Eliot Wilson

“On 8 June 1772 Alexander Fordyce, a partner at Neale, James, Fordyce and Down absconded to France”

“He borrowed 240,000 guilders in bearer bonds from Hope & Co”

“his position reaching a notional £850,000 financed by heavy borrowing.”

“In May 1772, East India Company shares rose sharply in value and Fordyce lost £300,000. He also owed Hope & Co £50,000, and as Neale, James, Fordyce and Down reeled, they suffered uncovered trading l…”

“Neale, James, Fordyce and Down ceased payments on 10 June”

“Fordyce’s three partners were left facing personal liability for a debt of £243,000.”

“News of his bank’s failure reached Edinburgh on 12 June”

“within two weeks, eight banks had collapsed”

“On 24 June, the Crown seized Fordyce’s personal goods, stocks and his country house”

“at least 20 banks collapsed”

“He died in 1789”