Bonds & Sasines

[SandySandilands]

Hello

This is my first post so apologies if it's a bit long winded

I have an ancestor who purchased land in Edinburgh in the 1860s and then took out a mortgage to build property upon it. After a few years, he paid the "mortgage" off. Then, over the next 30 or so years, he took out various bonds (all for £600) with what appear to be private individuals (as opposed to property investment companies) secured on the property. All of these bonds he paid in a few years. At this time, my ancestor was a spirit dealer. I have a couple of queries:

1. Would I be right in assuming, that as my ancestor paid each bond off in a relatively short time frame, these bonds were more than likely a way of raising capital to fund his business interests? I know that later in his life, the tables were turned and a builder was taking out bonds with my ancestor secured on land or property the builder owned.

2. I am curious how "bonds" worked. Was there a broker involved? Are these private individuals likely to be connected with my family in some way or would they have been strangers?

Any help would be appreciated.

Thank you.

[Currie]

Hello Sandy, and welcome to TalkingScot.

I can honestly say that what I know about this subject would comfortably fit on the head of a pin.

I suppose that someone dealing in large quantities of an expensive and taxed commodity would need to have a ready supply of money or credit available in order to meet ongoing expenses. Maybe he took out the bonds as a sort of rolling overdraft that fell due at a particular time and had to be renewed if he still required it. If the bonds were always with the same person that could easily be the case. If the bonds were usually with a different person maybe there was a middleman such as a bank or broker who took care of the details.

There are a number of books online that may give you an idea of how the bonds worked. See the Manual of the Law of Scotland, 1847. Part XII, Chapter I etc http://books.google.com.au/books?id=pYM ... &q&f=false

Possibly also a mention in A Digest of the Law of Scotland, 1855. http://books.google.com.au/books?id=p4A ... &q&f=false

In 1859 there was a parliamentary Inquiry into the consumption of spirits in Scotland, pages 69-92. You can get an idea from that as to how the industry operated. http://books.google.com.au/books?id=gbM ... J&pg=PA109

Hope there’s something useful there.

All the best,
Alan

[SandySandilands]

Thank you, Alan

I suppose that someone dealing in large quantities of an expensive and taxed commodity would need to have a ready supply of money or credit available in order to meet ongoing expenses. Maybe he took out the bonds as a sort of rolling overdraft that fell due at a particular time and had to be renewed if he still required it. If the bonds were always with the same person that could easily be the case.

That's what I was thinking

This first bond was with the Standard Property Investment Company - I'm thinking - mortgage?

The second with Mary Thomson Marr, the widow of a corn merchant who was approx 81 yrs old. On my David's death certificate his father is recorded as Corn Merchant, so far, all records I have discovered record him as a quarryman or grocer.

It seems a bit strange to me that 81 yr old ladies at this period of time were lending money. Maybe my perceptions of society/business at that time are way off!! lol, Also, Mary Thomson Marr was the mother-in-law to John Steel http://en.wikipedia.org/wiki/John_Steell and John Menzies http://www.johnmenziesplc.com/1833-1840.aspx

The third was with James Grant, Superintendent of Leith Police. Can't imagine that happening today.

The fourth with a Robert Ovens, butcher.

In 1901, the boot was on the other foot and David was providing bonds to Alexander Fingzies of a building firm named A & W Fingzies.

Wish I could have been a fly on the wall at the time or had my own Tardis

Sandy