 3,709.586 
 
 3,616,838 
 
 3,534,995 
 
 3,444,825 
 
 3,683,340 
 
 3,560,242 
 
 3,6S8,410 
 
 3,670,940 
 
 3,497,795 
 
 3,457,899 
 
 3,657,431 
 
 3,345,970 
 
 3,677,987 
 
 3,559,599 
 
 3, 3 SO, 824 
 
 3,393,150 
 
 3.603,575 
 
 3,234,348 
 
 3 587,351 
 
 3,450,702 
 
 3,280,959 
 
 3,243,509 
 
 3,417,991 
 
 3,153,216 
 
 3,481,145 
 
 3,299,750 
 
 3,191,830 
 
 3,172,695 
 
 3,351,401 
 
 3,071,505 
 
 3,750,406 
 
 3,251,749 
 
 3,188,794 
 
 3,292,410 
 
 3,340,422 
 
 3,012,732 
 
 3,689,189 
 
 3,200,698 
 
 Highest. 
 
 Highest. 
 
 Highest. 
 
 Highest. 
 
 Highest. 
 
 Highest. 
 
 £3,497,795 
 
 £3,539,923 
 
 £3,997,503 
 
 £3,792,675 
 
 £3,750,406 
 
 £3,670,940 
 
 Lowest. 
 
 Lowest. 
 
 Lowest.. 
 
 Lowest. 
 
 Lowest. 
 
 Lowest. 
 
 £2,789,694 
 
 £2,815,2S3 
 
 £2,912,989 
 
 £2,836,434 
 
 £2,788,470 
 
 £2,954,899 
 
 Average. 
 
 Average. 
 
 Average. 
 
 Average. 
 
 Average. 
 
 Average. 
 
 £3,111,348 
 
 £3,091,384 
 
 £3,281,392 
 
 £3,182,433 
 
 £3,146,273 
 
 £3,247,535 
 
Banking Memoranda for 1841. 
 
 417 
 
 Currency, Prices, &c., in 1841. — Peace: Gold at par; Bank of England 
 Circulation (end of February) £16,399,000, and Deposits £6,407,000 = total 
 liabilities £22,806,000 — Bullion £4,335,000, and Securities £21,344,000 
 = total assets £25,679,000, making the Best £2,873,000; average total circu- 
 lation of Notes in the United Kingdom, during the year ending March 1841, 
 £34,724,978, viz., Bank of England £16,200,000, English Private Banks 
 £6,254,653, English Joint-Stock Banks £3,673,889, Scotch Banks £2,944,300, 
 and Irish Banks £5,478,419; Public Bevenue £53,763,089; Consols 87f to 
 90J, and Bank Stock 157 to 173J; wheat per quarter, in London, 60s. 6d. to 
 72s. 2d., and in Edinburgh, 56s. 8d. — oatmeal per boll 17s. 6d. ; bankruptcies 
 in England 1,306, Ireland 62, and Scotland 421 ; Bank of England’s minimum 
 rate of discount 5 per cent. ; Bill Brokers’ rates 5 J per cent, January 5 J, 
 February 5, April 4J, June 5, July 4J, September 4j, October 5, November 
 5-J, December 5 ; and Scotch Banks’ deposit rates 3, 15th March 3J. 
 
 Arbroath Bank. — Chief items in the Balance Sheet of the Head Oifice, 
 15th June 1841 : — 
 
 Cr. Bills Beceivable, 
 
 ►£113,518 
 
 Cash Accounts, 18,250 
 
 Current Accounts, Dr.,... 25,561 
 
 Dr. Circulation, £13,490 
 
 Deposits, 157,350 
 
 Capital, 60,000 
 
 Total Bills discounted during the year, No. 3,117, £341,445. 
 
 Ayr Bank. — A Branch was opened in Stewarton. 
 
 Ayrshire Bank. — Branches were opened in Catrine and Newmilns. 
 
 Caledonian Bank. — A Branch was opened in Thurso. 
 
 Dundee Union Bank. — Its profits at the Balance, on 31st March 1841, were 
 £10,962, 9s. 4d., of which £5,356, 16s. (=£1, 12s. on 3,348 shares of £20 
 each) was divided, and £5,605, 13s. 4d. carried to Dependancies. Its Circula- 
 tion was £74,679, 14s. 6d., of which there were of £1 Notes 47,875, 16s. 6d., 
 and of £5 Notes and upwards £26,803, 18s. 
 
 Edinburgh and Leith Bank. — Branches were opened in Alva, Dollar, 
 Kinross, Pennycuick, and Stirling. 
 
 Greenock Union Bank. — Branches were opened in Ardrishaig and Port 
 Glasgow. 
 
 Paisley Commercial Bank. — A Branch was opened in Largs. 
 
 Tweed Bank. — This Bank ceased to do business. 
 
 Western Bank of Scotland. — Branches were opened in Tobermory, 
 Pollockshaws, and Campsie. 
 
Dr. THE DUNDEE BANKING COMPANY. [80 
 
 To the PUBLIC, as per following Statement, £520,510 12 11 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £21,521 15 6 
 
 „ 5 0 0 5,075 0 0 
 
 „ 20 0 0 4,160 0 0 
 
 — £ 30,756 15 6 
 
 For MONEY DEPOSITED, as follows 
 
 In Dundee — On 2,712 Accounts, £444,160 4 0 
 
 At Forfar — On 621 Accounts, 31,351 5 2 
 
 Interest due thereon, 8,103 1 10 
 
 483,614 11 0 
 
 For SUNDRY ACCOUNTS, Cr., 6,139 6 5 
 
 £520,510 12 11 
 
 To the PARTNERS of the Company, as per following Statement, 66,385 18 4 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 0 
 
 For Rebate on Bills, 1,385 18 4 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £5 on 1,000 shares, 5,000 0 0 
 
 Profit and Loss — 
 
 By Discounts and Interest received, £36,525 12 6 
 
 Off Interest paid, .. 15,713 8 9 
 
 £20,812 3 9 
 
 To Rebate on Bills, £1,385 18 4 
 
 Interest due, 8,103 1 10 
 
 Expense of Management, . . 3,316 13 10 12,805 14 0 
 
 By Nett Profit, £8,006 9 9 
 
 To Premium Account, £1,000 0 0 
 
 Dependancies, 2,006 9 9 3,006 9 9 
 
 £5,000 0 0 £66,385 18 4 
 
 TOTAL LIABILITIES of the Bank, £586,896 11 3 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2,310,000. 
 Bills Discounted, No. 4,874, £706,620, 11s. 9d. Total payments through Edinburgh Agents, 
 £367,000 (of this for the Bank’s Notes retired, £89,415) ; and through London Agents, 
 £190,000. 
 
 1842. June 6. — The composition of Wm, Boyack, flaxspinner, being due this day, the Bank 
 applied for it in the usual course of business, and, together with some other Creditors, 
 obtained payment of it. This led to a litigation which obtained some celebrity in Dundee, 
 under the designation of the Primo Venienti case. The Bankrupt, after sequestration, 
 offered a composition which was accepted by the Creditors and approved of by the Sheriff 
 and the Court of Session. The Trustee having already realized a large sum out of the assets, 
 to encourage the Creditors to grant their assent, the Bankrupt bound himself not to take 
 possession of these funds, as by law he would be entitled to do, but leave them to be applied 
 so far as they would go, in payment of his composition ; the Trustee being authorised and 
 directed to do this primo venienti. When the composition fell due the Trustee acted 
 accordingly, and thus those applying early in the day were paid, but the Bankrupt having 
 
80] 
 
 20th FEBRUARY 1843. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 3,200 0 
 
 INVESTMENTS, as per following Statement, 514,197 14 
 
 1$£. In Dundee, as follows, £473,008 5 3 
 
 Cash Accounts, in number 86, £ 75,002 11 8 
 
 Overdrawn Accounts, in number 62,. 19,828 19 3 
 
 Heritable Bonds, in number 33, 156,163 19 10 
 
 Bills Receivable, 206,467 10 9 
 
 0 0 
 0 0 
 0 0 
 
 Bank of England Stock, £4,800 at 184f, 
 
 Shares of the Bank (five), 
 
 Premium paid Dundee New Bank, — 
 
 Goods in New York, 
 
 Dependancies, 
 
 8,972 
 
 450 
 
 4,500 
 
 721 
 
 901 
 
 £473,008 5 3 
 
 2 d. At Forfar, as follows, 41,189 9 
 
 Cash Accounts, in number 43, £13,559 10 3 
 
 Bills Receivable, 27,629 19 3 
 
 £41,189 9 6 
 
 £514,197 14 9 
 
 SUNDRY ACCOUNTS, Dr., .77.". 1,858 
 
 CASH at call and on hand, as per following Statement, 67,640 
 
 At call, Edinburgh Agents, £46,734 11 9 
 
 Do., London do., 10,350 11 10 
 
 On hand, at Head Office, Dundee, as follows, 8,941 17 11 
 
 Mixed Notes, £5,547 12 0 
 
 Gold, 1,813 0 0 
 
 Silver, ; 1,579 2 6 
 
 Copper, 2 3 5 
 
 £8,941 17 11 
 
 On hand, at Forfar Branch, as follows, 1,613 5 
 
 Mixed Notes, £1,227 4 0 
 
 Specie, 386 1 8 
 
 £1,613 5 8 £67,640 7 2 
 
 TOTAL ASSETS of the Bank,, 
 
 .£586,896 11 3 
 
 failed to realize the rest of his assets was not in a position to pay punctually those who 
 came later. These, instead of applying to the sureties for the composition, raised a clamour 
 against the Trustee that he ought to have divided the funds in his hands pari passu among 
 all, and they resolved to compel the return of the money that this might yet be done. 
 Accordingly an action was raised by a summons setting forth that the Trustee and his Law 
 Agent had, by collusion with the Creditors who obtained payment of the composition, intro- 
 duced the clause of primo venienti that they might get the benefit of it. The Bank had 
 attended none of the meetings of Creditors, had had no hand in arranging the terms of the 
 offer, and had not even heard of the primo venienti clause until after the composition was 
 paid. The Creditors who had obtained payment were willing to return the money provided 
 the absurd charge was retracted ; yet when the case came on for hearing, and the Coimsel 
 pressed on the attention of the Court that it was more a question of character than of 
 money ; that the Bank and others were charged with being accessory to an act of fraud 
 towards the general body of Creditors ; and that the Pursuers were not even attempting to 
 justify the assertion, but pleading merely that the terms of the composition were unreason 
 able and ought not to have been sanctioned, one of the Judges said the charge was merely 
 a matter of form to entitle the Court to review the matter, and that substantial justice re 
 quired a redivision of the money. A good illustration of the pious fictions of the Law. 
 
420 
 
 Banking Memoranda for 1842. 
 
 Currency, Prices, &c., in 1842. — Peace : Gold at par ; Bank of England 
 Circulation (end of February) £16,920,000, and Deposits £8,239,000 = total 
 liabilities £25,159,000 — Bullion £6,119,000, and Securities £22,124,000 = total 
 assets £28,243,000, making the Pest £3,084,000 ; average total circulation of 
 
 during 
 
 the year 
 
 ending 
 
 5th March 1842, 
 
 Notes in the United Kingdom, 
 
 £33,591,925, viz., Bank of England £16,894,000, English Private Banks 
 £5,299,455, English Joint-Stock Banks £2,990,986, Scotch Banks £2,81 1,109, 
 and Irish Banks £5,596,375 ; Public Revenue £52,384,015 ; Consols 88J to 
 94§, and Bank Stock 165 to 173^; wheat per quarter, in London, 40s. to 
 64s. 5d., and in Edinburgh, 53s. 6d. — oatmeal per boll, 17s. 6d. ; bankruptcies 
 in England 1,290, Ireland 91, and in Scotland 542; Bank of England’s 
 minimum rates of discount 5 per cent., 7th April 4 ; Bill Brokers’ rates 5 per 
 cent., January 4j, February 4^ and 3J, May 3^, June 3^, July 3^, August 3, 
 September 2J-, October 2j, November 2-^; and Scotch Banks’ deposit rates 3^ 
 per cent., 31st August 3, and 23d September 2J. 
 
 Bank of Scotland. — A Branch was opened in Callander. 
 
 Royal Bank. — Its Branch in Dundee was withdrawn towards the close of 
 the year. 
 
 Commercial Bank of Scotland. — Branches were opened in Grangemouth 
 and Pitlochrie. 
 
 Aberdeen Bank. — Branches were opened in Portsoy and Turriff. 
 
 Arbroath Bank. — Chief items in the Balance Sheet of the Head Office, 
 15th June 1842 : — 
 
 Dr. Circulation, £16,036 
 
 Deposits, 142,124 
 
 Capital, 60,000 
 
 Cr. Bills Receivable, £100,655 
 
 Cash Accounts, 20,572 
 
 Current Accounts, Dr., .... 23,697 
 Total Bills discounted during the year, No. 3,564, £301,669. 
 
 Caledonian 
 
Banking Memoranda for 1842 — ( Continued). 421 
 
 Caledonian Bank. — Branches were opened in Dunkeld, Granton, and 
 Tomintoul. 
 
 Dundee Union Bank. — Its profits at the Balance, on 31st March 1842, were 
 £12,919, 11s. 8d., of which £5,356, 16s. (=£1, 12s. on 3,348 shares of £20 each) 
 was divided, and £7,562, 15s. 8d. carried to Dependancies. Its Circulation 
 was £74,904, 3s. 6d., of which there were of £1 Notes £56,019, 6d., and of 
 £5 Notes and upwards £18,885, 3s. 
 
 Edinburgh and Leith Bank. — Branches were opened in Annan, Dum- 
 fries, Lockerby, New Galloway, Newton Stewart, Stranraer, and Whithorn. 
 
 Greenock Union Bank. — Branches were opened in Dunoon and Rothesay. 
 
 North of Scotland Bank. — A Branch was opened in New Deer. 
 
 Renfrewshire Bank. — On 1st April, this Bank, established in 1802, 
 was sequestrated — its debts being £190, 000 — and the dividend to the unsecured 
 creditors proved small. Some of the note-holders and depositors were, how- 
 ever, paid in full, by certain of the retired partners, where the obligation was 
 dated prior to 1840. 
 
 Southern Bank. — This Bank, established in 1838, ceased, being amalga- 
 mated with the Edinburgh and Leith Bank. 
 
 Western Bank of Scotland. — Branches were opened in Gatehouse, Kil- 
 syth, Kirkcudbright, Millport, Moffat, and Rothesay. 
 
 b 26 
 
Dr. THE DUNDEE BANKING COMPANY. [81 
 
 To the PUBLIC, as per following Statement, £564,194 2 11 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £20,374 18 6 
 
 „ 5 0 0 3,110 0 0 
 
 „ 20 0 0 4,020 0 0 
 
 £ 27,504 18 6 
 
 For MONEY DEPOSITED, as follows 
 
 In Dundee — On 2,707 Accounts, £486,358 4 4 
 
 At Forfar — On 236 Accounts, 43,154 13 10 
 
 Interest due thereon, 5,741 14 0 
 
 535,254 12 2 
 
 For SUNDRY ACCOUNTS, Cr., 1,434 12 3 
 
 £564,194 2 11 
 
 To the PARTNERS of the Company, as per following Statement, 65,275 1 7 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 0 
 
 For Rebate on Bills, 1,275 1 7 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £4 on 1,000 shares, 4,000 0 0 
 
 PROFIT AND Loss — 
 
 By Discounts and Interest received, £31,409 19 4 
 
 Off Interest paid, 13, 880 1 4 
 
 £17,529 18 0 
 
 To Rebate on Bills, £1,275 1 7 
 
 Interest due, 5,741 14 0 
 
 Expense of Management, 3,410 4 2 10,426 19 9 
 
 By Nett Profit, £7,102 18 3 
 
 To Dependancies, 3,102 18 3 
 
 £4,000 0 0 £65,275 1 7 
 
 TOTAL LIABILITIES of the Bank, £629,469 4 6 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £1,745,000. 
 The Bills discounted were No. 4,437, £648,044, 3s. 7d. Total payments through Edinburgh 
 Agents, £360,000 (of this for the Bank’s Notes retired, £89,205) ; and through London 
 Agents, £190,000. 
 
 1843. Nov. 11. — A difference of opinion having arisen between the Bank and the Harbour 
 Trustees as to the rate of interest that was reasonable on a balance varying from £10,000 to 
 
 21 
 
81] 20th FEBRUARY 1844. Or. 
 
 By BANK OFFICE, Castle Street, £ 3,200 0 0 
 
 INVESTMENTS, as per following Statement, 528,856 15 8 
 
 ls£. In Dundee, as follows, £498,065 4 7 
 
 Cash Accounts, in number 79, 
 
 ..£ 54,279 
 
 13 
 
 10 
 
 Overdrawn Accounts, in number 65, 
 
 . 14,106 
 
 14 
 
 1 
 
 Heritable Bonds, in number 40, 
 
 .. 183,776 
 
 10 
 
 1 
 
 Bills Receivable, 
 
 .. 198,960 
 
 4 
 
 9 
 
 3f per Cents Red., £19,417 at 103f,. 
 
 .. 20,024 
 
 2 
 
 2 
 
 Bank of England Stock, £4, 800 at 186f , 8, 972 
 
 0 
 
 0 
 
 Shares of the Bank (fifteen), 
 
 .. 1,250 
 
 0 
 
 0 
 
 Premium paid Dundee New Bank,. .. 
 
 .. 4,500 
 
 0 
 
 0 
 
 Dependancies, 
 
 .. 12,195 
 
 19 
 
 8 
 
 
 £498,065 
 
 4 
 
 7 
 
 2d. At Forfar, as follows, 
 
 
 
 
 Cash Accoimts, in number 43 
 
 .. £19,980 
 
 2 
 
 3 
 
 Bills Receivable, 
 
 .. 10,811 
 
 8 
 
 10 
 
 
 £30,791 
 
 11 
 
 1 
 
 £528,856 15 8 
 
 SUNDRY ACCOUNTS, Dr., 877 19 
 
 CASH at call and on hand, as per following Statement, 96,534 9 
 
 At call, Edinburgh Agents, £80,789 4 3 
 
 Do., London do., 5,029 12 8 
 
 On hand, at Head Office, Dundee, as follows, 7,941 16 11 
 
 Mixed Notes, £3,400 7 0 
 
 Gold, 2,736 0 0 
 
 Silver, 1,804 7 0 
 
 Copper, 1 2 11 
 
 £7,941 16 11 
 
 On hand, at Forfar Branch, as follows, 2,773 15 9 
 
 Mixed Notes, £2,447 0 0 
 
 Specie, 326 15 9 
 
 £2,773 15 9 
 
 £96,534 9 7 
 
 TOTAL ASSETS of the Bank, £629,469 4 6 
 
 £70,000, the latter obtained credits from two other Banks below the regulated Cash Account 
 rates. Thus closed a connection which had subsisted from the commencement of the Trust 
 in 1815. The Bank had often, at much inconvenience and at some loss to itself, enabled the 
 Trustees to tide over their pecuniary difficulties in periods of distrust ; but in the sunshine 
 of 1843 the gloom of former storms was forgotten. For obvious reasons the accounts of 
 Public Trusts are the least advantageous that a Bank can have ; and it seems strange that 
 a notion should prevail they ought to be treated more favourably than those of private 
 parties, and absurd that Banks should compete for the honour of keeping them. 
 
424 Banking Memoranda for 1843 . 
 
 Currency, Prices, &c., in 1843. — Peace : Gold at par ; Bank of England 
 Circulation (end of February) £20,284,370, and Deposits £11,262,560 = total 
 liabilities £31,546,930 — Bullion £11,149,790, and Securities £23,134,370 = 
 total assets £34,284,160, making the Rest £2,737,230 ; average total Circula- 
 tion of Notes in the United Kingdom, during the year ending 4th March 1843, 
 £35,851,521, viz., Bank of England £20,340,000, English Private Banks 
 £4,785,724, English Joint-Stock Banks £2,844,077, Scotch Banks £2,588,170, 
 and Irish Banks £5,293,350 ; Public Revenue £58,222,671 ; Consols 93f to 
 97J, and Bank Stock 172 to 185 ; wheat per quarter, in London, 45s. 9d. to 
 59s., and in Edinburgh, 45s. — oatmeal per boll 13s. 9d. ; bankruptcies in 
 England 1,146, Ireland 47, and in Scotland 382 ; Bank of England’s minimum 
 rate of discount 4 per cent. ; Bill Brokers’ rates 2J per cent., February 2^, 
 March 2, June 2J, July 2J, August 2, September 2J, December 2 % ; and 
 Scotch Banks’ deposit rates 2\ per cent., 15th December 2. 
 
 Railway Expenditure. — This year and the next were marked by a great 
 extension of Railways, that mode of investing money which has now become so 
 enormous an interest in the country. The Acts passed in 1844 authorized the 
 outlay of a further sum of £20,000,000 on these undertakings. There was 
 expended on them during that year £6,700,000, which, added to what had been 
 before laid out, viz., £65,600,000, made a total investment of £72,300,000. 
 
 Sayings Banks. — For their encouragement, the Government had allowed 
 these societies 2d. per diem, or about £3, 8s. 6d. per cent., for their money, 
 but in 1844 the rate was reduced to £3, 5s. per cent. The increase of the 
 Deposits in these Banks, since their establishment under Government cog- 
 nizance (see 1817), is remarkable. 
 
 Progress of the Savings Banks of the United Kingdom from 1816 to 1864, showing 
 the number and amount of Deposits on 20 th November each year. 
 
 Year. 
 
 Number. 
 
 Amount. 
 
 Year. 
 
 Number. 
 
 Amount. 
 
 Year. 
 
 Number. 
 
 Amount. 
 
 1817, 
 
 J 
 
 £ 231,028 
 
 1831, 
 
 436,670 
 
 £14,575,165 
 
 1845, 
 
 1,063,418 
 
 £32,661,924 
 
 1818, 
 
 
 1,697,853 
 
 1832, 
 
 440,861 
 
 14,740,290 
 
 1846, 
 
 1,108,546 
 
 33,694,642 
 
 1819, 
 
 
 2,813,023 
 
 1833, 
 
 470,783 
 
 15,585,269 
 
 1847, 
 
 1,096,086 
 
 32,168,733 
 
 1820, 
 
 
 3,469,910 
 
 1834, 
 
 507,836 
 
 16,766,502 
 
 1848, 
 
 1,057,422 
 
 30,117,771 
 
 1821, 
 
 
 4,740,188 
 
 1835, 
 
 547,040 
 
 18,002,461 
 
 1849, 
 
 1,087,909 
 
 30,640,291 
 
 1822, 
 
 
 6,546,690 
 
 1836, 
 
 599,580 
 
 19,486,405 
 
 1850, 
 
 1,113,585 
 
 31,208,322 
 
 1823, 
 
 
 8,684,662 
 
 1837, 
 
 636,339 
 
 20,429,932 
 
 1851, 
 
 1,161,696 
 
 32,671,595 
 
 1824, 
 
 
 11,720,629 
 
 1838, 
 
 703,529 
 
 22,346,080 
 
 1852, 
 
 1,209,934 
 
 34,222,509 
 
 1825, 
 
 
 13,257,708 
 
 1839, 
 
 748,718 
 
 23,522,622 
 
 1853, 
 
 1,260,377 
 
 35,748,485 
 
 1826, 
 
 
 13,135,218 
 
 1840, 
 
 798,387 
 
 24,688,814 
 
 1854, 
 
 1,278,439 
 
 35,935,629 
 
 1827, 
 
 
 14,188,708 
 
 1841, 
 
 841,548 
 
 25,781,638 
 
 1855, 
 
 1,305,397 
 
 36,503,480 
 
 1828, 
 
 
 15,358,504 
 
 1842, 
 
 875,086 
 
 26,768,580 
 
 1856, 
 
 1,342,232 
 
 36,898,348 
 
 1829, 
 
 409,714 
 
 14,314,192 
 
 1843, 
 
 935,745 
 
 28,786,603 
 
 1857, 
 
 1,366,560 
 
 37,090,558 
 
 1830, 
 
 427,830 
 
 14,616,936 
 
 1844, 
 
 1,012,475 
 
 31,275,636 
 
 
 
 
Banking Memoranda for 1843 — ( Continued). 42 5 
 
 Aberdeen Bank. — A Branch was opened in Banchory. 
 
 Arbroath Bank. — Chief items in the Balance Sheet of the Head Office, 
 15th June 1843 : — 
 
 Dr. Circulation, £12,858 
 
 Deposits, 145,733 
 
 Capital, 60,000 
 
 Cr. Bills Eeceivable, £105,648 
 
 Cash Accounts, 20,399 
 
 Current Accounts, Dr.,... 27,122 
 
 Total Bills discounted during the year, No. 3,477, £317,538. 
 
 Ayr Bank. — This Bank, Hunters & Co., established in 1773, amalgamated 
 with the Glasgow Union Bank. 
 
 Ayrshire Bank. — A Branch was opened in Stewarton and Troon. 
 
 Central Bank of Scotland. — A Branch was opened in Dunkeld. 
 
 Dundee Union Bank. — Its profits at the Balance, on 31st March 1843, were 
 £6,283, Is. 5d., of which £4,687, 4s. (=£1, 8s. on 3,348 shares of £20 each) 
 was divided, and £1,595, 17s. 5d. carried to Dependancies. Its Circulation 
 was £60,304, 11s. lid., of which there were of £1 Notes £43,395, 13s. 7d., 
 and of £5 Notes and upwards £16,908, 18s. 4d. 
 
 Edinburgh and Leith Bank. — A Branch was opened in St Andrews. 
 
 Glasgow Banking Company. — A Bank under this title was established 
 in Glasgow; but, being prevented from issuing notes by Peel’s Bank Act, 
 passed the next year, it amalgamated with the Western Bank of Scotland, in 
 July 1844. 
 
 Glasgow and Ship Bank. The Glasgow and Ship Bank, amalgamated 
 
 Glasgow Union Bank. in 1836, and the Glasgow Union Bank, estab- 
 
 Union Bank of Scotland. lished in 1829, (and with which last had been 
 amalgamated in succession the Thistle Bank, established in 1761, Sir William 
 Forbes & Co., 1763, the Paisley Union Bank in 1788, and the Ayr Bank in 
 1773), were this year amalgamated, under the title of the Union Bank of 
 Scotland, having 592 partners, and a capital of £1,000,000. 
 
 Greenock Bank. — In November, this Bank, established in 1785, was 
 amalgamated with the Western Bank of Scotland, the partners obtaining a 
 large premium. 
 
 Greenock Union Bank. — On December 31, this Bank, established in 1841 
 only, was amalgamated with the Clydesdale Bank. 
 
 North of Scotland Bank. — A Branch was opened in New Deer. 
 
 Union Bank of Scotland. — Branches were opened in Galston, Girvan, 
 Irvine, Kilmarnock, Kirkcaldy, and Maybole. 
 
Dr. THE DUNDEE BANKING COMPANY. [82 
 
 To the PUBLIC, as per following Statement, £552,205 18 2 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £22,566 8 6 
 
 „ 5 0 0 5,075 0 0 
 
 „ 20 0 0 3,380 0 0 
 
 £ 31,021 8 6 
 
 For MONEY DEPOSITED, as follows 
 
 In Dundee — On 2,709 Accounts, £470,959 4 0 
 
 At Forfar — On 208 Accounts, 37,666 7 1 
 
 Interest due thereon, 5,436 12 5 
 
 514,062 3 6 
 
 For SUNDRY ACCOUNTS, Cr., 7,122 6 2 
 
 £552,205 18 2 
 
 To the PARTNERS of the Company, as per following Statement, 65,352 4 0 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 0 
 
 For Rebate on Bills, 1,152 4 0 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £4, 4s. on 1,000 shares, 4,200 0 0 
 
 Profit and Loss — 
 
 By Discounts received, £28,501 0 9 
 
 Off Interest paid, 10,407 8 7 
 
 £18,093 12 2 
 
 To Rebate on Bills, £1,152 4 0 
 
 Interest due, 5,436 12 5 
 
 Expense of Management,.. 3,197 11 11 9,786 8 4 
 
 By Nett Profit, £8,307 3 10 
 
 Rise on Bank of England Stock, 1,028 0 0 
 
 By Total Profit on hand, £9,335 3 10 
 
 To Premium Account, £1,500 0 0 
 
 Dependancies, 3,635 3 10 5,135 3 10 
 
 £4,200 0 0 £65,352 4 0 
 
 TOTAL LIABILITIES of the Bank, £617,558 2 2 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2,300,000. 
 Bills Discounted, No. 4,741, £668,341, 16s. 7d. Total payments through Edinburgh Agents, 
 £480,000 (of this for the Bank’s Notes retired, £106,275); and through London Agents, 
 £250,000. 
 
82 ] 
 
 20th FEBRUARY 1845. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 3,200 
 
 INVESTMENTS, as per following Statement, 544,879 
 
 ls£. In Dundee, as follows, £522,109 12 0 
 
 Cash Accounts, in number 70, £ 53,027 1 11 
 
 Overdrawn Accounts, in number 63,. 16,005 1 1 
 
 Heritable Bonds, in number 47, 212,621 6 9 
 
 Bills Receivable, 198,400 19 0 
 
 31 per Cents Red., £19,417 at 103^,... 20,025 3 8 
 
 Bank of England Stock, £4, 800 at 208 g, 10, 000 0 0 
 
 Shares of the Bank (fifteen), 1,250 0 0 
 
 Premium paid Dundee New Bank, 3,000 0 0 
 
 Dependancies, 7,779 19 7 
 
 £522,109 12 0 
 
 2d. At Forfar, as follows, 22,769 13 0 
 
 Cash Accounts, in number 42, £13,696 0 8 
 
 Bills Receivable, 9,073 12 4 
 
 £22,769 13 0 
 
 £544,879 5 0 
 
 SUNDRY ACCOUNTS, Dr., 636 11 
 
 CASH at call and on hand, as per following Statement, 68,842 5 
 
 At call, Edinburgh Agents, £52,140 10 8 
 
 Do., London do., 6,651 14 6 
 
 On hand, at Head Office, Dundee, as follows, 7,965 12 2 
 
 Mixed Notes, £4,983 8 3 
 
 Gold, 1,941 0 0 
 
 Silver, 1,037 2 6 
 
 Copper, 4 1 5 
 
 £7,965 12 2 
 
 On hand, at Forfar Branch, as follows, 2,084 8 7 
 
 Mixed Notes, £1,685 0 0 
 
 Specie, 399 8 7 
 
 £2,084 8 7 £68,842 5 11 
 
 TOTAL ASSETS of the Bank, £617,558 2 2 
 
428 Banking Memoranda for 1844. 
 
 Currency, Prices, &c., in 1844. — Peace: Gold at par; Bank of England 
 Circulation (end of February) £21,148,370, and Deposits £12,529,160 = total 
 liabilities £33,677,530 — Bullion £16,213,950, and Securities £20, 648,450= total 
 assets £36,862,400, making the Rest £3,184,870 ; average total Circulation of 
 Notes in United Kingdom, during the year ending 2d March 1844, £38,612,587, 
 viz., Bank of England £21,471,000, English Private Banks £4,992,709, Eng- 
 lish Joint-Stock Banks £3,427,189, Scotch Banks £2,684,191, and Irish Banks 
 £6,037,498; Public Revenue £59,917,494; Consols 96J- to 101 J, and Bank 
 Stock 185^ to 211 ; wheat per quarter, in London, 47s. 7d. to 55s. lid., and in 
 Edinburgh, 51s. 6d. — oatmeal per boll 14s.; bankruptcies in England 987, Ire- 
 land 31, and Scotland 295 ; Bank of England’s minimum discount rates 4 per 
 cent., 5th Sept. 3 and 2-J- ; Bill Brokers’ rates 2J per cent., Feb. 2, May 1 J, July 
 2, Aug. If, Sept. 2, Oct. 2f, Nov. 2f ; Scotch Banks’ deposit rate 2 per cent. 
 
 Peel’s Bill for England. — The Bank’s Charter was renewed by Act 7th 
 and 8th Vic., cap. 32, 19th July 1844. Its chief points were as follows : — 1. After 
 31st August 1844, the issue of notes to be by the Bank, acting by a committee 
 of directors, under the name of “ The Issue Department of the Bank of Eng- 
 land.” 2. Securities of £14,000,000 to be set apart for this, and gold to be held 
 for amount of notes beyond this. 3. If any Bank of Issue ceases issuing notes, 
 the Crown in Council may authorize the Bank’s Issue Department to hold 
 Securities for two-thirds the amount of that Bank’s issues, and increase the 
 £14,000,000 of notes against Securities to that extent. 4. Weekly accounts of 
 the Bank’s position to be published in the Gazette. 5. Bank to pay 
 £60,000 more than the £120,000 settled in 1833 for their privileges ; and all 
 profit on notes beyond £14,000,000 to accrue to the Public. 6. No new 
 Banks of Issue to be permitted after 6th May 1844. 7. Any Bank ceasing to 
 
 issue notes not to be allowed to resume issues. 8. All Banks of issue to be 
 allowed to issue an amount equal to their average Circulation, for twelve weeks 
 preceding 27th April 1844. 9. Bank of England to be allowed to compound 
 
 with private Banks of Issue to withdraw their notes, and get a commission, not 
 exceeding 1 per cent., till 1st August 1856. 10. Privileges of the Bank to 
 
 continue till twelve months’ notice after August 1855. 
 
 Bank of England. — On the passing of the Act renewing its Charter, the 
 Bank began to regulate its rates of discount by the comparative amount of its 
 stock of Bullion. The good harvests of 1842-3-4, and the saving in the 
 amount of capital required for any particular extent of business effected by the 
 railways beginning to be felt (if despatch in transporting goods reduced the 
 quantity en route to one-fourth, then less capital was required by three-fourths 
 of the value of goods formerly at one time en route), had aided the accumulation 
 of Bullion, which was at the time high. In July 1844, it was £15,500,000, 
 therefore the Bank reduced the rate of discount from 4 per cent, to 3, and 
 then to 2^, In the autumn of 1845, Bullion being reduced to £13,500,000, 
 the rate was raised to 3, and then to 3J. The decline in Bullion and rise in 
 discount went on till the money crisis of October 1847. 
 
 Commercial Bank of Scotland. — Branches opened in Arbroath and Forfar, 
 
 National Bank of Scotland. — Its Capital was enlarged from £500,000 to 
 £1,000,000 — each partner being allowed to subscribe for as much of the addi- 
 
Banking Memoranda for 1844 — ( Continued). 42 9 
 
 tional as lie held of the ordinary Capital. From this time the distinction of shares 
 was abolished, and the Capital held or transferred in amounts of £100 stock. 
 
 Arbroath Bank. — Chief items of the Balance Sheet of the Head Office, 
 15 th July 1844 
 
 Dr. Circulation, £13,787 
 
 Deposits, 133,279 
 
 Capital, 60,000 
 
 Cr. Bills Receivable, £67,437 
 
 Cash Accounts, 15,718 
 
 Current Accounts, Dr...... 17,526 
 
 Total Bills discounted during the year, No. 2,322, £208,123. 
 
 At this date the Arbroath Bank, established in 1825, was now amalgamated 
 with the Commercial Bank of Scotland. Its capital had been reduced to 
 £40,000 some years before this, but the exact time could not be ascertained. 
 
 Clydesdale Bank. — Branches were opened in Greenock, Paisley, Port 
 Glasgow, and Rothesay. 
 
 Dundee Union Bank. — Early this year, the Directors concluded that it 
 would not be wise to continue the Bank, seeing that its unsettled losses had accu- 
 mulated to a very serious amount, and that the prudent course would be to dispose 
 of their good connection in the district on the best terms they could, before any 
 hint of the state of the Bank’s affairs should alarm the public. Accordingly, the 
 Cashier negociated a sale of the business to the Western Bank of Scotland. The 
 price fixed on was £7,000 for each £100,000 of deposit money transferred, which, 
 being about £550,000, made the amount £38,500, and £7,200 for the benefit of 
 the increased Circulation, together £45,700. Besides which, the Western Bank 
 gave off, among such of the partners of the Union Bank as wished any, stock to 
 the extent of 1,000 of its £50 shares, at the price of £68, the market price of the 
 day being £72, or a further bonus among those taking the stock of £4,000. The 
 result to the partners of the Dundee Union Bank was, that of the capital of 
 £66,780, £12,735 had to be applied to debts owing by partners, leaving £54,045, 
 of which the one-half was ultimately returned to them, the other half, together 
 with the price of the business paid by the Western Bank, together £72,722, 
 being required to square up and close the bad accounts in the Bank’s books, 
 some of which were of many years’ standing. The Dundee Union Bank there- 
 fore ceased business on 31st March, at which date its Circulation was £72,045, 
 of which £53,132 was in £1 Notes, and £18,913 in Notes of £5 and upwards. 
 (See 1846.) 
 
 Edinburgh and Leith Bank. The first of these Banks, established 
 
 Edinburgh and Glasgow Bank. in 1838 (commenced business 1839), 
 was enlarged into, or amalgamated with, a new concern now established, with 
 twenty Branches, under the title of the Edinburgh and Glasgow Bank, having 
 1,590 partners, and a capital of £1,000,000. 
 
 City of Glasgow Bank. — Branches were opened in Aberdeen, Ardrishaig, 
 Barrhead, Galashiels, Johnstone, and Newton Mearns. 
 
 Glasgow Joint-Stock Bank. — This Bank, established in 1840, -was amal- 
 gamated with the Edinburgh and Glasgow Bank. 
 
 Paisley Commercial Bank. — This Bank, established in 1810, was amal- 
 gamated with the Western Bank of Scotland. 
 
 Western Bank of Scotland — -Branches were opened in Arbroath, Beith, 
 Brechin, Dundee, Forfar, and Montrose. 
 
Dr. THE DUNDEE BANKING COMPANY. [83 
 
 To the PUBLIC, as per following Statement, £617,145 7 1 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £25,048 8 6 
 
 „ 5 0 0 3,125 0 0 
 
 „ 20 0 0 6,080 0 0 
 
 £ 34, 253 8 6 
 
 For MONEY DEPOSITED, as follows 
 
 In Dundee — On 2,675 Accounts, £535,491 4 0 
 
 At Forfar — On 209 Accounts, 38, 175 13 8 
 
 Interest due thereon, 5,969 13 1 
 
 577,636 10 9 
 
 For SUNDRY ACCOUNTS, Cr., 5,255 7 10 
 
 £617,145 7 1 
 
 To the PARTNERS of the Company, as per following Statement, 65,783 6 2 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 0 
 
 For Rebate on Bills, v 1,583 6 2 
 
 For Portion of past year’s PROFITS, set aside for 
 
 a Dividend of £4, 4s. on 1,000 shares, 4,200 0 0 
 
 Profit and Loss — 
 
 By Discounts (+ former Rebate), £ 9,084 9 7 
 
 Interest received, 21,637 10 7 
 
 £30,722 0 2 
 
 Off Interest paid, 10,925 13 11 
 
 £19,796 6 3 
 
 To Rebate on Bills, £1,583 6 2 
 
 Interest due, 5,969 13 1 
 
 Expense of Management, . . 3,533 13 10 11,086 13 1 
 
 By Nett Profit, £8,709 13 2 
 
 To Premium Account, £3,000 0 0 
 
 Dependancies, 1,509 13 3 4,509 13 3 
 
 £4,200 0 0 £65,783 6 2 
 
 TOTAL LIABILITIES of the Bank, £682,928 13 3 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £2,250,000. 
 Bills Receivable discounted during the year, No. 4,892, £756,670, 6s. lid. ; Discounts there- 
 on, £7,932, 5s. 7d. Total payments through Edinburgh Agents, £540,000 (of this for the 
 Bank’s Notes retired, £117,490) ; and through London Agents, £360,000. 
 
 1845. Sept. 13. — The Bank bought the Tay Ferries from the Public Works Loan Com- 
 missioners at the price of £27,498, 19s. 5d., being the amount of their bonds with interest 
 and expenses. This was done to prevent the loss of the Bank’s claim on the Ferries, amount- 
 ing to £10,313, 6s. 3d. An attempt was made by the Trustees of the Ferries to purchase 
 them on behalf of the Edinburgh and Northern Railway Co. at the upset price, and thus cut 
 off the Bank and the other Creditors ; and it would have succeeded if the Railway Co. had 
 had the money ready. But when the Secretary and Solicitor for the Board found the Ferry 
 
83] 
 
 20th FEBRUARY 1846. 
 
 Cr . 
 
 By BANK OFFICE, Castle Street, £ 3,200 0 
 
 INVESTMENTS, as per following Statement, 617,168 19 
 
 1st. In Dundee, as follows, £598,307 17 9 
 
 Cash Accounts, in number 66, £ 55,110 2 10 
 
 Overdrawn Accounts, in number 68, . 21,899 0 11 
 
 Heritable Bonds, in number 49, 259, 239 11 8 
 
 Bills Receivable, 225, 184 9 3 
 
 3i per Cents Red., £6,831 at 114, 7,785 3 8 
 
 Bank of Engl. Stock, £10,800 at 206, 22,240 0 0 
 
 Shares of the Bank, (twenty-five), ... . 1,974 4 7 
 
 Dependancies, 4,875 4 10 
 
 £598,307 17 9 
 
 2 cl. At Forfar, as follows, 18,861 1 4 
 
 Cash Accounts, in number 37, £10,139 2 11 
 
 Bills Receivable, 8,721 18 5 
 
 £18,861 1 4 
 
 £617,168 19 1 
 
 SUNDRY ACCOUNTS, Dr., 705 13 
 
 CASH at call and on hand, as per following Statement, 61,854 0 
 
 At call, Edinburgh Agents, £29,754 
 
 Do., London do., 12,297 
 
 On hand, at Head Office, Dundee, as follows, 18,231 
 
 Mixed Notes, £1 1, 335 17 3 
 
 Gold, 5,257 0 0 
 
 Silver, 1,634 13 0 
 
 Copper, 4 2 4 
 
 £18,231 12 7 
 
 On hand, at Forfar Branch, as follows, 1,572 18 7 
 
 Mixed Notes, £ 926 0 0 
 
 Specie, 646 18 7 
 
 £1,572 18 7 £61,854 0 11 
 
 TOTAL ASSETS of the Bank, 
 
 .£682,928 13 3 
 
 Trustees, though bidding the price, had not the money to pay it, they accepted the offer of 
 the Bank. Intimation was then given to the Edinburgh and Northern Railway Co. that 
 they might have the Ferries at the price of the sum paid to the Commissioners and of the 
 amount of the debt due to the Bank, but the proposal receiving no attention, the Ferries 
 were sold to the Scottish Central Railway Co. for that amount, on the 22d of the same month. 
 Thus, by a hair’s -breadth, the Bank escaped the loss of money advanced to a Board of 
 Trustees to enable them to complete the Public Work committed to their management. 
 
 Dec. 13. — The weekly return to the Government of the amount of Notes in circulation 
 and of coin held by the Bank, as ordered by 8 and 9 Viet. c. 38, commenced this day. In pre- 
 paration for this, £1,500 out of £1,875, 12s. Od. of balances of old Notes issued between 1784 
 and 1822 were assumed to have become destroyed, and this amount carried to Profit and 
 Loss. This, with £250 in 1825, and £80 in 1834, appears to be all the profit through lost 
 Notes in 82 years. 
 
432 Banking Memoranda for 1845 . 
 
 Currency, Prices, &c., in 1845. — Peace: Gold at par; Bank of England 
 Circulation (end of February) £21,201,720, and Deposits £15,722,960 = total 
 liabilities £36,924,680 — Bullion £15,767,590, and Securities £24,730,610 = 
 total assets £40,498,200, making the Rest £3,573,520 ; average total Circula- 
 tion of Notes in the United Kingdom, during the year ending 1st March 1845, 
 £38,689,652, viz., Bank of England £21,080,000, English Private Banks 
 £4,411,507, English Joint-Stock Banks £3,089,879, Scotch Banks £2,986,708, 
 and Irish Banks £7,121,558; Public Revenue £59,140,319; Consols 94f to 
 lOOf, and Bank Stock 199J to 215 ; wheat per quarter, in London, 45s. 2d. to 
 64s., and in Edinburgh, 43s. 4d. — oatmeal per boll 16s. ; bankruptcies in 
 England 968, Ireland 39, and in Scotland 256 ; Bank of England’s minimum 
 rates of discount 3 and 2\ per cent., 13th March 2%, 16th October 3, 6th 
 November 3J ; Bill Brokers’ rates 2f per cent., January 2 J, October 3, 
 November 3J, December 4j ? ; and Scotch Banks’ deposit rates 2 per cent., 
 11th November 3. 
 
 Peel’s Bill for Scotland. — By Act 8 and 9 Vic., cap. 38, 21st July 1845, 
 it was enacted — 1. That no Bank should begin to issue notes after 6th May 
 1844 — that is, which had not before that date obtained a licence to issue notes. 
 2. Banks already exercising this privilege should be restricted in the use of it 
 to the issue of an amount of notes not exceeding the average of what they had 
 in circulation during the year preceding 1st May 1845 — to be called their author- 
 ized Circulation. 3. Banks might issue beyond their authorized Circulation, 
 provided they held specie (three-fourths at least of which to be of gold) to the 
 amount of the excess. 4. Banks to make a return to the Stamp Office every 
 four weeks, certifying their weekly circulation and stock of specie — the average 
 circulation of the four weeks not to exceed the authorized Circulation by more 
 than the average stock of specie, under a heavy penalty. The Banks thus 
 recognised as Banks of Issue, and their authorized Circulation, were as follows: 
 
 Bank of Scotland, £300,485 
 
 Royal Bank, 183,000 
 
 British Linen Co., 438,024 
 
 Commercial Bank of Scotland, 374,880 
 National Bank of Scotland,... 297,024 
 
 Dundee Bank, 33,451 
 
 Perth Bank, 38,656 
 
 Aberdeen Bank, 88,467 
 
 Aberdeen Town & County B k -* 70,133 
 Union Bank of Scotland, 327,223 
 
 F orwar d, £2,151,343 
 
 Western B k - of Scot., £2 84, 2 82 
 
 Ayrshire Bank, 53,656 337,938 
 
 Central Bank of Scotland,... 42,933 
 
 North of Scotland Bank, 154,319 
 
 Caledonian Bank, 53,434 
 
 Clydesdale Bank, 104,028 
 
 Eastern Bank of Scotland,... 33,636 
 Edinburgh & Glasgow Bank, 136,657 
 
 City of Glasgow Bank, 72,921 
 
 Total author. Circ. for Scot., £3,087,209 
 
 Forward, £2,151,343 
 
 Railway Expenditure. — The further sum of £60,000,000 was authorized 
 to be expended ; and during the year £16,200,000 was actually laid out, raising 
 the total investment in Railways to £88,500,000. 
 
 Royal Bank of Scotland. — Early in the year, the quiet fraternity of 
 bankers in Scotland was startled by the announcement that, on January 22, 
 
 the 
 
Banking Memoranda for 1845 — (Continued). 433 
 
 the Directors of the Royal Bank had passed the following resolution, referring 
 to the officer of their establishment who had for many years ruled its destinies 
 — “ The Directors, after full deliberation, are unanimously and decidedly of 
 opinion, that the interests of the establishment absolutely require that there 
 should be a change in the office of Cashier, and they appoint three of their 
 number, namely, Sir John Hope, Mr L’Amy, and Mr Drummond, to commu- 
 nicate this resolution to Mr Thomson. The Directors also resolve, that if Mr 
 Thomson, being made aware of the feeling of the Directors, shall retire from 
 his office of Cashier, they will then be disposed to take into consideration the 
 matter of granting him a retiring allowance.” Mr Thomson declined to resign 
 unless some reason was assigned, shewing the necessity or reasonableness of 
 this. The Directors, therefore, by minute of January 24, exercised the power 
 of removal vested in them, and removed Mr Thomson from his office, and 
 appointed Mr Robert Sym Wilson to be Cashier pro tempore . Mr Thomson 
 published a letter to the proprietors of Royal Bank Stock, on 20th February 
 1845, in which he states — “ I remain to this day as ignorant of the cause of 
 dissatisfaction as I was when their first intimation was conveyed to me. I 
 have been in the employ of the Bank nearly thirty years. My connection 
 with your establishment commenced in the year 1816. I was at that time 
 in the situation, which I had held for twelve years previously, of Agent of the 
 Bank of Scotland at Aberdeen, where my emoluments were, on an average, 
 from 1806 to 1817, £1,041, besides a free house and other advantages. In 
 1816, a vacancy in the Branch of the Royal Bank at Glasgow occurring, by 
 the agent quitting suddenly, and leaving its affairs in confusion, I was asked 
 by some Directors of the Royal Bank to offer my services. I did so, and 
 was appointed, and found the overdue bills £250,000. In 1828, the Directors 
 required me to come to Edinburgh, and be Cashier there. I got the Capital 
 extended from 1 to 2 millions. In 1817, the bonuses in Stock amounted to 
 £600,000, and in cash to £187,500, besides a dividend of 6 per cent, on a 
 capital of £2,000,000. I have always„been under paid — salary in 1817, £1,000, 
 in 1825 raised to £1,200, and in 1836 to £1,600, including £200 for a house 
 rent.” It was understood that, from having been long permitted to have much 
 of his own way in the management of the Bank, Mr Thomson became unable 
 to brook control, or even the expression of an opposing opinion on the part of 
 the Directors, and forgot that they were, by the Bank’s Charter, masters of 
 the position. 
 
 Clydesdale Bank. — Branches were opened in Borrowstounness, Stirling, 
 and Rhynie. 
 
 Edinburgh and Glasgow Bank. — A Branch was opened in Wigton. 
 
 Western Bank of Scotland. — Branches were opened in Borrowstounness, 
 Cupar, Dunoon, Eaglesham, Holytown, Lochgilphead, and Port Glasgow. 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [84 
 
 To the PUBLIC, as per following Statement, £607,967 16 9 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £21,103 0 0 
 
 „ 5 0 0 2,705 0 0 
 
 „ 20 0 0 3,920 0 0 
 
 £27,728 0 0 
 
 For MONEY DEPOSITED, as follows 
 
 In Dundee — On 2,859 Accounts, £526,317 2 7 
 
 At Forfar — On 217 Accounts, 40,542 5 10 
 
 Interest due thereon, 7,543 7 0 
 
 574,402 15 5 
 
 For SUNDRY ACCOUNTS, Cr., 4,794 13 3 
 
 For Balance due London Agents, 1,042 8 1 
 
 £607,967 16 9 
 
 To the PARTNERS of the Company, as per following Statement, 66,960 6 8 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 0 
 
 For Rebate on Bills, 1,960 6 8 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £5 on 1,000 shares, 5,000 0 0 
 
 Profit and Loss — 
 
 By Discounts ( + former Rebate), £12,647 18 11 
 
 Interest received, 24,038 6 2 
 
 £36,686 5 1 
 
 Off Interest paid, 14,725 18 0 
 
 £21,960 7 1 
 
 To Rebate on Bills, £1,960 6 8 
 
 Interest due, 7,543 7 0 
 
 Expense of Management, . . 3,339 12 0 12,843 5 8 
 
 By Nett Profit, £9,117 1 5 
 
 To Bank Office, £ 100 0 0 
 
 Dependancies, 4,017 1 5 4,117 1 5 
 
 £5,000 0 0 £66,960 6 8 
 
 TOTAL LIABILITIES of the Bank, £674,928 3 5 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £2,610,000. 
 Bills Discounted, No. 5,182, £798,335, 5s. 3d. ; Discounts thereon, £11,064, 12s. 9d. Total 
 payments through Edinburgh Agents, £550,000 (of this for the Bank’s Notes retired, 
 £122,675) ; and through London Agents, £330,000. 
 
 1846. March 13. — The Partners resolved to place £150 annually at the disposal of the 
 Directors as some remuneration for their services. Up to this time no fees had been allowed 
 to the Directors. 
 
84] 
 
 20th FEBRUARY 1847. 
 
 Cr. 
 
 By 
 
 BANK OFFICE, Castle Street, £ 3,667 16 10 
 
 INVESTMENTS, as per following Statement, 612,176 14 5 
 
 Is*. In Dundee, as follows, £592,981 2 1 
 
 Casli Accounts, in number 67, £ 56, 622 0 1 
 
 Overdrawn Accounts, in number 72,. 27,875 8 10 
 
 Heritable Bonds, in number 53, 233, 184 13 6 
 
 Bills Receivable, 242,326 12 10 
 
 31 per Cents Red. , £6, 831 at 1 14, 7, 785 3 8 
 
 Bank of England Stock, £10,800 at 206, 22,240 0 0 
 
 Shares of the Bank (thirty-five), 2,690 16 10 
 
 Dependancies, 256 6 4 
 
 £592,981 2 1 
 
 2 d. At Fore ar, as follows, 19,195 12 4 
 
 Cash Accounts, in number 36, £12,278 3 7 
 
 Bills Receivable 6,917 8 9 
 
 £19,195 12 4 
 
 £612,176 14 5 
 
 SUNDRY ACCOUNTS, Dr., 2,006 
 
 CASH at call and on hand, as per following Statement, 57,077 
 
 At call, Edinburgh Agents, £45,524 13 7 
 
 On hand, at Head Office, Dundee, as follows, 8,518 0 11 
 
 Mixed Notes, £1,726 8 0 
 
 Gold, 5,577 0 0 
 
 Silver, 1,211 5 6 
 
 Copper, 3 7 5 
 
 £8,518 0 11 
 
 On hand, at Forfar Branch, as follows, 3,034 7 10 
 
 Mixed Notes, £2,817 19 0 
 
 Specie, 216 8 10 
 
 £3,034 7 10 £57,077 2 4 
 
 TOTAL ASSETS of the Bank, £674,928 3 5 
 
436 Banking Memoranda for 1846. 
 
 Currency, Prices, &c., in 1846. — Peace: Gold at par; Bank of England 
 Circulation (end of February) £20,968,240, and Deposits £24,943,600 = total 
 liabilities £45,911,840 — Bullion £13,775,790, and Securities £35,825,480 = 
 total assets £49,601,270, making the Best £3,689,430 ; average total Circu- 
 lation of Notes in the United Kingdom, during the year ending 28th March 
 1846, £38,502,073, viz., Bank of England £20,346,000, English Private Banks 
 £4,515,407, English Joint-Stock Banks £3,176,935, Scotch Banks £3,018,771, 
 and Irish Banks £7,444,960 ; Public Revenue £59,700,408 ; Consols 93f to 
 97|, and Bank Stock 203 to 211 ; wheat per quarter, in London, 50s. 2d. 
 to 65s. 7d., and in Edinburgh, 44s. lOd. — oatmeal per boll 20s. ; bankruptcies 
 in England 1,360, Ireland 50, and Scotland 320; Bank of England’s minimum 
 rates of discount 3-^ per cent., 17th August 3 ; Bill Brokers’ rates 4\ per cent., 
 January 4, February 5, March 4^, April 4, July 3f, September 3, November 
 3 j, December 3^ and 4 ; and Scotch Banks’ deposit rate 3 per cent. ; rates for 
 loans on Railway shares, April and May 8 per cent., June 7, August 6. 
 
 Drain of Bullion. — The importations consequent on the failure of the 
 potato crop in Ireland in 1845-6, conjoined with the extensive expenditure 
 during 1844-5-6 on the construction of the projected railways, at length 
 caused an export of gold to commence in September this year, and to continue 
 steadily for more than six months, till it was checked by the Bank’s raising its 
 rate of discount to 5 per cent., at the end of that period, as seen in the follow- 
 ing figures : — 
 
 Date. 
 
 Bank Notes. 
 
 Bullion. 
 
 Min. Dis. 
 per Cent. 
 
 Held by Public. 
 
 Do. above 14 Mil. 
 
 Bank Reserve. 
 
 1846. August 29, 
 
 £20,426,000 
 
 £6,426,000 
 
 £9,450,000 
 
 £16,366,000 
 
 3 
 
 „ October 3, 
 
 20,551,000 
 
 6,551,000 
 
 8,809,000 
 
 15,817,000 
 
 
 ,, November 7,.... 
 
 20,971,000 
 
 6,971,000 
 
 7,265,000 
 
 14,760,000 
 
 
 ,, December 19,... 
 
 19,549,000 
 
 5,549,000 
 
 8,864,000 
 
 15,163,000 
 
 
 1847. January 9, 
 
 20,837,000 
 
 6,837,000 
 
 6,715,000 
 
 14,308,000 
 
 
 ,, >, 16, 
 
 20,679,000 
 
 6,679,000 
 
 6,546,000 
 
 13,949,000 
 
 5 
 
 > > j > 30, 
 
 20,469,000 
 
 6,469,000 
 
 5,704,000 
 
 12,902,000 
 
 4 
 
 ,, February 20,. ... 
 
 19,482,000 
 
 5,482,000 
 
 5,917,000 
 
 12,215,000 
 
 
 ,, March 6, 
 
 19,279,000 
 
 5,279,000 
 
 5,715,000 
 
 11,596,000 
 
 4 sic. 
 
 20 
 
 19,069,000 
 
 5,069,000 
 
 5,419,000 
 
 11,232,000 
 
 
 ,, April 3, 
 
 19,855,000 
 
 5,855,000 
 
 3,700,000 
 
 10,246,000 
 
 
 „ „ 10, 
 
 20,243,000 
 
 6,243,000 
 
 2,558,000 
 
 9,867,000 
 
 5 
 
 Railway Expenditure. — The further sum of £131,700,000 was authorized 
 to be expended, and during the year £37,800,000 was actually laid out, raising 
 the total investment in Railways to £126,300,000. The excitement during 
 this period amounted to mania, and it is difficult to say whether the disgrace 
 of the mischievous precipitancy of the proceedings respecting vast undertakings 
 belongs most to the engineers, solicitors, and committee men who promoted them, 
 and made their fortunes by them, to the dabblers in railway shares who pre- 
 tended to buy them, and were ruined by them, or to the Committees of the 
 House of Commons which sanctioned them, and thought they were doing 
 wonders towards promoting national prosperity. As the rates of interest on 
 loans on Railway shares become now an important question in the money 
 
Banking Memoranda for 1846 — (Continued). 437 
 
 market, these (those of the Liverpool market) arc from this time quoted along 
 with the rates of discount. 
 
 Exchange Companies. — The enormous system of gambling which arose 
 with the rapid extension of the Railways, caused a new sort of companies to be 
 established, for the purpose of advancing to speculators the funds necessary to 
 enable them to carry on their operations to a most unjustifiable extent. But, as 
 these Exchange companies were themselves of the speculations of the day, and 
 their shares would not have been in demand if their nominal amounts had been 
 called up to enable them to make the proposed advances, they began by 
 inviting Deposits, offering interest at the rate of 5 tt per cent. — just twice as 
 much as the Banks were allowing. The Exchange Bank of Scotland was estab- 
 lished in Edinburgh in October 1845, and about the same time the Glasgow 
 Commercial Exchange Company in the latter city. In December 1846, the first 
 of these companies was incorporated by Royal Charter ! That is, while the 
 Government was refusing charters to Banks having large paid up capitals, and 
 a numerous proprietary, and wholly employed in quietly facilitating the 
 monetary operations of the country, it bestowed the royal patronage on a sort 
 of society got up for the purpose of promoting the mania of the day. Many 
 such companies were formed in England and Scotland, some having the pre- 
 sumption to call themselves Banks, as the North British Bank, set up in 
 Edinburgh last year ; but they all closed with loss before the end of 1850, 
 having not only lent money foolishly, but themselves speculated also. The 
 Glasgow Commercial Exchange Company, it is said, lost £650,000. 
 
 National Bank of Scotland. — Branches -were opened in East Linton and 
 Whithorn. 
 
 Aberdeen Bank. — A Branch was opened in Kincraigie. 
 
 Aberdeen Town and County Bank. — A Branch was opened in Tarland. 
 
 Clydesdale Bank. — A Branch was opened in Girvan. 
 
 Dundee Union Bank. — A Report of the Committee appointed to wind up 
 the affairs of this Bank, dated 31st March 1846, was printed and circulated. It 
 stated that the debts liquidated between 30th March 1844 and 31st March 1845 
 were £740,808, up to 10th June following £69,239 further, leaving at that 
 date only £11,759, of which, consisting in the main of very old outstanding 
 Notes and Deposit Receipts, a large part might perhaps never appear. That 
 the sums secured on heritable properties transferred to the Western Bank under 
 a guarantee amounted to £68,817, but were believed to be safe. That the 
 following was the Balance Sheet of the remainder of debts and assets : — 
 
 Dr. Capital, £54,045 | Cr. Cash Accounts, ,.£ 1,429 
 
 Notes Outstanding, &e., 11,195 
 
 Sundries, 4,262 
 
 £69,502 
 
 Current Accounts, Dr., 13,358 
 
 Heritable Securities, 18,126 
 
 Bills Overdue, 5,359 
 
 Rankings on Bank 4, Estates,.. 8,096 
 
 Balance of Bad Debts, 13,737 
 
 Cash in Western Bank, 9,397 
 
 £69,502 
 
 Western Bank of Scotland. — A Branch was opened in Dumbarton. 
 
 b 27 
 
Dr. THE DUNDEE BANKING COMPANY. [85 
 
 To the PUBLIC, as per following Statement, £585,489 13 3 
 
 For NOTES in circulation, as follows, £ 30,569 0 0 
 
 Notes of £10 0 £21,144 0 0 
 
 „ 5 0 0 3,205 0 0 
 
 „ 20 0 0 6,220 0 0 
 
 £30,569 0 0 
 
 For MONEY DEPOSITED, as follows, 539,898 0 4 
 
 In Dundee — On 2,803 Accounts, £488,705 12 5 
 
 At Forfar — On 221 Accounts, 42,261 15 3 
 
 Interest due thereon, 8,930 12 8 
 
 £539,898 0 4 
 
 For SUNDRY ACCOUNTS, Cr., 8,178 15 10 
 
 For Balance due London Agents, 6,843 17 1 
 
 £585,489 13 3 
 
 To the PARTNERS of the Company, as per following Statement, 72,123 13 7 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 0 
 
 For Rebate on Bills, 2,523 13 7 
 
 For Dependancies, 4, 600 0 0 
 
 For Portion of past year’s PROFITS, set aside for 
 
 a Dividend of £5 on 1,000 shares, 5,000 0 0 
 
 Profit and Loss — 
 
 By Discounts ( + former Rebate), £16,809 6 11 
 
 Interest received, 27,347 4 6 
 
 £44,156 11 5 
 
 Off Interest paid, 19,052 14 7 
 
 £25,103 16 10 
 
 To Rebate on Bills, £2,523 13 7 
 
 Interest due, 8,930 12 8 
 
 Expense of Management,.. 3,264 6 8 14,718 12 11 
 
 By Nett Profit, £10,385 3 11 
 
 To Bank Office, £ 364 17 7 
 
 Dependancies, 5,020 6 4 5,385 3 11 
 
 £5,000 0 0 £72,123 13 7 
 
 TOTAL LIABILITIES of the Bank, £657,613 6 10 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £3,000,000. 
 The Bills Discounted, No. 5,602, £918,350, 4s. lOd. ; Discounts thereon, £14,849, 0s. 3d. 
 Total payments through Edinburgh Agents, £560,000 (of this for the Bank’s Notes retired, 
 £135,699),; and through London Agents, £400,000. 
 
 22 
 
85] 20th FEBRUARY 1848. Or. 
 
 By BANK OFFICE, Castle Street, £ 3,500 0 0 
 
 INVESTMENTS, as per following Statement, 624,390 5 7 
 
 lstf. In Dundee, as follows, £610,639 12 1 
 
 Cash Accounts, in number 55, £ 61,216 14 9 
 
 Overdrawn Accounts, in number 76,. 28,140 18 2 
 
 Heritable Bonds, in number 51, 200,957 2 1 
 
 Bills Receivable, 278,616 12 7 
 
 Consols, £18,897 at 92, 17,402 13 8 
 
 Bank of England Stock, £10, 800 at 200, 21,614 14 0 
 Shares of the Bank (thirty-five), 2,690 16 10 
 
 £610,639 12 1 
 
 2d. At Forfar, as follows, 13,750 13 6 
 
 Cash Accounts, in number 34, £10,650 7 0 
 
 Bills Receivable, 3, 100 6 6 
 
 £13,750 13 6 
 
 £624,390 5 7 
 
 SUNDRY ACCOUNTS, Dr., 842 9 
 
 CASH at call and on hand, as per following Statement, 28,880 12 
 
 At call, Edinburgh Agents, ' £14,162 15 3 
 
 On hand, at Head Office, Dundee, as follows, 12,110 13 6 
 
 Mixed Notes, £6,286 11 0 
 
 Gold, 4,977 10 0 
 
 Silver, 846 5 0 
 
 Copper, 0 7 6 
 
 £12,110 13 6 
 
 On hand, at Forfar Branch, as follows, 2,607 3 5 
 
 Mixed Notes, £2,107 7 0 
 
 Specie, 499 16 5 
 
 £2,607 3 5 
 
 £28,880 12 2 
 
 TOTAL ASSETS of the Bank, £657,613 6 10 
 
440 Banking Memoranda for 1847 . 
 
 Currency, Prices, &c., in 1847. — Peace : Gold at par ; Bank of England 
 Circulation (end of February) £20,151,760, and Deposits £15,250,180 = total 
 liabilities £35,401,940 — Bullion £12,044,930, and Securities £27,256,230 = 
 total assets £39,301,160, making the Pest £3,899,220; average total Circu- 
 lation of Notes in the United Kingdom, during the year ending 27th March 
 1847, £37,941,158, viz., Bank of England £20,087,000, English Private Banks 
 £4,541,543, English Joint-Stock Banks £3,247,531, Scotch Banks £3,360,348, 
 and Irish Banks £6,704,736; Public Revenue £65,372,671; Consols 79£ to 
 93^, and Bank Stock 181 to 207 ; wheat per quarter, in London, 53s. 2d. to 
 l()0s. 5d., and in Edinburgh, 64s. — oatmeal per boll 26s. ; bankruptcies in 
 England 1,865, Ireland 51, and Scotland 430 ; Bank of England’s minimum 
 rates of discount 3 per cent., 14th January 3-J, 21st January 4, 8th April 5, 
 5th August 5J, 23d September 6, 25tli October 8, 22d November 7, 2d 
 December 6, and 23d December 5 ; Bill Brokers’ rates 4 per cent., January 4^, 
 February 5, May 5 to 8, June 5 to 6, July 4^ to 5, August 5 to 7, September 
 8 to 9, October 8 to 15, November 7 to 5, December 5 to 4 ; and Scotch Banks’ 
 deposit rates 3 per cent., 20th February 4 ; rates of loans on Railway shares, 
 January to April 6^ and 7 per cent., August 7 to 8, September to November 
 8 to 10. 
 
 Money Crisis of 1847. — The good harvests of 1842-3-4, the latter being 
 the most abundant for ten years, had been accompanied and followed by great 
 general prosperity in the country. But now, as usual, a revulsion followed, 
 caused to a large extent by sufficient causes (the chief of which was the 
 enormous outlay on the railways which was now going on with ceaseless current, 
 causing continual calls on the shareholders to be necessary), but gradually 
 exaggerated by the spirit of panic. The Bank gradually raised its rate of 
 discount from 3 per cent, to 8, and adopted other stringent measures to keep 
 down the amount of the circulation. May 7, the Chancellor of the Exchequer 
 stated that he had had deputations sent to him to request a suspension of the 
 Act of 1844 ; that he would not do this ; but that he would abstain from seeking 
 the usual advance from the Bank on Quarter Day, and proposed to raise the rate 
 of interest on Exchequer Bills to 3d. per diem, as they were the most depre- 
 ciated of all Securities. In September matters were growing -worse, Exchequer 
 Bills were at 35s. discount, and the difference in the price of Consols for cash 
 or for account on 14th October was equal to interest at the rate of 50 per cent. 
 October, Monday 18 to Saturday 23, was the great crisis. The Royal Bank of 
 Liverpool, with a capital of £800,000, the Liverpool Banking Co., the North 
 and South Wales Bank, and the Newcastle Joint-Stock Bank, stopped payment, 
 followed by the lesser Banks of Abingdon and Wantage, Oldham, St Albans, 
 Salisbury, Shaftesbury, Shrewsbury, Honiton, and Bridport. An enormous 
 amount of commercial failures occurred in London during this autumn and the 
 following spring — of which see a list under date 1849. On Saturday 23d, 
 Samuel Guerny, the banker, in his evidence, states that he applied for and 
 got with difficulty an advance on securities to the extent of £200,000, and this 
 at 9 per cent. ; he was asked 10 per cent., but objected, because it would have a 
 bad effect if known. On Monday morning he asked for another advance of 
 £200,000, but was informed he must wait till two o’clock for an answer. At one 
 
Banking Memoranda for 1847 — ( Continued). 441 
 
 o’clock it was announced that the Bank had received an order from Govern- 
 ment authorizing it to issue Notes beyond the limits prescribed by the Act, and 
 that it would now discount freely at 9 per cent. In ten minutes after this was 
 declared on ’Change, the panic ceased. The persons who that morning had 
 sent Mr Guerny notice that they required their money which was in his hands 
 intimated that they did not now need it, and so at two o’clock he took from the 
 Bank £100,000 only, and by the end of the week he asked leave to repay the 
 whole £300,000. The Government later recommended liberality in dis- 
 counting at not less than 8 per cent., and, if necessary, a Bill of Indemnity 
 would be obtained. But the whole advance on Monday afternoon amounted 
 only to £400,000, and the statutory limit to the Circulation was not exceeded. 
 Thus the credit of the country generally, which was in imminent danger, was 
 saved by a permission being granted to the Bank to issue their Notes on good 
 security to whatever extent might be required by the public. 
 
 — On November 30, Committees on Commercial Distress were appointed in 
 both Houses, which began their work in February following. That of the 
 Commons presented its Report on 8th June 1848, but it is a mere preface to 
 the minutes of evidence, concluding with a recommendation that the Act of 
 1844 should not be altered. Sir R. Peel said this Act was the mature result of 
 the Committees of the House sitting during five years and asking of com- 
 petent witnesses 14,000 questions. That of the Lords presented its Report in 
 July, and it was a most elaborate production, concluding with a recommendation 
 that the Act of 1844 should be so far modified as to allow of a relaxing power 
 to be placed somewhere. In the evidence, the Governor and Deputy-Governor 
 of the Bank approve of the Act of 1844 ; Samuel Guerny blames the Bank’s 
 management in the first three months of 1847 ; Jones Loyd the same, but 
 approves of the Act of 1844, which hindered the Bank’s mismanagement 
 from doing more mischief ; G. C. Glyn had formerly approved of the 
 Act of 1844, but now thought it has decidedly failed. 
 
 Railway Expenditure. — The further sum of £44,200,000 was authorized 
 to be expended, and during the year £40,700,000 was actually laid out, raising 
 the total investment in Railways to £167,000,000. 
 
 Western Bank of Scotland. — The money crisis very little affected Scot- 
 land, and there would have been nothing particular to record concerning it, 
 if it had not been that one of its Banks had been for some time following a 
 most unwise course in the management of its business, especially that of in- 
 vesting all their funds without preserving a reasonable reserve, and further, 
 that of re-discounting bills in London and elsewhere, in order to extend their 
 business beyond its natural limits. In consequence, when the English Country 
 Banks felt it necessary to keep their funds in their own hands, and the London 
 Bill Brokers esteemed it their best policy to confer their favours, so far as they 
 had power to bestow any, on City customers, the Western Bank of Scotland 
 found itself, in the full flow of an increasing business, suddenly cut off from its 
 unnatural supplies, and felt that, unless assisted by some other Bank, it must 
 come to a stand still. The real condition of this Bank at the time would prob- 
 ably never have been known, if it had not been for its ultimate failure in 1857, 
 
 (Continued page 444.^ 
 
Dr. THE DUNDEE BANKING COMPANY. 
 
 
 [86 
 
 To the PUBLIC, as per following Statement,. 
 
 
 
 
 
 .£600,798 
 
 3 3 
 
 For NOTES in circulation, as follows, 
 
 
 ....£ 34,594 
 
 7 
 
 6 
 
 
 Notes of £10 0 £23,994 
 
 7 
 
 6 
 
 
 
 
 
 „ 5 0 0 3,280 
 
 0 
 
 0 
 
 
 
 
 
 „ 20 0 0 7,320 
 
 0 
 
 0 
 
 
 
 
 
 £34,594 
 
 7 
 
 6 
 
 
 
 
 
 For MONEY DEPOSITED, as follows, 
 
 
 
 559,595 
 
 9 
 
 1 
 
 
 In Dundee — On 2,846 Accounts, £499,331 
 
 13 
 
 5 
 
 
 
 
 
 At Forfar — On 264 Accounts, 50, 841 
 
 1 
 
 9 
 
 
 
 
 
 Interest due thereon, 9,422 
 
 13 
 
 11 
 
 
 
 
 
 £559,595 
 
 9 
 
 1 
 
 
 
 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 
 
 6,608 
 
 6 
 
 8 
 
 
 
 
 £600,798 
 
 3 
 
 3 
 
 
 To the PARTNERS of the Company, as per following Statement, 73,881 
 
 7 8 
 
 For CAPITAL paid up, £60 on 1,000 shares, . 
 
 
 
 £60,000 
 
 0 
 
 0 
 
 
 For Reserved Fund, 
 
 
 
 5,000 
 
 0 
 
 0 
 
 
 For Dependancies, . . . 
 
 
 
 1,071 
 
 17 
 
 2 
 
 
 For Rebate on Bills, 
 
 
 
 2,809 
 
 10 
 
 6 
 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 
 
 
 
 Dividend of £5 on 1,000 shares, 
 
 
 
 5,000 
 
 0 
 
 0 
 
 
 Profit and Loss — 
 
 By Discounts ( + former Rebate), £17,595 
 
 12 
 
 0 
 
 
 
 
 
 Interest received, 30,894 14 
 
 6 
 
 
 
 
 
 £48,491 
 
 6 
 
 6 
 
 
 
 
 
 Off Interest paid, 21,517 
 
 6 
 
 4 
 
 
 
 
 
 £26,974 
 
 0 
 
 2 
 
 
 
 
 
 To Rebate on Bills, £2,809 10 6 
 
 
 
 
 
 
 
 Interest due, 9,422 13 11 
 
 Expense of Management, . 3,298 4 5 15,530 
 
 8 
 
 10 
 
 
 
 
 
 By Nett Profit, £11,443 
 
 To Reserved Fund, £5,000 0 0 
 
 11 
 
 4 
 
 
 
 
 
 Bank Office, 100 0 0 
 
 Dependancies, 1,343 11 4 6,443 
 
 11 
 
 4 
 
 
 
 
 
 £5,000 
 
 0 
 
 0 £73,881 
 
 7 
 
 8 
 
 
 TOTAL LIABILITIES of the Bank, 
 
 
 
 
 
 ,£674,679 
 
 10 11 
 
 MEMORANDA concerning the Year's Business. 
 
 
 
 The amount received and paid in the Bank during the year was 
 
 each about £2,960,000. 
 
 The Bills Discounted, No. 5,975, £964,557, lls. lid. 
 
 ; Discounts thereon, £15,072, 
 
 18s. 5d. 
 
 Total payments through Edinburgh Agents, £470,000 (of this for the Bank’s Notes retired, 
 
 £121,055) ; and through London Agents, £380,000. 
 
 
 
 
 
 
 
86] 
 
 20th FEBRUARY 1849. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 3,400 0 0 
 
 INVESTMENTS, as per following Statement, 616,130 4 10 
 
 ls£. In Dundee, as follows, £609,397 3 4 
 
 Cash Accounts, in number 50, £ 52,035 0 0 
 
 Overdrawn Accounts, in number 56, . 23, 362 14 0 
 
 Heritable Bonds, in number 49, 181,852 16 5 
 
 Bills Receivable, 308,553 2 5 
 
 Consols, £18,897 at 92, 17,402 13 8 
 
 Bank of England Stock, £10,800 at 200, 21,600 0 0 
 Shares of the Bank (sixty), 4,590 16 10 
 
 £609,397 3 4 
 
 2d. At Forfar, as follows, 6,733 1 6 
 
 Cash Accounts, in number 27, £6, 023 1 6 
 
 Bills Receivable, 710 0 0 
 
 — 
 
 £6,733 1 6 
 
 £616,130 4 10 
 
 SUNDRY ACCOUNTS, Dr., 990 2 3 
 
 CASH at call and on hand, as per following Statement, 54,159 3 10 
 
 At call, Edinburgh Agents, £19,965 16 7 
 
 Do., London do., 16,677 16 9 
 
 On hand, at Head Office, Dundee, as follows, 17,157 12 0 
 
 Mixed Notes, £12,131 0 0 
 
 Gold, 4,074 10 0 
 
 Silver, 948 3 6 
 
 Copper, 3 18 6 
 
 £17,157 12 0 
 
 On hand, at Forfar Branch, as follows, 357 18 6 
 
 Mixed Notes, £208 0 0 
 
 Specie, 149 18 6 
 
 £357 18 6 £54,159 3 10 
 
 TOTAL ASSETS of the Bank, 
 
 ,£674,679 10 11 
 
444 
 
 Banking Memoranda for 1847— ( Continued). 
 
 when, Liquidators being appointed to wind up its affairs, they were compelled, 
 in reference to certain questions of responsibility which arose, to go back and 
 examine into its course of business during many years, and one of them, J. S. 
 Fleming, being examined before the committee of the House of Commons on 
 the subject, has given us in brief the sum of their discoveries. As these figures 
 are very instructive as warnings, they are quoted here. In November, the 
 Western Bank of Scotland applied to the Bank of England for assistance, and 
 obtained it, of course on the deposit of sufficient security, to the extent of 
 £300,000 during the months of November and December, repaying it during 
 February and March following. The Western Bank’s annual balance was at 
 the end of May, and in 1847 the Protested Bills were £66,073 ; but there were 
 other protested Bills of one drawer debited to five accounts, being the names 
 of the acceptors, as debts due by them, policies being opened on their lives, but 
 the Bank having to pay the premiums, £120,000, so that the amount of bad 
 debts at that time was £186,073. In May 1848, the Protested Bills were 
 £356,566, the addition as above £120,000, total bad debts £476,566. But as 
 the amount of Rest and Guarantee Fund was £430,966, the real deficiency was 
 £45,600. The undivided profits, however, were not so applied, the appearance 
 of a large sum on hand was kept up, and there was written off of bad debts 
 annually only as follows— 1847 £50,280, 1848 £11,922, 1849 £96,939, 1850 
 £19,133, 1851 £23,242, and 1852 £16,758 — total in six years, £218,274. 
 Soon after 1847, the management apparently improved, as indicated by these 
 figures : — 
 
 1847, ... Total Bills Discounted, £15,711,437 ... Bills Re-discounted, £656,077 
 
 1848, ... 
 
 Do. 
 
 12,088,642 ... 
 
 Do. 
 
 374,707 
 
 1849, ... 
 
 Do. 
 
 10,522,021 ... 
 
 Do. 
 
 249,956 
 
 1850, ... 
 
 Do. 
 
 12,048,669 ... 
 
 Do. 
 
 290,813 
 
 1851, ... 
 
 Do. 
 
 13,322,753 ... 
 
 Do. 
 
 588,247 
 
 1852, ... 
 
 Do. 
 
 13,525,332 ... 
 
 Do. 
 
 407,143 
 
 The amount of 
 
 cash at call 
 
 in London, at the balance 
 
 in 1852, 
 
 was £72,443, 
 
 but the amount of the general balances of the three London agents was £259,000 
 in favour of the Western Bank. 
 
 National Bank. — Branches were opened in Coupar Angus and Lochmaben. 
 
 Aberdeen Bank. — A Branch was opened in Ma/eduff. 
 
 Aberdeen Town and County Bank. — Branches were opened in Alford, 
 Buckie, Insch, and Tarland. 
 
 Ayrshire Bank. — This Bank, established in 1830, was amalgamated with 
 the Western Bank of Scotland. 
 
 North of Scotland Bank. — Branches were opened in Beith, Fettercairn, 
 and Stonehaven. 
 
 Western Bank of Scotland. — Branches were opened in Alyth, Arbroath, 
 Ardrossan, Ayr, Calton, Cowcaddens, Cumnock, Dairy, Dunfermline, Girvan, 
 Glenluce, Irvine, Jedburgh, Kilmarnock, Lesmahagow, Maybole, Muirkirk, 
 Saltcoats, Sanquhar, Stewarton, and Wishaw. 
 
Banking Memoranda for 1848. 445 
 
 Currency, Prices, &c., in 1848. — Peace: Gold at par; Bank of England 
 Circulation (2Gth February) £18,179,755, and Deposits, &c., £l7,349,833=total 
 liabilities £35,529,588 — Bullion £14,760,815, and Securities £24,508,162 = 
 total assets £39,268,977, making the Rest £3,739,389 ; average total Cir- 
 culation of Notes in the United Kingdom, during the year ending 25th March 
 1848, £32,872,750, viz., Bank of England £18,640,000, English Private Banks 
 £3,601,089, English Joint-Stock Banks £2, 572,329, Scotch Banks £2,951,937, 
 and Irish Banks £5,107,395 ; Public Revenue £60,656,963 ; Consols 80§ to 
 90, and Bank Stock 183 to 202 ; wheat per quarter, in London, 46s. lOd. to 
 55s., and in Edinburgh, 51s. 6d. — oatmeal per boll 17s. lid. ; bankruptcies 
 in England 1,761, Ireland 56, and Scotland 553 ; Bank of England’s mini- 
 mum rates of discount 5 per cent., 27th January 4^, 15th June 3^-, and 
 2d November 3 ; Bill Brokers’ rates 4 per cent., January 4^ to 3^, February 
 4 to 2f, March 3 to 4, May 3^ to 3, June 3 to 3^, July 2f to 3, October 2^ 
 to 3, December 2^ to 3 ; Scotch Banks’ deposit rates 4 per cent., 15th July 
 3^; Railway Loan rates, January 5^-, April 5, June 4J, July to October 5, 
 and November 4 ; Cotton Bills, May 5J, Nov. 4. 
 
 Railway Expenditure. — The further sum of £15,300,000 was authorized 
 to be expended; there was actually laid out during the year £33,200,000, 
 raising the total investment in Railways to £200,200,000. 
 
 Revolution in France. — The sudden and unexpected flight from the 
 throne of France by Louis Philippe, and the setting up again of a republic 
 there, tended to delay the restoration of commercial confidence in this country, 
 as no one could guess what would be the result. The most eminent politicians 
 had declared there would be peace in France as long as that old fox lived, 
 but probably commotions at his death. In like manner, after the Revolution, 
 they first laughed at the idea of Louis Buonaparte being elected President, and 
 then at the idea of his being allowed to make himself Emperor. For just as 
 from time to time the calculations of the ablest commercial men are proved by 
 money crises to be worthless, so also from time to time, especially during the 
 last fifty years, have the anticipations of the most astute politicians been proved 
 to be erroneous. 
 
 City of Glasgow Bank. — A Branch was opened in Douglas. 
 
 North of Scotland Bank, — Branches were opened in Aboyne, Bervie, 
 and Edzell. 
 
Dr. THE DUNDEE BANKING COMPANY. [87 
 
 To the PUBLIC, as per following Statement, £660,485 0 10 
 
 For NOTES in circulation, as follows, £ 28,493 7 6 
 
 Notes of £10 0 £20,408 7 6 
 
 „ 5 0 0 2,345 0 0 
 
 „ 20 0 0 5,740 0 0 
 
 £28,493 7 6 
 
 For MONEY DEPOSITED, as follows, 624,212 7 7 
 
 In Dundee — On 2,853 Accounts, £549,404 12 11 
 
 At Forfar — On 335 Accounts, 65,707 3 2 
 
 Interest due thereon, 9,100 11 6 
 
 £624,212 7 7 
 
 For SUNDRY ACCOUNTS, Cr., 7,779 5 9 
 
 £660,485 0 10 
 
 To the PARTNERS of the Company, as per following Statement, 79,311 8 7 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 0 
 
 For Reserved Fund, 5,000 0 0 
 
 For Dependancies, 5,968 11 9 
 
 For Rebate on Bills, 3,342 16 10 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £5 on 1,000 shares, 5,000 0 0 
 
 Profit and Loss — 
 
 By Discounts (+ former Rebate), £18,961 5 1 
 
 Interest received, 26,180 4 11 
 
 £45,141 10 0 
 
 Off Interest paid, 18, 144 9 9 
 
 £26,997 0 3 
 
 To Rebate on Bills, £3,342 16 10 
 
 Interest due, 9, 1 00 11 6 
 
 Expense of Management, . . 3,435 19 1 15,879 7 5 
 
 By Nett Profit, £11,117 12 10 
 
 To Bank Office, . £ 400 0 0 
 
 Dependancies, 5,717 12 10 6,117 12 10 
 
 £5,000 0 0 £79,311 8 7 
 
 TOTAL LIABILITIES of the Bank, £739,796 9 5 
 
 MEMORANDA concerning the Years Business. 
 
 The amount received and paid in the Bank during the year was each about £3,300,000. 
 The Bills Discounted, No. 6,488, £1,092,431, 14s. 7d. Discounts thereon, £16,151, 14s. 7d. 
 Total payments through Edinburgh Agents, £480,000 (of this for the Bank’s Notes retired, 
 £125, 09Q); and through London Agents, £310,000. 
 
87] 
 
 20th FEBRUARY 1850. 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, £ 3,000 0 
 
 INVESTMENTS, as per following Statement, 681,126 16 
 
 ls£. In Dundee, as follows, £674,461 13 3 
 
 Cash Accounts, in number 52, £ 47,314 18 8 
 
 Overdrawn Accounts, in number 69,. 20,993 18 
 
 Heritable Bonds, in number 45, 163,758 1 
 
 Bills Receivable, 409,530 7 
 
 Consols, £18,897 at 92, 17,402 13 
 
 Bank of England Stock, £5,400 at 200, 10, 800 0 
 
 Shares of the Bank (sixty-five), 4,661 13 
 
 11 
 
 8 
 
 2 
 
 8 
 
 0 
 
 2 
 
 £674,461 13 3 
 
 2d. At Forfar, as follows, 6,665 3 
 
 Cash Accounts, in number 27, £6,016 14 2 
 
 Bills Receivable, 648 9 0 
 
 £6,665 3 2 
 
 £681,126 16 5 
 
 SUNDRY ACCOUNTS, Dr., 853 
 
 CASH at call and on hand, as per following Statement, 54,816 
 
 At call, Edinburgh Agents, £22,749 
 
 Do., London do., 21,225 
 
 On hand, at Head Office, Dundee, as follows, 10,061 
 
 Mixed Notes, £4,956 0 0 
 
 Gold, 3,953 0 0 
 
 Silver, 1,150 5 6 
 
 Copper, 2 13 2 
 
 £10,061 18 8 
 
 On hand, at Forfar Branch, as follows, 
 
 Mixed Notes, £668 
 
 Specie, 111 
 
 779 9 7 
 
 £779 9 7 £54,816 7 7 
 
 TOTAL ASSETS of the Bank, £739,796 9 5 
 
448 Banking Memoranda for 1849. 
 
 Currency, Prices, &e., in 1849. — Peace : Gold at par ; Bank of England 
 Circulation (24th February) £18,132,445, and Deposits, &c., £17,076,001 = total 
 liabilities £35,761,446 — Bullion £15,329,532, and Securities £23,946,479 = 
 total assets £39,276,011 making the Rest £3,514,565 ; average total Cir- 
 culation of Notes in the United Kingdom, during the year ending 24th March 
 1849, £32,380,823, viz., Bank of England £18,986,000, English Private Banks 
 £3,467,078, English Joint-Stock Banks £2,590,875, Scotcli Banks £2,935,120, 
 and Irish Banks £4,401,750 ; Public Revenue £59,168,374 ; Consols 89J to 
 97f, and Bank Stock 189 to 203^; wheat per quarter, in London, 40s. 6d. to 
 50s., and in Edinburgh, 44s. 7d. — oatmeal per boll 14s. ; bankruptcies in 
 England 1,261, Ireland 28, and Scotland 404 ; Bank of England’s minimum 
 rates of discount 3 per cent., 22d November 2^ ; Bill Brokers’ rates 3 per 
 cent, February If to 2J, March 2f to 2^, November If to 2f ; and Scotch 
 Banks’ deposit rates 3J per cent., 1st June 3 ; Railway Loan rates, January* 5 4, 
 April 5, June 4J, July to October 5, November 4 ; and Cotton Bills, January 
 4, April to November 3-|-. 
 
 Railway Expenditure. — The further sum of £3,900,000 was authorized 
 to be expended; there was actually laid out during the year £29,600,000, 
 raising the total investment in Railways to £229,800,000. In February, the 
 mismanagement of Hudson, the Railway King, began to be exposed. One of 
 his subordinates, on being challenged for stating an account wrong, justified 
 himself by Hudson’s orders, who had directed that all the accounts should be 
 cooked so as to make things pleasant. 
 
 London Failures in Autumn of 1847 and Spring of 1848. — The following 
 is a list of the chief firms, and the amount of their engagements : — 
 
 Alexander, L., & Co., corn trade, £573,188 
 
 Barclay, Brothers, & Co., Mauritius trade, 389,504 
 
 Bensusan & Co., Mogador trade, 57,161 
 
 Booker, Sons, & Co., corn trade, 40,000 
 
 Boyd & Thomas, East India trade, 38,684 
 
 Bruce, Buxton, & Co., bill brokers, 347,000 
 
 Castellain, Sons, & Co., general merchants, 69,651 
 
 Cockerell, Larpent, & Co., East India trade, 619,393 
 
 Cotsworth, Powell, & Pryor, Brazilian trade, 350,000 
 
 Coventry & Shepherd, corn trade, 200,000 
 
 Cruikshanks, Melville, & Co., East and W est India trade, 182,984 
 
 Douglas, C., & Son, corn trade, 250,000 
 
 Fraser, W. T., East India trade, 33,665 
 
 Fry, Griffith, & Co., colonial brokers, 90,979 
 
 Giles, Son, & Co., corn trade, 152,824 
 
 Gower, A. A., and Nephews, Spanish trade, 450,832 
 
 Hastie & Hutchison, corn trade, 50,451 
 
 Johnson, Cole, & Co., East India trade, 122,666 
 
 King, Melville, & Co., corn trade, 200,000 
 
 Kingston, J., & Co., West India trade, 25,245 
 
 Lackersteen, A. A., East India trade, 185,529 
 
 Lackersteen & Craik, East India trade, 133,091 
 
Banking Memoranda for 1849— ( Continued). 449 
 
 Leaf, Barnet, Scotson, & Co., warehousemen, £ 85,575 
 
 Lyall, Brothers, & Co., East India trade, 340,387 
 
 Morley, J. & W., warehousemen, 119,731 
 
 Nevins & Allen, corn trade, 69,907 
 
 Perkins, Schiusser, & Mullens, East India trade, 127,327 
 
 Phillips, L., & Co., East India trade, 18,368 
 
 Phillips, S., & Co., East India trade, 101,474 
 
 Reay & Reay, wine trade, 47,788 
 
 Reid, Irving, & Co., West India trade, 660,432 
 
 Rickards, Little, & Co., East India trade, 144,626 
 
 Robinson, W. R., & Co., corn trade, 94,362 
 
 Rougement, Brothers, & Co., general merchants, 109,450 
 
 Ryder, Wienholt, & Co., East India trade, 34,587 
 
 Sanderson & Co., bill brokers, 2,683,000 
 
 Sargent, Gordon, & Co., colonial brokers, 65,254 
 
 Scott, Bell, & Co., East India trade, 99,629 
 
 Thomas, Son, & Lefevre, Russia trade, 401,760 
 
 Thurburn & Co., East India trade, 109,139 
 
 Trueman & Cook, colonial brokers, 379,104 
 
 Usborne, J., & Son, corn trade, 59,457 
 
 Woodley, W. & J., corn trade, 99,509 
 
 Supposed total, £25,000,000 
 
 British Linen Company. — By a new Charter, dated 19th March 1849, 
 this Bank was authorized to increase its capital to a further extent of £1,000,000, 
 at such times, and in such portions, as the directors and proprietors should 
 deem to be expedient. In virtue of this permission, the capital was extended, 
 on 15th April 1850, from £500,000 to £1,000,000, leaving the remaining 
 £500,000 to be raised when the Company judges to be necessary. 
 
 National Bank of Scotland. — A Branch was opened in Newton Stewart. 
 
 City of Glasgow Bank. — Branches were opened in Lanark and Rutherglen. 
 
 Western Bank of Scotland. — -Branches were opened in Annan, Leven, 
 and St Andrews. 
 
Dr. THE DUNDEE BANKING COMPANY. [88 
 
 To the PUBLIC, as per following Statement, £723,828 4 5 
 
 For NOTES in circulation, as follows, £ 36,640 7 6 
 
 Notes of £10 0 £22,645 7 6 
 
 „ 5 0 0 3,755 0 0 
 
 „ 20 0 0 10,240 0 0 
 
 £36,640 7 6 
 
 For MONEY DEPOSITED, as follows, 683,538 10 10 
 
 In Dundee — On 2,741 Accounts, £594,021 4 8 
 
 At Forfar — On 407 Accounts, 81,513 6 11 
 
 Interest due thereon, 8,003 19 3 
 
 £683,538 10 10 
 
 For SUNDRY ACCOUNTS, Cr. 3,649 6 1 
 
 £723,828 4 5 
 
 To the PARTNERS of the Company, as per following Statement, 85,314 16 7 
 
 For CAPITAL paid up, £60 on 1,000 shares, ... £60,000 0 0 
 
 For Reserved Fund, 5,000 0 0 
 
 For Dependancies, 11,771 4 4 
 
 For Rebate on Bills, 3,543 12 3 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £5 on 1,000 shares, 5,000 0 0 
 
 Profit and Loss — 
 
 By Discounts ( + former Rebate), £21,381 11 1 
 
 Interest received, 23,404 7 6 
 
 £44,785 18 7 
 
 Off Interest paid, 17,362 14 2 
 
 £27,423 4 5 
 
 To Rebate on Bills, £3,543 12 3 
 
 Interest due, 8,003 19 3 
 
 Expense of Management, 3,614 4 5 15,161 15 11 
 
 By Nett Profit, £12,261 8 6 
 
 To Bank Office, £ 100 0 0 
 
 Dependancies, 7,161 8 6 7,261 8 6 
 
 £5,000 0 0 £85,314 16 7 
 
 TOTAL LIABILITIES of the Bank, £809,143 1 0 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £2,560,000. 
 The Bills Discounted, No. 6,713, £1,226,168, 3s. 4d. ; Discounts thereon, £18,038, 14s. 3d. 
 Total payments through Edinburgh Agents, £560,000 (of this for the Bank’s Notes retired, 
 £144,360) ; and through London Agents, £270,000. 
 
88] 
 
 20th FEBRUARY 1851. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 2,900 0 
 
 INVESTMENTS, as per following Statement, 721,291 13 
 
 ls£. In Dundee, as follows, £715,291 0 8 
 
 Cash Accounts, in number 49, £ 53,690 19 1 
 
 Overdrawn Accounts, in number 66, . 20,230 9 10 
 
 Heritable Bonds, in number 50, 168,887 2 6 
 
 Bills Receivable, 450,418 2 5 
 
 Consols, £18,897 at 92, 17,402 13 8 
 
 Shares of the Bank, (sixty -five), 4,661 13 2 
 
 £715,291 0 8 
 
 2d. At Forfar, as follows, 6,000 13 
 
 Cash Accounts, in number 25, £5,753 8 10 
 
 Bills Receivable, 247 4 2 
 
 £6,000 13 0 
 
 £721,291 13 8 
 
 SUNDRY ACCOUNTS, Dr., 1,333 9 10 
 
 CASH at call and on hand, as per following Statement, 83,617 17 
 
 At call, Edinburgh Agents, £38,223 
 
 Do., London do., 33,000 
 
 On hand, at Head Office, Dundee, as follows, 11,278 
 
 Mixed Notes, £4,816 0 0 
 
 Gold, 4,297 0 0 
 
 Silver, 2,160 17 6 
 
 Copper, 4 3 4 
 
 £11,278 0 10 
 
 0 10 
 
 On hand, at Forfar Branch, as follows, 1,115 11 11 
 
 Mixed Notes, £682 0 0 
 
 Specie, 433 11 11 
 
 £1,115 11 11 £83,617 17 6 
 
 TOTAL ASSETS of the Bank, 
 
 ,£809,143 1 0 
 
 1851. January 10. — “ The Directors of the Dundee Banking Company at their meeting this 
 “ day having taken into consideration the valuable and efficient services of the Manager 
 “ C. W. Boase, Esq., for the past thirteen years, are unanimously of opinion that he is well 
 “ entitled to some substantial mark of their approbation, and therefore resolved to present 
 “ him with the sum of Two Hundred Guineas.” 
 
452 Banking Memoranda for 1850. 
 
 Currency, Prices, &c., in 1850. — Peace: Gold at par; Bank of England 
 Circulation (23d February) £19,888,555, and Deposits £19,052,724 = total 
 liabilities £37,941,279 — Bullion £17,122,221, and Securities £24,087,203=total 
 assets £41,209,424, making the Rest £3,268,145 ; average total Circulation 
 of Notes in the United Kingdom, during the year ending 23d March 1850, 
 £33,623,387, viz., Bank of England £19,936,000, English Private Banks 
 £3,516,644, English Joint-Stock Banks £2,686,798, Scotch Banks £2,993,621, 
 and Irish Banks £4,490,324 ; Public Revenue £58,838,700 ; Consols 94^ to 
 98^, and Bank Stock 203 to 216; wheat per quarter, in London, 37s. 9d. to 
 47s., and in Edinburgh, 33s. 6d.. — oatmeal per boll 11s. lid. ; bankruptcies in 
 England 837, Ireland 45, and Scotland 371 ; Bank of England’s minimum 
 rates of discount 2 ^ per cent., 26th December 3 ; Bill Brokers’ rates per 
 cent., January 2 to ‘2jr, November to 3, December 3 to 3-J ; and Scotch 
 Banks’ deposit rates 3^, 8 th January ; Railway Loans, April to May 4-J, 
 August to October 4 and 4^, November and December 4^ ; Cotton Bills 3J. 
 
 Railway Expenditure. — The further sum of £4,100,000 was authorized 
 to be expended; there was actually laid out during the year £10,500,000, 
 raising the total investment in Railways to £240,300,000. 
 
 Depreciation of Railway Shares. — The four years 1847-1850 were 
 years of great pressure in the money market. The following Table shews 
 the fall of price on the shares of some principal lines : — • 
 
 
 1st Jan. 
 
 1st Jan. 
 
 1st Jan. 
 
 1st July 
 
 1st Jan. 
 
 1st May 
 
 1st Jan. 
 
 1st Jan. 
 
 1st Jan. 
 
 
 1840. 
 
 1847. 
 
 1848. 
 
 184S. 
 
 1849. 
 
 1849. 
 
 1850. 
 
 1851. 
 
 1852. 
 
 L. & N. Western, 
 
 ...£215 
 
 £196 
 
 £150 
 
 £121 
 
 £125 
 
 £130 
 
 £109 
 
 £123 
 
 £118 
 
 Great Western,... 
 
 ... 195 
 
 150 
 
 105 
 
 93 
 
 93 
 
 93 
 
 58 
 
 77 
 
 86 
 
 South Western,... 
 
 ... 150 
 
 170 
 
 120 
 
 94 
 
 80 
 
 72 
 
 61 
 
 66 
 
 87 
 
 Midland, 
 
 ... 150 
 
 130 
 
 107 
 
 100 
 
 85 
 
 70 
 
 45 
 
 47 
 
 57 
 
 Brighton, 
 
 ... 135 
 
 118 
 
 82 
 
 . 62 
 
 62 
 
 76 
 
 80 
 
 87 
 
 95 
 
 South Eastern, .... 
 
 ... 120 
 
 120 
 
 90 
 
 70 
 
 72 
 
 63 
 
 57 
 
 66 
 
 64 
 
 Y. & N. Midland,, 
 
 ... 210 
 
 210 
 
 144 
 
 140 
 
 110 
 
 74 
 
 34 
 
 44 
 
 44 
 
 In December 1845 the capital invested in Railways amounted to £88,000,000, 
 and was worth in the market £132,000,000, while the deposit on new lines, 
 amounting to £20,000,000, was worth £40,000,000. In December 1849, the 
 capital invested was £230,000,000 nearly, and was worth in the market 
 £115,000,000 only — a positive loss to the holders of £115,000,000, and, com- 
 pared with the value of 1849, a loss of £230,000,000. 
 
 Production of the Precious Metals. — The produce of the Californian gold 
 fields, discovered in 1848, now began to come in, confirming the reports, hitherto 
 much disputed, as to the richness of the beds, and the extent of their probable 
 yield. Up to this time Peru and Mexico were the chief sources of the precious 
 metals. In Peru, Potosi, a large sugar-loaf mountain, standing in the midst 
 of an uncultivated plain, was discovered, in 1545, to be filled with immense 
 veins of silver ore, and from thence more silver has been obtained than from 
 any other spot on earth. By 1600, it yielded to the Spanish Government 
 £2,000,000 a-year, but afterwards the produce fell off. In 1789, it had fallen 
 to £800,000, and the insurrections in Spanish America diminished it still 
 farther, and now there is said to be obtained only about £200,000. But 
 
Banking Memoranda for 1850 — (Continued). 453 
 
 Mexico gradually eclipsed Peru ; and, from the working of the productive 
 mines of Zacatecas and Guanaxuato, at the end of the sixteenth century, it has 
 continued to be a great supplier of the precious metals. In 1701 the gold and 
 silver found amounted to £1,800,000, and in 1720 to £2,600,000. The discovery 
 of the mine of Valencia greatly increased the produce, so that in 1775 it was 
 £3,400,000, in 1788 £4,280,000, and in 1795 £6,400,000 — at about which it 
 remained till the war of independence broke out in 1810, after which it very 
 greatly decreased. In 1846, Peru produced — gold £96,241, and silver 
 £1,000,583 ; Mexico — gold £249,743, and silver £3,457,029. In 1850, Peru 
 produced much the same as before, while Mexico yielded — gold £382,901, and 
 silver £5,383,333. In 1846 the total produce of North and South America 
 was £6,563,179, of which £1,301,560 was in gold, and £5,261,619 in 
 silver. In 1850 this quantity of the precious metals was more than 
 trebled, owing for the greater part to the produce of gold from the new 
 sources in California, viz., £20,601,813, of which £13,341,989 was in 
 gold, and £7,259,824 in silver. The quantity of the precious metals pro- 
 duced in the same years in Europe, Asia, and Africa, so far as known, 
 was respectively £5,799,498 and £6,840,975, making the grand totals 
 for the world £12,800,000 and £27,500,000 — an enormous increase in the 
 course of four years ! But before the commercial world had recovered from 
 this surprise, and while it was only just beginning to speculate on the effect 
 of this influx of gold, whether it would be beneficial or detrimental, it 
 was again astounded by the news that towards the end of May 1851 gold 
 fields of still greater promise had been discovered at Mount Alexander, in 
 New South Wales — the gold being also of finer quality than that of California. 
 In October the same year the districts of Ballarat and Bendigo, near Port 
 Philip, on the mainland of Australia, were discovered to eclipse that in New 
 South Wales, and the first remittances of gold from Port Philip had scarcely 
 arrived when further news came that large districts in Victoria had beds of gold 
 which would prove exhaustless. The actual produce of gold in New South 
 Wales and Australia has been as follows : — • 
 
 1851, .... 
 
 
 ..£ 990,000 
 
 1855, . 
 
 
 £12,660,000 
 
 1852,..., 
 
 
 .. 10,700,000 
 
 1856, . 
 
 
 14,010,000 
 
 1853,..., 
 
 
 .. 11,480,000 
 
 1857,. 
 
 
 15,000,000 
 
 1854,..., 
 
 
 .. 9,930,000 
 
 1858, . 
 
 
 14,000,000 
 
 The product of the world from 1800 to 1858 has increased as follows : — 
 
 
 Gold. 
 
 Silver. 
 
 
 Gold. 
 
 Silver. 
 
 1800, 
 
 ,.£ 4,000,000.. 
 
 ....£6,000,000 
 
 1852,.. 
 
 
 ,..£8,500,000 
 
 1830, 
 
 . 3,000,000.. 
 
 .... 6,750,000 
 
 1853,.. 
 
 .... 35,000,000..., 
 
 
 1840, 
 
 ,. 5,000,000.. 
 
 .... 6,750,000 
 
 1854,.. 
 
 34,000,000..., 
 
 
 1846, 
 
 ,. 6,000,000.. 
 
 
 1855,.. 
 
 
 
 1848, 
 
 „ 7,000,000.. 
 
 .... 6,750,000 
 
 1856,.. 
 
 .... 34,000,000..., 
 
 ... 8,000,000 
 
 1849, 
 
 ,. 8,000,000.. 
 
 .... 7,750,000 
 
 1857,.. 
 
 .... 35,000,000..., 
 
 ... 8,000,000 
 
 1850, 
 
 ,. 11,000,000.. 
 
 .... 8,500,000 
 
 1858,.. 
 
 
 
 1851, 
 
 ,. 14,000,000.. 
 
 .... 8,500,000 
 
 
 
 
 City 
 
 of Glasgow Bank. — Branches were 
 
 opened in Banff, 
 
 Coldstream, 
 
 Dunse, Greenlaw, Lauder, and Lochwinnoch. 
 
 Union Bank of Scotland. — Branches were opened in Leslie and Rothesay. 
 
 B 28 
 
Dr. 
 
 THE DUNDEE BANKING COMPANY. 
 
 [89 
 
 To the PUBLIC, as per following Statement, £764,104 3 1 
 
 For NOTES in circulation, as follows, £ 31,144 7 6 
 
 Notes of £10 0 
 „ 5 0 0 
 
 „ 20 0 0 
 
 For MONEY DEPOSITED, as follows, 712,433 4 4 
 
 In Dundee — On 2,919 Accounts, £611,017 19 
 
 At Forfar — On 465 Accounts, 92,934 
 
 Interest due thereon, 8,480 17 
 
 £21,099 
 
 7 
 
 6 
 
 3,165 
 
 0 
 
 0 
 
 6,880 
 
 0 
 
 0 
 
 £31,144 
 
 7 
 
 6 
 
 
 .£611,017 
 
 19 
 
 3 
 
 . 92,934 
 
 7 
 
 4 
 
 .. 8,480 17 
 
 9 
 
 £712,433 
 
 4 
 
 4 
 
 For SUNDRY ACCOUNTS, Cr. 
 
 . 20,526 11 
 
 £764,104 3 
 
 To the PARTNERS of the Company, as per following Statement, 72,603 14 7 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 0 
 
 For Reserved Fund, 5,000 0 0 
 
 For Rebate on Bills, 2,603 14 7 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £5 on 1,000 shares, 5,000 0 0 
 
 PROFIT AND Loss — 
 
 By Discounts ( + former Rebate), £21,838 7 11 
 
 Interest received, 22,238 6 3 
 
 £44,076 14 2 
 
 Off Interest paid, 16,561 17 5 
 
 £27,514 16 9 
 
 To Rebate on Bills, £2,603 14 7 
 
 Interest due, 8,480 17 9 
 
 Expense of Management, . 3,628 9 3 14,713 1 7 
 
 By Nett Profit, £12,801 15 2 
 
 To Life Policies Account, £1,217 2 5 
 
 Dependancies, 6,584 12 9 7,801 15 2 
 
 £5,000 0 0 £72,603 14 7 
 
 TOTAL LIABILITIES of the Bank, £836,707 17 8 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £4,500,000. 
 The Bills Discounted, No. 6,900, £1,201,724, Is. 3d. ; Discounts thereon, £18,294, 15s. 8d. 
 Total payments through Edinburgh Agents, £590,000 (of this for the Bank’s Notes retired, 
 £142,885) ; and through London Agents, £260,000. 
 
 23 
 
89] 20th FEBRUARY 1852. 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, . 
 
 
 £ 2,900 0 0 
 
 INVESTMENTS, as per following Statement, 
 
 715,541 8 7 
 
 ls£. In Dundee, as follows, 
 
 £709,420 
 
 16 4 
 
 Cash Accounts, in number 40, 
 
 £ 41,962 8 9 
 
 
 Overdrawn Accounts, in number 51,. 
 
 16,950 10 9 
 
 
 Heritable Bonds, in number 52, 
 
 232,896 13 0 
 
 
 Bills Receivable, 
 
 359,344 17 1 
 
 
 Consols, £18,898 at 92, 
 
 17,402 13 8 
 
 
 Shares of the Bank (fifty), 
 
 3,386 13 2 
 
 
 Life Policies Account, 
 
 22,095 5 4 
 
 
 Dependancies, 
 
 15,381 14 7 
 
 
 
 £709,420 16 4 
 
 
 2d. At Forfar, as follows, 
 
 6, 120 
 
 12 3 
 
 Cash Accounts, in number 26, 
 
 . £5,603 16 9 
 
 
 Bills Receivable, 
 
 516 15 6 
 
 
 
 £6,120 12 3 
 
 
 
 £715,541 
 
 8 7 
 
 SUNDRY ACCOUNTS, Dr., ... 
 
 
 997 1 2 
 
 CASH at call and on hand, as per 
 
 following Statement, . 
 
 117,209 7 11 
 
 At call, Edinburgh Agents, . . 
 
 £48,975 
 
 13 0 
 
 Do., London do., 
 
 47,979 19 8 
 
 On hand, at Head Office, Dundee, 
 
 as follows, 18,286 
 
 14 7 
 
 Mixed Notes, 
 
 , £11,083 3 0 
 
 
 Gold, 
 
 5,356 10 0 
 
 
 Silver, 
 
 1,841 1 6 
 
 
 Copper, 
 
 6 0 1 
 
 
 
 £18,286 14 7 
 
 
 On hand, at Forfar Branch, as follows, 2,027 
 
 0 8 
 
 Mixed Notes, 
 
 ..£1,360 0 0 
 
 
 Specie, 
 
 .. 667 0 8 
 
 
 
 £2,027 0 8 £117,269 
 
 7 11 
 
 TOTAL ASSETS of the Bank,.., 
 
 
 
 1852. Feb. 2. — On the Bank porter entering the office this morning (being Monday), he 
 
 discovered that an opening had been cut through the wall, and an 
 
 effort made to force the 
 
 lock of the fire-proof book-room by boring holes into it through the iron door. But the 
 
 attempt had failed, and the burglars had decamped, leaving a large assortment of house- 
 
 breaking implements behind them. The enquiries of the Police led them to the conclusion 
 
 that the scheme had been planned by a person who had been lounging about the town for 
 
 a month, and that it had been executed sc 
 
 • far by three men who arrived at Dundee by the 
 
 last train on Saturday night. This man was apprehended (the others having escaped) and 
 
 was tried for the offence, but through the services of an influential member of the Edinburgh 
 
 Bar, he obtained a verdict of not proven. 
 
 
 
456 Banking Memoranda for 1851 . 
 
 Currency, Prices, &c., in 1851. — Peace : Gold at par; Bank of England 
 Circulation (15th February) £18,910,000, and Deposits, &c., £18,270,453 =total 
 liabilities £37,180,453 — Bullion £14,474,000, and Securities £26,034,057 = 
 total assets £40,508,057, making the Rest £3,327,604 ; average total Circu- 
 lation of Notes in the United Kingdom, during the year ending 22d March 
 1851, £33,634,865, viz., Bank of England £19,908,000, English Private Banks 
 £3,386,962, English Joint-Stock Banks £2,685,756, Scotch Banks £3,033,235, 
 and Irish Banks £4,620,912 ; Public Revenue £57,964,464 ; Consols 95J to 
 99g-, and Bank Stock 210 to 216|; wheat per quarter, in London, 36s. to 
 42s. 7d., and in Edinburgh, 36s. 4d. — oatmeal per boll 13s. 4d. ; bankruptcies 
 in England 948, Ireland 65, and Scotland 368 ; Bank of England’s minimum 
 rate of discount 3 per cent, j Bill Brokers’ rates 3 to 3J per cent., January 2f 
 
 to 
 
Banking Memoranda for 1851 — (Continued). 457 
 
 to 3, August 3 to 3^, September 2 j to 3, October 2| to 2J ; Scotch Banks’ 
 deposit rate 2^ per cent. ; Railway loans, January 5 per cent., April to June 
 5 to 5|, July to September 4f, November 4^ ; Cotton Bills 4 per cent. 
 
 Railway Expenditure. — The further sum of £9,500,000 was authorized 
 to be expended ; there was actually laid out during the year £8,000,000, 
 making the total investments in Railways £248,300,000. 
 
 British Linen Company. — A Branch was opened in Thornhill. 
 
 Edinburgh and Glasgow Bank. — A Branch was opened in Denny. 
 
 Union Bank of Scotland. — Branches were opened in Coatbridge, Dal- 
 beattie, and Dumfries. 
 
 Western Bank of Scotland. — Branches were opened in Anderston and 
 Laurieston. 
 
 Usury Laws. — The Act 2 and 3 Vic., c. 37 (1839), was, by Act 13 and 14 
 Vic. (1850), enlarged and continued to 1856, and then made permanent. 
 
Dr. THE DUNDEE BANKING COMPANY. 
 
 
 [90 
 
 To the PUBLIC, as per following Statement, . 
 
 
 
 .£724,001 
 
 11 4 
 
 For NOTES in circulation, as follows, 
 
 
 ...£ 31,526 0 
 
 0 
 
 
 Notes of £10 0 £22,151 
 
 0 
 
 0 
 
 
 
 „ 5 0 0 2,215 
 
 0 
 
 0 
 
 
 
 „ 20 0 0 7,160 
 
 0 
 
 0 
 
 - 
 
 
 £31,526 
 
 0 
 
 0 
 
 
 
 For MONEY DEPOSITED, as follows, 
 
 
 ... 689,713 1 
 
 4 
 
 
 In Dundee — On 2,783 Accounts, £585,978 
 
 8 
 
 0 
 
 
 
 At Forfar — On 485 Accounts, 97,369 
 
 2 
 
 5 
 
 
 
 Interest due thereon, 6,365 
 
 10 
 
 11 
 
 
 
 £689,713 
 
 1 
 
 4 
 
 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 
 .... 2,762 10 
 
 0 
 
 
 
 
 £724,001 11 
 
 4 
 
 
 To the PARTNERS of the Company, as per following Statement, 76,803 
 
 14 10 
 
 For CAPITAL paid up, £60 on 1,000 shares, 
 
 
 ... £60,000 0 
 
 0 
 
 
 For Reserved Fund, 
 
 
 ... 8,000 0 
 
 0 
 
 
 For Dependancies, 
 
 
 ... 1,663 0 
 
 6 
 
 
 For Rebate on Bills, 
 
 
 .... 2,140 14 
 
 4 
 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 
 
 Dividend of £5 on 1,000 shares, 
 
 
 ... 5,000 0 
 
 0 
 
 
 Profit and Loss — 
 
 
 
 
 
 By Discounts ( + former Rebate), £14,271 
 
 12 
 
 7 
 
 
 
 Interest received, 23,437 
 
 4 
 
 6 
 
 
 
 £37,708 
 
 17 
 
 1 
 
 
 
 Off Interest paid, 15,475 
 
 17 
 
 3 
 
 
 
 £22,232 
 
 19 
 
 10 
 
 
 
 To Rebate on Bills, £2, 140 14 4 
 
 
 
 
 
 Interest due, 6,365 10 11 
 
 
 
 
 
 Expense of Management, 3,716 10 10 12,222 16 
 
 1 
 
 
 
 By Nett Profit, £10,010 
 
 3 
 
 9 
 
 
 
 To Bank Office, £ 108 5 4 
 
 
 
 
 
 Life Policies Account, 1,769 1 1 
 
 
 
 
 
 Reserved Fund, 3,000 0 0 
 
 
 
 
 
 Dependancies, 132 17 4 5,010 
 
 3 
 
 9 
 
 
 
 £5,000 
 
 0 
 
 0 £76,803 14 
 
 10 
 
 
 TOTAL LIABILITIES of the Bank, 
 
 
 
 ..£800,805 
 
 6 2 
 
 MEMORANDA concerning \ 
 
 the Year's Business . 
 
 
 The amount received and paid in the Bank during the year was each about £3,300,000. 
 
 The Bills Discounted, No. 6,272, £921,367, 7s. 8d. 
 
 ; Discounts thereon, £11,667, 18s. Od. 
 
 Total payments through Edinburgh Agents, £600,000 (of this for the Bank’s Notes retired, 
 
 £146,685) ; and through London Agents, £300,000. 
 
 
 
 
 
90] 
 
 19th FEBRUARY 1853. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 2,900 0 0 
 
 INVESTMENTS, as per following Statement, 698,819 9 7 
 
 ls£. In Dundee, as follows, £692,459 16 4 
 
 Cash Accounts, in number 39, £ 37,905 17 5 
 
 Overdrawn Accounts, in number 62,. 15,104 14 2 
 
 Heritable Bonds, in number 52, 258, 135 12 1 
 
 Bills Receivable, 329,545 0 5 
 
 Consols, £30,000 at 94|, 28,381 19 1 
 
 Shares of the Bank (twenty-five), 1,386 13 2 
 
 Life Policies Account, 22,000 0 0 
 
 £692,459 16 4 
 
 2d. At Forfar, as follows, 6,359 13 3 
 
 Cash Accounts, in number 24, £5,372 13 9 
 
 Bills Receivable, 986 19 6 
 
 £6,359 13 3 
 
 £698,819 9 7 
 
 SUNDRY ACCOUNTS, Dr., 
 
 CASH at call and on hand, as per following Statement,, 
 
 At call, Edinburgh Agents, 
 
 Do., London do., 
 
 On hand, at Head Office, Dundee, as follows, . . . 
 
 Mixed Notes, £4,724 0 
 
 Gold, 5,133 0 
 
 Silver, 941 1 
 
 Copper, 4 1 
 
 ,£62,082 10 
 . 22,268 0 
 10,802 2 
 
 7 
 
 8 
 9 
 
 3,316 10 10 
 95,769 5 9 
 
 £10,802 2 9 
 
 On hand, at Forfar Branch, as follows, 616 11 9 
 
 Mixed Notes, £388 0 0 
 
 Specie, 228 11 9 
 
 £616 11 9 £95,769 5 9 
 
 TOTAL ASSETS of the Bank, 
 
 £800,805 6 2 
 
460 Banking Memoranda for 1852. 
 
 Currency, Prices, &c., in 1852. — Peace : Gold at par ; Bank of England 
 Circulation (21st February) £20,188,000, and Deposits, &c., £20,010, 152 = total 
 liabilities £40,198,152 — Bullion £18,948,000, and Securities £24,530,412 = 
 total assets £43,478,412, making the Rest £3,280,260 ; average total Circu- 
 lation of Notes in the United Kingdom, during the year ending 20th March 
 1852, £35,116,383, viz., Bank of England £21,341,000, English Private Banks 
 £3,397,432, English Joint-Stock Banks £2,733,688, Scotch Banks £3,081,769, 
 and Irish Banks £4,562,494 ; Public Revenue £58,920,779 ; Consols 96|- to 
 101f, and Bank Stock 215f to 225J ; wheat per quarter, in London, 37s. lOd. 
 to 42s. 8d., and in Edinburgh, 37s. 6d. — oatmeal per boll 14s. 4d. ; bank- 
 ruptcies in England 854, Ireland 65, and Scotland 303 ; Bank of England’s 
 
 minimum 
 
Banking Memoranda for 1852 — ( Continued ). 461 
 
 minimum rates of discount 3 per cent., 1st January 2^, 22d April 2 ; Bill 
 Brokers’ rates 2f to 2f per cent., January 2 to 2^, February If to 2, May lj 
 to If ; Scotch Banks’ deposit rates 2\ per cent., 1st June 2 ; Railway loans, 
 February 4f to 4J per cent., March 3f to 4, June 3J, December of to 4; 
 Cotton Bills 3J per cent. 
 
 Railway Expenditure. — The further sum of £4,300,000 was authorized 
 to be expended; there was actually laid out during the year £16,000,000, 
 making the total investments in Railways £264,300,000. 
 
 National Bank of Scotland. — A Branch was opened in Hawick. 
 Western Bank of Scotland. — Branches were opened in Ecclefechan and 
 Thornhill. 
 
Dr. THE DUNDEE BANKING COMPANY. 
 
 
 
 [91 
 
 To the PUBLIC, as per following Statement,, 
 
 
 
 ..£746,933 
 
 18 
 
 2 
 
 For NOTES in circulation, as follows, . 
 
 
 
 ....£ 40,774 0 
 
 0 
 
 
 
 Notes of £10 0 
 
 £23,399 
 
 0 
 
 0 
 
 
 
 
 „ 5 0 0 
 
 4,235 
 
 0 
 
 0 
 
 
 
 
 „ 20 0 0 
 
 13,140 
 
 0 
 
 0 
 
 ' 
 
 
 
 
 £40,774 
 
 0 
 
 0 
 
 
 
 
 For MONEY DEPOSITED, as follows, 
 
 
 
 ... 705,223 15 
 
 8 
 
 
 
 In Dundee — On 2,777 Accounts, 
 
 ..£607,401 
 
 15 
 
 4 
 
 
 
 
 At Forfar — On 460 Accounts, 
 
 .. 91,448 
 
 1 
 
 6 
 
 
 
 
 Interest due thereon, 
 
 6,373 
 
 18 
 
 10 
 
 
 
 
 
 £705,223 
 
 15 
 
 8 
 
 
 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 
 
 936 2 
 
 6 
 
 
 
 
 
 
 £746,933 18 
 
 2 
 
 
 
 To the PARTNERS of the Company, as per following Statement, 83,421 
 
 13 
 
 11 
 
 For CAPITAL paid up, £60 on 1,000 shares, 
 
 
 £60,000 0 
 
 0 
 
 
 
 For Reserved Fund, 
 
 
 
 . . 12,000 0 
 
 0 
 
 
 
 For Dependancies, 
 
 
 
 .... 3,516 12 
 
 9 
 
 
 
 For Rebate on Bills, 
 
 
 
 .... 2,905 1 
 
 2 
 
 
 
 For Portion of past year’s PROFITS, set aside 
 
 for 
 
 
 
 
 a Dividend of £5 on 1,000 shares, . 
 
 
 
 .... 5,000 0 
 
 0 
 
 
 
 Profit and Loss — 
 
 
 
 
 
 
 
 By Discounts ( + former Rebate), 
 
 ...£17,375 
 
 11 
 
 0 
 
 
 
 
 Interest received, 
 
 ... 22,793 
 
 4 
 
 1 
 
 
 
 
 
 £40,168 
 
 15 
 
 1 
 
 
 
 
 Off Interest paid, 
 
 ... 14,417 
 
 19 
 
 4 
 
 
 
 
 
 £25,750 
 
 15 
 
 9 
 
 
 
 
 To Rebate on Bills, £2,905 1 
 
 2 
 
 
 
 
 
 
 Interest due, 6,373 18 
 
 10 
 
 
 
 
 
 
 Expense of Management, . . 4,108 19 
 
 1 13,387 
 
 19 
 
 1 
 
 
 
 
 By Nett Profit, 
 
 ...£12,362 
 
 16 
 
 8 
 
 
 
 
 To Bank Office, £ 129 9 
 
 7 
 
 
 
 
 
 
 Life Policies Accoimt, 1,663 15 
 
 9 
 
 
 
 
 
 
 Reserved Fund, 4,000 0 
 
 0 
 
 
 
 
 
 
 Dependancies, 1,569 11 
 
 4 7,362 
 
 16 
 
 8 
 
 
 
 
 
 £5,000 
 
 0 
 
 0 £83,421 13 
 
 11 
 
 
 
 TOTAL LIABILITIES of the Bank, 
 
 
 
 ..£830,355 
 
 12 
 
 1 
 
 MEMORANDA concerning the Year's Business. 
 
 
 
 The amount received and paid in the Bank during the year was each about £3,600,000. 
 
 The Bills Discounted, No. 6,707, £1,112,981, 10s. 8d 
 
 . ; Discounts thereon, £15,234, 
 
 16s. 8d. 
 
 Total payments through Edinburgh Agents, £640,000 (of this for the Bank’s Notes retired, 
 
 £144,160 ) ; and through London Agents, £370,000. 
 
 
 
 
 
 
91] 
 
 20th FEBRUARY 1854. 
 
 Or. 
 
 By BANK OFFICE, Castle Street, £ 2,800 
 
 INVESTMENTS, as per following Statement, 715,883 
 
 ls£. In Dundee, as follows, £707,836 6 8 
 
 Cash Accounts, in number 34, £ 26,012 2 11 
 
 Overdrawn Accounts, in number 63,. 26,976 3 11 
 
 Heritable Bonds, in number 55, 254,614 16 4 
 
 Bills Receivable, 348,464 11 3 
 
 Consols, £30,000 at 94 1, 28,381 19 1 
 
 Shares of the Bank (twenty-five), 1,386 13 2 
 
 Life Policies Account, 22,000 0 0 
 
 £707,836 6 8 
 
 2d. At Forfar, as follows, 8,046 19 
 
 Cash Accounts, in number 31, £7,032 1 2 
 
 Bills Receivable, 1,014 17 11 
 
 £8,046 19 1 
 
 £715,883 5 9 
 
 SUNDRY ACCOUNTS, Dr., 4,448 10 
 
 CASH at call and on hand, as per following Statement, 107,223 15 
 
 At call, Edinburgh Agents, £60,875 12 9 
 
 Do., London do., 22,180 5 10 
 
 On hand, at Head Office, Dundee, as follows, 23,442 10 8 
 
 Mixed Notes, £16,118 0 0 
 
 Gold, 6,150 0 0 
 
 Silver, 1,168 3 6 
 
 Copper, 6 7 2 
 
 £23,442 10 8 
 
 On hand, at Forfar Branch, as follows, 
 
 Mixed Notes, £341 0 0 
 
 Specie, 384 6 4 
 
 725 6 4 
 
 £725 6 4 £107,223 15 7 
 
 TOTAL ASSETS of the Bank,. 
 
 .£830,355 12 1 
 
 1853. Nov. 4. — The Treasury agree to let all the Banks in Scotland pay a commission on 
 the amount of Notes in circulation, instead of having the Notes stamped, and fix the rate at 
 8s. 4d. per cent. On looking back at the amount paid for Note Stamps by the Dundee Bank 
 during the previous 24 years, it was found to be £2,278, 19s. 5d., or nearly £100 a-year, 
 which, on the average circulation of about £30,000, is about 6s. 8d. per cent. 
 
464 Banking Memoranda for 1853. 
 
 Currency, Prices, &c., in 1853. — Peace : Gold at par ; Bank of England 
 Circulation (19th February) £22,081,000, and Deposits, &c., £20,717,913 = total 
 liabilities £42,798,913 — Bullion £18,315,000, and Securities £27,797,095 = 
 total assets £46,112,095, making the Rest £3,313,182 ; average total Circu- 
 lation of Notes in the United Kingdom, during the year ending 19th March 
 1853, £38,835,604, viz., Bank of England £23,206,000, English Private Banks 
 £3,671,532, English Joint-Stock Banks £2,993,634, Scotch Banks £3,443,894, 
 and Irish Banks £5,520,544 ; Public Revenue £60,410,076 ; Consols 91§ to 
 101, and Bank Stock 212 to 230J ; wheat per quarter, in London, 44s. 7d. to 
 72s., and in Edinburgh, 46s. — oatmeal per boll 14s. 9d. ; bankruptcies in 
 England 755, Ireland 50, and Scotland 204; Bank of England’s mini- 
 mum rates of discount 2 per cent., 6th January 2-^, 20th January 3, 2d 
 June 3J, 1st September 4, 15th September 4-J, and 29th September 5 ; Bill 
 Brokers’ rates lj to If per cent., January 2 to 3, February 3i, March 3£, 
 April 2f to 3, June 3 to 4, July 3-^, September 3^ to 4J, October 4-J to 5J, 
 November 4J to 5, December 5 ; Scotch Banks’ deposit rates 2 per cent., 1st 
 October 2^ ; Railway loans, February 4^ to 4-| per cent., March 4£, June 4J, 
 July 4, August 4^, September 4f, October 5J. 
 
 Railway Expenditure. — The further sum of £15,500,000 was authorized 
 to be expended ; there was actually laid out during the year £9,200,000, mak- 
 ing the total investments in Railways £273,500,000. 
 
 Aberdeen 
 
Banking Memoranda for 1853 — ( Continued ). 465 
 
 Aberdeen Bank. — This Bank, established in 1767, was amalgamated with 
 the Union Bank of Scotland. Its shares, originally of £150, at one time sold 
 for £2,500, owing to the large additions made to them out of Profits, in addition 
 to large dividends. 
 
 Aberdeen Town and County Bank. — A Branch was opened in Mintlaw. 
 
 Central Bank of Scotland. — Branches were opened in Coupar Angus 
 and Killin. 
 
 City of Glasgow Bank. — Branches were opened in Dunbar, Greenock, 
 Pollockshaws, and Port William. 
 
 Perth Bank. — Branches were opened in Aberfeldy, Auchterarder, and 
 Pitlochrie. 
 
 Union Bank of Scotland. — Branches were opened (15 of them — those 
 marked * — being Branches of the Aberdeen Bank amalgamated with it) in 
 Banchory,* Banff,* Cullen,* Elgin,* Ellon,* Fochabers,* Fraserburgh,* 
 Huntly,* Inverury,* Keith,* Kingcraigie,* Macduff,* Moniaive, New Pits- 
 ligo, Peterhead,* Portsoy,* Selkirk, and Turriff.* 
 
 Western Bank of Scotland. — Branches were opened in Moniaive and 
 Girvan. 
 
Dr. THE DUNDEE BANKING COMPANY. [92 
 
 To the PUBLIC, as per following Statement, £710,777 12 3 
 
 For NOTES in circulation, as follows, £ 38,234 0 0 
 
 Notes of £10 0 £23,109 0 0 
 
 „ 5 0 0 4,955 0 0 
 
 „ 20 0 0 10,170 0 0 
 
 £38,234 0 0 
 
 For MONEY DEPOSITED, as follows, 670,118 14 9 
 
 In Dundee — On 2,700 Accounts, £567,959 5 5 
 
 At Forfar — On 521 Accounts, 93,364 13 4 
 
 Interest due thereon, 8,794 16 0 
 
 £670,118 14 9 
 
 For SUNDRY ACCOUNTS, Cr., 2,424 17 6 
 
 £710,777 12 3 
 
 To the PARTNERS of the Company, as per following Statement, 91,617 5 0 
 
 For CAPITAL paid up, £60 on 1,000 shares, 
 
 
 £60,000 
 
 0 
 
 0 
 
 For Reserved Fund, 
 
 
 
 
 
 20,000 
 
 0 
 
 0 
 
 For Dependancies, 
 
 
 
 
 
 2,246 
 
 4 
 
 5 
 
 For Rebate on Bills, 
 
 
 
 
 
 3,371 
 
 0 
 
 7 
 
 For Portion of past year’s PROFITS, set aside for 
 
 ' a 
 
 
 
 
 Dividend of £6 on 1,000 shares, 
 
 
 
 
 6,000 
 
 0 
 
 0 
 
 Profit and Loss — 
 
 
 
 
 
 
 
 
 By Discounts ( + former Rebate) , . . . . 
 
 
 ...£23,514 11 
 
 7 
 
 
 
 
 Interest received, 
 
 
 
 ... 25,819 19 
 
 10 
 
 
 
 
 
 
 
 £49,334 11 
 
 5 
 
 
 
 
 Off Interest paid, 
 
 
 
 ... 18,324 14 
 
 9 
 
 
 
 
 
 
 
 £31,009 16 
 
 8 
 
 
 
 
 To Rebate on Bills, 
 
 .£3,371 
 
 0 
 
 7 
 
 
 
 
 
 Interest due, 
 
 . 8,794 
 
 16 
 
 0 
 
 
 
 
 
 Expense of Management, . 
 
 . 4,228 
 
 0 
 
 5 16,393 17 
 
 0 
 
 
 
 
 By Nett Profit, 
 
 
 
 ,...£14,615 19 
 
 8 
 
 
 
 
 To Bank Office, 
 
 .£ 100 
 
 0 
 
 0 
 
 
 
 
 
 Life Policies Account,.... 
 
 . 1,958 
 
 15 
 
 9 
 
 
 
 
 
 Reserved Fund, 
 
 . 5,000 
 
 0 
 
 0 
 
 
 
 
 
 Dependancies, 
 
 . 1,557 
 
 3 
 
 11 8,615 19 
 
 8 
 
 
 
 
 
 
 
 £6,000 0 
 
 0 £91,617 
 
 5 
 
 0 
 
 TOTAL LIABILITIES of the Bank, £802,394 17 3 
 
 MEMORANDA concerning the Yea?''s Business. 
 
 The amount received and paid in the Bank during the year was each about £4,000,000. 
 The Bills Discounted, No. 6,464, £1,204,392, 16s. Od. Discounts thereon, £20,609, 10s. 5d. 
 Total payments through Edinburgh Agents, £700,000 (of this for the Bank’s Notes retired, 
 £192,195) ; and through London Agents, £400,000. 
 
92] 20th FEBRUARY 1855. 
 
 
 
 Or. 
 
 By BANK OFFICE, Castle Street, . 
 
 
 .£ 2,700 
 
 0 
 
 0 
 
 INVESTMENTS, as per folio win 
 
 g Statement, 
 
 . 661,391 
 
 3 
 
 7 
 
 In Dundee, as follows, 
 
 £651,968 3 
 
 5 
 
 
 
 Cash Accounts, in number 31, 
 
 £ 33,231 0 4 
 
 
 
 
 Overdrawn Accounts, in number 75, 
 
 29,680 12 3 
 
 
 
 
 Heritable Bonds, in number 52, 
 
 198,103 8 2 
 
 
 
 
 Bills Receivable, 
 
 341,531 3 7 
 
 
 
 
 Consols, £30,000 at 94£, 
 
 28,381 19 1 
 
 
 
 
 Shares of the Bank (twelve), 
 
 1,040 0 0 
 
 
 
 
 Life Policies Account, 
 
 20,000 0 0 
 
 
 
 
 
 £651,968 3 5 
 
 
 
 
 2d. At Forfar, as follows, 
 
 9,423 0 
 
 2 
 
 
 
 Cash Accounts, in number 55, 
 
 £7,262 14 8 
 
 
 
 
 Bills Receivable, 
 
 2,160 5 6 
 
 
 
 
 
 £9,423 0 2 
 
 
 
 
 
 £661,391 3 
 
 7 
 
 
 
 SUNDRY ACCOUNTS, Dr.,... 
 
 
 532 
 
 8 
 
 3 
 
 CASH at call and on hand, as per 
 
 following Statement, ..... 
 
 ... 137,771 
 
 5 
 
 5 
 
 At call, Edinburgh Agents, 
 
 £69,451 5 
 
 10 
 
 
 
 Do. London do., 
 
 27,694 19 
 
 11 
 
 
 
 On hand, at Head Office, Dundee, as follows, 40,057 18 
 
 11 
 
 
 
 Mixed Notes, 
 
 ...£25,448 3 0 
 
 
 
 
 Gold, 
 
 ... 12,900 10 0 
 
 
 
 
 Silver, 
 
 ... 1,706 15 6 
 
 
 
 
 Copper, 
 
 2 10 5 
 
 
 
 
 
 £40,057 18 11 
 
 
 
 
 On hand, at Forfar Branch, as follows, 567 0 
 
 9 
 
 
 
 Mixed Notes, 
 
 ... £305 0 0 
 
 
 
 
 Specie, 
 
 262 0 9 
 
 
 
 
 
 £567 0 9 
 
 
 
 
 
 £137,771 5 
 
 5 
 
 
 
 TOTAL ASSETS of the Bank,. 
 
 
 ..£802,394 
 
 17 
 
 3 
 
 * 
 
468 Banking Memoranda for 1854. 
 
 Currency, Prices, &c., in 1854. — War with Russia: Gold at par; 
 Bank of England Circulation (18th February) £21,655,000, and Deposits, &c., 
 £16,257,095 = total liabilities £37,912,095 — Bullion £16,253,000, and Se- 
 curities £25,104,080 = total assets £41,357,080, making the Rest £3,444,985 ; 
 average total Circulation of Notes in the United Kingdom, during the year 
 ending 18th March 1854, £39,819,310, viz., Bank of England £22,376,000, 
 English Private Banks £3,811,787, English Joint-Stock Banks £3,076,382, 
 Scotch Banks £3,844,363, and Irish Banks £6,710,778; Public Revenue 
 £65,385,471 ; Consols 85|- to 95J, and Bank Stock 204 to 221 ; wheat per 
 quarter, in London, 52s. 5d. to 82s. 4d., and in Edinburgh, 62s. 4d. — oatmeal 
 per boll 21s. 8d. ; bankruptcies in England 1,260, Ireland 51, and Scotland 
 297 ; Bank of England’s minimum rates of discount 5 per cent., 11th May 5-|, 
 and 3d August 5 ; Bill Brokers’ rates 5 per cent., January 4^ to 5, May 5 to 
 
Banking Memoranda for 1854 — ( Continued). 469 
 
 5|-, August to 4J ; Scotch Banks’ deposit rates 2J per cent., 15tli May 3 ; 
 Railway loans, January to June 5^, June to December 5^- to 5f. 
 
 War with Russia. — England, France, and Prussia, having in vain endea- 
 voured to persuade Russia to avoid coming to extremities with Turkey, formally 
 announced their intention of defending the latter, on which war ensued in 
 March — costing this country about £90,000,000. 
 
 Railway Expenditure. — The further sum of £9,200,000 was authorized 
 to be expended ; there was actually laid out during the year £12,900,000, mak- 
 ing the total investments in Railways £286,400,000. 
 
 Commercial Failures. — In Liverpool and other places, much speculation 
 in shipping took place, in anticipation of the Government wants in case of a 
 war. This led to large failures there. Very much accommodation paper was 
 under discount all over the kingdom, especially in connection with overtrading 
 to Australia. 
 
 u 29 
 
THE DUNDEE BANKING COMPANY. 
 
 Dr. 
 
 [93 
 
 Po the PUBLIC, as per following Statement, £740,669 
 
 For NOTES in circulation, as follows, £ 36,109 17 6 
 
 Notes of £10 0 
 
 8 11 
 
 5 
 
 20 
 
 For MONEY DEPOSITED, as follows, 702,774 17 11 
 
 In Dundee — On 2,722 Accounts, .. 
 
 At Forfar — On 569 Accounts, . . 
 
 Interest due thereon, 
 
 £24,134 
 
 17 
 
 6 
 
 4,835 
 
 0 
 
 0 
 
 7,140 
 
 0 
 
 0 
 
 £36,109 
 
 17 
 
 6 
 
 
 ..£594,154 
 
 13 
 
 4 
 
 .. 100,751 
 
 0 
 
 10 
 
 .. 7,869 
 
 3 
 
 9 
 
 £702,774 
 
 17 
 
 11 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 1,784 13 6 
 £740,669 8 11 
 
 To the PARTNERS of the Company, as per following Statement, 97,269 5 0 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 0 
 
 For Reserved Fund, 25,000 0 0 
 
 For Dependancies, 1,407 17 3 
 
 For Rebate on Bills, 3,861 7 9 
 
 For Portion of past year’s PROFITS, set aside for 
 
 a Dividend of £7 on 1,000 shares, 7,000 0 0 
 
 Profit and Loss — 
 
 By Discounts (+ former Rebate), £22,230 16 3 
 
 Interest received, 26, 543 2 1 
 
 £48,773 18 4 
 
 Off' Interest paid, 18,601 8 8 
 
 £30,172 9 8 
 
 To Rebate on Bills, £3,861 7 9 
 
 Interest due, 7,869 3 9 
 
 Expense of Management, . . 4,673 2 5 16,403 13 11 
 
 By Nett Profit, £13,768 15 9 
 
 To Bank Office, £ 110 0 0 
 
 Life Policies Account, 2, 158 15 9 
 
 Reserved Fund, 4,300 0 0 
 
 Dependancies, 200 0 0 6,768 15 9 
 
 £7,000 0 0 £97,269 5 0 
 
 TOTAL LIABILITIES of the Bank, £837,938 13 11 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £3,700,000. 
 The Bills Discounted, No. 6,523, £1,202,335, 11s. 2d.; Discounts thereon, £18,859, 15s. 8d. 
 Total payments through Edinburgh Agents, £740,000 (of this for the Bank’s Notes retired, 
 £187,085) ; and through London Agents, £335,000. 
 
 24 
 
93] 
 
 20th FEBRUARY 1856. 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, £ 2,600 0 
 
 INVESTMENTS, as per following Statement, 729,950 19 
 
 lsZ. In Dundee, as follows, £717,990 19 2 
 
 Cash Accounts, in number 31, £ 43,376 6 10 
 
 Overdrawn Accounts, in number 56, . 34,027 19 7 
 
 Heritable Bonds, in number 54, 209,684 14 2 
 
 Bills Receivable, 382,181 18 7 
 
 Consols, £30,000 at 94, 28,200 0 0 
 
 Shares of the Bank, (twelve), 1,020 0 0 
 
 Life Policies Account, 19,500 0 0 
 
 £717,990 19 2 
 
 2rZ. At Forfar, as follows, 11,959 19 10 
 
 Cash Accounts, in number 45, £8,641 15 3 
 
 Bills Receivable, 3,318 4 7 
 
 £11,959 19 10 
 
 £729,950 19 0 
 
 SUNDRY ACCOUNTS, Dr., 
 
 1,335 
 
 CASH at call and on hand, as per following Statement, 104,052 
 
 0 
 
 14 
 
 At call, Edinburgh Agents, £54,049 
 
 Do., London do., 22,416 
 
 On hand, at Head Office, Dundee, as follows, 25,607 
 
 Mixed Notes, £10,070 0 0 
 
 Gold, 12,853 10 0 
 
 Silver,.. 2,678 16 0 
 
 Copper, 5 7 3 
 
 £25,607 13 3 
 
 On hand, at Forfar Branch, as follows, 1,979 0 
 
 Mixed Notes, £1,745 0 0 
 
 Specie, 234 0 3 
 
 £1,979 0 3 £104,052 14 0 
 
 TOTAL ASSETS of the Bank, .£837,938 13 11 
 
 1856. Dec. 12. — A proposal was made by one of the larger Joint Stock Banks that the 
 Dundee Bank should amalgamate with it. After some consultation the proposal took 
 the shape of an offer to purchase up all the Dundee Bank Shares at £160 per share ; the 
 purchasers thus adopting the business as it stood in the Company’s books, undertaking all its 
 responsibilities, and relieving the Partners of all future claims. From the Balance Sheet of 
 20th Feb. 1857 it will be seen that this was tantamount to an offer of £60,000 for the good- 
 will of the business. The offer was accepted by 70 Partners holding 802 shares, but declined 
 by 6 Partners holding 150 shares, on the ground that the price was inadequate, although the 
 highest price of Dundee Bank shares had been only £100. As it was doubtful whether by 
 the Contract of Copartnery a majority could bind a minority in such a case as this, the pro- 
 ject had to be abandoned. 
 
472 
 
 Banking Memoranda for 1855. 
 
 Currency, Prices, &c., in 1855. — War with Russia : Gold at par ; Bank 
 of England Circulation (17th February) £19,246,000, and Deposits, &c., 
 £16,521,358=total liabilities £35,767,358— Bullion £12,981,000, and Securities 
 £2 6,1 22,5 67— total assets £39,103,567, making the Rest £3,336,209 ; average 
 total circulation of Notes in the United Kingdom, during the year ending 17th 
 March 1855, £37,159,758, viz., Bank of England £19,924,000, English Private 
 Banks £3,744,604, English Joint-Stock Banks £3,022,000, Scotch Banks 
 £3,811,583, and Irish Banks£6, 657, 571 ; Public Revenue£72, 051, 132 ; Consols 
 86f to 94f, and Bank Stock 205 to 2174 ; wheat per quarter, in London, 66s. 
 lid. to 80s. 10d., and in Edinburgh, 68s. Id. — oatmeal per boll, 20s. 7d. ; bank- 
 ruptcies in England 1,409, Ireland 61, and in Scotland 330 ; Bank of England’s 
 minimum rates of discount 5 per cent., 5th April 4J, 3d May 4, 14th June 
 34, 6th September 4, 13th September 4|, 27tli September 5, 4th October 5 4, 
 18th October for 60 days’ bills 6, and for 95 days’ hills 7 ; Bill Brokers’ rates 
 54 to 41 per cent., January 41 to 5, February 41 to 41, April 4|, May 3| to 
 4, July 3 to 4, September 4 to 5, October 5 to 8, November 6 to 8, December 
 6 to 7 ; Scotch Banks’ deposit rates 3 per cent., 15th May 24, 30th June 2, 
 8th October 3 ; Railway Loan rates, January to April 54 to 5f, April 5 
 and 54, May 41 and 5, June 41 July and August 41 to 41, September 5 to 5J, 
 October 5f, and then 6 ; Cotton Bills, January to April 5^, April 4|, May 
 
 44- 5 June 4. . 
 
 Variations in the Bank’s Bullion. — The Bullion increased till Mid- 
 
 summer, and then steadily diminished ; but the drain was checked at Christmas 
 by the gradual raising of the rates of discount. 
 
 1 855. Jan. 4, . . .Bullion in Issue Department, £13,180,835. . .Discount, 5 per cent. 
 
 „ 20 ,... 
 Feb. 22,... 
 Mar. 22,... 
 Apr. 5, ... 
 May 3, ... 
 „ 17,... 
 „ 31,... 
 June 14,... 
 „ 28,... 
 July 19,... 
 Aug. 9,... 
 Sept. 6,... 
 „ 13,... 
 „ 27,... 
 Oct. 4,... 
 „ 18,... 
 Nov. 8,... 
 Dec. 6,... 
 ,, 2 / , ... 
 
 Do. do. 11,880,500... 
 
 Do. do. 12,313,230... 
 
 Do. do. 13,479,975... 
 
 Do. do. 14,392,500... 
 
 Do. do. 14,791,785... 
 
 Do. do. Io,336,ol0... 
 
 Do. do. 16,337,685... 
 
 Do. do. 17,050,945... 
 
 Do. do. 17,429,435... 
 
 Do. do. 10,031,890... 
 
 Do. do. 15,001,590... 
 
 Do. do. 14,368,010... 
 
 Do. do. 13,008,005... 
 
 Do. do. 12,095,250... 
 
 Do. do. 12,308,255... 
 
 Do. do. 11,205,855... 
 
 D 0# do. 10,74 1,320. ..Discount, percent. 
 
 Do. do. 10,580,570... do. „ 
 
 Do. do. 10,369,o95... do. ,, 
 
 Railway 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 
 34 
 
 
 >2 
 
 Dis. 6 per cent., 
 .. 7 
 
 60 days. 
 95 
 
Banking Memoranda for 1855 — (Continued). 473 
 
 Railway Expenditure. — The further sum of £9,200,000 was authorized 
 to be expended ; £11,500,000 was actually laid out during the year, making 
 the total investments in Railways £297,900,000. 
 
 Bank of Scotland. — Branches were opened in Arbroath, Coldstream, and 
 Galashiels. 
 
 Royal Bank of Scotland. — Branches were opened in Ayr, Campbelton, 
 Catrine, Dalmellington, Donne, Elgin, Falkirk, Girvan, Hamilton, Irvine, 
 Kilmarnock, Lanark, Maybole, Perth, Saltcoats, and Stirling. 
 
 British Linen Company. — A Branch was opened in Moffat. 
 
 Commercial Bank of Scotland. — Branches were opened in Ayr, Balma- 
 cara, Beauly, and Stromness. 
 
 National Bank of Scotland. — Branches were opened in Cullen, Earlston, 
 Elie, Kilmarnock, Largo, and Thurso. 
 
 Aberdeen Town and County Bank. — Branches were opened in Banff, 
 Echt, Fyvie, Lybster, New Deer, Old Meldrum, and Thurso. 
 
 Caledonian Bank. — A Branch was opened in Rothes. 
 
 Clydesdale Bank. — Branches were opened in Anstruther and Girvan. 
 
 Edinburgh and Glasgow Bank. — Branches were opened in Coupar Angus 
 and Dalmellington. 
 
 City of Glasgow Bank. — Branches were opened in Ardrossan, Auchin- 
 blae, Ayr, Brechin, Calton, Cowcaddens, Dairy, Elgin, Eyemouth, Falkland, 
 Girvan, Gorebridge, Go van, Haddington, Innerleithen, Jedburgh, Kilbirnie, 
 Kilwinning, Kirkcaldy, •Kirkintilloch, Larkhall, Lass wade, Lauder, Lesma- 
 hagow, New Cumnock, Paisley, Peterhead, Saltcoats, Stonehaven, Stow, 
 Tranent, West Linton, Wick, Wigton, and Wishaw. 
 
 Union Bank of Scotland. — Branches were opened in Brechin, Castle 
 Douglas, Dairy, Forfar, Helensburgh, Innerleithen, Kirkwall, Leitlij Lumsden, 
 Maryhill, Peebles, Tarbert, and Tillicoultry. 
 
 Western Bank of Scotland. — Branches were opened in Castle Douglas, 
 Galashiels, Pittenweem, Renfrew, and Strathaven. 
 
Dr. THE DUNDEE BANKING COMPANY. [94 
 
 To the PUBLIC, as per following Statement, £729,335 8 10 
 
 For NOTES in circulation, as follows, £ 41,906 12 6 
 
 Notes of £10 0 £27,366 12 6 
 
 „ 5 0 0 6,420 0 0 
 
 „ 20 0 0 8,120 0 0 
 
 £41,906 12 6 
 
 For MONEY DEPOSITED, as follows, 686,605 18 4 
 
 In Dundee — On 2,669 Accounts, £578,622 11 7 
 
 At Forfar — On 552 Accounts, 98,862 13 1 
 
 Interest due thereon, 9,120 13 8 
 
 £686,605 18 4 
 
 For SUNDRY ACCOUNTS, Cr 822 18 0 
 
 £729,335 8 10 
 
 To the PARTNERS of the Company, as per following Statement, 106,575 
 
 For CAPITAL paid up, £60 on 1,000 shares, £60,000 0 
 
 For Reserved Fund, 30,000 0 
 
 For Dependancies, 2,386 12 
 
 For Rebate on Bills, 4, 188 9 
 
 For Portion of past year’s PROFITS, set aside for a 
 
 Dividend of £10 on 1,000 shares, 10,000 0 
 
 Profit and Loss — 
 
 0 
 
 0 
 
 9 
 
 1 
 
 0 
 
 By Discounts ( + former Rebate), £26,468 13 9 
 
 Interest received, 28, 894 6 7 
 
 £55,363 0 4 
 
 Off Interest paid, 21,032 6 7 
 
 1 10 
 
 £34,330 13 9 
 
 To Rebate on Bills, £4, 188 9 1 
 
 Interest due, 9,120 13 8 
 
 Expense of Management, 5,257 4 0 18,566 6 9 
 
 By Nett Profit, £15,764 7 0 
 
 To Bank Office, £ 100 0 0 
 
 Life Policies Account, 435 13 3 
 
 Reserved Fimd, 5,000 0 0 
 
 Dependancies, 228 13 9 5,764 7 0 
 
 £10,000 0 0 
 
 £106,575 1 10 
 
 TOTAL LIABILITIES of the Bank, 
 
 £835,910 10 8 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £3,550,000. 
 The Bills Discounted, No. 6,600, £1,280,143, 16s. 5d. ; Discounts thereon, £22,607, 6s. 
 Total payments through Edinburgh Agents, £750,000 (of this for the Bank’s Notes retired, 
 £185,105) ; and through London Agents, £500,000. 
 
94] 20th FEBRUARY 1857. 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, 
 
 
 ..£ 2,500 0 0 
 
 INVESTMENTS, as per followin 
 
 g Statement, 
 
 .. 730,649 19 2 
 
 ls£. In Dundee, as follows, 
 
 £718,751 11 
 
 8 
 
 Cash. Accounts, in number 28, 
 
 £ 30,579 1 6 
 
 
 Overdrawn Accounts, in number 60, 
 
 42,861 9 11 
 
 
 Heritable Bonds, in number 52, 
 
 218,215 16 0 
 
 
 Bills Receivable, 
 
 394,875 4 3 
 
 
 Consols, £30,000 at 94 
 
 28,200 0 0 
 
 
 Shares of the Bank, (twelve), 
 
 . 1,020 0 0 
 
 
 Life Policies Account, 
 
 3,000 0 0 
 
 
 
 £718,751 11 8 
 
 
 2d At Forfar, as follows, 
 
 11,898 7 
 
 6 
 
 Cash Accounts, in number 41, 
 
 £8,192 8 3 
 
 
 Bills Receivable, 
 
 3,705 19 3 
 
 
 
 £11,898 7 6 
 
 
 
 £730,649 19 
 
 2 
 
 SUNDRY ACCOUNTS, Dr...... 
 
 
 1.082 10 5 
 
 CASH at call and on hand, as per 
 
 following Statement, 
 
 .. 101,678 1 1 
 
 At call, Edinburgh Agents, 
 
 £47,926 15 
 
 10 
 
 Do., London do., 
 
 20,892 1 
 
 8 
 
 On hand, at Head Office, Dundee, as follows, 31,526 0 
 
 4 
 
 Mixed Notes, 
 
 ..£13,102 0 0 
 
 
 Gold, 
 
 ... 15,316 0 0 
 
 
 Silver, 
 
 ... 3,101 15 0 
 
 
 Copper, 
 
 6 5 4 
 
 
 
 £31,526 0 4 
 
 
 On hand, at Forfar Branch, as follows, 1,333 3 
 
 3 
 
 Mixed Notes, 
 
 ..£1,187 0 0 
 
 
 Specie, 
 
 .. 146 3 3 
 
 
 
 £1,333 3 3 £101,678 1 
 
 1 
 
 TOTAL ASSETS of the Bank,... 
 
 
 ..£835,910 10 8 
 
 1857. March 9. — -“ The Chairman, at a joint-meeting of the two Boards of Directors, pro- 
 
 posed that they should take this opportunity before they were dissolved of expressing to 
 
 “the Manager and the Cashier their thanks, officially in name of the Company, for their 
 
 “long, and zealous, and successful management of the Bank’s affairs, as proved by its pre- 
 
 “ sent position ; and further, that it should be recorded in the minutes, 
 
 as a recommendation 
 
 “from this meeting to the Directors who shall be elected to-day, that they should present 
 
 “ C. W. Boase, Esq., the Manager, with £300, and G. C. Boase, Esq., the Cashier, with £200, 
 
 “as a present from the Company, in token of their satisfaction at the result of the past 
 
 “ year’s business.” 
 
 
 
 — May 4. — A Branch of the Bank was opened in Lochee. 
 
 
476 Banking Memoranda for 1856. 
 
 Currency, Prices, &c., in 1856. — Peace: Gold at par; Bank of England 
 Circulation (16tli February) £18,724,000, and Deposits, &c., £l8,452,209=total 
 liabilities £37,176,209 — Bullion £10,532,000, and Securities £29,674,638 
 = total assets £40,206,638, making the Rest £3,030,429 ; average total Circu- 
 lation of Notes in the United Kingdom, during the year ending 15tli March 
 1856, £36,493,035, viz., Bank of England £19,396,000, English Private 
 Banks £3,692,037, English Joint-Stock Banks £2,993,672, Scotch Banks 
 £3,819,813, and Irish Banks £6,591,513 ; Public Revenue £75,350,825 ; 
 Consols 86 to 95§, and Bank Stock 206J to 220 ; wheat per quarter, in Lon- 
 don, 61s. lOd. to 76s. Id., and in Edinburgh, 70s. 9d. — oatmeal per boll 21s. 3d. ; 
 bankruptcies in England 1,193, Ireland 59, and Scotland 337 ; Bank of Eng- 
 land’s minimum rates of discount 7 per cent., 22d May 6, 29tli May 5, 26th 
 June 4J, 1st October 5, 6th October 6 and 7, 13th November 7, 4th Decem- 
 ber 6J, and 18th December 6 ; Bill Brokers’ rates 6 to 7 per cent, January 5J 
 to 6, February 6 to 6^, May 5J to 4J, June 4^ to 3J, July 4^, October 5 to 
 7, and November 6 to 7 ; Scotch Banks’ deposit rates 3, 1st June 3J, 30th 
 June 2ij, and 8th October 3^ ; Railway Loan rates, January to May 6, May 6^ 
 to 7, June 6, October 5 and 5J, and then 5J to 6, November 6J to 7, and 
 December 7 to 7J; Cotton Bills, January to June 4, June 5J, and October 
 4^ to 4 J. 
 
 Peace with Russia. — Peace between Russia and the Allied Powers was 
 signed on the 26tli February. The Casualties in the Crimea up to 1st June 
 1856 were : — 
 
 Killed, Officers, 
 
 157 ... Non-commissioned officers, 
 
 161 ... Men, 2,437 
 
 Wounded, ,, 
 
 515... „ 
 
 579 ... „ 10,782 
 
 Do. died since, ,, 
 
 86 ... 
 
 85 ... „ 1,848 
 
 Died from sickness, ,, 
 
 147 ... „ 
 
 574 ... „ 15,320 
 
 
 
 Royal 
 
Banking Memoranda for 1856 — ( Continued). 477 
 
 Royal Bank of Scotland. — Bn inches were opened in Ayr, Cowcaddens, 
 Cumnock, Drymen, Dumfries, Dunse, Grangemouth, Hawick, Lossiemouth, 
 and Wishaw. 
 
 British Linen Company. — Branches were opened in Greenock and 
 Lockerby. 
 
 Aberdeen Town and County Bank. — A Branch was opened in Kinneth- 
 mont. 
 
 Caledonian Bank. — A Branch was opened in Kingussie. 
 
 Clydesdale Bank. — Branches were opened in Airdrie, Buckie, Carnoustie, 
 Comrie, Crieff, Cupar, Dingwall, Dunoon, Ferry-Port-on-Craig, Forres, Fort- 
 rose, Earlstoun, Gorbals, Kinross, Kirriemuir, Lamlash, Leven, Linlithgow, 
 Milnathort, Nunton, Perth, Port Ellen, Rothes, and Yetliolm. 
 
 Edinburgh and Glasgow Bank. — A Branch was opened in Edinburgh. 
 
 North of Scotland Bank. — A Branch was opened in Fraserburgh. 
 
 Perth Bank. — Branches were opened in Blair Atlioll, Dunning, and 
 Killin. 
 
 Union Bank of Scotland. — Branches were opened in Aberdour, Ballater, 
 Bridge of Allan, Buckie, Edzell, Kirriemuir, Locligelly, and Montrose. 
 
 Western Bank of Scotland. — Branches were opened in Arran, Bath- 
 gate, Bothwell, Broughty Ferry, Creetown, Dunbar, Gorbals, Gourock, Grange- 
 mouth, Hawick, Langholm, Meigle, Old Kilpatrick, Patlihead, and Tradestown. 
 
Dr. THE DUNDEE BANKING COMPANY. [95 
 
 To the PUBLIC, as per following Statement, £830,765 19 10 
 
 For NOTES in circulation, as follows : — 
 
 Notes of £10 0 £22,595 0 0 
 
 ,, 5 0 0 5,265 0 0 
 
 „ 20 0 0 6,440 0 0 £34,300 0 0 
 
 For MONEY DEPOSITED, as follows : — 
 
 In Dundee on 2,826 Accounts,. £61 1,240 9 5 
 
 At Alyth on 79 do., . 12,245 0 6 
 
 ,, Broughty Ferry on 204 do., . 13,100 5 11 
 
 ,, Forfar on 612 do., . 100,835 2 10 
 
 ,, Lochee on 97 do., . 10,204 18 10 
 
 Interest due thereon, 10,607 14 7 758,233 12 1 
 
 For SUNDRY ACCOUNTS, Cr., 38,232 7 9 
 
 £830,765 19 10 
 
 To the PARTNERS of the Company, as per following Statement, 109,302 8 5 
 
 For CAPITAL paid up, £60 on 1,000 shares,. £60,000 0 0 
 
 For Reserved Fund, 37,000 0 0 
 
 For Dependancies, 301 10 9 
 
 For Rebate on Bills, 4,000 17 8 
 
 For Portion of past year’s PROFITS, set aside for 
 
 a Dividend of £8 on 1,000 shares, 8,000 0 0 
 
 Profit and Loss— 
 
 By Discounts ( + former Rebate), £30,387 10 7 
 
 Interest received, 32,661 11 10 
 
 £63,049 2 5 
 
 Off Interest paid, 25,816 0 6 
 
 £37,233 1 11 
 
 To Rebate on Bills, £ 4,000 17 8 
 
 Interest due, 10,607 14 7 
 
 Expense of Management, 5,811 10 9 20,420 3 
 
 By Nett Profit, £16,812 18 11 
 
 To Bank Office, £ 100 0 0 
 
 Life Policies Account, 435 13 3 
 
 Reserved Fund, 7,000 0 0 
 
 Dependancies, • . . 1,277 5 8 8,812 18 11 
 
 £8,000 0 0 £109,302 8 5 
 
 TOTAL LIABILITIES of the Bank, £940,068 8 3 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £4,350,000. 
 The Bills Discounted, No. 7,483, £1,553,033, 13s. 2d. ; Discounts thereon, £26,199, Is. 6d. 
 Total payments through Edinburgh Agents, £830,000 (of this for the Bank’s Notes retired, 
 £196, 385) ; and through London Agents, £660, 000. 
 
 1857. — Nov. 10. — On this morning it was announced that the Western Bank of Scot- 
 land’s Branch would not open for business, the Head Office of that establishment having 
 been obliged to suspend payments the previous afternoon in Glasgow. This unusual I 
 occurrence, in the case of a Scotch Bank, caused great surprise and alarm among those per- I 
 sons in Dundee who had money deposited in the Branch of that Bank, and those who : 
 happened to hold any of their Notes. As the day wore on this alarm extended to some few 
 persons having money deposited in the other Banks, and produced a small demand for gold, j 
 
95] 20th FEBRUARY 1858. 
 
 Cr. 
 
 By BANK OFFICE, Castle Street, 
 
 
 .£ 2,400 0 
 
 0 
 
 INVESTMENTS, as per following Statement,... 
 
 
 . 816,745 16 
 
 4 
 
 ls£. In Dundee, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 31,... 
 
 £ 52,326 13 8 
 
 
 
 
 Overdrawn Accounts, in number 78,. 35,705 2 4 
 
 
 
 
 Heritable Bonds, in number 48, 
 
 194,308 13 9 
 
 
 
 
 Bills Receivable, 
 
 ....... 427,931 11 0 
 
 
 
 
 Consols, £50,000 at 94, 
 
 47,000 0 0 
 
 
 
 
 Western Bank of Scotland, 
 
 43,635 9 10 
 
 
 
 
 Shares of the Bank (twelve),.... 
 
 1,020 0 0 
 
 
 
 
 Life Policies Account, 
 
 3,000 0 0£804,927 10 
 
 7 
 
 
 2 d. At Alyth, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 4, . . . 
 
 £1,150 0 6 
 
 
 
 
 Bills Receivable, 
 
 470 17 0 
 
 1,620 17 
 
 6 
 
 
 3 d. At Broughty Ferry, as follows: — 
 
 
 
 
 Cash Accounts, in number 4, . . . 
 
 £101 18 0 
 
 
 
 
 Bills Receivable, 
 
 70 17 2 
 
 172 15 
 
 2 
 
 
 4 th. At Forfar, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 39, . . 
 
 £6,417 13 1 
 
 
 
 
 Bills Receivable, 
 
 3,222 7 7 
 
 9,640 0 
 
 8 
 
 
 5 th. At Lochee, as follows : — 
 
 
 
 
 
 Cash Accounts, in number 1, ... 
 
 £ 79 3 9 
 
 
 
 
 Bills Receivable, 
 
 305 8 8 
 
 384 12 
 
 5 
 
 
 
 £816,745 16 
 
 4 
 
 
 SUNDRY ACCOUNTS, Dr 
 
 
 
 ... 1,902 17 
 
 1 
 
 CASH at call and on hand, as 
 
 5 per following Statement, 
 
 ... 119,019 14 
 
 10 
 
 At call, Edinburgh Agents, 
 
 
 £55,839 18 
 
 10 
 
 
 Do., London do., 
 
 
 19,254 17 
 
 3 
 
 
 On hand, at Head Office, Dundee, as follows : — 
 
 
 
 
 Mixed Notes, 
 
 £ 4,271 0 0 
 
 
 
 
 Gold, 
 
 34,851 0 0 
 
 
 
 
 Silver, 
 
 3,391 9 0 
 
 
 
 
 Copper, 
 
 8 5 4 
 
 42,521 14 
 
 4 
 
 
 On hand, at Alyth Branch — 
 
 Mixed Notes & Specie. 
 
 , 365 2 
 
 8 
 
 
 Do. , at Bro’ Ferry do. 
 
 do. do. , 
 
 114 1 
 
 5 
 
 
 Do., at Forfar do. 
 
 do. do., 
 
 600 17 
 
 3 
 
 
 Do., at Lochee do. 
 
 do. do. , 
 
 323 3 
 
 1 
 
 
 
 £119,019 14 
 
 10 
 
 
 TOTAL ASSETS of the Bank, 
 
 
 ..£940,068 8 
 
 3 
 
 As this was something novel, a note was kept of the result, 
 
 which is here stated, as respects 
 
 the Dundee Bank. Gold demanded on 
 
 
 
 
 Tuesday, 10th Nov. for 17 
 
 Accounts £2,343, and for Notes £186 = £2, 529 
 
 
 Wednesday, 11th ,, ... 19 
 
 ....do 1,155, 
 
 ... do 
 
 115= 1,270 
 
 
 Thursday, 12th ,, ... 19 
 
 ....do 1,498, 
 
 
 751= 2,249 
 
 
 Friday, 13th ,, ... 3 
 
 ....do 1,213, 
 
 
 162= 1,375 
 
 
 Saturday, 14th ,, ... 1 
 
 ....do 66, 
 
 ...do 
 
 36= 102 
 
 
 Totals, 59 
 
 £6,275, 
 
 £1,250 =£7, 525 
 
 
 The money drawn on 34 of these accounts, amounting to £4,792, was re-deposited in 
 
 the 
 
 course of a few days, and of the Notes paid in gold, on 
 
 the 12th and 13th, almost the 
 
 whole were Western Bank of Scotland Notes. As there could be no doubt of the ultimate 
 
 payment of the obligations of this Bank, the other Banks in 
 
 Dundee announced, on the 12th, 
 
 that they would relieve the Public 
 
 of its Notes, and advance money for the cheques of 
 
480 Banking Memoranda for 1857 . 
 
 Currency, Prices, &c., in 1857. — Mutiny in India : Gold at par ; Bank 
 of England Circulation (14th February) £18,983,205, and Deposits, &c., 
 £18,205,306 = total liabilities £37,188,511 — Bullion £10,039,000, and Securi- 
 ties £29,792,803 = total assets £39,831,803, making the Rest £2,643,292 ; 
 average total Circulation of Notes in the United Kingdom, during the year 
 ending 14th March 1857, £37,046,921, viz., Bank of England £19,366,575, 
 English Private Banks £3,635,602, English Joint-Stock Banks £3,043,057, 
 Scotch Banks £3,828,478, and Irish Banks £7,173,209 ; Public Revenue 
 £69,839,521 ; Consols 87 j to 94J-, and Bank Stock 207 to 222 ; wheat per 
 quarter, in London, 49s. lid. to 63s. 8d., and in Edinburgh, 40s. — oatmeal 
 per boll 19s. 2d. ; bankruptcies in England 1,488, Ireland 73, and Scotland 
 453 ; Bank of England’s minimum rates of discount 6 per cent., 2d April 6J, 
 18th June 6, 16th July 5J, 8th October 6, 12th 7, and 19th 8, 5th November 
 9, and 9th 10, and 24th December 8 ; Scotch Banks’ deposit rates 34 per 
 cent., 15th May 4 ; Railway Loan rates, January to March 7 to 7\ per cent., 
 April 6 to 6J, June 6J to 7, July 6^, October 6 to 7-J, November 8 to 8J, 
 December 8 to 10 ; Cotton Bills, January to July 6, October 5J. 
 
 Indian Mutiny. — The disturbance in India, which had been threatening 
 from the first week of the year, broke out on Sunday the 10th of May. It was 
 not suppressed till December 1858. 
 
 Money Crisis. — The commercial troubles of 1857-8 differed in various 
 respects, as to the circumstances connected with them, from those of 1825—6, 
 those of 1836-7, and those of 1847—8. One difference was that the suspension 
 of payments for large amounts were, for the most part, by firms of no long 
 standing — that is, of less than ten years ; another was that the first shock was 
 received by the disruption of mercantile credit in America, causing ruin to 
 many in this country, because of the vast amounts of commodities sold to 
 American houses, or the enormous extent of credits opened for them, without 
 any security to cover them. In the autumn, a Select Committee being appointed 
 to enquire into the working of the Bank of England charter, and into the 
 causes of the panic, it presented a well arranged survey of the circumstances 
 that, during the previous ten years, combined to bring about the present con- 
 vulsion. Of these circumstances the chief, according to the Committee, were 
 four in number — 1. An unprecedented extension of foreign trade. It was 
 found that the total exports, which before 1848 had never exceeded 
 £60,110,110, were set down for 1857 at the enormous sum of £122,155,000. 
 2. An excessive importation of the precious metals. It appeared that during 
 the seven years, from 1851 to 1857, gold to the value of £107,000,000 was 
 added to the European stock, while only £27,000,000 of silver was with- 
 drawn, leaving on the side of increase a balance of £80,000,000. In the cir- 
 culating medium of this country there was a like increase, the total note 
 circulation unrepresented by bullion being about £31,600,000, while the quan- 
 tity of gold coin amounted to at least £50,000,000. 3. A monstrous develop- 
 
 ment of the banking system as an instrument for the distribution of capital. 
 The augmented facility of obtaining credit arose naturally from the increase of 
 trade and of bullion. The deposits in the Joint-Stock Banks of London alone, 
 which in 1847 amounted to £8,850 774, had risen in 1857 to £43,100,724, 
 
Banking Memoranda for 1857 — (Continued). 481 
 
 and the increase in other quarters was proportional. The chief part of these 
 deposits was employed in discounting Bills, either by the Banks directly, or 
 indirectly through the bill brokers ; and the facility of obtaining accommodation 
 from the latter, in such a time of mercantile activity and confidence as preceded 
 1857, may be judged of by a statement made before the Committee, that, to 
 the knowledge of the Bank directors, one broker had at his command 
 three millions and a half, another four, a third five, and a fourth eight, and 
 that there was reason to believe that a fifth had between eight and ten. 
 This amount of money to be employed made the lenders rather reckless in 
 making advances, and caused the number of borrowers, eager to profit by 
 the occasion, continually to increase. 4. A system of “open credits,” by 
 which certain English houses allowed persons abroad to draw on them to 
 an extent previously agreed upon. These drafts being negotiated on the 
 foreign exchanges, came to England for collection, where, by the time they 
 became due, remittances to meet them ought to have arrived, but this was 
 seldom the case ; and, in general, the best appearance of an intention to pay 
 ultimately was the transmission of other bills, of a like nature, which had 
 to be discounted in this country to cover those first falling due. In the 
 Report, one case is mentioned of a firm, with a capital of £10,000 only, 
 having allowed itself to be drawn on, for the sake of a small commission, 
 to the extent of £900,000, the bulk of which was left as a burden upon its 
 estate. The Committee had laid before it a list of thirty houses which failed 
 this year, whose liabilities were £9,080,000 (of which £5,215,000 ought to 
 have been provided for by other parties), while their assets were £2,317,000 
 only. 
 
 — In the early part of this year many failures took place in the United States, 
 ominous of what was to come, but in the autumn they became numerous, and 
 of great magnitude. Between the 25th and 29th September, 150 Banks in 
 Pennsylvania, Maryland, Virginia, and Rhode Island suspended payment, and 
 18 in New York suspended cash payments about the middle of October. The 
 number of failures that took place in the United States during the crisis was 
 estimated at 5,103, and the aggregate amount of the liabilities at $299,801,000. 
 (See afterwards p. 493.) 
 
 — In England, in the beginning of October, the prices of commodities began to 
 be greatly depreciated, and extensive failures commenced. At this time the Bank 
 raised the rate of discount from 5J to 6, 7, and 8 percent.; and, on the 27th, 
 the Liverpool Borough Bank suspended payment. On 5th November, the rate was 
 raised to 9 per cent ; and on the 4th and 7th, two firms of high respectability 
 and great wealth, Naylor, Vickers, & Co., of Sheffield, and Dennistoun, 
 Cross, & Co., of London — the latter hastening the suspension of the Western 
 Bank of Scotland on the 9th, which was followed temporarily by that of the 
 City of Glasgow Bank on the 10tli — stopped also. On 11th, the rate was 
 advanced to 10 per cent. ; and the same day, Sanderson, San deman, & Co., 
 the great bill-brokers, suspended payments again (see 1847). The Bank’s 
 Reserve had been reduced to £2,706,03G on the 4th, and stood at £1,4G2,000 at 
 the close of business on the 11th ; but on the 12th, applications for advances 
 and discounts to the extent of about three millions had come in (from one firm — 
 
 l> 29-1 
 
482 Banking Memoranda for 1857 — ( Continued ). 
 
 Peabody & Co. — for £700,000, and from various other parties for £2,250,000). 
 To prevent the evil consequences of refusing the accommodation sought 
 for, a Treasury letter was sent to the Bank, authorizing an extension 
 of issues to the amount of £2,000,000. By this means, and the sale 
 of £2,000,000 of Government Stock, the Reserve was still £581,000 after 
 these large advances. The failure of the Wolverhampton and Staf- 
 fordshire Bank, on the 17tli, extended the panic to the iron districts ; 
 various failures took place there, and works employing thirty thousand 
 hands were stopped. On the 25th, the Northumberland and Durham 
 District Bank (which had received assistance from the Bank in 1847) also 
 failed. Failures became common in the cotton districts also, and wages 
 diminished there, it is said, in the last three months of the year, to the extent 
 of £1,064,700. 
 
 — Including in the estimate the debts of the five Banks abovementioned, which 
 were supposed to be £23,000,000, the total amount of the failures in this 
 crisis was computed to amount to £50,000,000, or twice the sum of those in 
 1 847. The following is a list of the chief commercial failures in London in 
 October and November, or soon after, and contains the names of the two great 
 bill-broking firms which appear in the list of 1847 : — 
 
 Allen, Smith, & Co., North of Europe trade, £ 20,306 
 
 Bainbridge, R., & Co., American trade, not stated. 
 
 Baird, J. H., & Co., Australian trade, 21,258 
 
 Barber, Rosenauer, & Co., foreign trade, 32,488 
 
 Bardgett & Picard, corn trade, 85,142 
 
 Bernock, Twentyman, and Rigg, silk dealers and manufacturers, 257,694 
 
 Bisioff, Beer, & Co., foreign trade, 30,000 
 
 Bovet, F. & A., East India and China trade, not stated. 
 
 Brand, W. H., & Co., American trade, 235,524 
 
 Broadwood & Barclay, West India trade, 212,020 
 
 Brocklesby & Wessels, corn trade, 40,486 
 
 Bruce, Wilkinson, & Co., bill brokers, 3,500,000 
 
 Carr, Josling, & Co., North of Europe trade, 300,000 
 
 Caudery, W., general merchant 30,000 
 
 Dennistoun & Co., American bankers, 2,143,701 
 
 Draper, Pictroni, & Co., Mediterranean trade, 300,000 
 
 Edwards & Matthie, East India trade, 350,000 
 
 Elmenhorst, T. II., & Co., German trade, not stated. 
 
 Fill an, W. B., general merchant, 140,000 
 
 Fitch & Skeet, provision trade, 55,000 
 
 Foote, Joseph, & Sons, silk manufacturers, 27,640 
 
 Gorrissen, Huffet, & Co., American bankers, 125,310 
 
 Hadland & Co., Manchester trade, 40,000 
 
 Haly, John, & Co., American trade, 47,509 
 
 Heine, Semon, & Co., German bankers, 700,000 
 
 Herman, Cox, & Co., Hamburg and German trade, 60,000 
 
 Hermann, Sillem, Son, & Co., Hamburg trade, not stated. 
 
 Hicks, G. II. T., East India trade, 151,900 
 
Banking Memoranda for 1857 — ( Continued). 483 
 
 Hill, A., commission merchant £ 01,268 
 
 Hintz, A., & Co., North of Europe trade, 101,439 
 
 Hirsch, Strother, & Co., German trade, not stated. 
 
 Hoar, Buxton, & Co., North of Europe trade, 400,601 
 
 Hoffman, Henry, & Co., Hamburg and German trade, 100,000 
 
 Jellicoe & Wir, drysalters, not stated. 
 
 Jonas, C. A., & Co., foreign trade, 100,000 
 
 Kieser & Co., German trade, 50,000 
 
 Krell & Cohn, do., not stated. 
 
 Lichtenstein &*Co., do., 80,000 
 
 Maitland, Ewing, & Co., , 104,392 
 
 Mendes, Da Costa, & Co., West India trade, 231,673 
 
 Montoya, Saens, & Co., Spanish American trade, not stated. 
 
 Petty, Albert, & Co., North of Europe trade, 170,000 
 
 Powell & Son, Manchester trade, 60,000 
 
 Powles Brothers & Co., Spanish American trade, 50,000 
 
 Rawson, Sons, and Co., 422,151 
 
 Rehder & Boldemann, Hamburg trade, 100,000 
 
 Rew, Prescott, & Co., North of Europe trade, ;.. 150,000 
 
 Ross, Mitchell, & Co., Canadian trade, 396,282 
 
 Sa, Jose P. de, & Co., Brazilian trade, 15,230 
 
 Sanderson, Sandeman, & Co., bill brokers, 5,298,997 
 
 Sewells & Neck, North of Europe trade, 500,000 
 
 Sieveking, E., & Son, do., 400,000 
 
 Svensden & Johnson, do., not stated. 
 
 Toldorph, II. M., & Co., German trade, not stated. 
 
 Ward, T. G., Smithfield — banker, not stated. 
 
 Weinholt, Wehner, & Co., East India trade, 300,000 
 
 Willey, R., & Co., shawl manufacturers, 50,000 
 
 Wilson, Morgan, & Co., wholesale stationers, 25,629 
 
 Supposed total, £27,000,000 
 
 But of these several paid in full, and had a considerable surplus, e.g. : — 
 
 Dennistoun, J. & A., & Co., 
 
 Liabilities. 
 
 £2,142,701 ... 
 
 Assets. 
 
 £2,935,992 ... 
 
 Surplus. 
 
 £793,291 
 
 Maitland, Ewing, & Co...... 
 
 164,392 ... 
 
 193,042 ... 
 
 .... 28,650 
 
 Heine, Semon, & Co., 
 
 93,084 ... 
 
 145,916 ... 
 
 .... 52,832 
 
 Pelly, Albert, & Co., 
 
 36,316 ... 
 
 85,741 ... 
 
 .... 49,425 
 
 Rawson, Sons, & Co., 
 
 422,151 ... 
 
 457,399 ... 
 
 35,248 
 
 Rew, Prescott, & Co., 
 
 95,703 ... 
 
 103,451 ... 
 
 7,748 
 
 — The Committee give, in illustration, the particulars of the affairs of three 
 Banks, and two bill-broking firms, which, it states, were to a large extent the 
 causes of the money panic. 
 
 — 1. The Liverpool Borough Bank. It applied to the Bank for assistance 
 about October 20, at which time, its capital being £1,000,000, it had Bills re- 
 
484 
 
 Banking Memoranda for 1857 ( Continued ). 
 
 discounted to the extent of £3,500,000, about £1,000,000 of which had no 
 negotiable value except from the Bank’s endorsation, and became bad debts 
 for which it had to provide. While the application to the Bank was under 
 consideration, the Times , on the 27th, announced that it was to receive sup- 
 port, which caused a run to take place on it, and it had to close its doors. 
 
 — 2. The Western Bank — (see a fuller statement afterwards, p. 493.) 
 
 — 3. The Northumberland and Durham District Bank applied for assistance 
 at the end of October, and, on November 24, a director was sent down to 
 Newcastle, for the purpose of granting aid If the Bank was really solvent. 
 But it turned out that, while its capital was £G00,000, its liabilities were 
 £2,600,000 for deposit money, and £1,500,000 for Bills re-discounted, of which 
 it was already known that £100,000 would not be paid, and £231,000 was 
 actually dishonoured. Its assets were of a peculiar sort, and not realizable, if 
 at all, in a short time — securities of various sorts £1,000,000, trade Bills 
 £250,000, overdrawn accounts without security £1,664,000, of which £400,000 
 was already known to be bad, and should have been written off long before. 
 Besides all which the Bank had claims on the Derwent Iron Company, 
 amounting to £947,000, advances on other works to the extent of £350,000, 
 two loans of £100,000 each on building speculations, and £50,000 in naviga- 
 tion bonds, guaranteed by a railway. 
 
 — 4. Sanderson, Sandeman,& Co. suspended in 1 847, having acapital of £180,000, 
 and liabilities to the extent of £2,683,000 ; and in 1857, with a capital much 
 smaller, its liabilities were £5,300,000. 
 
 — 5. Bruce, Buxton, & Co. suspended in 1847, having a capital of £45,000, 
 and liabilities to the extent of between £3,000,000 and £4,000,000 ; and again, 
 in 1857 (as Bruce, Wilkinson, & Co.), having a capital and liabilities of about 
 the same amounts. 
 
 Extracts and Notes from “ The Economist,” in 1857. — 1. The 
 crisis of 1857 was so important in its ^extent, effects, and the discussions 
 it gave rise to that it is interesting to run through the pages, for that 
 year, of a journal devoted to monetary matters, and to note its current 
 remarks : — 
 
 1857. January 24. — “ It cannot be denied that all calculations drawn from 
 general principles have been baffled ; not that the principles themselves are 
 unsound, but that disturbing causes have been in operation less or more, un- 
 seen or unobserved, which have interfered with the results which must other- 
 wise have been experienced.” The Royal British Bank, established under the 
 latest and most approved Parliamentary regulations, has failed. Everything 
 tends to shew that we are on the eve, if not already in, the midst of great 
 changes ; in the distribution of capital, and the value which it commands ; in 
 the relative value of the precious metals towards each other, and, taken together, 
 towards other commodities ; in the development of the productive capacities of 
 the earth. 
 
 — But the events of the times are startling, and the reverse of what general 
 expectation pointed to. 1 . In less than seven years, Australia and California 
 have furnished gold to the extent of £125,000,000, yet the reserves in the 
 great European Banks are less than before. 2. The capital accumulated by 
 
Banking Memoranda for 1857 — ( Continued). 485 
 
 successful trade is greater than formerly, yet the rate of interest is higher 
 throughout Europe than it used to be. 3. In five years, silver has been 
 shipped from England to the East to the extent of £34,815,786, (£27,000,000 — 
 page 480), and the demand increases. 
 
 [The case of the Royal British Bank was one of reckless mismanagement 
 for the purpose of making an appearance of great success, for which some of 
 the officials were criminally prosecuted, and severely punished. The official 
 assignee has, with very great care and diligence and with very considerable 
 pains, prepared a statement showing the course of the Royal British Bank, 
 and it would appear that at no period of the existence of the Bank was there 
 a single shilling of profit capable of division among the shareholders. The 
 following tabular statement shows the result of the business of the Bank from 
 its commencement to its termination : — 
 
 For the year ending 
 
 Profit. 
 
 
 Loss. 
 
 
 Dividend. 
 
 Bad Debts. 
 
 Dec. 31, 1850, 
 
 Half-year ending 
 
 . £4,169 
 
 19 
 
 10 
 
 
 
 
 £2,000 
 
 0 
 
 0 
 
 £7,928 
 
 16 
 
 7 
 
 June 30, 1851, 
 
 766 
 
 12 
 
 8 
 
 
 
 
 1,250 
 
 0 
 
 0 
 
 8,461 
 
 19 
 
 0 
 
 Dec. 31, 1851, 
 
 . 2,923 
 
 11 
 
 11 
 
 
 
 
 1,250 
 
 0 
 
 0 
 
 5,756 
 
 16 
 
 10 
 
 June 30, 1852, 
 
 
 
 
 £587 
 
 19 
 
 4 
 
 1,250 
 
 0 
 
 0 
 
 4,831 
 
 12 
 
 5 
 
 Dec. 31, 1S52, 
 
 . 3,834 
 
 12 
 
 4 
 
 
 
 
 1,500 
 
 0 
 
 0 
 
 2,118 
 
 1 
 
 4 
 
 June 30, 1853, 
 
 767 
 
 18 
 
 4 
 
 
 
 
 1,500 
 
 0 
 
 0 
 
 11,530 
 
 14 
 
 10 
 
 Dec. 31, 1853, 
 
 . 4,691 
 
 19 
 
 6 
 
 
 
 
 1,500 
 
 0 
 
 0 
 
 3,391 
 
 13 
 
 5 
 
 June 30, 1854, 
 
 
 
 
 88 
 
 0 
 
 3 
 
 1,500 
 
 0 
 
 0 
 
 20,288 
 
 19 
 
 0 
 
 Dec. 31, 1854, 
 
 232 
 
 15 
 
 5 
 
 
 
 
 1,500 
 
 0 
 
 0 
 
 18,271 
 
 2 
 
 9 
 
 June 30, 1855, 
 
 1,303 
 
 14 
 
 7 
 
 
 
 
 3,000 
 
 0 
 
 0 
 
 3,094 
 
 6 
 
 9 
 
 Dec. 31, 1855, 
 
 
 
 
 2,5S9 
 
 18 
 
 11 
 
 4,274 13 
 
 0 
 
 4, 454 
 
 2 
 
 10 
 
 June 30, 1856, 
 
 Premiums on new 
 
 
 
 
 5,461 
 
 5 
 
 2 
 
 3,000 
 
 0 
 
 0 
 
 61,622 
 
 16 
 
 2 
 
 shares, 
 
 Oct. 9, 1856, 
 
 1,040 
 
 0 
 
 0 
 
 11,623 
 
 13 
 
 0 
 
 
 
 
 57,924 
 
 15 
 
 9 
 
 
 £19,731 
 
 4 
 
 7 
 
 £20,350 
 
 16 
 
 8 
 
 £23,524 
 
 13 
 
 0 
 
 £209,675 
 
 17 
 
 8 
 
 Welsh Works, 
 
 
 
 
 
 
 
 
 
 
 99,783 
 
 3 
 
 1 
 
 
 
 
 
 
 
 
 
 
 
 £309,459 
 
 0 
 
 9] 
 
 August 8. The prospects of the money market are uncertain. For some 
 years there has been no time when speculative enterprises pressed less on the 
 trading means of the country. But our connection with France causes that 
 pressure there is felt here. “ The enormous increase of legitimate trade in this 
 country, wholly apart from speculative undertakings, has, no doubt, led to 
 a great absorption of capital. This increase of trade is telling in two distinct 
 ways.” 1. The capital needed by the home trader is not only larger because 
 his trade is larger, but also because all his materials and wages are higher. 
 2. The larger quantities and increased price of our imports, which must be 
 provided in anticipation of our exports ; for the former precede the latter. Yet 
 the most important feature in relation to the money market is India. [Observe, 
 there is no reference to America.] 
 
 August 15. Advices from New York, of 1st August, state that “an early 
 and prosperous fall trade is on all hands anticipated, and there is no reason 
 why these anticipations should be disappointed.” The money market was tight, 
 
486 Banking Memoranda for 1857 — ( Continued ). 
 
 but there was no increase of rates. Money on call 7 per cent., first-class bills 9 
 to 10. A Mr Thomas M‘Elrath had failed for £80,000, chiefly through con- 
 nection with western railroads. 
 
 Sep. 12. New York advices, of 26th August, state that the news of the diffi- 
 culties of the Credit Mobilier of Paris, and the failure of the Ohio Life and 
 Trust Company, in the United States, had come to hand. This news, 
 following the discovery of the disarrangement of the Michigan Southern 
 Railway, had caused a flood of sales of almost every other Stock, and, 
 of course, a depreciation. Erie from 31 to 22J, Michigan from 53 to 22. 
 “ The hope of a steady money market is encouraged by the prospect 
 of large importations of gold. There is nothing unsatisfactory in the pre- 
 sent position of the money market. The great excitement in the Stock 
 Market has caused some few parties, who had advanced largely on railway 
 securities, now depreciated, to suspend payment ; but these failures are few, 
 and business in Wall Street is little affected by this.” 
 
 September 19. Last week’s news from New York reports a second fall of 
 10 to 20 per cent, on all Railway and other such Stocks. The Railway Com- 
 panies having been brought to a ruinous condition by the operators , they are 
 now directing their efforts against the Banks. 
 
 — In this country, the demand for money in the discount market and at the 
 Bank, during the week, has been active without being excessive. 
 
 September 26. Advices from New York state the panic to be subsiding, but 
 other failures had occurred. 
 
 — No change in the money market in London, but high rates over the 
 Continent are shewn by a continual remittance of gold from this side. AVat- 
 son’s Hull Hank has stopped. 
 
 October 3. Advices from New York express a confidence in an approaching 
 subsidence of the panic ; but the rate of money, and the magnitude of the 
 failures there, forbid this hope. 
 
 — In London, the securities in the Bank’s hands have increased three quarters 
 of a million, shewing the activity of commercial demands. 
 
 October 10. Advices from New York report a further fall of 5 per cent, on 
 all Stock — discount 18 to 25 per cent. 
 
 — The Hank has raised its rates ^ per cent., viz., to 6 per cent. — (quite 
 right, for this protection is not too soon). For three years following, at 
 this season, there has been a pressure, but the causes different. In 1855, 
 October 4, discount was raised from 5 to 5j, and then to 6 and 7, because 
 of the drain on France and England for the armies in the Crimea, and 
 for the Turkish loan. In 1856, September 27, discount was raised from 
 4J to 5 per cent., and then to 6 and 7, because, though railway works had 
 ceased, payments were not finished, and speculation had arisen. Also, 
 the grain and wine harvests in Europe had failed, leading to importa- 
 tions. In 1857, October 8, discount was raised from 5 to 5J, because of a 
 rush for money in all Continental markets, as there was at this time in the two 
 last years. The rates must increase because of the state of India, France, and 
 the United States — the last the chief est cause. American stock is held in this 
 
Banking Memoranda for 1857 — ( Continued). 487 
 
 country, it is supposed, to the extent of 80 or 100 millions sterling. Persons 
 connected with the United States here will have to prepare for money to be 
 sent there. 
 
 October 17. On Monday (12tli), the money market was in a state of panic — 
 discount up 1 per cent.=7 — bullion down on Saturday to £553,000, while private 
 securities are increased by £563,000 — total now £22,398,000, the largest 
 amount ever in any Bank return. There was nothing to justify the alarm 
 which appears to have existed on Monday, although enough to raise the rate 
 of discount. The Bullion is still £10,110,000, and the reserve of Notes 
 £4,024,000, while in April they were £9,065,000 and £3,044,000. If we 
 had only our own matters to think of we need not trouble ourselves, for never 
 was so large a balance due to us by the World. But all countries are now 
 so much convulsed that their affairs affect ours. 
 
 October 24. Bank’s rate raised to 8, on Monday 19th, to prevent Bills from 
 America being turned into gold for export. A high rate of discount, like a 
 high price of commodities, is the only thing for a scarcity, like as in this case ; 
 it aids in three ways — it prevents exportation, it encourages importation, and 
 it tends to economize the use of capital. “ Much has been said upon the 
 subject of overtrading, and all kinds of general reasonings have been adduced 
 to account for it. On one hand, it is contended that too free a commercial 
 system has induced to importations beyond the means of payment ; on another 
 side, it is said unrestricted Bank credits have done all the mischief. We place 
 very little faith in the latter reason, none whatever in the former.” 
 
 October 31. The news from the United States is, that the New York Banks, 
 in a body, have suspended cash payments, lu this country this would imply 
 insolvency, and cause alarm ; but not there — for the public urged them to it in 
 self-defence — so, a few hours after the announcement, it was reported “ every- 
 thing is going on quietly, and all excitement has passed away.” By the law 
 of 1838, the notes of these Banks are legal tender for their deposits, and 
 are stamped on the face, “ Secured by pledge of public Stock.” In the London 
 money market, “a calm and satisfactory feeling generally prevails, symptoms 
 of alarm being nowhere apparent.” The Borough Bank of Liverpool, and 
 the Western Bank of Scotland, are embarrassed ; but the former is trying to 
 get help from the Bank of England, and the latter has got it from the other 
 Banks in Scotland. 
 
 November 7. The Bank raised its rate to 9 per cent, on the 5th. The 
 highest rate it ever reached in modern times was 8, from 23d October to 20th 
 November 1847. “We are glad that Joint-Stock Banks and Bill Brokers, 
 who have assumed tbe important position of holders of the spare floating 
 capital seeking employment, have acted promptly in allowing 8 per cent, for 
 money at call.” The great importance of this is, that a rise in the rate of dis- 
 counts leads to a fall in the price of securities ; that this is a new inducement 
 for money at call to be invested therein ; that the sellers will, for the most 
 part, be persons wishing money to turn into bullion to send abroad — the rise 
 in the rate of interest on call, however, stops this.” This was a week of 
 great excitement, ending in discounts advancing to 9 per cent, for 95 days’ 
 bills. In eleven days, the decrease of Bullion was £872,014, and the increase 
 
488 Banking Memoranda for 1857 — (Continued). 
 
 of Securities £2,089,217 ; the total decrease of Reserve of Notes and Coin was 
 £1,372,494, and the remaining Reserve — coin £550,720, notes £2,155,315 — 
 total £2,706,035, the public increasing the evil by asking more discounts than 
 they need. Money on call is at 8 and 8J per cent. ; the Bank is selling 
 Government securities, or borrowing on them ; a deputation is coming from 
 Glasgow, to ask the Government to take “ immediate measures for giving 
 relief to commerce.” All these circumstances led people to talk of the policy 
 of relaxing the Bank Charter Act, as was done in 1847. 
 
 November 14. The decrease, on the 11th, of £1,243,882 on the Reserve of 
 notes and coin, and the increase of securities to £26,113,453, shews the 
 pressure on the Bank. The advances to the public during the first four days 
 of this week amounted to £5,000,000. The increase of deposits to the extent 
 of £1,042,674, speaks of unnecessary alarm providing against the worst. 
 The position of the Bank of England, with its twelve Branches, on Thurs- 
 day morning was this — they had cash on hand £1,462,153, while the 
 deposits, liable to be called for, were £18,250,000. “ Under such cir- 
 cumstances, it would have been the gravest error on the part of the 
 Government to have hesitated for another hour to suspend the Act, and 
 thus save the Bank and the country from the inextricable confusion to 
 which all would have been exposed, if, as appeared almost certain, a 
 forced, in place of a voluntary, suspension had occurred.” Some have ab- 
 surdly said, the discount houses and Joint-Stock Banks should have joined 
 together, and announced that they would not repay deposits but by granting 
 Bills at 3 months; or, the Bank of England might have issued £1 Notes. That 
 is, solvent Banks should suspend payment, or the Bank break the law as to £1 
 Notes, to save the Bank from breaking the law as to an arbitrary limit of its 
 Notes ! £1 arid £2 Notes would have in some respects wrought well, as saving 
 
 coin ; but it was impossible — there being none ready, and to print and sign 
 Notes occupies much time. On the 4th, the Circulation was £21,080,000, yet, 
 after the Bank advanced £5,000,000, and with an actual increase in its loans 
 of £3,485,202, the Circulation was only £21,036,000. 
 
 — In Scotland, two important circumstances have occurred, following on the 
 suspension of the Western Bank of Scotland on the 9th, and the City of Glas- 
 gow Bank on the 10th. 1. The six great Banks in Scotland have proposed to 
 
 Government, that Bank of England Notes should be made a legal tender in 
 Scotland. 2. A large vacuum has occurred in the Circulation of Scotland 
 by the loss of the Notes of these two Banks, £807,111. Whatever may be 
 said about the bad management of the two Banks, their stoppage cannot be 
 ascribed to the circulation of notes. Their actual circulation was £807,111, 
 and they held of gold £443,232. 41 These disasters cannot fail to arouse a 
 
 strong feeling of distrust throughout the greater part of Scotland, considering the 
 confidence with which the local Bank Notes have long been regarded, and the 
 fact that, in many of the agricultural markets, their use has almost superseded 
 that of sovereigns, the calamity is the more to be regretted.” [Some words in 
 this sentence are printed in italics, to mark the strange mistakes made by 
 respectable London journals— as by the officials of the Bank of England, and 
 other City bankers, in their evidence before Committees of Parliament — respect- 
 
Banking Memoranda for 1857 — (Continued). 489 
 
 ing Scotch matters. There has heen (1867) no distrust of Notes in Scotland, 
 and gold was never in circulation there to any great extent, either in the agri- 
 cultural or any other districts. Before there were Notes, the people would, 
 generally speaking, accept in payments nothing but silver (see page 24) ; since 
 Notes became common, say for 130 years, silver has ceased to be expected or 
 demanded, except for the fractions of a pound.] 
 
 Nov. 21. From the Bank returns of seven weeks it appears that : — 
 
 1857. 
 
 Circulation. 
 
 Bullion. 
 
 Private Deposits. 
 
 Government 
 
 Securities. 
 
 Other Disc. 
 
 Securities, per Ct. 
 
 Oct. 10. 
 
 £19,990,000 £10,110,000 
 
 £ 9,667,000 < 
 
 £10,560,000 . 
 
 £22,898,000 
 
 6 
 
 „ 17. 
 
 20,133,000 
 
 9,524,000 
 
 11,132,000 
 
 10,254,000 
 
 20,539,000 
 
 7 
 
 „ 24. 
 
 19,766,000 
 
 9,370,000 
 
 11,263,000 
 
 10,254,000 
 
 20,404,000 
 
 8 
 
 „ 31. 
 
 20,371,000 
 
 8,732,000 
 
 11,489,000 
 
 10,254,000 
 
 22,197,000 
 
 8 
 
 Nov. 4. 
 
 20,266,000 
 
 8,498,000 
 
 11,910,000 
 
 10,120,000 
 
 22,628,000 
 
 9 
 
 „ 11. 
 
 20,183,000 
 
 7,171,000 
 
 12,935,000 
 
 9,444,000 
 
 26,118,000 
 
 10 
 
 „ 18. 
 
 21,406,000 
 
 6,484,000 
 
 13,959,000 
 
 6,407,000 
 
 30,299,000 
 
 10 
 
 Observations on this : — The Bullion decreased nearly 4 millions, but two of 
 them were sent to Scotland and Ireland. Government securities decreased 4 
 millions, of wdiicli two were transferred to the Issue Department for Notes, and 
 two sold in the market. Private securities increased £7,401,000 — owing to a 
 large portion of London business being thrown on the Bank. Private deposits 
 increased £4,282,000, chiefly from bankers. Out and out supporters of the 
 Act of 1 844 speak as if this suspension of the Act were a suspension of cash 
 payments, and a depreciation of the Currency ; while out and out opposers of 
 the Act lay hold of this to shew that such an occurrence would not be evil. 
 But this condition of things has not really occurred. 
 
 — Effect of the suspension of the Act of 1844 : — All agree that a sound mixed 
 currency needs — 1 . A standard of value — ours is gold. 2. That a saving is effected 
 by using paper money. 3. That, to secure its convertibility, the issuer must 
 hold gold to the extent likely to be asked for, and the rest may be issued on 
 security of interest-bearing securities, or the credit of the issuer. 4. In com- 
 pliance wdtli these principles, the Bank of England is bound to hold bullion for 
 its Notes in the hands of the public, less £14,000,000 of public securities. These 
 securities and bullion, although belonging to the Bank of England, are placed 
 in the Issue Department, and are not applicable to the general business of the 
 Bank. Its deposits must be paid by gold held in the Banking Department ; 
 and if the latter needs gold, it must get it by offering notes like other persons. 
 This arbitrary limit of £14,000,000 on securities is the chief difference between 
 the Acts of 1819 and 1844. That of 1819 appointed cash payments, but left 
 it to the directors to judge how much Bullion it was necessary to keep in store. 
 Under that Act no Bank Note was ever refused payment, convertibility was 
 always maintained. The Act of 1844 repeats that of 1819, but instead of 
 leaving it to the directors to judge from time to time as to w r hat is best and 
 needed, it places an arbitrary limit on what amount may be issued as against 
 securities. The Act of 1819 joined discretion and responsibility together. The 
 Act of 1844 laid down an arbitrary rule and limit, no matter what the circum- 
 stances of the moment under which it has to be applied. Two questions there- 
 
41)0 Banking Memoranda for 1857 — (Continued). 
 
 fore arise — 1. Is it wise to trust to an arbitrary limit ? 2. If so, is £14,000,000 
 
 the best ? As long as Bullion is large, and the money market easy, it is of no 
 import whether there be a limit, or what it is ; but if the Bullion falls nearly 
 to the limit needed to cover the Notes — say, at present to £9,000,000 — it is by 
 law placed as if it had only £2,000,000 ; and so this being observed, prudent 
 men wish to lay in reserves of Notes, or to get a large balance with the Bank — 
 that is, to hoard. Thus lately, on 10th October, the advances by the Bank were 
 £22,898,000, and the private deposits £9,667,000, but on 19th November 
 the advances were £30,299,000, and the private deposits £13,959,000, or an 
 increased hoarding of £4,292,000. The effect of leave to transgress the Act 
 is merely to neglect this limit, which has now been exceeded by about 
 £2,000,000, and still there is £6,500,000 of Bullion on hand. 
 
 November 28. “It has been the practice of a certain class of doctrinaires , 
 who believe in the potency of the regulations affecting our currency laws, 
 to refer every commercial crisis, and its disastrous consequences, to excessive 
 issues of Bank Notes. In pamphlets, in speeches, in evidence before Parlia- 
 mentary committees, and in letters to the newspapers, it has been over and 
 over again repeated, but without any attempt at proof by reference to facts, 
 that the crisis of 1825, that of 1837, that of 1847, and, lastly, that of 1857, were 
 altogether the results of 4 excessive issues of paper.’ But we think that sound 
 arguments and facts prove there can be no ‘ excessive issues ’ as long as con- 
 vertibility is maintained, however much credit may be abused, capital recklessly 
 dealt with, and speculations lead to disastrous consequences ; and that the cur - 
 rency has nothing to do with fluctuations in commercial prosperity, periods of 
 speculation, and periods of difficulty.” It is the abuse of capital alone that 
 produces all the evils of imprudent credits given, imprudent advances made, 
 capital absorbed in unproductive and profitless speculations, all which lead to 
 destruction of property, and to disarrangement of ordinary channels of ex- 
 change between producers at home and abroad. From 1819 to this day, it 
 will be found that the most uniform element in banking and commercial 
 statistics is the amount of the Circulation — that is, of the paper circulation — 
 the fluctuations are small, and even these are not coincident with nor caused 
 by speculations, nor the cause of them. The most fluctuating elements are the 
 amount of Bullion held by the Bank, and the amount of capital advanced on 
 private securities ; the first indicating the variations in the unemployed capital, 
 the latter the extent of pressure on the Bank. In 1825, and again in 1837, the 
 force of the crisis was felt — first and most severely — where the issue of Notes 
 did not exist. In 1825, it broke out among the London Banks — and was felt 
 most severely in Liverpool, where Notes are not issued. In 1837, it broke out 
 among, and its severity was nearly confined to, the American houses, and their 
 connections in London, Manchester, and Liverpool. On the mistake as to 
 variations in the Circulation, the Act of 1844 chiefly passed. Sir R. Peel said 
 in Parliament, on introducing the bill, on 6th May 1844 : — “ My satisfaction 
 will be of a higher and purer nature than any connected with the gratification 
 of personal feelings, if I may look forward to the mitigation or termination 
 of evils, such as those which have at various times afflicted the country, in 
 consequence of rapid fluctuations in the amount and value of the medium of 
 
Banking Memoranda for 1857 — ( Continued). 491 
 
 exchange.” Yet three years after, the Act was suspended with Sir R. Peel’s 
 approbation. The Act of 1844 neither led to this evil nor prevented it. But 
 in 1847 the crisis was aggravated by it into a panic. The proof is, it ceased 
 as soon as the Act was suspended. Has not this also been the case now ? 
 Two questions arise as to the present crisis — 1 . Is there any proof of “ ex- 
 cessive issue of Bank Notes ?” 2. Is there any proof that the Act of 1844 has 
 warded off or mitigated the evil ? The crisis burst forth in the United States, 
 and chiefly in New York. Now, in New York (whatever may be the law or 
 practice in other States) the Banks of Issue must deposit with the 
 Government State Stock to the full amount of their issues, and must hold 
 Bullion to the extent of 12^ per cent, of the amount, and are bound to pay 
 their Notes in specie on demand. The security thus given to their Notes is so 
 great, that after they, by unanimous consent to a public request of merchants, 
 suspended their specie payments last month, their Notes not only circulated as 
 before, but commanded a premium — which shews at least there w T as no excess 
 of quantity. Let us see what their circulation was before and at the time of 
 the panic : — 
 
 Capital. Circulation Secured. Specie. 
 
 1847. August, $43,214,000 $25,098,000 $11,983,000 
 
 1856. June, 92,334,000 30,705,000 18,510,000 
 
 1857. September, .. 107,507,000 27,122,000 14,321,000 
 
 Whatever blame there may be to the Banks in New York for rashness in lend- 
 ing capital to speculators, there can be none as to the management of the 
 Circulation. The next place the crisis appeared was Liverpool, in the case of 
 the Borough Bank ; but neither it nor any other Bank in Liverpool issued 
 notes ; so that, however rash in lending capital, it was not issues of Notes that 
 were in fault. Next comes Glasgow, and its two suspended Banks. But they 
 were both under the Act of 1844. Their united Circulation was about [author- 
 ized £337,938 + £72,921 = £410,859— the average £482,501 + £255,282 = 
 £737.703] £800,000 at the time of their failure [£170,640 of this was owing to 
 the Notes of the Western Bank not being settled for at the exchange], but against 
 it they held £400,000 in coin. On the other hand, their united deposits 
 exceeded £9,000,000. Did their power of mischief arise from their liberty of 
 issuing Notes? With capitals of £2,000,000, and coin on hand of £400,000, 
 did their mismanagement arise from, or was it shewn in, “ excessive issues ” of 
 Notes ? Next we have the suspension of Dennistoun & Co., and other like 
 houses, chiefly connected with foreign houses, and whose transactions cannot in 
 any degree be connected with note circulation. Lastly, we have the Northum- 
 berland and Durham District Bank, the worst case yet of mismanagement ; but 
 it had availed itself of the provision of the Act 1844 to issue Bank of England 
 Notes, and therefore its proceedings could not be fostered by “ excessive issues” 
 of Notes. The place of most vast speculation now turns out to be Hamburg, 
 where there is no paper money, and held up hitherto to be on that account the 
 wisest of commercial communities. In Paris, speculations have been rife, and 
 for long the eyes of all were placed on it ; yet its note circulation (defended or 
 guided by nothing bnt convertibility) has remained at par. 
 
 — u Of all the confusions of ideas and of facts, which have appeared in respect 
 
492 Banking Memoranda for 1857 — (Continued). 
 
 to the derangement of the money market for some weeks past, and they have 
 been numerous enough, none has surprised us more, whether we regard the 
 extravagance of its character, or more particularly the quarter from whence it 
 comes, than Mr Gladstone’s theory with regard to the Scotch Banks.” 
 [In reference to the Banks in Ireland and Scotland obtaining gold 
 from London, he said — “ The intellect of England is in abeyance if it 
 does not see at whose expense this is done.”] “ The Scotch Banks keep 
 balances in their London agents’ hands, and are large holders of Govern- 
 ment Stock. Surely they are entitled to get gold when they wish it 
 as well as Englishmen or foreigners. But observe farther, it is in con- 
 sequence of the Act 1845 the Scotch Banks are obliged to get gold just 
 now. Two Banks, having a circulation of £800,000 in Notes, have stopped. 
 The void must cause the Circulation of other Banks to increase to that extent, 
 but they cannot except by holding gold, and no one Bank knows how much it 
 will require, so more than £800,000 must be taken.” 
 
 — The President’s Message in America, like public talk at home, is about the 
 “ extravagant and vicious system of paper currency and Bank credits,” and 
 suggests, as a complete remedy for the late evils, certain restrictions which 
 Congress has no power to enact, and would not if it had. The statement of 
 the position of the New York Banks in 1852, 6, and 7, is a sufficient answer 
 to the President’s assertions as to over-issues : — 
 
 June 1852. June 1856. September 1857. 
 
 Capitals, $59,705,000 $92,334,000 $107,507,000 
 
 Circulations, 27,940,000 30,705,000 27,122,000 
 
 Deposits, 05,634,000 96,267,000 84,529,000 
 
 Discounts, &c...... 127,245,000 174,141,000 170,846,000 
 
 Specie, 13,304,000 18,510,000 14,321,000 
 
 It is estimated that the Railway bonds, and those of other public companies in 
 the United States — a great majority of which, according to American authority, 
 are worth next to nothing — which have been sold in Europe, principally 
 in England and Germany, exceed £100,000,000. As to these the President 
 is silent. He states the rule of the Bank of England before 1844 was, that 
 it should keep gold and silver = one-third of notes and deposits, and tries by 
 this rule the 1,400 Banks in the States, at January 1857 : — 
 
 Circulation, $214,778,822; Deposits, $230,351,352 = $445,130,174 
 
 ( = in sterling to £44,745,587; ... £47,989,865 = £92,735,452) 
 
 Specie (= in sterling to £12,156,216) ... = $58,349,838 
 
 In 1848, Specie to Capital = 1 to 4^- ; in 1857 do. = 1 to 6.33c. 
 
 In 1848, Specie to Circulation and Deposits = 1 to 5 ; in 1857 do. = 1 to 1 \ . 
 The Banks in the State of New York stood as follows : — 
 
 Specie. Circulation. Deposits. 
 
 August 1847, $11,983,000 $25,098,000 $65,634,000 
 
 June 1856, 18,510,000 30,705,000 96,267,000 
 
 September 1857,... 14,321,000 27,122,000 84,529,000 
 
 New York, January 1858. — It is supposed there are in the United States 
 204,061 firms — of these there have failed — • 
 
Banking Memoranda for 1857 — ( Continued). 493 
 
 Swindling failures, 317 owing 
 
 Ordinary, but pay nothing, 512 „ 
 
 „ paying 40 to 50 c., 3,839 „ 
 
 „ pay all, 435 „ 
 
 $5,222,500 
 
 20.309.000 
 197,080,500 
 
 77.189.000 
 
 Total, 5,103 Total, $299,801,000 
 
 Debts paid in full, $77,189,000 
 
 Dividends on $197,080,500 at 40 c., 78,832,000 156,021,000 
 
 Leaving a final loss of 
 
 $143,780,000 
 
 The same particulars of the Commercial world are probably as follows : — 
 
 Failures. Assets. 
 
 United States, $300,000,000 $144,000,000 
 
 Great Britain, 400,000,000 * 80,000,000 
 
 Continent of Europe, 300,000,000 60,000,000 
 
 $1,000,000,000 $284,000,000 
 
 Western Bank of Scotland. — On Monday 9th November, at two p.m., this 
 Bank closed the doors of its Head Office in Glasgow, never to open them again, 
 and by that day’s post instructed the Agents at its 101 Branches to do the same. 
 The sensation caused by this throughout Scotland was such as had never been 
 produced’by any previous event, whether of a public or a private nature. That 
 a Scotch Bank should stop payment, and one that had a paid up capital of 
 £1,500,000, and which, further, had a numerous and respectable proprietary, 
 among which some half-dozen members were understood to be worth, between 
 them, about as many millions, seemed an impossible event even though declared 
 to have occurred, or at least to be altogether incomprehensible. The clamour 
 and disputations that next day filled all the large towns in Scotland was extra- 
 ordinary, leading naturally to the conclusion, that if what seemed so improb- 
 able respecting a Bank of the Western’s standing had really happened, who could 
 say but the same thing was possible respecting the other Banks, and hence a 
 two days’ run on the Banks, in a small measure, occurred in many places, as 
 mentioned, with some particulars, at the foot of the previous Balance Sheet 
 of the Dundee Bank. The Western Bank had fallen into difficulties in 
 1847, under which date some account is given of it, with its apparent im- 
 proved management, up to 1852. The narrative may be resumed from that 
 date, gleaning from Mr Fleming’s evidence, and other sources, such figures as 
 seem to be instructive. The Compiler of these notes cannot but take a pecu- 
 liar interest in these statements, because when Donald Smith, the Manager of 
 the Western Bank of Scotland, became through illness, about Midsummer 1852, 
 unable to attend to the business, the Directors deputed David Milne, their 
 Agent in Dundee, to call on him, and say that they felt it necessary to appoint 
 an Assistant Manager immediately, but with the understanding of his becoming 
 Manager if Mr Smith should be unable to resume his duties ; and that he (the 
 Compiler) being one of the oldest Bank Managers in Scotland, and having 
 been specially recommended to them, they wished to know whether he would 
 be willing to accept of the office. As the proposal was for a man past middle 
 age to become manager of a banking business ten times as large as he had 
 been accustomed to, with a Board of Directors to whom he was an entire 
 
494 Banking Memoranda for 1857— ( Continued). 
 
 stranger, and in a district in which the manufactures and commerce were 
 different from those with which he was familiar, it was at once unhesitatingly 
 declined, in spite of the honour and emoluments it offered— the salary named 
 was £1,000 a-year as Assistant Manager, and £1,500 as Manager. The Com- 
 piler has consequently, since 1857, often wondered whether, if he had gone 
 to Glasgow, he might have been used as an instrument to avert the catastrophe 
 which ultimately overtook the Bank ; or whether, failing to discover the real 
 state of the Bank till so long after he had been there that its condition would, in 
 part at least, be imputed to him, he would have been robbed of his good name of 
 a prudent banker ; for while with the Liquidators, after the Bank closed, it was 
 comparatively an easy task gradually to ascertain the true position of the Bank 
 at different past periods, it would be a most difficult thing for a Manager to 
 do, who was suddenly plunged into the vortex of a large current business, 
 bringing up daily numberless important questions to be considered and decided 
 on. The difficulty, if not impossibility, of the manager and directors of a 
 business which has grown to be very large, whether it be that of a Bank, or of a 
 railway, or any other company, being able to form a cool, dispassionate judgment 
 on the state of the affairs of the company committed to their charge, has been 
 often pressed on the thoughts of the author, while compiling afresh, in a lucid, 
 intelligible form, the Balance Sheets of the Dundee Bank from 1763 to 1864, 
 and those of the Dundee Commercial Bank, and Dundee New Bank, from 1792 
 to 1838, which constitute the bulk of this volume. The daily work and 
 anxiety of doing their best is sufficient for such men. The ascertaining and 
 reporting on the results, in which their interest, feelings, and honour are so 
 much concerned, while no week’s pause in the business affords them leisure to 
 do it maturely, is overmuch for them ; and it may be questioned whether, in 
 all such large concerns, there ought not to be a first-class officer, of the nature 
 of a permanent auditor, who, having nothing whatever to do with the current 
 business, not occupied and teased with it, and not interested in its results, 
 should have the quarterly balance sheets of the company’s affairs handed over 
 to him for examination as to their being constructed on right principles, and 
 for estimation as to the real value of the assets, on the understanding that in 
 all cases of doubt the very lowest estimate should be allowed, so that, under 
 the worst circumstances, there should be no shortcoming. Those who take the 
 trouble to look over the Balance Sheets in this book will see the affairs of the 
 small Banks referred to. in a clearer view than they were ever seen by the 
 managers and directors, or partners, at the respective periods ; so those who read 
 the statements of the liquidators of the Western Bank of Scotland will under- 
 stand better the real position of that Bank, at different times, than ever it was 
 understood by the manager and directors for the time being. But why should 
 this judgment of neutrals, so to call it, on the affairs of a company be obtained 
 only when too late to be of use ? Why should it not be a part of the prudent 
 system of management of every large company to have a sort of extra pilot on 
 board, whose work should be, to be continually casting the log and the lead, 
 and reporting their indications, although having no command over the naviga- 
 tion of the vessel ? 
 
 But to return. In October 1852, John Taylor was appointed Assistant 
 
Banking Memoranda for 1857 — ( Continued). 495 
 
 Manager, and subsequently Manager. From that time the Bank’s position 
 seems to have grown worse. At the balance in May 1853, its protested Bills, 
 &c., accumulated in one account called Sundry Debtors, amounted to Dr. 
 £405,376, expected dividends £125,058, known loss £280,318, of which 
 £18,548 only was written off at that time. But even this did not appear in 
 the statement submitted to the partners — merely the balance of Sundry Debtors, 
 quoted as if good assets, was given as £261,000 only. Besides this there was 
 Scarth’s debt (see 1847) of £120,000, with large accumulation of premiums 
 paid on the Life Policies opened, about £20,000, making the real sum of the bad 
 debts £400, 0O0. The gross profit that year being £164,964, and the expenses 
 of management £38,128, the nett profit was £126.817, out of which a dividend 
 of 7 per cent., amounting to £105,000, was paid, and the balance, £21,817, 
 carried to the credit of the Sinking Fund and Guarantee Fund. 
 
 The change for the worse in the management of the Bank from 1852 is indi- 
 cated by the increase of the Bank’s discounts, while it was obliged to re-discount to 
 an ever-increasing extent, as shewn by the following figures, compared with the 
 statement given under date 1847, p. 444. They are for the year ending May — 
 1853,... Total Bills Discounted, £14, 987, 740. ..Bills Re-discounted, £1,682,320 
 
 1854,... 
 
 Do. 
 
 18,596,703... 
 
 Do. 
 
 3,856,29 2 
 
 1855,... 
 
 Do. 
 
 19,835,781... 
 
 Do. 
 
 4,969,669 
 
 1856,... 
 
 Do. 
 
 20,410,883... 
 
 Do. 
 
 5,407,363 
 
 1857, Nov. 9, 
 
 Do. 
 
 20,691,415... 
 
 Do. 
 
 4,881,221 
 
 The Cash at Call varied from £50,000 to £100,000, the general balances of the 
 three London agents usually amounted to about £200,000 more, and the avail- 
 able securities held by the Bank were generally about £240,000. The annual 
 balance sheets of the Bank were not made up so as to shew the whole responsi- 
 bilities and the whole assets of the Bank, for in them the balances only due to the 
 Branches by the Head Office, or to the latter by the former, were entered. 
 
 The balances of the exchange of Notes with the other Banks always ran 
 heavily against the Western Bank, as seen in the following figures. In the year 
 ending May — 
 
 In favour of Western. Against it. Balance against it. 
 
 1852 £173,274 £2,108,865 £1,935.591 
 
 1853 380,786 2,707,674 2,326,888 
 
 1854 69,744 2,906,139 2,836,395 
 
 1855 125,080 4,109,726 3,984,346 
 
 1856 114,213 3,494,139 3,379,926 
 
 1857. Nov. 9, 101,813 3,393,553 3,291,740 
 
 In six years and a half, £964,910 £18,720,096 £17,755,186 
 
 Annual average, £275,688 £5,348,598 £5,072,910 
 
 The profits and the application thereof yearly in May were as follows : — 
 
 
 Profits. 
 
 
 
 Dividend 
 
 
 Carried to 
 Dependancies. 
 
 Bad Debts 
 wiped off. 
 
 1853. 
 
 £126,817 ... 
 
 
 7 
 
 per cent. £105,000 
 
 ... £21,817 ... 
 
 £18,548 
 
 1854. 
 
 186,948 ... 
 
 
 8 
 
 a 
 
 120,000 
 
 ... 66,948 ... 
 
 10,688 
 
 1855. 
 
 178,892 ... 
 
 
 8 
 
 if 
 
 120,000 
 
 ... 58,892 ... 
 
 ... 
 
 1856. 
 
 204,449 ... 
 
 
 9 
 
 if 
 
 135,000 
 
 ... 69,449 ... 
 
 ... 
 
 1857. 
 
 204,763 ... 
 
 
 9 
 
 if 
 
 135,000 
 
 ... 69,763 ... 
 
 125,000 
 
496 Banking Memoranda for 1857 —(Continued). 
 
 The “ Sundry Debtors,” and “ Protested Bills,” being debts in suspense, 
 amounted, at the balance in May in each year, as follows : — 
 
 1852, £113,136 
 
 1853, 401,326 
 
 1856, £503,614 
 
 1857, 392,502 
 
 1854 £419,793 
 
 1855 438,084 
 
 But there was growing up the ultimate losses by the four large firms (which 
 caused the suspension of the Bank), not shewn here. Thus McDonald & Co., 
 in 1852, had Bills under discount, supposed to be good, amounting to 
 £107,116; but in 1857 they amounted to £408,716, protested Bills £8,526, 
 and an overdrawn account £5,636, making their total liabilities £422,878 
 — of the Bills current £398,349 were dishonoured, leaving the Bank with 
 claims on the firm for £412,511. Monteith & Co. had, in 1852, Bills 
 under discount, supposed to be good, £83,779, and an overdrawn account 
 £3,523, total liabilities to the Bank £87,302 ; but in 1857 they had Bills cur- 
 rent £376,799, Bills protested £93,129, and an overdrawn account £67,635, 
 making their total liabilities £537,563 — of the Bills current £269,726 was dis- 
 honoured, leaving the Bank with claims on the firm amounting to £430,490. 
 Godfrey & Co.’s discounts in 1852 were £89,678, and an overdrawn account 
 £1,154, total liabilities to the Bank £90,832 ; but in 1857 the Bills current were 
 £336,996, an overdrawn account £67,254, and Bills protested £11,571, making 
 their total liabilities £415,821 — of the Bills current £150,749 was dishonoured, 
 leaving the Bank with claims on the firm amounting to £229,574. Lastly, 
 Wallace & Co.’s discounts in 1852 were £18,144 ; but in 1857 they amounted to 
 £226,742, and an overdrawn account £722, making their total liabilities to the 
 Bank £227,464 — of the Bills current £209,534 was dishonoured, leaving the 
 Bank with claims on the firm for £210,256. So that the whole liabilities of 
 these four firms became claims on them : on M‘Donald’s £412,511, Monteith’s 
 £430,490, Godfrey’s £229,574, nd Wallace’s £210,256 — total £1,282,831. 
 The expected dividends were — M‘Donald’s, 5s. per£l ; Monteith’s, Is. per £l ; 
 Godfrey’s, 5s. per £1 ; and Wallace’s, 2s. per £l. The McDonalds had 124 
 drawing posts, concerning 37 of whom the Bank had made enquiries, and got 
 bad answers respecting 21 of them — but suspicion does not seem to have been 
 aroused On September 8, the Wallaces confessed that their acceptors had 
 in general no value, and, on 1st October, the M ‘Donalds acknowledged that 74 
 of their acceptors were in the same position — these poor creatures had lent 
 their names to the bills for a commission of 1 per cent. 
 
 The Bank’s yearly reports contained the misrepresentations of its state, so 
 much complained of, which are contained in the following words in italics : — 
 28th June 1854. Nett profits, after 'providing for all bad and 
 
 Carried to Rest, 7naking it now £150,948, Is. 7d.,... £40,948 
 27th June 1855. Nett profits, after providing for all bad and 
 
 Carried to Rest, making it now £184,840, Is. 1 Id.,. £33,892 
 
 £160,948 
 
 1 
 
 7 
 
 120,000 
 
 0 
 
 0 
 
 £40,948 
 
 1 
 
 7 
 
 f 
 
 £153,892 
 
 0 
 
 4 
 
 120,000 
 
 0 
 
 0 
 
 £33,892 
 
 0 
 
 4 
 
Banking Memoranda for 1857 — ( Continued). 497 
 
 25th June 1856. Nett profits, after providing for all lad and 
 
 doubtful debts, £166,110 15 10 
 
 Dividend of 9 per cent, paid, 135,000 0 0 
 
 Carried to Rest, making it now £215,950, 17s. 9d.,. £31,110 15 10 
 
 24th June 1857. Nett profit of the past year (N.B. the usual 
 
 declaration about bad debts was omitted), £145,826 5 6 
 
 Dividend of 9 per cent, paid, 135,000 0 0 
 
 Carried to Rest, making it now £226,776, 3s. 3d.,... £10,826 5 6 
 
 — The original prospectus, in 1832, began in the style of so many other 
 Banks (see page 334), “ The want of sufficient Bank Accommodation, on 
 Liberal Principles, having been seriously felt and long complained of in Glas- 
 gow, it has been resolved to establish A New Public Bank, with a Capital of 
 four millions, divided into 20,000 shares of £200 each. The first instalment 
 not to exceed 15 per cent., or £30 per share. 
 
 In July 1857, Mr Fleming, at that time in the Bank’s employ, being 
 instructed to ascertain and report to the Directors the state of the assets 
 of the Bank, was able, by the 24th, to shew them that in the May balance 
 sheet, in spite of their writing off £125,000 of debts as being bad, there 
 were still debts hopelessly bad amounting to £573,000, and that, deduct- 
 ing therefrom the balance of the accounts of “ Rest,” and “ Guarantee Fund,” 
 which together were £246,000, there remained a deficiency of £327,000. 
 But this estimate did not include the current bills of the four firms above 
 referred to, which were as yet supposed to be good, or at least fair. Besides 
 the advances to these firms, there were advances, in the aggregate large, to 
 lesser persons who were partners of the Bank. These amounted, when the 
 Bank stopped, to £988,487 ; the shares belonging to these parties, being in 
 number 7,626, represent £381,300 of the capital. The Bank also had a practice 
 of accepting policies of insurance from debtors, to cover bad debts, and held 
 them to the extent of £347,521, without in general any security for the 
 premiums. These policies were valued at £70,000. 
 
 On October 10, a rumour arose on the Glasgow Stock Exchange, that the 
 Bank had lent all its capital to the four firms (above referred to) which had failed, 
 and, as a consequence, the price of the Bank shares fell heavily. At this time 
 the accepted drafts of Lee & Co., merchants, New York (who had an unlimited 
 credit for drawing on the Western Bank, but not as their agents), due or 
 current, amounted to £376,520, while they had ceased, owing to the state of 
 affairs in New York, to make the Bank the usual remittances. On deposit 
 with Lee & Co. of bills receivable, or bonds of railways or other companies, 
 such as they esteemed sufficient, they granted the depositors a letter of credit 
 on the Western Bank of Scotland, against which they drew drafts at 60 or 90 
 days as agreed on, and sold them in the market. The money thus raised, there 
 is reason to believe, was chiefly employed in making American railways, or 
 for speculating in their shares. The remuneration to the Western Bank for 
 all this risk was a mere J per cent, commission, Lee & Co. getting the same. As 
 the bills were generally at two months, and the amount when the Bank stopped 
 
498 Banking Memoranda for 1857 — ( Continued). 
 
 was £317,000, this, multiplied by 6, makes £1,902,000 as about the annual 
 amount of these transactions — if so, the commission would be £9,510 per annum. 
 On 13th, a drain on the deposit money set in (the demand for gold for Notes 
 was small, not more than £6,000 all the time), and on 15th Mr Taylor resigned 
 the office of Manager. From 17th to 23d was spent in communications with 
 the other Scotch Banks, through the Bank of Scotland, to see if they would 
 assist the Western Bank ; but they declined, at least till application had been 
 made to the Bank of England. On 26th, the latter refused to render aid, the 
 Directors saying they did not see their way to do it. Mr Fleming states that 
 he had no expectation the Bank would do so, looking to the low condition of 
 its Reserve at the time. On hearing of this result, the Banks in Edinburgh 
 held a meeting on the evening of the same day, and agreed to advance the 
 Western Bank £500,000, but at first on condition that the Directors pledged 
 themselves to wind up the affairs of the Bank, and close it. This, they having 
 no power to do it, the Directors declined. At length, on the 29th, it was agreed 
 to make the advance without conditions, except that the Western should repay 
 the money by replacing it for the Banks in Consols at the date of repayment — 
 the Banks taking the Western Bank’s promissory notes, at six months’ date, 
 for the sums advanced. Besides this, the Clydesdale Bank assisted the Western 
 Bank with £100,000. On the morning of the 29th, the Times' City Article 
 contained a statement that the Edinburgh Banks had agreed to carry the 
 Western through its difficulties, on the condition of its being wound up, and 
 this paper reaching Scotland on the 30th, caused a rapid increase of the 
 drain of deposit money. On 31st, it was necessary to make an applica- 
 cation to the Edinburgh Banks for further relief ; for the deposits being 
 removed to the other Banks daily, in considerable sums, the exchange of Notes 
 became more than usually heavy against the Western Bank. On their refusing 
 this, notice was sent to them that the balance of exchange, on Saturday the 7th 
 November, if heavy, which there was no doubt it would be, could not be settled 
 as usual on the following Monday, and accordingly it was not ; and at two p.m. 
 on that day, the Directors, feeling it was useless to struggle any longer, ordered 
 the doors of the office to be closed (this accounts for the unusual amount of 
 Notes out when the Bank stopped, viz., £720,000), on which the other Banks 
 began to decline to receive any more Western Bank notes. This caused a run 
 on all the Banks, to a moderate amount, to take place on Tuesday and Wed- 
 nesday, the demand being both for gold for notes, and for the amount of 
 deposits drawn. But on Wednesday evening, the Banks in Edinburgh having 
 resolved to continue to take the Western Bank notes, there being no ground 
 for doubting the ultimate payment of them, the rising panic was allayed on 
 Thursday, and died away. 
 
 The amount of its gold and silver at the end of each of the five weeks 
 preceding its stoppage was as follows : — October 3, £201,631 ; October 
 10, £201,554 (the day M‘Donald and Monteith failed) ; October 17, 
 £165,905 (after a week’s run on deposits, and of greatest demand 
 for gold, of which £35,000 paid away) ; October 24, £161,000 (after 
 another week’s run on deposits, £4,000 paid away) ; October 31, £159,000 
 (after another week’s run on deposits, £2,000 paid away); November 7, 
 
Banking Memoranda for 
 
 1857 — (Continued). 
 
 499 
 
 £156,000 (after another week’s run on deposits, £3,000 paid away). Its 
 
 deposits : — October 9, £6,583,233 ; November 9, £5,306,569, shewing a reduc- 
 
 tion of £1,277,664 on the deposits, but a diminution of £44,000 c 
 
 >nly in the 
 
 gold, paid for Deposits and for Notes, although the Bank’s Circulation alone 
 
 was £720,038. 
 
 
 
 Balance Sheet of the Western Bank of Scotland , 9 th November 1857. 
 
 Dr. 
 
 
 
 Notes in Circulation, 
 
 
 ..£ 720,038 
 
 Deposits (as follows), 
 
 
 .. 5,306,569 
 
 — In Glasgow, 671 under £50 — 
 
 £ 14,611 
 
 
 ,, 982 above £50 = 
 
 888,985 
 
 
 
 £ 903,596 
 
 — At the Branches, 25,522 under £50 — 
 
 £ 494,723 
 
 
 ,, 15,288 above £50 — 
 
 3,908,250 4,402,973 
 
 
 £5,308,569 
 
 Credits granted to Correspondents, &c. 
 
 
 .. 919,654 
 
 Promissory Notes to Edinburgh Banks, due May 1858, 
 
 .. 610,000 
 
 Balances of Exchanges due to do. , 
 
 
 .. 170,640 
 
 Bills collected for Customers, 
 
 
 61,888 
 
 Balances due to Banking Correspondents, &c. , . . . 
 
 
 49,372 
 
 Bills re-discounted in London, for which the Bank is liable, 
 
 .. 1,073,771 
 
 Total Liabilities, 
 
 
 ..£8,911,932 
 
 Cr. 
 
 
 
 Bills (as follows), 
 
 
 £ 4,343,039 
 
 — In hands of the Bank, 
 
 £2,023,872 
 
 
 — Re-discounted, 
 
 1,073,771 
 
 
 — In hands of Branch Agents, 
 
 213,871 
 
 
 — Lodged in Security with other Banks — 
 
 
 
 — Bank of Scotland, 
 
 £767,520 
 
 
 — Clydesdale Bank, 
 
 159,685 
 
 
 — Union Bank of Scotland, 
 
 104,320 1,031,525 
 
 
 
 £4,343,039 
 
 
 Accounts Overdrawn (as follows), 
 
 
 3,652,433 
 
 — Partners against Stock, 
 
 £ 285,799 
 
 
 — Balances good, 
 
 850,622 
 
 
 — Balances partly secured, and good, 
 
 1,049,283 
 
 
 — Balances unsecured, 
 
 274,285 
 
 
 — Balances at Branches, good, 
 
 1,192,464 
 
 
 
 £3,652,433 
 
 
 Balances due by Banking Correspondents, 
 
 
 295,100 
 
 Securities held for Accounts, as follows, 
 
 
 919,573 
 
 — In Glasgow, good, 
 
 £396,000 
 
 
 —In New York, uncertain, 
 
 523,573 
 
 
 
 £919,573 
 
 
 Bank Offices and Furniture, 
 
 
 148,907 
 
 Debts in suspense, 
 
 
 970,640 
 
 Government Securities 
 
 
 93,471 
 
 Cash on hand, 
 
 
 204,661 
 
 Total Assets 
 
 
 £10,627,824 
 
 Leaving an apparent Surplus of £1,715,892, representing the Capital £1,500,000, and Rest 
 
 £215,892. 
 
 
 
 b 29-2 
 
500 Banking Memoranda for 1857 — ( Continued). 
 
 Balance Sheets of Dundee Branch of Western Bank of Scotland , 24 th April 
 
 1856 and 1857. 
 
 
 1856. 1857. 
 
 
 1856. 1857. 
 
 To Deposit Current Ac- 
 
 By Western Bank Head 
 
 counts, £210,000 £189,135 
 
 Office, 
 
 £182,249 £179,711 
 
 Deposit Receipts, 143,000 167,085 
 
 Local Bills, 
 
 81,900 100,187 
 
 Cash Accounts, Cr., .. 7,900 6,286 
 
 Protested Bills, 
 
 1,501 2,588 
 
 £360,900 £362,506 
 
 Deposit Accounts, Dr., 
 
 22,900 28,703 
 
 Dundee Union Bank, 
 
 Cash Accounts, Dr. 
 
 10,060 7,153 
 
 Reserve Fund, 5,100 5,569 
 
 Security Accounts, 
 
 690 
 
 Do., Note Payment 
 
 Sundries, 
 
 755 1,212 
 
 Fund, 7,541 7,619 
 
 Bank Offices — 
 
 
 Interest due Depo- 
 
 Dundee, 
 
 8,029 8,029 
 
 sitors, 1,700 2,037 
 
 Arbroath, 
 
 1,358 1,358 
 
 Banks, Cr., 5,715 9,143 
 
 Forfar, 
 
 3,334 3,334 
 
 Dundee Banks, ... 6,131 
 
 Montrose, 
 
 1,798 1,798 
 
 
 Brechin, 
 
 323 323 
 
 
 Jarvisland& Broomhall, 
 
 
 
 Estates in Fife, 
 
 9,256 9,373 
 
 
 Dundee Union Bank, . . . 
 
 21,178 20,949 
 
 
 Cash on hand, 
 
 35,525 28,287 
 
 £380,956 £393,005 
 
 
 £380,956 £393,005 
 
 Profit a 
 
 .nd Loss. 
 
 
 24th April 1856. 1857. 
 
 24th April 1856. 1857. 
 
 To General Charges, £1,846 £1,980 
 
 By Discounts, 
 
 ...£5,889 £6,864 
 
 Interest paid, 7,875 9,667 
 
 Exchange, 
 
 ... 2,583 2,422 
 
 
 Commission, 
 
 ... 793 754 
 
 
 Balance transferred 
 
 to 
 
 
 Head Office, 
 
 .. 458 1,605 
 
 £9,721 £11,647 
 
 
 £9,721 £11,647 
 
 5 per cent, on £180,000 of the Branch’s 
 
 money used in Glasgow 
 
 would = £9,000, 
 
 therefore the Profit by the Dundee Branch in 1856 = £9,458, in 1857 
 
 = £10,605. This 
 
 looks as if £180,000 of Deposit Money made Profit enough to pay the Dundee expenses, 
 
 and left £180,000 to be made profit of by the Head Office for the Partners — less a share 
 
 of the allowances to the Edinburgh and London Agents, and to the Head Officers of 
 
 the Company. 
 
 
 
 Balance Sheet of the City of Glasgow Bank on the 10 th November 1857 . 
 
 Dr. 
 
 
 Notes in Circulation, 
 
 
 
 Deposits, 
 
 
 3,335,186 
 
 Bills accepted for Home Customers, 
 
 
 54,126 
 
 Do. do. Foreign do., 
 
 
 304,071 
 
 Sums due to Banks, 
 
 
 
 Bills lodged, 
 
 
 48,506 
 
 Interest on Stock, 
 
 
 15,640 
 
 Capital, 
 
 
 667,534 
 
 
 
 £5,107,142 
 
 Cr. 
 
 
 
 Cash, 
 
 
 £156,944 
 
 Government Stock, &c., 
 
 
 3,996 
 
 Stamps, 
 
 
 2,604 
 
 Bank Offices and Furniture, 
 
 
 68,434 
 
 Sums due by Banks, 
 
 
 369,321 
 
 Carry forward, 
 
 
 £601,299 
 
Banking Memoranda for 1857 — ( Continued). 501 
 
 Brought forward, £ 601,299 
 
 Bills Receivable at Head Office, current, 2,207,094 
 
 Do. overdue, £214,443 — £46,714 = 167,729 
 
 Bills Receivable at Branches, 46,108 
 
 Overdrawn Accounts, 235,887 
 
 Cash Accounts, £1,649,406 — £44,100= 1,605,305 
 
 General Securities, Railways, &c., £355,704 — £111,990 = 243,714 
 
 £5,107,142 
 
 Observations on Newspaper Remarks. — Public opinion, that uncertain, 
 unstable, indefinite spasm in the body politic, is, as regards currency and 
 banking matters, the mere re-echo of the monetary articles of the London journals, 
 which again are but the echo of the City money-power. For although in the 
 provinces public opinion is of course much influenced by the local newspapers, 
 yet on some subjects the leading articles of these are little more than the repe- 
 tition of the statements and argumentations of the metropolitan press. It is a 
 pity, therefore, that the latter does not strive to be more accurate in its professed 
 records of facts, and more logical in its conclusions from the premises which are 
 ascertained to be correct. False statements, malicious insinuations, and absurd 
 assertions were never more numerous than during the course of this panic, and 
 for some time after it had subsided. The vindictiveness of the tone of the 
 articles in the leading journals was not concealed by the pretence that it was 
 the expression of patriotic indignation against public breaches of the laws of 
 morality, for those who know the sort of men who write these remarks, and 
 the parties from whom they get their cues, instead of crediting them with a 
 perception of the dictates of morality, and with a love of the same superior 
 to the generality of the money makers with whom they are holding daily inter- 
 course, impute their exasperated expressions only to the injured pride and 
 disappointed hopes of their City friends, who, up to the last moment, blindly 
 talked of the uncommon prosperity of the country, and who, after the crisis 
 had begun, took on themselves to declare that all men of discernment had 
 foreseen the event for two years, and had been preparing for it. On reading 
 over a succession of such articles, in different publications, the following mis- 
 statements and foolish insinuations, respecting Scotch banking matters, have 
 been noted, for those which specially concerned English Banks are omitted. 
 As the sentences referred to have been obviously written cunningly, so as 
 barely to assert what they are evidently intended to declare, the blame may be 
 here restricted to this style of writing, so easily misunderstood by a newspaper 
 reader. The objection taken, then, is to the leaders of public opinion writing, 
 when referring to Scotch banking matters with reference to the money crisis of 
 1857, so as to mislead on the following points : — 
 
 — As if the conduct of the Western Bank of Scotland was an illustration of 
 the Scotch Banking system, and the natural fruit thereof. 
 
 — As if the Scotch Banks, that they may have more abundant funds with which 
 to encourage wild speculators of no character or means, send persons about the 
 country to canvas for deposit money, and try to induce the working classes to 
 withdraw their hard won savings from the ordinary Savings Banks, by opening 
 Savings Banks offering a higher rate of interest. 
 
502 Banking Memoranda for 1857— ( Continued ). 
 
 — As if, when the Scotch Banks send to London for gold, they obtain it as an 
 advance, or as a favour, from the Bank of England, and not as what they have 
 a legal right to by presenting Bank Notes for the amount wanted. 
 
 — As if the run on the Western Bank of Scotland, and the City of Glasgow 
 Bank, had been only and chiefly to obtain gold for their Notes, and as if, of course, 
 they stopped only when they had no more gold to give for their Notes, and as 
 if the closing of these Banks tended to lessen the Circulation by £250,000 only. 
 — As if the power to do mischief in an ill-managed Bank lay in its licence to 
 issue Notes ; and therefore that, if its Notes were covered by gold or securities, 
 the public would be pretty well protected from loss by it. 
 
 — As if all gold taken to Scotland at a time of panic was issued to the public, 
 and increased the circulation to the extent of its amount. 
 
 — As if the Notes of the Bank of England are all secured by gold. 
 
 — As if the crisis had been foreseen by sagacious monied men, as a time when 
 their money would be extra valuable, and therefore that the Government had, 
 by its interference, defrauded them of their lawful gains ; as if such men were 
 justified in looking for an opportunity of obtaining for the use of their money 20 
 to 25 per cent., or of buying up commodities at a reduction of 30 to 50 per cent. 
 — As if creditors who lent money when of ordinary value, but by accident are 
 entitled to get repayment when it is at a panic value, are grievously wronged 
 if they do not get prompt payment ; and are suitable objects of sympathy if, on 
 getting payment, they do not have a good long panic-time to make unlooked- 
 for and unnatural profits. 
 
 — As if debtors who get money at ordinary value, and have to repay it during 
 a panic, are entitled to no compassion, and ought to get no relief from the 
 additional loss of a continuance of the panic. 
 
 — As if, because it would be unwise in the Government to concern itself with 
 any ordinary variation in the value of gold, it is therefore unjust for it to 
 interfere in an extraordinary case, when half the trouble is arising from mere 
 panic — promoted, perhaps, by a combination of City scoundrels, for the pur- 
 pose of depreciating certain kinds of Stock. 
 
 — As if, because it suits City men of standing to rush to the Bank at the com- 
 mencement of a money crisis, and obtain large discounts or advances, that they 
 may have the greater means of fishing in troubled waters, the commercial public 
 in general coming later, when the Reserve of the Bank has been thus unna- 
 turally diminished, for ordinary, or, it may be, owing to the alarm thus increased 
 by the proceedings of the great men, for extra-ordinary accommodation, it should 
 suffer the inconvenience or loss arising from theBank’s legal measure of assistance 
 being exhausted, without the Government presuming to mitigate the evil. 
 
 — As if it were criminal for Banks to receive money from those who have it 
 but cannot use it, and to lend it to those who can ; as if it were illegal for 
 persons having spare money to do otherwise with it than to invest it in the 
 Government Funds. 
 
 — As if it were truthful, when speaking of Scotch matters (however correct it 
 may be with respect to London practice), to say that deposits are sums paid into a 
 Bank, for a few days or weeks only, till the owners have an opportunity of 
 employing them to advantage, and therefore that the Banks in Scotland ought 
 
Banking Memoranda for 1857 — ( Continued). 503 
 
 not to lend such money except for very short periods, nor to invest it except in 
 convertible securities. 
 
 — As if it were truthful to say, because the Western Bank had lent large sums 
 to four worthless firms, u the Scotch Banks have placed the commerce of the 
 country under the command of organized gangs of swindlers.” 
 
 — As if there could be no over- trading, and no panic could arise, were no Notes 
 in circulation, or those only of the Bank of England, or such only as are issued 
 against gold, or against public securities held by commissioners. 
 
 — As if the separating of the issue of Notes from the business of banking 
 would prevent over-trading, and hinder panics from arising. 
 
 — As if the money crisis in England (there was none in Scotland, for the three 
 days’ amazement at the stoppage of the Western Bank caused no change in the 
 supply or the value of money) had been caused or promoted by Scotch Banks 
 issuing too many notes, discounting too large an amount of bills, or advancing 
 too much money to customers. In other words : — As if the tremendous crisis 
 in England had been occasioned by the Western Bank’s squandering £1,000,000 
 in Glasgow. 
 
 — As if the Banks in Scotland did too much business in proportion to their 
 capitals. 
 
 This last assertion, put forth by the money power of the City, is simply 
 ludicrous, when we glance at the position of the Metropolitan Joint-Stock 
 Banks. It is interesting to compare with one another the facts concerning 
 the two sets of Banks, as set forth in the following Tables : — 
 
 The Seventeen Banks in Scotland, January 1857. 
 
 Establish. 
 
 Names. 
 
 Capital paid 
 
 1857. 
 
 Dividend. 
 
 Price 
 per £100. 
 
 No. 
 
 of 
 
 Partners. 
 
 Branches. 
 
 Circulation. 
 
 1 Supposed 
 
 Ratio of 
 Capital 
 to Lia- 
 bilities. 
 
 Authorized. 
 
 Actual. 
 
 Deposits 
 
 about 
 
 
 Chartered. 
 
 £ 
 
 ?Ct. 
 
 £ 
 
 
 
 £ 
 
 £ 
 
 £ 
 
 ? Ct. 
 
 1689 
 
 Bank of Scotland, 
 
 1,000,000 
 
 8 
 
 197 
 
 645 
 
 35 
 
 300,485 
 
 368,920 
 
 6,000,000 
 
 15.72 
 
 1727 
 
 Royal Bank, 
 
 2,000,000 
 
 6 
 
 138 
 
 958 
 
 35 
 
 183,000 
 
 234,127 
 
 6,000,000 
 
 32.15 
 
 1746 
 
 British Linen Co, 
 
 1,000,000 
 
 9 
 
 230 
 
 630 
 
 48 
 
 438,024 
 
 436,579 
 
 6,000,000 
 
 15.55 
 
 1810 
 
 Com 1 - Bank of Scot., . 
 
 600,000 
 
 10 
 
 248 
 
 657 
 
 61 
 
 374,880 
 
 422,561 
 
 6,000,000 
 
 9.34 
 
 1825 
 
 Nation 1 - Bank of Scot,. 
 
 1,000,000 
 
 8 
 
 192 
 
 1,453 
 
 49 
 
 297,024 
 
 305,597 
 
 6,000,000 
 
 15.87 
 
 
 Unchartered. 
 
 
 
 
 
 
 
 
 
 
 1763 
 
 Dundee Banking Co.,. 
 
 60,000 
 
 10 
 
 166 
 
 79 
 
 2 
 
 33,457 
 
 35,834 
 
 750,000 
 
 7.63 
 
 1766 
 
 Perth Banking Co...... 
 
 100,000 
 
 10 
 
 200 
 
 209 
 
 10 
 
 38,656 
 
 43,677 
 
 500,000 
 
 18.39 
 
 1825 
 
 Abred n - T“* & County, 
 
 134,575 
 
 6 
 
 142 
 
 495 
 
 20 
 
 70,133 
 
 108,900 
 
 1,000,000 
 
 12.13 
 
 1830 
 
 Union Bank of Scot.,.. 
 
 1,000,000 
 
 9 
 
 216 
 
 910 
 
 73 
 
 415,690 
 
 509,335 
 
 6,500,000 
 
 14.26 
 
 1832 
 
 Western Bank of Scot., 
 
 1,500,000 
 
 9 
 
 167 
 
 1,280 
 
 98 
 
 337,938 
 
 435,440 
 
 6,500,000 
 
 21.62 
 
 1834 
 
 Central Bank of Scot.,. 
 
 78,125 
 
 8 
 
 166 
 
 440 
 
 8 
 
 42,938 
 
 52,095 
 
 500,000 
 
 14.15 
 
 1836 
 
 North of Scotland, 
 
 200,000 
 
 8 
 
 220 
 
 1,437 
 
 30 
 
 154,319 
 
 194,163 
 
 1,500,000 
 
 11.8 
 
 1838 
 
 Caledonian Bank Co.,. 
 
 125,000 
 
 8 
 
 152 
 
 803 
 
 10 
 
 53,434 
 
 61,634 
 
 500,000 
 
 22.25 
 
 1838 
 
 Clydesdale Bank, 
 
 867,389 
 
 
 140 
 
 1,381 
 
 13 
 
 104,028 
 
 145,635 
 
 4,000,000 
 
 20.92 
 
 1838 
 
 Eastern Bank of Scot.,. 
 
 121,140 
 
 6 
 
 137 
 
 400 
 
 4 
 
 33,636 
 
 40,418 
 
 500,000 
 
 22.41 
 
 1838 
 
 Edin. & Glasgow Bank, 
 
 1,000,000 
 
 5 
 
 101 
 
 1,575 
 
 23 
 
 136,657 
 
 148,831 
 
 1,000,000 
 
 87.0 
 
 1839 
 
 City of Glasgow Bank, 
 
 1,000,000 
 
 6 
 
 132 
 
 1,396 
 
 97 
 
 72,921 
 
 290,839 
 
 4,000,000 
 
 23.3 
 
 
 
 11,786,209 
 
 Aver. 
 
 Aver. 
 
 14,748 
 
 607 
 
 3,087,220 
 
 3.834.585 57.250.000 
 
 Average 
 
 
 
 
 7.79 
 
 173 
 
 
 
 
 
 i 
 
 21.44 
 
504 Banking Memoranda for 1857 — ( Continued). 
 
 The Nine Metropolitan Banks, 31st December 1857. 
 
 Estab. 
 
 Names. 
 
 Capital paid up. 
 
 Dividends. 
 
 Price of £100. 
 
 No. of 
 Branchs. 
 
 Deposits. 
 
 Ratio of 
 Capital to 
 Liabilities. 
 
 1834 
 
 London and Westminster, 
 
 £1,000,000 
 
 ? Cent. 
 
 14 
 
 £220 
 
 6 
 
 £18,889,021 
 
 $ Cent. 
 7.2 
 
 1836 
 
 London Joint Stock, 
 
 600,000 
 
 221 
 
 282 
 
 1 
 
 10,737,580 
 
 5.58 
 
 1839 
 
 Union Bank of London,... 
 
 600,000 
 
 15 
 
 228 
 
 3 
 
 9,645,913 
 
 6.23 
 
 1839 
 
 London and County, 
 
 500,000 
 
 12 
 
 140 
 
 65 
 
 3,533,425 
 
 14.15 
 
 1839 
 
 Com 1 - Bank of London,... 
 
 300,000 
 
 6 
 
 105 
 
 1 
 
 821,626 
 
 36.0 
 
 1855 
 
 City Bank, 
 
 300,000 
 
 5 
 
 ... 
 
 ... 
 
 1,388,933 
 
 21.59 
 
 1855 
 
 Bank of London, 
 
 300,000 
 
 5 
 
 ... 
 
 1 
 
 1,114,843 
 
 26.9 
 
 1855 
 
 Unity Bank, 
 
 150,000 
 
 ... 
 
 ... 
 
 3 
 
 139,774 
 
 107.30 
 
 
 Western Bank of London, 
 
 200,000 
 
 ... 
 
 
 
 191,281 
 
 104.0 
 
 
 Total, 
 
 £3,950,000 
 
 Aver, of five 
 
 13.9 
 
 
 
 £41,462,396 
 
 Aver, of five 
 
 13.79 
 
 On comparing the position of the seventeen Scotch Banks with the first five 
 of the Metropolitan Banks (for the last four were of such recent formation 
 that they are useless in the present enquiry), it appears to have been as fol- 
 lows : — The Capitals of the former amounted to £11,786,209, and their liabilities 
 (Notes and Circulation together) to £61,084,585, shewing the former to be 
 19*29 per cent, of the latter, or one-fifth part nearly ; besides which, for the 
 debts of fourteen of these Banks, amounting to £42,044,959, there were 12,515 
 partners responsible. The Capitals of the latter amounted to £3,000,000, and 
 their liabilities to £38,627,565, shewing the former to be 7*76 per cent, of the 
 latter, or scarcely more than one-thirteenth part. The two bill-broking firms 
 which failed, highly respected in the City, had at their suspension capitals and 
 liabilities, as formerly stated, as follows : — 
 
 — Saunderson & Co., Capital £100,000 Liabilities £5,300,000 
 
 —Bruce, Wilkinson, & Co , Do. 45,000 Do. 3,500,000 
 
 The average ratio of their capitals to their liabilities being per cent. T647, or 
 not quite one-sixtieth part. 
 
 — 'As if when a Bank suspends payment, either temporarily or permanently, 
 the amount of its liabilities may be spoken of as a sad loss to the community 
 even after it has resumed business again, or after it has been ascertained that 
 the creditors will certainly be paid in full.* 
 
 * In 1858, a paper was published by Waterlow & Sons, entitled, British Losses by Bank 
 Failures , from 1820 to 1857, from which was quoted, in the City Article of the Times , on 3d 
 March 1858, a list of such failures, from 1846 to 1857, both inclusive, and said to amount to 
 — Private Banks £6,773,914, Joint-Stock Banks £40,819,003, and others not mentioned 
 £1,500,000, forming a grand total of about £49,000,000. The following items in it refer to 
 Scotland, and may probably be taken as a specimen of the accuracy of the list in general : — 
 
 1848. Tod & Hill, Edinburgh, .. £ ? 
 
 1849. Banking Company of Aberdeen, Aberdeen and 14 Branches, 620,000 
 
 Southern Bank of Scotland, Edinburgh, ? 
 
 1850. Commercial Exchange Company, Glasgow, 921,958 
 
 North British Bank, Glasgow, 1,500,000 
 
 Union Exchange Company, Glasgow, 750,000 
 
 West of Scotland Investment Company, Glasgow, 350,000 
 
 Glasgow Exchange Company, Glasgow, ? 
 
Banking Memoranda for 1857 — ( Continued). 505 
 
 Dundee Manufactures. — The following estimate of the value of pro- 
 perties employed in the staple manufactures of Dundee, was made for the 
 Compiler by several competent persons. 
 
 First. The value of the works employed : — 
 
 58 Works — spinning-mills, power-loom factories, and calenders, in some cases 
 all those being combined in one work, employing engines of 2,895 horse- 
 
 power — the heritable property, £422,400 
 
 Do., the machinery therein, 577,600 £1,000,000 
 
 75 Hand-loom factories — the heritable property, £65,310 
 
 Do., the machinery therein, 34,690 100,000 
 
 Total value, £1,100,000 
 
 Second. The quantity and value of the raw produce used in Dundee in 1857, 
 the cost of manufacturing it, and the probable value of the products : — 
 
 Flax, 27,000 tons, at £35, average price of five years, £ 945,000 
 
 Tow, .......... 7,000 „ „ 22, „ 154,000 
 
 Hemp, 1,100 „ „ 32, „ 35,200 
 
 Jute, 27,000 „ „ 18, „ 486,000 
 
 Total quantity 62,100 „ and value of the raw material, £1,620,200 
 
 Freight and carriage, 129,050 
 
 Carters and porters, till it leaves Dundee, 15,525 
 
 Wages of Hackling, 46,200 
 
 „ Spinning, 317,540 
 
 „ Weaving, 405,050 
 
 Cost of bleaching, at £11 per ton on one-half, 341,550 
 
 „ of calendering and packing, at £2 on one-half, and £1 on 
 
 one-fourth, 46,375 
 
 Coals, at £14 per horse-power, 40,530 
 
 Repairs of machinery, 100,000 
 
 Rent of the works — say, 10 per cent., 110,000 
 
 Computed cost of the produce, £3,172,020 
 
 Computed value of the produce that year, 3,500,000 
 
 Manufacturing profits — about 10 per cent., besides rent for the 
 
 works, £327,980 
 
 1850. National Exchange Company, Glasgow, £ 210,790 
 
 Exchange Bank of Scotland, Edinburgh, 750,000 
 
 Banking Company of Aberdeen, Aberdeen, 900,000 
 
 1857. Western Bank of Scotland, Glasgow and 76 Branches, 9,171,641 
 
 City of Glasgow Bank, Glasgow, 4,897,359 
 
 The first firm here mentioned should have had the note of interrogation placed after the 
 name instead of in the pounds column, for Todd & Hill being solicitors, it is natural to 
 enquire wherefore their names are inserted in a list of Bank failures. The Banking Com- 
 pany in Aberdeen, here stated to have failed for £620,000 in 1849, and again for £900,000 
 in 1850, never failed at all, but was amalgamated with the Union Bank of Scotland in 
 1849, though its name was kept up till 1853. In winding up its affairs, the loss of a large 
 part of its capital of £200,000 accrued to its partners, but where the author got the con- 
 tradictory figures o r £620,000 and £900,000 it is impossible to guess. The Southern Bank 
 of Scotland, in like manner, never failed, but was amalgamated with the Edinburgh and 
 Leith Bank, in 1842, at some loss to its partners. The one Bank and five Exchange 
 
506 Banking Memoranda for 1857 — ( Continued). 
 
 Dundee. — Several failures occurred, some of them remarkable for the 
 courses followed by persons deemed respectable, as much as for the amount of 
 the debts. One firm, consisting of two partners, failed with liabilities to the 
 extent of £70,000, of whose proceedings, from the moral point of view, the 
 following is a sketch in figures : — 
 
 1849,.... 
 
 Capital 
 paid in. 
 
 £7,100 
 
 Profit. 
 
 Loss. 
 
 Drawn by 
 Partners. 
 
 Balance of 
 Capital. 
 
 Deficiency 
 before stoppage. 
 
 1850,.... 
 
 
 £2,965 
 
 ... 
 
 £ 135 
 
 £9,930 
 
 ... 
 
 1851,.... 
 
 • • • 
 
 1,235 
 
 ... 
 
 1,560 
 
 9,605 
 
 ... 
 
 1852,.... 
 
 • •• 
 
 ... 
 
 £2,535 
 
 1,421 
 
 5,649 
 
 ... 
 
 1853, .... 
 
 • • • 
 
 3,432 
 
 ... 
 
 1,990 
 
 7,091 
 
 ... 
 
 1854,.... 
 
 
 4,665 
 
 ... 
 
 2,161 
 
 9,595 
 
 ... 
 
 1855,.... 
 
 • • • 
 
 • • • 
 
 6,734 
 
 2,209 
 
 652 
 
 ... 
 
 1856,.... 
 
 • • • 
 
 • • • 
 
 4,030 
 
 2,871 
 
 ... 
 
 £6,249 
 
 1857,.... 
 
 • • • 
 
 ... 
 
 ... 
 
 1,922 
 
 ... 
 
 8,171 
 
 
 £7,100 
 
 £12,297 
 
 £13,299 
 
 £14,269 
 
 
 
 So that, while the business on the whole period caused a loss of £1,002 (not 
 
 Companies in Glasgow, and the Exchange Bank in Edinburgh, said to have entailed 
 British Losses to the extent of upwards of £4,482,748 in 1850, were losing concerns (not 
 Banks, but Companies established to assist speculators in railway shares) for the part- 
 ners, but the public lost nothing by them. The impropriety of ranking these speculation 
 companies with Banks is well illustrated by the words of Mr George Kinnear, the manager 
 of one of them — the Commercial Exchange Company of Glasgow — in his defence of such 
 institutions : — “ The security (Railway Stock) was admitted to be good, the transfer was 
 easily, securely, and not expensively made, yet the Banks were unwilling to grant accom- 
 modation upon it. Some, indeed, granted it, in a few cases, as a favour to individuals, 
 but not one of the Banks would venture to make it a part of their regular business. The 
 reason for this was excellent and satisfactory ; for the security, however good and safe, 
 was not of that nature which suited the business of banking. The business of a Bank is, 
 to accommodate merchants and tradesmen in their sales and purchases ; and if any Bank 
 lends its funds on fixed securities (however safe they may be), it to that extent destroys 
 its usefulness, and embarrasses the legitimate business for which it was established.” 
 These Exchange Companies were therefore established to do a business that was not 
 banking, and yet the compiler of British Losses by Bank Failures inserts a statement (and 
 that an exaggerated one) of the losses of these Companies among Bank failures. As to 
 these Exchange Companies themselves : — The Commercial Exchange Company lost its 
 Capital £358,665, Rest £12,278, and £286,640 more, making a total of £657,583. The 
 North British Bank, in its Report of 14th February 1849, had a Capital of £156,520, Rest 
 £89,693, and Deposits £108,665 = total liabilities £354,878 ; it could scarcely contrive to 
 lose four times this amount in the course of the following six months. The Union Ex- 
 change Company, on 21st February 1850, was supposed, estimating all its securities at 
 the then depressed rates of the markets, to have assets equal to 32s. per share. The 
 West of Scotland Investment Company, by December 1850, repaid its partners nearly one- 
 half of its capital. The Exchange Bank of Scotland was estimated, at 6th February 1850, 
 to have lost not more than one-half of its capital, if all its Railway Stock were 
 disposed of at the then depreciated rates. The Western Bank of Scotland did not 
 in 1857 occasion British Losses to the extent of £9,171,641, having paid to its creditors 
 the whole of that amount, with interest. In like manner, the City of Glasgow Bank did 
 not cause British Losses to the amount of £4,897,359, having suspended payment tem- 
 porarily merely (from 10th November to 21st December), and resumed business after a 
 very brief space, without any material loss (£77,576 out of a capital of £745,110) to its 
 partners even, and, of course, without any loss to the public. (See Balance Sheet, page 511). 
 
Banking Memoranda for 1857 — ( Continued). 507 
 
 here counting the loss at the catastrophe), the partners spent in eight years 
 £14,269 — that is, just double their original capital, leaving themselves with 
 an evident deficiency of £8,171 before they began to wind up. The additional 
 loss (not to them but to their creditors) was about £50,000. 
 
 Bank of Scotland. — Branches were opened in Auchtermuchty, Barrhead, 
 Galashiels, Laurieston, Hamilton, Moffat, Peebles, and West Linton. 
 
 Royal Bank of Scotland. — Branches were opened (twelve of them, being 
 Branches of the Western Bank taken up, marked thus *) in Arbroath,* 
 Ar dross an,* Ayton, Bathgate, Biggar,* Brechin,* Campsie,* Coatbridge, 
 Cupar, Ecclefechan, Forfar,* Galashiels, Granton, Jedburgh, Largs,* Lesma* 
 hagow,* Leven,*' Lockerby,* Meigle, Methven, Montrose, Musselburgh,* Porto- 
 bello, St Andrews,*' Stewarton, and Strathaven. 
 
 British Linen Company. — Branches were opened in Kintore and North 
 Berwick. 
 
 Commercial Bank of Scotland. — Branches were opened in Bonhill, 
 Douglas, Girvan, and Haddington. 
 
 National Bank of Scotland. — Branches were opened in Alloa, Ayr, 
 Biggar, Cupar, Dunfermline, Forfar, Girvan, Greenock, Kirkcudbright, Kirk- 
 intilloch, Largs, and Paisley. 
 
 Aberdeen Town and County Bank. — Branches were opened in Bervie, 
 Dufftown, Durno, Fraserburgh, Kilwinning, Mintlaw, and Turriff. 
 
 Caledonian Bank. — A Branch was opened in Bonar Bridge. 
 
 Central Bank of Scotland. — A Branch was opened in Blackford. 
 
 Clydesdale Bank. — Branches were opened (seven of these being Branches 
 of the Western Bank taken up, marked thus *) in Airdrie,* Anderston, Cum- 
 nock,* Dairy, Helensburgh,* Irvine,* Kilmarnock,* Leith, Pennycuick, Pol- 
 lockshaivs,* Stewarton,* and Trongate. 
 
 Dundee Bank. — Branches were opened in Alyth, Broughty Ferry, and 
 Lochee. 
 
 Edinburgh and Glasgow Bank. — Branches were opened in Callander 
 and Drumore. 
 
 City of Glasgow Bank. — This Bank found it prudent to suspend its busi- 
 ness from the 10th November till the 21st December, when it resumed, and 
 has gone on well ever since. 
 
 North of Scotland Bank. — Branches were opened in Laurencekirk and 
 Montrose. 
 
 Pertfi Bank. — -This Bank, established under its first title of the Perth 
 United Company, in 1766, was amalgamated with the Union Bank of Scotland. 
 
 Union Bank of Scotland. — Branches were opened in Alva, Dumbarton, 
 Rosehearty, and Wick. 
 
 Western Bank of Scotland. — On Monday 9th November, at two p.m., 
 this Bank, established in 1832, was compelled to close the doors of its Head 
 Office in Glasgow, never to open them again, and by that day’s post instructed 
 the Agents at its 101 Branches to do the same. 
 
Dr. THE DUNDEE BANKING COMPANY. 
 
 
 [96 
 
 To the PUBLIC, as per following Statement,. 
 
 
 
 
 .£827,343 
 
 7 2 
 
 For NOTES in circulation, as follows, 
 
 
 ...£ 37,301 
 
 0 
 
 0 
 
 
 Notes of £10 0 £23,236 
 
 0 
 
 0 
 
 
 
 
 „ 5 0 0 5,325 
 
 0 
 
 0 
 
 
 
 
 ,, 20 0 0 8,740 
 
 0 
 
 0 
 
 
 
 
 £37,301 
 
 0 
 
 0 
 
 
 
 
 For MONEY DEPOSITED, as follows,, 
 
 
 ... 789,502 
 
 8 
 
 8 
 
 
 In Dundee on 2,806 Accounts,. £621, 741 
 
 14 
 
 8 
 
 
 
 
 At Alyth on 171 do., . 21,338 
 
 16 
 
 6 
 
 
 
 
 ,, Broughty Ferry on 232 do., . 12,888 
 
 13 
 
 6 
 
 
 
 
 ,, Forfar on 695 do., . 113,894 
 
 5 
 
 10 
 
 
 
 
 ,, Lochee on 142 do., . 13,743 
 
 2 
 
 7 
 
 
 
 
 Interest due thereon, 5,895 
 
 15 
 
 7 
 
 
 
 
 £789,502 
 
 8 
 
 8 
 
 
 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 
 539 18 
 
 6 
 
 
 
 
 £827,343 
 
 7 
 
 2 
 
 
 To the PARTNERS of the Company, as per following Statement, 114,418 
 
 2 6 
 
 For CAPITAL paid up, £60 on 1,000 shares, 
 
 
 ... £60,000 
 
 0 
 
 0 
 
 
 For Reserved Fund, 
 
 
 ... 40,000 
 
 0 
 
 0 
 
 
 For Dependancies, 
 
 
 ... 1,445 
 
 6 
 
 8 
 
 
 For Rebate on Bills, 
 
 
 .... 2,972 
 
 15 
 
 10 
 
 
 For Portion of past year’s PROFITS, set aside 
 
 for 
 
 
 
 
 a Dividend of £10 on 1,000 shares, 
 
 
 .... 10,000 
 
 0 
 
 0 
 
 ! 
 
 Profit and Loss — 
 
 
 
 
 
 
 By Discounts ( + former Rebate), £19,943 
 
 2 
 
 6 
 
 
 
 
 Interest received, 29,708 
 
 15 
 
 1 
 
 
 
 
 £49,651 
 
 17 
 
 7 
 
 
 
 
 Off Interest paid, 21, 130 
 
 7 
 
 6 
 
 
 
 f 
 
 £28,521 
 
 10 
 
 1 
 
 
 
 ‘i 
 
 To Rebate on Bills, £2,972 15 10 
 
 
 
 
 
 f 
 
 Interest due, 5,895 15 7 
 
 
 
 
 
 „ 
 
 Expense of Management, . . 6,053 6 6 14,921 
 
 17 
 
 11 
 
 
 
 i 
 
 By Nett Profit, £13,599 
 
 12 
 
 2 
 
 
 
 
 Interest on Reserved Fund, 1,110 
 
 0 
 
 0 
 
 
 
 
 By Total Profit on hand, £14,709 
 
 12 
 
 2 
 
 
 
 
 To Bank Office, £ 100 0 0 
 
 
 
 
 
 
 Life Policies Account, 435 13 3 
 
 
 
 
 
 
 Reserved Fund, 3,000 0 0 
 
 
 
 
 
 
 Dependancies, 1,173 18 11 4,709 
 
 12 
 
 2 
 
 
 
 
 £10,000 
 
 0 
 
 0 £114,418 
 
 2 
 
 6 
 
 
 TOTAL LIABILITIES of the Bank, 
 
 
 
 
 ..£941,761 
 
 9 8 
 
 parties having accounts with it. The Dundee Bank thus retired about £10,000 of Notes, 
 
 and advanced about £50,000 on other obligations. 
 
 
 
 
 
 
 1857. — Dec. 2. — A Branch of the Bank was opened at Alyth ; and, on the 3d, another at 
 
 Broughty Ferry. 
 
 
 
 
 
 
96] 19th FEBRUARY 1859. 
 
 
 
 
 Or. 
 
 By BANK OFFICES, 
 
 
 
 
 .£ 
 
 2,939 
 
 8 10 
 
 INVESTMENTS, as per followin 
 
 g Statement,.. 
 
 
 
 . 789,192 
 
 8 2 
 
 ls£. In Dundee, as follows, 
 
 £771,637 
 
 2 
 
 5 
 
 
 
 Cash Accounts, in number 27, 
 
 £ 52,152 4 1 
 
 
 
 
 
 
 Overdrawn Accounts, in number 80, . 
 
 39,570 2 9 
 
 
 
 
 
 
 Heritable Bonds, in number 47, 
 
 189,847 15 0 
 
 
 
 
 
 
 Bills Receivable, 
 
 366,459 10 7 
 
 
 
 
 
 
 Consols, £70,000 at 94, 
 
 65,800 0 0 
 
 
 
 
 
 
 East India Debentures, £10,000 at 98g 
 
 , 9,837 10 0 
 
 
 
 
 
 
 Temporary Investments, 
 
 43,950 0 0 
 
 
 
 
 
 
 Shares of the Bank (twelve), 
 
 1,020 0 0 
 
 
 
 
 
 
 Life Policies Account, 
 
 3,000 0 0 
 
 
 
 
 
 
 
 £771,637 2 5 
 
 
 
 
 
 
 2d. At Alyth, as follows, 
 
 
 5,813 
 
 3 
 
 10 
 
 
 
 Cash Accounts, in number 9, 
 
 £4,710 8 10 
 
 
 
 
 
 
 Bills Receivable, 
 
 1,102 15 0 
 
 
 
 
 
 
 
 £5,813 3 10 
 
 
 
 
 
 
 3 d. At Broughty Ferry, as follows, . 
 
 
 748 
 
 18 
 
 8 
 
 
 
 Cash Accounts, in number 4, 
 
 ... £ 27 18 8 
 
 
 
 
 
 
 Bills Receivable, 
 
 ... 721 0 0 
 
 
 
 
 
 
 
 £748 18 8 
 
 
 
 
 
 
 4:th. At Forfar, as follows, 
 
 
 9,338 
 
 0 
 
 6 
 
 
 
 Cash Accounts, in number 46, 
 
 ...£4,208 5 10 
 
 
 
 
 
 
 Bills Receivable, 
 
 ... 5,129 14 8 
 
 
 
 
 
 
 
 £9,338 0 6 
 
 
 
 
 
 
 5th. At Lochee, as follows, 
 
 
 1,655 
 
 2 
 
 9 
 
 
 
 Cash Accounts, in number 1, 
 
 ....£ 652 0 1 
 
 
 
 
 
 
 Bills Receivable, 
 
 .... 1,003 2 8 
 
 
 
 
 
 
 
 £1,655 2 9 
 
 
 
 
 
 
 
 £789,192 
 
 8 
 
 2 
 
 
 
 SUNDRY ACCOUNTS, Dr., 
 
 
 
 
 
 4,546 
 
 7 7 
 
 CASH at call and on hand, as per following Statement, . 
 
 
 
 145,083 
 
 5 1 
 
 At call, Edinburgh Agents, 
 
 
 .£85,294 
 
 13 
 
 6 
 
 
 
 Do., London do., 
 
 
 . 18,457 
 
 7 
 
 8 
 
 
 
 On hand, at Head Office, Dundee, 
 
 as follows, 
 
 . 38, 255 
 
 8 
 
 0 
 
 
 
 Mixed Notes, 
 
 ..£12,269 0 0 
 
 
 
 
 
 
 Gold, 
 
 .. 23,125 0 0 
 
 
 
 
 
 
 Silver, 
 
 ... 2,854 2 6 
 
 
 
 
 
 
 Copper, 
 
 7 5 6 
 
 
 
 
 
 
 
 £38,255 8 0 
 
 
 
 
 
 
 On hand, at Alyth Branch — Mixed Notes & Specie, 1,274 
 
 1 
 
 4 
 
 
 
 Do., at Bro’ Ferry do. 
 
 do. do., 
 
 204 
 
 13 
 
 2 
 
 
 
 Do., at Forfar do. 
 
 do. do. , 
 
 744 
 
 13 
 
 6 
 
 
 
 Do., at Lochee do. 
 
 do. do., 
 
 852 
 
 7 
 
 11 
 
 
 
 
 £145,083 
 
 5 
 
 1 
 
 
 
 TOTAL ASSETS of the Bank,. 
 
 
 
 
 ..£941,761 
 
 9 8 
 
 MEMORANDA concerning the Year's Business. 
 
 
 
 The amoimt received and paid in the Bank during the 
 
 year was 
 
 ; each about £4,800,000. 
 
 The Bills Discounted, No. 6,896, £1,363,522, 5s. lOd. Discounts thereon, 
 
 £15,942, 4s. lOd. 
 
 Total payments through Edinburgh Agents, £945,000 (of this for the Bank’s Notes retired, 
 
 £180,990) ; and through London Agents, £495,000. 
 
 
 
 
 
 
510 Banking Memoranda for 1858. 
 
 Currency, Prices, &c., in 1858. — Peace : Gold at par; Bank of England 
 Circulation (17tli February) £19,703,455, and Deposits, &c., £22,301,137=total 
 liabilities £42,004,592 — Bullion £17,331,131, and Securities £27,492,872 = 
 total assets £44,824,003, making the Rest £2,819,411 ; total Circulation 
 of Notes in the United Kingdom, 13th March, £35,059,993, viz., Bank 
 of England £19,674,569, English Private Banks £3,060,039, English Joint- 
 Stock Banks £2,552,047, Scotch Banks £3,577,838, and Irish Banks £6,195,500; 
 Public Revenue £70,869,017 ; Consols 94§ to 98f, and Bank Stock 217 to 
 229 ; wheat per quarter, in London, 41s. to 48s. 8d., and in Edinburgh, 38s. 
 
 4d. — oatmeal per boll 16s. 5d. ; bankruptcies in England 1,346, Ireland 144, 
 and Scotland 626 ; Bank of England’s minimum rates of discount 8 per cent., 
 
 7tli January 6, 14tli 5, and 28th 4, 4th February 3^-, and 11th 3, and 9th 
 December 2^; Scotch Banks’ deposit rates 4 per cent., 19th January 3, 1st 
 February 2-J-, and 20th 2 ; Railway Loan rates, January 8 to 6J- per cent., 
 February 5, March and April 4^, May and June 4, July and August 4J 
 to 4J, September 3 J, and October to December 3J to 3f ; Cotton Bills, 
 January to August 4 per cent., and September 3 J. 
 
 Royal Bank of Scotland. — Branches were opened in Dundee (Western 
 Bank’s Branch), Melrose, and Sanquhar. 
 
 Aberdeen Town and County Bank. — A Branch was opened in Tarvis. 
 
 Caledonian Bank. — A Branch was opened in Muir of Ord. 
 
 Clydesdale Bank. — Branches were opened in Alloa, Beith, Dalkeith, 
 Dalmellington, Denny, Dollar, Dumfries, Kinross, Lochgilphead, Lockerby, 
 Mid-Calder, Muirkirk, New Galloway, Newton Stewart, Pennycuick, Porto- 
 bello, Stranraer, Tillicoultry, Tobermory, Whithorn, and Wigton. 
 
 Eastern Bank of Scotland. — A Branch was opened in St Andrews. 
 
 Edinburgh and Glasgow Bank. — This Bank, established in 1838, was, I 
 with its 23 Branches, amalgamated in June with the Clydesdale Bank. From \ 
 the printed documents in the action in the Court of Session, Rev. David j 
 Dobbie against Sir William Johnston and George E. Russell, 25th March ) 
 1861, we can glean out figures from which the experience of this Bank, during t 
 eighteen and a half years, may be roughly computed to have been, in round 1 
 numbers, something like the following — its Deposits having increased from 
 £150,000 to £1,400,000, or, on an average, been £875,000. 
 
 Capital (nominally £1,000,000, but actually about), £755,000 
 
 Profits, as follows, 700,000 
 
 Discount and Interest received, £1,560,000 
 
 Interest paid, £560,000 
 
 Expenses of Management, 300,000 860,000 
 
 £700,000 
 
 Premium on Shares given off, 110,000 
 
 Dividends paid to Partners, £600,000 £1,565,000 
 
 Losses, 965, 000 
 
 £1,565^000 
 
 Of these losses £490,000 had occurred before 31st October 1850, when the 
 
Banking Memoranda for 1858 — (Continued). 511 
 
 Directors recommended that the nominal Capital should be reduced to £500,000 
 (£350,000 of the shares being at that time in the hands of the Bank, the real 
 remaining Capital was £100,000 only) ; but this not being done, and the shares 
 
 the apparent Capital became as above 
 were incurred seem to have been as 
 
 on hand being given off at a premium, 
 stated. The places where the losses 
 follows : — 
 
 Edinburgh, £070,000 
 
 Glasgow, 100,000 
 
 Coupar Angus, 1,500 
 
 Dalkeith, 6,500 
 
 Dollar, 1,000 
 
 Dumfries, 0,500 
 
 Dunfermline, 23,500 
 
 Galashiels, 3,000 
 
 Kinross, 14,000 
 
 Leith, 14,000 
 
 Carry forward,... £900,000 
 Cut of Glasgow Bank. — Branches were opened in Anderston, Beauly, 
 Fettercairn, Girvan, Glenluce, Hamilton, Kelso, Port-Glasgow, Rothesay, 
 Stirling, Stornoway, West Calder, and West Kilbride. Its Balance Sheet, at 
 its temporary suspension, on 10tli November 1857 (referred to in Note on page 
 506), was as follows : — 
 
 ASSETS. 
 
 Brought up.... 
 
 
 Melrose, 
 
 3,000 
 
 Newton Stewart, 
 
 3.500 
 
 St Andrews, 
 
 1,000 
 
 Stirling, 
 
 29,500 
 
 Stranraer 
 
 
 Tillicoultry, 
 
 ... 10,500 
 
 Whithorn, 
 
 8,500 
 
 Sundries, 
 
 8,500 
 
 
 £965,000 
 
 LIABILITIES. 
 
 To the Public — 
 
 Notes in Circulation, £ 628,800 
 
 Deposits, 3,335,186 
 
 Acceptances for Customers, 358,197 
 
 Sundries, 133,065 
 
 To the Partners — 
 
 Capital paid up, 745, 110 
 
 £5,200,358 
 
 Bills £2, 467, 648 — £46, 714, £2,420,934 
 
 Cash AcctS &c., £1,885,293— £44,100, 1,841,193 
 Gen 1 - Securities £355,704 — £111,990,.. 243,714 
 
 Bank premises, 68,435 
 
 Due by other Banks, &c., 386,966 
 
 Sundries, 598 
 
 Government Stock & Exchequer Bilis, 3,997 
 
 Specie, and Notes of other Banks, 156,945 
 
 Deficiency, 77,576 
 
 £5,200,358 
 
 Union Bank of Scotland. — Branches were opened in Aberfeldy, Auch- 
 terarder, Blair Atholl, Blairgowrie, Bothwell, Coupar Angus, Crieff, Denhead, 
 Denny, Dunoon, Errol, Gatehouse, Killin, and Pitlochrie. 
 
 b 30 
 
Dr. THE DUNDEE BANKING COMPANY. 
 
 
 [97 
 
 To the PUBLIC, as per following Statement,. 
 
 
 
 .£860,118 
 
 2 8 
 
 For NOTES in circulation, as follows, .. 
 
 
 £ 40,551 
 
 6 
 
 2 
 
 
 Notes of £10 0 
 
 £25,766 
 
 6 2 
 
 
 
 
 „ 5 0 0 
 
 5,565 
 
 0 0 
 
 
 
 
 „ 20 0 0 
 
 9,220 
 
 0 0 
 
 
 
 
 
 £40,551 
 
 6 2 
 
 
 
 
 For MONEY DEPOSITED, as follows, 
 
 
 819,052 
 
 3 
 
 4 
 
 
 In Dundee on 2, 639 Accounts, . £638, 737 
 
 9 5 
 
 
 
 
 At Alyth on 147 do., 
 
 . 24,931 
 
 7 8 
 
 
 
 
 ,, Broughty Ferry on 236 do., 
 
 . 16,710 
 
 1 9 
 
 
 
 
 ,, Forfar on 636 do., 
 
 . 113,572 18 8 
 
 
 
 
 ,, Locliee on 163 do., 
 
 . 18,973 
 
 14 2 
 
 
 
 
 Interest due thereon, 
 
 .. 6,126 
 
 11 8 
 
 
 
 
 
 £819,052 
 
 3 4 
 
 
 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 
 514 13 
 
 2 
 
 
 
 
 £860,118 
 
 2 
 
 8 
 
 
 To the PARTNERS of the Company, as per following Statement, 119,343 
 
 16 3 
 
 For CAPITAL paid up, £60 on 1,000 shares, 
 
 £60,000 
 
 0 
 
 0 
 
 
 For Reserved Fund, 
 
 
 40,000 
 
 0 
 
 0 
 
 
 For Dependancies, 
 
 
 5,207 
 
 8 
 
 2 
 
 
 For Rebate on Bills, 
 
 
 4,136 
 
 8 
 
 1 
 
 
 For Portion of past year’s PROFITS, set aside for 
 
 
 
 
 a Dividend of £10 on 1,000 shares,. 
 Profit and Loss — 
 
 
 10,000 
 
 0 
 
 0 
 
 
 By Discounts ( + former Rebate), 
 
 ...£22,295 14 2 
 
 
 
 
 Interest received, 
 
 ... 26,221 
 
 8 0 
 
 
 
 
 
 £48,517 
 
 2 2 
 
 
 
 
 Off Interest paid, 
 
 ... 18,787 
 
 2 0 
 
 
 
 
 
 £29,730 
 
 0 2 
 
 
 
 
 To Rebate on Bills, £4,136 8 
 
 1 
 
 
 
 
 
 Interest due, 6,126 11 
 
 8 
 
 
 
 
 
 Expense of Management, . . 6,304 19 
 
 3 16,567 
 
 19 0 
 
 
 
 
 By Nett Profit, 
 
 ...£13,162 
 
 1 2 
 
 
 
 
 Interest on Reserved Fund, 
 
 1,600 
 
 0 0 
 
 
 
 
 By Total Profit on hand, 
 
 ...£14,762 
 
 1 2 
 
 
 
 
 To Bank Offices, £ 400 0 
 
 0 
 
 
 
 
 
 Life Policies Account, 435 13 
 
 3 
 
 
 
 
 
 Dependancies, 3, 926 7 
 
 11 4,762 
 
 1 2 
 
 
 
 
 
 £10,000 
 
 0 0 £119,343 
 
 16 3 
 
 
 TOTAL LIABILITIES of the Bank, 
 
 
 
 ..£979,461 
 
 18 11 
 
 MEMORANDA concerning the Year's Business. 
 
 
 The amount received and paid in the Bank during the year was 
 
 each about £4,900,000. 
 
 The Bills Discounted, No. 7,317, £1,509,765, 3s. 3d. 
 
 , ; Discounts thereon, £19,322, 
 
 18s. 4d. 
 
 Total payments through Edinburgh Agents, £855,000 (of this for the Bank’s Notes retired, 
 
 £186,390) ; and through London Agents, £490,000. 
 
 
 
 
 
 25 
 
97] 20th FEBRUARY 1860. 
 
 
 
 Or. 
 
 By BANK OFFICES, 
 
 
 
 
 .£ 3,540 
 
 11 
 
 1 
 
 INVESTMENTS, as per following Statement,.. 
 
 
 .. 833,947 
 
 7 
 
 2 
 
 ls£. In Dundee, as follows, 
 
 
 ...£816,955 10 
 
 1 
 
 
 
 Cash Accounts, in number 37, 
 
 .£ 53,384 IS 
 
 11 
 
 
 
 
 
 Overdrawn Accounts, in number 83, 
 
 . 37,291 17 
 
 8 
 
 
 
 
 
 Heritable Bonds, in number 49, 
 
 . 191,602 15 
 
 5 
 
 
 
 
 
 Bills Receivable, 
 
 . 455,018 8 
 
 1 
 
 
 
 
 
 Consols, £70,000 at 94, 
 
 65,800 0 
 
 0 
 
 
 
 
 
 East India Debentures, £10,000, 
 
 9,837 10 
 
 0 
 
 
 
 
 
 Life Policies Account, 
 
 . 3,000 0 
 
 0 
 
 
 
 
 
 Shares of the Bank (twelve), 
 
 1,020 0 
 
 0 
 
 
 
 
 
 
 £816,955 10 
 
 1 
 
 
 
 
 
 2d. At Alyth, as follows, 
 
 
 
 5,069 4 
 
 11 
 
 
 
 Cash Accounts, in number 10, 
 
 ...£3,076 4 
 
 0 
 
 
 
 
 
 Bills Receivable, 
 
 .... 1,993 0 
 
 11 
 
 
 
 
 
 
 £5,069 4 
 
 11 
 
 
 
 
 
 3 d. At Broughty Ferry, as follows, 
 
 
 
 904 13 
 
 9 
 
 
 
 Cash Accounts, in number 7, 
 
 £118 3 
 
 9 
 
 
 
 
 
 Bills Receivable, 
 
 786 10 
 
 0 
 
 
 
 
 
 
 £904 13 
 
 9 
 
 
 
 
 
 4 tli. At Forfar, as follows, 
 
 
 
 7,188 10 
 
 9 
 
 
 
 Cash Accounts, in number 39, 
 
 ....£3,977 8 
 
 3 
 
 
 
 
 
 Bills Receivable, 
 
 .... 3,211 2 
 
 6 
 
 
 
 
 
 
 £7,188 10 
 
 9 
 
 
 
 
 
 5th. At Lochee, as follows, 
 
 
 
 3,829 7 
 
 8 
 
 
 
 Cash Accounts, in number 1, 
 
 ....£2,131 7 
 
 6 
 
 
 
 
 
 Bills Receivable, 
 
 ... 1,698 0 
 
 2 
 
 
 
 
 
 
 £3,829 7 
 
 8 
 
 
 
 
 
 
 
 £833,947 7 
 
 2 
 
 
 
 SUNDRY ACCOUNTS, Dr.,... 
 
 
 
 
 ... 4,049 
 
 6 
 
 9 
 
 CASH at call and on hand, as per following Statement, 
 
 ... 137,924 
 
 13 
 
 11 
 
 At call, Edinburgh Agents, 
 
 
 
 .£63,249 6 
 
 2 
 
 
 
 Do., London do., 
 
 
 
 32,097 16 
 
 3 
 
 
 
 On hand, at Head Office, Dundee, as follows, . . . 
 
 
 . 39,731 17 
 
 7 
 
 
 
 Mixed Notes, 
 
 .. £13,018 0 
 
 0 
 
 
 
 
 
 Gold, 
 
 ... 19,508 10 
 
 0 
 
 
 
 
 
 Silver, 
 
 ... 7,201 4 
 
 6 
 
 
 
 
 
 Copper, 
 
 4 3 
 
 1 
 
 
 
 
 
 
 £39,731 17 
 
 7 
 
 
 
 
 
 Od hand, at Alyth Branch — Mixed Notes & Spe 
 
 icie, 
 
 845 19 
 
 8 
 
 
 
 Do., at Bro’ Ferry do. 
 
 do. do. , 
 
 378 11 
 
 3 
 
 
 
 Do., at Forfar do. 
 
 do. do., 
 
 820 4 
 
 7 
 
 
 
 Do., at Lochee do. 
 
 do. do., 
 
 800 18 
 
 5 
 
 
 
 
 
 £137,924 13 
 
 11 
 
 
 
 TOTAL ASSETS of the Bank,.. 
 
 
 
 
 ..£979,461 
 
 18 
 
 11 
 
 
514 Banking Memoranda for 1859. 
 
 Currency, Prices, &c., in 1859. — Peace: Gold at par; Bank of England 
 Circulation (16th February) £19,489,345, and Deposits, &c., £24,036,947=total 
 liabilities £43,526,292 — Bullion £19,747,000, and Securities £27,138,613 = 
 total assets £46,885,613, making the Rest £3,359,321 ; average Circulation of 
 Notes in the United Kingdom 12th of March 1859, £37,455,962, viz., Bank of 
 England £20,468,274, English Private Banks £3,338,677, English Joint-Stock 
 Banks £2,933,592, Scotch Banks £3,780,662, and Irish Banks £6,934,757 ; 
 Public Revenue (year ending 31st March) £66,851,549 ; Consols 89^ to 97|, 
 and Bank Stock 215 to 230 J ; wheat per quarter, in London, 40s. Id. to 52s. 5d., 
 and in Edinburgh, 40s. Id. — oatmeal per boll 16s. 8d. ; bankruptcies in England 
 959, Ireland 102, and Scotland 444 ; Bank of England’s minimum rates of 
 discount 2-|- per cent., 28th April 3J, 5th May 4^, 2d June 3-J, 9th June 3, 
 and 14th July 24 ; Railway Loan rates to the end of April 3^ to 3J per cent., 
 May 5, June 5 J and 5, July 4, August ; Cotton Bills, 3^ to 4 per cent., 
 May 54, July 4 to 3} ; Scotch Banks’ deposit rates 2 per cent., 9th May 2^, 
 and 6th June 2. 
 
 Bill and Note Circulation. — In this land of credit, commodities in bulk 
 are distributed more by the aid of commercial Bills than Bank Notes. Tooke, 
 in The History of Prices , has collected computations as to the amount of these 
 in circulation at different periods. While always on the increase, owing to the 
 regular increase of the trade and commerce of the country, their amount fluc- 
 tuates from season to season according to the state of the money market — 
 increasing as money grows scarce and the rate of discount rises, and dimi- 
 nishing when money is plentiful and consequently the rate of discount low. 
 
 The 
 
 i 
 
 I 
 
 1 
 
 V 
 
Banking Memoranda for 1859 — ( Continued). 
 
 515 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 do. 
 
 2 * 
 
 3 to 31 
 
 The calculations were, that the amount of Inland Bills in circulation in Eng- 
 land and Wales was, in — 
 
 1836, from £65,000,000, Disc. 4 per Ct., to £78,000,000, Disc. 5 per Ct. 
 
 1839, from £68,000,000, do. 4 „ 82,000,000, do. 6 „ 
 
 1844, December, it fell to 59,000,000, 
 
 1846, December, it rose to 69,000,000, 
 
 1847, January, it rose to (and remained so 
 
 till the Government letter in October 
 relieved the pressure) 79,000,000, 
 
 1852, October, 63,000,000, 
 
 1853, September, pressure on money market, 88,000,000, 
 
 1857, Inland and Foreign Bill circulation, in Great Britain, was estimated to 
 vary from £180,000,000 to £200,000,000. 
 
 There seems to be no correspondence between the amount of Bills in circula- 
 tion and that of Notes. Thus, in England and Wales, in — 
 
 1847, September, Notes £26,000,000 Bills £74,000,000 
 
 1849, June, Do. 26,000,000 Do. 55,000,000 
 
 1852, September, Do. 30,000,000 Do. 69,000,000 
 
 1853, December, Do. 30,000,000 Do. 86,000,000 
 
 Commercial Bank of Scotland. — Its Capital was enlarged by an 
 
 addition of £200,000, taken out of its undivided Profits, and allocated, of 
 course rateably, among the holders of its stock — the Capital thus becoming 
 £800,000. 
 
 North of Scotland Bank. — A Branch was opened in Cullen. 
 
 Union Bank of Scotland. — A Branch was opened in Methven. 
 
Dr. THE DUNDEE BANKING COMPANY. [98 
 
 To the PUBLIC, as per following Statement, £814,076 17 11 
 
 For NOTES in circulation, as follows, £ 37,749 17 8 
 
 Notes of £10 0 £25,414 17 8 
 
 „ 5 0 0 5,915 0 0 
 
 „ 20 0 0 6,420 0 0 
 
 £37,749 17 8 
 
 For MONEY DEPOSITED, as follows, 775,726 14 9 
 
 In Dundee 
 
 on 
 
 2,521 Accounts,. £585, 819 
 
 10 
 
 7 
 
 At Alyth 
 
 on 
 
 264 
 
 do., 
 
 . 32,882 
 
 15 
 
 1 
 
 ,, Brought} 7 Ferry 
 
 on 
 
 235 
 
 do., 
 
 . 17,270 
 
 10 
 
 0 
 
 ,, Forfar 
 
 on 
 
 621 
 
 do., 
 
 . 109,081 
 
 0 
 
 6 
 
 ,, Lochee 
 
 on 
 
 182 
 
 do., 
 
 . 23,689 
 
 11 
 
 1 
 
 Interest due thereon, . , 
 
 
 
 ... 6,983 
 
 7 
 
 6 
 
 
 
 
 
 £775,726 
 
 14 
 
 9 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 600 5 6 
 £814,076 17 11 
 
 To the PARTNERS of the Company, as per following Statement, 123,013 14 6 
 
 For CAPITAL paid up, £60 on 1,000 shares, 
 
 
 
 £60,000 
 
 0 
 
 0 
 
 
 For Reserved Fund, 
 
 
 
 
 
 
 40,000 
 
 0 
 
 0 
 
 
 For Dependancies, 
 
 
 
 
 
 
 8,105 
 
 0 
 
 4 
 
 
 For Rebate on Bills, 
 
 
 
 
 
 
 4,908 
 
 14 
 
 2 
 
 
 For Portion of past year’s 
 
 PROFITS, set aside : 
 
 for 
 
 
 
 
 
 a Dividend of £10 on 1,000 shares, . 
 
 
 
 
 10,000 
 
 0 
 
 0 
 
 
 Profit and Loss — 
 
 
 
 
 
 
 
 
 
 
 By Discounts ( + former Rebate ) , 
 
 
 ...£25,872 
 
 5 
 
 6 
 
 
 
 
 
 Interest received, 
 
 
 
 ... 25,109 
 
 13 
 
 3 
 
 
 
 
 
 
 
 
 £50,981 
 
 18 
 
 9 
 
 
 
 
 
 Off Interest paid, 
 
 
 
 ... 19,062 
 
 18 
 
 4 
 
 
 
 
 J 
 
 
 
 
 £31,919 
 
 0 
 
 5 
 
 
 
 
 
 To Rebate on Bills, 
 
 ..£4,908 
 
 14 
 
 2 
 
 
 
 
 
 
 ’ i 
 
 Interest due, 
 
 .. 6,983 
 
 7 
 
 6 
 
 
 
 
 
 
 
 Expense of Management, 
 
 .. 6,332 
 
 10 
 
 5 18,224 12 
 
 1 
 
 
 
 
 
 By Nett Profit, 
 
 
 
 ...£13,694 
 
 8 
 
 4 
 
 
 
 
 
 Interest on Reserved Fund, 
 
 
 ... 1,600 
 
 0 
 
 0 
 
 
 
 
 
 By Total Profit on hand, 
 
 
 
 ...£15,294 
 
 8 
 
 4 
 
 
 
 
 
 To Bank Offices, 
 
 ..£ 151 
 
 8 
 
 4 
 
 
 
 
 
 
 
 Life Policies Account, .. . 
 
 .. 435 
 
 13 
 
 3 
 
 
 
 
 
 
 
 Dependancies, 
 
 .. 4,707 
 
 6 
 
 9 5,294 
 
 8 
 
 4 
 
 
 
 
 
 
 
 
 £10,000 
 
 0 
 
 0 £123,013 
 
 14 
 
 6 
 
 
 TOTAL LIABILITIES of the Bank, £937,090 12 5 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £4,950,000. 
 The Bills Discounted, No. 7,479, £1,510,139, 5s.; Discounts thereon, £21,735, 17s. 5d. 
 Total payments through Edinburgh Agents, £875,000 (of this for the Bank’s Notes retired, 
 £191,365); and through London Agents, £495,000. 
 
 
98] 20th FEBRUARY 1861, 
 
 
 
 
 
 Or. 
 
 Br BANK OFFICES, 
 
 
 
 
 
 
 .£ 
 
 3,140 
 
 0 
 
 0 
 
 INVESTMENTS, as per followin 
 
 g Statement 
 
 v — 
 
 
 
 804,642 
 
 13 
 
 7 
 
 ls£. In Dundee, as follows, 
 
 
 
 ....£786,010 
 
 8 
 
 5 
 
 
 
 
 Cash Accounts, in number 42, 
 
 £ 48,818 
 
 4 
 
 6 
 
 
 
 
 
 
 
 Overdrawn Accounts, in number 82, 
 
 34,964 
 
 2 
 
 7 
 
 
 
 
 
 
 
 Heritable Bonds, in number 49, 
 
 221,259 
 
 6 
 
 10 
 
 
 
 
 
 
 
 Bills Receivable, 
 
 403,731 
 
 4 
 
 6 
 
 
 
 
 
 
 
 Consols, £70,000 at 94, 
 
 64,400 
 
 0 
 
 0 
 
 
 
 
 
 
 
 East India Debentures, £10,000, 
 
 9,837 
 
 10 
 
 0 
 
 
 
 
 
 
 
 Life Policies Account, 
 
 3,000 
 
 0 
 
 0 
 
 
 
 
 
 
 
 
 £786,010 
 
 8 
 
 5 
 
 
 
 
 
 
 
 2 d. At Alyth, as follows, 
 
 
 
 
 4,622 
 
 5 
 
 7 
 
 
 
 
 Cash Accounts, in number 18, 
 
 ...£1,992 
 
 4 
 
 0 
 
 
 
 
 
 
 
 Bills Receivable, 
 
 ... 2,630 
 
 1 
 
 7 
 
 
 
 
 
 
 
 
 £4,622 
 
 5 
 
 7 
 
 
 
 
 
 
 
 3 d. At Broughty Ferry, as follows, 
 
 
 
 
 1,520 
 
 6 
 
 3 
 
 
 
 
 Cash Accounts, in number 13, 
 
 ...£ 514 
 
 4 
 
 6 
 
 
 
 
 
 
 
 Bills Receivable, 
 
 ... 1,006 
 
 1 
 
 9 
 
 
 
 
 
 
 
 
 £1,520 
 
 6 
 
 3 
 
 
 
 
 
 
 
 4 th. At Forfar, as follows, 
 
 
 
 
 8,233 
 
 15 
 
 11 
 
 
 
 
 Cash Accounts, in number 47, 
 
 ...£5,187 
 
 16 
 
 1 
 
 
 
 
 
 
 
 Bills Receivable, 
 
 ... 3,045 
 
 19 
 
 10 
 
 
 
 
 
 
 
 
 £8,233 
 
 15 
 
 11 
 
 
 
 
 
 
 
 5 th. At Lochee, as follows, 
 
 
 
 
 4,255 
 
 17 
 
 5 
 
 
 
 
 Cash Accounts, in number 3, 
 
 ....£3,180 
 
 5 
 
 1 
 
 
 
 
 
 
 
 Bills Receivable, 
 
 ... 1,075 
 
 12 
 
 4 
 
 
 
 
 
 
 
 
 £4,255 
 
 17 
 
 5 
 
 
 
 
 
 
 
 
 
 
 £804,642 
 
 13 
 
 7 
 
 
 
 
 SUNDRY ACCOUNTS, Dr.,... 
 
 
 
 
 
 
 
 2,006 
 
 9 
 
 7 
 
 CASH at call and on hand, as per 
 
 following Statement, . 
 
 
 
 127,301 
 
 9 
 
 3 
 
 At call, Edinburgh Agents, 
 
 
 
 £55,998 
 
 10 
 
 1 
 
 
 
 
 Do. London do., 
 
 
 
 
 .31,655 
 
 4 
 
 6 
 
 
 
 
 On hand, at Head Office, Dundee, 
 
 as follows, . . . 
 
 
 36,359 
 
 13 
 
 11 
 
 
 
 
 Mixed Notes, 
 
 ..£ 3,444 
 
 0 
 
 0 
 
 
 
 
 
 
 
 Gold, 
 
 ... 29,391 
 
 10 
 
 0 
 
 
 
 
 
 
 
 Silver, 
 
 ... 3,520 
 
 1 
 
 6 
 
 
 
 
 
 
 
 Copper, 
 
 4 
 
 2 
 
 5 
 
 
 
 
 
 
 
 
 £36,359 
 
 13 
 
 11 
 
 
 
 
 
 
 
 Oh hand, at Alyth Branch — M ixed Notes & 
 
 Specie, 
 
 313 
 
 0 
 
 2 
 
 
 
 
 Do., at Bro’ Ferry do. 
 
 do. 
 
 do 
 
 •y 
 
 379 
 
 14 
 
 4 
 
 
 
 
 Do., at Forfar do. 
 
 do. 
 
 do 
 
 •j 
 
 2,053 
 
 13 
 
 11 
 
 
 
 
 Do., at Lochee do. 
 
 do. 
 
 do 
 
 •> 
 
 541 
 
 12 
 
 4 
 
 
 
 
 
 
 
 £127,301 
 
 9 
 
 3 
 
 
 
 
 TOTAL ASSETS of the Bank,.. 
 
 
 
 
 
 
 ..£937,090 
 
 12 
 
 5 
 
518 Banking Memoranda for 1860. 
 
 Currency, Prices, &c., in 1860. — Peace : Gold at par ; Bank of England 
 Circulation (15th February) £20,991,145, and Deposits, &c., £21,929,680=total 
 liabilities £42,920,825 — Bullion £15,104,000, and Securities £31,255,329=total 
 assets £46,359,329, making the Rest £3,438,504 ; total Circulation of Notes in 
 the United Kingdom 10th of March 1860, £38,520,733, viz., Bank of England 
 £20,991,145, English Private Banks £3,376,819, English Joint-Stock Banks 
 £2,946,330, Scotch Banks £4,001,977, and Irish Banks £7,204,462 ; Public 
 Revenue (year ending 31st March) £72,507,505 ; Consols 92^ to 95J, and Bank 
 Stock 223 to 235^ ; wheat per quarter, in London, 43s. 6d. to 63s. 9d., and in 
 Edinburgh, 44s. 8d. — oatmeal per boll 18s. 9d. ; bankruptcies in England 1,268, 
 Ireland 115, and Scotland 445 ; Bank of England’s minimum rates of discount 
 2-| per cent., 19th January 3, 31st 4, 29th March 4-J, 12th April 5, 10th May 
 4-|, 24th 4, 8th November 4^, 13th 5, 15th 6, and 29th 5, and 31st December 6 ; 
 Railway Loans, January 4 per cent., March 4£ to 4^, April 5, May 4^, No- 
 vember 
 
Banking Memoranda for 1860 — (Continued). 519 
 
 vernber 4^ to 4J, December 5 ; Cotton Bills, April 5J ; and Scotch Banks’ 
 deposit rates 2 per cent., 31st March % 26th May 2, 15th November 3, and 
 30th 2^, and 31st December 3. 
 
 Dundee — Steam Power in 1860. — For comparison see before, under dates 
 1820 and 1832 
 
 Engines. Horse Power. 
 
 1. Navigation, 16 1,055 
 
 2. Whaling Trade, 10 320 
 
 3. Shipbuilding and Harbour Works, 14 191 
 
 4. Leith, Perth, and Ferry Passages, 7 315 
 
 5. Miscellaneous, 40 347 
 
 6. Calendering, 10 157 
 
 7. Flour Mills, 4 87 
 
 8. Spinning and Weaving, 126 3,685 
 
 227 6,157 
 
Dr. THE DUNDEE BANKING COMPANY. 
 
 
 [99 
 
 To the PUBLIC, as per following Statement,. 
 
 
 
 
 
 .£783,603 
 
 17 6 
 
 For NOTES in circulation, as follows, .. 
 
 
 
 
 £42,494 11 
 
 8 
 
 
 Notes of £10 0 
 
 £24,694 11 
 
 8 
 
 
 
 
 
 „ 5 0 0 
 
 6,080 
 
 0 
 
 0 
 
 
 
 
 
 „ 20 0 0 
 
 11,720 
 
 0 
 
 0 
 
 
 
 ■ 
 
 
 
 £42,494 
 
 11 
 
 8 
 
 
 
 
 
 For MONEY DEPOSITED, as follows, . 
 
 
 
 
 740,617 
 
 1 
 
 3 
 
 
 In Dundee on 2, 380 Accounts, . £554, 449 
 
 13 
 
 2 
 
 
 
 
 
 At Alyth on 291 do., 
 
 35,627 
 
 16 
 
 3 
 
 
 
 
 
 ,, Broughty Ferry on 241 do., 
 
 19,245 
 
 18 
 
 1 
 
 
 
 
 
 ,, Forfar on 550 do., 
 
 104,888 
 
 11 
 
 1 
 
 
 
 
 
 ,, Lochee on 186 do., 
 
 21,070 
 
 17 
 
 2 
 
 
 
 
 
 Interest due thereon, 
 
 5,334 
 
 5 
 
 6 
 
 
 
 
 
 
 £740,617 
 
 1 
 
 3 
 
 
 
 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 
 
 
 492 
 
 4 
 
 7 
 
 
 
 
 
 £783,603 17 
 
 6 
 
 
 To the PARTNERS of the Company, as per folio win 
 
 g Statement, 121,631 
 
 0 5 
 
 For CAPITAL paid up, £100 on 1,000 shares, . . 
 
 
 ....£100,000 
 
 0 
 
 0 
 
 
 For Dependancies, 
 
 
 
 
 9,192 
 
 8 
 
 10 
 
 
 For Rebate on Bills, 
 
 
 
 
 2,438 
 
 11 
 
 7 
 
 
 For Portion of past year’s PROFITS, set aside for 
 
 
 
 
 
 a Dividend of £10 on 1,000 shares,. 
 
 
 
 
 10,000 
 
 0 
 
 0 
 
 
 PROFIT AND Loss — 
 
 By Discounts ( + former Rebate), 
 
 ...£21,231 
 
 5 
 
 10 
 
 
 
 
 
 Interest received, 
 
 ... 29,820 
 
 19 
 
 0 
 
 
 
 
 
 
 £51,052 
 
 4 
 
 10 
 
 
 
 
 
 Off Interest paid, 
 
 ... 22,854 
 
 2 
 
 2 
 
 
 
 
 
 
 £28,198 
 
 2 
 
 8 
 
 
 
 
 
 To Rebate on Bills, £ 2,438 11 
 
 7 
 
 
 
 
 
 
 
 Interest due, 5,334 5 
 
 6 
 
 
 
 
 
 
 
 Expense of Management, 6,303 4 
 
 9 14,076 
 
 1 
 
 10 
 
 
 
 
 
 By Nett Profit, 
 
 ...£14,122 
 
 0 
 
 10 
 
 
 
 
 
 Interest on Reserved Fund, 
 
 ... 1,600 
 
 0 
 
 0 
 
 
 
 
 
 By Total Profit on hand, 
 
 ...£15,722 
 
 0 10 
 
 
 
 
 
 To Bank Offices, £ 100 0 
 
 0 
 
 
 
 
 
 
 
 Life Policies Account, 615 10 
 
 9 
 
 
 
 
 
 
 
 Dependancies, 5,008 10 
 
 1 5,722 
 
 0 
 
 10 
 
 
 
 
 
 
 £10,000 
 
 0 
 
 0 £121,631 
 
 0 
 
 5 
 
 
 TOTAL LIABILITIES of the Bank, 
 
 
 
 
 
 ..£905,234 
 
 17 11 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £4,490,000. 
 The Bills Discounted, No. 7,373, £1,334,060, 15s. ; Discounts thereon, £16,322, 11s. 8d. 
 Total payments through Edinburgh Agents, £800,000 (of this for the Bank’s Notes retired, 
 £187,280) ; and through London Agents, £475,000. 
 
99] 20th FEBRUARY 1862. Cr. 
 
 By BANK OFFICES, £ 3,000 0 0 
 
 INVESTMENTS, as per following Statement, 745,983 6 8 
 
 Is?. In Dundee, as follows : — 
 
 Is?. In Dundee, as follows : — 
 
 Cash Accounts, in number 44, 
 
 .£ 45,454 
 
 15 
 
 6 
 
 
 
 
 Overdrawn Accounts, in number 81, . 
 
 40,353 
 
 16 
 
 11 
 
 
 
 
 Heritable Bonds, in number 52, 
 
 261,658 
 
 3 
 
 6 
 
 
 
 
 Bills Receivable, 
 
 . 294,697 
 
 3 
 
 11 
 
 
 
 
 Consols, £50,000 at 92f, 
 
 . 46,200 
 
 0 
 
 0 
 
 
 
 
 East India Debentures, £10,000, 
 
 . 9,830 
 
 0 
 
 0 
 
 
 
 
 East India 5£ per Cent Enfaced Paper, 
 
 
 
 
 
 
 
 Rs. 50,000 at 104^, 
 
 . 5,225 
 
 0 
 
 0 
 
 
 
 
 Temporary Investments, 
 
 . 12,900 
 
 0 
 
 0 
 
 
 
 
 Life Policies Account, 
 
 . 3,000 
 
 0 
 
 0£719,318 
 
 19 
 
 10 
 
 2d. At Alyth, as follows : — 
 
 
 
 
 
 
 
 Cash Accounts, in number 29, 
 
 , £5,926 
 
 6 
 
 6 
 
 
 
 
 Bills Receivable, 
 
 . 3,404 
 
 2 
 
 2 
 
 9,330 
 
 8 
 
 8 
 
 3c?. At Broughty Ferry, as follows 
 
 : — 
 
 
 
 
 
 
 Cash Accounts, in number 10, 
 
 £193 
 
 8 
 
 2 
 
 
 
 
 Bills Receivable, 
 
 785 
 
 16 
 
 7 
 
 979 
 
 4 
 
 9 
 
 4 th. At Forfar, as follows : — 
 
 
 
 
 
 
 
 Cash Accounts, in number 59, 
 
 .. £7,240 
 
 14 
 
 7 
 
 
 
 
 Bills Receivable, 
 
 .. 4,902 
 
 17 
 
 7 
 
 12,143 
 
 12 
 
 2 
 
 5 th. At Lochee, as follows : — 
 
 
 
 
 
 
 
 Cash Accounts, in number 3, 
 
 , £3,220 
 
 16 
 
 6 
 
 
 
 
 Bills Receivable, 
 
 990 
 
 4 
 
 9 
 
 4,211 
 
 1 
 
 3 
 
 £745,983 6 8 
 
 SUNDRY ACCOUNTS, Dr., 7,655 19 5 
 
 CASH at call and on hand, as per following Statement, 148,595 11 10 
 
 At call, Edinburgh Agents, £55,473 3 11 
 
 Do., London do., 45,601 19 9 
 
 On hand, at Head Office, Dundee, as follows, 
 
 40,018 
 
 4 
 
 7 
 
 Mixed Notes, 
 
 
 £7,765 0 0 
 
 
 
 
 Gold, 
 
 
 26,538 10 0 
 
 
 
 
 Silver, 
 
 
 5,708 10 6 
 
 
 
 
 Copper, 
 
 
 6 4 1 
 
 
 
 
 
 
 £40,018 4 7 
 
 
 
 
 On hand, at Alyth Branch - 
 
 —Mixed Notes & Specie, 
 
 2,595 
 
 6 
 
 1 
 
 Do., at Bro’ Ferry do. 
 
 do. do., 
 
 481 
 
 17 
 
 5 
 
 Do., at Forfar 
 
 do. 
 
 do. do. , 
 
 3,745 
 
 15 
 
 6 
 
 Do., at Lochee 
 
 do. 
 
 do. do., 
 
 679 
 
 4 
 
 7 
 
 
 
 £148,595 
 
 11 
 
 10 
 
 TOTAL ASSETS of the Bank, £905,234 17 11 
 
 1862. Feb. 20th . — The amount entered yearly in Profit and Loss as Interest received 
 included Commission and Exchange, which, for the years 1859 to 1864, can be separately 
 stated, and were as follows : — 
 
 
 j £29,708 15 
 
 1 
 
 ( of this, 
 
 ( Commis. 1 
 
 00 
 
 00 
 
 Ox 
 
 o 
 
 8 i 
 
 \ and 
 
 1 Exch. on 1 
 
 | 4, 030 Drafts, £537 6 
 
 8 
 
 I860... 
 
 Do. 
 
 26,221 8 
 
 0 
 
 do. 
 
 1,037 9 
 
 9 
 
 do. 
 
 3,687 „ 
 
 620 7 11 
 
 1861... 
 
 Do. 
 
 25,109 13 
 
 3 
 
 do. 
 
 606 14 
 
 3 
 
 do. 
 
 3,786 „ 
 
 676 16 
 
 0 
 
 1862... 
 
 Do. 
 
 29,820 10 
 
 0 
 
 do. 
 
 612 12 
 
 4 
 
 do. 
 
 3,400 „ 
 
 398 10 
 
 3 
 
 1863... 
 
 Do. 
 
 31,444 5 11 
 
 do. 
 
 850 14 11 
 
 do. 
 
 3,292 „ 
 
 369 13 
 
 4 
 
 1864... 
 
 Do. 
 
 27,977 14 
 
 3 
 
 do. 
 
 665 4 
 
 9 
 
 do. 
 
 3,486 „ 
 
 333 18 
 
 2 
 
522 Banking Memoranda for 1861. 
 
 Currency, Prices, &c., in 1861. — Peace : Gold at par ; Bank of England 
 Circulation (19th February) £19,879,215, and Deposits, &c., £17,948,595 = total 
 liabilities £37,827,810 — Bullion £11,832,000, and Securities £29,500,746=total 
 assets £41,332,746, making the Best £3,504,936 ; total Circulation of Notes in 
 the United Kingdom 9tli of March 1861, £36,197,315, viz., Bank of England 
 £19,504,830, English Private Banks £3,205,513, English Joint-Stock Banks 
 £2,867,926, Scotch Banks £3,936,969, and Irish Banks £6,682,077; Public 
 Expenditure, for year ending 31st March, £72,964,536; Consols 89J to 93f, 
 and Bank Stock 226-J to 241 ; wheat per quarter, in London, 50s. to 64s. 2d., and 
 in Edinburgh, 47s. 8d. — oatmeal per boll 21s. 5d. ; Bank of England’s minimum 
 rates of discount 6 per cent., 7th January 7, 14th February 8, 21st March 7, 
 4th April 6, 11th 5, 16th May 6, 1st August 5, 15th 4J, and 29th 4, 19th 
 September 3^, and 7th November 3 ; Bailway Loan rates 5 per cent., February 
 6J, March 7, April 6^-to 6, May 5, September 4, and. November 3^; Cotton 
 Bills, February 7 per cent., May 4f, August 6J, and September 4^; Scotch 
 Banks’ deposit rates 3 per cent., 15 th February 4, 5th April 3, and 12th 2^, 
 17th May 3, 2d August 2^, and 30th 2. 
 
 Variations in the Value of Money. — The following Table shews the 
 alterations in Bank Discounts from 1858 to 1861, with the amount of Bank 
 Notes issued, and of Bullion held, at the respective periods ; also the price of 
 Three per Cent. Stock on the days of change : — 
 
 
 
 
 
 I £ 
 
 
 Bank Notes Issued. 
 
 Price of 
 
 
 Date. 
 
 
 
 2 ® S 
 
 Bullion. 
 
 Held by the 
 Public. 
 
 In reserve 
 
 
 3 per Cent. 
 
 
 
 
 
 G X - 
 
 03 
 
 
 by Bank of 
 
 Total. 
 
 
 
 
 
 
 
 
 
 England. 
 
 
 Red. 
 
 Con. 
 
 
 
 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 
 1859. 
 
 April 
 
 28, 
 
 
 34 
 
 17,640,342 
 
 21,938,625 
 
 9,496,645 
 
 31,435,270 
 
 
 89 
 
 f 9 
 
 May 
 
 5, 
 
 
 4 
 
 17,205,480 
 
 22,255,685 
 
 8,790,350 
 
 31,046,035 
 
 
 90 
 
 }) 
 
 June 
 
 2 
 
 
 34 
 
 17,764,596 
 
 21,092,355 
 
 10.478,390 
 
 31,570,745 
 
 
 93* 
 
 }> 
 
 
 9 o 
 
 
 3 
 
 17,957,887 
 
 21,134,345 
 
 10,607,545 
 
 31,741,890 
 
 
 93f 
 
 1 } 
 
 July 
 
 14, 
 
 
 24 
 
 17,941,791 
 
 21,712,530 
 
 10,100,525 
 
 31,813,055 
 
 
 95* 
 
 1860. 
 
 Jan. 
 
 19, 
 
 Fh 
 
 cS 
 
 £ 
 
 3 
 
 15,884,498 
 
 22,053,140 
 
 7,589,865 
 
 29,643,005 
 
 
 95J 
 
 y y 
 
 
 31, 
 
 4 
 
 14,942,502 
 
 21,906,340 
 
 6,846,370 
 
 28,752,710 
 
 
 94 £ 
 
 yy 
 
 Mar. 
 
 29, 
 
 > $ 
 
 4* 
 
 15,271,701 
 
 20,980,355 
 
 8,082,685 
 
 29,063,040 
 
 
 94 1 
 
 y y 
 
 April 
 
 12, 
 
 .3 
 
 5 
 
 14,637,102 
 
 23,407,255 
 
 4,922,085 
 
 28,389,340 
 
 
 94§ 
 
 y y 
 
 May 
 
 10, 
 
 o 
 
 44 
 
 15,373,326 
 
 21,880,935 
 
 7,182,845 
 
 29,063,780 
 
 
 95* 
 
 y y 
 
 
 24, 
 
 
 4 
 
 15,844,195 
 
 21,223,290 
 
 8,346,100 
 
 29,569,390 
 
 
 95* 
 
 y y 
 
 Nov. 
 
 8.J 
 
 i 
 
 44 
 
 ! 13,897,085 
 
 21,206,070 
 
 6,429,370 
 
 27,635,440 
 
 
 93* 
 
 yy 
 
 
 13, 
 
 15, 
 
 
 5 \ 
 
 6 j 
 
 13,314,811 
 
 20,559,270 
 
 6,338,385 
 
 26,997,655 
 
 
 93* 
 
 yy 
 
 
 29, 
 
 
 5 
 
 13,860,376 
 
 19,900,215 
 
 7,736,360 
 
 27,536,575 
 
 
 92 1 
 93* 
 
 yy 
 
 Dec. 
 
 31, 
 
 
 6 
 
 
 
 
 
 92| 
 
 
 1861. 
 
 Jan. 
 
 2, 
 
 
 
 12,652,839 
 
 20,511,595 
 
 5,899,815 
 
 26,411,410 
 
 92i 
 
 
 yy 
 
 
 7, 
 
 
 7 
 
 
 
 
 92 
 
 y y 
 
 
 9, 
 
 
 
 12,175,386 
 
 20,453,800 
 
 5,518,115 
 
 25,971,915 
 
 
 91| 
 
 y y 
 
 Feb. 
 
 14, 
 
 
 8 
 
 11,571,332 
 
 19,690,160 
 
 5,535,845 
 
 25,226,005 
 
 
 91 f 
 
 yy 
 
 Mar. 
 
 21, 
 
 
 7 
 
 12,701,425 
 
 18,851,195 
 
 7,453,425 
 
 26,304,620 
 
 
 92 
 
 yy 
 
 April 
 
 4, 
 
 
 6 
 
 13,000,130 
 
 19,823,970 
 
 6,844,490 
 
 26,668,460 
 
 
 91* 
 
 yy 
 
 11, 
 
 
 5 
 
 13,122,432 
 
 20,158,340 
 
 6,690,360 
 
 26,848,700 
 
 
 91* 
 
 yy 
 
 May 
 
 16, 
 
 
 6 
 
 12,382,446 
 
 20,042,790 
 
 5,978,195 
 
 26,020,985 
 
 
 91* 
 
 The 
 
Banking Memoranda for 1861 — ( Continued). 523 
 
 The Bank of Deposit and National Assurance and Investment Asso- 
 ciation. — In November, the Report by the accountants revealed fully the opera- 
 tions and condition of this London bubble company, which, like many others, 
 deceived people by pretending to be a Bank. The following are a few 
 particulars : — It was registered as a Joint-Stock Company on 8th January 1845, 
 but in December 1851 its constitution was so altered that it could no longer 
 remain as a registered Joint-Stock Company, therefore, in June 1854, an Act 
 of Parliament was obtained conferring certain powers on the Association ! Its 
 objects were threefold, and its funds divided accordingly, the Mutual Invest- 
 ment Fund, the Mutual Assurance Fund, and the General Fund. The printed 
 documents issued from time to time contained the assertion, “ Capital Stock 
 £100,000,” but it never exceeded £20,050, 10s., of which only £8,593, 10s. was 
 paid up in cash, £7,100 of the remainder being entered in the books to the 
 credit of parties in lieu of sums due to them by the Association, and the balance, 
 £4,357, being sums entered to the credit of partners, chiefly the directors them- 
 selves, but for which they were debited in other accounts. Even this nominal 
 Capital varied as follows, 1852 £6,397, 1853 £20,000, 1854 £19,900, 1858 
 £19,600, 1859 £18,900, and 1860 £13,400. By an approximate estimate, made 
 up on 31st October this year, it appeared that the Association’s liabilities were 
 £364,636, and that its assets might perhaps realise £55,086, leaving a defi- 
 ciency of £309,650. No profits had in any one year been made, the interest 
 paid to depositors always exceeding that charged to borrowers, and the income 
 from the insurance business always being less than the expenses of the estab- 
 lishment. The annual ascertained loss was written off the Mutual Investment 
 Fund till it was exhausted, then off the Mutual Assurance Fund till it was in 
 the same state, then off the Annuity Fund, so that in December 1860, when the 
 latter fund ought to have been Cr. £156,690, it stood in the Association’s books 
 at only £62,536. The annual loss by interest and expenses was as follows (bad 
 debts not being included in these sums), 1852 £4,969, 1853 £12,259, 1854 
 £18,105, 1855 £33,804, 1856 £48,782, 1857 £66,661, 1858 £92,376, 1859 
 £112,628, and 1860 £147,935 — total £537,519. The Deposits in this Assur- 
 ance and Investment Company (though calling itself a Bank) increased as follows, 
 in 1852 they were £4,303, in 1853 £30,543, in 1854 £79,196, in 1855 £118,205, 
 in 1856 £164,822, in 1857 £179,740, in 1858 £226,362, in 1859 £296,078, 
 and in 1860 £348,096. 
 
 National Bank of Scotland. — A Branch was opened in Pittenweem. 
 
 Clydesdale Bank. — Branches were opened in Eaglesham and Pittenweem. 
 
Dr. THE DUNDEE BANKING COMPANY. 
 
 
 [100 
 
 To the PUBLIC, as per following Statement,.... 
 
 
 
 .£776,258 
 
 10 
 
 5 
 
 For NOTES in circulation, as follows,.... 
 
 
 ....£ 50,308 
 
 14 
 
 2 
 
 
 
 Notes of £10 0 
 
 £29,133 14 
 
 2 
 
 
 
 
 
 „ 5 0 0 
 
 6,855 0 
 
 0 
 
 
 
 
 
 „ 20 0 0 
 
 14,320 0 
 
 0 
 
 
 
 
 
 
 £50,308 14 
 
 2 
 
 
 
 
 
 For MONEY DEPOSITED, as follows, . 
 
 
 ... 725,866 
 
 18 
 
 7 
 
 
 
 In Dimdee on 2,295 Accounts,. 
 
 £546,228 18 
 
 6 
 
 
 
 
 
 At Alyth on 292 do., 
 
 35,181 2 
 
 10 
 
 
 
 
 
 ,, Broughty Ferry on 242 do., 
 
 20,827 2 
 
 8 
 
 
 
 
 
 ,, Forfar on 548 do., 
 
 100,222 0 
 
 1 
 
 
 
 
 
 ,, Lochee on 195 do., 
 
 19,760 0 
 
 6 
 
 
 
 
 
 Interest due thereon, 
 
 3,647 14 
 
 0 
 
 
 
 
 
 £725,866 18 
 
 7 
 
 
 
 
 
 For SUNDRY ACCOUNTS, Cr., 
 
 
 82 
 
 17 
 
 8 
 
 
 
 
 
 .£776,258 
 
 10 
 
 5 
 
 
 
 To the PARTNERS of the Company, as per following Statement, 123,566 
 
 6 
 
 8 
 
 For CAPITAL paid up, £100 on 1,000 shares, 
 
 ....£100,000 
 
 0 
 
 0 
 
 
 
 For Reserved Fund, 
 
 
 .... 10,000 
 
 0 
 
 0 
 
 
 
 For Dependancies, 
 
 
 1,458 
 
 0 
 
 8 
 
 
 
 For Rebate on Bills, 
 
 
 .... 2,108 
 
 6 
 
 0 
 
 
 
 For Portion of past year’s PROFITS, 
 
 set aside for a 
 
 
 
 
 
 Dividend of £10 on 1,000 shares, ... 
 
 
 .... 10,000 
 
 0 
 
 0 
 
 
 
 Profit and Loss — 
 
 
 
 
 
 
 
 By Discounts ( + former Rebate), 
 
 .£14,753 7 
 
 3 
 
 
 
 
 
 Interest received, 
 
 . 31,444 5 
 
 11 
 
 
 
 
 
 
 £46,197 13 
 
 2 
 
 
 
 
 
 Off Interest paid, 
 
 . 21,619 9 
 
 2 
 
 
 
 
 
 
 £24,578 4 
 
 0 
 
 
 
 
 
 To Rebate on Bills, £2, 108 6 0 
 
 
 
 
 
 
 
 Interest due, 3,647 14 0 
 
 
 
 
 
 
 
 Expense of Management, 6,313 6 2 
 
 12,069 6 
 
 2 
 
 
 
 
 
 By Nett Profit, 
 
 .£12,508 17 
 
 10 
 
 
 
 
 
 To Dependancies, 
 
 . 2,508 17 
 
 10 
 
 
 
 
 
 
 £10,000 0 
 
 0 £123,566 
 
 6 
 
 8 
 
 
 
 TOTAL LIABILITIES of the Bank, 
 
 
 
 .£899,824 
 
 17 
 
 1 
 
 MEMORANDA concerning the Year's Business. 
 
 The amount received and paid in the Bank during the year was each about £5,025,000. 
 The Bills Discounted, No. 7,138, £1,286,900, 16s. 9d. ; Discounts thereon, £12,314, 15s. 8d. 
 Total payments through Edinburgh Agents, £865,000 (of this for the Bank’s Notes retired, 
 £202,865) ; and through London Agents, £485,000. 
 
 1863. June 9th . — The Contract of Copartnery of the Bank revised. 1st, The Company to 
 continue till dissolved by Partners holding two-thirds of the Stock. 2d, The nominal capital 
 
100] 20th FEBRUARY 1863. 
 
 
 
 
 
 Or. 
 
 By BANK OFFICES, 
 
 
 
 
 
 
 .£ 
 
 3,000 
 
 0 
 
 0 
 
 INVESTMENTS, as per followin 
 
 g Statement, 
 
 
 
 
 
 746,405 
 
 9 
 
 1 
 
 Is?. In Dundee, as follows, 
 
 
 
 ..£7 
 
 14,295 
 
 5 
 
 5 
 
 
 
 
 Cash Accounts, in number 45, 
 
 £ 64,419 
 
 13 
 
 1 
 
 
 
 
 
 
 
 Overdrawn Accounts, in number 91,. 
 
 28,578 
 
 7 
 
 0 
 
 
 
 
 
 
 
 Heritable Bonds, in number 47, 
 
 241,692 
 
 13 
 
 2 
 
 
 
 
 
 
 
 Bills Receivable, 
 
 323,134 
 
 2 
 
 9 
 
 
 
 
 
 
 
 Consols, £50,000 at 92$, 
 
 46,200 
 
 0 
 
 0 
 
 
 
 
 
 
 
 Temporary Investments, 
 
 10,000 
 
 0 
 
 0 
 
 
 
 
 
 
 
 Life Policies Account, 
 
 270 
 
 9 
 
 5 
 
 
 
 
 
 
 
 
 £714,295 
 
 5 
 
 5 
 
 
 
 
 
 
 
 2c?. At Alyth, as follows, 
 
 
 
 
 11,088 
 
 7 
 
 0 
 
 
 
 
 Cash Accounts, in number 36, 
 
 £8,030 
 
 7 
 
 4 
 
 
 
 
 
 
 
 Bills Receivable, 
 
 3,057 
 
 19 
 
 8 
 
 
 
 
 
 
 
 
 £11,088 
 
 7 
 
 0 
 
 
 
 
 
 
 
 3c?. At Broughty Ferry, as follows, 
 
 
 
 
 446 
 
 19 
 
 5 
 
 
 
 
 Cash Accounts, in number 11, 
 
 £308 
 
 19 
 
 5 
 
 
 
 
 
 
 
 Bills Receivable, 
 
 138 
 
 0 
 
 0 
 
 
 
 
 
 
 
 
 £446 
 
 19 
 
 5 
 
 
 
 
 
 
 
 4 th. At Forear, as follows, 
 
 
 
 
 14,852 
 
 4 
 
 1 
 
 
 
 
 Cash Accounts, in number 60, 
 
 £8,570 
 
 14 
 
 8 
 
 
 
 
 
 
 
 Bills Receivable, 
 
 6,281 
 
 9 
 
 5 
 
 
 
 
 
 
 
 
 £14,852 
 
 4 
 
 1 
 
 
 
 
 
 
 
 5?7l At Lochee, as follows, 
 
 
 
 
 5,722 
 
 13 
 
 2 
 
 
 
 
 Cash Accounts, in number 4, 
 
 . £3,890 
 
 14 
 
 2 
 
 
 
 
 
 
 
 Bills Receivable, 
 
 . 1,831 
 
 19 
 
 0 
 
 
 
 
 
 
 
 
 £5,722 
 
 13 
 
 2 
 
 
 
 
 
 
 
 
 
 
 £746,405 
 
 9 
 
 1 
 
 
 
 
 SUNDRY ACCOUNTS, Dr.,... 
 
 
 
 
 
 
 
 3,728 
 
 3 
 
 11 
 
 CASH at call and on hand, as per 
 
 followin 
 
 g Statement,.. 
 
 
 
 146,691 
 
 4 
 
 1 
 
 At call, Edinburgh Agents, 
 
 
 
 £52,342 
 
 7 
 
 9 
 
 
 
 
 Do., London do., 
 
 
 
 
 36,204 
 
 17 
 
 8 
 
 
 
 
 On hand, at Head Office, Dundee, 
 
 as follows, . . . . 
 
 
 53,408 
 
 0 
 
 0 
 
 
 
 
 Mixed Notes, 
 
 ...£24,079 
 
 15 
 
 0 
 
 
 
 
 
 
 
 Gold, 
 
 ... 23,546 
 
 10 
 
 0 
 
 
 
 
 
 
 
 Silver, 
 
 ... 5,778 
 
 10 
 
 7 
 
 
 
 
 
 
 
 Copper, 
 
 3 
 
 4 
 
 5 
 
 
 
 
 
 
 
 
 £53,408 
 
 0 
 
 0 
 
 
 
 
 
 
 
 On hand, at Alyth Branch — Mixed Notes & 
 
 Specie, 
 
 1,549 
 
 13 
 
 5 
 
 
 
 
 Do., at Bro’ Ferry do. 
 
 do. 
 
 do. 
 
 
 301 
 
 5 
 
 0 
 
 
 
 
 Do. , at Forfar do. 
 
 do. 
 
 do. 
 
 
 1,869 
 
 13 
 
 11 
 
 
 
 
 Do., at Lochee do. 
 
 do. 
 
 do. 
 
 > 
 
 1,015 
 
 6 
 
 4 
 
 
 
 
 
 
 
 £146,691 
 
 4 
 
 1 
 
 
 
 
 TOTAL ASSETS of the Bank,... 
 
 
 
 
 
 
 ..£899,824 
 
 17 
 
 1 
 
 to be £200,000. 3d, The Bank may be incorporated. 4th, The Bank may be amalgamated 
 
 with another Bank. 
 
 — 30 th. — Partners resolved to register the Company under the Companies Act 1862 (25 and 
 26 Viet., cap. 39). 
 
 — August Is?. — The Company Incorporated, having a common seal, consisting of the Town’s 
 Arms, encircled with the words, “Seal of the Dundee Banking Company,” and having above 
 the Arms, “Established 1763,” and beneath them, “Incorporated 1863.” 
 
526 Banking Memoranda for 1862. 
 
 Currency, Prices, &e., in 1862. — Peace : Gold at par ; Bank of England 
 Circulation (12th February) £20,129,510, and Deposits, &c., £21,029,203 = total 
 liabilities £41,158,713 — Bullion £15,894,405, and Securities £28,674,812 = 
 total assets £44,569,217, making the Rest £3,410,504; total Circulation of 
 Notes in the United Kingdom 8th of March 1862, £36,115,710, viz., Bank of 
 England £20,308,185, English Private Banks £3,185,411, English Joint-Stock 
 Banks £2,850,958, Scotch Banks £3,869,306, and Irish Banks £5,901,850 ; 
 Public Expenditure, for year ending 31st March, £72,223,627 ; Consols 91^ to 
 94f, and Bank Stock 231 to 244 ; wheat per quarter, in London, 48s. Id. to 
 61s. 4d., and in Edinburgh, 56s. 4d — oatmeal per boll 18s. 9d. ; Bank of 
 England’s minimum rates of discount 3 per cent., 9th January 2-J, 22d May 3, 
 10th July 2^, and 24th 2, and 30th October 3 ; Scotch Banks’ deposit rate 2 
 per cent. 
 
 Paper Monet in India. — In March, the Government in India began to try 
 the experiment of the issue of paper money in that country. 
 
 New Projects in the London Share Market. — During the year, 162 
 new companies, the most of them bubbles, which either never started or soon 
 had to wind up, were brought forward — their proposed capitals amounting to 
 £53,863,000. 
 
 Foreign Loans. — The following foreign loans (besides some smaller ones) 
 were proposed, and the amounts stated w r ere applied for, viz. : — 
 
 March, ....Turkish, 6 per cent.,£ 8,000,000 — £35,000,000 applied for. 
 
 April, ....Egyptian, 7 per cent., 2,195,200 — 10,000,000 do. 
 
 ...Russian, 5 per cent., 10,000,000 — 13,000,000 do. 
 
 July, ...Portuguese, 3 per cent., 5,000,000 — 21,500,000 do. 
 
 The scramble for a share of new loans leading most of the applicants to apply 
 for five or ten times as much as they actually wish, or could accept of if ] 
 allotted to them, causes these ridiculous announcements ; which, while true 
 in the letter, that, on £25,000,000 of loans being proposed, there were appli- j 
 cations for £80,000,000, are not true in the fair sense of the terms, viz., that \ 
 persons having so much money were desirous of investing it in these securities. 
 
 Metropolitan Banks. — Their position at 31st December was as follows : — 
 
 Banks. 
 
 Tear 
 
 Establ. 
 
 Subscribed 
 
 Capital. 
 
 Paid up 
 Capital. 
 
 Current 
 and Deposit 
 Accounts, 
 Dec. 31, 1862. 
 
 Guarantee 
 
 Fund. 
 
 Rate of 
 Dividend and 
 Bonus 
 per Annum. 
 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 Per Cent. 
 
 London & Westminster, 
 
 1834 
 
 5,000,000 
 
 1,000,000 
 
 13,893,736 
 
 262,656 
 
 24 
 
 London Joint-Stock,.... 
 
 1836 
 
 3,000,000 
 
 600,000 
 
 11,472,734 
 
 267,173 
 
 224 
 
 Union Bank of London, 
 
 1839 
 
 3,000,000 
 
 720,000 
 
 12,876,355 
 
 50,000 
 
 121 
 
 London and County, .... 
 
 1839 
 
 1,500,000 
 
 598,375 
 
 7,517,504 
 
 175,000 
 
 15 
 
 City Bank, 
 
 1855 
 
 800,000 
 
 400,000 
 
 3,208,931 
 
 70,000 
 
 10 
 
 Bank of London, 
 
 1855 
 
 600,000 
 
 300,000 
 
 3,228,675 
 
 82,000 
 
 10 
 
 
 
 13,900.000 
 
 3,618,375 
 
 52,197,935 
 
 906,829 
 
 
 The 
 
Banking Memoranda for 1862 — (Continued). 527 
 
 The following Table exhibits the septennial progress of the London Joint- 
 Stock Banks in the previous fourteen years, showing the respective amounts of 
 Current and Deposit Accounts, Guarantee Funds, Dividend and Bonus per 
 annum ; also, the ratio of increase of Current and Deposit Accounts per cent, 
 within the same period : — 
 
 Year. 
 
 Banks, 
 
 Current 
 
 and 
 
 Deposit 
 
 Accounts. 
 
 Guarantee 
 
 Fund. 
 
 Dividend 
 and Bonus 
 per Annum. 
 
 Ratio of 
 Increase of 
 Current and 
 Deposit 
 Accounts. 
 
 
 
 £ 
 
 £ 
 
 Per Cent. 
 
 Per Cent. 
 
 1848 
 
 } f 
 
 3,089,659 
 
 102,723 
 
 6 
 
 ) 
 
 1855 
 
 > London and Westminster,. •< 
 
 8,166,553 
 
 137,889 
 
 15 
 
 [ 349.85 
 
 1862 
 
 ) ( 
 
 13,898,736 
 
 262,656 
 
 22 
 
 ) 
 
 1848 
 
 
 2,328,056 
 
 128,765 
 
 n 
 
 ) 
 
 1855 
 
 > London Joint-Stock, 
 
 6,241,594 
 
 158,373 
 
 19# 
 
 [ 392.80 
 
 1862 
 
 ) ( 
 
 11,472,734 
 
 267,173 
 
 21* 
 
 ) 
 
 1848 
 
 ) ( 
 
 2,644,728 
 
 40,900 
 
 6 
 
 ) 
 
 1855 
 
 > Union Bank of London,. ... < 
 
 8,363,466 
 
 120,000 
 
 20 
 
 > 386.90 
 
 1862 
 
 ) ( 
 
 12,876,355 
 
 50,000 
 
 12* 
 
 ) 
 
 1848 
 
 | ( 
 
 1,354,730 
 
 26,390 
 
 6 
 
 ) 
 
 1855 
 
 > London and County, •< 
 
 4,443,359 
 
 100,000 
 
 15 
 
 } 454.90 
 
 1862 
 
 ) ( 
 
 7,517,504 
 
 175,000 
 
 12| 
 
 ) 
 
 The average aggregate increase of Current and Deposit Accounts in the past 
 fourteen years is 386 per cent. 
 
 Royal Bank of Scotland. — A Branch was opened in Aberdeen. 
 
 Commercial Bank of Scotland. — Branches were opened in Earlston and 
 St Andrews. 
 
 National Bank of Scotland. — A Branch was opened in Stranraer. 
 Aberdeen Town and County Bank. — Branches were opened in Luin- 
 phanan and Montrose. 
 
 North of Scotland Bank. — A Branch was opened in Kintore. 
 
 b 31 
 
Dr. THE DUNDEE BANKING COMPANY. 
 
 
 [10X 
 
 To the PUBLIC, as per following Statement, 
 
 
 
 .£726,020 
 
 2 
 
 4 
 
 For NOTES in circulation, as follows,.. 
 
 
 00 
 r— 1 
 
 i-H 
 
 14 
 
 8 
 
 
 
 Notes of £ 1 0 0 
 
 £26,963 14 
 
 8 
 
 
 
 
 
 ,, 5 0 0 
 
 5,495 0 
 
 0 
 
 
 
 
 
 „ 20 0 0 
 
 8,660 0 
 
 0 
 
 
 
 
 
 
 £41,118 14 
 
 8 
 
 
 
 
 
 For MONEY DEPOSITED, as follows, 
 
 ... 684,901 
 
 7 
 
 8 
 
 
 
 In Dundee on 2,271 Accounts,. £516, 363 18 
 
 8 
 
 
 
 
 
 At Alyth on 303 do., 
 
 . 35,721 7 
 
 6 
 
 
 
 
 
 ,, Broughty Ferry on 261 do., 
 
 . 20,274 16 
 
 2 
 
 
 
 
 
 ,, Forfar on 529 do., 
 
 . 89,919 4 
 
 5 
 
 
 
 
 
 ,, Lochee on 216 do., 
 
 . 17,941 13 
 
 3 
 
 
 
 
 
 Interest due thereon, 
 
 4,680 7 
 
 8 
 
 
 
 
 
 
 £684,901 7 
 
 8 
 
 
 
 
 
 
 
 £726,020 
 
 2 
 
 4 
 
 
 
 To the PARTNERS of the Company, as per following Statement, 117,180 
 
 6 
 
 10 
 
 For CAPITAL paid up, £100 on 1,000 shares, 
 
 ....£100,000 
 
 0 
 
 0 
 
 
 
 For Reserved Fund, 
 
 
 .... 10,000 
 
 0 
 
 0 
 
 
 
 For Dependancies, 
 
 
 ... 5,013 
 
 4 
 
 1 
 
 
 
 For Rebate on Bills, 
 
 
 .... 2,167 
 
 2 
 
 9 
 
 
 
 Profit and Loss — 
 
 
 
 
 
 
 
 By Discounts ( + former Rebate), 
 
 ...£19,415 18 
 
 7 
 
 
 
 
 
 Interest received, 
 
 .... 27,977 14 
 
 3 
 
 
 
 
 
 
 £47,393 12 
 
 10 
 
 
 
 
 
 Off Interest paid, 
 
 .... 19,798 19 
 
 6 
 
 
 
 
 
 
 £27,594 13 
 
 4 
 
 
 
 
 
 To Rebate on Bills, £2, 167 2 
 
 9 
 
 
 
 
 
 
 Interest due, 5,047 1 
 
 1 
 
 
 
 
 
 
 Expense of Management, 7, 075 9 
 
 8 14,289 13 
 
 6 
 
 
 
 
 
 By Nett Profit, 
 
 ....£13,304 19 10 
 
 
 
 
 
 To Dependancies, £ 3,304 19 
 
 10 
 
 
 
 
 
 
 Paid a Dividend of £10 
 
 
 
 
 
 
 
 on 1,000 Shares, 10,000 0 
 
 0 13,304 19 
 
 10 
 
 
 
 
 
 
 
 £117,180 
 
 6 
 
 10 
 
 
 
 TOTAL LIABILITIES of the Bank, 
 
 
 
 ..£843, 200 
 
 9 
 
 2 
 
 MEMORANDA concerning the Year’s Business. 
 
 The amount received and paid in the Bank during the year was each about £6,910,000. 
 The Bills Discounted, No. 6,642, £1,437,552, 11s. 3d. ; Discounts thereon, £17,307, 12s. 7d. 
 Total payments through Edinburgh Agents, £890,000 (of this for the Bank’s Notes retired, 
 £200,465) ; and through London Agents, £570,000. 
 
 
 26 
 
101] 
 
 20th FEBRUARY 1864. 
 
 Cr. 
 
 By BANK OFFICES £ 3,000 
 
 INVESTMENTS, as per following Statement, 763,022 
 
 1st. In Dundee, as follows, £738,071 13 7 
 
 Cash Accounts, in number 42, £ 74,080 14 4 
 
 Overdrawn Accounts, in number 87, 44,995 18 8 
 
 Heritable Bonds, in number 39, 217,978 10 2 
 
 Bills Receivable, in number 1, 139, .. . 344,988 11 8 
 
 Consols, £50,000 at 92, 46,000 0 0 
 
 East India 5 ^ per Cent Enfaced Paper, 
 
 Rs. 88,000 at 112|, 10,027 18 9 
 
 £738,071 13 7 
 
 At Alyth, 
 
 0 
 
 13 
 
 2d. At Alyth, as follows, 
 
 Cash Accounts, in number 32, £3,082 5 11 
 
 Bills Receivable, 1,722 1 0 
 
 £4,804 6 11 
 
 3d. At Broughty Ferry, as follows, 
 
 Cash Accounts, in number 1, £172 16 
 
 Bills Receivable, 114 1 
 
 4,804 6 11 
 
 288 17 8 
 
 £286 17 8 
 
 4th. At Forfar, as follows, 17,367 15 10 
 
 Cash Accounts, in number 55, £10,615 19 11 
 
 Bills Receivable, 6,751 15 11 
 
 £17,367 15 10 
 
 5th. At Lochee, as follows, 2,491 19 0 
 
 Cash Accounts, in number 4, £ 168 11 2 
 
 Bills Receivable, 2,323 7 10 
 
 £2,491 19 0 £763, 022 13 0 
 
 SUNDRY ACCOUNTS, Dr., 
 
 4,511 5 
 
 CASH at call and on hand, as per following Statement, 72,666 10 
 
 At call, Edinburgh Agents, £22,318 12 
 
 Do., London do., 14,004 9 
 
 On hand, at Head Office, Dundee, as follows, 33,564 2 
 
 Mixed Notes, £ 8,956 0 0 
 
 Gold, 20,717 10 0 
 
 Silver, 3,880 12 0 
 
 
 £33,564 
 
 2 3 
 
 
 
 On hand, at Alyth Branch- 
 
 -Mixed Notes & Specie, 
 
 922 
 
 6 
 
 Do. , at Bro’ Ferry do. 
 
 do. 
 
 do., 
 
 195 
 
 6 
 
 Do. , at Forfar do. 
 
 do. 
 
 do., 
 
 828 
 
 10 
 
 Do., at Lochee do. 
 
 do. 
 
 do.. 
 
 833 
 
 3 
 
 £72,666 10 7 
 
 TOTAL ASSETS of the Bank, £843,200 9 2 
 
 1864. January 6. — A proposal was made by the Royal Bank of Scotland that the Dundee 
 Bank should be amalgamated with it. The terms offered being highly favourable, the 
 proposal was approved of and accepted by the Partners on the 1st February, and carried out 
 on the 20th, when the Dundee Banking Company terminated, after having existed one 
 hundred years and six months. 
 
530 Banking Memoranda for 1863. 
 
 Currency, Prices, &c., in 1863. — Peace : Gold at par; Bank of England 
 Circulation (February 18th) <£19,310,720, and Deposits, &c., £21,691,327= 
 total liabilities £41,002,047 — Bullion £14,589,222, and Securities £29,793,503 
 =total assets £44,382,725, making the Rest £3,380,678 ; total Circula- 
 tion of Notes in the United Kingdom 7th of March 1863 £34,644,950, 
 viz., Bank of England £19,487,252, English Private Banks £3,088,491, 
 English Joint-Stock Banks £2,795,984, Scotch Banks £3,878,618, and 
 Irish Banks £5,394,605 ; Public Revenue (year ending 31st December) 
 £70,433,620 ; Consols, 90 to 94, and Bank Stock 232 to 240 ; wheat per 
 quarter, in London, 39s. lOd. to 48s. 4d., and in Edinburgh 39s. lOd. — 
 oatmeal per boll 18s. Id. ; Bank of England’s minimum rates of discount 3 per 
 cent., 15th January 4, and 28th 5, 19th February 4, 23d April 3J, and 30th 
 3, 16th May 3J, and 21st 4, 2d November 5, and 5th 6, 2d December 7, 
 3d 8, and 24th 7 ; and Scotch Banks’ deposit rates 2 per cent., 29th January 
 2-Jr, 20th February 2, 5th November 3J, and 3d December 4. 
 
 The Credit Mobilier System in England. — The following remarks from 
 the Observer of 24th May 1863, were well timed, but probably in vain : — 
 “The growing disposition to encourage the introduction, through the medium 
 of two or three companies, of the Credit Mobilier principle, and which will 
 probably foster a large amount of speculation, deserves to be noticed, and at 
 once condemned. The subject is one which well deserves consideration and 
 due investigation, the fatal effects of gambling promoted by it in France, 
 Spain, and Germany having already attracted a large share of attention. 
 Who shall say, however cautious the directors may be — and they are men of 
 standing and position, who would not willingly allow themselves to be de- 
 ceived — that they will be enabled to steer clear in the operations they may 
 undertake of all such risks and contingencies as shall prevent loss to the share- 
 holders and keep the stock at a price far above par in the general market ? 
 It is true it has been said, 4 They order these things better in France ; ’ but, 
 if this is really the case, the convulsions caused by Credit Mobilier operations 
 have so frequently approached a state of panic, that consequently, with all the 
 assumed prosperity, there is also a large proportion of apprehension. The 
 state of society in France, the free dispensation of Court patronage, and the 
 unscrupulous methods adopted to support prices, all show that whatever may 
 be the success of such an institution there, it is hardly suitable to the cool 
 cautious proceedings of thorough Englishmen. At the same time, we 
 may inquire if the German and Spanish Credit Mobilier Companies’ stocks 
 are in such high odour as to make capitalists rush after them, as invest- 
 ments upon which extreme terms of premiums should be paid. Report, 
 in the most unmistakeable manner, denies that they command public ap- 
 proval, either as floating securities or dividend-paying stocks, and in Spain it 
 is questioned whether if introduced on an extended scale they would be 
 pleasantly received. Germany is gradually giving them the 4 cold shoulder,’ 
 and the merchants of Frankfort having petitioned the Senate to refuse their 
 admission into that city, the prospect in that direction is not in the least 
 favourable. Such being the circumstances of the Credit Mobilier in France 
 and elsewhere, what is to make the principle more beneficial in England? ” 
 
Banking Memoranda for 1863 — (Continued). 531 
 
 Variations of Discount Rates in Scotland. — On 6th February, the 
 Banks in Scotland resolved to adopt a uniform course in following the changes 
 of the Bank of England in the rates of discount, and therefore issued to their 
 Branch Agents the following Schedule for their guidance : — “ Table of discount 
 rates with reference to the following instructions contained in circular of 6th 
 February 1863 : — 1 On intelligence reaching you, by public telegram or other- 
 wise, of the Bank of England having raised or lowered their minimum rate, 
 you will at once begin to charge the same discount rates as were adopted by 
 the Scotch Banks on the immediately preceding occasion on which the Bank of 
 England announced a similar minimum ; and you will continue to charge these 
 rates until you receive special instructions from us on the subject.’ ” 
 
 Bank of England 
 
 Minimum Rates of 
 
 Bank of England 
 
 Minimum Rates of 
 
 Minimum. 
 
 
 Scotch Banks. 
 
 Minimum. 
 
 
 Scotch Banks. 
 
 Date. 
 
 Rate. 
 
 Currency. 
 
 London 
 
 Bills. 
 
 Other 
 
 Bills. 
 
 Date. 
 
 Rate. 
 
 Currency. 
 
 London 
 
 Bills. 
 
 Other 
 
 Bills. 
 
 
 Per Ct. 
 
 Months. 
 
 Per Ci. 
 
 Per Ct. 
 
 
 Per Ct. 
 
 Months. 
 
 Per Ct. 
 
 Per Ct. 
 
 1862, Jidy 24 
 
 2 
 
 Up to 2 
 
 
 H 
 
 1863, Jan. 28 
 
 5 
 
 Up to 3 
 
 5 
 
 5 
 
 55 
 
 
 ,, 3 
 
 3 
 
 3^ 
 
 5 5 
 
 
 Above 3 
 
 H 
 
 5| 
 
 55 
 
 
 „ 4 
 
 Above 4 
 
 4 
 
 4 
 
 4 b 
 
 1857, July 16 
 
 H 
 
 Up to 4 
 
 
 64 
 
 9 ’ 
 
 
 
 
 
 
 Above 4 
 
 6 
 
 6 
 
 10 
 
 5 5 
 
 2\ 
 
 Up to 3 
 „ 4 
 
 3 
 
 3| 
 
 
 
 
 
 
 
 4 
 
 4* 
 
 1861, May 16 
 
 6 
 
 Up to 3 
 Above 3 
 
 6 
 
 H 
 
 6 
 
 64 
 
 
 
 Above 4 
 
 4 
 
 4£ 
 
 
 
 
 
 
 
 
 1857, April 2 
 
 6* 
 
 Up to 4 
 
 
 
 Oct. 30 
 
 3 
 
 Do. 
 
 Do. 
 
 Do. 
 
 
 
 99 
 
 
 Above 4 
 
 7 
 
 7 
 
 1861, Sept. 19 
 
 
 Up to 3 
 
 
 
 
 
 
 
 
 ^2 
 
 3| 
 
 4 
 
 1861, Mar. 21 
 
 7 
 
 All Bills. 
 
 7 
 
 7 
 
 99 
 
 
 „ 4 
 
 4 
 
 4 i 
 
 
 
 
 
 55 
 
 
 Above 4 
 
 4 
 
 5 
 
 Feb. 14 
 
 8 
 
 Do. 
 
 8 
 
 8 
 
 1863, Jan. 15 
 
 4 
 
 Up to 3 
 
 4 
 
 4 
 
 1857, Nov. 5 
 
 9 
 
 Do. 
 
 Do. 
 
 Do. 
 
 5 5 
 
 
 »» 4 
 
 4 i 
 
 4? 
 
 9 
 
 10 
 
 Do. 
 
 Do. 
 
 Do. 
 
 9 9 
 
 
 Above 4 
 
 5 
 
 5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 1861, Aug. 15 
 
 
 Up to 3 
 
 4| 
 
 4J? 
 
 
 
 
 
 
 55 
 
 
 Above 3 
 
 5 
 
 5 
 
 
 
 
 
 
 Bank of Scotland. — A Branch was opened in Innerleithen. 
 
 Royal Bank of Scotland. — A Branch was opened in Granton. 
 
 Commercial Bank. — Branches were opened in Anstruther and Dundee. 
 
 Clydesdale Bank. — Branches were opened in Coatbridge, Inverkeithing, 
 and Montrose. 
 
 Eastern Bank of Scotland. — In January, this Bank, established in 1825, 
 was amalgamated with the Clydesdale Bank. For its Capital of £112,000, 
 and Rest of £26,000 — total £138,000, the Eastern Bank was to receive 
 £22,400 of cash, and £89,600 of Clydesdale Bank Stock (worth at the time of 
 the arrangement £151, 10s. per cent., or £135,520) = £157,920, giving it a 
 profit of £19,920 ; but by the time the transaction was carried through, the 
 Clydesdale Bank’s Stock had risen to £161, 10s. per cent., making the profit 
 really £28,880. 
 
532 
 
 Banking Memoranda for 1864. 
 
 Currency, Prices, &c., in 1864. — Peace : Gold at par ; Bank of England 
 Circulation (17th February) £20,147,980, and Deposits, &c., £20,837,137=total 
 liabilities £40,985,117 — Bullion, £13,583,635, and Securities £30,981,328 = 
 total assets, £44,564,963, making the Rest £3,579,846 ; total Circulation of 
 Notes in the United Kingdom 5th of March 1864, £35,584,731, viz., 
 Bank of England £20,057,054, English Private Banks £3,105,613, English 
 Joint-Stock Banks £2,862,762, Scotch Banks £3,996,743, and Irish Banks 
 £5,562,559; Public Revenue (year ending 31st December) £70,125,374; 
 Consols 87 J to 91J, and Bank Stock 234 to 245 ; wheat per quarter, in Lon- 
 don, 37s. lOd. to 44s. Id., and in Edinburgh, 36s. lid. — oatmeal per boll 15s. ; 
 Bank of England’s minimum rates of discount 7 per cent., 20th January 8, 
 11th February 7, 25th 6, 16th April 7, 2d May 8, 5th 9, 19th 8, and 25th 7, 
 16th June 6, 25th July 7, 8th September 9, 10th November 8, and 24th 7, and 
 15th December 6 ; Scotch Banks’ deposit rates 3-^ per cent., 3d May 4, 
 17th June 4J, 5th August 4, 9th September 4J, 25th November 5, and 16th 
 December 4J. 
 
 Bank of Scotland. — Branches were opened in Alyth, Annan, Beauly, 
 Hutchesontown, Jedburgh, and Motherwell. 
 
 Royal Bank of Scotland. — Branches were opened (five of them being 
 the Dundee Bank with its Branches, marked thus *) in Alyth*, Brough ty Ferry*, 
 Dundee*, Forfar*, Haddington, Lochee*, and Newmiln. 
 
 British Linen Company. — A Branch was opened in Kilmarnock. 
 
 Commercial Bank of Scotland. — Its Capital was again increased by an 
 addition of £200,000, taken out of its undivided Profits (see 1859), the Capital 
 thus becoming £1,000,000. 
 
 National Bank of Scotland. — Branches were opened in Coatbridge, 
 Trongate, and Selkirk. 
 
 Aberdeen Town and County Bank. — A Branch was opened in Rhynie. 
 
 Caledonian Bank. — A Branch was opened in Fortrose. 
 
 Dundee Bank. — This Bank, established in 1763, was, on the 20th Feb- 
 ruary, amalgamated with the Royal Bank of Scotland. 
 
 City of Glasgow Bank. — Branches were opened in Charingcross (Glas- 
 gow), Kilsyth, and Shotts. 
 
 Union Bank of Scotland. — A Branch was opened in Renfrew. 
 
 Western 
 
Banking Memoranda for 1864 — ( Continued). 533 
 
 Western Bank of Scotland. — “The present liquidators of the Western 
 Bank of Scotland (Messrs McClelland, Son, & Co., of Glasgow) have notified 
 a seventh return to the shareholders, this time of £7, 10s. per share, on the 
 2d of September next, making a total return of £65 per share. With regard 
 to this Bank, as with most others that have from time to time suspended, the 
 experience of the liquidation is considered to have shown that the exercise of 
 courage among the parties interested at the first moment of difficulty might 
 have averted a large portion of the ruin since encountered.” — Times , 12th 
 August 1867. 
 
 New Coimp antes. — The following is an analysis of the speculative concerns 
 projected in 1863 and 1864 : — 
 
 
 Number of 
 
 Capital 
 
 Capital 
 
 
 Companies in 1863. 
 
 Companies. 
 
 Authorized. 
 
 Offered. 
 
 Deposit. 
 
 Banking, 
 
 27 
 
 £31,900,000 
 
 £25,000,000 
 
 £2,171,500 
 
 Financial and Discount, 
 
 15 
 
 19,000,000 
 
 13,150,000 
 
 1,082,500 
 
 Manufacturing and Trading, ... 
 
 65 
 
 14,455,000 
 
 10,400,000 
 
 1,786,750 
 
 Railways, 
 
 17 
 
 9,496,000 
 
 9,196,000 
 
 1,064,850 
 
 Insurance, 
 
 14 
 
 10,300,000 
 
 7,375,000 
 
 692,500 
 
 Shipping, 
 
 6 
 
 4,168,000 
 
 3,768,000 
 
 142,500 
 
 Hotel, 
 
 47 
 
 4,320,000 
 
 3,522,000 
 
 625,150 
 
 Mining, 
 
 49 
 
 3,019,000 
 
 3,019,000 
 
 989,050 
 
 Gas, 
 
 6 
 
 670,000 
 
 580,000 
 
 38,500 
 
 Miscellaneous, 
 
 17 
 
 2,655,000 
 
 2,125,000 
 
 282,250 
 
 Total, — 
 
 263 
 
 £100,053,000 
 
 £78,135,000 
 
 £8,875,550 
 
 
 Number of 
 
 Capital 
 
 Called up. 
 
 Premium. 
 
 Companies in 1864. 
 
 Companies. 
 
 Offered. 
 
 
 
 Banking, 
 
 26 
 
 £22,005,000 
 
 £5,680,500 
 
 * £3,052,833 
 
 Financial and Discount, 
 
 7 
 
 7,425,000 
 
 1,397,500 
 
 602,500 
 
 Manufacturing and Trading, ... 
 
 2 
 
 800,000 
 
 105,000 
 
 30,000 
 
 Railways, 
 
 2 
 
 2,500,000 
 
 250,000 
 
 
 Insurance, 
 
 2 
 
 1,290,000 
 
 129,000 
 
 139,500 
 
 Stiirmine f 
 
 2 
 
 625,000 
 
 187,500 
 
 
 Hotel, 
 
 1 
 
 30,000 
 
 7,500 
 
 
 Gas, 
 
 1 
 
 50,000 
 
 20,000 
 
 
 Miscellaneous, 
 
 5 
 
 590,000 
 
 67,000 
 
 15,000 
 
 Total, 
 
 48 
 
 £35,315,000 
 
 £7,844,000 
 
 £3,839,833 
 
SUMMARY 
 
 OF THE 
 
 CHIEF ITEMS OF THE BALANCE SHEETS, 
 
 WITH REMARKS THEREON. 
 
536 SUMMARY. 
 
 CHIEF ITEMS AS TO EXTENT OF BUSINESS. 
 
 Year. 
 
 Circulation. 
 
 Deposits. 
 
 Bills. 
 
 Cash Accounts, <fcc. 
 
 Cash and 
 Government 
 Securities. 
 
 Dundee. 
 
 Branches. 
 
 Dundee. 
 
 Branches. 
 
 Dundee. 
 
 Branches. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 1764 
 
 30,395 
 
 
 
 8,381 
 
 
 19,967 
 
 
 3,521 
 
 5 
 
 33,803 
 
 
 
 9,350 
 
 
 21,378 
 
 
 4,001 
 
 6 
 
 34,503 
 
 
 
 7,741 
 
 
 26,831 
 
 
 4,645 
 
 7 
 
 31,980 
 
 
 
 5,542 
 
 
 25,177 
 
 
 9,911 
 
 8 
 
 32,496 
 
 
 
 9,581 
 
 
 29,122 
 
 
 4,626 
 
 9 
 
 33,524 
 
 
 
 5,502 
 
 
 34,001 
 
 
 4,938 
 
 1770 
 
 27,482 
 
 8,562 
 
 
 4,371 
 
 
 37,621 
 
 
 3,100 
 
 1 
 
 30,192 
 
 
 
 3,880 
 
 
 30,294 
 
 
 3,162 
 
 2 
 
 43,652 
 
 
 
 5,237 
 
 
 23,255 
 
 
 22,300 
 
 3 
 
 23,367 
 
 
 
 3,074 
 
 
 18,674 
 
 
 5,228 
 
 4 
 
 27,670 
 
 
 
 5,023 
 
 
 22,448 
 
 
 7,000 
 
 5 
 
 35,876 
 
 
 
 8,194 
 
 
 27,902 
 
 
 7,932 
 
 6 
 
 39,932 
 
 
 
 9,616 
 
 
 25,531 
 
 
 12,688 
 
 7 
 
 42,862 
 
 
 
 18,708 
 
 
 17,214 
 
 
 14,194 
 
 8 
 
 46,798 
 
 
 
 12,752 
 
 
 29,403 
 
 
 14,317 
 
 9 
 
 37,909 
 
 
 
 8,233 
 
 
 22,250 
 
 
 15,401 
 
 1780 
 
 40,346 
 
 
 
 9,547 
 
 
 22,829 
 
 
 16,629 
 
 1 
 
 54,889 
 
 
 
 25,866 
 
 
 22,874 
 
 
 14,404 
 
 2 
 
 51,644 
 
 
 
 20,838 
 
 
 25,162 
 
 
 14,571 
 
 3 
 
 52,802 
 
 
 
 21,991 
 
 
 23,861 
 
 
 13,274 
 
 4 
 
 56,342 
 
 
 
 25,432 
 
 
 25,752 
 
 
 15,676 
 
 5 
 
 55,416 
 
 
 
 31,353 
 
 
 30,926 
 
 
 9,715 
 
 6 
 
 50,558 
 
 
 
 23,446 
 
 
 36,756 
 
 
 12,947 
 
 7 
 
 53,559 
 
 
 
 24,371 
 
 
 33,464 
 
 
 17,660 
 
 8 
 
 56,437 
 
 
 
 35,694 
 
 
 34,684 
 
 
 9,817 
 
 9 
 
 52,475 
 
 
 
 26,629 
 
 
 38,913 
 
 
 10,163 
 
 1790 
 
 43,407 
 
 
 
 18,059 
 
 
 39,540 
 
 
 9,321 
 
 1 
 
 35,471 
 
 
 
 17,466 
 
 
 41,660 
 
 
 6,196 
 
 2 
 
 50,411 
 
 30,120 
 
 5,824 
 
 65,792 
 
 1,406 
 
 48,505 
 
 3,702 
 
 11,424 
 
 3 
 
 70,288 
 
 44,162 
 
 11,607 
 
 29,278 
 
 61,782 
 
 51,653 
 
 ] 5,729 
 
 9,938 
 
 4 
 
 50,254 
 
 38,296 
 
 10,513 
 
 25,105 
 
 17,276 
 
 54,320 
 
 16,027 
 
 13,711 
 
 5 
 
 69,064 
 
 55,715 
 
 17,798 
 
 54,323 
 
 33,756 
 
 44,961 
 
 19,835 
 
 19,583 
 
 6 
 
 74,668 
 
 79,570 
 
 29,501 
 
 68,221 
 
 52,432 
 
 47,619 
 
 22,345 
 
 23,350 
 
 7 
 
 56,601 
 
 64,988 
 
 18,349 
 
 47,226 
 
 30,422 
 
 51,317 
 
 29,933 
 
 16,373 
 
 8 
 
 61,153 
 
 63,164 
 
 25,788 
 
 47,637 
 
 40,653 
 
 50,244 
 
 34,614 
 
 16,212 
 
 9 
 
 65,408 
 
 80,995 
 
 33,196 
 
 67,610 
 
 45,609 
 
 39,061 
 
 33,328 
 
 24,213 
 
 1800 
 
 60,915 
 
 82,736 
 
 36,649 
 
 68,221 
 
 55,808 
 
 38,854 
 
 30,569 
 
 23,860 
 
 1 
 
 37,590 
 
 91,816 
 
 38,952 
 
 63,507 
 
 46,647 
 
 34,590 
 
 34,717 
 
 20,574 
 
 2 
 
 12,659 
 
 96,545 
 
 38,591 
 
 48,842 
 
 34,411 
 
 34,849 
 
 36,018 
 
 26,672 
 
 3 
 
 44,751 
 
 115,411 
 
 50,912 
 
 47,430 
 
 23,359 
 
 28,674 
 
 22,859 
 
 91,382 
 
 4 
 
 54,096 
 
 117,441 
 
 40,380 
 
 79,375 
 
 30,989 
 
 31,163 
 
 21,932 
 
 64,209 
 
 5 
 
 67,169 
 
 147,533 
 
 50,139 
 
 79,091 
 
 58,406 
 
 23,797 
 
 20,292 
 
 107,536 
 
 6 
 
 79,972 
 
 177,300 
 
 55,597 
 
 85,059 
 
 71,292 
 
 25,030 
 
 25,083 
 
 142,851 
 
 7 
 
 84,563 
 
 202,529 
 
 69,538 
 
 125,523 
 
 90,484 
 
 26,913 
 
 23,202 
 
 135,278 
 
 8 
 
 78,271 
 
 217,307 
 
 79,391 
 
 150,163 
 
 58,273 
 
 33,735 
 
 24,062 
 
 129,712 
 
 9 
 
 84,968 
 
 258,811 
 
 95,358 
 
 165,629 
 
 73,765 
 
 30,568 
 
 32,462 
 
 182,470 
 
 1810 
 
 58,473 
 
 254,561 
 
 82,642 
 
 159,721 
 
 73,366 
 
 37,671 
 
 40,248 
 
 161,038 
 
 1 
 
 56,493 
 
 251,836 
 
 62,939 
 
 173,223 
 
 54,564 
 
 39,226 
 
 36,198 
 
 109,423 
 
 2 
 
 52,154 
 
 297,842 
 
 78,460 
 
 150,213 
 
 65,165 
 
 33,830 
 
 29,287 
 
 188,333 
 
 3 
 
 49,140 
 
 317,245 
 
 85,431 
 
 151,080 
 
 75,421 
 
 32,532 
 
 27,872 
 
 203,867 
 
 4 
 
 46,627 
 
 342,315 
 
 102,751 
 
 164,160 
 
 95,461 
 
 30,029 
 
 30,841 
 
 240,923 
 

 CHIEF 
 
 SUMMARY. 
 
 ITEMS AS TO THE 
 
 RESULT. 
 
 537 
 
 Year. 
 
 Capital. 
 
 Gross 
 
 Profits. 
 
 Expenses. 
 
 Ordinal’}' 
 Nett Profit. 
 
 Gain (4-) & 
 Loss ( — ) on 
 Gov. Stocks. 
 
 Profits 
 
 Divided. 
 
 Profits i 
 to Depen- 
 dancies. 
 
 Capital by P&L 
 increasd. (+) 
 or dimd- ( — ). 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 1764 
 
 1,260 
 
 844 
 
 312 
 
 532 
 
 
 
 
 
 5 
 
 1,260 
 
 563 
 
 140 
 
 422 
 
 
 954 
 
 
 
 6 
 
 3,480 
 
 1,689 
 
 734 
 
 955 
 
 
 955 
 
 
 
 7 
 
 5,220 
 
 1,068 
 
 637 
 
 431 
 
 
 431 
 
 
 
 8 
 
 5,655 
 
 1,405 
 
 555 
 
 850 
 
 
 415 
 
 
 + 435 
 
 9 
 
 6,090 
 
 1,529 
 
 645 
 
 883 
 
 
 448 
 
 
 + 435 
 
 1770 
 
 6,960 
 
 1,571 
 
 801 
 
 769 
 
 
 
 
 + 769 
 
 1 
 
 6,880 
 
 1,246 
 
 670 
 
 575 
 
 
 
 40 
 
 
 2 
 
 6,880 
 
 1,276 
 
 782 
 
 494 
 
 
 1,030 
 
 
 
 3 
 
 6,880 
 
 1,204 
 
 628 
 
 575 
 
 
 575 
 
 
 
 4 
 
 6,880 
 
 1,300 
 
 535 
 
 765 
 
 
 765 
 
 
 
 5 
 
 6,880 
 
 1,801 
 
 463 
 
 1,338 
 
 
 1,338 
 
 
 
 6 
 
 6,880 
 
 1,861 
 
 588 
 
 1,272 
 
 
 1,272 
 
 
 
 7 
 
 6,880 
 
 1,922 
 
 563 
 
 1,358 
 
 
 1,358 
 
 
 
 8 
 
 8,640 
 
 2,215 
 
 856 
 
 1,358 
 
 
 2,048 
 
 
 
 9 
 
 8,560 
 
 2,028 
 
 584 
 
 1,444 
 
 
 1,444 
 
 
 
 1780 
 
 8,560 
 
 1,872 
 
 470 
 
 1,401 
 
 
 1,401 
 
 
 
 1 
 
 8,560 
 
 2,161 
 
 717 
 
 1,444 
 
 
 1,444 
 
 
 
 2 
 
 8,560 
 
 2,534 
 
 662 
 
 1,872 
 
 
 1,872 
 
 
 
 3 
 
 8,560 
 
 2,547 
 
 742 
 
 1,805 
 
 
 775 
 
 
 
 4 
 
 10,700 
 
 2,507 
 
 675 
 
 1,832 
 
 
 722 
 
 
 4- 2,140 
 
 5 
 
 10,700 
 
 3,304 
 
 870 
 
 2,434 
 
 
 2,434 
 
 
 
 6 
 
 21,400 
 
 3,011 
 
 898 
 
 2,113 
 
 
 2,113 
 
 
 
 7 
 
 21,400 
 
 3,064 
 
 870 
 
 2,193 
 
 
 2,193 
 
 
 
 8 
 
 21,400 
 
 3,306 
 
 974 
 
 2,332 
 
 
 1,876 
 
 455 
 
 
 9 
 
 21,400 
 
 3,117 
 
 997 
 
 2,119 
 
 
 872 
 
 1,247 
 
 
 1790 
 
 21,400 
 
 2,933 
 
 893 
 
 2,040 
 
 
 2,040 
 
 
 
 1 
 
 21,400 
 
 2,884 
 
 914 
 
 1,970 
 
 
 1,970 
 
 
 
 2 
 
 21,400 
 
 3,326 
 
 1,641 
 
 1,685 
 
 
 
 
 
 3 
 
 21,400 
 
 4,820 
 
 2,539 
 
 2,281 
 
 
 
 
 + 3,966 
 
 4 
 
 31,637 
 
 3,950 
 
 2,126 
 
 1,824 
 
 
 
 1,123 
 
 
 5 
 
 31,637 
 
 4,302 
 
 2,103 
 
 2,199 
 
 
 
 1,354 
 
 
 6 
 
 31,637 
 
 5,356 
 
 2,353 
 
 3,002 
 
 
 2,352 
 
 1,964 
 
 
 7 
 
 31,700 
 
 5,397 
 
 2,589 
 
 2,807 
 
 
 1,668 
 
 109 
 
 
 8 
 
 31,700 
 
 4,958 
 
 2,359 
 
 2,598 
 
 
 3,187 
 
 440 
 
 
 9 
 
 31,700 
 
 4,763 
 
 2,486 
 
 2,276 
 
 
 2,276 
 
 
 
 1800 
 
 31,700 
 
 7,021 
 
 2,828 
 
 4,192 
 
 
 4,192 
 
 
 
 1 
 
 31,700 
 
 5,304 
 
 2,890 
 
 2,413 
 
 
 2,413 
 
 
 
 2 
 
 21,400 
 
 4,423 
 
 2,636 
 
 1,786 
 
 
 1,786 
 
 
 
 3 
 
 21,400 
 
 3,535 
 
 2,267 
 
 1,267 
 
 
 
 
 
 4 
 
 7,811 
 
 4,898 
 
 2,239 
 
 2,659 
 
 - 9,229 
 
 
 8,286 
 
 -13,589 
 
 5 
 
 12,641 
 
 5,245 
 
 2,165 
 
 3,080 
 
 + 1,750 
 
 
 
 + 4,830 
 
 6 
 
 16,606 
 
 7,994 
 
 2,952 
 
 5,041 
 
 + 610 
 
 2,060 
 
 50 
 
 + 3,925 
 
 7 
 
 21,158 
 
 7,609 
 
 3,106 
 
 4,501 
 
 + 2,250 
 
 2,500 
 
 
 + 4,552 
 
 8 
 
 24,687 
 
 7,807 
 
 2,720 
 
 5,086 
 
 + 1,200 
 
 2,450 
 
 307 
 
 + 3,529 
 
 9 
 
 31,214 
 
 7,273 
 
 3,032 
 
 4,241 
 
 + 4,733 
 
 2,325 
 
 
 + 6,650 
 
 1810 
 
 35,725 
 
 8,117 
 
 3,072 
 
 5,044 
 
 + 2,209 
 
 2,325 
 
 
 + 4,929 
 
 1 
 
 36,093 
 
 8,002 
 
 3,193 
 
 4,808 
 
 - 2,140 
 
 2,300 
 
 
 + 368 
 
 2 
 
 31,643 
 
 7,181 
 
 3,177 
 
 4,003 
 
 - 6,228 
 
 2,225 
 
 
 - 4,450 
 
 3 
 
 25,013 
 
 8,699 
 
 3,159 
 
 5,539 
 
 - 8,944 
 
 2,125 
 
 1,100 
 
 - 6,630 
 
 4 
 
 43,575 
 
 7,652 
 
 3,199 
 
 4,452 
 
 +24,256 
 
 2,905 
 
 763 
 
 +25,041 
 
SUMMARY. 
 
 CHIEF ITEMS AS TO EXTENT OF BUSINESS. 
 
 Year. 
 
 Circulation. 
 
 Deposits. 
 
 Bills. 
 
 Cash Accounts, &c. 
 
 Cash and 
 Government 
 Securities. 
 
 Dundee. 
 
 Branches. 
 
 Dundee. 
 
 Branches. 
 
 Dundee. 
 
 Branches. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 1815 
 
 44,402 
 
 361,730 
 
 116,235 
 
 193,271 
 
 96,129 
 
 27,392 
 
 34,185 
 
 244,261 
 
 6 
 
 41,380 
 
 327,906 
 
 88,893 
 
 140,466 
 
 60,584 
 
 38,989 
 
 32,712 
 
 212,261 
 
 7 
 
 38,866 
 
 350,821 
 
 92,138 
 
 115,148 
 
 55,868 
 
 32,007 
 
 34,665 
 
 285,678 
 
 8 
 
 45,399 
 
 243,323 
 
 68,459 
 
 110,873 
 
 43,604 
 
 26,182 
 
 23,066 
 
 213,069 
 
 9 
 
 40,450 
 
 264,288 
 
 76,981 
 
 136,630 
 
 52,161 
 
 26,165 
 
 21,599 
 
 185,200 
 
 1820 
 
 32,217 
 
 281,147 
 
 51,316 
 
 122,865 
 
 15,756 
 
 30,335 
 
 21,983 
 
 180,197 
 
 1 
 
 24,711 
 
 289,844 
 
 10,708 
 
 91,040 
 
 
 39,784 
 
 14,184 
 
 196,617 
 
 2 
 
 23,682 
 
 322,421 
 
 3,049 
 
 85,779 
 
 
 32,485 
 
 8,807 
 
 235,293 
 
 3 
 
 23,002 
 
 320,460 
 
 
 119,818 
 
 
 104,765 
 
 6,466 
 
 170,639 
 
 4 
 
 29,675 
 
 343,948 
 
 
 127,581 
 
 
 141,362 
 
 5,728 
 
 123,577 
 
 5 
 
 30,669 
 
 398,132 
 
 
 143,658 
 
 
 183,785 
 
 
 135,074 
 
 6 
 
 28,785 
 
 366,762 
 
 
 108,325 
 
 
 209,852 
 
 
 137,132 
 
 7 
 
 19,785 
 
 319,134 
 
 
 78,053 
 
 
 188,166 
 
 
 133,129 
 
 8 
 
 24,227 
 
 367,516 
 
 
 116,635 
 
 
 176,273 
 
 
 117,304 
 
 9 
 
 24,811 
 
 412,883 
 
 
 119,983 
 
 
 186,246 
 
 
 152,056 
 
 1830 
 
 26,316 
 
 419,580 
 
 
 134,317 
 
 
 258,188 
 
 
 76,145 
 
 1 
 
 28,870 
 
 440,833 
 
 
 144,395 
 
 
 263,989 
 
 
 97,762 
 
 2 
 
 30,017 
 
 455,649 
 
 
 147,542 
 
 
 276,802 
 
 
 84,467 
 
 3 
 
 28,932 
 
 491,423 
 
 
 195,893 
 
 
 279,066 
 
 
 74,081 
 
 4 
 
 26,467 
 
 563,202 
 
 
 154,715 
 
 
 290,464 
 
 
 152,738 
 
 5 
 
 32,092 
 
 486,105 
 
 
 181,717 
 
 
 245,339 
 
 
 107,861 
 
 6 
 
 31,092 
 
 466,619 
 
 
 256,716 
 
 
 240,612 
 
 
 36,991 
 
 7 
 
 30,178 
 
 436,590 
 
 
 271,155 
 
 
 209,856 
 
 
 21,056 
 
 8 
 
 29,577 
 
 411,394 
 
 
 148,824 
 
 
 208,725 
 
 
 23,419 
 
 9 
 
 41,140 
 
 532,401 
 
 30,357 
 
 285,009 
 
 20,661 
 
 186,264 
 
 7,770 
 
 67,345 
 
 1840 
 
 31,232 
 
 471,900 
 
 29,262 
 
 246,748 
 
 26,381 
 
 209,267 
 
 16,801 
 
 79,757 
 
 1 
 
 30,339 
 
 429,755 
 
 32,597 
 
 260,427 
 
 27,001 
 
 210,682 
 
 13,301 
 
 37,303 
 
 2 
 
 31,780 
 
 479,316 
 
 33,174 
 
 256,446 
 
 31,084 
 
 229,011 
 
 12,065 
 
 72,506 
 
 3 
 
 30,756 
 
 452,263 
 
 31,351 
 
 206,467 
 
 27,629 
 
 250,993 
 
 13,559 
 
 76,612 
 
 4 
 
 27,504 
 
 492,099 
 
 43,154 
 
 192,960 
 
 10,811 
 
 252,161 
 
 19,980 
 
 125,530 
 
 5 
 
 31,021 
 
 476,395 
 
 37,666 
 
 198,400 
 
 9,073 
 
 281,653 
 
 13,696 
 
 98,867 
 
 6 
 
 34,253 
 
 541,460 
 
 36,175 
 
 225,184 
 
 8,721 
 
 336,248 
 
 10,139 
 
 91,879 
 
 7 
 
 27,728 
 
 533,860 
 
 40,542 
 
 242,326 
 
 6,917 
 
 317,681 
 
 12,278 
 
 87,102 
 
 8 
 
 30,569 
 
 497,635 
 
 42,261 
 
 276,616 
 
 3,100 
 
 290,313 
 
 10,650 
 
 67,896 
 
 9 
 
 34,594 
 
 508,753 
 
 50,841 
 
 308,553 
 
 710 
 
 257,249 
 
 6,023 
 
 93,161 
 
 1850 
 
 28,493 
 
 558,504 
 
 65,707 
 
 409,530 
 
 648 
 
 232,065 
 
 6,016 
 
 83,018 
 
 1 
 
 36,640 
 
 602,024 
 
 81,513 
 
 450,418 
 
 247 
 
 242,807 
 
 5,753 
 
 101,019 
 
 2 
 
 31,144 
 
 619,497 
 
 92,934 
 
 359,344 
 
 516 
 
 291,808 
 
 5,603 
 
 134,671 
 
 3 
 
 31,526 
 
 592,343 
 
 97,369 
 
 329,545 
 
 916 
 
 311,144 
 
 5,372 
 
 124,150 
 
 4 
 
 40,774 
 
 613,774 
 
 91,448 
 
 348,464 
 
 1,014 
 
 307,602 
 
 7,032 
 
 135,604 
 
 5 
 
 38,234 
 
 576,753 
 
 93,364 
 
 341,531 
 
 2,160 
 
 261,014 
 
 7,262 
 
 166,152 
 
 6 
 
 36,109 
 
 602,023 
 
 100,751 
 
 382,181 
 
 3,318 
 
 287,087 
 
 8,641 
 
 132,252 
 
 7 
 
 41,906 
 
 587,742 
 
 98,862 
 
 394,875 
 
 3,705 
 
 248,795 
 
 8,192 
 
 129,878 
 
 8 
 
 34,300 
 
 621,847 
 
 136,384 
 
 427,931 
 
 4,067 
 
 282,339 
 
 7,747 
 
 166,019 
 
 9 
 
 37,301 
 
 627,636 
 
 161,863 
 
 366,459 
 
 7,955 
 
 281,569 
 
 9,597 
 
 220,720 
 
 1860 
 
 40,551 
 
 644,863 
 
 174,186 
 
 455,018 
 
 7,688 
 
 282,277 
 
 9,302 
 
 213,561 
 
 1 
 
 37,749 
 
 592,802 
 
 182,922 
 
 403,731 
 
 7,756 
 
 305,041 
 
 10,873 
 
 201,538 
 
 2 
 
 42,494 
 
 559,783 
 
 180,830 
 
 294,697 
 
 10,081 
 
 347,465 
 
 16,579 
 
 209,850 
 
 3 
 
 50,308 
 
 549,875 
 
 175,990 
 
 323,134 
 
 11,307 
 
 334,689 
 
 20,798 
 
 192,891 
 
 1864 
 
 41,118 
 
 521,043 
 
 163,855 
 
 344,988 
 
 10,910 
 
 337,053 
 
 14,037 
 
 128,693 
 
 
 4,176,640 
 
 26,864,856 
 
 3,933,443 
 
 14,298,687 
 
 1,759,225 
 
 12,547,736 
 
 1,093,616 
 
 8,884,250 
 

 
 CHIEF 
 
 S U M M A 
 
 ITEMS A . S TO 
 
 R Y . 
 
 THE 
 
 RESULT . 
 
 539 
 
 Year. 
 
 Capital. 
 
 Gross 
 
 Profits. 
 
 Expenses. 
 
 Ordinary 
 Nett Profit. 
 
 Gain (-(-) & 
 Loss ( — ) on 
 Gov. Stocks. 
 
 Profits 
 
 Divided. 
 
 Profits 
 to Depen- 
 dan cies. 
 
 Capital by P & L 
 increasd. (+) 
 or dimd. ( — ). 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 1815 
 
 34,847 
 
 7,999 
 
 3,320 
 
 4,679 
 
 — 
 
 9,687 
 
 3,420 
 
 1,300 
 
 - 9,728 
 
 6 
 
 26,259 
 
 7,182 
 
 3,286 
 
 3,895 
 
 — 
 
 8,516 
 
 2,660 
 
 851 
 
 - 8,132 
 
 7 
 
 26,259 
 
 7,392 
 
 3,434 
 
 3,957 
 
 + 13,099 
 
 1,900 
 
 1,217 
 
 
 8 
 
 26,259 
 
 7,828 
 
 3,572 
 
 4,255 
 
 + 12,466 
 
 1,900 
 
 
 
 9 
 
 26,259 
 
 6,471 
 
 3,078 
 
 3,392 
 
 + 
 
 1,186 
 
 2,280 
 
 
 
 1820 
 
 16,379 
 
 4,835 
 
 3,315 
 
 1,518 
 
 — 
 
 5,162 
 
 1,520 
 
 35,777 
 
 _ 9,880 
 
 1 
 
 19,419 
 
 4,412 
 
 2,747 
 
 1,664 
 
 + 
 
 5,263 
 
 1,900 
 
 1,986 
 
 + 3,040 
 
 2 
 
 17,519 
 
 4,010 
 
 1,985 
 
 2,024 
 
 — 
 
 1,810 
 
 1,900 
 
 214 
 
 - 1,900 
 
 3 
 
 19,419 
 
 6,186 
 
 2,385 
 
 3,800 
 
 
 
 1,900 
 
 
 + 1,900 
 
 4 
 
 22,459 
 
 6,211 
 
 2,041 
 
 4,169 
 
 + 
 
 3,030 
 
 3,800 
 
 360 
 
 + 3,040 
 
 5 
 
 23,337 
 
 5,989 
 
 1,874 
 
 4,114 
 
 
 
 4,200 
 
 1,854 
 
 + 840 
 
 6 
 
 25,437 
 
 5,511 
 
 1,783 
 
 3,727 
 
 
 
 2,025 
 
 
 + 2,100 
 
 7 
 
 25,200 
 
 4,504 
 
 2,062 
 
 2,441 
 
 
 
 1,095 
 
 2,055 
 
 
 8 
 
 25,200 
 
 4,764 
 
 1,948 
 
 2,816 
 
 
 
 1,440 
 
 667 
 
 
 9 
 
 25,200 
 
 5,482 
 
 1,743 
 
 3,738 
 
 — 
 
 858 
 
 2,880 
 
 
 
 1830 
 
 25,200 
 
 6,882 
 
 1,907 
 
 4,975 
 
 — 
 
 520 
 
 2,880 
 
 1,574 
 
 
 1 
 
 25,200 
 
 6,115 
 
 1,753 
 
 4,362 
 
 
 
 2,960 
 
 1,402 
 
 
 2 
 
 25,200 
 
 7,208 
 
 1,848 
 
 5,360 
 
 — 
 
 956 
 
 3,000 
 
 1,403 
 
 
 3 
 
 25,200 
 
 7,864 
 
 2,031 
 
 5,833 
 
 
 
 1,950 
 
 3,883 
 
 
 4 
 
 25,200 
 
 5,799 
 
 2,093 
 
 3,706 
 
 + 
 
 3,225 
 
 
 7,311 
 
 
 5 
 
 25,200 
 
 7,847 
 
 2,077 
 
 5,769 
 
 + 
 
 3,954 
 
 2,280 
 
 7,444 
 
 
 6 
 
 25,200 
 
 9,545 
 
 1,914 
 
 7,631 
 
 — 
 
 675 
 
 2,460 
 
 5,545 
 
 
 7 
 
 25,200 
 
 9,278 
 
 1,926 
 
 7,351 
 
 
 
 2,520 
 
 4,831 
 
 
 8 
 
 25,200 
 
 7,934 
 
 1,898 
 
 6,036 
 
 — 
 
 1,052 
 
 2,520 
 
 2,464 
 
 
 9 
 
 25,200 
 
 8,546 
 
 4,115 
 
 4,430 
 
 
 
 2,520 
 
 1,910 
 
 
 1840 
 
 60,000 
 
 11,540 
 
 3,507 
 
 8,033 
 
 
 
 3,000 
 
 21,969 
 
 
 1 
 
 60,000 
 
 12,722 
 
 3,015 
 
 9,706 
 
 — 
 
 500 
 
 6,000 
 
 2,206 
 
 
 2 
 
 60,000 
 
 11,326 
 
 3,313 
 
 8,012 
 
 
 
 5,000 
 
 2,012 
 
 
 3 
 
 60,000 
 
 11,323 
 
 3,316 
 
 8,006 
 
 
 
 5,000 
 
 2,006 
 
 
 4 
 
 60,000 
 
 10,513 
 
 3,410 
 
 7,102 
 
 
 
 4,000 
 
 3,102 
 
 
 5 
 
 60,000 
 
 11,504 
 
 3,197 
 
 8,307 
 
 + 
 
 1,028 
 
 4,200 
 
 3,635 
 
 
 6 
 
 60,000 
 
 12,243 
 
 3,533 
 
 8,709 
 
 
 
 4,200 
 
 3,009 
 
 
 7 
 
 60,000 
 
 12,456 
 
 3,439 
 
 9,017 
 
 
 
 5,000 
 
 4,017 
 
 
 8 
 
 60,000 
 
 13,649 
 
 3,629 
 
 10,020 
 
 
 
 5,000 
 
 5,020 
 
 
 9 
 
 60,000 
 
 14,741 
 
 3,398 
 
 11,343 
 
 
 
 5,000 
 
 1,343 
 
 + 5,000 
 
 1850 
 
 60,000 
 
 14,553 
 
 3,835 
 
 10,717 
 
 
 
 5,000 
 
 5,717 
 
 
 1 
 
 60,000 
 
 15,875 
 
 3,714 
 
 12,161 
 
 
 
 5,000 
 
 7,161 
 
 
 2 
 
 60,000 
 
 16,430 
 
 3,628 
 
 12,801 
 
 
 
 5,000 
 
 7,801 
 
 
 3 
 
 60,000 
 
 13,726 
 
 3,824 
 
 9,902 
 
 
 
 5,000 
 
 1,901 
 
 + 3,000 
 
 4 
 
 60,000 
 
 16,471 
 
 4,237 
 
 12,233 
 
 
 
 5,000 
 
 3,233 
 
 + 4,000 
 
 5 
 
 60,000 
 
 18,844 
 
 4,328 
 
 14,515 
 
 
 
 6,000 
 
 515 
 
 + 8,000 
 
 6 
 
 60,000 
 
 18,441 
 
 4,783 
 
 13,658 
 
 
 
 7,000 
 
 1,658 
 
 + 5,000 
 
 7 
 
 60,000 
 
 21,021 
 
 5,357 
 
 15,664 
 
 
 
 10,000 
 
 664 
 
 + 5,000 
 
 8 
 
 60,000 
 
 22,624 
 
 5,911 
 
 16,712 
 
 
 
 8,000 
 
 1,712 
 
 + 7,000 
 
 9 
 
 60,000 
 
 19,652 
 
 6,153 
 
 13,499 
 
 
 
 10,000 
 
 1,608 
 
 + 3,000 
 
 1860 
 
 60,000 
 
 19,467 
 
 6,704 
 
 12,762 
 
 
 
 10,000 
 
 4,362 
 
 + 58.180 
 
 1 
 
 60,000 
 
 20,026 
 
 6,483 
 
 13,543 
 
 
 
 10,000 
 
 142 
 
 5,000 
 
 2 
 
 100,000 
 
 20,425 
 
 6,403 
 
 14,022 
 
 
 
 10,000 
 
 621 
 
 5,000 
 
 3 
 
 100,000 
 
 18,822 
 
 6,313 
 
 12,508 
 
 
 
 10,000 
 
 508 
 
 2,000 
 
 1864 
 
 100,000 
 
 20,380 
 
 7,075 
 
 13,304 
 
 
 
 10,000 
 
 304 
 
 3,000 
 
 
 3,135,954 
 
 758,962 
 
 252,646 
 
 506,258 
 
 + 
 
 23,982 
 
 292,144 
 
 187,512 
 
 15,000 
 
 27 
 
( 540 ) 
 
 REMARKS ON THE SUMMARY. 
 
 1st. The Notes in Circulation. 
 
 — The amount of this column being £4,176,640, this divided by 101 gives 
 £41,352 as the average circulation throughout the period. It may be men- 
 tioned here, that the amount of Notes in circulation given in the Balance Sheet 
 of 20th February 1802 is no doubt incorrect. This was observed while that 
 Balance Sheet was being prepared, but as the books gave the figures £124,970, 5s. 
 for Notes existing, and £112,311 for the Notes on hand, and as no explanation 
 appeared, there was no choice but to print £12,659, 5s. as the circulation. 
 Since then, a copy of a memorial to Counsel in May 1802 has been fallen in 
 with that clears up this point. On 20th April that year, it was discovered that 
 for some time the Cashier’s Assistant had been issuing, for his own purposes, a 
 large amount of the Notes kept as a reserve in the Cashier’s safe. The apparent 
 decline in the amount of circulation, and the diminution of the profits, led to 
 an investigation which shewed that the circulation was then (in April) about 
 £50,000, while, by falsification of the books, it was made to appear to be only 
 about £13,000. It has also to be stated, that for several years previous to 
 1817 the circulation was probably £5,000 more than it appeared to be; for 
 when in that year the Agent at Forfar was suspended from his otfice, it was 
 found that his cash was £5,840 less than it professed to be, he also having been 
 making use of the Bank’s Notes for his own purposes. 
 
 — The Bank commenced the issue of Notes on the 15th October 1763, and, as 
 seen by the statement among the Memoranda of the first year’s business, the 
 amount remaining out steadily increased till, at the end of thirty-four weeks’ 
 issue, it was £30,152. The preceding Summary shews that the circulation did 
 not for several years materially increase. This proves : — 1st. That a circulating 
 medium of such an extent was greatly needed in the district. 2dly. That the 
 Bank had no power to keep out more Notes than the public required to facili- 
 ate their transactions. Subsequent extensions or diminutions in the amount 
 of the circulation were owing to the variations in the state of trade, or other 
 local causes. For example, in 1809, the Dundee Union Bank was established, 
 and obtaining a good share of business, the circulation of the Dundee Bank was 
 proportionally diminished. 
 
 — It is worthy of remark, that while the population of Dundee increased from 
 6,000 to 100,000, and the extent of its business in a still greater ratio, and 
 while the Bank’s means of accommodating the public rose from £1,200 to 
 £800,000, its circulation was £30,595 in 1764, and no more than £41,118 in 
 1864.. For various reasons it may be useful to compare the average funds 
 
NOTES IN CIRCULATION. 
 
 541 
 
 at the disposal of the Bank, and the average circulation of its Notes during 
 each decade, ending 1770, &c. : — 
 
 1770. 
 
 1780. 
 
 1790. 
 
 1800. 
 
 Funds, 
 
 7,392 
 
 Circulation, 
 
 £32,011 
 
 36,860 
 
 » 
 
 15,408 
 
 95 * 
 
 52,752 
 
 5 ) 
 
 » 
 
 109,587 
 
 99 •••••••••• 
 
 » 
 
 59,423 
 
 1810. 
 
 )) * 
 
 250,509 
 
 » 
 
 60,251 
 
 1820. 
 
 55 
 
 415,463 
 
 * 
 
 44,712 
 
 1830. 
 
 )) * 
 
 380,282 
 
 5 ) 
 
 25,566 
 
 1840. 
 
 )) 
 
 510,252 
 
 )} 
 
 30,959 
 
 1850. 
 
 55 
 
 599,350 
 
 )> 
 
 30,703 
 
 1860. 
 
 55 
 
 803,917 
 
 15 
 
 36,848 
 
 The average Funds (Capital and Deposits) during the whole hundred years 
 being £297,037, and the average circulation only £41,352, although the Dundee 
 Bank enjoyed during the whole period excellent credit with the public. The 
 smallness of the positive rise in the Bank’s circulation, while the extent of its 
 business so greatly increased, is not owing to the establishment of more Banks 
 in the district, but to the great economy in the use of the circulating medium 
 which now prevails generally throughout the kingdom. 
 
 — The custom of the Banks in Scotland to exchange twice a-week the Notes 
 of each other that they collect, and to pay for the difference, enables those who 
 have access to witness the operation to see how rapidly the great bulk of Notes 
 issued return to the Bank from which they come, and how small a percentage 
 the circulation is of the whole amount issued. The Notes annually retired for 
 the Dundee Bank by its Agents in Edinburgh have been stated at the foot of 
 the Balance Sheets, except for the following years, which could not be ascer- 
 
 tained in time - 
 
 1764, £49,288 
 
 5 (six months), 6,943 
 
 6, 33,179 
 
 7, 15,896 
 
 8, 22,234 
 
 9, 26,575 
 
 1770, 25,386 
 
 1, 24,567 
 
 2, 20,796 
 
 3, 39,025 
 
 4, 46,449 
 
 1775, 48,735 
 
 1829, £ 82,068 
 
 1830, 125,734 
 
 1, 111,399 
 
 2, 124,432 
 
 3, 149,760 
 
 4, 89,910 
 
 5, 124,990 
 
 6, 114,534 
 
 7, 90,600 
 
 1838, 103,848 
 
 If we had in like manner an account of the Notes retired annually in Dundee, 
 either by exchanges with other Banks, or direct from the public (by being paid 
 in gold, or by being received in payment of Bills, or by being passed to the 
 credit of customers), we should be able to make up a continuous statement of 
 the total amount of Notes retired from circulation. The means of doing this, 
 however, are wanting. But we can do it for a few years ; and as it is a matter 
 of some interest, the annual retiring of Dundee Bank Notes from 1838 to 1864 
 is stated in the following Table. 
 
54:2 
 
 EXCHANGING AND RETIRING OF NOTES 
 
 From 2\st February 1838, 
 
 
 Exch. w. Bk. of Set. 
 
 Exch. w. Royal Bk. 
 
 Exch. w. 
 
 B. L. Co. 
 
 Exch. w. Nat. Bk. 
 
 Ex. w. Dee. Un. Bk. 
 
 Year 
 
 ending 
 
 20th Feb. 
 
 Bank of 
 Scotland 
 Notes. 
 
 Dundee 
 
 Bank 
 
 Notes. 
 
 Royal 
 
 Bank 
 
 Notes. 
 
 Dundee 
 
 Bank 
 
 Notes. 
 
 Brit. Lin. 
 Co.‘ 
 Notes. 
 
 Dundee 
 
 Bank 
 
 Notes. 
 
 National 
 
 Bank 
 
 Notes. 
 
 Dundee 
 
 Bank 
 
 Notes. 
 
 Union 
 
 Bank 
 
 Notes. 
 
 Dundee 
 
 Bank 
 
 Notes. 
 
 1839 
 
 200,551 
 
 192,396 
 
 75,773 
 
 90,950 
 
 321,359 
 
 234,405 
 
 62,608 
 
 84,119 
 
 285,947 
 
 297,001 
 
 1840 
 
 107,372 
 
 118,842 
 
 49,762 
 
 74,617 
 
 245,403 
 
 209,709 
 
 44,981 
 
 71,694 
 
 239,236 
 
 237,453 
 
 1 
 
 78,917 
 
 104,229 
 
 37,873 
 
 51,542 
 
 240,385 
 
 182,214 
 
 39,833 
 
 56,768 
 
 250,807 
 
 290,511 
 
 2 
 
 66,494 
 
 105,227 
 
 17,509 
 
 21,465 
 
 216,181 
 
 167,458 
 
 43,727 
 
 47,436 
 
 251,154 
 
 249,633 
 
 3 
 
 71,941 
 
 96,227 
 
 1,810 
 
 4,521 
 
 191,056 
 
 155,125 
 
 34,642 
 
 43,965 
 
 225,212 
 
 219,747 
 
 4 
 
 80,875 
 
 83,388 
 
 
 
 182,578 
 
 163,651 
 
 49,256 
 
 49,127 
 
 246,963 
 
 212,235 
 
 5 
 
 101,978 
 
 93,142 
 
 
 
 208,812 
 
 172,523 
 
 59,373 
 
 58,226 
 
 West. Bk 
 
 231,372 
 
 212,916 
 
 6 
 
 98,684 
 
 89,108 
 
 
 
 281,053 
 
 186,989 
 
 65,535 
 
 72,164 
 
 245,057 
 
 196,521 
 
 7 
 
 105,692 
 
 119,054 
 
 
 
 289,480 
 
 205,119 
 
 92,326 
 
 99,861 
 
 253,603 
 
 209,934 
 
 8 
 
 122,726 
 
 135,929 
 
 
 
 282,127 
 
 229,402 
 
 110,335 
 
 132,874 
 
 270,446 
 
 216,630 
 
 9 
 
 119,532 
 
 149,007 
 
 
 
 290,399 
 
 203,035 
 
 97,217 
 
 106,802 
 
 231,124 
 
 176,637 
 
 1850 
 
 121,136 
 
 149,799 
 
 
 
 284,943 
 
 244,079 
 
 85,903 
 
 97,746 
 
 256,782 
 
 221,791 
 
 1 
 
 169,587 
 
 185,081 
 
 
 
 391,133 
 
 351,309 
 
 79,783 
 
 106,567 
 
 249,709 
 
 250,628 
 
 2 
 
 193,415 
 
 202,495 
 
 
 
 339,126 
 
 347,506 
 
 79,454 
 
 89,871 
 
 303,722 
 
 234,303 
 
 3 
 
 200,214 
 
 189,280 
 
 
 
 326,378 
 
 290,608 
 
 50,795 
 
 69,129 
 
 216,892 
 
 250,562 
 
 4 
 
 185,883 
 
 150,646 
 
 
 
 465,767 
 
 333,235 
 
 81,444 
 
 97,902 
 
 248,541 
 
 264,236 
 
 5 
 
 180,016 
 
 157,454 
 
 
 
 401,687 
 
 348,470 
 
 96,099 
 
 100,643 
 
 227,601 
 
 251,732 
 
 6 
 
 175,785 
 
 185,752 
 
 
 
 429,066 
 
 363,942 
 
 97,301 
 
 109,542 
 
 250,396 
 
 246,818 
 
 7 
 
 176,946 
 
 217,316 
 
 
 
 458,693 
 
 351,825 
 
 87,939 
 
 92,767 
 
 231,654 
 
 259,031 
 
 8 
 
 211,505 
 
 251,944 
 
 11,878 
 
 9,337 
 
 532,432 
 
 364,736 
 
 130,518 
 
 150,123 
 
 186,344 
 
 201,202 
 
 9 
 
 188,174 
 
 248,115 
 
 147,901 
 
 180,564 
 
 630,541 
 
 456,060 
 
 133,837 
 
 160,424 
 
 
 
 1860 
 
 203,560 
 
 218,290 
 
 139,597 
 
 189,692 
 
 603,317 
 
 471,780 
 
 143,460 
 
 173,009 
 
 
 
 1 
 
 231,811 
 
 246,943 
 
 158,176 
 
 204,358 
 
 659,419 
 
 445,288 
 
 151,367 
 
 225,637 
 
 
 
 2 
 
 195,286 
 
 215,314 
 
 144,010 
 
 151,892 
 
 553,368 
 
 453,718 
 
 146,435 
 
 218,942 
 
 
 
 3 
 
 243,051 
 
 238,593 
 
 143,564 
 
 137,056 
 
 564,407 
 
 480,610 
 
 165,434 
 
 253,377 
 
 
 
 4 
 
 311,147 
 
 322,608 
 
 167,935 
 
 143,849 
 
 768,809 
 
 557,344 
 
 246,759 
 
 307,610 
 
 Com. Bk 
 117,385 
 
 102,241 
 
 N.B. — The figures in the above table are all compiled from the entries in the books of the 
 Bank, except those in the last two columns. No record was kept of the amount of its own 
 Notes received direct from the public, but as the view of the matter would be imperfect 
 
543 
 
 BY THE DUNDEE BANKING COMPANY, 
 
 to 20 th February 1864. 
 
 
 Ex. w. Dee. Com. Bk. 
 
 Exch. in Edinburgh. 
 
 Total Notes Exchanged. 
 
 Addit. as to Dee. Bk. Notes. 
 
 Year 
 
 ending 
 
 20fch Feb. 
 
 Eastern 
 
 Bank 
 
 Notes. 
 
 Dundee 
 
 Bank 
 
 Notes. 
 
 Mixed 
 
 Notes. 
 
 Dundee 
 
 Bank 
 
 Notes. 
 
 Other 
 
 Banks’ 
 
 Notes. 
 
 Dundee 
 
 Bank 
 
 Notes. 
 
 Retired 
 
 Direct. 
 
 Grand 
 
 Total. 
 
 1839 
 
 221,951 
 
 224,752 
 
 100,173 
 
 150,280 
 
 1,268,362 
 
 1,273,903 
 
 250,000 
 
 1,523,903 
 
 1840 
 
 East. Bank 
 
 274,766 
 
 258,179 
 
 90,335 
 
 200,085 
 
 1,051,855 
 
 1,170,579 
 
 225,000 
 
 1,395,579 
 
 1 
 
 201,109 
 
 203,922 
 
 78,842 
 
 122,445 
 
 848,924 
 
 889,186 
 
 200,000 
 
 1,089,186 
 
 2 
 
 200,841 
 
 182,417 
 
 71,461 
 
 112,685 
 
 867,367 
 
 886,321 
 
 175,000 
 
 1,061,321 
 
 3 
 
 152,288 
 
 159,380 
 
 59,421 
 
 89,419 
 
 736,370 
 
 768,384 
 
 150,000 
 
 918,384 
 
 4 
 
 161,642 
 
 145,465 
 
 72,701 
 
 89,205 
 
 794,015 
 
 743,071 
 
 175,000 
 
 918,071 
 
 5 
 
 190,966 
 
 168,585 
 
 65,848 
 
 106,275 
 
 858,349 
 
 811,667 
 
 175,000 
 
 986,667 
 
 6 
 
 205,337 
 
 205,698 
 
 57,618 
 
 117,490 
 
 953,284 
 
 867,970 
 
 200,000 
 
 1,067,970 
 
 7 
 
 225,340 
 
 227,703 
 
 67,762 
 
 122,675 
 
 1,034,203 
 
 984,346 
 
 200,000 
 
 1,184,346 
 
 8 
 
 225,072 
 
 253,845 
 
 77,327 
 
 135,699 
 
 1,088,033 
 
 1,104,379 
 
 225,000 
 
 1,329,379 
 
 9 
 
 172,649 
 
 187,166 
 
 64,144 
 
 121,055 
 
 975,065 
 
 943,702 
 
 200,000 
 
 1,143,702 
 
 1850 
 
 161,155 
 
 189,394 
 
 78,619 
 
 125,090 
 
 988,538 
 
 1,027,899 
 
 250,000 
 
 1,277,899 
 
 1 
 
 202,342 
 
 215,655 
 
 63,090 
 
 144,360 
 
 1,155,644 
 
 1,253,600 
 
 350,000 
 
 1,603,600 
 
 2 
 
 176,205 
 
 210,319 
 
 67,331 
 
 142,885 
 
 1,159,253 
 
 1,227,379 
 
 350,000 
 
 1,577,379 
 
 3 
 
 186,145 
 
 197,490 
 
 61,100 
 
 146,685 
 
 1,041,524 
 
 1,143,754 
 
 300,000 
 
 1,443,754 
 
 4 
 
 216,097 
 
 230,662 
 
 62,600 
 
 144,160 
 
 1,260,332 
 
 1,280,084 
 
 350,000 
 
 1,570,841 
 
 5 
 
 213,403 
 
 246,043 
 
 80,083 
 
 192,195 
 
 1,198,889 
 
 1,296,537 
 
 350,000 
 
 1,646,537 
 
 6 
 
 235,580 
 
 275,825 
 
 67,909 
 
 187,094 
 
 1,256,028 
 
 1,368,973 
 
 375,000 
 
 1,743,973 
 
 7 
 
 252,225 
 
 287,396 
 
 71,480 
 
 185,105 
 
 1,278,937 
 
 1,393,440 
 
 350,000 
 
 1,743,440 
 
 8 
 
 284,346 
 
 348,775 
 
 88,696 
 
 196,385 
 
 1,445,719 
 
 1,522,502 
 
 375,000 
 
 1,897,502 
 
 9 
 
 245,391 
 
 364,385 
 
 90,169 
 
 180,990 
 
 1,436,013 
 
 1,590,538 
 
 450,000 
 
 2,040,538 
 
 1860 
 
 234,860 
 
 319,170 
 
 105,388 
 
 186,396 
 
 1,430,182 
 
 1,558,337 
 
 450,000 
 
 2,008,337 
 
 1 
 
 199,195 
 
 309,121 
 
 97,756 
 
 191,365 
 
 1,497,724 
 
 1,622,712 
 
 450,000 
 
 2,072,712 
 
 2 
 
 163,554 
 
 257,210 
 
 91,668 
 
 187,280 
 
 1,294,321 
 
 1,484,356 
 
 450,000 
 
 1,934,356 
 
 3 
 
 208,628 
 
 280,217 
 
 97,729 
 
 202,865 
 
 1,422,813 
 
 1,592,718 
 
 500,000 
 
 2,092,718 
 
 4 
 
 Clydes. Bk. 
 
 228,633 
 
 265,471 
 
 54,165 
 
 200,465 
 
 1,894,913 
 
 1,899,588 
 
 500,000 
 
 2,399,588 
 
 without some allowance being made for this, it has been assumed, as being probably near 
 the mark, that the Bank thus retired about as much as was received from the British Linen 
 Company. 
 
544 
 
 REMARKS. 
 
 —From 1764 to 1773 an unfriendly feeling seems to have existed between the 
 Dundee Bank and the Banks in Edinburgh. A few notes of occurrences 
 shewing this have been printed, e.g., Aug. 24th and Oct. 28th 1765, and Sept. 
 18th 1771, as to exchanging of Notes, and the demanding of gold for Notes. 
 So at an earlier period, viz., 18th Oct. 1764, John Fyffe, the Bank’s Agent in 
 Edinburgh, received payment of £300 of Notes, with £7, 10s. as six months’ 
 interest Thereon, from one of the Banks which had exercised the right of the 
 option stated in the Notes, no doubt to annoy the Dundee Bank, instead of pay- 
 ing them six months previously. The notices are too few to enable us now to 
 judge who was chiefly in fault for this petty warfare. The preceding table 
 speaks of amicable proceedings more becoming and more beneficial to all the 
 parties concerned. 
 
 —The increasing rapidity with which Notes are retired from the circle is well 
 illustrated by a statement of the rate at which they were returned to the Bank 
 of issue on three different occasions. 
 
 1st. Yearly retiring of George Dempster & Co.’s Notes, which ceased to be 
 issued after 31st July 1777, on which day they amounted to £55,511. N.B.— 
 
 The first period is for six months only, the amount being ascertained at the 
 balance on the 20th February yearly. 
 
 1778, £14,695 
 
 1779, 11,701 
 
 1780, 7,839 
 
 1781, 8,532 
 
 1782, 
 
 £5,370 
 
 1783, 
 
 2,867 
 
 1784, 
 
 1,965 
 
 1785, 
 
 946 
 
 1786, 
 
 £498 
 
 1787, 
 
 299 
 
 1788, 
 
 
 1789, 
 
 162 
 
 Leaving £500 still out in the circle. 
 
 
 1 
 
 i 
 
 2d. Weekly retiring of the Dundee New Bank’s Notes, which ceased to be 
 issued after 31st January 1838, on which day they amounted to £19,412. 
 
 1838. 
 
 Feb. 7, £4,799 
 
 14, 2,117 
 
 21, 1,316 
 
 28, 678 
 
 Mar. 7, 4:76 
 
 14, 4 591 
 
 21, 488 
 
 28, 365 
 
 Apr. 4, 312 
 
 11, 411 
 
 18, 184 
 
 25, 302 
 
 May 2, 226 
 
 9, 185 
 
 16, 352 
 
 23, 65 
 
 30, 249 
 
 1838. 
 June 6,. 
 
 13.. 
 
 20 .. 
 
 27.. 
 July 4,. 
 
 11 .. 
 18,. 
 
 25.. 
 Aug. l v 
 
 8 ,. 
 
 15.. 
 
 22 .. 
 29,, 
 
 Sept. 5, 
 12 , 
 19, 
 26, 
 
 £315 
 
 , 270 
 , 185 
 , 164 
 , 149 
 . 105 
 . 74 
 . 73 
 . 84 
 
 112 
 
 258 
 
 62 
 
 61 
 
 59 
 
 49 
 
 1838. i 
 
 Oct. 3, 
 
 £41 
 
 10, 
 
 47 
 
 17, 
 
 41 
 
 24, 
 
 48 
 
 31, 
 
 45 
 
 Nov. 7, 
 
 
 14,. 
 
 48 
 
 21, 
 
 22 
 
 28, 
 
 43 
 
 Dec. 5, 
 
 
 12, 
 
 
 19, 
 
 40 
 
 26, 
 
 126 
 
 1839. 
 
 Jan. 2, 
 
 
 9, 
 
 39 
 
 16, 
 
 
 23, 
 
 
 30, 
 
 11 
 
 Leaving £3,499 still out in the circle. 
 
NOTES IN CIRCULATION. 5 - 1 5 
 
 3d. Weekly retiring of the Dundee Bank Notes, which ceased to be issued 
 after the 20th February 1864, on which day they amounted to £41,118. 
 
 1864. 
 
 Feb. 27, 
 
 £9,124 
 
 1864. 
 
 July 2, 
 
 
 1864. 
 
 Nov. 5, 
 
 £263 
 
 Mar. 5, 
 
 6,572 
 
 9, 
 
 372 
 
 12, 
 
 
 12, 
 
 3,655 
 
 16, 
 
 293 
 
 19, 
 
 88 
 
 19, 
 
 2,309 
 
 23, 
 
 355 
 
 26, 
 
 129 
 
 26, 
 
 1,724 
 
 30, 
 
 154 
 
 Dec. 3, 
 
 19 
 
 Apr. 2, 
 
 1,565 
 
 Aug. 6, 
 
 181 
 
 10, 
 
 150 
 
 9, 
 
 1,079 
 
 13, 
 
 195 
 
 17, 
 
 62 
 
 16, 
 
 849 
 
 20, 
 
 173 
 
 24, 
 
 79 
 
 23, 
 
 798 
 
 27, 
 
 182 
 
 31, 
 
 229 
 
 30, 
 
 769 
 
 Sept. 3, 
 
 50 
 
 1865. 
 
 
 May 7, 
 
 656 
 
 10, 
 
 
 Jan. 7, 
 
 17 
 
 14, 
 
 587 
 
 17, 
 
 92 
 
 14, 
 
 32 
 
 21, 
 
 586 
 
 24, 
 
 38 
 
 21, 
 
 32 
 
 28,....., 
 
 528 
 
 Oct. 1, 
 
 63 
 
 28, 
 
 9 
 
 June 4, 
 
 580 
 
 8, 
 
 
 Feb. 4, 
 
 73 
 
 11, 
 
 435 
 
 15, 
 
 88 
 
 11, 
 
 44 
 
 18, 
 
 340 
 
 22, 
 
 38 
 
 18, 
 
 93 
 
 25, 
 
 378 
 
 29, 
 
 62 
 
 
 
 Leaving £4,505 still out in the circle. The result being that in the course of 
 one year after they ceased to be issued there were retired : — 
 
 £20,500 of Gr. Dempster & Co.’s, £55,511 of Notes, or .37ths. 
 
 £15,913 of Dundee New Bank’s, £19,412 of Notes, or .82ths. 
 
 £36,608 of Dundee Bank’s, £41,118 of Notes, or .89ths. 
 
 — The circulation at first consisted of Notes for 5s., 10s., £1, and £5, but 
 chiefly of 5s. and £1 in the proportion of i and I of the whole value. In 1805 
 the Bank began to issue Notes for £1 Is. and £20, and in 1814 for £2, but 
 the guinea and two pound Notes were not liked, as the public were afraid of 
 paying them away for one pound Notes, and the use of £20 Notes was at first 
 but small, though it gradually increased. Of late years the circulation con- 
 sisted of Notes for £1, £5, and £20, the five pound Notes becoming less, and 
 the twenty pound Notes becoming more and more in use. As the returns to 
 Government under the Bank Note Act of 1845 (8 and 9 Viet., c. 38) dis- 
 tinguishes only the amount of Notes below £5 from that of those of £5 and 
 upwards, it has been deemed useful to give in the subjoined table the weekly 
 circulation of £1, £5, and £20 Notes during four years of the period of these 
 returns. The average circulation of Notes of those denominations for each of 
 
 these years being as follows : — 
 
 Year. 
 
 £1 Notes. 
 
 £5 Notes. 
 
 £20 Notes. 
 
 Totals. 
 
 1846 
 
 £22,096 
 
 £4,265* 
 
 £ 3,430 
 
 £29,791 
 
 1852 
 
 22,109 
 
 3,675 
 
 8,300 
 
 34,084 
 
 1858 
 
 24,512 
 
 6,225 
 
 11,260 
 
 41,997 
 
 1863 
 
 27,319 
 
 6,345 
 
 12,320 
 
 45,984 
 
 From observation it has been ascertained that the circulation of the larger 
 Banks consists chiefly of £1, £20, and £100 Notes. 
 
Decern. Novem. October. Septem. August. July. June. May. April. March. Febry. January. 
 
 i46 WEEKLY RETURN TO GOVERNMENT 
 
 OF 
 
 DUNDEE BANK NOTES IN CIRCULATION. 
 
 * ( 
 t ? 1 
 
 11 
 
 1 1 
 
 * \ 
 1 i 
 
 f( 
 
 . r 
 © 1 
 
 n 
 
 . r 
 
 j 
 
 »? 1 
 i 
 
 - f 
 
 I} 
 
 a [ 
 © ! 
 -13 < 
 
 Ph | 
 
 * l 
 
 - 1 
 
 i! 
 
 i j 
 
 ll 
 
 s ' 
 
 © J 
 
 O 4 
 
 <5 1 
 
 Avei 
 
 Saturday 3 d January to Saturday 2 6 th 
 December 1846. 
 
 Saturday 3 d January to Saturday 25th 
 December 1852. 
 
 / 
 
 £1. 
 
 £ 5 . 
 
 £20. 
 
 Total. 
 
 £1. 
 
 £ 5 . 
 
 £20. 
 
 Total. 
 
 £22,954 
 
 21,867 
 
 22,283 
 
 21,142 
 
 21,095 
 
 20,193 
 
 20,489 
 
 19,846 
 
 21,127 
 
 20,956 
 
 21,234 
 
 20,535 
 
 21,065 
 
 20,139 
 
 20,243 
 
 20,050 
 
 20,046 
 
 20,474 
 
 20,938 
 
 22,844 
 
 23,766 
 
 24,585 
 
 23,771 
 
 22,397 
 
 22,509 
 
 20,705 
 
 21,392 
 
 20,933 
 
 20,673 
 
 19,833 
 
 20,449 
 
 20,329 
 
 21,421 
 
 20,733 
 
 21,712 
 
 23,101 
 
 23,429 
 
 22,096 
 
 22,563 
 
 21,879 
 
 21,667 
 
 21,539 
 
 23,274 
 
 22,757 
 
 23,783 
 
 24,446 
 
 29,118 
 
 27,656 
 
 f 26,202 
 
 24,257 
 
 23,702 
 
 ^ 22,883 
 
 £3,480 
 
 2.705 
 2,930 
 
 3.715 
 3,640 
 3,160 
 3,040 
 3,350 
 3,485 
 3,775 
 3,735 
 3,260 
 3,215 
 3,370 
 3,725 
 3,935 
 4,570 
 
 4.705 
 
 4.715 
 5,830 
 5,950 
 4,895 
 5,295 
 5,860 
 5,240 
 3,545 
 3,765 
 3,810 
 3,960 
 3,390 
 3,925 
 3,150 
 3,455 
 3,380 
 3,570 
 3,585 
 3,455 
 3,480 
 4,325 
 5,510 
 5,845 
 6,265 
 6,215 
 6,530 
 6,025 
 5,130 
 5,655 
 5,475 
 5,080 
 3,985 
 3,720 
 3,960 
 
 £3,270 
 
 2,460 
 
 3,040 
 
 2,660 
 
 3.180 
 
 4.180 
 4,800 
 
 2.740 
 2,120 
 3,240 
 
 3.740 
 3,040 
 3,160 
 2,840 
 
 2.460 
 2,580 
 
 3.180 
 2,880 
 4,720 
 4,020 
 2,900 
 3,420 
 2,600 
 3,420 
 3,120 
 
 3.960 
 
 3.460 
 2,680 
 2,540 
 2,200 
 
 2.960 
 2,860 
 
 3.980 
 
 2.460 
 2,740 
 3.220 
 
 3.680 
 3,760 
 4,580 
 5,920 
 5,500 
 4,780 
 5,700 
 4,340 
 
 4.980 
 
 4.680 
 3,140 
 3,060 
 3,280 
 3,140 
 
 2.680 
 2,270 
 
 £29,704 
 
 27,032 
 
 28,253 
 
 27,517 
 
 27,915 
 
 27,533 
 
 28,329 
 
 25,936 
 
 26,732 
 
 27,971 
 
 28,709 
 
 26,835 
 
 27,440 
 
 26,349 
 
 26,428 
 
 26,565 
 
 27,796 
 
 28,059 
 
 30,373 
 
 32,694 
 
 32.616 
 32,900 
 31,666 
 31,677 
 30,869 
 28,210 
 
 28.617 
 
 27.423 
 27,173 
 
 25.423 
 27,334 
 26,339 
 28,856 
 26,573 
 28,022 
 29,906 
 30,564 
 29,336 
 31,468 
 33,309 
 33,012 
 32,584 
 35,189 
 33,627 
 34,780 
 34,256 
 37,913 
 36,191 
 34,562 
 31,382 
 30, 102 
 29,113 
 
 £20,044 
 
 20,515 
 
 19,312 
 
 19,621 
 
 18,583 
 
 18,240 
 
 18,248 
 
 20,096 
 
 20,391 
 
 19,597 
 
 18,771 
 
 19,426 
 
 18,581 
 
 19,444 
 
 18,972 
 
 18,919 
 
 19,894 
 
 21,713 
 
 21,606 
 
 25,341 
 
 25,062 
 
 27,196 
 
 25,551 
 
 22,873 
 
 21,917 
 
 21,652 
 
 20,696 
 
 20,720 
 
 20,092 
 
 20,794 
 
 20,114 
 
 20,577 
 
 20,145 
 
 19,934 
 
 20,658 
 
 21,674 
 
 20,599 
 
 21,922 
 
 20,883 
 
 21.275 
 20,936 
 21,733 
 22,475 
 22,569 
 21,320 
 27,132 
 29,439 
 28,027 
 
 25.275 
 25,066 
 24,169 
 25,004 
 
 £3,705 
 
 3,305 
 
 3,565 
 
 3,400 
 
 2.955 
 4,020 
 3,105 
 2,845 
 
 3.015 
 3,655 
 3,480 
 3,780 
 3,525 
 3,950 
 3,720 
 3,425 
 3,415 
 3,725 
 
 3.955 
 1,515 
 4,190 
 4,890 
 3,460 
 4,350 
 3,905 
 4,030 
 3,910 
 
 4.015 
 3,845 
 4,220 
 4,025 
 3,620 
 4,225 
 
 4.090 
 4,380 
 4,825 
 4,165 
 4,030 
 
 5.070 
 
 4.955 
 4,810 
 5,125 
 4,975 
 4,385 
 4,350 
 
 460 
 
 3.055 
 
 2.055 
 2,150 
 
 2.090 
 1,870 
 
 2.070 
 
 £ 9,500 
 6,880 
 8,420 
 5,360 
 6,660 
 7,780 
 
 8.320 
 6,480 
 6,860 
 
 6.720 
 
 5.320 
 6,600 
 
 7.940 
 
 5.700 
 6,560 
 
 10,440 
 
 7.700 
 7,660 
 8,900 
 
 10,220 
 
 13.720 
 8,660 
 5,500 
 
 6.940 
 7,800 
 7,980 
 
 9.340 
 8,200 
 
 7.140 
 8,520 
 
 10,640 
 
 9,580 
 
 7,540 
 
 7.920 
 8,260 
 
 10,760 
 
 6,480 
 
 8,720 
 
 8.340 
 7,540 
 8,120 
 
 11,240 
 
 9,360 
 
 7,500 
 
 10,400 
 
 10,300 
 
 7,200 
 
 6,640 
 
 10.140 
 6,780 
 
 6.920 
 8,960 
 
 £33,249 
 30,700 
 31,297 
 28,381 
 28,198 
 30,040 
 29,673 
 29,421 j 
 30,266 j 
 
 29.972 
 27,571 
 29,806 
 30,046 
 29,094 
 29,252 
 32,784 
 31,009 
 33,098 - 
 34,461 
 
 37.076 
 
 42.972 
 40,746 
 34,511 i 
 34,163 « 
 33,622 . 
 33,662 ; 
 33,946 
 
 32.935 
 
 31.077 i 
 33,534 i 
 34,779 
 33,777 ! 
 31,910 ) 
 31,944 > 
 33,298 ! 
 37,259 i 
 31,244 
 34,672 
 34,293 
 33,770 
 33,866 
 38,098 
 36,810 
 34,454 
 36,070 
 37,892 
 39,694 
 36,722 
 37,565 
 
 33.936 
 32,959 
 36,034 
 
 1,149,080 
 
 221,770 
 
 178,320 
 
 1,549,170 
 
 1,124,793 
 
 189,655 
 
 423,160 
 
 1,737,608 
 
 r. 22,096 
 
 4,265 
 
 3,430 
 
 i 29,791 
 
 21,630 
 
 3,647 
 
 8,137 
 
 33,415 
 

 547 
 
 WEEKLY RETURN TO GOVERNMENT 
 
 OF 
 
 DUNDEE BANK NOTES IN CIRCULATION. 
 
 
 Saturday 2 d January to Saturday 25tJi 
 December 1858. 
 
 Saturday 3 d January to Saturday 2 6th 
 December 1863. 
 
 
 £1. 
 
 £5. 
 
 £20. 
 
 Total. 
 
 £1. 
 
 £5. 
 
 £20. 
 
 Total. 
 
 . ( 
 
 £26,261 
 
 £4,845 
 
 £7,440 
 
 £38,546 
 
 £26,412 
 
 £6,355 
 
 £14,520 
 
 £47,287 
 
 & 
 
 23,545 
 
 5,230 
 
 8,200 
 
 36,975 
 
 26,008 
 
 6,250 
 
 12,140 
 
 44,398 
 
 1 \ 
 
 23,710 
 
 4,715 
 
 13,300 
 
 41,725 
 
 24,272 
 
 5,955 
 
 9,120 
 
 39,347 
 
 s 1 
 
 22,287 
 
 4,535 
 
 10,680 
 
 37,502 
 
 24,116 
 
 5,605 
 
 7,600 
 
 37,321 
 
 
 22,925 
 
 4,955 
 
 7,800 
 
 35,680 
 
 22,565 
 
 5,760 
 
 10,400 
 
 38,725 
 
 . f 
 
 22,273 
 
 5,580 
 
 9,660 
 
 37,513 
 
 23,278 
 
 5,325 
 
 9,640 
 
 38,243 
 
 b J 
 
 27,322 
 
 5,580 
 
 12,200 
 
 45,102 
 
 21,911 
 
 5,620 
 
 11,900 
 
 39,431 
 
 1 
 
 22,595 
 
 5,265 
 
 6,440 
 
 34,300 
 
 22,955 
 
 5,325 
 
 11,300 
 
 39,580 
 
 * L 
 
 24,207 
 
 4,470 
 
 6,220 
 
 34,897 
 
 22,205 
 
 5,515 
 
 9,560 
 
 37,280 
 
 r 
 
 23,347 
 
 4,565 
 
 9,920 
 
 37,832 
 
 23,412 
 
 5,885 
 
 7,820 
 
 37,117 
 
 g j 
 
 23,675 
 
 4,660 
 
 9,280 
 
 37,615 
 
 22,472 
 
 5,600 
 
 9,420 
 
 37,492 
 
 4 1 
 
 23,118 
 
 4,545 
 
 8,700 
 
 36,363 
 
 22,573 
 
 5,385 
 
 9,400 
 
 37,358 
 
 
 23,545 
 
 4,725 
 
 6,380 
 
 34,650 
 
 22,335 
 
 5,325 
 
 11,100 
 
 38,760 
 
 . r 
 
 23,335 
 
 5,225 
 
 9,380 
 
 37,940 
 
 24,314 
 
 5,915 
 
 12,160 
 
 42,389 
 
 
 23,932 
 
 5,265 
 
 7,840 
 
 37,037 
 
 23,836 
 
 5,225 
 
 8,440 
 
 37,501 
 
 J- 1 
 
 22,211 
 
 5,230 
 
 5,960 
 
 33,401 
 
 26,168 
 
 5,280 
 
 11,260 
 
 42,708 
 
 
 25,235 
 
 5,305 
 
 6,360 
 
 36,900 
 
 26,163 
 
 5,610 
 
 8,620 
 
 40,393 
 
 r 
 
 * I 
 
 «S 1 
 
 24,489 
 
 5,610 
 
 8,240 
 
 38,339 
 
 28,200 
 
 5,990 
 
 17,720 
 
 51,910 
 
 26,731 
 
 6,405 
 
 7,240 
 
 40,376 
 
 28,299 
 
 6,375 
 
 11,560 
 
 46,234 
 
 27,706 
 
 5,230 
 
 8,640 
 
 41,576 
 
 30,455 
 
 6,635 
 
 18,100 
 
 55,190 
 
 s 1 
 
 29,289 
 
 7,895 
 
 9,260 
 
 46,444 
 
 31,610 
 
 7,365 
 
 15,440 
 
 54,415 
 
 l 
 
 30,551 
 
 8,125 
 
 13,220 
 
 51,896 
 
 32,821 
 
 7,865 
 
 19,300 
 
 59,986 
 
 . r 
 
 28,787 
 
 7,895 
 
 8,040 
 
 44,722 
 
 29,101 
 
 6,610 
 
 11,000 
 
 46,711 
 
 S J 
 
 26,754 
 
 6,895 
 
 10,020 
 
 43,669 
 
 28,855 
 
 6,690 
 
 11,620 
 
 47,165 
 
 £ ! 
 
 26,668 
 
 6,965 
 
 10,880 
 
 44,513 
 
 26,994 
 
 6,335 
 
 14,160 
 
 47,489 
 
 1 
 
 25,738 
 
 6,435 
 
 9,760 
 
 41,933 
 
 27,209 
 
 6,485 
 
 14,040 
 
 47,734 
 
 f 
 
 26,266 
 
 6,575 
 
 11,600 
 
 44,441 
 
 26,669 
 
 7,205 
 
 14,080 
 
 47,954 
 
 24,700 
 
 6,250 
 
 9,980 
 
 40,930 
 
 26,985 
 
 6,960 
 
 12,660 
 
 46,605 
 
 25,658 
 
 5,830 
 
 11,320 
 
 42,808 
 
 25,922 
 
 7,020 
 
 10,340 
 
 43,282 
 
 £ 
 
 24,410 
 
 5,690 
 
 10,360 
 
 40,460 
 
 26,937 
 
 6,930 
 
 9,880 
 
 43,747 
 
 Ij 
 
 25,610 
 
 6,130 
 
 9,820 
 
 41,560 
 
 26,000 
 
 6,225 
 
 11,300 
 
 43,525 
 
 *+3 
 
 24,262 
 
 6,595 
 
 8,720 
 
 39,577 
 
 27,742 
 
 6,565 
 
 14,600 
 
 48,907 
 
 02 
 
 2 j 
 
 24,457 
 
 5,920 
 
 13,400 
 
 43,777 
 
 25,881 
 
 6,135 
 
 11,240 
 
 43,256 
 
 &0 \ 
 
 23,650 
 
 5,935 
 
 9,200 
 
 38,785 
 
 27,245 
 
 5,635 
 
 11,100 
 
 43,980 
 
 -5 1; 
 
 23,968 
 
 6,100 
 
 8,380 
 
 38,448 
 
 26,271 
 
 5,430 
 
 15,060 
 
 46,761 
 
 a [ 
 
 <u I 
 
 21,675 
 
 6,130 
 
 14,980 
 
 42,785 
 
 27,706 
 
 5,935 
 
 13,980 
 
 47,621 
 
 22,949 
 
 5,910 
 
 13,220 
 
 42,079 
 
 26,724 
 
 6,065 
 
 10,140 
 
 42,929 
 
 ft ] 
 
 22,167 
 
 6,370 
 
 12,580 
 
 41,117 
 
 27,829 
 
 5,570 
 
 11,500 
 
 44,899 
 
 m L 
 . r 
 
 21,930 
 
 6,375 
 
 14,640 
 
 42,945 
 
 27,651 
 
 5,910 
 
 12,480 
 
 46,041 
 
 22,608 
 
 6,750 
 
 14,920 
 
 44,278 
 
 30,165 
 
 6,235 
 
 14,580 
 
 50,980 
 
 J 
 
 23,225 
 
 7,220 
 
 13,300 
 
 43,745 
 
 28,887 
 
 6,325 
 
 14,700 
 
 49,912 
 
 1 
 
 22,066 
 
 7,835 
 
 18,040 
 
 47,941 
 
 30,665 
 
 6,830 
 
 17,300 
 
 54,795 
 
 1 1 
 
 24,052 
 
 7,180 
 
 15,720 
 
 46,952 
 
 29,533 
 
 6,585 
 
 14,300 
 
 50,418 
 
 ° l 
 
 23,844 
 
 6,745 
 
 14,660 
 
 45,249 
 
 32,335 
 
 6,295 
 
 16,220 
 
 54,850 
 
 a r 
 
 25,900 
 
 7,530 
 
 14,420 
 
 47,850 
 
 31,355 
 
 6,995 
 
 13,360 
 
 51,710 
 
 s J 
 
 25,760 
 
 7,310 
 
 13,020 
 
 46,090 
 
 34,527 
 
 6,995 
 
 11,560 
 
 53,082 
 
 1 1 
 
 30,681 
 
 8,740 
 
 17,080 
 
 56,501 
 
 36,033 
 
 8,590 
 
 14,540 
 
 59,163 
 
 6 L 
 
 -• r 
 
 26,530 
 
 9,285 
 
 19,780 
 
 55,595 
 
 33,056 
 
 8,600 
 
 14,080 
 
 55,736 
 
 24,834 
 
 8,035 
 
 19,940 
 
 52,809 
 
 29,735 
 
 7,625 
 
 11,920 
 
 49,280 
 
 a 
 
 a> I 
 
 22,237 
 
 7,100 
 
 15,440 
 
 44,777 
 
 30,235 
 
 7,270 
 
 11,720 
 
 49,225 
 
 
 20,681 
 
 6,760 
 
 12,580 
 
 40,021 
 
 27,835 
 
 6,945 
 
 9,540 
 
 44,320 
 
 a l 
 
 19,836 
 
 7.340 
 
 17,740 
 
 44,916 
 
 28,220 
 
 6,665 
 
 11,140 
 
 46,025 
 
 
 1,274,192 
 
 323,790 
 
 585,900 
 
 2,183,882 
 
 1,420,682 
 
 329,825 
 
 640,660 
 
 2,391,167 
 
 Aver. 
 
 24,512 
 
 6,225 
 
 11,260 
 
 41,997 
 
 27,319 
 
 6,345 
 
 12,320 
 
 45,984 
 
 28 
 
54£ REMARKS. 
 
 — It is a matter of some interest to know how the circulation of Bank Notes in 
 Scotland has been distributed since the failure of the Western Bank, and the 
 extinction of its authorized issue of £337,938. To illustrate this and some 
 other points the following tables (copied from the Glasgow Journal) were com- 
 piled from the monthly returns for the four weeks of August 1857 and 1863 
 respectively, as published in the Edinburgh Gazette. The former of these 
 periods was immediately prior to the Bank crisis, and may reasonably be sup- 
 posed to afford a fair comparison with the same month of the latter year. 
 
 Names 
 
 of 
 
 Banks. 
 
 Average 
 Circulatn. 
 in Aug. 
 1857. 
 
 Average 
 Circulat. 
 in Aug. 
 1863. 
 
 Increase. 
 
 Total 
 Coin 
 held in 
 Aug. 
 1857. 
 
 Total 
 Coin 
 held in 
 Aug. 
 1863. 
 
 Increase 
 of Coin 
 held. 
 
 Paid-up 
 
 Capital. 
 
 Author- 
 
 ized 
 
 Circula- 
 
 tion. 
 
 Propor. 
 of Auth. 
 Circ. to 
 Capital. 
 
 B. of Scot.,. 
 
 Royal, 
 
 Br. Linen,.. 
 Commercial 
 National, . . . 
 
 Union, 
 
 Aberdeen, . . 
 N. of Scot. , . 
 Dundee, .... 
 Clydesdale,. 
 
 C. of Glasg., 
 
 Caledonian, 
 Central, 
 
 £ 
 
 370,007 
 242,063 
 439,576 
 441,371 
 311,281 
 550,114 
 114,248 
 176,645 
 39,088 
 344, 186* 
 329,090 
 72,251 
 52,680 
 
 £ 
 
 448,170 
 
 459,287 
 
 487,201 
 
 516,719 
 
 445,961 
 
 583,617 
 
 123,571 
 
 190,537 
 
 44,917 
 
 354,090 
 
 331,779 
 
 76,525 
 
 53,322 
 
 £ 
 
 78,163 
 
 217,224 
 
 47,625 
 
 75,348 
 
 134,680 
 
 33,503 
 
 9,823 
 
 13,892 
 
 5,829 
 
 9,904 
 
 2,089 
 
 4,274 
 
 1,642 
 
 £ 
 
 130,299 
 111,337 
 152,597 
 139,971 
 87,757 
 163,302 
 57,742 
 60,412 
 14,089 
 115,035 
 294,427 
 33,115 
 1 29,126 
 
 £ 
 
 254,715 
 
 329,307 
 
 248,046 
 
 287,642 
 
 274,695 
 
 240,543 
 
 71,613 
 
 78,432 
 
 24,501 
 
 130,784 
 
 302,038 
 
 36,828 
 
 32,764 
 
 £ 
 
 124,416 
 
 217,970 
 
 95,449 
 
 147,671 
 
 186,938 
 
 77,241 
 
 13,871 
 
 18,020 
 
 10,412 
 
 15,749 
 
 7,611 
 
 3,713 
 
 3,638 
 
 £ 
 
 1,000,000 
 
 2,000,000 
 
 1,000,000 
 
 800,000 
 
 1,000,000 
 
 1,000,000 
 
 156.000 
 
 280.000 
 100,000 
 807,380 
 670,000 
 125,000 
 
 78,125 
 
 £ 
 
 300,485 
 
 183,000 
 
 438.024 
 374,880 
 
 297.024 
 454,346 
 
 70,133 
 
 154,319 
 
 33,451 
 
 274,321 
 
 72,921 
 
 53,434 
 
 42,933 
 
 ct. 
 
 30 
 
 9 
 
 43.8 
 
 46.8 
 
 29.7 
 
 45.4 
 
 44.9 
 55.1 
 
 33.4 
 
 33.9 
 
 10.8 
 42.7 
 
 54.9 
 
 — The general state of the issue of Bank Notes in Scotland, and the reserves of 
 gold and silver Coin in the month of August 1857 and 1863 respectively were r 
 as follows : — 
 
 Year. 
 
 Authorized Circulation. 
 
 Aver. Total Circulation. 
 
 Total Coin held. 
 
 1857, 
 
 £3,087,209 
 
 2,749,271 
 
 £3,932,997 
 
 4,113,607 
 
 £1,576,011 
 
 2,311,908 
 
 1863, 
 
 
 £337,938 dec. 
 
 £180,610 inc. 
 
 £735,897 inc. 
 
 — For encouraging public confidence in Notes signed by the officials of a Bank, 
 it was customary for the Partners to sign a bond binding themselves to pay 
 such Notes, and to have this Bond registered, so that any holder of the Notes 
 might obtain a copy thereof, and proceed against the parties signing it, if at I 
 any time such Notes were not paid on presentation. The one thus signed and 
 registered by the Dundee Bank on 16th June, &c., 1777, sets forth — “We, 
 
 “ George Dempster of Dunnichen, Patrick Carnegy, Esq. of Lower, James 
 “ Gardyne of Middleton, James Grahame of Methie, James Miln of Woodhill, 
 
 “ Thomas Fotheringham Ogilvy of Powrie, Thomas Mylne of Mylnefield, 
 
 “ George Blair of Adamston, Alexander Johnston of Baldovie, &c. &c., all 
 “ Bankers in Dundee, under the firm of the Dundee Banking Company, Con- 
 “ sidering- That there are promissory Notes for several different sums to be j 
 “ issued by us, and which will soon become current, whereby the said Dundee i 
 
 * This is the sum of the circulations of the Clydesdale Banking Company, the Edinburgh 1 
 and Glasgow Bank, and the Eastern Bank at the period in question, the two latter Banks ; ! J 
 being now amalgamated with the Clydesdale. 
 
MONEY DEPOSITED. 549 
 
 “ Banking Company oblige themselves to pay to William Webster, or the 
 “ Bearer, on demand, the sums therein mentioned, which Notes are signed by 
 “ Robert Jobson, Cashier, and David Moncur, Accomptant, by order of the 
 “ Directors, And whereas we are willing to relieve the said Cashier and 
 “ Accomptant of the said Notes, and to grant to every person who at any time 
 “ may be possessed of any of these Notes all necessary security for the pay- 
 “ ment thereof, Therefore we the persons above named and designed hereby 
 “ Bind and oblige, &c.” In 1808, however, by the Act requiring Banks to 
 take out a licence for the issuing of Notes, a list of their Partners was ap- 
 pointed to be registered in the Stamp Office for public reference. 
 
 2d. The Money Deposited with the Bank. 
 
 — The amount of the first of these two columns being £26,864,856, this divided 
 by 73, the number of years the Head Office held Deposits, gives £368,000 as 
 the average amount during the period. The amount of the second column 
 being £3,933,443, this divided by 55, the number of years the Bank had 
 Branches open, gives £71,517 as the average amount of deposits thereat. 
 These tw~o combined shew a total average of £439,517. 
 
 — The receiving of Deposit Money did not commence till 1792 (the sum of 
 £8,562 in 1770 was money belonging to two partners of the Bank) ; why this 
 was so does not appear. The steady increase of the Deposits, both in 
 Dundee and at the Branches, shew that the public had spare money on hand, 
 and were willing thus to invest it. Deposits with the Edinburgh Banks com- 
 menced in 1789, and 3 per cent, was allowed on those repayable on demand, 
 but a higher rate on those deposited for a fixed period. 
 
 — The number of the accounts, as well as the amount of the balances, has been 
 stated. Up to 1825 all accounts standing Cr. are called Deposit Accounts. 
 The average sum deposited varies from a little above £200 in the earlier 
 years to a little below £200 in the later years — e.g., 1796 to 1800, £223, and 
 1821-1825, £176. From 1826 to 1838 Deposit Receipts are distinguished 
 from Current Accounts ; the average amount of each of the former being 
 £100, and of the latter £454. From 1839 to 1864 the distinction is lost 
 again ; and the average sum at the credit of each account varied from £170 
 at the earlier to £232 at the latter part of this period. The Forfar Deposits 
 from 1808 to 1817 appear to be greatly more in number in proportion to their 
 amount than in Dundee, shewing a smaller average amount for each deposit. 
 But in 1817 the reason, in part at least, of this appears, when it is seen that 
 the Agent had drawn out for his own use more or less from every large de- 
 posit, amounting in the whole to £18,000. So that in the Balance Sheet for 
 1817, instead of 215 Accounts Cr. £11,753, with an average balance of £55 
 nearly, it ought to have been stated, 215 Accounts Cr. £29,753, with an 
 average balance of £138. 
 
 — The rate of Interest allowed on Deposits from 1792 till 1817 was generally 
 4 per cent., unless uplifted before the lapse of three months. The variations 
 since that time have been numerous, and are as follows. The amount of 
 Interest on £100 at each rate for the space it lasted is added as a convenient 
 
REMARKS. 
 
 550 
 
 means of ascertaining the average rate of Interest during any period within 
 the limits of these years. 
 
 Date of Changes. 
 
 New 
 
 Rate. 
 
 Lasted 
 Yrs. Days. 
 
 Interest on 
 £100. 
 
 Date of Changes. 
 
 New 
 
 Rate. 
 
 Lasted 
 Yrs. Days. 
 
 Interest, on 
 £100. 
 
 
 
 
 
 
 £ 
 
 s. 
 
 D. 
 
 
 
 
 
 
 £ 
 
 s. 
 
 D. 
 
 1791. 
 
 Mar. 24 
 
 4 
 
 26 
 
 175 
 
 105 
 
 18 
 
 4 
 
 1855. 
 
 Oct. 8 
 
 3 
 
 • •• 
 
 85 
 
 0 
 
 13 
 
 11 
 
 1817. 
 
 Nov. 20 
 
 H 
 
 ... 
 
 176 
 
 1 
 
 13 
 
 9 
 
 1856. 
 
 Jan. 1 
 
 3^ 
 
 ... 
 
 181 
 
 1 
 
 16 
 
 8 
 
 1818. 
 
 May 15 
 
 4 
 
 4 
 
 118 
 
 17 
 
 5 
 
 10 
 
 
 June 30 
 
 H 
 
 ... 
 
 100 
 
 0 
 
 13 
 
 8 
 
 1822. 
 
 Sept. 10 
 
 3 
 
 3 
 
 100 
 
 9 
 
 16 
 
 5 
 
 
 Oct. 8 
 
 $2 
 
 • • • 
 
 219 
 
 2 
 
 2 
 
 0 
 
 1825. 
 
 Dec. 19 
 
 4 
 
 2 
 
 164 
 
 9 
 
 15 
 
 11 
 
 1857. 
 
 May 15 
 
 4 
 
 ... 
 
 249 
 
 2 
 
 14 
 
 7 
 
 1828. 
 
 J une 1 
 
 3 
 
 5 
 
 349 
 
 17 
 
 17 
 
 4 
 
 1858. 
 
 Jan. 19 
 
 3 
 
 • • • 
 
 13 
 
 0 
 
 2 
 
 1 
 
 1834. 
 
 May 16 
 
 H 
 
 2 
 
 179 
 
 6 
 
 4 
 
 6 
 
 
 Feb. 1 
 
 H 
 
 ... 
 
 19 
 
 0 
 
 2 
 
 7 
 
 1836. 
 
 Nov. 11 
 
 3 
 
 1 
 
 9 
 
 3 
 
 1 
 
 5 
 
 
 Feb. 20 
 
 2 
 
 1 
 
 78 
 
 2 
 
 8 
 
 7 
 
 1837. 
 
 Nov. 20 
 
 H 
 
 ... 
 
 192 
 
 1 
 
 16 
 
 10 
 
 1859. 
 
 May 9 
 
 91 
 " 2 
 
 ... 
 
 28 
 
 0 
 
 3 
 
 10 
 
 1838. 
 
 May 31 
 
 3 
 
 ... 
 
 123 
 
 1 
 
 0 
 
 3 
 
 
 June 6 
 
 2 
 
 ... 
 
 299 
 
 1 
 
 12 
 
 9 
 
 
 Oct. 1 
 
 H 
 
 ... 
 
 242 
 
 1 
 
 13 
 
 2 
 
 1860. 
 
 Mar. 31 
 
 H 
 
 • • • 
 
 56 
 
 0 
 
 7 
 
 8 
 
 1839. 
 
 May 31 
 
 3 
 
 1 
 
 288 
 
 5 
 
 7 
 
 3 
 
 
 May 26 
 
 2 
 
 ... 
 
 173 
 
 0 
 
 19 
 
 0 
 
 1841. 
 
 Mar. 15 
 
 H 
 
 1 
 
 169 
 
 5 
 
 2 
 
 4 
 
 
 Nov. 15 
 
 3 
 
 ... 
 
 15 
 
 0 
 
 2 
 
 5 
 
 1842. 
 
 Aug. 31 
 
 3 
 
 ... 
 
 23 
 
 0 
 
 3 
 
 9 
 
 
 Nov. 30 
 
 H 
 
 • • • 
 
 31 
 
 0 
 
 4 
 
 3 
 
 
 Sept. 23 
 
 2! 
 c 2 
 
 1 
 
 83 
 
 3 
 
 1 
 
 4 
 
 
 Dec. 31 
 
 3 
 
 ... 
 
 46 
 
 0 
 
 7 
 
 6 
 
 1843. 
 
 Dec. 15 
 
 2 
 
 1 
 
 331 
 
 3 
 
 16 
 
 3 
 
 1861. 
 
 Feb. 15 
 
 4 
 
 • • • 
 
 49 
 
 0 
 
 10 
 
 8 
 
 1845. 
 
 Nov. 11 
 
 3 
 
 1 
 
 101 
 
 3 
 
 16 
 
 7 
 
 
 April 5 
 
 3 
 
 ... 
 
 7 
 
 0 
 
 1 
 
 1 
 
 1847. 
 
 Feb. 20 
 
 4 
 
 1 
 
 146 
 
 5 
 
 12 
 
 0 
 
 
 April 12 
 
 H 
 
 ... 
 
 35 
 
 0 
 
 4 
 
 9 
 
 1848. 
 
 July 15 
 
 H 
 
 ... 
 
 321 
 
 3 
 
 1 
 
 6 
 
 
 May 17 
 
 3 
 
 ... 
 
 77 
 
 0 
 
 12 
 
 8 
 
 1849. 
 
 June 1 
 
 3 
 
 ... 
 
 221 
 
 1 
 
 16 
 
 4 
 
 
 Aug. 2 
 
 H 
 
 ... 
 
 28 
 
 0 
 
 3 
 
 10 
 
 1850. 
 
 Jan. 8 
 
 
 2 
 
 145 
 
 5 
 
 19 
 
 10 
 
 
 Aug. 30 
 
 2 
 
 1 
 
 152 
 
 2 
 
 16 
 
 7 
 
 1852. 
 
 June 1 
 
 2 
 
 1 
 
 122 
 
 2 
 
 13 
 
 4 
 
 1863. 
 
 Jan. 29 
 
 21 
 
 ... 
 
 22 
 
 0 
 
 0 
 
 3 
 
 1853. 
 
 Oct. 1 
 
 H 
 
 ... 
 
 226 
 
 1 
 
 10 
 
 11 
 
 
 Feb. 20 
 
 2 
 
 ... 
 
 258 
 
 1 
 
 8 
 
 3 
 
 1854. 
 
 May 15 
 
 3 
 
 1 
 
 ... 
 
 3 
 
 0 
 
 0 
 
 
 Nov. 5 
 
 H 
 
 ... 
 
 28 
 
 0 
 
 5 
 
 4 
 
 1855. 
 
 May 15 
 
 H 
 
 Aia 
 
 46 
 
 0 
 
 6 
 
 3 
 
 
 Dec. 3 
 
 4 
 
 ... 
 
 152 
 
 1 
 
 13 
 
 3 
 
 
 June 30 
 
 2 
 
 ... 
 
 100 
 
 0 
 
 10 
 
 11 
 
 1864. 
 
 May 3 
 
 
 ... 
 
 ... 
 
 
 
 
 3d. The Investment in Bills. 
 
 — The amount of the first of these two columns being £14,298,687, this divided 
 by 101 gives £141,571 as the average amount of Bills on hand at the Head <! 
 Office. The amount of the second column being £1,759,225, this divided by 55 ! 
 gives £31,985 as the average amount of Bills held by the Branches. 
 
 — In the earlier period of the Bank’s history it was the custom to buy and sell 
 Exchange (i.e. London Bills); generally after the risk of holding a large amount 
 the gain was but small, while sometimes a loss was made. Thus, in seven 
 years, from 1767 to 1773, there was an annual loss on these transactions — the 
 amount of Bills purchased was £403,580, on which there was a loss of 
 £675, 2s. lid. 
 
 — From 1792 to 1816 the total Bills passed through the Bank are in amount 
 much beyond what might have been expected considering the smallness of the 
 town at that time, and that the Dundee New Bank was established in 1802, 
 and the Dundee Union Bank in 1809, each of which Banks obtained a good 
 share of business. 
 
 — The total amount of Bills taken by the Head Office, and by the Branches in 
 each year, is stated at the foot of the Balance Sheets, but it may be useful to 
 recapitulate here the result in brief. 
 
AMOUNT OF BILLS TAKEN IN EACH YEAR. 551 
 
 Year . 
 
 Dundee. 
 
 Branches. 
 
 Total. 
 
 Year. 
 
 Dundee. 
 
 Branches. 
 
 Total. 
 
 1764 
 
 £ 
 
 47,100 
 
 £ 
 
 £ 
 
 1815 
 
 £ 
 
 1,018,667 
 
 £ 
 
 417,198 
 
 £ 
 
 1,435,865 
 
 5 
 
 22,742 
 
 
 
 6 
 
 961,693 
 
 342,196 
 
 1,303,889 
 
 6 
 
 77,273 
 
 74,181 
 
 
 
 7 
 
 633,450 
 
 226,689 
 
 860,139 
 
 7 
 
 
 
 8 
 
 550,997 
 
 121,622 
 
 682,619 
 
 8 
 
 96,259 
 
 
 
 9 
 
 561,799 
 
 150,057 
 
 711,856 
 
 9 
 
 108,131 
 
 
 
 1820 
 
 467,114 
 
 127,798 
 
 594,912 
 
 1770 
 
 104,290 
 
 
 
 1 
 
 345,702 
 
 1 
 
 89,228 
 
 
 
 2 
 
 295,752 
 
 
 
 2 
 
 133,728 
 
 
 
 3 
 
 319,187 
 
 
 
 3 
 
 120,504 
 
 115,389 
 
 
 
 4 
 
 245,611 
 
 
 
 4 
 
 
 
 5 
 
 411,982 
 
 
 
 5 
 
 80,276 
 
 
 
 6 
 
 422,196 
 
 285,732 
 
 
 
 6 
 
 110,096 
 
 
 
 7 
 
 
 
 7 
 
 127,873 
 
 
 
 8 
 
 349,734 
 
 
 
 8 
 
 142,100 
 
 
 
 9 
 
 385,825 
 
 
 
 9 
 
 132,481 
 
 
 
 1830 
 
 454,916 
 
 
 
 1780 
 
 123,272 
 
 
 
 1 
 
 479,859 
 
 
 
 1 
 
 172,812 
 
 
 
 2 
 
 630,050 
 
 
 
 2 
 
 209,409 
 
 
 
 3 
 
 661,600 
 
 515,948 
 
 
 
 3 
 
 218,543 
 
 234,034 
 
 
 
 4 
 
 
 
 4 
 
 
 
 5 
 
 553,217 
 
 
 
 5 
 
 283,963 
 
 
 
 6 
 
 786,781 
 
 
 
 6 
 
 301,220 
 
 
 
 7 
 
 946,873 
 
 
 
 7 
 
 254,635 
 
 
 
 8 
 
 585,186 
 
 
 
 8 
 
 310,122 
 
 324,605 
 
 
 
 9 
 
 523,600 
 
 
 
 9 
 
 
 
 1840 
 
 983,430 
 
 
 
 1790 
 
 267,760 
 
 
 
 1 
 
 857,609 
 
 
 
 1 
 
 256,813 
 
 
 
 2 
 
 839,423 
 
 
 
 2 
 
 441,020 
 
 
 
 3 
 
 706,620 
 
 
 
 3 
 
 576,463 
 
 310,535 
 
 886,998 
 
 4 
 
 648,044 
 
 
 
 4 
 
 365,082 
 
 159,797 
 
 524,879 
 
 710,162 
 
 5 
 
 668,341 
 
 
 
 5 
 
 494,882 
 
 215,280 
 
 328,510 
 
 6 
 
 756,670 
 
 
 
 6 
 
 568,940 
 
 897,450 
 
 7 
 
 798,335 
 
 
 
 7 
 
 605,493 
 
 311,452 
 
 916,945 
 
 8 
 
 918,350 
 
 
 
 8 
 
 496,499 
 
 488,609 
 
 317,420 
 
 813,919 
 
 9 
 
 964,557 
 
 
 
 9 
 
 351,339 
 
 839,948 
 
 1850 
 
 1,032,431 
 
 
 
 1800 
 
 583,952 
 
 453,420 
 
 1,037,372 
 
 1 
 
 1,226,168 
 
 
 
 1 
 
 623,454 
 
 446,833 
 
 1,070,287 
 
 2 
 
 1,201,724 
 
 
 
 2 
 
 629,552 
 
 419,055 
 
 1,048,607 
 
 3 
 
 921,367 
 
 
 
 3 
 
 513,487 
 
 274,165 
 
 787,652 
 
 4 
 
 1,112,981 
 
 
 
 4 
 
 489,458 
 
 170,205 
 
 659,663 
 
 5 
 
 1,204,392 
 
 
 
 5 
 
 449,332 
 
 243,242 
 
 692,574 
 
 6 
 
 1,202,335 
 
 
 
 6 
 
 569,809 
 
 299,510 
 
 869,319 
 
 7 
 
 1,280,143 
 
 
 
 7 
 
 668,534 
 
 493,148 
 
 1,061,682 
 
 8 
 
 1,553,033 
 
 
 
 8 
 
 941,560 
 
 424,446 
 
 1,366,006 
 
 9 
 
 1,363,522 
 
 
 
 9 
 
 879,134 
 
 457,523 
 
 1,336,657 
 
 1860 
 
 1,509,765 
 
 
 
 1810 
 
 959,332 
 
 1,167,862 
 
 383,934 
 
 1,343,266 
 
 1 
 
 1,510,139 
 
 
 
 1 
 
 279,676 
 
 1,547,538 
 
 2 
 
 1,334,060 
 
 
 
 2 
 
 897,675 
 
 346,834 
 
 1,244,509 
 
 1,367,103 
 
 3 
 
 1,286,900 
 
 
 
 3 
 
 994,784 
 
 372,319 
 
 4 
 
 1,437,552 
 
 
 
 4 
 
 921,532 
 
 422,071 
 
 1,343,603 
 
 Totals, 
 
 60,576,646 
 
 8,866,274 
 
 69,442,920 
 
552 REMARKS. 
 
 4th. Cash Accounts, Overdrawn Accounts, and Loans. 
 
 — The amount of the first of these two columns being £12,547,736, this 
 divided by 101 gives £124,235 as the average amount in advance in Dundee 
 during the whole period. The amount of the second column being £1,093,616, 
 this divided by 55 gives £19,883 as the average amount in advance at the 
 Branches when they were open. 
 
 — As to Cash Accounts — their number and their balances, stated in the Annual 
 Balance Sheets, amount to No. 10,151, £4,163,179, which sums divided by 
 101 give No. 100, £41,219, as the average annual number of Accounts and 
 amount due thereon. Consequently the average balance due on each Account 
 was £412. By the list of Cash Credits granted 1763-1767, it is seen that their 
 number was 162, and their amount £59,385, shewing an average credit of £306 ; 
 while by the Balance Sheet of 1767, it is seen that the Accounts then open were 
 108, and the amount due thereon £25,177, shewing an average balance due of 
 £233, or the use of three-fourths of the credit. As for the whole hundred years 
 the average balance rose from £233 to £412, the average amount of credit on 
 each Account must have risen greatly above £306. 
 
 — As to Overdrawn Accounts — these commenced only in 1838, and are stated 
 in the Balance Sheets as follows : — 
 
 Year. 
 
 No. 
 
 Amount. 
 
 Year. 
 
 No. 
 
 Amount. 
 
 Year. 
 
 No. 
 
 Amount. 
 
 1839 
 
 50 
 
 £ 
 
 17,066 
 
 1848 
 
 76 
 
 £ 
 
 28,140 
 
 1857 
 
 60 
 
 £ 
 
 42,861 
 
 1840 
 
 64 
 
 22,561 
 
 9 
 
 56 
 
 23,362 
 
 8 
 
 78 
 
 35,705 
 
 1 
 
 63 
 
 20,909 
 
 27,480 
 
 1850 
 
 69 
 
 20,993 
 
 9 
 
 80 
 
 39,570 
 
 2 
 
 67 
 
 1 
 
 66 
 
 20,230 
 
 1860 
 
 83 
 
 37,291 
 
 3 
 
 62 
 
 19,828 
 
 2 
 
 51 
 
 16,950 
 
 1 
 
 82 
 
 34,964 
 
 4 
 
 65 
 
 14,106 
 
 3 
 
 62 
 
 15,104 
 
 2 
 
 81 
 
 40,353 
 
 5 
 
 63 
 
 16,005 
 
 4 
 
 63 
 
 26,976 
 
 3 
 
 91 
 
 28,578 
 
 6 
 
 68 
 
 21,899 
 
 5 
 
 75 
 
 29,680 
 
 4 
 
 87 
 
 44,495 
 
 7 
 
 72 
 
 27,875 
 
 6 
 
 56 
 
 34,027 
 
 
 
 (< 
 
 The amounts of these sums are No. 1,790, £707,508, which divided by 26 ; 
 
 give No. 69, £27,211, as the average annual number of Overdrawn Accounts, 
 and the amount due thereon ; consequently the average sum due on each 
 Overdrawn Account was £394. Nothing was ever lost by thus accommodating 
 respectable customers with occasional overdraughts for moderate amounts. 
 
 — As to Loans on Heritable Subjects — this sort of investment was not adopted 
 till 1822 ; their number and amount at the annual balances, from 1823 to 
 1864, amount to No. 1,596, £7,687,630, which sums divided by 42 give 
 No. 38, £183,038, as the average annual number of Loans, and the amount due 
 thereon ; consequently the average amount of each Loan was £4,816. 
 
 5th. The Cash on Hand and at Call, and Government Securities. 
 
 — The amount of this column is £8,884,250, which divided by 101 gives 
 £87,962 as the average sum held throughout the period. 
 
 — The amount from 1803 to 1823 seems too large, if looked on as a provision 
 
CASH ON HAND. 553 
 
 for the conducting of the business with regularity, but in fact the large sums 
 of Government Securities purchased during those years were probably held as 
 a speculative investment in hopes of their rising in price. This they some- 
 times did, but nearly as often they fell, as seen in a subsequent column, where 
 15 gains amounting to £80,259, and 14 losses amounting to £56,227, resulted 
 in a gain of £24,032 spread over about 40 years. 
 
 — During the first forty years of the Bank’s experience, the scarcity of small 
 specie in the country was a source of continual trouble and expense. This 
 scarcity had led to a practice of tearing £1 Notes into quarters, which suggested 
 the issue of 5s. and 10s. Notes, but no supply was provided by the Govern- 
 ment, when, to please the influential members of the landed interest, these 
 small notes were suppressed. Some notices respecting this matter have been 
 printed among the Memoranda at the foot of the yearly Balance Sheets ; 
 see 1765, 1772, and 1774. Much of the specie that there was consisted of 
 Portugal gold and Spanish silver pieces. The amount of half-guineas and 
 silver brought from London during the period 1784-1800, being recorded in 
 the books, has been stated yearly, but may be here repeated to bring it more 
 under notice : — 
 
 Year. 
 
 Half-Guineas. 
 
 Silver. 
 
 Totals. 
 
 Expense. 
 
 1778 
 
 £2,700 
 
 £3,900 
 
 £6,600 
 
 £91 
 
 9 
 
 
 2,100 
 
 2,100 
 
 52 
 
 1780 
 
 1,000 
 
 400 
 
 1,400 
 
 12 
 
 1 
 
 4,694 
 
 5,781 
 
 10,475 
 
 139 
 
 2 
 
 3,450 
 
 5,635 
 
 9,085 
 
 129 
 
 3 
 
 525 
 
 2,500 
 
 3,025 
 
 52 
 
 4 
 
 3,109 
 
 2,839 
 
 5,948 
 
 77 
 
 5 
 
 2,550 
 
 3,730 
 
 6,280 
 
 77 
 
 6 
 
 3,130 
 
 5,206 
 
 8,336 
 
 119 
 
 7 
 
 3,055 
 
 4,659 
 
 7,714 
 
 108 
 
 8 
 
 3,863 
 
 5,127 
 
 8,990 
 
 121 
 
 9 
 
 2,126 
 
 4,318 
 
 6,444 
 
 97 
 
 1790 
 
 4,083 
 
 3,313 
 
 7,396 
 
 89 
 
 1 
 
 3,200 
 
 2,750 
 
 5,950 
 
 72 
 
 2 
 
 6,100 
 
 5,866 
 
 11,966 
 
 147 
 
 3 
 
 7,000 
 
 6,198 
 
 13,198 
 
 159 
 
 4 
 
 6,598 
 
 8,838 
 
 15,436 
 
 206 
 
 5 
 
 7,000 
 
 8,219 
 
 15,219 
 
 199 
 
 6 
 
 8,400 
 
 9,677 
 
 18,077 
 
 236 
 
 7 
 
 5,000 
 
 7,841 
 
 12,841 
 
 181 
 
 8 
 
 2,500 
 
 3,200 
 
 5,700 
 
 77 
 
 9 
 
 
 1,000 
 
 1,000 
 
 28 
 
 1800 
 
 2,500 
 
 2,800 
 
 5,300 
 
 54 
 
 Totals, 
 
 £82,583 
 
 £105,897 
 
 £188,480 
 
 £2,522 
 
 So that, for the convenience of the public, the Bank had to bring from 
 London to Dundee, in the course of these twenty-three years, small specie to 
 the value of £188,480, at a cost of £2,522, making a yearly average of £8,194, 
 at a cost of £109. The charge for collecting silver in London was 15s. per 
 cent., and the cost of bringing down gold and silver was 10s. per cent. Specie 
 
REMARKS. 
 
 was brought from London by sea till the war risks began in March 1779 ; after 
 that it was brought down by wagon to Edinburgh, and then over to Dundee 
 by a special messenger. 
 
 — The Cash on hand in the early days of the Bank consisted, in part, of — 
 Joannes, 36s., and fractions 18s., 9s., 4s. 6d. ; Moidores, 27s., and fractions 
 13s. 6d., 6s. 9d. ; Bank of Scotland ; British Linen Co. ; and Glasgow Notes ; 
 Notes for 5s. by Mansfield & Co. ; Wm. Yeaman & Co., Dundee ; and by other 
 private parties in Perth, Auchtermuchty, Dunkeld, and Aberdeen. 
 
 6th. The Capital. 
 
 — The amount of this column is £3,135,954, which divided by 101 gives 
 £31,049 as the average Capital of the whole period. 
 
 — Up to 1826 it was the custom to increase the Capital by the addition of sur- 
 plus profits, or to diminish it for the purpose of paying off unusual losses. 
 This caused frequent variations in the amount of the Capital, many of which, 
 however, arose from the cost of the Government Securities held by the Bank 
 being conformed to the price of the day when the books were balanced ; thus 
 making an apparent Loss or Gain, as the case might be. 
 
 — From 1827 the Capital was £25,200 till 1839, when it was increased to 
 £60,000, at which it remained till 1862, when it was made up to £100,000 
 by adding to it the amount of the Reserved Fund. The progress of the Capital 
 was as follows : — 
 
 Paid by the Partners from 1763 to 1827, £23,951 ; less returned to) 
 
 them, £15,922, ) 
 
 Added from Profits in the same period, £72,490 ; less taken off for) 
 
 bad debts, £54,309, and £1,010 for unexplained variations, ) 
 
 Amount of Capital, 20th Feb. 1827, 
 
 Paid by the Partners in 1839, 
 
 Amount of Capital, 20th Aug. 1839, 
 
 Added from Profits since that date, 
 
 Amount of Capital, 20th Feb. 1862, 
 
 £ 8,029 
 
 17,171 
 
 . £25,200 
 34,800 
 , £60,000 
 40,000 
 £100,000 
 
 — In making up the Annual Balance Sheets, as here printed, for uniformity 
 sake these changes in the amount of the Capital, and the appropriation of the 
 year’s Profits are included therein, as if they had been made on the 20th 
 February annually, although, in fact, up till 1838 the requisite entries were 
 not passed through the books for some time after. 
 
 7th. The Profit and Loss. 
 
 — The amount of the column of Gross Profits is £758,962, which divided by 
 100.5 gives £7,551 as the average annual Gross Profits of the whole period. 
 The yearly Gross Profits varies, of course, very considerably, being dependent 
 on the amount of Capital, and of Deposit Money, when such was held by the 
 Bank, and on the rates of Interest and Discount prevailing from year to year. 
 
PROFIT AND LOSS. 
 
 000 
 
 — The amount of the column of Expenses is £252,646, which divided by 100.5 
 gives £2,513 as the average annual Expense of Management throughout the 
 period. The expenses increase with the extension of the business, though not 
 in proportion to it. An attempt has been made to render this column correct 
 from the beginning, that the real expense of a Banking business might be seen, 
 and it is so from 1839 downwards, but formerly it was not an invariable rule 
 to bring every outlay into view that the full actual expenditure might be seen. 
 The average Expenses are to the average Deposit Money as £2,513 to 
 £421,894, or as 1 to 167, and the average Expenses are to the average Invest- 
 ments as £2,513 to £406,839, or as 1 to 161 ; the mean of which proportions 
 is as 1 to 164. It has been said that the mean of the proportions of the same 
 averages in the case of one of the larger Banks is as 1 to 200 — which, if correct, 
 shews a much lower rate of expense. 
 
 - — The amount of the column of Ordinary Nett Profit is £506,258, which 
 divided by 100.5 gives £5,037 as the average annual Ordinary Profit of the 
 period — the variations being from £532 in 1764, to £16,712 in 1858. Profits 
 from other than usual business sources are not included in this column, 
 as it was thought desirable to exhibit the Ordinary Nett Profits of a Bank- 
 ing business. 
 
 — The column of Gain and Loss on Government Stocks shews 15 gains, 
 amounting to £80,259, and 15 losses amounting to £56,277, thus yielding on 
 the whole a Profit of £23,982. These were not actual Gains or Losses made 
 through selling Government Stocks at a higher or a lower rate than that at 
 which they had been purchased, but estimated Gains or Losses through valuing 
 such Stocks at the price of the day when the annual balance was to be struck ; 
 and thus several Gains and Losses are made to appear, while the Stock 
 remained continuously in the hands of the Bank. For this reason these 
 apparent Gains and Losses are here kept separate from the ordinary Profit 
 and Loss. Besides this £23,982 of profit on Government Stock, there has to 
 be added to the total Ordinary Profit, to make up the whole actual profit of 
 the Bank, the following sums of Casual Profit, amounting to £31,326, 7s., that 
 accrued during the course of the hundred years : — 
 
 1778. Premium on New Shares, £ 690 0 0 
 
 1806. Notes supposed to be destroyed, 383 10 0 
 
 1807. Do do do., 300 0 0 
 
 1825. Do do do., 250 0 0 
 
 Dividends on Debts wiped off, 2,529 15 0 
 
 1826. Gain on an Heritable Property, 397 8 10 
 
 1834. Notes supposed to be destroyed, 80 0 0 
 
 Gain on an Annuity, 300 0 0 
 
 1836. Do do., 300 0 0 
 
 Do. on Bank Shares, 749 8 2 
 
 1839. Do do., 536 5 0 
 
 Premium on New Shares, 17,400 0 0 
 
 1845. Notes supposed to be destroyed, 1,500 0 0 
 
 29 
 
REMARKS. 
 
 556 
 
 1859. Interest on Reserved Fund, £1,110 0 0 
 
 1860. Do do.,... 1,600 0 0 
 
 1861. Do do., 1,600 0 0 
 
 1862. Do do., 1,600 0 0 
 
 These sums of £23,982 and £31,326, make £55,308, but from this must be 
 deducted the premium of £8,500 paid to the Dundee New Bank in 1838, and 
 liquidated 1840—1846, leaving £46,808, which added to the Ordinary Profit 
 makes the Total Profit of the period £553,066, which again divided by 100.5 
 gives £5,502 as the average Total Profit of the period. In the above statement 
 the Profit by the destruction of Notes appears to have been £383, 10s. + £300 
 + £250 + £80 4- £1500, = £2,513, 10s. in one hundred years, or about £25 
 a-year. Under the Balance Sheet of 1846 the whole Gain from this source was 
 stated by mistake as £1,830 only. 
 
 — The amount of the column of Profits Divided is £292,144, which divided by 
 100.5 gives £2,907 as the average annual amount divided among the Partners. 
 This on the average Capital of the period, £31,049, shews an average Profit of 
 £9, 7s. 3d. per cent. The average rate of Dividends and of Additions to or 
 Deductions from the Capital of each successive period of ten years, shewing 
 the average total gain, is as follows : — Period ending 
 
 1774, ^ C‘- £ 
 
 1784, .... 
 
 1794, .... 
 
 1804, .... 
 
 1814, .... 
 
 These figures shew the average rate of Dividends paid and of Additions made 
 to the Capital to have been respectively £9, 9s. 0d., and £1, 11s. Od. per cent. ; 
 to which must be added £0, 9s. 7d. for the unallocated Profit when the Bank 
 ceased, making a total average of real Profit of £11, 9s. 7d. per cent, per annum. 
 
 : 9 
 
 14 
 
 0 + £ 2 
 
 17 
 
 1 
 
 1824, ^ G £ 9 
 
 17 
 
 3 — 
 
 £9 
 
 4 
 
 3 
 
 16 
 
 10 
 
 4 + 
 
 2 
 
 11 
 
 8 
 
 1834, 8 
 
 19 
 
 2 + 
 
 1 
 
 3 
 
 6 
 
 6 
 
 6 
 
 5 + 
 
 1 
 
 17 
 
 2 
 
 1844, 8 
 
 5 
 
 9 ... 
 
 
 
 
 6 
 
 11 
 
 3 — 
 
 4 
 
 19 
 
 9 
 
 1854, 8 
 
 1 
 
 4 + 
 
 2 
 
 0 
 
 0 
 
 7 
 
 12 
 
 5 + 
 
 15 
 
 7 
 
 1 
 
 1864, 12 
 
 12 
 
 9 + 
 
 3 
 
 17 
 
 9 
 
 It may be interesting to some persons to see the rate of Banking profits in I 
 Scotland as exhibited in the dividends and bonuses paid by the Bank of Scot- j 
 land from 1699 to 1864. The capital of this Bank was gradually enlarged •; 
 as follows : — 1699, £100,000 ; 1773, £200,000 ; 1783, £300,000 ; 1791, 
 £600,000 ; 1793, £1,000,000 ; 1803, £1,500,000. 
 
 1699, 
 
 G 12 
 
 1713, 
 
 w G 30 
 
 1727, 
 
 w C l 221 
 
 1753, ^ G 
 
 26 
 
 1700, 
 
 
 
 1714, 
 
 30 
 
 1728, 
 
 131 
 
 1754 ) 
 to ^ 
 
 
 1701, 
 
 20 
 
 1715, 
 
 30 
 
 1729, 
 
 H 
 
 6§ 
 
 1702, 
 
 20 
 
 1716, 
 
 
 
 1730, 
 
 5 
 
 1760,) 
 
 1703, 
 
 18 
 
 1717, 
 
 20 
 
 1731, 
 
 61 
 
 
 1704, 
 
 1705, 
 
 1706, 
 
 1707, 
 
 20 
 
 ...... 20 
 
 6 
 
 10 
 
 1718, 
 
 1719, 
 
 1720, 
 
 1721, 
 
 15 
 
 20 
 
 20 
 
 10 
 
 1732 ' 
 to 
 
 1743, J 
 
 [ .... 5 
 
 1761, 
 
 1762 ) 
 
 to l .... 
 
 1769,) 
 
 
 1708, 
 
 12 
 
 1722, 
 
 12i 
 
 1744, 
 
 311 
 
 
 1709, 
 
 20 
 
 1723, 
 
 m 
 
 
 
 1770, 
 
 241 
 
 1710, 
 
 15 
 
 1724, 
 
 15 
 
 1745 ) 
 
 ) 
 
 1771, 
 
 5t 
 
 1711, 
 
 20 
 
 1725, 
 
 20 
 
 to 
 
 >• .... 5 
 
 1772, 
 
 20^ 
 
 1712, 
 
 21 
 
 1726, 
 
 221 
 
 1752,) 
 
 1 
 
 1773, 
 
 5'rg- 
 
1774, V C u 
 
 16* 
 
 1794, ^C l - 
 
 7-tg 
 
 1811 ) 
 
 
 1775, 
 
 
 1795, 
 
 6 
 
 to > 
 
 ^0 71 
 
 1776, 
 
 6 
 
 1796, 
 
 6 6 
 
 1816,) 
 
 
 1777, 
 
 6 
 
 1797, 
 
 6 
 
 1817, . 
 
 81 
 
 1778, 
 
 6 
 
 1798, 
 
 6 
 
 1818, . 
 
 29£ 
 
 1779, 
 
 64 
 
 1799, 
 
 12 
 
 1819 ) 
 to > 
 1823,) 
 
 
 1780, 
 
 1781, 
 
 1782, 
 
 7 
 
 7\ 
 
 1800, 
 
 1801, 
 
 1802, 
 
 6 
 
 6 
 
 6 
 
 qJL 
 
 .... y 2 
 
 1783, 
 
 8± 
 
 1803, 
 
 H 
 
 1824, . 
 
 8 
 
 1784, 
 
 9 
 
 1804, 
 
 1805, 
 
 6± 
 
 1825, . 
 
 28 
 
 1785, 
 
 9 
 
 6J 
 
 1826, . 
 
 8 
 
 1786, 
 
 8i 
 
 1806, 
 
 6f 
 
 1827, . 
 
 7 
 
 1787 ) 
 
 1807 ) 
 
 
 1828 ) 
 
 
 to 
 
 8 
 
 to V .... 
 
 7 
 
 to y 
 
 .... 6 
 
 1793,) 
 
 
 1810, ) 
 
 
 1838,) 
 
 
 PROFIT AND LOSS. 
 
 557 
 
 1839, PC‘- 13 
 
 1840 
 to 
 
 1846, 
 
 1847 
 to 
 
 1855, 
 
 1856 
 to 
 
 1861, 
 
 1862, 
 
 1863, 
 
 1864, 
 
 The average rates of allocated Profit, therefore, of the Dundee Bank and of 
 the Bank of Scotland, for the same decennial periods as above, stand thus : — 
 
 
 
 DUNDEE BANK. 
 
 
 
 
 BANK OF SCOTLAND. 
 
 
 
 
 Per Cent. 
 
 
 Per Cent. 
 
 Per Cent. 
 
 
 Per Cent. 
 
 1774, .£12 
 
 11 
 
 1 
 
 1824,. 
 
 £0 
 
 13 
 
 0 
 
 1774, .£11 
 
 0 
 
 0 
 
 1824, 
 
 .£10 
 
 17 
 
 0 
 
 1784,.. 
 
 19 
 
 2 
 
 0 
 
 1834,.. 
 
 10 
 
 2 
 
 8 
 
 1784,.. 6 
 
 16 
 
 6 
 
 1834,. 
 
 „ 8 
 
 10 
 
 0 
 
 1794,.. 
 
 8 
 
 3 
 
 7 
 
 1844,.. 
 
 8 
 
 5 
 
 9 
 
 1794,.. 8 
 
 1 
 
 3 
 
 1844,. 
 
 . 6 
 
 14 
 
 0 
 
 1804,.. 
 
 1 
 
 11 
 
 6 
 
 1854,.. 
 
 10 
 
 1 
 
 4 
 
 1804,.. 6 
 
 14 
 
 0 
 
 1854,. 
 
 ,. 6 
 
 16 
 
 0 
 
 1814,.. 
 
 22 
 
 19 
 
 6 
 
 1864,.. 
 
 16 
 
 10 
 
 6 
 
 1814,.. 7 
 
 2 
 
 6 
 
 1864,. 
 
 ,. 8 
 
 4 
 
 0 
 
 Average per Cent., £11, Os. Od. 
 
 Average per Cent., £8, Is. 6d. 
 
 — The amount of the column of Profits carried to Dependancies is £187,512, 
 which is the sum of all the losses incurred by the Bank. This sum, divided by 
 100.5 gives £1,865 as the average yearly loss throughout the period. At different 
 periods bad or doubtful debts were placed to the debit of several accounts, viz., 
 Suspense Account, Failure Account, Branch Liquidation Account, Overdue Bill 
 Account, LawExpenses, and Dependancies. All the sums transferred from Profit 
 and Loss to liquidate balances due on these accounts are accumulated in this 
 column. 
 
 — In the column of Capital increased or diminished through the Account of 
 Profit and Loss are stated the sums transferred from Profit and Loss to the 
 Capital at nineteen different times, and amounting to £112,489 ; as also the 
 sums transferred from the Capital to Profit and Loss at seven different times, 
 and amounting to £54,309 — which sums have been already referred to in 
 Section 6, The Capital. The eight sums, from 1849 to 1859, amounting to 
 £40,000, are here spoken of as one, having been formally added to the Capital 
 at one time, viz., in 1862. At the foot of this column are entered four sums, 
 amounting to £15,000, which were not added to the Capital, but are placed 
 there for the purpose of keeping in view, that this sum of undivided Profits re- 
 mained unexhausted by bad debts, or other claims, at the close of the business. 
 
 In conclusion it may not be unwise to resume the consideration of the subject 
 of the last paragraph but one, namely, the amount of the Losses experienced by 
 
REMARKS. 
 
 558 
 
 the Company ; for although the Dundee Bank was not established for the sake 
 of profit, but to benefit the district, it is disappointing to find it deprived of so 
 much of its well-earned reward. It cannot be expected that a Banking business, 
 however prudently conducted, should be carried on without incurring some loss, 
 but that the Bank should have made bad debts to the extent of £187,512 is 
 very startling ; this being one-third of all that was ever gained — the Profits 
 made during the whole period, and the application of them, standing thus : — 
 
 Ordinary Profits, £506,258 
 
 Gain on Government Stock, 23,982 
 
 Casual Profits, 31,326 
 
 Total Gain, £561,566 
 
 Dividends, £292,144 
 
 Capital, 58,180 
 
 Losses, 187,512 
 
 Unexplained difference of balance of Profits 1796, 230 
 
 Premium paid Dundee New Bank in 1838, 8,500 
 
 Unappropriated at 20th Feb. 1864, 15,000 £561,566 
 
 Of which sum the losses, £187,512, are a ,316ths part. 
 
 As this is a very important matter, it is worth while to look back and trace 
 when and in what shape the Losses occurred : on looking at the columns of the 
 Summary it is seen that it will be convenient to divide the Balance Sheets into the 
 following groups, and repeat the above particulars with respect to each period : — 
 1st. Those from 1764 to 1787, = 24 years. 
 
 Ordinary Profit, £29,115 
 
 Casual Profit, . ~ 690 
 
 Total Gain of the period, £29,805 
 
 Divided, £25,987 
 
 Added to Capital, 3,779 
 
 Dependancies for Loss, 40 £29,806 
 
 Of which total the £40 is an inappreciable part. 
 
 i 
 
 \ 
 
 i 
 
 j 
 
 i 
 
 2d. Those from 1788 to 1800, = 13 years. 
 
 Ordinary Profit, £31,325 
 
 Divided, £20,433 
 
 Added to Capital, 3,966 
 
 Unexplained difference of balance of Profits 1796, 230 
 
 Dependancies for Loss, 6,692 £31,321 
 
 Of which total £6,692 is a .213ths part, and is at the rate of £514 per annum. 
 The particulars of the losses are as follows : — 
 
 1788. Robbery of the Bank and consequent expenses, £ 650 
 
 1792. Bank parcel lost by the Forfar riding post, 955 
 
 1793. Do. do. do. by the Kirkcaldy carrier, 1,000 
 
 1789. Bills unpaid, about 1,000 
 
 1794-6. Do. do., do 3,000 
 
 Total Losses about ...£6,605 
 
PROFIT AND LOSS. 559 
 
 3d. Those from 1801 to 1820, = 20 years. 
 
 Ordinary Profit, £75,616 
 
 Gain on Government Funds, 13,853 
 
 Casual Profit, 683 
 
 Total Gain, £90,152 
 
 Divided, £39,094 
 
 Added to Capital, 1,415 
 
 Dependancies for Loss, 49,651 £90,160 
 
 Of which total £49,651 is a .55ths part, and is at the rate of £2,482 per 
 annum. The particulars of the losses are as follows : — 
 
 1804. Misapplication of funds by the Cashier’s Assistant, £ 8,286 
 
 1813-7. Bills unpaid, about 1,400 
 
 1820. Do. do., do 2,000 
 
 1817. Misapplication of funds by one of the Agents, 24,000 
 
 Bills unpaid at Forfar, liquidated 1817-1825, 6,878 
 
 1819. Misapplication of funds by another of the Agents, 700 
 
 Bills unpaid at Arbroath, liquidated 1819-1825, 8,240 
 
 Total Losses, about £51,504 
 
 4th. Those from 1821 to 1840, = 20 years. 
 
 Ordinary Profit, £91,979 
 
 Gain on Government Funds, 9,601 
 
 Casual Profits, 22,542 
 
 Total Gain, £124,122 
 
 Divided, £47,230 
 
 Added to Capital, 9,020 
 
 Portion of premium paid Dundee New Bank, 1,000 
 
 Dependancies for Loss, 66,872 £124,122 
 
 Of which total £66,872 is a .53ths part, and is at the rate of £3,343 per 
 annum. The particulars of the losses are as follows : — 
 
 1820 and 1827. Reduction of value of shares held by the Bank, about £ 2,000 
 
 1826-8. Bills unpaid, about 3,000 
 
 1833-6. Do. do., do 36,000 
 
 1838. Heritable Bonds unpaid, about 24,000 
 
 Total Losses, about £65,000 
 
 5th. Those from 1841 to 1864, = 24 years. 
 
 Ordinary Profit, £278,223 
 
 Gain on Government Funds, 528 
 
 Casual Profit, 7,410 
 
 Total Gain, £286,161 
 
 Divided, £159,400 
 
 Added to Capital, 40,000 
 
 Portion of Premium paid Dundee New Bank, 7,500 
 
 Dependancies for Loss, 64,257 
 
 Unappropriated, 15,000 £286,157 
 
560 REMARKS. 
 
 Of which 
 
 total £64,257 
 
 is a .22ths part, 
 
 and is at the rate of £2,677 per 
 
 annum. 
 
 Except £6,000, 
 
 these losses arose from Bills unpaid, 
 
 and Loans on 
 
 personal security, and they occurred as follows, in the years ending 
 
 20th Feb. : — 
 
 1841, 
 
 £1,500 
 
 1849, 
 
 ..£ 350 
 
 1857, 
 
 £1,400 
 
 2, 
 
 1,500 
 
 1850, 
 
 .. 1,000 
 
 8 ........ 
 
 1,700 
 
 3 5 
 
 1,000 
 
 1, 
 
 .. 1,250 
 
 9, 
 
 1,000 
 
 4, 
 
 8,000 
 
 2, 
 
 ,. 36,000 
 
 1860, 
 
 
 5, 
 
 500 
 
 3, 
 
 ,. 250 
 
 1, 
 
 1,000 
 
 6, 
 
 750 
 
 4, 
 
 650 
 
 2, 
 
 1,850 
 
 7, 
 
 300 
 
 5, 
 
 
 3, 
 
 2,500 
 
 8, 
 
 750 
 
 6, 
 
 
 4, 
 
 1,000 
 
 But of the first four of these sums the one-half at least, or £6,000, was required 
 to liquidate balances of Debts of the previous period, the anticipated Dividends 
 on which, as estimated in 1839, had not been realized. 
 
 The result of this review is, that it is seen that during 100 years the Bank lost — 
 
 By the dishonesty of confidential Servants, £ 35,591 
 
 By irrecoverable Heritable Bonds, &c., 32,000 
 
 By unpaid mercantile Bills and Advances, 119,921 
 
 The losses through the misbehaviour of confidential Servants are the most ; 
 grievous to look back on, and the one that is the heaviest is also the most 
 vexatious of all, seeing that the Bank incurred it through appointing as its i 
 Agent one whose affairs were out of order. 
 
 & v 
 
 The loss by Heritable Bonds, &c., was chiefly (£22,000) by a loan on the 
 estate of Harris that proved worthless, owing to the depreciation in the value of I 
 kelp, as mentioned under date 3d May 1822. In the years 1807-9, when kelp * 
 was worth £10 a-ton, the produce of the kelp reefs was worth £6,000 per \ 
 annum. Even in 1825 it was worth £2,000 per annum, but in 1829 £300 only. ( 
 When the Bank was induced to take up this bond in 1822 it is probable, as { 
 there was much prior debt, that the bond was already worthless. It should be * 
 observed that this loss of £26,000 is on such investments during 43 years, * 
 and that these investments amounted on an average to £183,038. 
 
 The loss by Bills, &c., is large ; yet it must be remembered that it is the result 
 of Investments in Bills to the extent of £69,442,920, and in Cash Accounts 
 and Advances to the extent (if we assume the whole amount of the credits 
 drawn out four times in a year) of £13,641,352 X 4 = £54,565,408, making 
 a total risk of £124,008,328, on which the above loss is 2s. per cent. only. 
 
 The losses by discounting Bills and advancing Loans to mercantile customers 
 are considered as the fortune of war, as the misfortunes that are to be expected, 
 and therefore to be allowed for in all anticipations of profit. This is true, yet 
 one cannot but think of the persons who have caused all this loss, and enquire, 
 How many of those who have been discharged from the burden of their share 
 of the £120,000 have afterwards been able and willing to pay up the balance 
 of their debt, with thanks to the Bank that dealt humanely with them in the 
 time of their adversity, and so enabled them to recover their position ? There 
 have been a few such cases, perhaps a half-a-dozen, but it is a saddenirg ! 
 
PROFIT AND LOSS. 
 
 561 
 
 thought, that so imperfectly are the duties respecting money matters set before 
 men, that even educated, religious men, conceive a legal to be a moral 
 discharge, and feel no permanent grief for the loss they have occasioned to 
 friends and neighbours, and cherish no very fervent desire to be able some day 
 to discharge the obligation in full. If it be true, as it undoubtedly is, that 
 when a man fails, against whom no gross impropriety can be alleged, 
 his creditors ought to accept what his effects will yield, and discharge him, it 
 is equally true that the man should accept a release from these .hindrances 
 with the object of endeavouring, in the first place, to earn a living for himself 
 and family, but in the second place, of paying the residue of the debts of which 
 he has been discharged. It is a very gross and unpardonable mistake for a 
 man so placed, to think that he can without blame accumulate wealth and enjoy 
 its comforts, while the men whom he has injured, and some of them, perhaps, 
 ruined, lack the solatium they are well entitled to receive at his hands. To 
 shew that this is no fanciful matter, but that there is much need for the truth 
 on this point being promulgated even among men of good standing, it may 
 be useful here to record, by way of illustration, an instance that occurred to 
 the writer. It being publicly stated that one of the partners of a firm which 
 had once been unfortunate, was paying off the balances of his old debts, an 
 application was made to him on behalf of the Bank. The reply stated, that 
 the rule he had formed to guide himself in dealing with these old matters was, 
 to pay one-half of what was unliquidated on those bills on which his firm was 
 the primary obligant, but of these, on such only as were granted to parties by 
 whom his firm had never lost anything ; that two of the bills in the Bank’s 
 hands came under this description ; and that therefore he inclosed his cheque 
 for half the amount due thereon. The sum sent was not one-hundredth part 
 of the balance of principal of his firm’s and his own old debts. So that we 
 have here the case of a respectable and intelligent manufacturer wishing to 
 gratify his conscience by clearing off his old obligations, yet setting himself to 
 invent a theory of honourable indebtedness that reduced his moral obligations 
 to a conveniently bearable fraction. The proffered sum was, of course, not 
 accepted, the Bank not requiring, nor desiring a small present, though willing 
 to accept payment of the balances of the debts, either in part or in whole, 
 according as their former debtor might be able to offer. It is but right to add 
 that this gentleman was not singular (if he was, his case could not have been 
 cited here) in his ideas of the little obligation attaching to balances discharged 
 by Banks as contrasted with those due to other creditors. The notion is very 
 prevalent that because Banks are rich, obligations to them, of this sort, are 
 not necessarily to be remembered. The balances of old debts due to the 
 Dundee Bank, discharged but still unliquidated, for which parties in Dundee, 
 and the neighbouring district — able to pay them — are morally responsible, 
 exceed greatly £30,000. How much of this will ever be paid ? A few of 
 these quondam debtors profess, and no doubt feel pleasure in entertaining an 
 intention of paying off the residue of their former obligations, but it is to be 
 feared that the spirit of procrastination will defeat their good desires, and that 
 they will die before fulfilling their righteous resolutions, and that they will 
 consequently fail in obtaining the corresponding reward. 
 
( 562 ) 
 
 CONCLUSION. 
 
 The Memoranda concerning monetary affairs, referring chiefly to those of 
 Scotland, though sometimes glancing at those of England also, having been 
 continued down to the termination of the Dundee Bank’s Balance Sheets, viz., 
 to 1864, may now be suitably concluded by the four subjoined Tables, respect- 
 ing which the following remarks may be offered : — 
 
 Table I., consisting of four parts, contains a summary of the information 
 gathered as to the extent of Banking transactions in the Dundee district during 
 the period from 1792 to 1844, so far as regards the Dundee Banking Company 
 (extracted from the Table at pp. 536-539), the Dundee Commercial Bank (first) 
 1791 to 1801, the Dundee New Bank 1792 to 1838, the Dundee Union Bank 
 1809 to 1844, the Dundee Commercial Bank (second) 1825 to 1838, and the 
 Arbroath Bank 1825 to 1844. With respect to the three first and the last of 
 these Banks, the statement of facts, so far as here attempted to be tabulated, is 
 complete, but with respect to the Dundee Union and the Dundee Commercial 
 (second) Banks it is very fragmentary, in spite of the most strenuous endeavours 
 to have it otherwise ; while as regards the Branches of other Banks established 
 in the district, no information concerning the amount of their transactions could 
 be obtained. When inspecting the amounts in this Table, it must be kept in 
 mind that some of them include the transactions of the Branches of the Dundee 
 Bank, Dundee New Bank, and Dundee Union Bank — in Arbroath, Brechin, 
 Forfar, and Montrose — while those in the columns of the Dundee Commercial 
 Banks (first and second) refer to Dundee alone, and those in the columns of the 
 Arbroath Bank refer to Arbroath alone. An attempt has been made to fill up 
 the columns of the Dundee Union Bank and Dundee Commercial Bank (second), 
 and these computations, being founded on what was known of the affairs of 
 these Banks, and of the course of business in Dundee, are probably not far 
 from the truth. But these guesses have been printed in red, to distinguish 
 what is real and what is suppositious in the Tables — thus also bringing out, 
 in a striking manner, how much useful information the Author failed in 
 obtaining. 
 
 Table II., consisting also of four parts, contains a statement of the position 
 of the twelve Banks in Scotland, and of the six chief Metropolitan Banks at 
 the end of 1864 — the latter being added by way of continuing the comparison 
 between the two sets of Banks, begun, for the reasons there stated, at page 503. 
 Secrecy respecting the extent of their business and the real state of their affairs, 
 was, from the beginning of Joint-Stock Banks, considered to be one of the most 
 important elements of their prosperity — so much so that, as formerly observed, 
 the annual Balance Sheets, laid before the partners of such Companies, were pur- 
 posely framed in such a way that the important facts should not be divined by 
 any of them, and through them become known to the public. More especially 
 the amounts of a Bank’s Circulation and Deposits were considered to be vital 
 
CONCLUSION. 
 
 563 
 
 secrets which it were fatal to disclose. But when, by the Acts of 1844 and 1845, 
 the Banks were compelled to make, for the purpose of publication, weekly 
 returns of their Circulation and of the Specie on hand, and it was found that no 
 consequences disastrous to the Banks followed, it might have been expected that 
 they would very soon venture to issue intelligible statements of all their 
 affairs, not merely for the satisfaction of their partners, but for the information 
 of their customers and the public in general. It was, however, in Scotland at 
 least, not till after the failure of the Western Bank that these imaginary terrors 
 gave way under the substantial fears of the consequences of evil rumours, 
 invented and circulated for speculative, malicious, or frivolous purposes, the 
 effects of which, it was rightly considered, would be best met by printing annual 
 reports to the shareholders, containing clear explanations of the companies’ 
 position. The Union Bank of Scotland, it is believed, took the lead in this wise 
 course of proceeding, and gradually, one by one, the other Banks (with the 
 exception of the Central Bank) have fallen in with it — although, as yet, none of 
 these Balance Sheets (and the same is true of those of the English Banks) are so 
 minute in their statements as they well might be. The following Table con- 
 tains a summary of the chief items respecting the Scotch Banks, and the principal 
 Metropolitan Banks, made up from their published Balance Sheets — those which 
 are nearest to the end of 1864 being taken, as it may be assumed that they 
 represent with sufficient accuracy the condition of each Bank at that date. In 
 some Balance Sheets very different items are accumulated in one sum ; for the 
 sake of uniformity, such are here divided and placed in the different columns, 
 in the proportions understood to be near about the truth — the sums thus inter- 
 meddled being marked thus *. 
 
 Table III. contains a statement of the average annual Circulation of each 
 Bank in Scotland from 1846 to 1864, according to their own returns made 
 under the Act of 1845 ; with the amount of each Bank’s authorized Circulation 
 (being its average Circulation from 1st May 1844 to 30th April 1845), given 
 for the convenience of comparing the actual with the authorized Circulation. 
 Where a Bank has more than one sum of authorized Circulation stated, the 
 later and larger sums include those of the Bank or Banks which have been 
 amalgamated with it. 
 
 Table IV. consists of a list of the places in Scotland in which there are 
 Banks, with the names of the Banks or Branch Banks located therein, shewing 
 the extent of the banking accommodation afforded to this part of the kingdom 
 at the end of 1864. The population, taken from the census of 1861, of the 
 parish or parishes in which each place is situated is also given, as a sort of clue 
 to the size of the community thus accommodated. This list, compiled with 
 some labour, is suggestive of several subjects of thought to those who esteem 
 Banking to be a business of national interest — the first being, the number of 
 Banks with which some small quiet country towns are provided ; for while, of 
 course, in some cases, a small place may form a sort of centre to a wide district, 
 yet, very often, the extent of population and the number of Bank Offices seem 
 to be very disproportionate. 
 
 30 
 
CONCLUSION. 
 
 564 
 
 Table I.— Extent of Banking Transactions in the Dundee District. 
 Part 1 . — Notes in Circulation. 
 
 Year. 
 
 Dundee 
 
 Bank. 
 
 D. Commercial, 
 then 
 
 D. New Bank. 
 
 Dundee 
 
 Union. 
 
 Dundee 
 
 Commercial. 
 
 Arbroath 
 
 Bank. 
 
 Totals. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 1792... 
 
 50,411 
 
 25,982 
 
 
 
 
 76,393 
 
 3... 
 
 70,288 
 
 11,019 
 
 
 
 
 
 81,307 
 
 4... 
 
 50,254 
 
 23,951 
 
 
 
 
 74.205 
 
 5... 
 
 69,064 
 
 25,230 
 
 
 
 
 124,294 
 
 6... 
 
 74,668 
 
 19,352 
 
 
 
 
 94,020 
 
 7... 
 
 d 56,601 
 
 14,809 
 
 
 
 
 71,410 
 
 8... 
 
 ^ 61,153 
 
 13,577 
 
 
 
 
 74,730 
 
 9... 
 
 1 65,408 
 
 18,403 
 
 
 
 
 83,811 
 
 1800... 
 
 a 60,915 
 
 29,750 
 
 
 
 
 90,665 
 
 1... 
 
 | 37,590 
 
 24,746 
 
 
 
 
 62,336 
 
 2... 
 
 * 12,659 
 
 58,374 
 
 
 
 
 71,033 
 
 3... 
 
 44,751 
 
 69,903 
 
 
 
 
 114,654 
 
 4... 
 
 54,096 
 
 102,810 
 
 
 
 
 156,906 
 
 5... 
 
 67,169 
 
 99,961 
 
 
 
 
 167,130 
 
 6... 
 
 79,972 
 
 110.047 
 
 
 
 
 190,019 
 
 7. . 
 
 84,563 
 
 99,904 
 
 
 
 
 184,467 
 
 8... 
 
 78,271 
 
 113,740 
 
 
 
 
 192,011 
 
 9... 
 
 84,968 
 
 111,514 
 
 
 
 
 196,482 
 
 1810... 
 
 58.473 
 
 96,768 
 
 30,000 
 
 
 
 185,241 
 
 1... 
 
 56.493 
 
 70,629 
 
 40,000 
 
 
 
 167,122 
 
 2... 
 
 ® 52,154 
 
 72,208 
 
 50,000 
 
 
 
 174,362 
 
 3... 
 
 « 49,140 
 
 62,355 
 
 58,950 
 
 
 
 170,445 
 
 4... 
 
 “ 46,627 
 
 54,994 
 
 72,460 
 
 
 
 174,081 
 
 5... 
 
 1 44,402 
 
 55,289 
 
 67,582 
 
 
 
 167,273 
 
 6... 
 
 & 41,380 
 
 44,249 
 
 43,627 
 
 
 
 129,256 
 
 7... 
 
 * 38.866 
 
 36,053 
 
 50,000 
 
 
 
 124,919 
 
 8... 
 
 45.390 
 
 51,430 
 
 50,000 
 
 
 
 156,820 
 
 9... 
 
 40,450 
 
 46,916 
 
 50,000 
 
 
 
 137,366 
 
 1820... 
 
 32,217 
 
 49,514 
 
 50,000 
 
 
 
 131,731 
 
 1... 
 
 24,711 
 
 39,957 
 
 55,017 
 
 
 
 119,685 
 
 2... 
 
 23,682 
 
 38,586 
 
 50,000 
 
 
 
 112,268 
 
 3... 
 
 23,002 
 
 41,918 
 
 50,000 
 
 
 
 114,920 
 
 4... 
 
 29,675 
 
 47,923 
 
 50,000 
 
 
 
 127,598 
 
 5... 
 
 30,669 
 
 49,643 
 
 50,000 
 
 
 
 130,312 
 
 6... 
 
 28,785 
 
 25,486 
 
 50,000 
 
 25,000 
 
 10,205 
 
 139,476 
 
 7... 
 
 19,785 
 
 22,630 
 
 50,000 
 
 30,000 
 
 16,805 
 
 139,220 
 
 8... 
 
 24,227 
 
 27,129 
 
 51,706 
 
 32,554 
 
 18.619 
 
 154,235 
 
 9... 
 
 24,811 
 
 25,807 
 
 66,333 
 
 32,934 
 
 22,716 
 
 172,601 
 
 1830... 
 
 26,316 
 
 25,754 
 
 89,355 
 
 28,769 
 
 22,359 
 
 192,553 
 
 1... 
 
 28,870 
 
 25,923 
 
 81,139 
 
 27,778 
 
 18,267 
 
 181,977 
 
 2... 
 
 30,017 
 
 29.359 
 
 86,652 
 
 24.277 
 
 19,895 
 
 190,200 
 
 3... 
 
 28,932 
 
 26,265 
 
 90.834 
 
 21,991 
 
 18,107 
 
 186,129 
 
 4... 
 
 26,467 
 
 27,012 
 
 80,822 
 
 25,000 
 
 15,388 
 
 174,689 
 
 5... 
 
 32,092 
 
 29.769 
 
 87,382 
 
 30,000 
 
 16,512 
 
 195,755 
 
 0... 
 
 31,092 
 
 26,060 
 
 81.769 
 
 36,974 
 
 20.237 
 
 196,132 
 
 7... 
 
 30,178 
 
 23.013 
 
 79,856 
 
 35,688 
 
 22,802 
 
 191,537 
 
 S... 
 
 29,577 
 
 19,412 
 
 78,009 
 
 30,662 
 
 19,822 
 
 177,482 
 
 9... 
 
 41,140 
 
 
 85,404 
 
 
 20,014 
 
 146,558 
 
 1840... 
 
 31,232 
 
 
 62,593 
 
 
 14,777 
 
 108,602 
 
 1... 
 
 30,339 
 
 
 74,679 
 
 
 13,490 
 
 118,508 
 
 2... 
 
 31,780 
 
 
 74,904 
 
 
 16,036 
 
 122,720 
 
 2... 
 
 30,756 
 
 
 60,304 
 
 
 12.858 
 
 103.918 
 
 4 . 
 
 27,504 
 
 
 72,045 
 
 
 13,787 
 
 113,336 
 
CONCLUSION. 
 
 565 
 
 Table I. — Extent of Banking Transactions in the Dundee District. 
 Part 2 .— Money Deposited. 
 
 Year. 
 
 Dundee 
 
 Bank. 
 
 D. Commercial, 
 then 
 
 D. New Bank. 
 
 Dundee 
 
 Union. 
 
 Dundee 
 
 Commercial. 
 
 Arbroath 
 
 Bank. 
 
 Totals. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 1792... 
 
 35,944 
 
 8,453 
 
 
 
 
 44,397 
 
 3... 
 
 55,769 
 
 3,921 
 
 
 
 
 59,690 
 
 4... 
 
 48,809 
 
 10,737 
 
 
 
 
 59,546 
 
 5... 
 
 73,513 
 
 22,048 
 
 
 
 
 95,561 
 
 6... 
 
 109,071 
 
 21,972 
 
 
 
 
 131,043 
 
 7... 
 
 83,337 
 
 22,745 
 
 
 
 
 106,082 
 
 8... 
 
 88,952 
 
 26,127 
 
 
 
 
 115,079 
 
 9... 
 
 114,191 
 
 41.866 
 
 
 
 
 156,057 
 
 1800... 
 
 119.385 
 
 66,553 
 
 
 
 
 185,938 
 
 1... 
 
 130,768 
 
 72,894 
 
 
 
 
 203,662 
 
 2... 
 
 135,136 
 
 139,635 
 
 
 
 
 274,771 
 
 3... 
 
 166,323 
 
 135,986 
 
 
 
 
 302,309 
 
 340,610 
 
 4... 
 
 157,821 
 
 182,789 
 
 
 
 
 5... 
 
 197,672 
 
 201,907 
 
 
 
 
 399,579 
 
 6... 
 
 232.897 
 
 200,632 
 
 
 
 
 433,529 
 
 7... 
 
 272,067 
 
 226,383 
 
 
 
 
 498,450 
 
 8 .. 
 
 296,698 
 
 260,834 
 
 
 
 
 557,532 
 
 9... 
 
 354,169 
 
 288,977 
 
 
 
 
 643,146 
 
 1810... 
 
 337,203 
 
 276,843 
 
 50,000 
 
 
 
 664,046 
 
 1... 
 
 314,775 
 
 205,025 
 
 100,000 
 
 
 
 620,800 
 
 2... 
 
 376,302 
 
 228,060 
 
 112,989 
 
 
 
 717,351 
 
 3... 
 
 402,676 
 
 201,748 
 
 150,000 
 
 
 
 754,424 
 
 4... 
 
 445,066 
 
 236,743 
 
 200,000 
 
 
 
 881,809 
 
 5... 
 
 477,965 
 
 236,984 
 
 250,000 
 
 
 
 964,949 
 
 6... 
 
 416.799 
 
 175,326 
 
 300,000 
 
 
 
 892,125 
 
 7... 
 
 442 959 
 
 173,961 
 
 300,000 
 
 
 
 921,920 
 
 8... 
 
 311,782 
 
 227,200 
 
 300,000 
 
 
 
 838,982 
 
 9... 
 
 341,269 
 
 214.403 
 
 300,000 
 
 
 
 855,672 
 
 1820... 
 
 332,463 
 
 214.323 
 
 350,000 
 
 
 
 896,786 
 
 1... 
 
 300,552 
 
 242,068 
 
 350,000 
 
 
 
 892,620 
 
 2... 
 
 325,470 
 
 284,714 
 
 350,000 
 
 
 
 960,184 
 
 3.. 
 
 320,460 
 
 246,542 
 
 350,000 
 
 
 
 917,002 
 
 4... 
 
 343,948 
 
 240,532 
 
 400,000 
 
 
 
 984,480 
 
 5... 
 
 398,132 
 
 243,081 
 
 400,000 
 
 
 
 1,041,213 
 
 6... 
 
 366,762 
 
 183,935 
 
 400,000 
 
 100,000 
 
 23.980 
 
 1,074,677 
 
 7... 
 
 319,134 
 
 192,175 
 
 400,000 
 
 150,000 
 
 31,825 
 
 1,093,134 
 
 8... 
 
 367,516 
 
 200,114 
 
 450,000 
 
 200,000 
 
 58,654 
 
 1,276,284 
 
 1,405,571 
 
 9... 
 
 412,883 
 
 212,918 
 
 450,000 
 
 250,000 
 
 79,770 
 
 1830... 
 
 419,580 
 
 207,517 
 
 450,000 
 
 300,000 
 
 85,717 
 
 1,462,814 
 
 1... 
 
 440,833 
 
 199,320 
 
 450,000 
 
 350,000 
 
 82,683 
 
 1,522,836 
 
 2... 
 
 455,649 
 
 197,940 
 
 500,000 
 
 350,000 
 
 88,451 
 
 1,592,040 
 
 3... 
 
 491,423 
 
 204,032 
 
 600,000 
 
 350,000 
 
 83,840 
 
 1,629,295 
 
 4... 
 
 563,202 
 
 188.615 
 
 549,731 
 
 300,000 
 
 92,717 
 
 1,694,265 
 
 5... 
 
 486,105 
 
 173,806 
 
 526,590 
 
 300,000 
 
 99,563 
 
 1,586,004 
 
 6... 
 
 466,619 
 
 158,719 
 
 553,619 
 
 338,845 
 
 105,655 
 
 1.613,457 
 
 7... 
 
 436,590 
 
 134,798 
 
 550,000 
 
 245,293 
 
 116,094 
 
 1,482,775 
 
 8... 
 
 411,394 
 
 138,719 
 
 550,000 
 
 241,401 
 
 118,491 
 
 1,460,005 
 
 1,212,410 
 
 1,191,697 
 
 1,169,702 
 
 1,204,614 
 
 1,179,347 
 
 1,218,532 
 
 9.. . 
 1840... 
 
 1.. . 
 2... 
 
 3.. . 
 
 4.. . 
 
 562,758 
 
 501,162 
 
 462.352 
 
 512,490 
 
 483,614 
 
 635,253 
 
 - 
 
 550,000 
 
 550,000 
 
 550,000 
 
 550,000 
 
 550.000 
 
 550.000 
 
 
 129,652 
 
 140,535 
 
 157,350 
 
 142,124 
 
 145,733 
 
 133,279 
 
CONCLUSION. 
 
 566 
 
 Table I. — Extent of Banking Transactions in the Dundee District. 
 
 Part 3. — Usual Investment in Bills. 
 
 Year. 
 
 Dundee 
 
 D. ComL 
 then D. 
 New Bk. 
 
 Dundee 
 
 Dundee 
 
 Arbrth. 
 
 Totals . 
 
 Total Amount of Bills Discounted at Head 
 
 Office and Branches (where any) in each year. 
 
 Bank. 
 
 Union. 
 
 ComL 
 
 Bank. 
 
 Dundee 
 
 Bank. 
 
 D. ComL 
 then 
 
 D. New Bk. 
 
 Dundee 
 
 CommercL 
 
 Arbrth. 
 
 Bank. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 1792 
 
 67,198 
 
 19,676 
 
 
 
 
 86,874 
 
 886,998 
 
 184,167 
 
 
 
 3 
 
 91,060 
 
 11,006 
 
 
 
 
 102,066 
 
 524,879 
 
 178,952 
 
 
 
 4 
 
 42,381 
 
 28,504 
 
 
 
 
 70,885 
 
 120,632 
 
 710,162 
 
 224,985 
 
 
 
 5 
 
 88,079 
 
 32,553 
 
 
 
 
 897,450 
 
 260,439 
 
 
 
 6 
 
 120,653 
 
 24,752 
 
 
 
 
 145,405 
 
 916,945 
 
 215,915 
 
 
 
 7 
 
 77,648 
 
 25,054 
 
 
 
 
 102,702 
 
 813,919 
 
 179,325 
 
 
 •••••• 
 
 8 
 
 88,290 
 
 34,641 
 
 
 
 
 122,931 
 
 839,948 
 
 229,654 
 
 
 
 9 
 
 113,219 
 
 50,834 
 
 
 
 
 164,053 
 
 181,711 
 
 1,037,372 
 
 330,848 
 
 
 
 1800 
 
 124,029 
 
 57,682 
 
 
 
 
 1,070,287 
 
 467,073 
 
 
 
 1 
 
 110,154 
 
 53,832 
 
 
 
 
 163,986 
 
 1,048,607 
 
 522,549 
 
 
 
 2 
 
 83,253 
 
 148,688 
 
 
 
 
 231,941 
 
 787,652 
 
 576,972 
 
 
 
 3 
 
 70,789 
 
 108,478 
 
 
 
 
 179,267 
 
 659,653 
 
 927,231 
 
 
 
 4 
 
 110,364 
 
 179,377 
 
 
 
 
 289,741 
 
 692,574 
 
 1,407,905 
 
 
 
 5 
 
 137,497 
 
 185,481 
 
 
 
 
 322,978 
 
 869,319 
 
 * 830,486 
 
 
 
 6 
 
 156,351 
 
 241,686 
 
 
 
 
 398,037 
 
 1,081,682 
 
 1,366,006 
 
 1,699,716 
 
 
 
 7 
 
 216,007 
 
 208,436 
 
 242,122 
 
 
 
 
 458,129 
 
 1,860,567 
 
 2,054,581 
 
 
 
 8 
 
 312,842 
 
 
 
 
 521,278 
 
 1,336,657 
 
 
 
 9 
 
 239,394 
 
 342,145 
 
 
 
 
 581,539 
 
 1,343,266 
 
 2,435,869 
 
 
 
 1810 
 
 233,087 
 
 279,974 
 
 30,000 
 
 
 
 543,061 
 
 1,547,538 
 
 2,413,025 
 
 
 
 1 
 
 227,787 
 
 203,686 
 
 70,000 
 
 
 
 501,473 
 
 1,244,509 
 
 1,367,103 
 
 1,697,429 
 
 
 
 2 
 
 215,378 
 
 244,423 
 
 80,000 
 
 
 
 539,801 
 
 1,610,051 
 
 
 t 
 
 3 
 
 226,501 
 
 210,301 
 
 1 10,000 
 
 
 
 546,802 
 
 1,343,603 
 
 1,620,666 
 
 
 ?! 
 
 4 
 
 259,621 
 
 235,187 
 
 140,000 
 
 
 
 634,808 
 
 1,435,865 
 
 1,577,720 
 
 
 
 5 
 
 289,400 
 
 246,254 
 
 180,000 
 
 
 
 715,654 
 
 1,303,889 
 
 1,584,710 
 
 
 
 6 
 
 201,050 
 
 176,011 
 
 210,000 
 
 
 
 587,061 
 
 860,139 
 
 1,244,982 
 
 
 
 7 
 
 171,016 
 
 165,071 
 
 210,000 
 
 
 
 546,087 
 
 682,619 
 
 1,036,388 
 
 
 
 8 
 
 154,477 
 
 201,114 
 
 210,000 
 
 
 
 565,691 
 
 711,856 
 
 1,004,756 
 
 
 
 9 
 
 188,791 
 
 211,432 
 
 210,000 
 
 
 
 610,223 
 
 594,912 
 
 1,091,462 
 
 
 
 1820 
 
 138,621 
 
 198,642 
 
 250,000 
 
 
 
 587,263 
 
 345,702 
 
 984,199 
 
 
 
 1 
 
 91,040 
 
 203,424 
 
 250,000 
 
 
 
 544,464 
 
 295,752 
 
 998,632 
 
 
 
 2 
 
 85,779 
 
 286,584 
 
 250,000 
 
 
 
 622,363 
 
 319,187 
 
 1,198,401 
 
 
 
 3 
 
 119,118 
 
 261,105 
 
 250,000 
 
 
 
 630,223 
 
 245,611 
 
 1,293,324 
 
 
 
 4 
 
 127,581 
 
 235,707 
 
 300,000 
 
 
 
 663,288 
 
 411,982 
 
 1,203,403 
 
 
 
 5 
 
 143,658 
 
 233,608 
 
 300,000 
 
 
 
 677,346 
 
 422,196 
 
 1,218,644 
 
 959,481 
 
 
 
 6 
 
 108,325 
 
 170,083 
 
 300,000 
 
 100,000 
 
 44,843 
 
 723,251 
 
 285,732 
 
 840,612 
 
 133,613 1 
 
 7 
 
 78,053 
 
 169.265 
 
 300,000 
 
 150,000 
 
 65,725 
 
 763,043 
 
 349,734 
 
 785,171 
 
 845,903 
 
 197,258 
 
 8 
 
 116,635 
 
 172,664 
 
 330,000 
 
 200,000 
 
 81,968 
 
 901,267 
 
 385,825 
 
 828,205 
 
 1,178,918 
 
 246,096 
 
 9 
 
 119,983 
 
 202,544 
 
 330,000 
 
 250,000 
 
 86,331 
 
 988,858 
 
 454,916 
 
 906,106 
 
 913,026 
 
 1,385,888 
 
 259,389 
 
 1830 
 
 134,317 
 
 199,176 
 
 330,000 
 
 300,000 
 
 92,231 
 
 1,055,724 
 
 479,859 
 
 1,167,545 
 
 277,359 
 
 1 
 
 144,395 
 
 201,284 
 
 330,000 
 
 350,000 
 
 105,303 
 
 1,130,982 
 
 630,050 
 
 992,347 
 
 1,193,393 
 
 314,719 
 
 2 
 
 147,542 
 
 175,946 
 
 360,000 
 
 350,000 
 
 94,307 
 
 1,127,795 
 
 661,600 
 
 958,971 
 
 1,001,579 
 
 283,393 
 
 3 
 
 195 893 
 
 193,197 
 
 360,000 
 
 350,000 
 
 87,743 
 
 1,186,833 
 
 515,948 
 
 980,822 
 
 1,021,121 
 
 258,367 
 
 4 
 
 154,715 
 
 198,193 
 
 397,808 
 
 300,000 
 
 87,005 
 
 1,137,721 
 
 553,217 
 
 913,131 
 
 1,064,454 
 
 1,248,984 
 
 257,017 
 
 5 
 
 181,717 
 
 210,489 
 
 399,347 
 
 300,000 
 
 95,255 
 
 1,1 86, '808 
 
 786,781 
 
 936,678 
 
 285,766 
 
 6 
 
 256,716 
 
 191,093 
 
 *448,513 
 
 340,978 
 
 100,283 
 
 1,337,583 
 
 946,873 
 
 917,526 
 
 1,380,019 
 
 305,716 
 
 7 
 
 271,155 
 
 156,099 
 
 400,000 
 
 243,809 
 
 109,868 
 
 1,180,931 
 
 585,186 
 
 892,426 
 f 423,999 
 
 1,317,161 
 
 894,218 
 
 326,086 
 
 8 
 
 148,824 
 
 120,868 
 
 400,000 
 
 230,744 
 
 107,767 
 
 1,008,203 
 
 808,330 
 
 785,464 
 
 800,946 
 
 788,185 
 
 739,744 
 
 671,208 
 
 523,600 
 
 983,430 
 
 857,609 
 
 839,423 
 
 706,620 
 
 648,044 
 
 668,341 
 
 322,128 
 
 9 
 
 1840 
 
 1 
 
 2 
 
 3 
 
 4 
 
 305,670 
 
 273,129 
 
 287,428 
 
 287,530 
 
 234,096 
 
 203,771 
 
 
 400,000 
 
 400,000 
 
 400,000 
 
 400,000 
 
 400,000 
 
 400,000 
 
 Total Bills. 
 
 1,703,574 1 
 
 
 102,560 
 
 112,335 
 
 113,518 
 
 100,655 
 
 105,648 
 
 67,437 
 
 * 6 months. 
 1 7 months. 
 
 
 308,460 
 
 337,601 
 
 341,445 
 
 301,619 
 
 317,538 
 
 208,123 
 

 
 
 CONCLUSION. 
 
 
 567 
 
 Table I. — Extent of Banking Transactions in the Dundee District. 
 
 
 Part 4. — Usual Investment in Cash Accounts, &c. 
 
 
 Year. 
 
 Dundee 
 
 Bank. 
 
 D. Commercial, 
 then 
 
 D. New Bank. 
 
 Dundee 
 
 Union. 
 
 Dundee 
 
 Commercial. 
 
 Arbroath 
 
 Bank. 
 
 Totals. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 1792... 
 
 52.207 
 
 15,187 
 
 
 
 
 67.394 
 
 3... 
 
 67,382 
 
 70,347 
 
 8,103 
 
 
 
 
 75,485 
 
 4... 
 
 7,631 
 
 
 
 
 77,978 
 
 5... 
 
 64,796 
 
 6,508 
 
 
 
 
 71,304 
 
 6... 
 
 69,964 
 
 11,280 
 
 
 
 
 81,244 
 
 7... 
 
 81,250 
 
 84,858 
 
 7,884 
 
 
 
 
 89,134 
 
 8... 
 
 7,359 
 
 8,005 
 
 
 
 
 92,217 
 
 9... 
 
 72,389 
 
 
 
 
 80,394 
 
 1800... 
 
 69,423 
 
 7,009 
 
 
 
 
 
 
 76,432 
 
 1 ... 
 
 69,307 
 
 7,934 
 
 
 
 
 77,241 
 
 2... 
 
 70,867 
 
 19,231 
 
 
 
 
 90,098 
 
 3... 
 
 51,533 
 
 35,333 
 
 
 
 
 86,866 
 
 4... 
 
 53,095 
 
 33,828 
 
 
 
 
 86,923 
 
 5... 
 
 44,089 
 
 40,267 
 
 
 
 
 
 
 84.356 
 
 6... 
 
 50,113 
 
 38,323 
 
 
 
 
 88,436 
 
 7... 
 
 50,115 
 
 50,278 
 
 
 
 
 100,393 
 
 8... 
 
 57,797 
 
 27,702 
 
 
 
 
 85,499 
 
 9... 
 
 63,030 
 
 39,812 
 
 
 
 
 102,842 
 
 1810... 
 
 77,919 
 
 42,388 
 
 10,000 
 
 
 
 130,307 
 
 1 ... 
 
 75,424 
 
 32,711 
 
 20,000 
 
 
 
 128,135 
 
 2... 
 
 63,117 
 
 33,535 
 
 26,927 
 
 
 
 123,579 
 
 3... 
 
 60,404 
 
 60,870 
 
 36,573 
 
 40,000 
 
 
 
 136,997 
 
 4... 
 
 36,662 
 
 65,000 
 
 
 
 162,532 
 
 5... 
 
 61,577 
 
 40,628 
 
 70,000 
 
 
 
 172,205 
 
 6... 
 
 71,701 
 
 40,674 
 
 85,000 
 
 
 
 197,375 
 
 7... 
 
 66,672 
 
 38,828 
 
 85,000 
 
 
 
 190,500 
 
 8... 
 
 49,248 
 
 42,740 
 
 85,000 
 
 
 
 176,988 
 
 9... 
 
 1820... 
 
 47,764 
 
 52,318 
 
 43,453 
 
 43,587 
 
 85,000 
 
 100,000 
 
 
 
 176,217 
 
 195,905 
 
 1 ... 
 
 53,968 
 
 41,332 
 
 42,986 
 
 42,741 
 
 43,818 
 
 100,000 
 
 
 
 195,300 
 
 2... 
 
 3.. . 
 
 4.. . 
 
 41,292 
 
 111,231 
 
 147,090 
 
 100,000 
 
 100,000 
 
 110,000 
 
 
 
 184,278 
 
 253,972 
 
 300,908 
 
 5... 
 
 183,785 
 
 37,863 
 
 110,000 
 
 
 
 331,648 
 
 6... 
 
 209,852 
 
 39,464 
 
 110,000 
 
 25,000 
 
 3,715 
 
 388,031 
 
 7... 
 
 188,166 
 
 31,082 
 
 110,000 
 
 35,000 
 
 35,160 
 
 399,408 
 
 8... 
 
 176,273 
 
 22,544 
 
 125,000 
 
 50,000 
 
 5,332 
 
 379,149 
 
 9... 
 
 186,246 
 
 26,073 
 
 125,000 
 
 60,000 
 
 11,269 
 
 408,580 
 
 1830... 
 
 258,188 
 
 28,131 
 
 125,000 
 
 75,000 
 
 15,376 
 
 501,695 
 
 1 ... 
 
 263,989 
 
 25.544 
 
 125,000 
 
 85,000 
 
 18,218 
 
 517,751 
 
 2... 
 
 276,802 
 
 23,889 
 
 140,000 
 
 85,000 
 
 15,000 
 
 540,691 
 
 552,496 
 
 569,872 
 
 3... 
 
 279,066 
 
 26,746 
 
 140,000 
 
 85,000 
 
 21,684 
 
 4... 
 
 290,464 
 
 32,488 
 
 151,461 
 
 75,000 
 
 20,459 
 
 5... 
 
 245,339 
 
 17,874 
 
 127,876 
 
 75,000 
 
 20,800 
 
 486,889 
 
 483,009 
 
 6... 
 
 240,612 
 
 19,131 
 
 122,980 
 
 83,883 
 
 16,403 
 
 7... 
 
 209,856 
 
 35,302 
 
 150,000 
 
 71,611 
 
 28,019 
 
 494,788 
 
 8... 
 
 208,725 
 
 31,640 
 
 150,000 
 
 89,536 
 
 24,751 
 
 504,652 
 
 9... 
 
 194,034 
 
 
 150,000 
 
 
 32,335 
 
 33,694 
 
 376,369 
 
 1840... 
 
 226,068 
 
 
 150,000 
 
 
 409,762 
 
 1 ... 
 
 223,983 
 
 
 150,000 
 
 
 43,811 
 
 417,794 
 
 2... 
 
 241,076 
 
 
 150,000 
 
 
 44.269 
 
 435,345 
 
 3... 
 
 264,552 
 
 
 150,000 
 
 
 47,521 
 
 462,073 
 
 4... 
 
 272,141 
 
 
 150,000 
 
 
 33,244 
 
 455,385 
 
 
 
 
 
 
 
31 
 
Table III. Circulation of Scotland. — The Average Circulation of the Banks in Scotland from 1846 to 1864, as ascertained 
 
 by the Returns under the Act of 1845, was as follows 
 
 572 CONCLUSION. 
 
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574 
 
 CONCLUSION. 
 
 Table IV. — A List of Banking Offices open in Scotland at end of 1864, 
 with the Population of each Town oh Parish according to the Census of 1861. 
 
 Places. 
 
 Popul. 
 
 Banks. 
 
 Places. 
 
 Popul. 
 
 Banks. 
 
 Aberchirder. 
 Aberdeen .... 
 
 3,289 
 
 76,709 
 
 Aberfeldy. 
 
 Aberlour . 
 Abington 
 Aboyne... 
 Airdrie.... 
 
 Alexandria',. 
 Alford 
 
 Alloa. 
 
 Alva.., 
 
 Alyth. 
 
 (Airlie St.). 
 
 2,915 
 
 1,665 
 
 980 
 
 1,160 
 
 20,554 
 
 4,019 
 
 1,264 
 
 8,867 
 
 3,283 
 
 3,422 
 
 North of Scot. Bank 
 Bank of Scotland 
 Royal Bank 
 British Linen Co. 
 Commercial Bank 
 National Bank 
 Aber. T. & C. Bank 
 City of Glasg Bank. 
 North of Scot. Bank 
 Union Bank 
 Central Bank 
 Union Bank 
 Union Bank 
 Commercial Bank 
 North of Scot. Bank 
 Bank of Scotland 
 National Bank 
 Clydesdale Bank 
 City of Glasg. Bank 
 Clydesdale Bank 
 Aber. T. & C. Bank 
 North of Scot. Bank 
 Commercial Bank 
 National Bank 
 j Clydesdale Bank 
 Union Bank 
 Union Bank 
 Bank of Scotland 
 Royal Bank 
 
 Annan . 
 
 5,761 Bank of Scotland. 
 
 I British Linen Co. 
 Commercial Bank 
 
 Anstruther . ! 1,593 
 
 Arbroath i 20,384 
 
 Ardrossan j 
 
 i 
 
 6,776 
 
 Auchinblae ^ 2,297 
 
 H 
 
 Auchtermucbty ... 
 
 .... 
 
 Ayr J 
 
 9,308 
 
 Ayr..., 
 
 Ayton 
 
 Balfron 
 
 Ballater .... 
 Balmacara 
 Banchory ., 
 
 Banff., 
 
 Barrhead 
 
 Bathgate 
 
 Beauly., 
 
 Beith... 
 
 Bervie. 
 
 2,014 
 
 1,517 
 
 1,668 
 
 1,612 
 
 2,919 
 
 4,673 
 
 11,013 
 
 10,134 
 
 2,852 
 
 5,775 
 
 1,561 
 
 Commercial Bank 
 National Bank 
 Clydesdale Bank 
 Bank of Scotland 
 Roj 7 al Bank 
 British Linen Co. 
 Commercial Bank 
 Bank of Scotland 
 Royal Bank 
 City of Glasg. Bank 
 City of Glasg. Bank 
 North of Scot. Bank 
 
 Auchterarder J 4,208 | Central Bank 
 
 j | Union Bank 
 
 3,285 j Bank of Scotland 
 Union Bank 
 Bank of Scotland 
 Royal Bank 
 Commercial Bank 
 National Bank 
 Clydesdale Bank 
 City of Glasg. Bank 
 
 Biggar ! 1,999 
 
 Blackford j 2,084 
 
 Blair Atholl i 1,659 
 
 Blairgowrie , 
 
 Bonar Bridge. 
 
 Boness 
 
 Bonhill 
 
 Brechin 
 
 Bridge of Allan... 
 Broughty Ferry... 
 Buckie 
 
 Burntisland. 
 
 | -Callander.... 
 Campbelton. 
 
 Campsie 
 
 6,798 
 
 1,896 
 
 5,698 
 
 4,366 
 
 8,810 
 
 2,436 
 
 5,052 
 
 8,240 
 
 3,670 
 
 1,676 
 
 8,149 
 
 6,483 
 
 Union Bank 
 Royal Bank 
 Commercial Bank 
 
 British Linen Co. 
 Commercial Bank 
 Union Bank 
 North of Scot. Bank 
 Union Bank 
 Commercial Bank 
 National Bank 
 Aber. T. & C. Bank 
 City of Glasg. Bank 
 North of Scot. Bank 
 Union Bank 
 Bank of Scotland 
 City of Glasg. Bank 
 Union Bank 
 Royal Bank 
 National Bank 
 Union Bank 
 Bank of Scotland 
 Commercial Bank 
 Commercial Bank 
 Clydesdale Bank 
 Union Bank 
 Aber. T. & C. Bank 
 i North of Scot. Bank 
 Royal Bank 
 Commercial Bank 
 jNational Bank 
 Central Bauk 
 ; Union Bank 
 j Bank of Scotland 
 j Commercial Bank 
 Union Bank 
 Caledonian Bank 
 Clydesdale Bank 
 Commercial Bank 
 Royal Bank 
 British Linen Co. 
 j City of Glasg. Bank 
 Union Bank 
 Union Bank 
 Royal Bank 
 City of Glasg. Bank 
 j North of Scot. Bank 
 Union Bank 
 National Bank 
 
 Bank of Scotland 
 Roj’al Bank 
 Commercial Bank 
 Clydesdale Bank 
 Royal Bank 
 
 — 
 

 
 CONCLUSION. 
 
 
 575 
 
 Places. 
 
 Popul. 
 
 Banks. 
 
 Places. 
 
 Popul. 
 
 Banks. 
 
 
 6,176 
 
 British Linen Co. 
 
 Douglas (Lanrks.). 
 
 
 City of Glasg. Bank 
 
 
 City of Glasg. Bank 
 
 Doune 
 
 3,312 
 
 Royal Bank 
 
 
 2,465 
 
 Citv of Glasg. Bank 
 
 
 Union Bank 
 
 
 3,584 
 
 
 Dry men 
 
 1,619 
 
 Royal Bank 
 
 Castle Douglas ... 
 
 3,436 
 
 Bank of Scotland ! 
 
 Dufftown 
 
 3,095 
 
 Aber. T. & C. Bank 
 
 • •• 
 
 
 British Linen Co. 
 
 
 
 
 North of Scot. Bank 
 
 • •• 
 
 
 National Bank 
 
 Dumbarton 
 
 6,304 
 
 Commercial Bank 
 
 
 
 Union Bank 
 
 
 
 Union Bank 
 
 Castletown(I.ofM. 
 
 2,365 
 
 Bank of Mona (City i 
 
 Dumfries 
 
 13,523 
 
 Bank of Scotland 
 
 
 
 of Glasgow Bank) 
 
 
 
 
 Royal Bank 
 
 
 4,042 
 
 Royal Bank 
 
 
 
 | British Linen Co. 
 
 
 29*543 
 
 Royal Bank 
 
 
 
 j Commercial Bank 
 
 
 National Bank 
 
 
 
 National Bank 
 
 
 
 Clydesdale Bank 
 
 
 
 Clydesdale Bank 
 
 
 
 
 
 
 ! Union Bank 
 
 
 2,823 
 
 
 Dunbar 
 
 4,949 
 
 British Linen Co. 
 
 
 
 
 Commercial Bank 
 
 Colinsburgh 
 
 2,431 
 
 Commercial Bank 
 
 
 
 City of Glasg. Bank 
 
 
 2,226 
 
 
 Dunblane 
 
 3,096 
 
 Union Bank 
 
 
 2,929 
 
 
 Dundee 
 
 93,092 
 
 Bank of Scotland 
 
 
 Central Bank 
 
 (Murray gate) 
 
 Royal Bank 
 
 
 
 
 (Castle St.)... 
 
 
 
 
 1,931 
 
 Commercial Bank 
 
 
 British Linen Co. 
 
 
 4,490 
 
 
 
 
 Commercial Bank 
 
 
 Central Bank 
 
 
 
 National Bank 
 
 
 
 City of Glasg. Bank 
 
 
 
 Clydesdale Bank 
 
 
 
 Union Bank 
 
 Dunfermline 
 
 21,187 
 
 Bank of Scotland 
 
 flrnmarfy , T 
 
 2,300 
 
 Commercial Bank 
 
 
 British Linen Co. 
 
 
 Caledonian Bank 
 
 
 
 Commercial Bank 
 
 Cullen 
 
 1,975 
 
 North of Scot. Bank 
 
 
 
 National Bank 
 
 
 Union Bank 
 
 Dunkeld 
 
 2,589 
 
 Commercial Bank 
 
 Cnmnnrk 
 
 6,611 
 
 Bank of Scotland 
 
 
 Central Bank 
 
 
 Roval Bank 
 
 i 
 
 
 Union Bank 
 
 
 
 Clydesdale Bank 
 
 Dunning 
 
 2,084 
 
 Union Bank 
 
 Cupar (Fife) 
 
 6,750 
 
 Royal Bank 
 
 Dunoon 
 
 5,461 
 
 City of Glasg. Bank 
 
 
 
 British Linen Co. 
 
 
 
 Union Bank 
 
 
 
 Commercial Bank 
 
 Dunse 
 
 3,595 
 
 Bank of Scotland 
 
 
 
 National Bank 
 
 
 Royal Bank 
 
 
 
 Clydesdale Bank 
 
 
 
 British Linen Co. 
 
 
 
 City of Glasg. Bank 
 
 
 
 City of Glasg. Bank 
 
 Dalbeattie 
 
 3,585 
 
 Union Bank 
 
 Durno, Pitcaple..,. 
 
 2,023 
 
 Aber. T. & C. Bank 
 
 Dalkeith 
 
 7,114 
 
 Royal Bank 
 
 
 
 Commercial Bank 
 
 Eagle sham 
 
 2,328 
 
 Clydesdale Bank 
 
 
 
 National Bank 
 
 Earlstoun 
 
 1,825 
 
 Commercial Bank 
 
 
 
 Clydesdale Bank 
 
 East Linton 
 
 608 
 
 National Bank 
 
 Dalmellington .7. . . 
 
 , 4,194 
 
 Royal Bank 
 
 Ecclefechan 
 
 1,653 
 
 Royal Bank 
 
 
 
 Clydesdale Bank 
 
 Echt 
 
 1,287 
 
 Aber. T. & C. Bank 
 
 Dairy (Ayrshire).. 
 
 11,156 
 
 Clydesdale Bank 
 
 Edinburgh 
 
 169,593 
 
 Bank of Scotland 
 
 .. 
 
 
 City of Glasg. Bank 
 
 (99 George St.) 
 
 
 
 Dairy (Kirkcud.).. 
 
 1,149 
 
 Union Bank 
 
 (Greenside) 
 
 
 
 Denny 
 
 , 4,988 
 
 Clydesdale Bank 
 
 (South side). . 
 
 
 
 Dingwall 
 
 2,412 
 
 National Bank 
 
 (Stock Bridge) 
 
 
 
 
 Caledonian Bank 
 
 
 Royal Bank 
 
 
 
 City of Glasg. Bank 
 
 (Hunter Sq.)... 
 
 
 Dollar 
 
 1,776 
 
 Clydesdale Bank 
 
 
 
 British Linen Co. 
 
 Dorn neb 
 
 2,885 
 
 Caledonian Bank 
 
 (Newington).., 
 
 
 
 Douglas (I. of M.) 
 
 12,389 
 
 Bank of Mona (City 
 
 
 Commercial Bank 
 
 
 
 of Glasgow Bank) 
 
 (Grassmrkt.).. 
 
 
 
 Douglas (Laiirks. 
 
 1 2,490 
 
 Commercial Bank 
 
 (Greenside).... 
 
 
 
576 
 
 CONCLUSION. 
 
 Places. 
 
 Popul. 
 
 Banks. 
 
 Places. 
 
 Popul. 
 
 Banks. 
 
 Edinburgh — 
 
 (South Bridge)! 
 (Stock Bridge) 
 
 (South side)... 
 (West end).... 
 
 | Commercial Bank.... 
 National Bank 
 
 (High St.). 
 
 Clydesdale Bank 
 
 City of Glasg. Bank 
 
 (Grassmrkt.) J 
 (Hunter Sq.)..j 
 
 (Downie PI.) .1 
 (George St.). J 
 
 Edzell | 
 
 Elgin 
 
 1,025 
 
 8,726 
 
 Union Bank 
 
 Elie (Fifeshire). 
 Ellon 
 
 Errol 
 
 Eyemouth. 
 
 Falkirk. 
 
 Falkland 
 
 Ferry Port on Craig 
 
 Fettercairn 
 
 Fochabers 
 
 Forfar. 
 
 (E.H.St.).... 
 
 Forres 
 
 Fortrose 
 
 Fort William 
 
 Union Bank 
 Royal Bank 
 British Linen Co. 
 Commercial Bank 
 Caledonian Bank 
 City of Glasg. Bank 
 North of Scot. Bank 
 Union Bank 
 826 | National Bank 
 
 3,913 
 
 2,759 
 
 Aber. T. & C. Bank 
 North of Scot. Bank 
 Union Bank 
 Union Bank 
 
 1,804 j Commercial Bank 
 
 17,026 
 
 2,937 
 
 2,013 
 
 1,700 
 
 2,292 
 
 10,838 
 
 4,112 
 
 1,545 
 
 4,272 
 
 Bank of Scotland 
 j Royal Bank 
 j Commercial Bank 
 ! National Bank 
 Clydesdale Bank 
 City of Glasg. Bank 
 City of Glasg. Bank 
 City of Glasg. Bank 
 Union Bank 
 Royal Bank 
 
 Fraserburgh 
 
 I 
 
 J 4,511 
 
 Fyvie 
 
 Galashiels 
 
 4,344 
 
 3,379 
 
 Commercial Bank 
 National Bank 
 Union Bank 
 British Linen Co. 
 National Bank 
 Caledonian Bank 
 City of Glasg. Bank 
 Caledonian Bank 
 British Linen Co. 
 National Bank 
 Bank of Scotland 
 Aber. T. & C. Bank 
 North of Scot. Bank 
 Union Bank 
 Aber. T. & C. Bank 
 
 Bank of Scotland 
 Royal Bank 
 National Bank 
 
 Galston...., 
 
 Garmouth 
 
 Gatehouse.. 
 
 Girvan 
 
 Glasgow 
 
 (Hutchestn.). 
 
 (Lawrieston.) 
 
 5,254 
 
 689 
 
 899 
 
 7,053 
 
 437,939 
 
 Union Bank 
 Caledonian Bank 
 Bank of Scotland 
 Union Bank 
 Royal Bank 
 Commercial Bank 
 National Bank 
 City of Glasg. Bank 
 Union Bank 
 Bank of Scotland 
 
 (Argyle St.). 
 (Canning St.' 
 (Cowcadns.). 
 
 (Trongate).... 
 
 (Argyle St.). 
 (St Rollox).., 
 (Trongate)..., 
 
 (Moor Place) 
 (Trongate).. 
 
 (Anderston).. 
 
 (Calton) 
 
 (Char. Cross) 
 (Cowcadns.) . 
 (Gorbals) .... 
 (Lawrieston) 
 (St Yint. St.) 
 (Trongate)... 
 (West end) .. 
 
 (Anderston) . 
 (Cowcadns.).. 
 (Tradeston)... 
 (Trongate) ... 
 
 Glenluce. 
 
 Golspie 
 
 Gorebridge 
 
 Govan 
 
 Grangemouth... 
 Granton (Edinb.).. 
 Grantown 
 
 Greenlaw. 
 
 Greenock. 
 
 3,531 
 
 1,615 
 
 1,585 
 
 100,716 
 
 2,323 
 
 1,000 
 
 3,943 
 
 1,370 
 
 43,894 
 
 Royal Bank 
 
 British Linen Co. 
 Commercial Bank 
 
 National Bank 
 
 Clydesdale Bank 
 City of Glasg. Bank 
 
 Union Bank 
 
 City of Glasg. Bank 
 British Linen Co. 
 Aber. T. & C. Bank 
 City of Glasg. Bank 
 City of Glasg. Bank 
 Commercial Bank 
 Royal Bank 
 National Bank 
 Caledonian Bank 
 Royal Bank 
 City of Glasg. Bank 
 Bank of Scotland 
 Royal Bank 
 British Linen Co. 
 National Bank 
 Clydesdale Bank 
 City of Glasg. Bank 
 Union Bank 
 
CONCLUSION. 
 
 577 
 
 Places. 
 
 Haddington. 
 
 Hamilton 
 
 Hawick 
 
 Helensburgh 
 Huntly 
 
 Innerleithen... 
 
 Insch 
 
 Inverary 
 
 Invergordon... 
 
 Inverkeithing. 
 Inverness 
 
 Inverury 
 
 Irvine 
 
 Islay 
 
 (Port Ellen).. 
 
 Jedburgh 
 
 Johnstone 
 
 Keith I 
 
 Kelso 
 
 Popul. 
 
 Banks. 
 
 Places. 
 
 Popul. : 
 
 Banks. 
 
 5,548 
 
 Bank of Scotland 
 
 Royal Bank 
 
 Kelso 
 
 
 National Bank 
 
 City of Glasg. Bank 
 
 
 British Linen Co. 
 
 Kilbirnie 
 
 5,484 
 
 City of Glasg. Bank 
 
 
 Commercial Bank 
 
 Kildrummy 
 
 590 
 
 Aber. T. & C. Bank 
 
 
 City of Glasg. Bank 
 
 Killin 
 
 1,520 1 
 
 Central Bank 
 
 14,047 
 
 Bank of Scotland 
 
 
 
 Union Bank 
 
 8,866 
 
 Royal Bank 
 
 British Linen Co. 
 Commercial Bank 
 
 City of Glasg. Bank 
 Royal Bank 
 
 British Linen Co. 
 Commercial Bank 
 
 Kilmarnock | 
 
 23,556 
 
 Bank of Scotland 
 Royal Bank 
 
 British Linen Co. 
 Commmercial Bank 
 National Bank 
 
 
 
 Clydesdale Bank 
 Union Bank 
 
 
 National Bank 
 
 Kilsyth 
 
 6,112 
 
 City of Glasg. Bank 
 
 6,334 
 
 Clydesdale Bank 
 
 Kilwinning 
 
 7,717 
 
 Commercial Bank 
 
 
 Union Bank 
 
 Kincardine 
 
 1,746 
 
 Commercial Bank 
 
 4,329 
 
 Aber. T. & C. Bank 
 
 
 
 Union Bank 
 
 
 North of Scot. Bank 
 
 Kincraigie (Tough) 
 
 874 
 
 Union Bank 
 
 
 Union Bank 
 
 Kingussie 
 
 2,033 
 
 British Linen Co. 
 (Caledonian Bank 
 
 1,623 
 
 Bank of Scotland 
 Union Bank 
 
 Kinross 
 
 2,649 
 
 : British Linen Co. 
 
 ; Clydesdale Bank 
 
 1,565 
 
 Aber. T. & C. Bank 1 
 
 Kintore 
 
 1,895 
 
 North of Scot. Bank 
 
 
 North of Scot. Bank j 
 
 Kirkcaldv | 
 
 6,100 
 
 Bank of Scotland 
 
 2,095 
 
 National Bank 
 
 Union Bank 
 
 
 
 Commercial Bank 
 National Bank 
 
 3,736 
 
 Commercial Bank j 
 
 North of Scot. Bank 
 
 
 
 City of Glasg. Bank 
 Union Bank 
 
 3,124 
 
 Clydesdale Bank 
 
 Kirkcudbright 
 
 3,407 
 
 Bank of Scotland 
 
 16,162 
 
 Bank of Scotland 
 
 
 
 National Bank 
 
 
 British Linen Co. 
 Commercial Bank 
 
 Kirkintilloch ....... 
 
 8,170 
 
 National Bank 
 
 City of Glasg. Bank 
 
 
 National Bank 
 Caledonian Bank 
 
 City of Glasg. Bank 1 
 
 j Kirkwall 
 
 
 
 4,422 
 
 Commercial Bank 
 National Bank 
 
 Union Bank 
 
 2,668 
 
 i Aber. T. & C. Bank 
 ! North of Scot. Bank 
 'Union Bank 
 
 Kirriemuir 
 
 7,359 
 
 British Linen Co. 
 National Bank 
 
 City of Glasg. Bank 
 
 5,695 
 
 | Royal Bank 
 ! British Linen Co. 
 
 
 
 Union Bank 
 
 
 Clydesdale Bank 
 
 Lamlash (Arran)... 
 
 3,151 
 
 City of Glasg. Bank 
 
 
 Union Bank 
 
 i Lanark 
 
 7,891 
 
 Royal Bank 
 
 3,969 
 
 National Bank 
 
 1 City of Glasg. Bank 
 
 j 
 
 I Langholm 
 
 2,979 
 
 Commercial Bank 
 City of Glasg. Bank 
 British Linen Co. 
 
 5,263 
 
 Bank of Scotland 
 
 
 
 National Bank 
 
 
 Royal Bank 
 
 Largo 
 
 2,626 
 
 National Bank 
 
 
 British Linen Co. 
 National Bank 
 
 Largs 
 
 3,620 
 
 Royal Bank 
 
 City of Glasg. Bank 
 
 
 City of Glasg. Bank 
 
 Larkhall 
 
 4,876 
 
 City of Glasg. Bank 
 
 1,149 
 
 i City of Glasg. Bank 
 
 Lasswade 
 
 5,688 
 
 City of Glasg. Bank 
 
 
 j Union Bank 
 
 Lauder 
 
 | 
 
 2,198 
 
 Bank of Scotland 
 City of Glasg. Bank 
 
 5,943 
 
 Aber. T. & C. Bank 
 j North of Scot. Bank 
 
 ! Laurencekirk 
 
 
 
 2,110 
 
 Aber. T. & C. Bank 
 North of Scot. Bank 
 
 
 ! Union Bank 
 
 i Leith 
 
 37,073 
 
 Bank of Scotland 
 
 5,192 
 
 ; Bank of Scotland 
 | British Linen Co. 
 Commercial Bank 
 
 
 
 Roj’al Bank 
 
 British Linen Co. 
 Commercial Bank 
 
578 
 
 CONCLUSION. 
 
 Places. 
 
 Popul. 
 
 Banks. 
 
 Places. 
 
 Popul. 
 
 Nairn 
 
 4,486 
 
 Neilston 
 
 11,913 
 
 Newburgh (Fife)... 
 
 2,693 
 
 New Cumnock 
 
 2,891 
 
 New Deer 
 
 4,385 
 
 New Galloway 
 
 1,170 
 
 New Milns 
 
 4,840 
 
 New Pitsligo 
 
 1,890 
 
 Newton Stewart... 
 
 4,061 
 
 North Berwick 
 
 2,071 
 
 Nunton(Lochmad.) 
 
 3,959 
 
 Oban 
 
 2,962 
 
 Old Deer 
 
 5,174 
 
 Old Meldrum 
 
 2,343 
 
 Paisley .. 
 
 61,255 
 
 Banks. 
 
 Leith. 
 
 Lerwick 
 
 Leslie 
 
 Lesmakagow. 
 
 Leven . 
 
 Linlithgow. 
 
 Lochee 
 
 Lochgelly (Fifesh.) 
 Lochgilphead... 
 
 Lochmaben ... 
 Lochwinnoch , 
 Lockerbie 
 
 Longside 
 
 Lossiemouth | 
 
 Lumphanan 
 
 Lumsden 
 
 Lybster 
 
 Macduff. 
 
 Markinch... 
 Mar 3 7 hill ... 
 Mauchline. 
 May bole ... 
 
 Meigle.. 
 Melrose . 
 
 Methlick... 
 Midcalder.. 
 Milnathort. 
 Mintlaw 
 
 Moffat. 
 
 Moniaive 
 
 Montrose. 
 
 Motherwell... 
 
 Muirkirk 
 
 Musselburgh . 
 
 3,631 
 
 4,332 
 
 9,266 
 
 3,257 
 
 3,800 
 
 6,683 
 
 3,457 
 
 2,748 
 
 3,087 
 
 3,821 
 
 2,509 
 
 3,008 
 
 3,028 
 
 1,251 
 
 1,593 
 
 8,571 
 
 6,080 
 
 5,375 
 
 3,153 
 
 2.303 
 
 6,713 
 
 835 
 
 7,711 
 
 2,157 
 
 1,389 
 
 2,399 
 
 3,008 
 
 2,232 
 
 1,867 
 
 15,455 
 
 3,000 
 
 3,270 
 
 9,525 
 
 National Bank 
 Clydesdale Bank 
 Union Bank 
 Union Bank 
 Union Bank 
 Royal Bank 
 City of Glasg. Bank 
 Royal Bank 
 Commercial Bank 
 City of Glasg. Bank 
 Commercial Bank 
 City of Glasg. Bank 
 Royal Bank 
 Union Bank 
 Clydesdale Bank 
 Union Bank 
 National Bank 
 City of Glasg. Bank 
 Royal Bank 
 Commercial Bank 
 Clydesdale Bank 
 North of Scot. Bank 
 Royal Bank 
 1 Aber. T. & C. Bank 
 Union Bank 
 Aber. T. & C. Bank 
 
 North of Scot. Bank 
 Union Bank 
 Commercial Bank 
 Union Bank 
 Commercial Bank 
 Royal Bank 
 Union Bank 
 Royal Bank 
 Royal Bank 
 British Linen Co. 
 North of Scot. Bank 
 Clydesdale Bank 
 City of Glasg. Bank 
 Aber. T. & C. Bauk 
 Union Bank 
 Bank of Scotland 
 British Linen Co. 
 Union Bank 
 Union Bank 
 Bank of Scotland 
 Royal Bank 
 British Linen Co. 
 National Bank 
 Aber. T. & C. Bank 
 Clydesdale Bank 
 North of Scot. Bank 
 Union Bank 
 Bank of Scotland 
 Clydesdale Bank 
 Royal Bank 
 Commercial Bank 
 
 Particle. 
 Peebles , 
 
 Peel (Isle of M.) i 
 
 Penicuik 
 
 Perth 
 
 Peterhead. 
 
 Pitlochrie 
 
 Pittenweem . 
 Pollokshaws 
 Port Glasgow 
 
 British Linen Co. 
 National Bank 
 Caledonian Bank 
 Union Bank 
 Commercial Bank 
 Central Bank 
 City of Glasg. Bank 
 Aber. T. & C. Bank 
 North of Scot. Bank 
 Clydesdale Bank 
 Royal Bank 
 Union Bank 
 British Linen Co. 
 National Bank 
 Clydesdale Bank 
 City of Glasg. Bank 
 British Linen Co. 
 City of Glasg. Bank 
 
 National Bank 
 City of Glasg. Bank 
 North of Scot. Bank 
 Aber. T. & C. Bank 
 North of Scot. Bank 
 
 Bank of Scotland 
 British Linen Co. 
 National Bank 
 City of Glasg. Bank 
 Union Bank 
 City of Glasg. Bank 
 Bank of Scotland 
 British Linen Co. 
 Union Bank 
 Bank of Mona (City 
 of Glasgow Bank) 
 Clydesdale Bank 
 Bank of Scotland 
 Royal Bank 
 British Linen Co. 
 Commercial Bank 
 National Bank 
 
 Central Bank 
 Union Bank 
 Commercial Bank 
 Aber. T. & C. Bank 
 City of Glasg. Bank 
 North of Scot. Bank 
 Union Bank 
 Commercial Bank 
 Central Bank 
 Union Bank 
 National Bank 
 Clydesdale Bank 
 11,314 Clydesdale Bank 
 
 City of Glasg. Bank 
 Royal Bank 
 City of Glasg. Bank 
 
 4,529 
 
 2,850 
 
 2,818 
 
 3,249 
 
 23,511 
 
 9,796 
 
 1,831 
 
 1,710 
 
 ,294 
 
CONCLUSION. 
 
 379 
 
 Places. 
 
 Popul. 
 
 Banks. 
 
 Places. 
 
 Popul. 
 
 
 
 Union Bank 
 
 Stornoway, 
 
 
 
 5,159 
 
 
 Stranraer 
 
 4,022 
 
 
 
 
 
 
 3,159 
 
 National Bank 
 
 
 
 
 North of Scot. Bank 
 
 
 
 
 4,145 
 
 North of Scot. Bank 
 
 
 
 
 Union Bank 
 
 Strathaven 
 
 6,125 
 
 Port William........ 
 
 2,694 
 
 City of Glasg. Bank 
 
 
 
 2,389 
 
 Bank of Mona (City j 
 
 Strichen 
 
 2,472 
 
 Ramsey (I. of M.) 
 
 
 of Glasgow Bank) 
 
 Stromness 
 
 2,840 
 
 
 4,664 
 
 
 
 
 Rhvnie 
 
 1,061 
 
 Aber. T. & C. Bank 
 
 
 
 
 
 North of Scot. Bank 
 
 Tain 
 
 3,294 
 
 
 1,890 
 
 Union Bank 
 
 
 
 
 
 
 Rothes 
 
 2,407 
 
 Caledonian Bank 
 
 Tarbert (Lochfine) 
 
 2,312 
 
 
 
 City of Glasg. Bank 
 
 Tarland 
 
 1,246 
 
 Rothesay 
 
 7,438 
 
 Royal Bank 
 
 
 
 
 
 Tarves 
 
 2,509 
 
 
 
 City of Glasp\ Bank 
 
 Thornhill 
 
 2,253 
 
 
 9,335 
 
 City of Glasg. Bank 
 
 
 
 Thurso 
 
 5,561 
 
 St Andrews.......... 
 
 7,605 
 
 Bank of Scotland 
 
 
 
 
 Royal Bank 
 
 
 
 
 
 Commercial Bank 
 
 Tillicoultry 
 
 5,054 
 
 
 
 Clydesdale Bank 
 
 
 St Clflirtown. ....... 
 
 1,640 
 
 Commercial Bank 
 
 Tobermory. 
 
 1,566 
 
 Saltcoats 
 
 12,028 
 
 Royal Bank 
 
 Tranent .............. 
 
 4,647 
 
 
 
 City of Glasg. Bank 
 
 Troon 
 
 7,606 
 
 Sanquhar 
 
 3,569 
 
 Royal Bank 
 
 Turriff... 
 
 3,693 
 
 
 British Linen Co. 
 
 
 Selkirk TT . Tttt . 
 
 4,739 
 
 British Linen Co. 
 
 
 
 
 National Bank 
 
 
 
 
 
 Union Bank 
 
 
 
 Shof.ts 
 
 7,343 
 
 City of Glasg. Bank 
 
 West Calder 
 
 1,927 
 
 Stew art. on 
 
 4,449 
 
 Royal Bank 
 
 West Kilbride 
 
 1,968 
 
 
 Clydesdale Bank 
 
 West Linton 
 
 1,534 
 
 
 
 Union Bank 
 
 Whitburn... 
 
 5,511 
 
 Stirling T .. tt .. Tt .. T ... 
 
 11,714 
 
 Bank of Scotland 
 
 Whithorn 
 
 2,934 
 
 
 Royal Bank 
 
 
 
 
 Commercial Bank 
 
 Wick........ 
 
 12,841 
 
 
 
 National Bank 
 
 
 
 
 Clydesdale Bank 
 
 
 
 
 
 City of Glasg. Bank 
 
 Wigtown........ 
 
 2,637 
 
 
 
 Union Bank 
 
 
 Stonehaven.......... 
 
 1,828 
 
 Bank of Scotland 
 
 
 
 
 Aber. T. & C. Bank 
 
 Wishaw 
 
 14,601 
 
 
 
 North of Scot. Bank 
 
 
 Stornoway 
 
 8,668 
 
 National Bank 
 
 
 
 Banks. 
 
 City of Glasg. Bank 
 British Linen Co. 
 National Bank 
 Clydesdale Bank 
 City of Glasg. Bank 
 Union Bank 
 Bank of Scotland 
 Royal Bank 
 Union Bank 
 North of Scot. Bank 
 Commercial Bank 
 National Bank 
 
 British Linen Co. 
 Commercial Bank 
 Union Bank 
 Aber. T. & C. Bank 
 Union Bank 
 Aber. T. & C. Bank 
 British Linen Co. 
 Union Bank 
 Commercial Bank 
 National Bank 
 Aber. T. & C. Bank 
 Clydesdale Bank 
 Union Bank 
 Clydesdale Bank 
 City of Glasg. Bank 
 Union Bank 
 Commercial Bank 
 Aber. T. & C. Bank 
 North of Scot. Bank 
 Union Bank 
 
 City of Glasg. Bank 
 City of Glasg. Bank 
 Bank of Scotland 
 City of Glasg. Bank 
 National Bank 
 Clydesdale Bank 
 Commercial Bank 
 Aber. T. & C. Bank 
 Union Bank 
 British Linen Co. 
 Clydesdale Bank 
 City of Glasg. Bank 
 Royal Bank 
 British Linen Co. 
 City of Glasg. Bank 
 
 This list contains the localities of 657 Banking Offices, from which deducting the 4 in the Isle 
 of Man, it appears that the twelve Banks in Scotland at the end of 1864 had among them 641 
 Branches— on an average 53 each. 
 
H 
 
 
 
 
 
 
 librakv 
 
 OF THE 
 
 uMvLxsiTir of Illinois 
 

 LIBRARY 
 OF THE 
 
 UNIVERSITY OF ILLINOIS