A century of banking in Dundee; being the annual balance sheets of the Dundee Banking Company, from 1764 to 1864

Front matter

THE UNIVERSITY

OF ILLINOIS

LIBRARY

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 concern, 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 commencement 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 Commercial 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 carried on by, and of the result thereof to, those Banks in Scotland which have been amalgamated with other Banks — reticence respectmg '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 statements 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. Currency 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 surrounding district.

This thought led the Compiler, when the immediate object of his investigation 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

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.

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.

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 annually, from 1764 to 1864. Call for gold in November 1857, p. 479. Summary 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 discounted, 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, amalgamated 1857.

Aberdeen, established 1767, 1786, amalgamated 1853.

Ayr and Dumfries, established 1769, 1771, suspended 1772, closed 1773, 1774,

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

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

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.

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 appointed, 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

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 Scotland, 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

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.

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.

Credit Mobilier System, 1863.

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.

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 Scotland, Table of, from 1699 to 1864, p. 556. Of Bank of Scotland and Dundee Bank compared, p. 557.

Earthenware, manufacture of, 1703.

Equivalent Money, arrival of, 1707- Exchange Companies, 1846, 1857 (in note).

Foreigners investing in Britain, 1762.

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 relaxed 1833, repealed 1850. (See page 457.)

Johnson, Dr Samuel, in Scotland in 1773.

Linen, Quantity of stamped, Table of, p. 30, quoted yearly from 1766 to 1823.

Ministers’ Stipends, Table of, &c., 1750.

New Style, 1752.

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.

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. Retirement of, 1752, 1765, 1767, p. 78.

United Kingdom, amount given yearly, from 1840 to 1864. Forgery, prevention of, 1820. Issued in American Colonies, 1767. Licences for issuing, 1808, 1815.

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.

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.

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

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.

South Sea Company, 1711, 1720.

Stamp Office and the Banks, 1811.

Stamps, Impressing them in Edinburgh, 1805. Penny, for cash orders on demand, p. 129.

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 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 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 copartnery 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 Banking 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 Scotland 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, mer9., 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

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., shipmr., 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,..

Small, James,

Smith, William,

Speid, John,

Speid, Robert,

Stirling, Patrick,...

Strachan, Alex......

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

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 restlessness 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 succession 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 Partners 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 descendants 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 mansion-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 grandson, 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