THE CLOSE OF A SPECULATOR'S CAREER.

Waikato Times, Volume XXX, Issue 2483, 9 June 1888, Page 2 (Supplement)

THE CLOSE OF A SPECULATOR'S CAREER.

On 12th March, in the Nurses' Home, near Glasgow Royal Infirmary, there died Mr. James Morton, of City of Glasgow Bank notoriety. Originally a seller of milk and butter for his parents, he had a very remarkable career. Possessed of a soul that was above the retailing of such things, he early in life took to speculation. He was the son of a well-known farmer in East Kilbride, and was born in IS2O. He commenced business for himself in Glasgow as a paper merchant, and by his enterprise soon associated himself with several gentlemen in the Australian trade. He soon plunged into railway ventures, with what success it is impossible to say. Whatever the result it did not make him pause, and, going further afield, he became associated with land speculations and breeding of cattle on a large scale at the Antipodes. In this character he became a client of the City of Glasgow Bank. No more disastrous connection was ever formed. The bank became so insolved in his affairs through making advances that he was practically master of the situation, and got whatever money he needed. That was not one collassal sum, but many; and in the end, as we know the bank closed its doors. The directors were taken into custody and committed for further examination. Then came intimation of the failure of Messrs. James Morton and Co, of Glasgow and London, with liabilities of £3,461,034, to whom the bank had advanced £2,173,000. Mr. Morton like a

host of others, had been irritrievably ruined. How much money he handled in the course of his curious connection it is impossible to determine, but it amounted to millions annually. After the failure Mr. Morton was under the necessity of leaving Elderslie House, which he had occupied for a consderable time, going to a smaller residence. Strangely enough, he returned to his original calling, the selling of milk and butter : but ill-luck seemed to dog his footsteps, and it was

in vain that he struggled against evil fortune. He started ■« dairy on an extensive scale in Elderslie, keeping a large number of cows, but disease got among the cattle, and the business had to be abandoned. Going to Glasgow subsequent to this, Mr. Morton opened two shops for the sale of milk and dairy produce in the vicinity of Crown-street, south side, getting his supplies from the country; but misfortune continued to follow him, and in this direction also his transactions were unprofitable. Before

his death lie was reduced to a condition bordering on poverty. He was a temperate, plain-living man, abstemious to a degree, which is believed to hare resulted in injury to his health.