Monday 16 June 2014

The Loss of the Gordons' Aboyne Estates



The Gordons and Aboyne
Although the Gordons have lived in Aberdeenshire for almost 700 years, they are not of Celtic origin and are not strictly a Highland clan.  The association of the Gordons with Aboyne goes back to the early 15th century, when they acquired Aboyne Castle by marriage.  The name “Aboyne” is derived from the Gaelic for “Ford at a current of rippling water” and was originally applied to two separate places, Formaston of Aboyne, to the east of Aboyne Castle and Charleston of Aboyne, the present centre of the village to the south of the castle.  “Charleston” is derived from Charles Gordon, 1st Earl of Aboyne (about 1638 – 1681) who was responsible for the layout of the present village of Aboyne with its characteristic green in the village centre.  Adjacent to Charleston of Aboyne there is a bridge over the River Dee.  The original river crossing there was a ferry and the area was known as “Bonte” (a corruption of “Bountie”).  On the insistence of the 9th Marquis of Huntly (1761 – 1853), the name “Charleston of Aboyne” was applied to all areas of the village.  Over the years, the full name has largely been abbreviated to “Aboyne”, which is commonly in use today.  On the basis of advertisements for the market held regularly on the green, the dropping of “Charleston” essentially occurred about the mid-1850s.  The parish of Aboyne and Glentanar came into existence by the merger of two separate parishes about 1745.  Shortly afterwards a new parish church was built at the western end of the green in Aboyne, which incorporated a Gordon family burial vault.  Both the 9th and 11th Marquises of Huntly were buried there.

The Estates of the Aboyne Gordons
The Aboyne Gordons were the predominant landowners in the parish at least from the mid-17th century to the 1870s.  In 1793 and 1842 they were proprietors of about 80% (about 30,000 acres) of the land in the parish and they held other lands in Aberdeenshire, elsewhere in Scotland and in England at various times.  The maximum size of their total landholding was probably reached about 1839 and was substantially in excess of 100,000 acres.  In addition to lands in and around Aboyne they held estates in Finhaven, Inverlochy and Glengary in Scotland.  In England lands were acquired by marriage.  Catherine Cope inherited the estate of Orton Longueville in Huntingdonshire in 1781.  She subsequently married George Gordon in 1791.  He became 5th Earl of Aboyne in 1794 on the death of his father and 9th Marquis of Huntly and head of the Gordon clan in 1836 on the death of his relative the 5th Duke of Gordon.

The 9th Marquis of Huntly
But, starting in the 1820s, the Aboyne Gordons suffered a series of financial blows which continued throughout the rest of the 19th century and resulted in the loss of their estates.  In 1824, George Gordon the 9th Marquis of Huntly (then 5th Earl of Aboyne) was a victim of the fraudulent banker, Henry Fauntleroy, who obtained clients’ funds by forging their signatures.  Of the £250,000 Fauntleroy obtained in this way, which was spent on debauchery, George Gordon lost more than £60,000 (>£5.5 million in 2012 money).  This setback did not prevent him buying further properties, Lochaber being acquired in 1834 and Glengarry in 1836.  But in 1839 rumours started to circulate that the 9th Marquis of Huntly was in a financial crisis.  On 23rd October of that year a report appeared in the local Aberdeen newspaper which seemed to give an authoritative account of the Marquis’s affairs.  His situation was desperate, since his debts exceeded his assets by more than £150,000 (>£13 million in 2012 money).  To prevent individual creditors seeking redress, he immediately sought and obtained the grant of a trust deed, putting his assets into sequestration under the control of professionally-qualified trustees, who were charged with paying off the debts. 
The newspaper did not portray the Maquis in a flattering light.  He claimed that he was unaware that he was in debt until the end of August 1839.  His professional advisers may have been incompetent (“No clear accounts had been kept, all was in confusion”) but the Marquis seems not to have been taking a close interest in his own affairs.

Most of the estates in the possession of George Gordon, 9th Marquis, were entailed, a legal restriction on the sale or inheritance of an estate, so that it passes automatically to the owner’s heirs.  The 9th Marquis had intended that the estate and the marquisate should be inherited together in perpetuity.  However, the down-side of this arrangement was that the trustees of the estate were not free to dispose of the entailed assets.  They sought to break the entail in the courts, but failed.  There immediately followed a fire sale of the unentailed portion of the estate and of other belongings.  In 1840 Aboyne Castle, shootings at the Castle and at the Forest of Birse, and 23 grass parks were offered for let, there was an extensive sale of horses, cattle, sheep, implements and both cut and standing timber.  This wholesale dismantling of his way of life seems to have been too much for the 9th Marquis to bear.  He broke up his households at Aboyne and Berkeley Square in London and prepared to leave for a continental tour.  Worse was to follow.  In 1841 there was offered for sale “the whole household furniture, plate, wines, linens, books, paintings, etc at Aboyne Castle.”  The following year, 1842, a further 900 acres of timber at Aboyne and Glen Tanar were advertised for sale.  As a result, according to Charles Gordon, the 11th Marquis of Huntly, the trustees managed to pay all claims “within a very little time”.  However, the sequestration of the estates continued until at least 1861, so it probably took about two decades for the trustees to pay off the 9th Marquis’s debts, leaving his estate rather reduced from its former size.

The 10th Marquis of Huntly
George Gordon, the 9th Marquis of Huntly died at his London residence at Chapel Street, Grosvenor Place, on 17th June 1853, having almost reached his 92nd birthday and was buried at Aboyne.  He was succeeded by his son, Charles who became the 10th Marquis of Huntly.  Charles was born in 1792 and succeeded at the age of 61.  At this time the village of Aboyne was poorly developed.  There were only five slated buildings, the Established Church, the Masons’ Hall, the Aboyne (laterHuntly) Arms and the mill.  All other buildings were thatched with broom or heather.  In part this state of affairs was due to the failure of the trustees of the sequestered estate to spend money on maintenance and most of the buildings in Aboyne were part of the Marquis of Huntly’s estate.  Charles Gordon thus inherited an estate badly in need of investment, but most of his assets were constrained by the entail.   However, the same law of entail still allowed him to charge substantial sums to the estate to provide for his children!  The 10th Marquis of Huntly set about raising money by a number of schemes.  In 1856 he petitioned the Court of Session to grant him the right to issue bonds over part of the rent of his estate.  Some money was also raised from the building of the Deeside Railway which eventually passed over the Aboyne estate for about 19 miles, initially to Aboyne in 1858 and then on to Ballater in 1867.  From about 1860 Charles sought to increase his usable land holding by proposing to drain the Loch of Auchlossan and also by leasing improvable land on favourable terms to new tenants.  Mr Calder, the new factor on the Aboyne Estate seems to have been the driving force behind this strategy and by early 1861 he had let more than 1,100 acres of improvable land.  Also in 1860, land at Belwade in the village of Aboyne was offered on long lease for the erection of villas, since Aboyne was becoming an increasingly important tourist destination, partly due to the railway and partly due to the Royal residence along the valley at Balmoral.  But debt still hung, like an albatross, around the 10th Marquis’ neck.

The 11th Marquis of Huntly
Charles, the 10th Marquis of Huntly, died, aged 71, on 18th September 1863 at Orton Longueville.  His first marriage had been to Elizabeth Conyngham in 1826 but there were no children of this union.  He subsequently married Maria Antoinetta Pegus in 1844 when she was 21 and he was 52.  Remarkably, the couple went on to have 14 children in 19 years, 7 of each gender.  The oldest son, also Charles, was born in 1847 and succeeded to the title of 11th Marquis of Huntly at the tender age of 16, on the death of his father.  His mother, Maria Antoinetta, was his guardian and executrix of the estates until Charles reached the age of majority (21) in 1868, but she spent most of her time at Orton Longville in Huntingdonshire.  Charles was initially sent to a private school in Brighton and then went on to Eton in 1860 at the age of 13.  He matriculated at Cambridge University in1865.  Thus Charles received an excellent education and, as was usual with people born to this station in Victorian Britain, he quickly made a wide range of contacts amongst the scions of royalty and the aristocracy, the gentry and influential people in finance and politics.  This network of influence was mainly acquired through those traditional pursuits of his class, hunting, shooting, fishing and horse racing.  But, in spite of his advantages in life, Charles appears to have been haunted by the duties which awaited him on becoming a responsible adult.  He must have been aware of the financial problems which dogged his father and his Gordon grandfather and to have known that similar difficulties awaited his attention.

The 11th Marquis travels to India
In 1867, instead of returning to Cambridge for a third year, the 11th Marquis of Huntly managed to persuade his mother to allow him to go on an extended visit to India with a group of young friends.  In truth this journey was both a “jolly” and a convenient opportunity to postpone facing the harsh realities of managing his estates.  A few years later, in 1874, he gave an account of his feelings about taking over responsibility for the estates.  “I recollect of looking, in 1867, from the head of Mortlach down upon the valley of the Dee and upon these estates and thinking how difficult it was for any man to discharge adequately the various responsibilities and multiform duties devolving upon me."    

The Marquis began his journey about the beginning of September, passing through Suez on the way to Ceylon.  He then travelled to Madras, where he shot tigers and other game, before moving on to Calcutta (horseracing and pig-sticking) and Lucknow.  He finally arrived back in Calcutta for Christmas 1868.  There he received letters urging him to return home soon but he put off this eventuality for as long as possible.  He travelled overland from Calcutta to Bombay at a relaxed pace before taking a ship for home.  The Marquis wrote “I dreaded the work which my accession to my Scottish estates would involve….We took it easy sightseeing and visiting friends en route.”

The 11th Marquis falls for Amy Brooks
It was April 1869 before the 11th Marquis of Huntly arrived back at Orton Longueville to meet up with his mother.  There he found that his mother had let Aboyne Castle and Glen Tanar for the forthcoming shooting season to Mr William Cunliffe Brooks, a Manchester banker.  Fortuitously, Brooks and his two daughters were paying a social visit to Orton Longueville the following day.  The Marquis had dallied with a young lady during his trip to India but the relationship had not lasted. This unexpected arrival of two young, attractive women at his home clearly excited his interest.  William Brooks’s first wife, Jane, had died, aged 45, four years previously and he was now solely responsible for his daughters, Amy (19) and Edith (16).  It must have been love at first sight for Charles Gordon and Amy Brooks, for they were married only three months later, on 14th July.  The marriage was a very grand affair, taking place in Westminster Abbey with Samuel Wilberforce (“Soapy Sam”, who had engaged in an animated discussion with Thomas Henry Huxley “Darwin’s Bulldog” on the merits of the hypothesis of evolution at Oxford in 1860 – see below), Bishop of Oxford officiating.  The Prince and Princess of Wales were in attendance along with many other notable people.

The Personality of Charles Gordon, 11th Marquis
Charles Gordon seems to have been a cultured young man, with a wide circle of friends.  He was amiable and articulate and had abundant physical courage.  On his trip to India he had shot tigers and other dangerous game and on the day he reached his majority he celebrated by riding a trial by moonlight on the Plains of Oude.  In Britain he proved to be an enthusiastic and skilled fox hunter, who was awarded a brush on one occasion for his adventurous riding.  But he appears to have lacked drive and had a tendency to dodge situations he found difficult to handle.  In truth, like his father and Gordon grandfather before him, he seemed to lack interest in the affairs of his estates and was not successful in dealing with the debt problems that he had inherited.

A disastrous development plan and its consequences
In the five years between his succession to the title and his assumption of control of the estates in 1868, the 11th Marquis of Huntly reported that the financial affairs of the estate had improved.  At that time rentals from fishings and shootings were increasing and agriculture was prosperous.  The total area of the Scottish estates was then about 90,000 acres.  He set about “with the enthusiasm of youth” to refurbish the physical infrastructure and over a few years he renovated or rebuilt 40 farm houses and 60 farm steadings, erected cottages, made roads and planted 13,000,000 trees, enclosing them with fences to deter the predations of deer.  But he lacked the capital necessary to pay for this extensive programme of works.  Some money was raised through feuing land for the construction of villas but he had to resort to heavy borrowing at high rates of interest against a variety of assets.  This process was helped considerably in 1876 when the 11th Marquis was successful in having the whole of his estates disentailed.  However, this proved to be a double-edged sword.  The increase in value of the estate, brought about by his programme of improvements, meant that the amount due to the beneficiaries in inheritance had to be increased.  The estates were mortgaged for just over £72,000 (>£7 million in 2012 money) but substantial interest charges rapidly added to this sum and a forced sale of assets ensued.  In 1878 the 11th Marquis of Huntly enjoyed a windfall.  On the death of Lord Frederick Gordon the Hallyburton estate was sold and the proceeds shared between Charles Gordon and his brothers, but all the furniture and effects in the house went to the Marquis of Huntly.  In the following year 40 animals from his prized Aberdeen-Angus (known colloquially as “Doddies”) herd at Aboyne were let go.  Also in that year the Marquis’s extensive wine cellar from Aboyne Castle (including rare and curious wines) was sold by auction in Edinburgh.  High prices were realised.

The 11th Marquis continues to enjoy life
In spite of his precarious financial situation, the 11th Marquis of Huntly outwardly continued to enjoy the lavish life of a landed proprietor as though he did not have a care in the world. He pursued his hobbies of hunting and shooting with other nobles whenever he could and he owned racehorses on which he enjoyed staking money.  He continued to entertain at Aboyne and Orton Longueville and to enjoy the hospitality of many other notable families.  He was recognised as an important member of the aristocracy by a number of appointments, being made Captain of the Gentlemen at Arms at Court and in 1881 he was sworn of the Privy Council.  The same year he set out with his wife Amy, the Marchioness of Huntly on a tour taking in Constantinople, the Crimea, the Caucasus, Southern Russia, the Balkans, Athens, Corfu, Albania and Dalmatia, returning in April 1882.  Amy’s health had not been good and she appeared to benefit from the trip and even became pregnant.  Sadly, she gave birth to a still-born girl in September of that year and was seriously ill afterwards.  This removal of himself from difficult circumstances was reminiscent both of the behaviour of his grandfather, the 9th Marquis, who, in 1840, went on a continental trip at the time when his assets were suddenly discovered to be substantially less than his debts and of the 11th Marquis’s own behaviour in 1867, when he spent well over a year travelling to India to avoid the responsibilities of estate management.  In February and March 1884, the Huntlys again travelled in the East, this time to Corfu, Albania, Montenegro and Venice.
  
More asset disposals
The forced disposal of assets continued throughout this period.  There was a further sale from his herd of “Doddies”, 32 animals being sold in September 1881 for £1609 (>£165,000 in 2012 money), the home of the Huntlys, Aboyne Castle, was let for the season to C Waring of London, along with the shootings at Forest of Birse and the Castle shootings went to the Earl of Dudley for the season.  A large amount of standing timber at Aboyne was sold to A&G Paterson of St Rollox, Glasgow, presumably for railway sleepers.  A displenish sale was held at Aboyne Home Farm the same year and a collection of silver plate, porcelain, furniture, engravings and stuffed birds from the castle were put up for auction.

An attempt to dispose of the Aboyne Estate
The Aboyne estate, still consisting of 70,000 acres, including Aboyne, Morven, Birse and Glentanar, was put up for sale in 1885 and rumours abounded concerning the identities of those interested in purchasing various parts.  Queen Victoria was said to be interested in Morven, Lady Huntly in Aboyne Castle and William Cunliffe Brooks in Glentanar.  However, land prices were depressed and other estates were also on the market.  The whole Aboyne estate was offered at an upset price of £450,000 (almost £49 million in 2012 money) but there were no bids and the sale was adjourned.  In 1886 the estate was advertised either for sale or to let. 

A journey around the World
The response of the Marquis to his continuing misery was, by now, predictable.  In 1886 he set out with his wife on a round-the-world trip.  In fairness, Amy was again ill, though it was hardly credible that such a long and arduous trip was planned entirely for the benefit of her health.  At least part of the Marquis’s motive must have been to relieve his anguish at the loss of so many treasured possessions.  The Huntlys left London in October 1886 and travelled via the Suez Canal to India.  Amy was a skilled artist and completed several paintings and drawings on the trip, which were used to illustrate his autobiographical book, “Milestones”.  After travelling extensively in India, the Huntlys journeyed on via Ceylon, Australia, New Zealand, China and Japan, before crossing the Pacific to Vancouver.  From there they crossed Canada on the Canadian Pacific Railway, to Montreal, the USA and Ireland before returning to London in August, 1887, almost a year after their departure.

The misery continues
During the journey and after the return of the Huntlys from their wanderings, the unpleasantness of asset disposals continued unabated.  All the houses on the Aboyne estate were valued and offered at valuation to the tenants for purchase, prior to being placed on the open market.  This caused a fuss in Aboyne because some tenants thought their houses were overvalued and for others the house prices were simply unaffordable.  To the villagers this behaviour must have seemed quite out of character for an amiable and fair-minded Highland laird, but his strings were being pulled by remote trustees, whose only concern was raising cash to meet the debts of the Marquis.  There was a sale of stock and implements at Aboyne Home Farm in May 1887and also at this time further attempts were made to sell the components of the Aboyne estate.

In June 1887 Aboyne Castle and estates, still consisting of over 60,000 acres, were again offered for sale.  The net rental value of the estate was said to be £12,100 and the value of timber on the estate estimated at £80,000.  A Mr Bridgewater made an opening bid of £150,000 (£16.7 million in 2012 money) but there were no other offers and the estate was withdrawn from sale.  The four estates on the north side of the Dee, including the Castle were then offered but then withdrawn, only £70,000 being bid.  The estates on the south side of the Dee, Glentanar and Birse were then offered.  There was no bid at £200,000 or at £150,000 and the property was withdrawn from sale.  The auctioneer then offered the property in 6 lots, Aboyne Castle, park and gardens; Culblean and Kinnord (including Cambus o’May); Blackmill, Tullich and Watererne ; Muir of Dess; Glentanar (7,000 acres); and Forest of Birse (11,000 acres).  All bids were below the reserve prices and all 6 lots were withdrawn from sale.  This was a time of deep recession in the agriculture industry and buyers of land were being very cautious and, perhaps because of the Marquis’s circumstances, were looking for a bargain. 

Disposal of the Aboyne Estate
However, some sales were made by private bargain shortly after the failed auction.  Charles H Wilson, Liberal MP for Hull and a major shipowner, bought Culblean and Kinnord, for a price reputed to be £40,000 (almost £4.5 million in 2012 money), the upset for these properties and Morven was sold to Mr Keillor, the marmalade manufacturer from Dundee, also for £40,000.  Rumours again began to fly concerning potential purchasers.  Andrew Carnegie, the Scottish-born Amercian industrialist and philanthropist, was alleged to be interested in Aboyne Castle and it was claimed that Charles Wilson had rented Aboyne Castle from the Marquis of Huntly with an option to buy before the end of September.  In fact the Castle and its immediate surrounds went to William Cunliffe Brooks, the father-in-law of the Marquis, about July 1888 at a price rumoured to be £115,000 (>£12.6 million in 2012 money).  As part of the deal Brooks granted The Marquis and Marchioness of Huntly a life tenancy of the Castle, an act of generosity presumably designed to protect his daughter Amy, the Marchioness.  The unsold parts of the Aboyne estate were again offered for sale in October 1888 by private bargain in lots to suit purchasers.  Attempted auctions had previously generated only embarrassment.  By May 1890 the Aboyne estate had been on the market for 5or 6 years.  Birse was finally sold to Mr W Nicol of Ballogie, near Aboyne and only a few remnants then remained.

The relationship with Albert, Prince of Wales
Albert Edward, Queen Victoria’s oldest son, Prince of Wales and, eventually, King Edward VII was a frequent visitor to Deeside, staying at Abergeldie Castle near Crathie, which had been leased to the Royal family in 1848 and bought by them in 1878.  In the period 1860 to 1880, he was reputed to have led a dissolute and riotous life, surrounded by a group of hedonistic young men, Charles Gordon, the 11th Marquis of Huntly being one of them.  The Marquis wrote- “My intimacy with Edward VII began in my Cambridge days, when he was Prince of Wales, and from that time I kept up a frequent correspondence with him.  He was a sterling friend, a shrewd observer, and a thorough sportsman.”  There clearly was a close and reciprocal friendship between the two of them, at least in the period 1869 - 1880.  Not only did the Prince and Princess attend the 11th Marquis’s marriage but the Prince also attended his stag night. Sometime after 1869, the Prince approached Charles Gordon to ask a favour.  The Prince’s favourite ghillie at Balmoral, Alexander Grant, had been dismissed from the Queen’s service for a sexual misdemeanour and the Prince asked if Grant could be employed at Aboyne.  The 11th Marquis happily appointed him as his personal assistant and put him in charge of the gun room at Aboyne Castle.  Eventually Grant was promoted to head gamekeeper.  In 1871, 1872, 1875 and 1880 the Prince of Wales stayed at Aboyne Castle, usually for a shooting party and the Prince reciprocated in 1871 with an invitation to the Marquis and Marchioness of Huntly to stay at Sandringham.  The Marquis of Huntly claimed that the tales of wild behaviour by the Prince of Wales and his cronies were exaggerated and he put a different interpretation on the period.  “Owing to the general affluence of the country at that time, there was admittedly more spending.  Parents could afford to give their sons larger allowances while at college, in the Army, and on entering life; the country houses were all open, and replete with hospitality; betting and plunging on the racecourse and at cards was very high in several instances, but these specimens soon came to grief and were eliminated. (Author’s italics)  The old custom of sitting late after dinner drinking wine was, with the help of the cigarette, knocked on the head, and it became bad form to get drunk.  The Prince of Wales set the example of moderation in this respect”.  However, rumours abounded on Deeside that the Marquis was a frequent companion of the Prince in high-stakes games of cards and that the Marquis accumulated substantial debts as a result.  That such behaviour occurred seems to have been confirmed by the above quotation from the Marquis, though the Marquis, by implication, appears to deny his own involvement.

Family life
Charles Gordon, 11th Marquis of Huntly, seemed to live two parallel and largely separate lives in the period from his accession in 1868 until the end of the century.  On the one hand, he was the proprietor of a major estate suffering from chronic and progressively worsening financial problems and on the other hand he played the traditional role of the aristocrat joining in country pursuits, breeding and showing Aberdeen-Angus cattle, entertaining and being entertained, participating in matters of state and travelling to far-off lands.  On the whole he enjoyed the latter but found the task of rescuing the estates from complete dispersal a difficult and unpleasant challenge.  His personal life too was a mixture of joy and sadness.  He and Amy appear to have been devoted to each other but they never had a family, though Amy bore a still-born girl in 1882.  “Milestones”, the autobiographical work of the Marquis is dedicated to “All boys and girls”, perhaps indicating his sadness at never becoming a parent. After her pregnancy, the Marchioness suffered increasingly poor health.  In 1900 the Marquis was told by her doctors that her heart was badly affected and that she was not expected to survive for 6 months.  In fact she survived for another 20 years, though latterly she spent much time in a wheelchair.

Lord Rector of Aberdeen University
The 11th Marquis of Huntly was not an outstanding success in national politics.  He was politically well-connected, coming from a family of long-standing Liberal supporters. He knew Gladstone well and once accompanied him on a 31 mile walk from Deeside to Fasque House, but the Marquis failed to shine in the House of Lords.  Although he served as Captain of the Gentlemen at Arms at Court and in 1881 he was sworn of the Privy Council, he appears not to have been suited to the cut and thrust of political debate.  In 1896 he wrote that he felt “crowded out of the political world”   The then gentler world of local government politics seems to have been more to his taste.  He was elected to the County Councils of both Huntingdonshire and Aberdeenshire, including acting as chairman of several committees.  However, the public role which he appears to have enjoyed most was serving as Lord Rector of Aberdeen University.  The Lord Rector is elected by the student body and looks after their interests, serving as Chairman of the University Court.  He was first asked to stand in 1872, but lost to Professor TH Huxley.  In 1890 he was again invited to stand and this time he won, as he did again in 1893 and 1896, serving for an unprecedented three terms in total.  During his period as Lord Rector, the 11th Marquis of Huntly presided at 103 out of 133 meetings of the University Court.  He also attended 120 committee meetings.  For Charles Gordon this position was clearly a labour of love, perhaps because it suited his personality.   Tact, diplomacy and an ability to get along with people were his stock in trade.

Bankruptcy
In spite of the sale of much of the estate that he had owned, the 11th Marquis of Huntly’s financial problems continued to grow.  Building sites for villas, cottages and shops were again advertised in 1890 and in 1892 another 43 cattle from his beloved herd of “Doddies” were sold for £1,155 (>£124,000 in 2012 money).  He enjoyed a windfall in 1893 when he inherited the Orton Longueville estate on the death of his mother and in 1897 another section of the Aboyne estate, Aboyne Lodge was sold by the trustees of his estate to Mr JR Heaven, but still Charles Gordon did not manage to eliminate his financial burden.  Finally, debt overwhelmed him and he had to admit he was bankrupt.  His affairs were examined in the London Bankruptcy Court in June 1898, where his gross debt was found to be almost £139,700(>£15.3 million in 2012 money), of which just over £20, 711 (>£2.2 million in 2012 money) was unsecured, set against paltry assets of a little over £690 (<£76 thousand in 2012 money).  He had ended up in this sorry state of affairs by raising capital at high rates of interest on the security of almost all his possessions, including the Aboyne estate, the Orton Longueville estate, assurance policies, the furniture and plate on the Orton estate, the furniture, plate and farm stock at Aboyne and whisky in bond, in order to fund the renewal of the infrastructure of his estates, to buy more land and to plant trees.  His unsecured creditors finally settled for 7/6p in the £.  In 1899 the final remnants of the Aboyne estate were sold and the final 32 animals in the Aboyne herd of Aberdeen Angus cattle went under the hammer. 

Even discounting the fact that British agriculture went into a long recession between the late 1870s and at least 1895, it is not clear that the Marquis’s strategy ever had a chance of success, with uplift in rents exceeding or even meeting the required schedule for the repayment of both loans and interest.  He seems to have had poor advice and/or been unwilling, or incapable, of evaluating this borrowing strategy.  This may look like a harsh judgement on the Marquis, especially when he succeeded to the estate at the tender age of 21, but he stated at the bankruptcy hearing that he did not become fully aware that he could not pay his debts in full until the end of 1897.  Anyone with the level of borrowings of the Marquis should have known much sooner that the strategy was not working.  Instead he seems to have gone on down the same road, apparently oblivious to the consequences.  He seemed to plead at his hearing that he was very busy with local politics and the affairs of Aberdeen University and that this contributed to his lack of oversight of his financial affairs. 

It is impossible to say, as has been claimed, if supposed debts resulting from gambling at cards with the Prince of Wales played a significant part in the financial downfall of the 11th Marquis of Huntly.  He himself attributed his troubles to “the fall on the rentals of the estates, the expense of maintaining them, and interest paid on borrowed moneys.”  It seems likely that the Marquis’s own assessment is close to the truth, taken together with his admission that he undertook initiatives of dubious economic viability.  The Marquis admitted that he had made mistakes.  “My youthful enthusiasm led me into many projects which were economically unsound, and both the “quidnuncs” (nosey gossips) at the time and the world at large since, called me a fool.  It is an easy word to use lightheartedly, and the ordinary man passes it as his judgment without discrimination; but it is better to be a fool with a good conscience than a wiseacre with an evil one.”  Sadly, doing things solely at the dictate of one’s conscience is seldom a recipe for financial success and it proved disastrous in the case of Charles Gordon, 11th Marquis of Huntly.

Decline
In 1925 the Marquis published a volume of reminiscences, entitled “Milestones”.  In this volume he wrote “Bad luck comes to everyone at times.  Be not depressed by adversity.”  He had certainly suffered bad luck in his personal life, with his lack of direct descendants and his wife, Amy’s chronic ill-health, though he did subsequently meet and marry a widowed American lady.  He could also claim that he suffered bad luck in inheriting an estate which had become run down as a result of being plundered for assets as a consequence of debts accrued in an earlier age.  But it is less easy for him to claim that bad luck was solely responsible for his own failure to invest borrowed money wisely.  In his declining years it is remembered in Aboyne that he cut a rather forlorn figure wandering about the village, calling in on aging acqaintances.  During his peregrinations he must have been reminded repeatedly of good times from the past and to have reflected often on what might have been.

Don Fox

20140329, 20150127

donaldpfox@gmail.com

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