Financial management - House of Fraser

Dates: 1849-
Description: Financial management is the function of managing the company's financial resources.

Biographical history
The two partners, James Arthur and Hugh Fraser, were, between them, responsible for the financial management of the whole business. They adopted a low price, ready money policy, where no credit was offered and goods had to be paid for immediately on purchase. Fraser & McLaren - The two partners, Hugh Fraser, and Alexander McLaren, were, between them, responsible for the financial management of the whole business. On Hugh Fraser's death in 1873, James Arthur Fraser, Hugh's eldest son, was immediately assumed as a partner to govern and manage the finances of the business alongside Alexander McLaren and his father's trustees: Jane Bunting, his widow, Matthew Pettigrew, Murray Cowbrough and John Snodgrass. Fraser Sons & Co - The finances of the business were initially managed by Hugh Fraser's trustees and John Towers, the managing partner. When James Arthur Fraser, John Fraser and Hugh Fraser joined the partnership, they each shared the responsibility. They operated a ready money policy, buying and selling largely for cash. In 1894, the existing co-partnership was dissolved and the three brothers commenced in business as sole partners. From this date, therefore, the finances of the business were managed solely by the three brothers. In November 1905, John Fraser withdrew from the business and in February 1906, James Fraser retired on grounds of ill health. This left Hugh Fraser in sole charge of the financial management of the business. Fraser Sons & Co Ltd - The finances of the company were managed by the board of directors subject to ratification by the shareholders in general meeting. In 1936, Fraser Sons & Co Ltd formed Frasers (Glasgow) Bank Ltd to handle its finances, act as a clearing house for its various concerns and enable it to borrow cheaply. In 1941, it formed House of Fraser Ltd to act as a vehicle for new acquisitions. Fraser Sons & Co Ltd acquired several other companies up until its liquidation in 1947. These companies continued to exist and function independently, as subsidiary or associated companies. The finances of each were managed by its own board of directors.

Act for the Registration, Incorporation and Regulation of Joint Stock Companies 1844; Act to Amend an Act for the Registration, Incorporation and Regulation of Joint Stock Companies 1847; Act for Limiting the Liability of Members of Certain Joint Stock Companies 1855; Joint Stock Companies Act 1856; Joint Stock Companies (Consolidation) Act 1862; Companies Act 1867; Limited Partnership Act 1869; Companies (Winding Up) Act 1890; Partnership Act 1890; Companies Amendment Act 1900; Companies Act 1907; Limited Partnership Act 1907; Companies (Consolidation) Act 1908; Companies (Particulars as to Directors) Act 1917; Companies Act 1928; 1929 Act to Consolidate the Companies Acts 1908 to 1928; Companies Act 1947; Companies Act 1948; Companies Act 1967; Companies Act 1976; Companies Act 1980; Companies Act 1981; Companies Act 1985; Companies Act 2006.