Brogden was a Russia merchant turned financial speculator and company director, and the owner since about 1802 of a 530-acre South Wales estate containing valuable coal and iron deposits.
Greed brought about Brogden’s downfall. In November 1824 he became a director of the Arigna Iron and Coal Mining Company, a joint-stock enterprise formed by Sir William Congreve, Member for Plymouth, and others to exploit the Arigna mines in county Roscommon, Ireland. On 20 Jan. 1825 he took receipt of £1,047, as most of the other directors, including John Bent, Member for Totnes, had already done. During the course of the year it emerged that these payments had come from a sum of £15,000 fraudulently obtained from the shareholders by Henry and Joseph Clarke, Congreve’s coadjutors, who had bought the mines from Roger Flattery for £10,000 but sold shares to the amount of £25,000. The scandal became public in December 1825. At a meeting of the proprietors, 7 Jan. 1826, an agitated Brogden claimed that like Bent he had initially and still honestly believed that his money had come not from peculation but from the sale by the Clarkes of his reserved shares, and that as soon as he had been alerted (by Bent) that something untoward had occurred, he had helped to promote an internal investigation. He was strongly attacked in The Times, 10 Jan. 1826, in a leader calling for parliamentary inquiry and questioning his fitness to continue as chairman of committees. The following day the newspaper printed his solicitor’s letter proclaiming his innocence, and another meeting of the Arigna shareholders reiterated their belief in his innocence of wrong-doing.
To talents I have never pretended, nor have I ever affected any extraordinary morality; but with the character I have hitherto maintained and the station I have hitherto held in society, I must have been devoid of common sense as of virtue to put them at hazard for such a paltry temptation.
Canning returned the letter, rebuked Brogden for disrupting his busy life and repeated his determination ‘absolutely to abstain from entering unnecessarily upon an investigation which I earnestly hope will never be forced upon me in any other way’.
On the address at the opening of the 1826 Parliament, 21 Nov., Waithman, radical Whig Member for London and a dogged critic of the many fraudulent and ruinous bubble schemes which had proliferated in recent years, said he would challenge Brogden’s reappointment to the chair if it was proposed. Brogden, whose initial remarks were inaudible in ‘the buzz which pervaded the House’, admitted that he had become involved in some ‘speculations which ... had grown out of the excessive circulation of the country, the small value of money, and the low rate of interest’, and that the Arigna project had indeed turned out to be ‘nefarious’. But he insisted on his personal innocence of malpractice, deplored the ‘sweeping odium’ currently being directed at joint-stock companies, many of which had brought great advantages to the country, and accused Waithman of uttering ‘a direct and positive falsehood’ in alleging outside the House that he had ‘possessed himself of thousands of pounds’. Forced by the Speaker to apologize, he read the exculpatory report of the Arigna committee and boasted of his past zeal and assiduity as chairman of ways and means. When directly accused by Sir Joseph Yorke of pocketing and refusing to refund the spoils of fraud, he stuck to his story about the shares. On 24 Nov., protesting that ‘among the public at large his character had been taken from him by anonymous publications of the most scandalous and virulent description’, even though he was ‘perfectly guiltless’, he stood down as chairman and challenged Waithman to give him the chance to vindicate himself. Almost 16 years later, towards the end of his life, he privately claimed that he had ‘had Mr. Canning’s feelings with me’, but had been forced to relinquish the chair (a ‘blow’ from which he had ‘never recovered’) by Peel, whose friend Sir Alexander Grant was chosen to replace him.
Questioned by the committee on 20, 22, 23, 26 Dec. 1826 and 2, 3, 6 Feb. 1827, he was particularly roughly handled by Waithman. The committee’s report, which was presented to the Commons on 3 Apr. 1827, concluded that Brogden had not been privy to ‘the fraud respecting the reservation of the £15,000, on the sale of the property to the Company’ and accepted his explanation that he had believed that he was entitled to the £1,047 as the proceeds of the sale of his reserved shares. At the same time, it pointed out that his and Bent’s testimony as to their reactions to the gift contained ‘many discrepancies’; that he ‘did not take sufficient pains’ to ascertain the source of the money previous to his receipt of it; that he ought not to have taken it if he believed it to have come from the sale of ‘a hoard of shares secretly reserved for the benefit of the directors’; and that he was still refusing to return it, even though he had at first promised to do so.
Brogden evidently felt a year later that ‘the mist of delusion ... [was] passing away’ and that he would ‘rise triumphantly to convince the world how ill ... [he had] been used’; but in reality he cut an abject and largely inconspicuous figure until his retirement at the dissolution of 1832.
By then he was in serious financial trouble, hounded by many creditors. The Arigna misappropriation was the subject of litigation in England and Ireland for several years.
a very great injustice ... [and] suffered ... by the ... most abominable of all tribunals, a select committee of the House of Commons [which] tried me for my conduct which ought to have been rewarded, in the Arigna Company, my principal inducement to which was to encourage capital to go to Ireland rather than Mexico ... I was made the scapegoat to excuse Lord Brougham, Lord Grey, Lord Palmerston, Sir James Graham, etc., etc.
Ibid. 3, Brogden to Hardinge, 21 May 1842.
Brogden died at Friar’s Oak in June 1842. By his brief will of 8 June 1839 he devised his Carmarthenshire real estate (which in his first will of 1825 he had left to his brother Henry) and all his personal estate to Hannah Brogden, now his wife. She renounced probate to Thomas Scott, a creditor, who proved the will under £1,500, 26 Aug. 1843, but left it unadministered during his lifetime. Further grants of administration were made in 1856 and 1865.
