Tony - I think he lost his money in _everything_ speculation! While researching the piece, I spent an interesting day in the Surrey History Centre in Woking going through their collection of Fowler's papers - that is where a lot of the stuff about his business history, plus the correspondence with Smith in Spain came from. There are letters to and from the secretaries of all sorts of companies, in mining, rubber, you name it, mostly in the run up to WW1. Philip Truett, the historian of Walton Heath, who gave me a lot of help with the article, summed it up best - 'he was clearly a business disaster.'