THE GLASGOW CITY TREASURER.

Star (Christchurch), Issue 6596, 21 September 1899, Page 3

THE GLASGOW CITY TREASURER.

EMBEZZLES £200,000 TRUST MONEY. AND PRETENDS TO GO MAD. [From Our CoBREsroNDENT.I LONDON, August 4. Since the City of Glasgow Bank closed its doors, and at one fell swoop ruined thousands, there has been no financial catastrophe in St Mungo's City etyual to the exposure this week of the wholesale defalcations of the City Treasurer, James Colquhoun, LL.D. Dr Colquhoun was, barring, perhaps, the Provost and one or two others, Glasgow's leading citizen. The positions of trust he held were numerous and valuable, the University had conferred on him an honorary degree, and he was a stalwart prop of the Temperance Party. Nevertheless, Dr Colquhoun had a secret weakness. He gambled on the sly at Continental resorts, and being, of course, hugely rooked by professional " sharpers ." trickled away year after year his own and his friends' money. The crisis came last week when, the Doctor on, an emergency warrant was suddenly immured in Cartnayal Lunatic Asylum. This was a brillia.nt idea on the part of his friends,* but it wouldn't wash. The Sheriff twice refused to grant a warrant for his detention on the ground of insanity, and on Wednesday morning a warrant was granted for his apprehension, and put into execution. Colquhoun was brought before the Sheriff at a later hour. He was charged with "having embezzled £3400 and £1950 .received by liim for investment," and was committed to prison. Rumour in the city has recently been very busy with Dr Colquhoun's affairs. A week ago he sent in his resignation as a member of the Town Council and as City Treasurer. He also resigned his position as member of the University Court and Chairman of the Finance Committee of the University of Glasgow, which, a few years ago, conferred upon him the honorary degree of LL.D. Last week the, firm of which he was a. member was formally dissolved, and an order for the sequestration of the firm was granted on Monday, an accountant being appointed to investigate the financial position. It is stated on reliable authority that Dr Colquhoun has received for investment sums of money varying in amount from a few hundreds up to two, three and four thousand pounds, and that interest has been paid for years on bonds and securities which have no existence. Among public institutions involved may be mentioned the University of Glasgow, which is understood to be a creditor for £3000; the Langside Free Church (of which Dr Colquhoun was an elder), to whom he is said to be indebted in the sum of £3000 ; the FLeshers' Society, for whom he acted as agent, has also entrusted him with funds to the amount of £10,000 or £15,000 ; the Hide and Skin Society to the amount of between £2000 and £3000, and for these it is believed that no securities exist. Several members of the Town Council are also among the creditors. A specially-painful feature of the case is said to be that many widows and other ladies have entrusted him with the whole of their means for the purpose of investment in bonds or property. Corporation funds, the other securities, and the whole of this money is said to have disappeared. Although a sum of £150,000 has been mentioned as the probable amoumt of the babilities, it is currently reported that by the time the investigation is completed the amount -will reach £900,000, and tba't the deficiency will amount to about £160,000.