Alfred Clayton Cole
Alfred Clayton Cole | |
|---|---|
| Born | Error: Invalid birth date for calculating age London, England |
| Died | June 5, 1920 (aged 65) |
| Occupation(s) | Merchant, Banker |
| Years active | 1880–1913 |
| Known for | Governor of the Bank of England (1911–1913) |
Alfred Clayton Cole (17 December 1854 – 5 June 1920) was a prominent merchant based in the City of London and held a directorship at the Bank of England, where he served as Governor between 1911 and 1913.
Early life and background
Alfred Cole, the younger son of William Henry Cole—a banker and merchant engaged in trade with the Americas from Gracechurch Street, London—received his education at Eton College followed by Trinity College, Cambridge. He entered his father’s business, W. H. Cole & Son, in 1880. By 1882, he appeared in Webster's Court and Fashionable Register with a London address listed as 64 Portland Place.
During his time at Eton, Cole was taught by Oscar Browning and maintained a lifelong correspondence with him. His elder brother, William Utting Cole (1851–1892), served in the 3rd Dragoon Guards and succumbed to cholera while stationed in India; William’s widow later remarried Herbert Studd. Alfred also had a sister, Annie Frances Cole, who married Colonel Sir Howard Elphinstone VC; the couple had four daughters.
Career
In 1895, Cole was appointed as a director of the Bank of England. By 1901, he was a partner in the merchant firm William Henry Cole and Co., while concurrently holding directorships at both the Bank of England and the London Assurance Corporation. His business address remained at Gracechurch Street. Additionally, he fulfilled duties as a Deputy Lieutenant for the City of London and was affiliated with the Athenaeum Club and St James's Club.
Following his father’s passing in 1889, Cole became the sole proprietor and eventually wound up the family business in 1908. He served as Deputy Governor of the Bank of England from 1909 until 1911 before ascending to the position of Governor from 1911 to 1913, after which Walter Cunliffe succeeded him. In assuming this role in 1911, Cole acknowledged the heightened duties it entailed.
In 1905, while serving as a Bank director, Cole stirred controversy by stating that “It is no business of the Bank during any time of crisis to take care of the other banks... all that the Bank is called upon to do is to take care of itself.” This viewpoint was publicly challenged by his successor Governor A. F. Wallace in 1906. Interestingly, during his own governorship starting in 1911, Cole introduced a new initiative aimed at fostering closer collaboration between the Bank of England and clearing banks.
Cole stepped down from his Bank position in 1913. Upon his death in 1920, he was remembered as “a man of great ability, of strong convictions, with fearless courage in expressing them.”
Private life
In 1907, at St George's, Hanover Square, Cole married Lilian Seymour Chamberlain (1864–1949), a Canadian-born widow of Herbert Chamberlain—brother to Joseph Chamberlain. Four years later, Lilian’s nephew Neville Chamberlain wed Alfred’s niece Anne de Vere Cole; Neville would go on to become Prime Minister of Britain.
In 1912, Cole acquired West Woodhay House located in Berkshire from his nephew Horace de Vere Cole, who had inherited but lacked resources to upkeep the estate.
Alfred Clayton Cole passed away on 5 June 1920 at West Woodhay House. Among his residences were 64 Portland Place in Middlesex; West Woodhay House; and Pulham St Mary Magdalen in Norfolk. He was interred at St Mary Magdalen's Church in Pulham Market alongside his parents. His estate was valued at £208,687 with probate granted to his widow Lilian Seymour Cole and others.
Lilian Seymour Cole died at her Belgravia home on 21 December 1949. She held the title Officer of the Order of the British Empire (OBE), with General Sir Ralph Eastwood and Brigadier A. A. M. Durand acting as executors for her estate.