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Arbuthnot & Co was a mercantile bank, based in Madras, India. It had been founded as Francis Latour & Co in the late 18th century and then became Arbuthnot De Monte & Co. It failed spectacularly on 22 October 1906.
The Panic of 1796–1797 was a series of downturns in credit markets in both Great Britain and the newly established United States in 1796 that led to broader commercial downturns. In the United States, problems first emerged when a land speculation bubble burst in 1796. The crisis deepened when the Bank of England suspended specie payments on February 25, 1797 under the Bank Restriction Act of 1797. The Bank's directors feared insolvency when English account holders, who were nervous about a possible French invasion, began withdrawing their deposits in sterling rather than bank notes. In combination with the unfolding collapse of the U.S. real estate market's speculative bubble, the Bank of England's action had deflationary repercussions in the financial and commercial markets of the coastal United States and the Caribbean at the start of the 19th century.
The Kidwelly and Llanelly Canal was a canal and tramroad system in Carmarthenshire, Wales, built to carry anthracite coal to the coast for onward transportation by coastal ships. It began life as Kymer's Canal in 1766, which linked pits at Pwll y Llygod to a dock near Kidwelly. Access to the dock gradually became more difficult as the estuary silted up, and an extension to Llanelli was authorised in 1812. Progress was slow, and the new canal was linked to a harbour at Pembrey built by Thomas Gaunt in the 1820s, until the company's own harbour at Burry Port was completed in 1832. Tramways served a number of collieries to the east of Burry Port.
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Abel Thomas was a Welsh Liberal politician and lawyer.
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The Arbuthnot Bank crash led to the fall of Arbuthnot & Co, a premier British-owned financial institution in Madras Presidency, British India in October 1906. The incident is considered to be one of the key events which influenced the Indian independence movement in Tamil Nadu.
David Morris was a British Whig and Liberal politician, and banker.
The Hon. William Henry Yelverton was a Whig politician who served as MP for Carmarthen Boroughs from 1832 to 1835. Yelverton inherited considerable lands and industry from his family and from his marriage to Elizabeth Lucy Morgan.
Henry Jones-Davies was a Carmarthenshire farmer who became active in public life and a pioneer of agricultural co-operation.
References
- 1 2 3 4 5 6 7 8 9 10 11 Early Banks in West Wales, by Francis Green (in West Wales Historical Records, The Annual Magazine of The Historical Society of West Wales, Volume VI, edited by Francis Green, Printed by W. Spurrell & Son, 1916)
- ↑ Carmarthenshire Antiquarian Society archives
- ↑ Anon., British Losses by Bank Failures, 1858