New Brunswick. Commission to Examine and Inspect the Affairs of the Fredericton Savings Bank.

Abstract: Fredericton Savings Bank Commission, 1846

In 1825, Lieutenant Governor Sir Howard Douglas had directed that the Fredericton Savings Bank be established. From then until 1839, the Bank was a small but successful financial undertaking. In 1837 the Bank had assets of just under £9000.

After 1839, however, the state of the Bank began to deteriorate. In the three years prior, there had been significant change in the administration. In 1836, Secretary of the Bank, H.G.Clopper, resigned. In 1837, three directors, including the President, James Taylor, died. Even though new directors were appointed, Commissioner John Partelow noted that between 4 January 1939 and the time of his investigation, only three meetings were held regarding the administration of the bank and that the management fell to the cashier, J. F. Taylor. By 1845, depositors who were unable to withdraw funds petitioned the government to look into the Bank's dealings and in 1846 the affairs of the Bank began to be wound up.

In his report, Partelow summarized the reason for the failure of the Bank in the following terms: "the undersigned need scarcely mention the unparalleled difficulties with which he has had to contend during three years of the most extreme depression in trade, with three successive years of failure of the crops."

h.c.

Commissioners:
J. R. Partelow
Charles P. Wetmore.

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