were jealous. They made a ‘run’ on the firm by submitting accounts early. Samuel resolved to pay them as presented. He obtained emergency funds from his friends. When the cheque for the last account was given, he mounted his horse and raced the payee to the bank, seeing him enter by another door. So he was able to pay in more cash just in time. After the crisis was over, he visited the merchants who had made the run. He found that they had all been ‘informed’ that Budgetts were in trouble by a former Budgett employee whom Budgetts had sacked. The brothers made this man apologise in public. Samuel had a fixed policy from the beginning of not granting credit. If the customer was present, he had to pay in full, if he was distant, the traveller would call every four weeks precisely and must then be paid in full. Some shops refused these terms. Budgetts would not deal with those shops. Some failed to meet them. Budgetts would not trade with them until the account was cleared. Samuel saw families ruined as a result of overstretching their credit and felt that for one party to trifle with the rules was dangerous to them both. He also felt that if Budgetts set a good example, others would follow, to the benefit of all. On the other hand, if a customer was in difficulty and made a clean breast of it, he would do whatever he could to help. At that time, business on continental Europe was largely conducted on terms no longer than eight weeks and consequently much more sound than in Britain or the U.S.A. With our current experience of the Credit Crunch and its consequences, these points seem as relevant today as they were at the time. Big Changes in the 1840s In about 1842, Henry retired, leaving Samuel in sole charge. The First Opium War had broken out in 1839 throwing the tea trade into disarray. Samuel went to London and made a killing. When the war ended in 1842, the price of tea collapsed and he lost as much as he had made previously. This taught him to avoid speculation. Fire Also in 1842 there was a major fire . Fire engines attended from insurers: Sun, Bristol Union, Norwich, West of England. According to the local paper, it was discovered at 7.15 am in the