Born in Glasgow, MacEwan served his apprenticeship with James McClelland, the leading accountant in Glasgow (see previous biography). In 1834 he set up his own firm, in partnership with William Auld.
MacEwan took a leading part in the establishment of the Glasgow Stock Exchange in July 1844, the first meeting taking place at 3 North Exchange Court before successive removals to St George's Place, to the National Bank Buildings, and then to Buchanan Street. MacEwan was the first secretary of the Exchange.
He was also, in 1853, one of the original 15 members of the Institute of Accountants. He was to have been its third president, but died on 11 June 1866.
ANDREW MACEWAN was born in Glasgow in 1812, and was educated at the Grammar School. At an early age he became apprentice to Mr. James McClelland, then, as he was for many years afterwards, the leading accountant in Glasgow. The office was for nearly a quarter of a century the recognized nursery for the training and education of coming accountants, and many of those who had the benefit of Mr. McClelland's teaching have since risen to eminence, not only in the profession which he followed, but also as bankers and merchants.
In 1834 Mr. MacEwan, having completed his apprenticeship, began business on his own account, and in 1836 he assumed as a partner Mr. William Auld, son of Dr. Auld, the minister of Ayr. MacEwan and Auld had been office mates for several years in Mr. McClelland's office.
Any one acquainted with the commercial and professional history of Glasgow during the last fifty years must be well aware that the firm of MacEwan & Auld, during the thirty years that they were in business, had the very highest reputation for intelligence and integrity in their profession. Mr. MacEwan was the administrator or trustee of many of the important commercial vestigations which occurred during that period, and his advice in the management of bankrupt and trust estates was highly prized and sought after.
He had many qualities which admirably fitted him for the important duties which were entrusted to him. He was a man of spotless integrity, and throughout his whole professional career was never mixed up with or involved in any unfortunate undertaking. A thorough master of the art of figures, he had in addition sound judgment and great common sense, and probably the last was the quality which made him so popular and universally respected.
Mr. MacEwan took a leading part in the establishment of two institutions which now hold an important position in the commercial history of Glasgow, and any sketch of his life would be incomplete without a reference to these.
First, as to the Stock Exchange. It is somewhat singular that the spirit of speculation fostered and encouraged by the establishment of the London Stock Exchange did not for nearly a century and a half extend to the provincial towns. Nothing of the nature of dealing in shares was known in Glasgow until 1830, when Mr. (now Sir James) Watson began business as a stockbroker.
The Glasgow Stock Exchange was instituted in July, 1844,(1) the original members being twenty-eight in number, of whom only four now survive as members, viz., Sir James Watson, Robert Aitken, William Anderson, and Walter Mackenzie. Two others of the original number still survive, but they have long ceased to be members. Mr. MacEwan was the first secretary of the association, and remained in office until 10th February, 1845. Mr. Watson (now Sir James) was chairman, and held that office for twenty-one years, viz. to 1865, when the constitution of the association was changed, and members of committee were thereafter to hold office for only three years.
The first meeting place of the Exchange was at 3 North Exchange Court, thereafter in St. George's Place, in the building now occupied by the Bedford Hotel. In 1847 the members removed to the National Bank Buildings, which they occupied until 1877, when they took possession of the palatial premises in Buchanan Street which they now occupy. The members now number 119.
Although Mr. MacEwan was originally an active member of the Glasgow Stock Exchange, in later years he devoted himself entirely to the accountant department of the business, his partner Mr. Auld attending to the Exchange.
Second, as to the Institute of Accountants. It had for many years been felt by those practising the business of accountants that there was no guarantee of professional qualification, as any one might adopt the title, which was in fact assumed by many who had failed in the management of their own affairs, but who thought themselves competent to manage the affairs of others. In September, 1853, a requisition was transmitted to the accountants who had been in business prior to 1840, suggesting that they should form themselves into an association, which was constituted on 3rd October, 1853. Mr. MacEwan was one of the original fifteen members, of whom only two are now alive, Walter Mackenzie and William Anderson. After the constitution of the Institute of Accountants and Actuaries, as it was termed, a large number of members were admitted who had begun business subsequent to 1840, and thereafter a Royal Charter was obtained on 15th March, 1855. Since then the Institute has progressed with great success, and numbers 117 members and 65 associates. It has, by its strict rules as to apprenticeship and examination, tended much to raise the standard of qualification of the profession. Mr. McClelland was the first president of the Institute, from 1853 to 1865, and he was succeeded by Mr. Peter White, the tenure of office being thereafter limited to three years. Mr. MacEwan would have been Mr. White's successor, but he died on 11th June, 1866, and left behind him a high reputation, not only amongst his professional brethren, but with all with whom he was ever brought in contact for his clearness, perception, and accuracy of judgment, and nice sense of honour.
On the death of Mr. MacEwan Mr. Auld entered into partnership with Mr. Wyllie Guild, under the firm of Auld & Guild, which continued until 1883, when it was dissolved, and thereafter Mr. Auld and Mr. MacEwan's son carried on the business of sharebrokers, under the firm of Auld & MacEwan, until 31st January, 1885, when Mr. Auld died in Edinburgh after a short illness. He was in every sense a high-principled, upright, and honourable gentleman, respected and beloved by all who knew him.
(1) At a meeting of the Glasgow Stock Exchange, on the occasion of the presentation of his portrait, on 19th October, 1881, Sir James Watson says, "In 1830 there were not many more joint-stock companies in and around Glasgow than you could have counted on your fingers. The Water and Gas Companies, the Forth and Clyde and the Monkland Canals, the Garnkirk, and one or two mineral railways, the five Edinburgh banks, and one or two others, constituted the entire share list. Facilities were awanting for either acquiring or disposing of such stocks. Any transactions which took place were generally done through the secretary or manager of the company, and no time could be fixed when such property could be realized. It might be weeks or months before any buyer could be found. When, however, a market for the purchase or sale of the shares of joint-stock companies was established, the stocks of the then existing companies came to change hands frequently. A new field was opened up for joint-stock enterprise. During my first year there was no other broker. Subsequently, however, the business was taken up by my friends, Messrs. Buchanan & Aitken, followed by Messrs. Macewan &, Auld, Mr. Peter White, and others. Our field of operations was extended by the establishing of the Union Bank in 1830, and the opening of those mineral railways in the Monklands which have done so much to enrich that district. It was by the establishing Stock Exchanges throughout the kingdom that facilities were given for the formation of the large and important railway and other undertakings which have tended so much to develop the resources of the country, and at the same time form a channel for the investment of its surplus capital."
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