James Buchanan of Moray Place

Glasgow West india merchant, partner in Dennistoun Buchanan. The date of his retirement is not clear. The Buchanan Bequest at the University of Glasgow flowed from his will.

1. 'James Buchanan travelled to St George’s, Grenada in 1800 to work with the Glasgow-West India merchant firm Dennistoun, Buchanan & Company.71 There is no record that Buchanan ever owned slaves although his role involved profiteering from commerce related to chattel slavery. As a junior worker in Grenada, his role might have included managing the store and conducting business with resident slave plantation owners and managers (as well as supervising enslaved workers connected with the store). After a seven-year training period under Wilson in Grenada, James Buchanan became the firm’s managing partner in Kingston, Jamaica and Rio De Janeiro, Brazil (also a slave-owning society). In a more senior commercial role, he might have been responsible for financial business including the management of a firm’s activities including the loaning of mortgages to resident slave-owners. After his return to Scotland in 1816, Dennistoun, Buchanan & Co.’s minute books confirm he was still involved in the company’s trading activities as late as October 1825. James Buchanan subsequently accumulated a major portfolio of shares and investments in commerce and industry, including Scottish and English railways and American banks and insurance companies. He also acquired urban property in Glasgow and a luxurious home in Moray Place in Edinburgh’s New Town. Upon his death in December 1857, Buchanan had a personal fortune of over £124,000 (and more in heritable property). Buchanan spent sixteen years in the West Indies (seven in Grenada, nine in Jamaica and Brazil), and then about forty-two years in Edinburgh investing the money he had made in commerce, land and industry across Scotland, England and America. His wealth at the time of his death was therefore derived from multiple sources. At the very least, however, the initial accumulation of capital was probably acquired in the West Indies and Brazil (although there are no extant records documenting how much wealth he accumulated during these years) which facilitated later profitable investments, some of which became the Ewing/Buchanan bequest approximately fifty-two years after his death.'

2. REPORT OF DEATH: MUNIFICENT BEQUESTS TO GLASGOW A few days ago, a gentleman advanced in years, named James Buchanan, died in Moray-place, Edinburgh, in which he had resided for a long series of years. He was a native of Glasgow, and in 1800 proceeded to the West Indies in connection with the firm of Dennistoun, Buchanan, and Co, of which house he afterwards became a partner. Here he made a large fortune, and afterwards came home, where he has resided for a long period in retirement. On opening his will it appears that a large portion of his means is bequeathed for public and charitable purposes. £10,000 is left to the Merchant's House of Glasgow, for the education of the sons of decayed members, and granting business or college allowances to such of them as give evidence of future eminence ; £10,000 to the Trade's House of Glasgow for the education of the sons of decayed members, and for promoting their studies, particularly in the department of engineering ; and £10,000 to the Royal Infirmary of Glasgow. By far the most munificent bequest, however, is for the institution of an industrial school in Glasgow, to be conducted on unsectarian principles, and in which the children will either be boarded or reside with their parents, receiving their food in the institution. For the endowment of this institution £3,000 are appropriated annually for ten years ; and, if the institution shall be found successful, a like annual payment is to be continued during the lifetime of Mr Buchanan's widow, at whose death the residue of his fortune is to be applied to the permanent maintenance of the institution. In this department the bequest cannot be less than from £150,000 to £200 000. A condition is imposed on the city of Glasgow to provide and maintain the necessary buildings for the institution, and it is provided that if Glasgow shall not accept the offer it is to be made successively to Liverpool, Manchester and New York.

London Gazette 18339 27/02/1827 p. 476 shows James Buchanan formerly of Buenos Ayres, at present residing at Edinburgh, retiring in 1826. and another James Buchanan continuing in the business. A James Buchanan jun. then in London retired from the firm in 1853. LBS has tentatively concluded that the parter retiring in 1826 was James Buchanan of Moray Place; the continuing partner in 1826 was James Buchanan of Dowanhill; and the partner retiring in 1853 was a third James Buchanan.

1. S. Mullen and S. Newman, Slavery, Abolition and the University of Glasgow report and recommendations of the University of Glasgow History of Slavery Steering Committee (2018) pp. 30-31.

2. British Newspaper Archive - York Herald - Saturday 09 January 1858, p 11.