The East Lothian Banking Company

 

 

The East Lothian Banking Company was established in Dunbar in 1810.

 In 1822, the manager, William Borthwick, stole about £30,000 of the Bank's notes.
When he suspected that he might be caught, he managed to lock the Bank's directors in
"well-ventilated empty wine-puncheons" and, apparently, ship them from Dundee to Danzig.
Whether that last part is true is open to conjecture.

History does not record whether or not he was caught, however it is
noteworthy that all of the creditors of the Bank were paid in full.

 

 

 


Two East Lothian Banking Company £1 (Twenty Shilling) note from the reign of George IV (1820 - 1830).

I'm not sure why the words "Five Pence" are incorporated on the reverse design of these notes..........do you know?
 

 

 

 

Following a number of collapses of small banks Sir Walter Scott observed the following
with regard to the worth of East Lothian Bank banknotes.



"................the East Lothian Banking Company, whose affairs had been very ill-conducted
by a villanous
(sic) manager,    ....the (bank)notes were paid up in full.

They were taken up by one of the most respectable houses in Edinburgh;
so that all the current engagements were paid without the least check
to the circulation of their notes, or inconvenience to poor or rich,
who happened to have them in possession.
"
 




 
Sir Walter Scott
Miscellaneous Prose Works
Volume I, Part 8
 


©Gifford On-Line 2003 - Date