Historedia
Person

Richard Down

Events
1
Episodes
6
Years
1772–1773

Every event in Historedia whose sources name Richard Down, with the role they cite and all of that event’s episodes. This is not a biography, and mentions are grouped by name, so two people with the same name can share this page.

Events and episodes

  1. Credit Crisis of 1772

    1772–1773

    Role: Partner left liable for debts after Fordyce's failure

    1. 1772–1773 · Bank of England and London commercial communityStrain on the Bank of England and rising bankruptcies

      The Bank of England's reserves were strained until late 1773, while London bankruptcies rose sharply above their pre-crisis average.

    2. 1772 – December 1773 · Thirteen American coloniesDeterioration of colonial debtor-creditor relations

      The crisis greatly worsened debtor-creditor relations between the thirteen American colonies and Britain, especially in the South.

    3. June 1772 – August 1773 · Scottish banking network, including the Ayr bankBank failures in Scotland

      The panic spread from London to Scotland, where banks—most notably the Ayr bank—failed or came under severe strain.

    4. 8 June 1772 · London banking house of Neale, James, Fordyce and DownFordyce's failure and the bank run on Neale, James, Fordyce and Down

      Alexander Fordyce lost £300,000 shorting East India Company stock; his partners were left liable for roughly £243,000 in debts.

    5. 24 June 1772 · City of LondonFordyce declared bankrupt and his assets seized

      On 24 June 1772 the Crown seized Fordyce's goods, stocks, and country house, and the City of London was in uproar at his bankruptcy.

    6. December 1772 – January 1773 · Amsterdam, Dutch RepublicContagion to the Dutch Republic

      The crisis extended to Amsterdam, where plantation-loan portfolios failed and trade between London and Amsterdam halted.

Sources

  1. British credit crisis of 1772–1773 Wikipedia