Neal, James, Fordyce and Down
Neale, James, Fordyce and Down was a London banking house. Established in 1757, its June 1772 collapse 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. According to a sermon of 1775, Alexander Fordyce:
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Neal, James, Fordyce and Down
Neale, James, Fordyce and Down was a London banking house. Established in 1757, its June 1772 collapse 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. According to a sermon of 1775, Alexander Fordyce:
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Neale, James, Fordyce and Down ...... ther into a state of insanity.
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Neale, James, Fordyce and Down ...... on of 1775, Alexander Fordyce:
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Neal, James, Fordyce and Down
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