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<br /> The History of Dunedin Income<br /> Growth Investment Trust PLC<br /> The first investment trust launched<br /> in Scotland, 1873 – 2018<br /> Front Cover<br /> Clockwise from left: Robert<br /> Fleming, The V&A Dundee,<br /> The Cunard liner SS Abyssinia,<br /> The Queensferry Crossing.<br /> Foreword<br /> This booklet, written for us by John Newlands,<br /> describes the history of Dunedin Income Growth<br /> Investment Trust PLC, from its formation in Dundee<br /> in February 1873 through to the present day.<br /> Launched as The Scottish American Investment Trust,<br /> “DIGIT”, as the Company is often known, was the first<br /> investment trust formed in Scotland and has been<br /> operating continuously for the last 145 years.<br /> Notwithstanding the Company’s long life, and the way<br /> in which it has evolved over the decades, the same<br /> ethos of investing in a diversified portfolio of high<br /> quality income-producing securities has preva<a title="12103337_HISTORY_DIGIT page 1" href="http://viewer.zmags.com/publication/cd5ca52b?page=1"> The History of Dunedin Income Growth Investment T</a> <a title="12103337_HISTORY_DIGIT page 2" href="http://viewer.zmags.com/publication/cd5ca52b?page=2"> Front Cover Clockwise from left: Robert Fleming, </a> <a title="12103337_HISTORY_DIGIT page 3" href="http://viewer.zmags.com/publication/cd5ca52b?page=3"> Foreword This booklet, written for </a> <a title="12103337_HISTORY_DIGIT page 4" href="http://viewer.zmags.com/publication/cd5ca52b?page=4"> Dunedin Income Growth Investment Trust Introduct</a> <a title="12103337_HISTORY_DIGIT page 5" href="http://viewer.zmags.com/publication/cd5ca52b?page=5"> Robert Fleming (1845-1933), early founder of the </a> <a title="12103337_HISTORY_DIGIT page 6" href="http://viewer.zmags.com/publication/cd5ca52b?page=6"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 7" href="http://viewer.zmags.com/publication/cd5ca52b?page=7"> Three stories in one There are three stories in o</a> <a title="12103337_HISTORY_DIGIT page 8" href="http://viewer.zmags.com/publication/cd5ca52b?page=8"> Dunedin Income Growth Investment Trust </a> <a title="12103337_HISTORY_DIGIT page 9" href="http://viewer.zmags.com/publication/cd5ca52b?page=9"> Dunedin Income Growth Investment Trust The Compa</a> <a title="12103337_HISTORY_DIGIT page 10" href="http://viewer.zmags.com/publication/cd5ca52b?page=10"> 10</a> <a title="12103337_HISTORY_DIGIT page 11" href="http://viewer.zmags.com/publication/cd5ca52b?page=11"> The Company’s formative years Dunde</a> <a title="12103337_HISTORY_DIGIT page 12" href="http://viewer.zmags.com/publication/cd5ca52b?page=12"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 13" href="http://viewer.zmags.com/publication/cd5ca52b?page=13"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 14" href="http://viewer.zmags.com/publication/cd5ca52b?page=14"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 15" href="http://viewer.zmags.com/publication/cd5ca52b?page=15"> Meanwhile, the batching oil necessary to treat th</a> <a title="12103337_HISTORY_DIGIT page 16" href="http://viewer.zmags.com/publication/cd5ca52b?page=16"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 17" href="http://viewer.zmags.com/publication/cd5ca52b?page=17"> The young Robert Fleming The family moved into Du</a> <a title="12103337_HISTORY_DIGIT page 18" href="http://viewer.zmags.com/publication/cd5ca52b?page=18"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 19" href="http://viewer.zmags.com/publication/cd5ca52b?page=19"> Edward Baxter & Son Before the end of 1866, Flemi</a> <a title="12103337_HISTORY_DIGIT page 20" href="http://viewer.zmags.com/publication/cd5ca52b?page=20"> Top left The People’s Journal of 10 August 1872 r</a> <a title="12103337_HISTORY_DIGIT page 21" href="http://viewer.zmags.com/publication/cd5ca52b?page=21"> The Scottish American Investment Trust “Dunde</a> <a title="12103337_HISTORY_DIGIT page 22" href="http://viewer.zmags.com/publication/cd5ca52b?page=22"> Dunedin Income Growth Investment Trust develop r</a> <a title="12103337_HISTORY_DIGIT page 23" href="http://viewer.zmags.com/publication/cd5ca52b?page=23"> The first formal meeting of the Trustees took pla</a> <a title="12103337_HISTORY_DIGIT page 24" href="http://viewer.zmags.com/publication/cd5ca52b?page=24"> Dunedin Income Growth Investment Trust The launc</a> <a title="12103337_HISTORY_DIGIT page 25" href="http://viewer.zmags.com/publication/cd5ca52b?page=25"> The Trust’s ten largest investments in July 1873 </a> <a title="12103337_HISTORY_DIGIT page 26" href="http://viewer.zmags.com/publication/cd5ca52b?page=26"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 27" href="http://viewer.zmags.com/publication/cd5ca52b?page=27"> Between 1868 and 1899 UK income tax varied from 2</a> <a title="12103337_HISTORY_DIGIT page 28" href="http://viewer.zmags.com/publication/cd5ca52b?page=28"> Dunedin Income Growth Investment Trust The resul</a> <a title="12103337_HISTORY_DIGIT page 29" href="http://viewer.zmags.com/publication/cd5ca52b?page=29"> have again lengthened the average date to which t</a> <a title="12103337_HISTORY_DIGIT page 30" href="http://viewer.zmags.com/publication/cd5ca52b?page=30"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 31" href="http://viewer.zmags.com/publication/cd5ca52b?page=31"> Improving market conditions Market conditions in </a> <a title="12103337_HISTORY_DIGIT page 32" href="http://viewer.zmags.com/publication/cd5ca52b?page=32"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 33" href="http://viewer.zmags.com/publication/cd5ca52b?page=33"> US visitor to Dundee The mood of optimism, albeit</a> <a title="12103337_HISTORY_DIGIT page 34" href="http://viewer.zmags.com/publication/cd5ca52b?page=34"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 35" href="http://viewer.zmags.com/publication/cd5ca52b?page=35"> The Company was in robust shape, there</a> <a title="12103337_HISTORY_DIGIT page 36" href="http://viewer.zmags.com/publication/cd5ca52b?page=36"> Dunedin Income Growth Investment Trust </a> <a title="12103337_HISTORY_DIGIT page 37" href="http://viewer.zmags.com/publication/cd5ca52b?page=37"> The “Panic of 1907” For most early investment tru</a> <a title="12103337_HISTORY_DIGIT page 38" href="http://viewer.zmags.com/publication/cd5ca52b?page=38"> Dunedin Income Growth Investment Trust Chain rea</a> <a title="12103337_HISTORY_DIGIT page 39" href="http://viewer.zmags.com/publication/cd5ca52b?page=39"> Above The Dundee Advertiser of 9 June 1911 report</a> <a title="12103337_HISTORY_DIGIT page 40" href="http://viewer.zmags.com/publication/cd5ca52b?page=40"> Dunedin Income Growth Investment Trust Titanic c</a> <a title="12103337_HISTORY_DIGIT page 41" href="http://viewer.zmags.com/publication/cd5ca52b?page=41"> 41</a> <a title="12103337_HISTORY_DIGIT page 42" href="http://viewer.zmags.com/publication/cd5ca52b?page=42"> DDuunneeddiinn IInnccoommee GGrroowwtthh IInnvvee</a> <a title="12103337_HISTORY_DIGIT page 43" href="http://viewer.zmags.com/publication/cd5ca52b?page=43"> DDuunneeddiinn IInnccoommee GGrroowwtthh IInnvvee</a> <a title="12103337_HISTORY_DIGIT page 44" href="http://viewer.zmags.com/publication/cd5ca52b?page=44"> Dunedin Income Growth Investment Trust War, Peac</a> <a title="12103337_HISTORY_DIGIT page 45" href="http://viewer.zmags.com/publication/cd5ca52b?page=45"> Initially, British companies and individuals were</a> <a title="12103337_HISTORY_DIGIT page 46" href="http://viewer.zmags.com/publication/cd5ca52b?page=46"> Dunedin Income Growth Investment Trust Valentine</a> <a title="12103337_HISTORY_DIGIT page 47" href="http://viewer.zmags.com/publication/cd5ca52b?page=47"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 48" href="http://viewer.zmags.com/publication/cd5ca52b?page=48"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 49" href="http://viewer.zmags.com/publication/cd5ca52b?page=49"> The Company’s ten largest investments in May 1923</a> <a title="12103337_HISTORY_DIGIT page 50" href="http://viewer.zmags.com/publication/cd5ca52b?page=50"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 51" href="http://viewer.zmags.com/publication/cd5ca52b?page=51"> Later the same day, Fleming was made a Freeman</a> <a title="12103337_HISTORY_DIGIT page 52" href="http://viewer.zmags.com/publication/cd5ca52b?page=52"> 52</a> <a title="12103337_HISTORY_DIGIT page 53" href="http://viewer.zmags.com/publication/cd5ca52b?page=53"> Problems building on Wall Street On the other sid</a> <a title="12103337_HISTORY_DIGIT page 54" href="http://viewer.zmags.com/publication/cd5ca52b?page=54"> Dunedin Income Growth Investment Trust Hisfirm</a> <a title="12103337_HISTORY_DIGIT page 55" href="http://viewer.zmags.com/publication/cd5ca52b?page=55"> Watched by his family, his coffin was carried </a> <a title="12103337_HISTORY_DIGIT page 56" href="http://viewer.zmags.com/publication/cd5ca52b?page=56"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 57" href="http://viewer.zmags.com/publication/cd5ca52b?page=57"> Jessie does not seem to have been the most meticu</a> <a title="12103337_HISTORY_DIGIT page 58" href="http://viewer.zmags.com/publication/cd5ca52b?page=58"> DDuunneeddiinn IInnccoommee GGrroowwtthh IInnvvee</a> <a title="12103337_HISTORY_DIGIT page 59" href="http://viewer.zmags.com/publication/cd5ca52b?page=59"> DDuunneeddiinn IInnccoommee GGrroowwtthh IInnvvee</a> <a title="12103337_HISTORY_DIGIT page 60" href="http://viewer.zmags.com/publication/cd5ca52b?page=60"> 60</a> <a title="12103337_HISTORY_DIGIT page 61" href="http://viewer.zmags.com/publication/cd5ca52b?page=61"> World War 2 and ‘fifties growth The W</a> <a title="12103337_HISTORY_DIGIT page 62" href="http://viewer.zmags.com/publication/cd5ca52b?page=62"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 63" href="http://viewer.zmags.com/publication/cd5ca52b?page=63"> James Ernest Cox Ernest Cox, having been Chairman</a> <a title="12103337_HISTORY_DIGIT page 64" href="http://viewer.zmags.com/publication/cd5ca52b?page=64"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 65" href="http://viewer.zmags.com/publication/cd5ca52b?page=65"> Top The cover of the 1942 Annual Report. Top rig</a> <a title="12103337_HISTORY_DIGIT page 66" href="http://viewer.zmags.com/publication/cd5ca52b?page=66"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 67" href="http://viewer.zmags.com/publication/cd5ca52b?page=67"> Dunedin Income Growth Investment Trust </a> <a title="12103337_HISTORY_DIGIT page 68" href="http://viewer.zmags.com/publication/cd5ca52b?page=68"> 1873 – 2018 The 1960s At the beginning of the 19</a> <a title="12103337_HISTORY_DIGIT page 69" href="http://viewer.zmags.com/publication/cd5ca52b?page=69"> Small wonder, then, that markets became unsettled</a> <a title="12103337_HISTORY_DIGIT page 70" href="http://viewer.zmags.com/publication/cd5ca52b?page=70"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 71" href="http://viewer.zmags.com/publication/cd5ca52b?page=71"> Above The 1969 Amalgamation proposals. Amalgama</a> <a title="12103337_HISTORY_DIGIT page 72" href="http://viewer.zmags.com/publication/cd5ca52b?page=72"> Dunedin Income Growth Investment Trust The top t</a> <a title="12103337_HISTORY_DIGIT page 73" href="http://viewer.zmags.com/publication/cd5ca52b?page=73"> The Dow Jones passes 1,000 Next, Sir John noted i</a> <a title="12103337_HISTORY_DIGIT page 74" href="http://viewer.zmags.com/publication/cd5ca52b?page=74"> DDuunneeddiinn IInnccoommee GGrroowwtthh IInnvvee</a> <a title="12103337_HISTORY_DIGIT page 75" href="http://viewer.zmags.com/publication/cd5ca52b?page=75"> DDuunneeddiinn IInnccoommee GGrroowwtthh IInnvvee</a> <a title="12103337_HISTORY_DIGIT page 76" href="http://viewer.zmags.com/publication/cd5ca52b?page=76"> Dunedin Income Growth Investment Trust All chang</a> <a title="12103337_HISTORY_DIGIT page 77" href="http://viewer.zmags.com/publication/cd5ca52b?page=77"> The Aberdeen Press & Journal of 24 October 1979 r</a> <a title="12103337_HISTORY_DIGIT page 78" href="http://viewer.zmags.com/publication/cd5ca52b?page=78"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 79" href="http://viewer.zmags.com/publication/cd5ca52b?page=79"> The Company’s record, 1977 to 1987. Year to 2 Feb</a> <a title="12103337_HISTORY_DIGIT page 80" href="http://viewer.zmags.com/publication/cd5ca52b?page=80"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 81" href="http://viewer.zmags.com/publication/cd5ca52b?page=81"> The subsequent decline took the FT-A All-Share In</a> <a title="12103337_HISTORY_DIGIT page 82" href="http://viewer.zmags.com/publication/cd5ca52b?page=82"> DDuunneeddiinn IInnccoommee GGrroowwtthh IInnvvee</a> <a title="12103337_HISTORY_DIGIT page 83" href="http://viewer.zmags.com/publication/cd5ca52b?page=83"> DDuunneeddiinn IInnccoommee GGrroowwtthh IInnvvee</a> <a title="12103337_HISTORY_DIGIT page 84" href="http://viewer.zmags.com/publication/cd5ca52b?page=84"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 85" href="http://viewer.zmags.com/publication/cd5ca52b?page=85"> 85</a> <a title="12103337_HISTORY_DIGIT page 86" href="http://viewer.zmags.com/publication/cd5ca52b?page=86"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 87" href="http://viewer.zmags.com/publication/cd5ca52b?page=87"> Above Jean Matterson, the first woman to join the</a> <a title="12103337_HISTORY_DIGIT page 88" href="http://viewer.zmags.com/publication/cd5ca52b?page=88"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 89" href="http://viewer.zmags.com/publication/cd5ca52b?page=89"> DIGIT received a series of awards for </a> <a title="12103337_HISTORY_DIGIT page 90" href="http://viewer.zmags.com/publication/cd5ca52b?page=90"> DDuunneeddiinn IInnccoommee GGrroowwtthh IInnvvee</a> <a title="12103337_HISTORY_DIGIT page 91" href="http://viewer.zmags.com/publication/cd5ca52b?page=91"> DDuunneeddiinn IInnccoommee GGrroowwtthh IInnvvee</a> <a title="12103337_HISTORY_DIGIT page 92" href="http://viewer.zmags.com/publication/cd5ca52b?page=92"> Dunedin Income Growth Investment Trust DIGIT in </a> <a title="12103337_HISTORY_DIGIT page 93" href="http://viewer.zmags.com/publication/cd5ca52b?page=93"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 94" href="http://viewer.zmags.com/publication/cd5ca52b?page=94"> 94</a> <a title="12103337_HISTORY_DIGIT page 95" href="http://viewer.zmags.com/publication/cd5ca52b?page=95"> 95</a> <a title="12103337_HISTORY_DIGIT page 96" href="http://viewer.zmags.com/publication/cd5ca52b?page=96"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 97" href="http://viewer.zmags.com/publication/cd5ca52b?page=97"> Left Right Max </a> <a title="12103337_HISTORY_DIGIT page 98" href="http://viewer.zmags.com/publication/cd5ca52b?page=98"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 99" href="http://viewer.zmags.com/publication/cd5ca52b?page=99"> These were some of the Company’s toughest times y</a> <a title="12103337_HISTORY_DIGIT page 100" href="http://viewer.zmags.com/publication/cd5ca52b?page=100"> Dunedin Income Growth Investment Trust “asaluta</a> <a title="12103337_HISTORY_DIGIT page 101" href="http://viewer.zmags.com/publication/cd5ca52b?page=101"> Above Rory Macnamara became Chairman in 2012. “</a> <a title="12103337_HISTORY_DIGIT page 102" href="http://viewer.zmags.com/publication/cd5ca52b?page=102"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 103" href="http://viewer.zmags.com/publication/cd5ca52b?page=103"> Rory Macnamara’s obituary</a> <a title="12103337_HISTORY_DIGIT page 104" href="http://viewer.zmags.com/publication/cd5ca52b?page=104"> Dunedin Income Growth Investment Trust Left Loui</a> <a title="12103337_HISTORY_DIGIT page 105" href="http://viewer.zmags.com/publication/cd5ca52b?page=105"> Right Marching on: the legendary figures of Despe</a> <a title="12103337_HISTORY_DIGIT page 106" href="http://viewer.zmags.com/publication/cd5ca52b?page=106"> Dunedin Income Growth Investment Trust APPENDIX </a> <a title="12103337_HISTORY_DIGIT page 107" href="http://viewer.zmags.com/publication/cd5ca52b?page=107"> Dunedin Income Growth Investment Trust </a> <a title="12103337_HISTORY_DIGIT page 108" href="http://viewer.zmags.com/publication/cd5ca52b?page=108"> Dunedin Income Growth Investment Trust Epilogue </a> <a title="12103337_HISTORY_DIGIT page 109" href="http://viewer.zmags.com/publication/cd5ca52b?page=109"> About the Author John Newlands is a</a> <a title="12103337_HISTORY_DIGIT page 110" href="http://viewer.zmags.com/publication/cd5ca52b?page=110"> Dunedin Income Growth Investment Trust 1873 – 201</a> <a title="12103337_HISTORY_DIGIT page 111" href="http://viewer.zmags.com/publication/cd5ca52b?page=111"> </a> <a title="12103337_HISTORY_DIGIT page 112" href="http://viewer.zmags.com/publication/cd5ca52b?page=112"> </a>