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Fri 27 Sep 1907 - The Advertiser (Adelaide, SA : 1889 - 1931)
Page 7 - MADRAS BANK FAILURE.
MADRAS BANK
FAILURE
SIR G. ARBUTHNOT
IMPRISONED.
LONDON, September 26. A
The trial .of Sir George Arbutbnot, head
of the firm of Arbuthnot & Co., of Madras,
was concluded yesterday, the accused being
sentenced to eighteen months' rigorous im-
prisonment on criminal charges in connec-
tion with the failure of his firm late last
year.
The circumstances connected with the
failure last year of Messrs. Arbuthnot and
Company, of Madras, one of the oldest
private banks in India, and the allied firm
in England, Messrs P. Macfadyen and Com-
pany, bankers, of Winchester House, Old
Broad-street, E.C.,1 were of a singularly
tragic nature. The London branch had to
transmit a sum of £50,000 before October
20 last, and for some time previous to that
date Mr. Patrick Macfadyen, usually a per-
son of cheerful demeanor, was observed
to be looking harassed.On the morn-
ing of October 20 he received a telegram
from Madras which proved his death-blow.
The telegram ran:—"Cannot remit any
funds. Money still going out. We must
stop payment on Monday." Almost pre-
cisely at the moment the doors of the bank
were closed the lifeless body, of Mr. Mac-
fadyen was found in the Old-street tunnel
of the City and South London ''tube." It
was ascertained that the liabilities of Mac-
fadyen's bank were £476,00, and the assets
£20,000. The liabilities of the Indian busi-
ness were estimated at £1,000,000.
The arrest of Sir George Arbuthnot was
effected in consequence of separate insol-
vency proceedings in connection with the
failure of the Madras firm, the charges
against him being:—(I) Cheating in respect
of a fixed deposit in the name of the Rajah
Krishna Badahur; (2) breach of trust re-
specting the Madras Equitable Assurance
Society; and (3) breach of trust in mis-
appropriating the funds of Arbuthnot's In-
dustrials.
Article identifier
http://nla.gov.au/nla.news-article5095478
Page identifier
http://nla.gov.au/nla.news-page932882
APA citation
MADRAS BANK FAILURE. (1907, September 27).The Advertiser (Adelaide, SA : 1889 - 1931), p. 7. Retrieved November 27, 2025, from http://nla.gov.au/nla.news-article5095478
MLA citation
"MADRAS BANK FAILURE."The Advertiser (Adelaide, SA : 1889 - 1931) 27 September 1907: 7. Web. 27 Nov 2025 <http://nla.gov.au/nla.news-article5095478>.
Harvard/Australian citation
1907 'MADRAS BANK FAILURE.',The Advertiser (Adelaide, SA : 1889 - 1931), 27 September, p. 7. , viewed 27 Nov 2025, http://nla.gov.au/nla.news-article5095478
Wikipedia citation
{{cite news |url=http://nla.gov.au/nla.news-article5095478 |title=MADRAS BANK FAILURE. |newspaper=[[The Advertiser]] |volume=L, |issue=15,271 |location=South Australia |date=27 September 1907 |accessdate=27 November 2025 |page=7 |via=National Library of Australia}}

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