| Code | DS/UK/44 |
| Corporate Name | South American & Mexican Co |
| Dates | [Late 19th century] |
| OtherFormsOfName | SAMC |
| Activity | C de Murietta & Co (CM&C) were merchant bankers with substantial illiquid investments in Latin America. The Bank seem to have gone to their rescue in 1890 and by September 1891 had £500,000 outstanding which they were anxious to recover. CM&C brought in the South American & Mexican Company (SAMC) with which it had close links and possibly common controlling shareholders. SAMC agreed to lend CM&C £100,000 to repay part of the Bank's indebtedness but could not find the money and agreed to provide a guarantee instead. They also agreed to merge with CM&C but the merger fell through. SAMC then repudiated the guarantee and despite the mysterious disappearance from the Bank's files of key papers, the Bank won the subsequent litigation. The papers have been kept because of the connection with Frank May. Coleman & May received a £20,000 commission from CM&C allegedly for services in connection with the abortive merger. The circumstances in which the commission was paid was probed at length by the Official Receiver. |
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