Bank failures in Scotland
- When
- June 1772 – August 1773
- Where
- Scottish banking network, including the Ayr bank
- Part of
- Credit Crisis of 1772
The panic spread from London to Scotland, where banks—most notably the Ayr bank—failed or came under severe strain.
The crisis originated in London and spread to Scotland. By 1772 the Ayr bank had branches in Edinburgh and Dumfries, plus representative offices in Glasgow, Inverness, Kelso, Montrose, Campbeltown, and other places. The Ayr bank reopened briefly between September 1772 and August 1773, but a general meeting of partners on 12 August decided to dissolve the company permanently. News of the crash in Scotland reached Thomas Jefferson in a letter dated 8 July 1772.
Sources
- British credit crisis of 1772–1773 Wikipedia
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