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Neal, James, Fordyce And Down
Neale, James, Fordyce and Downe was a London banking house, established in 1757 by Henry Neale, William James, Alexander Fordyce and Richard Downe. Its collapse in June 1772 precipitated a major banking crisis which included the collapse of almost every private bank in Scotland, and a liquidity crisis in the two major banking centres of the world, London and Amsterdam. The bank had been speculating by shorting East India Company stock on a massive scale, and apparently using customer deposits to cover losses. The leading figure in the speculation was agreed to be the partner Alexander Fordyce. He was Scottish, brother of James Fordyce, the distinguished clergyman and author of '' Sermons to Young Women'', and was married to a daughter of the Earl of Balcarres. On June 9 1772, the day before he fled to France, he was reported to have come home in wild spirits, saying that he had "always told the wary ones, ‘and the wise ones, with heads of a chicken and claws of a corbie, that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alexander Fordyce
Alexander Fordyce (7 August 1729-8 September 1789) was an eminent Scottish banker, centrally involved in the bank run on Neale, James, Fordyce and Downe which led to the credit crisis of 1772. He used the profits from other investments to cover the losses. Early life Alexander was baptized in Belhelvie as the youngest son of George Fordyce of Broadford (1663–Eggie, 1733), six times Provost of Aberdeen who was married twice, had many children but only a few survived. He was (half)brother to David, Agnes, James, and William Fordyce. In 1746 he travelled in the Scottish Highlands. He was educated by his uncle Thomas Blackwell, principle and lecturing common law at Marischal College and who became his brother-in-law in 1751. For some time he was in the hosiery trade at Aberdeen. In 1757, he left and found a situation as outdoor clerk to a banker named Boldero & Co at Lombard Street, London. In 1759 his brother James arrived in London and became minister of the presbyterian c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Town, Edinburgh
The New Town is a central area of Edinburgh, the capital of Scotland. It was built in stages between 1767 and around 1850, and retains much of its original neo-classical and Georgian period architecture. Its best known street is Princes Street, facing Edinburgh Castle and the Old Town across the geological depression of the former Nor Loch. Together with the West End, the New Town was designated a UNESCO World Heritage Site alongside the Old Town in 1995. The area is also famed for the New Town Gardens, a heritage designation since March 2001. Proposal and planning The idea of a New Town was first suggested in the late 17th century when the Duke of Albany and York (later King James VII and II), when resident Royal Commissioner at Holyrood Palace, encouraged the idea of having an extended regality to the north of the city and a North Bridge. He gave the city a grant:That, when they should have occasion to enlarge their city by purchasing ground without the town, or to build ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Established In 1757
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crises
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. Si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defunct Banks Of The United Kingdom
{{Disambiguation ...
Defunct (no longer in use or active) may refer to: * ''Defunct'' (video game), 2014 * Zombie process or defunct process, in Unix-like operating systems See also * * :Former entities * End-of-life product * Obsolescence Obsolescence is the state of being which occurs when an object, service, or practice is no longer maintained or required even though it may still be in good working order. It usually happens when something that is more efficient or less risky r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sir William Forbes, 6th Baronet
Sir William Forbes, 6th Baronet of Monymusk and Pitsligo, usually known as William Forbes of Pitsligo (1739–1806), was a Scottish banker. He was known also as an improving landlord, philanthropist, and writer. Life and career He was born in Edinburgh on 5 April 1739. His father Willam Forbes, heir to a Nova Scotia baronetcy, was an advocate; the family estate at Monymusk in Aberdeenshire had been sold by his grandfather. Forbes's maternal grandmother was a sister of Alexander Forbes, 4th Lord Forbes of Pitsligo, whose activities in 1745 led to the forfeiture of his estate, also in Aberdeenshire. His mother, Christian Forbes, was a member of a collateral branch of the Monymusk family, and was left a widow when William, the elder of two surviving boys from a family of five, was only four years old. She settled in Aberdeen in 1745 for the education of her children, who were brought up as Scottish episcopalians. The younger boy died in 1749, and in October 1753 Lady Forbes, wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boston Tea Party
The Boston Tea Party was an American political and mercantile protest by the Sons of Liberty in Boston, Massachusetts, on December 16, 1773. The target was the Tea Act of May 10, 1773, which allowed the British East India Company to sell tea from China in American colonies without paying taxes apart from those imposed by the Townshend Acts. The Sons of Liberty strongly opposed the taxes in the Townshend Act as a violation of their rights. Protesters, some disguised as Indigenous Americans, destroyed an entire shipment of tea sent by the East India Company. The demonstrators boarded the ships and threw the chests of tea into the Boston Harbor. The British government considered the protest an act of treason and responded harshly. The episode escalated into the American Revolution, becoming an iconic event of American history. Since then other political protests such as the Tea Party movement have referred to themselves as historical successors to the Boston protest of 1773. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tea Act
The Tea Act 1773 (13 Geo 3 c 44) was an Act of the Parliament of Great Britain. The principal objective was to reduce the massive amount of tea held by the financially troubled British East India Company in its London warehouses and to help the struggling company survive. A related objective was to undercut the price of illegal tea, smuggled into Britain's North American colonies. This was supposed to convince the colonists to purchase Company tea on which the Townshend duties were paid, thus implicitly agreeing to accept Parliament's right of taxation. Smuggled tea was a large issue for Britain and the East India Company, since approximately 86% of all the tea in America at the time was smuggled Dutch tea. The Act granted the Company the right to directly ship its tea to North America and the right to the duty-free export of tea from Britain, although the tax imposed by the Townshend Acts and collected in the colonies remained in force. It received the royal assent on May 10, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
JSTOR
JSTOR (; short for ''Journal Storage'') is a digital library founded in 1995 in New York City. Originally containing digitized back issues of academic journals, it now encompasses books and other primary sources as well as current issues of journals in the humanities and social sciences. It provides full-text searches of almost 2,000 journals. , more than 8,000 institutions in more than 160 countries had access to JSTOR. Most access is by subscription but some of the site is public domain, and open access content is available free of charge. JSTOR's revenue was $86 million in 2015. History William G. Bowen, president of Princeton University from 1972 to 1988, founded JSTOR in 1994. JSTOR was originally conceived as a solution to one of the problems faced by libraries, especially research and university libraries, due to the increasing number of academic journals in existence. Most libraries found it prohibitively expensive in terms of cost and space to maintain a comprehen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thirteen Colonies
The Thirteen Colonies, also known as the Thirteen British Colonies, the Thirteen American Colonies, or later as the United Colonies, were a group of Kingdom of Great Britain, British Colony, colonies on the Atlantic coast of North America. Founded in the 17th and 18th centuries, they began fighting the American Revolutionary War in April 1775 and formed the United States of America by United States Declaration of Independence, declaring full independence in July 1776. Just prior to declaring independence, the Thirteen Colonies in their traditional groupings were: New England (Province of New Hampshire, New Hampshire; Province of Massachusetts Bay, Massachusetts; Colony of Rhode Island and Providence Plantations, Rhode Island; Connecticut Colony, Connecticut); Middle (Province of New York, New York; Province of New Jersey, New Jersey; Province of Pennsylvania, Pennsylvania; Delaware Colony, Delaware); Southern (Province of Maryland, Maryland; Colony of Virginia, Virginia; Provin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clifford Family (bankers)
The Clifford family was a family of bankers, merchants and regenten of English descent who were active in Amsterdam during the sixteenth through eighteenth centuries. The family originated in northern England, although the surname originated in the village of Clifford, Herefordshire. Northern England was the home of the noble Clifford family, since Roger Clifford was born in Cumberland and died in Brough Castle in Westmorland. There is no evidence that the Clifford banking family is descended from a nobleman named Clifford, who fought for William I of England. History Richard and Henry Clifford The oldest known ancestor is John Clifford, who was a tenant in Aylsham. His son Richard Clifford was born in Aylsham. He studied at Corpus Christi College, Cambridge, and in 1569 became rector of Landbeach, a village just north of Cambridge, though he was also canon of Stow. His wife was Alice; her maiden name is unknown. Henry Clifford (1576-1628) was born in Landbeach to Richard a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adelphi, London
Adelphi (; from the Greek ἀδελφοί ''adelphoi'', meaning "brothers") is a district of the City of Westminster in London.Mills, A., ''Oxford Dictionary of London Place Names'', (2001) The small district includes the streets of ''Adelphi Terrace'', ''Robert Street'' and ''John Adam Street''. Of rare use colloquially, Adelphi is grouped with Aldwych as the greater Strand district (a main street of London between the two areas and those immediately adjoining) which for many decades formed a parliamentary constituency and civil registration district. Adelphi Buildings The district is named after the Adelphi Buildings, a block of 24 unified neoclassical terrace houses that occupied the land between The Strand and the River Thames in the parish of St Martin in the Fields, which also included a headquarters building for the "Society for the Encouragement of Arts, Manufactures and Commerce" (now generally known as the Royal Society of Arts). They were built between 1768 and 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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