Alexander Fordyce

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Print of Alexander Fordyce, dressed as the Macaroni Gambler with puns on Fordyce's last name (Four-Dice).[1]
Balcarres mansion in the trees – geograph.org.uk – 1465362

Alexander Fordyce (7 August 1729

credit crisis of 1772. He fled abroad and was declared bankrupt, but in time he used the profits from other investments to cover the losses.[3]

Early life

Alexander was baptized in

Thomas Blackwell, principle and lecturing common law at Marischal College and who became his brother-in-law in 1751. For some time he was in the hosiery trade at Aberdeen. In 1757, he left and found a situation as outdoor clerk to a banker named Boldero & Co at Lombard Street, London.[8]
In 1759 his brother James arrived in London and became minister of the presbyterian congregation.

In 1768 he stood as a radical candidate for the

Marischal College, Aberdeen in the same year. Then Fordyce's gold watch was stolen somewhere on the highway; the robbers were executed early 1771.[11]

Banker and speculator

Dividend Day at the Bank of England, 1770
The Amsterdam Stock Exchange by P. Fouquet (1729–1800)
Engraving of East India House, Leadenhall Street (1766)

From 1757 he was a partner in the banking house Neale, James, Fordyce and Down on

Change Alley Fordyce purchased an estate near Wimbledon now Grove House, Roehampton, where he lived magnificently.[13][14] He entered a series of fêtes, banquets and entertainment, which threw those of the royalty in the shade.[15]

In July 1770 Fordyce collaborated with two planters John and

British East India Company.[18] Fordyce had been speculating successfully and managed to deceive his partners for a while; according to one biographer, "It is said he succeeded in quieting their fears by the simple expedient of showing them a pile of bank notes which he had borrowed for the purpose for a few hours."[19]
The tide of fortune then turned; he lost heavily at the beginning of 1771 in the fluctuations of the market caused by the dispute with Spain about the
Falkland Islands.[20][21][22] In 1771/1772 Fordyce bet heavily against EIC share price, which went awfully awry.[23]
In May 1772 the EIC stock price rose significantly.

Financial crash and aftermath

Portman square

On Monday 8 June 1772, it became clear Fordyce failed.

assets and lost the backing of the Bank of England.[27] On 13 June – in an advertisement – he was required to surrender himself and to make a full discovery of his estates and effects.[28]

On 12 June the news of the failure of Neale, James, Fordyce and Down reached Scotland.

bills of exchange, were forced to declare insolvency.[35] Also the Ayr bank collapsed on 24 June.[36][37][38]
The stoppage precipitated a crisis.
Sir George Colebrooke came close.[39] On 25 July Fordyce was given seven weeks to appear for his creditors and come to an agreement.[40][41]
Around 20 banks across Scotland and the Dutch Republic collapsed in the aftermath.

On request he was extradited by France and sailed from

Sir James Bland Burges
.

Academic offices
Preceded by Rector of Marischal College, Aberdeen
1770–?
Succeeded by
No record

Notes

  1. ^ Gambling on Empire: Colonial India and the Rhetoric of "Speculation" in British Literature and Culture, c. 1769–1830 by John C. Leffel
  2. ^ Family record of the name of Dingwall Fordyce in Aberdeenshire, p. 93
  3. ^ "Alexander Fordyce – the Macaroni Gambler | James Boswell .info".
  4. ^ a b c Gordon, Alexander (1889). "Fordyce, James" . Dictionary of National Biography. Vol. 19. pp. 433–435.
  5. ^ Goodwin, Gordon (1889). "Fordyce, David" . Dictionary of National Biography. Vol. 19. p. 432.
  6. ^ Bettany, George Thomas (1889). "Fordyce, William" . Dictionary of National Biography. Vol. 19. p. 435.
  7. ^ William T. Steven (1978). The Life and Work of David Fordyce (1711–1751), p. 92[ISBN missing]
  8. ^ A Handbook of London Bankers, p. 120
  9. ^ Religion, Revolution and English Radicalism by James E. Bradley, p. 300
  10. ^ Colchester People, Volume 1, p. 40
  11. ^ A Handbook of London Bankers, p. 120
  12. ^ Archief van de Firma Hope & Co. met verwante archiefvormers
  13. ^ Anglo-Dutch Commerce and Finance in the Eighteenth Century by Charles Wilson, p. 170–173
  14. ^ Family record of the name of Dingwall Fordyce in Aberdeenshire, p. 93
  15. ^ Stories of Banks and Bankers by Frederick Martin, p. 110
  16. ^ Amsterdam City Archives on 3 July 1770, NA 5075, nr. 426
  17. ^ "June in review | on the archival trail of William Macintosh".
  18. ^ At Spes non Fracta: Hope & Co. 1770–1815 by M.G. Buist, p. 21
  19. ^ "1772 two Hundred and Twenty-five Years Ago. Tea and Antipathy by Frederic D. Schwarz. October 1997, Volume 48".
  20. ^ Anglo-Dutch Commerce and Finance in the Eighteenth Century by Charles Wilson, pp. 170–173
  21. ^ Family record of the name of Dingwall Fordyce in Aberdeenshire., p. 93
  22. ^ The Perreaus and Mrs. Rudd: Forgery and Betrayal in Eighteenth-Century London by Donna T. Andrew, p. 150
  23. ^ Wilson, C. (1941/1966?), pp. 120–121
  24. ^ The papers of Henry Laurens, Volume 8 by Henry Laurens
  25. ^ "The American Revolution".
  26. ^ Tyler Goodspeed: Legislating Instability: Adam Smith, Free Banking, and the Financial Crisis of 1772
  27. ^ "Bankrupt Biographies".
  28. ^ The Scots Magazine, pp. 473–479
  29. ^ History of Banking in Scotland
  30. ^ A History of Banking in All the Leading Nations, p. 190
  31. ^ "The East India Company: The original corporate raiders | William Dalrymple". The Guardian. 4 March 2015. Retrieved 8 September 2020.
  32. ^ "The Credit Crisis of 1772 – Recession Tips". 26 November 2021.
  33. ^ Paul Kosmetatos, ‘Financial Contagion and Market Intervention in the 1772–3 Credit Crisis’, Cambridge Working Papers in Economic and Social History, Working Paper No. 21 (2014), p. 18.
  34. ^ Clapham, J. (1944) The Bank of England, pp. 246–247
  35. ^ Haerlemse Courant 27-06-1772
  36. ^ Clapham, J (1944), p. 163
  37. ^ Tyler Goodspeed: Legislating Instability: Adam Smith, Free Banking, and the Financial Crisis of 1772, p. 4
  38. ^ Douglas-Heron Bank
  39. ^ Cannan, Edwin (1889). "Fordyce, Alexander" . Dictionary of National Biography. Vol. 19. pp. 431–432.
  40. ^ The Scots Magazine, pp. 473–479
  41. ^ Haerlemse courante 04-08-1772
  42. ^ Oprechte Haerlemsche courant 15-09-1772
  43. ^ "Turtles to Roehampton (And the Crisis of 1772) | on the archival trail of William Macintosh".
  44. ^ Information 1794, p. 64
  45. ^ The Town and Country Magazine, p. 669
  46. ^ Frank Brady, p. 37[permanent dead link]
  47. ^ A Poll for Members of Parliament for the Borough of Colchester, on Friday 8th of September 1780. Candidates. Isaac Martin Rebow Martin, Esq. Alexander Fordyce, Esq. Robert Mayne, Esq. and Sir Robert Smyth, Bart
Source

 This article incorporates text from a publication now in the public domainCannan, Edwin (1889). "Fordyce, Alexander". Dictionary of National Biography. Vol. 19. pp. 431–432.

Further reading