Formed in the face of extensive speculation in Natal in the early 1860’s. A plentiful supply of money which anyone could borrow came to a head, like much of the world in 1865/6. Directors who are seen as signatories include Alexander McArthur, Mayor of Durban 1860-63. John Brown (1824-83), from Saltcoats in Scotland, opened a general store in Durban, acquiring several blocks of property but he overstretched himself during the speculation. He was a director of several companies, a JP and Captain in the Durban Guard.