Collapse
George Robinson was elected as Member of Parliament for Marlow, but soon after the whole financial edifice collapsed. In October 1731, Thomson and Robinson absconded, going off suddenly to France. Robinson was back by 25 November and appeared before the General Court of the Company. By 18 December, he was in hiding again because the Company would not supersede the Commission of bankruptcy against him. He had "seen fit to absent himself from the kingdom", according to William Goostry, his attorney. The bankruptcies of Robinson (called a banker and broker) and Thomson (called a merchant) were advertised on 26 October.
The General Court of the Company appointed a committee to investigate, and this reported on the magnitude of the fraud committed against the company the following January. The accounts showed nearly £400,000 due from borrowers, but there were certificates only for £150,000, out of which £44,000 had unsigned certificates. However, less than £40,000 worth of goods were lodged in the warehouses as pledges.
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Famous quotes containing the word collapse:
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