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. The resultant panic causes other banks, particularly in Scotland, to fail, extends to Amsterdam and the
Thirteen Colonies of British North America, and threatens the East India Company with bankruptcy.[2]
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. The resultant panic causes other banks, particularly in Scotland, to fail, extends to Amsterdam and the
Thirteen Colonies of British North America, and threatens the East India Company with bankruptcy.[2]