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Murray International Trust PLC Celebrating More Than a Hundred Years of Sound Investment Second Edition, 2018 2 Murray International Trust PLC 1907 – 2018 Foreword

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Murray International Trust PLC Celebrating More Than a Hundred Years of Sound Investment Second Edition, 2018 2 Murray International Trust PLC 1907 – 2018 Foreword Murray International Trust PLC Celebrating more than a hundred years of sound investment Second Edition, 2018 2 Murray International Trust PLC 1907 – 2018 Foreword Dr Kevin Carter August 2018 This booklet, written for us by John While the past offers no reliable guide Newlands, describes the history of Murray to the future, it reflects considerable International Trust from its formation in credit on the management of Murray 1907, under its original title of The Scottish International over the years that many Western Investment Company Limited, obstacles have been overcome to the to the present day. Over its 111-year life, benefit of long-term savers. This account the Company has had to live through two also describes the way successive World Wars and several financial crises, management and Boards have progressed the most recent example being the global from a concentration on investment in banking crisis of 2008-2009. fixed interest securities in 1907, to the position we are in today, with a Murray International has not just survived commitment to a truly international every test but moved forward to greater equity portfolio, while recognising heights. No better illustration of this the need to provide investors with tenacity is that when the Company’s a growing income. history was first written at the beginning of 2008, following its centenary year, There is a lot to be learned today from Shareholders’ Funds were some £508.8 the past. I have enjoyed reading this million, with a net asset value (NAV) booklet and hope that you will as well. of 736.8 pence per share, while total dividends of 21p had been paid over Kevin Carter Front Cover Clockwise from top left: the previous year. At the beginning Chairman Sir Raymond Johnstone; of 2018, despite the severity of the the Glasgow SEC Arena; SS Leopold; the Old Glasgow intervening “Credit Crunch”, not to Stock Exchange Building. mention various political challenges on the world stage, Shareholders’ Funds Left The original company exceeded £1.59 billion, the NAV had prospectus, December reached 1251p per share and dividends 1907, offering 50,000 shares for sale, at £10 each. totalling 50p had been paid. 3 Murray International Trust PLC 1907 – 2018 Powerful figures: On the left: The first Chairman, future Prime Minister Andrew Bonar Law. On the right: Investment Adviser and London Correspondent, Robert Fleming. Kelvingrove Park,1907 Glasgow’s first public park and a classic example of Victorian landscape design, Kelvingrove Park is situated in the West End of the city. 4 Murray International Trust PLC 1907 – 2018 The company’s origins Glasgow as a financial centre Murray International is today a large, “Iron and railways”, says Scottish historian globally diversified investment trust whose Irene Maver, “represented the glittering roots can be traced to Glasgow’s thriving El Dorado of the 1830s and 1840s, leading industrial and shipbuilding-based economy to unprecedented activity in [Glasgow’s] that had reached boom proportions by the financial sector.” The resulting boom in early years of the twentieth century. company launches, mainly to fund the expansion of the railway system, led to the There were several reasons for the Scottish formation of the Glasgow Stock Exchange city’s prosperity. These were such that - the first in Scotland - in 1844. Maver Glasgow, with some justification, could lay recounts that the Exchange’s founder, claim to the title of “Second City of the Empire”. Paisley-born accountant and future Lord Provost James Watson, was once described Second City of the Empire as “a living declaration to all his confrères Before the age of air travel, Glasgow’s that it is possible to be a dealer in stocks strategic western location and connection and shares and at the same time an honest with the railway and canal networks made and upright man.” it ideal as a hub for the transatlantic shipping trade. The river Clyde provided a gateway for Despite being at the heart of the industrial importing into Britain all manner of goods, revolution and the shipping trade, Glasgow including sugar, tea, tobacco and spices. was to suffer its own financial disaster The same ships, the majority of which would in 1878 with the collapse of the City of have been locally built and maintained, Glasgow Bank. The bank’s failure was would then embark export items such as made many times worse by the fact that its linen, yarn, cloth and machinery. shareholders, as partners with unlimited liability as to their losses, faced ruin. The western Scottish climate, described Ironically, the same investors were by now locally as “moist”, was favourable too, at protected by limited liability legislation least in the business sense. The area’s with regard to their investments in joint tendency towards cool summers and mild stock companies. Banks were an exception, winters has been described as “eminently the feeling at that time being that limited desirable in an industrial and commercial liability would be bad for their prestige. For centre.” It also meant that the supplies of many, the consequences were disastrous. fresh water needed by many engineering and textile processes were close to hand. Perhaps because of the adverse publicity surrounding the bank’s failure, the periodic The city’s upward trend was further reversals in the fortunes of the shipbuilding accelerated during the latter part of industry, or both, Glasgow was slower than the nineteenth century as wooden ship Edinburgh or Dundee to join in with the construction gave way to iron, a commodity launch of new investment vehicles such that the West of Scotland again had in as investment trusts. abundance, together with coal. By now, Glasgow was not just an international By 1907, Robert Fleming was a renowned trade centre but the shipbuilding capital figure in the financial world. Born in of the world. humble circumstances in Dundee in 1845, 5 Murray International Trust PLC 1907 – 2018 Fleming began his working life as a 13-year The founding Board was made up of Right The Belgian Paddle Steamer old office boy earning £5 per year in a Andrew Bonar Law, M.P. for Glasgow Leopold II, built on the Clyde local textile company. By the age of 28, Blackfriars and Hutchesontown, as in 1907. Source: Glasgow University Archives Service. he had persuaded a group of Dundonian Chairman, while the directors were William businessmen and ‘textile barons’ to back Mackenzie, a leading figure in the trust the first investment trust founded in sector at that time and the secretary of Scotland. Over the succeeding 30 years the Alliance Trust in Dundee; John Traill he was to become one of the leading Cargill, the Chairman of the Burmah Oil financiers of his day. Company; Solicitor David Murray, whose firm would evolve into the legal practice of Now, together with a group of Glaswegian Maclay, Murray & Spens (now part of the lawyers, accountants, businessmen and global firm, Dentons) of today; and another a future Prime Minister, Fleming would leading local businessman, Robert King. put together plans for a new venture, to be called The Scottish Western Robert Fleming, despite his hand Investment Company Limited. clearly being very close to the new company’s tiller, was described simply The trust’s formation and capital structure as “London Correspondent.” The Scottish Western Investment Company Limited was founded in Glasgow by Brown, Each director was required to make an Fleming & Murray, Chartered Accountants, investment in the company of at least and incorporated on 18 December 1907. £2,000 nominal of stock. This was a serious personal commitment, broadly comparable The company’s initial share capital of to requiring the purchase of £200,000 £500,000 was made up of 50,000 shares worth of shares in a £50m trust if launched of £10 each. Investors were required to today. The Articles of Association also submit ten shillings (50 pence) per share included the provision that “the office of upon application and pay the remainder director shall be vacated if he shall cease in four instalments such that the shares to hold the necessary qualification or if became fully paid-up by 1 June 1908. he shall become a lunatic or bankrupt.” Once fully paid-up the shares were sub- Each investor was granted one vote for divided into two-fifths Ordinary Stock and every £10 of Preference Stock but three three-fifths Preference Stock, the latter votes for every £10 of Ordinary Stock held. being entitled to a cumulative preferential dividend of 4½ per cent. The original Minute Book, now safely preserved by the Glasgow University The launch proved popular. To quote from Archive Service in a windowless, rusted the Prospectus of the Debenture Stock off-pink warehouse near the Scottish issue that swiftly followed, of which more in city’s Partick Cross, records that the first a moment, “the Share Capital of £500,000, “Meeting of Directors” took place “on which was considerably over-subscribed, Monday 23 December 1907, at 2 o’clock was duly allotted … The Scottish Western afternoon; Present: Messrs A. Bonar Law, Investment Company are [now] prepared W. Mackenzie, J. T. Cargill and Robert King.” to receive applications for [£500,000 of 4 per cent] Debenture Stock.” 6 Murray International Trust PLC 1907 – 2018 7 Murray International Trust PLC 1907 – 2018 “Attending (note the careful distinction, Left Extract from the original used in the Minutes throughout the early Memorandum of Association years, between “Present” and “Attending”): of the Company, 18 December 1907. Mr. Murray for Secretaries, Mr. Robert Fleming and Mr. W. K. Whigham (London); Below US railroad site 1908. Mr. Murray intimated an apology from Dr. Murray.” It can be seen, therefore, that the name of Murray was associated with the trust from its first day.
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