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The British credit crisis of 1772–1773, also known as the crisis of 1772, or the panic of 1772, was a peacetime financial crisis which originated in London and then spread to Scotland and the Dutch Republic. [1] It has been described as the first modern banking crisis faced by the Bank of England. [2]
Crisis of 1763, started in Amsterdam, begun by the collapse of Johann Ernst Gotzkowsky and Leendert Pieter de Neufville's bank, spread to Germany and Scandinavia; British credit crisis of 1772-1773 in London and Amsterdam, begun by the collapse of the bankers Neal, James, Fordyce and Down.
Alexander Fordyce (7 August 1729 [2] – 8 September 1789) was a Scottish banker, centrally involved in the bank run on Neale, James, Fordyce and Down which led to the 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.
10 June – credit crisis of 1772 is triggered when, following the flight of their partner Alexander Fordyce to France, the London banking house of Neal, James, Fordyce and Down (which has been speculating in East India Company stock) suspends payment.
April–June – the brig Alexander collects emigrants from the west of Scotland (the "Glenaladale settlers") and carries them to Prince Edward Island. [1]10 June – Credit crisis of 1772 is triggered when, following the flight of their partner, Aberdeen-born Alexander Fordyce, to France, the London banking house of Neal, James, Fordyce and Down (which has been speculating in East India ...
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The colonial government of the Province of New York insisted that the Currency Act prevented it from providing funds for British troops in compliance with the Quartering Act 1765. As a result, in 1770, Parliament gave permission in the Colony of New York Act 1770 (10 Geo. 3. c.
Several historical events, including the attack on Company holdings by Hyder Ali in 1769, the Bengal famine of 1770, and growing revelations of the company's actions, were the immediate causes of the crash, but the primary cause was the predatory governance of the province by the company, which led to the collapse of the 18th century Bengal ...