1891. Liabilities were £22,000 and assets £1,000. Failure was owing to bad debts owed by their father and trading losses. Their father had failed in July or August 1892 leading to the bad debt and to their own failure. Their partner J.W. Nightingale was believed to be still trading in New York, where the London court could not reach him. Overall it seems fair to say that this three brother partnership would probably have continued but for Samuel's Brogden trusteeship. With hindsight he seems to have failed to foresee and manage the threats which his Brogden trusteeship might present to his Budgett partnership. In 1874 Brogdens were in difficulties and he may have been reluctant to become the straw that broke the camel's back. At the same time his legal advisors would surely have pointed out the pressing nature of his trusteeship responsibilities. He could perhaps have resolved this conflict by calling a meeting in 1874 or early 1875 between the Billings and the Brogdens. There he would have the aim to resolve the conflict either by getting Brogdens to make the trust's cash available to a neutral third party, who would be instructed to invest it as John Brogden's will directed, or by getting the Billings to agree with the Brogdens another form of words which was mutually agreeable, legally binding, and supervised by a third party, or by agreeing with the Billings to begin legal proceedings against his Brogden brothers-in-law. This would have extricated Samuel from his difficult and ultimately ruinous position. By 1874, it seems that James had built a strong base in London. If the assets and energy of James and Samuel could have been retained in the firm then it seems likely that Budgetts' positions in both London and Bristol would have strengthened and the firm become national instead of just regional. Limited Company On 21 July 1898, the company became a limited company. H. H. and S. Budgett (Limited), with a share capital of £150,000, divided into 15,000 5% Cumulative Preference shares and 15,000 Ordinary Shares of £5 each had been formed to take over the old firm - Messrs. H. H. and S. Budgett and Co. Wholesale grocers and drysalters of Nelson Street, Bristol - under the existing management. On public offer were 10,000 5% Cumulative Preference shares at £5 ranking in priority over the Ordinary Shares. The vendors would take 10,000 Ordinary