“And it is hereby declared, that there is nothing hereby meant to supersede or vacate the security which the said company already hold or may hold over the shares which we, or either of us, hold or may hold of the stock and profits of the said company, for any advances under the bond, or otherwise.”
“Owing to the present pressure of the times, I find it necessary to dispose of the ten shares which I hold of the Commercial Bank stock, and I hereby offer them to the bank at 130 l . per share. You will please forward this letter to the manager, and advise me, when convenient, if my offer is accepted.”
“Mr. John Geddes, Ardmore, writes us, that he had desired you to make offer to us of the ten shares, at 130 l . per share. Such an offer, however, never has been made. In the above letter he offers them at 125 l . per share, and requests, in the event of a refusal, that they may be transferred to your Mr. William Murray, at that price. The directors have allowed Mr. Murray to get these shares.”
“You have not yet returned the transfer by Mr. John Geddes, in favour of your Mr. William Murray, of ten shares, which you will please observe must be done before the transaction can be completed.”
“As my name is affixed to a bond of caution, as surety for Mr. John Geddes of Ardmore, in his cash account with the Commercial Banking Company of Scotland for 500 l ., in conjunction with Mr. John Ross of Balblair, I beg of you to inform the Bank, that I now withdraw my name as cautioner for Mr. Geddes, and that they are not to look to me, as such, in any transactions with him, in consequence of said bond, from this date; and I trust the Bank will accordingly be pleased to give directions to get the said account immediately settled, and the bond annulled, to save expence or loss to either party.”
“Mr. Mackenzie's letter to you, wishing to withdraw his security from the bond for Mr. John Geddes's cash account, has our attention.”
“From the circumstance of one of the co-obligants for the above cash account having become bankrupt, and the other wishing to withdraw his name, the directors, having no alternative, have ordered the account to be called up, which you will please immediately intimate to Mr. Geddes accordingly.” On 23d June 1817, Messrs. Murray wrote the secretary:—
“We have reason to hope, if prices of farm produce continue to improve, every person will be paid, with a considerable reversion to his (Geddes's) family; and we would therefore, on that account, recommend to the Directors not to press his sureties for payment of the cash credit, until we see what way sales will turn out. All the business connected with his farms will continue to be conducted at this office.”
“The directors will not agree to any delay in payment of the balance, unless a bill at three months' date is granted by all the obligants in the bond. Indeed, they do not consider themselves at liberty to give delay, after the letter from Mr. Mackenzie, which you sent us in March last, and Mr. Ross having become bankrupt. I am directed to add, that you should have reported the state of this account, and of the security, at the time Mr. Geddes sold his shares, that the directors might have judged of the propriety of stopping the transfer.”
“Have there been any operations on John Geddes's account, or should we now call it up?”