A letter to the partners of Douglas, Heron, and Co. from a fellow partner..
Fellow-partner.
[Edinburgh? ; s.n.,
1778?]
Dated on page 3: January 5. 1778.
Douglas, Heron & Company, with its head office at Ayr, was opened in 1769 and traded as the Ayr Bank. There were branches throughout Scotland. Almost from the beginning, the bank emptied their coffers by giving privileged customers excessive loans, later striving to make good their position by making paper money. In August 1773 a general meeting of the partners resolved on liquidation. The total loss to the partners, of whom there were 225, was £663,396, and the shock was felt throughout Scotland.
ESTC
Douglas, Heron, and Company
Bank fraud
Bankruptcy
Scotland Edinburgh.