William Cotton (banker)
Encyclopedia
William Cotton FRS (12 September 1786 - 1 December 1866) was an English
inventor, merchant, philanthropist, and Governor of the Bank of England
from 1842 to 1845.
Cotton was born in Leyton
, the son of Joseph Cotton
, who made his fortune with the East India Company
. He was educated at the nearby Chigwell Grammar School. His father was Joseph Cotton, Deputy Master of Trinity House
in 1803, and a director of the East India Company
. His brother, John Cotton, later became a director and chairman of the East India Company.
In 1807 Cotton became a partner in the cordage manufacturers, Huddart & Co., in Limehouse
, and was later general manager until, 1838.
He became governor of the Bank of England
in 1842, with the usual term of two years being extended to three in recognition of his securing a new charter for the bank with the passage of the 1844 Bank Charter Act
. During his time at the bank, he developed a machine for the weighing of gold sovereigns, which was capable of weighing twenty-three coins every minute to an accuracy of one ten-thousandth of a grain
. He was a Fellow of the Royal Society from 1821.
He served as High Sheriff of Essex
in 1838. In his lifetime Cotton was active in the funding Canon Nathaniel Woodard's
national network of Woodard Schools
, and passive in the funding and establishment of new churches throughout the East End of London
.
He married in 1812; to Sarah Lane, a daughter of Thomas Lane of Leyton Grange
. Their son William Charles Cotton
was a clergyman and apiarist
; another son was the eminent jurist Henry Cotton
.
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
inventor, merchant, philanthropist, and Governor of the Bank of England
Governor of the Bank of England
The Governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the Bank, with the incumbent grooming his or her successor...
from 1842 to 1845.
Cotton was born in Leyton
Leyton
Leyton is an area of north-east London and part of the London Borough of Waltham Forest, located north east of Charing Cross. It borders Walthamstow and Leytonstone; Stratford in Newham; and Homerton and Lower Clapton in the London Borough of Hackney....
, the son of Joseph Cotton
Joseph Cotton (mariner)
Joseph Cotton FRS , was an English mariner and merchant, a director of the East India Company and deputy-master of Trinity House....
, who made his fortune with the East India Company
East India Company
The East India Company was an early English joint-stock company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian subcontinent and China...
. He was educated at the nearby Chigwell Grammar School. His father was Joseph Cotton, Deputy Master of Trinity House
Trinity House
The Corporation of Trinity House of Deptford Strond is the official General Lighthouse Authority for England, Wales and other British territorial waters...
in 1803, and a director of the East India Company
British East India Company
The East India Company was an early English joint-stock company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian subcontinent and China...
. His brother, John Cotton, later became a director and chairman of the East India Company.
In 1807 Cotton became a partner in the cordage manufacturers, Huddart & Co., in Limehouse
Limehouse
Limehouse is a place in the London Borough of Tower Hamlets. It is on the northern bank of the River Thames opposite Rotherhithe and between Ratcliff to the west and Millwall to the east....
, and was later general manager until, 1838.
He became governor of the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
in 1842, with the usual term of two years being extended to three in recognition of his securing a new charter for the bank with the passage of the 1844 Bank Charter Act
Bank Charter Act 1844
The Bank Charter Act 1844 was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England....
. During his time at the bank, he developed a machine for the weighing of gold sovereigns, which was capable of weighing twenty-three coins every minute to an accuracy of one ten-thousandth of a grain
Grain (measure)
A grain is a unit of measurement of mass that is nominally based upon the mass of a single seed of a cereal. From the Bronze Age into the Renaissance the average masses of wheat and barley grains were part of the legal definition of units of mass. However, there is no evidence of any country ever...
. He was a Fellow of the Royal Society from 1821.
He served as High Sheriff of Essex
High Sheriff of Essex
The High Sheriff of Essex was an ancient High Sheriff title originating in the time of the Angles, not long after the invasion of the Kingdom of England, which was in existence for around a thousand years...
in 1838. In his lifetime Cotton was active in the funding Canon Nathaniel Woodard's
Nathaniel Woodard
Nathaniel Woodard was a priest in the Church of England. He founded 11 schools for the middle classes in England whose aim was to provide education based on sound principle and sound knowledge, firmly grounded in the Christian faith...
national network of Woodard Schools
Woodard Schools
Woodard Schools is a group of Anglican schools affiliated to the Woodard Corporation which has its origin in the work of Nathaniel Woodard, an Anglo-Catholic clergyman....
, and passive in the funding and establishment of new churches throughout the East End of London
East End of London
The East End of London, also known simply as the East End, is the area of London, England, United Kingdom, east of the medieval walled City of London and north of the River Thames. Although not defined by universally accepted formal boundaries, the River Lea can be considered another boundary...
.
He married in 1812; to Sarah Lane, a daughter of Thomas Lane of Leyton Grange
Leyton Grange
Leyton Grange is the second most deprived area of London Borough of Waltham Forest It include an estate that consists of a 10-storey tower and ten 4-storey courts owned by Forest Homes ....
. Their son William Charles Cotton
William Charles Cotton
Rev William Charles Cotton MA was an Anglican priest, a missionary and an apiarist. After education at Eton College and Christ Church, Oxford he was ordained and travelled to New Zealand as chaplain to George Augustus Selwyn, its first bishop. He introduced the skills of beekeeping to North...
was a clergyman and apiarist
Beekeeper
A beekeeper is a person who keeps honey bees for the purposes of securing commodities such as honey, beeswax, pollen, royal jelly; pollinating fruits and vegetables; raising queens and bees for sale to other farmers; and/or for purposes satisfying natural scientific curiosity...
; another son was the eminent jurist Henry Cotton
Henry Cotton (judge)
Sir Henry Cotton was a British judge. He was a Lord Justice of Appeal from 1877, when he was made a Privy Counsellor, until his retirement in 1890.-Early life:...
.