and sharebrokers not members of the Exchange. The first Stock Exchange in Glasgow was established two or three years after Mr. Watson commenced business in this capacity, its first local habitation being a building situated in Buchanan Street, on the site now occupied by the Bedford Hotel. Previous to that time there were very few joint stock companies in existence--investors being satisfied for the most part with the sweet simplicity of three-per-cents. Indeed, the only local companies that could lay any claim to the name of joint-stock or limited liability, were the Banks, the Gas and Water Companies, and the Garnkirk Railway. Mr. Watson continued the only stock and sharebroker in Glasgow for nearly two years, and in 1833 he took a prominent part in the establishment of the Glasgow Stock Exchange, of which he was the first chairman. For 22 years he continued to preside over the Stock Exchange, while that institution was laying the foundations of the high character and exceptional prestige which it has since acquired, and through which it regulates in no small degree the price of stocks and shares in other markets throughout the world. We may mention, also, that the Stock Exchange in Glasgow commenced its career with only twelve or fourteen members, and from this small nucleus it has continued to grow until it is now one of the most flourishing institutions of the kind in the three kingdoms. About 15 years ago Mr. Watson's services were called into requisition in connection with the winding up of the Ayrshire Iron Company, of which he was a shareholder. The bankruptcy of this company, as many gentlemen on 'Change will well remember, was induced by the mismanagement of its affairs. The works of the company were extended far too rapidly, and, in order to compel business, iron was bought upon credit and sold for cash at a ruinous sacrifice. The result was that the concern became insolvent, with liabilities to the extent of L250,000, and without a copper in the shape of assets except the works at Dalry. It was a terrible dilemma, and very few of the shareholders were equal to dealing with the emergency. Mr. Watson, however, undertook the labour of extricating the company from its awkward position, and his efforts were ably seconded by those of the late Mr. James Dennistoun, and Mr. Mansfield, accountant, Edinburgh, assisted by one or two other gentlemen in Glasgow. On the bankruptcy of the company being announced, Mr. Watson called a meeting of subscribers, at which the late Mr. W. Brown, of the _Standard_ office, was appointed to act as secretary. Time was allowed by the creditors, the money was called up by separate instalments, and with the aid of L60,000 borrowed from the British Linen and the Bank of Scotland Banking Companies the name of the concern was kept out of the _Gazette_. After a period of five or six years the whole affairs of the company were wound up, and the plant and premises were disposed of to the Messrs.