From the time he returned home until 1809, when he purchased the adjoining property off St Bernard's, Raeburn lived at Deanhaugh.[1] The junction of these small estates enabled him to feu the outlying parts on plans prepared by himself, architecture being one of his hobbies, and his family's connection with them is still marked by such names as Raeburn Place, Ann Street (after his wife), Leslie Place, St Bernard's Crescent, and Deanhaugh Street. Some years earlier continuous increase in the number of his clients had rendered a change of studio desirable, and in 1795 he moved from George Street to 16 (now 32) York Place where he had built a specially designed and spacious studio, with a suite of rooms for the display of recently completed work or of portraits he had painted for himself. At a later date, when exhibitions were inaugurated in Edinburgh (first series 1808-13), he lent the show-rooms to the Society of Artists which organised them. This action was typical of Raeburn's cordial relations with his fellow-artists, most of whom were poor and socially unimportant; and only a year before his death he championed the professional artists when, partly in opposition to the Royal Institution, they proposed to form an Academy. Incidentally also, the letter written on that occasion, which I have transcribed in full in _Scottish Painting; Past and Present_, gives an indication of the extent of his practice, of how fully he was engaged. Until 1808 Raeburn's career had been one unbroken success, but in that year, following upon the failure of his son, financial disaster overtook him. The firm of "Henry Raeburn and Company, merchants, Shore, Leith," consisted of Henry Raeburn, Junior, and James Philip Inglis, who had married Anne Leslie, the artist's step-daughter, but neither the _Edinburgh Gazette_ nor the local Directory states the nature of their business. In the proceedings in connection with Raeburn's own bankruptcy, however, he is described as "portrait-painter and underwriter." What underwriter exactly means is uncertain, but it may be that the son was a marine-insurance broker, that Raeburn himself took marine-insurance risks. In any case his ruin seemed complete. Not only did he lose all his savings but he had even to sell the York Place studio, of which he was afterwards only tenant. He failed, paid a composition, and, two years later, proposed settling in London. By those of his biographers who have noticed it at all, this failure and the contemplated removal south have been very closely associated. But a more careful examination of the whole circumstances makes such an assumption rather doubtful. Alexander Cunningham, in a letter written on 16th February 1808, tells a correspondent--"I had a walk of three hours on Sunday with my worthy friend, Raeburn. He had realised nearly L17,000, which is all gone. He has offered a small composition, which he is in hopes will be accepted. He quits this to try his fate in