An advertisement from the Post Office Glasgow directory of 1839-1840 for the City of Glasgow Bank.
The bank was established in 1839 and became one of the most successful in the west of Scotland. However, owing to imprudent speculative lending and subsequently to fraudulent mismanagement by its directors the bank failed in 1878 with bad debts of more than £7.3 million. Many of the 1,819 shareholders (each of whom was liable for a part of the company's debts in proportion to the shareholding) were ruined, the faltering local business economy was thrown into crisis for several years, and officials and directors were subsequently imprisoned after being found guilty of various offences.
Reference: Mitchell Library, DIR 1839-40
Reproduced with the permission of Glasgow City Council, Libraries Information and Learning
Keywords:
advertisements, bank failures, banks, City of Glasgow Bank, directories, directors, fraud, Post Office Glasgow directory
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