The attested copy
WESTERN BANK OF SCOTLAND Contract of Copartnership of the Western Bank of Scotland; Deeds of Accession; and Deed of Alteration Glasgow James Macnab 1859
Octavo, quarter calf and contemporary marbled boards, red morocco label, ivpp + 295pp + 3pp autograph manuscript in ink signed affadavit by the Notary Public John Buchanan with his seal, every leaf signed by John Buchanan.See: How to mismanage a bank. A review of the Western Bank of Scotland 1859, Neave, The Western Bank failure and the Scottish banking system, 1858.
The Attested Copy listing all the shareholders [or partners] in the Western Bank of Scotland. The book includes the Contract of Copartnership, the First, Second and Third Deed of Accession and the Deed of Alteration in four parts between 1844 and 1850.The Western Bank of Scotland, founded in 1832 embarked on a vigorous lending policy with minimal liquid reserves and by 1834 had run into difficulties. It had pursued an ambitious policy of branch opening. It acquired the Greenock Banking Co., the Dundee Union Bank, the Paisley Commercial Bank, and the Ayrshire Banking Co. In 1847, again in difficulties, it was rescued by a loan from the Bank of England of £300,000.In 1857 the Western Bank of Scotland was the second largest bank in Scotland. It had a paid up capital of £1.5 million, £5.3 million deposits, 1,280 shareholders and 101 branches. In that year, during a general financial panic the bank collapsed, the victim of bad management and of the failure of three major customers owing almost £1.2 million. The shareholders lost all their paid-up capital of £2 million and had to provide an additional £1.1 million to meet the bank’s liabilities. The Royal Bank of Scotland took over a number of the branches of the Western Bank of Scotland.
£350
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