P. Macfadyen
Encyclopedia
Patrick Macfadyen was a British businessman, banker and politician. He committed suicide in 1906 due to the crash of Arbuthnot & Co
.
. On completion of his studies, Macfadyen started a business of his own. He initially operated from Madras and achieved considerable success. He was nominated to the Madras Legislative Council
for the terms 1874-75 and 1875-76. He was also elected as the President of the Madras Chamber of Commerce in 1875.
and owned businesses in Java
. He even invested in railroads in the United States of America. Based on his connections in Madras, Macfadyen established Macfayden & Co., the London
branch of the Arbuthnot Bank. That firm is still remembered for the pooling arrangements in cross-border insolvencies.
, active partner of Arbuthnot & Co
, was arrested following the bank's collapse.
Arbuthnot & Co
Arbuthnot & Co was a mercantile bank, based in Madras, India. It was founded as Francis Latour & Co in the late 18th century, then became Arbuthnot De Monte & Co and failed spectacularly on 22 October 1906....
.
Early life
Macfayden was born in the United KingdomUnited Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. On completion of his studies, Macfadyen started a business of his own. He initially operated from Madras and achieved considerable success. He was nominated to the Madras Legislative Council
Madras Legislative Council
Tamil Nadu Legislative Council is the upper house of the bicameral legislature of the Indian state of Tamil Nadu. It began its existence as Madras Legislative Council, the first provincial legislature for Madras Presidency. It was initially created as an advisory body in 1861, by the British...
for the terms 1874-75 and 1875-76. He was also elected as the President of the Madras Chamber of Commerce in 1875.
Business career
Macfadyen traded in West Indian sugarSugar
Sugar is a class of edible crystalline carbohydrates, mainly sucrose, lactose, and fructose, characterized by a sweet flavor.Sucrose in its refined form primarily comes from sugar cane and sugar beet...
and owned businesses in Java
Java
Java is an island of Indonesia. With a population of 135 million , it is the world's most populous island, and one of the most densely populated regions in the world. It is home to 60% of Indonesia's population. The Indonesian capital city, Jakarta, is in west Java...
. He even invested in railroads in the United States of America. Based on his connections in Madras, Macfadyen established Macfayden & Co., the London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
branch of the Arbuthnot Bank. That firm is still remembered for the pooling arrangements in cross-border insolvencies.
Death
Macfadyen committed suicide on October 20, 1906 by walking into a railway tunnel as a train was approaching. The bank had been required to remit a sum of 50,000 pounds before October 20. It is generally believed that on the morning of October 20, Macfayden received a telegram from Madras stating "Cannot remit any funds. Money still going out. We must stop payment on Monday". Sir George ArbuthnotGeorge Gough Arbuthnot
Sir George Gough Arbuthnot was a businessman and civic leader in British India.Arbuthnot, the son of Archibald Francis Arbuthnot and Gertrude Sophia Gough was six times a member of the Madras Legislative Council...
, active partner of Arbuthnot & Co
Arbuthnot & Co
Arbuthnot & Co was a mercantile bank, based in Madras, India. It was founded as Francis Latour & Co in the late 18th century, then became Arbuthnot De Monte & Co and failed spectacularly on 22 October 1906....
, was arrested following the bank's collapse.