 A fiat of bankruptcy was issued, and the notes exhibited at the Ivy Bush Hotel, Carmarthen on 11 September 1832, when a first dividend of 5 shillings in the pound was paid.According to one authority, the liabilities of Waters, Jones & Co. amounted to £300,000, and the failure of the bank was the result of ‘issuing notes to the extent of nearly £100,000 upon unmarketable securities, and making advances in opposition to every principle of common sense and common safety.Money was freely lent, without security, to drovers to enable them to purchase cattle, and the wants of a large agricultural district were soothed in a similarly paternal manner.’ It may be that such harsh criticism was due to the writer being a heavy depositor in the bank.