72 History of Dumfries Savings Bank. 



Competitive plans were asked for, and on the 1st June, 1847, the 

 one submitted by Mr J. Gregan, of Manchester, was selected as 

 " A bank and Duncan monument." Estimates were accepted for 

 the building- of the bank on the 3rd September, 1847, amounting 

 to £1046 ; and in August, 1848, Mr Crombie's estimate for the 

 statue was accepted at £120, to be made of Cove sandstone. Mr 

 Crombie did not execute the work himself, but employed Mr 

 Corrie, a local sculptor, to whom he paid £80 19s, leaving about 

 £40 for the stone and his own fees. A committee had been 

 appointed to collect subscriptions for the Duncan Memorial. They 

 raised £217 lis 6d, and after paying the cost of the statue the 

 balance was applied to the building of the bank. The whole of 

 the rest of the cost of building and furnishing the bank was paid 

 from the auxiliary fund ; but the amount of this not being great 

 enough at the time, the balance was borrowed at interest from the 

 depositors' account and repaid as the auxiliary fund again increased. 

 The only other part that was not paid in this way was a gift by Mr 

 Caldow of the telling table. The total cost of the building and 

 statue completed was £1214 Is 4d. A few years later some slight 

 additions were made at the cost of £51 18s, and larger safes and 

 board room were added a year or two ago. The Rev. Thomas 

 Duncan, the first secretary, continued to fill that honorary post till 

 his death in 1857 ; and to him the bank must be for ever grateful 

 for placing it on its sound basis. The treasurers have been : John 

 Hill, from its start in 1815 to 18:8 ; John Gibson, 28th February, 

 1818, to June, 1843 ; James Caldow, 6th June, 1843, to March, 

 1866; William Biggar, March, 1866, to March, 1894; John 

 Symons, the present treasurer, from March, 1894. Mr Biggar 

 was appointed Mr Caldow's assistant in March, 1844, so that he 

 served the bank for 50 years. The whole deposits were first 

 lodged in the Bank of Scotland at 5 per cent, interest ; but they 

 being unable to continue that interest, and this becoming so low, 

 it was resolved to lend on landed security. Before doing so the 

 directors took the opinion of counsel. The first money they lent 

 in this way was in June, 1826 ; and in 1853 they granted the first 

 loan over rates, and it is on security of rates of different classes 

 that a very considerable portion of their money is now invested. 

 The auxiliary or reserve fund is now so great that the interest on 

 it is sufficient to pay the working expenses, leaving the gross 

 amount earned by the depositors to be divided in interest among-st 



