William Lidderdale
Encyclopedia
William Lidderdale PC (July 16, 1832 - June 26, 1902) was a British
merchant, and governor of the Bank of England
between 1889 and 1892.
Lidderdale was born to British parents at the British Chaplaincy in Saint Petersburg
, Russia
, and was educated at Birkenhead
in Cheshire
.
After working for the Russian merchants Heath and Co, he joined the Liverpool
merchant house of Rathbone Brothers
, working in their New York
office from 1857 to 1863. He was made a partner in 1864, and went on to establish the firm's London office.
He became a Bank of England director in 1870, becoming Deputy Governor in 1887, and Governor in 1889.
Lidderdale's period in office is notable for his handling of the Barings
crisis, cause of the 'Panic of 1890
'. Barings became over-extended in underwriting
Argentine debt, the value of which strongly declined following political unrest in Buenos Aires, and the recognition of the inefficient use of borrowed funds. Lidderdale organized a successful consortium
to rescue the bank. In recognition, he was granted the Freedom of the City of London and was made a member of the British Privy Council
.
He lived at Ascot Place
at North Ascot
in Winkfield
, Berkshire
.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
merchant, and 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...
between 1889 and 1892.
Lidderdale was born to British parents at the British Chaplaincy in Saint Petersburg
Saint Petersburg
Saint Petersburg is a city and a federal subject of Russia located on the Neva River at the head of the Gulf of Finland on the Baltic Sea...
, Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, and was educated at Birkenhead
Birkenhead
Birkenhead is a town within the Metropolitan Borough of Wirral in Merseyside, England. It is on the Wirral Peninsula, along the west bank of the River Mersey, opposite the city of Liverpool...
in Cheshire
Cheshire
Cheshire is a ceremonial county in North West England. Cheshire's county town is the city of Chester, although its largest town is Warrington. Other major towns include Widnes, Congleton, Crewe, Ellesmere Port, Runcorn, Macclesfield, Winsford, Northwich, and Wilmslow...
.
After working for the Russian merchants Heath and Co, he joined the Liverpool
Liverpool
Liverpool is a city and metropolitan borough of Merseyside, England, along the eastern side of the Mersey Estuary. It was founded as a borough in 1207 and was granted city status in 1880...
merchant house of Rathbone Brothers
Rathbone Brothers
Rathbone Brothers Plc is one of the UK's largest and longest-established provider of high-quality, personalised investment management and wealth management services for private investors and trustees. This includes discretionary investment management, unit trusts, tax planning, trust and company...
, working in their New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
office from 1857 to 1863. He was made a partner in 1864, and went on to establish the firm's London office.
He became a Bank of England director in 1870, becoming Deputy Governor in 1887, and Governor in 1889.
Lidderdale's period in office is notable for his handling of the Barings
Barings Bank
Barings Bank was the oldest merchant bank in London until its collapse in 1995 after one of the bank's employees, Nick Leeson, lost £827 million due to speculative investing, primarily in futures contracts, at the bank's Singapore office.-History:-1762–1890:Barings Bank was founded in 1762 as the...
crisis, cause of the 'Panic of 1890
Panic of 1890
The Panic of 1890 was an acute depression, although less serious than other panics of the era. It was precipitated by the near insolvency of Barings Bank in London. Barings, led by Edward Baring, 1st Baron Revelstoke, faced bankruptcy in November 1890 due mainly to excessive risk-taking on poor...
'. Barings became over-extended in underwriting
Underwriting
Underwriting refers to the process that a large financial service provider uses to assess the eligibility of a customer to receive their products . The name derives from the Lloyd's of London insurance market...
Argentine debt, the value of which strongly declined following political unrest in Buenos Aires, and the recognition of the inefficient use of borrowed funds. Lidderdale organized a successful consortium
Consortium
A consortium is an association of two or more individuals, companies, organizations or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal....
to rescue the bank. In recognition, he was granted the Freedom of the City of London and was made a member of the British Privy Council
Privy Council of the United Kingdom
Her Majesty's Most Honourable Privy Council, usually known simply as the Privy Council, is a formal body of advisers to the Sovereign in the United Kingdom...
.
He lived at Ascot Place
Ascot Place
Ascot Place is a 18th century mansion, set in of parkland between Cranbourne, North Ascot and Winkfield. It is located close to Windsor Great Park and the Berkshire Polo Club...
at North Ascot
North Ascot
North Ascot is an area of Ascot in the county of Berkshire in England. It lies north of the A329 and west of the A332, adjoining the famous racecourse, Heatherwood Hospital and the village of Burleigh.- Local government :...
in Winkfield
Winkfield
Winkfield is a village and civil parish in the Bracknell Forest unitary authority of Berkshire, England.-Geography:According to the 2001 census, the parish had a population of 15,271...
, Berkshire
Berkshire
Berkshire is a historic county in the South of England. It is also often referred to as the Royal County of Berkshire because of the presence of the royal residence of Windsor Castle in the county; this usage, which dates to the 19th century at least, was recognised by the Queen in 1957, and...
.
Cultural references
- Appears as a minor character in the historical-mystery novel Stone's FallStone's Fall-Synopsis:An aging BBC reporter approaching retirement in 1953, Matthew Braddock is on a farewell tour, visiting the old Paris bureau. Chancing upon a familiar name in the obituary notices, he decides to attend the funeral of an acquaintance he has not seen for many years. After the service, he is...
, by Iain PearsIain PearsIain Pears is an English art historian, novelist and journalist. He was educated at Warwick School, Warwick, Wadham College and Wolfson College, Oxford. Before writing, he worked as a reporter for the BBC, Channel 4 and ZDF and correspondent for Reuters from 1982 to 1990 in Italy, France, UK and...
.