George Rae (banker)
George Rae | |
|---|---|
| Born | Template:Birth date Aberdeen, Scotland |
| Died | August 4, 1902 (aged 84) |
| Occupation(s) | Banker, entrepreneur, author, parliamentary lobbyist, traveler, philanthropist |
| Known for | Banking career at The North and South Wales Bank; Pre-Raphaelite art collection; founding trustee of the Institute of Bankers |
George Rae (21 October 1817 – 4 August 1902) was a prominent British banker, entrepreneur, author, parliamentary lobbyist, traveler, and philanthropist who operated primarily in Liverpool, Birkenhead, and Oxton, Merseyside. His career at The North and South Wales Bank (commonly known as the Wales Bank) spanned from 1839 until 1898. Rae is distinguished for his extensive collection of Pre-Raphaelite artworks and his support of artists such as Dante Gabriel Rossetti, along with his close association with William Morris. He authored two significant texts on banking: The Internal Management of a Country Bank (1850) and The Country Banker, His Clients, Cares and Work (1885). Rae also played a key role as a founding trustee of the Institute of Bankers.
As a supporter of the Pre-Raphaelite Brotherhood, Rae commissioned and acquired pieces by artists including Rossetti, Ford Madox Brown, Arthur Hughes, and Edward Burne-Jones. One of his notable commissions was Rossetti’s The Beloved created in 1863.
Rae’s collection extended to works by painters from the Liverpool school who were influenced by the Pre-Raphaelite movement, such as William Joseph J.C. Bond, William Davis, James Campbell, John Edward Newton, and Robert Tonge. He also gathered artworks from creators inspired by or following Pre-Raphaelite principles including George Price Boyce, John William Inchbold, Albert Joseph Moore, Valentine Cameron Prinsep, and John Roddam Spencer Stanhope. His assemblage further included paintings by William Huggins.
Early life
Born on 21 October 1817 in Aberdeen, Scotland, Rae was the sixth child among ten siblings to George Rae Snr, a Messenger-at-arms, and Jean Edmond. He received his education at the Classical and Commercial Academy.
Rae commenced his professional journey in 1835 at the Scottish legal firm Adam and Anderson. A year later, he joined the North of Scotland Banking Company as a branch accountant stationed initially at Peterhead before transferring to branches in Elgin and Keith.
1839 - 1851: Early career with the 'Wales Bank'
In April 1839, Rae relocated to Liverpool to serve as an inspector of branches for The North and South Wales Bank (Wales Bank). By 1842 he advanced to manage the Oswestry branch and was appointed General Manager in 1845. During the financial crisis known as the Panic of 1847, Rae guided the bank through its temporary closure from October 1847 until January 1848. He also improved supervision across branches and tightened control over banknote issuance.
On 13 March 1845, Rae married Elspeth Kynoch and settled in Birkenhead. The couple had three children: George Bentham (1846–1909), Edward (1847–1923), and Alice (1849–1939).
In 1850, writing under the pseudonym Thomas Bullion, Rae released The Internal Management of a Country Bank, a collection of letters discussing branch management practices. By February 1851, he publicly supported forming an institute for bankers similar to those established for scientific and artistic professions. Sadly, his wife passed away on 10 March 1851, leaving him widowed with three young children.
1852 - 1862: Starting his Pre-Raphaelite art collection
In 1852, Rae visited the Liverpool Exhibition, where he developed an interest in Pre-Raphaelite art after encountering John Everett Millais’ award-winning painting A Huguenot, on St. Bartholomew's Day.
Two years later, in 1854, Rae was named Chairman of the Commissioners of Birkenhead and collaborated with John Laird (shipbuilder) to restructure the town’s financial management. He remarried Julia Williams on 26 April 1855.
From 1857 through 1862, Rae significantly enhanced his art collection with notable Pre-Raphaelite pieces: two works by William Davis (artist), titled ‘’Junction of the Liffey and Rye near Leixlip’’ and ‘’View on the Liffey near Leixlip’’ (both created in 1857); Dante Gabriel Rossetti’s sketch My Lady Greensleeves (1859); George Price Boyce’s Among the Thames Willows (1860); Ford Madox Brown’s English Autumn Afternoon (1861); John Edward Newton’s Mill on the Alyn, Denbighshire (1861); along with Rossetti’s Wedding of St. George and the Princess Sabra (1862), which he acquired at Christie’s for £40.19. In that same year, Rae purchased Edward Burne-Jones’ The Wise and Foolish Virgins for 26 guineas, as well as Rossetti’s Fanny Cornforth and The Heart of the Night (also referred to as Mariana in the Moated Grange). He also obtained Rossetti’s watercolour Mariana in the South, a piece previously considered by his associate James Leathart.
This assemblage represented a pivotal moment in Rae's deep involvement with Pre-Raphaelite art, showcasing both his personal enthusiasm and deliberate cultural investment.
1863 - 1866: Procurement of The Beloved
In early 1863, Rossetti commenced work on a painting depicting Beatrice Portinari for patron Ellen Heaton, which eventually developed into the piece known as The Beloved. When Heaton declined to purchase it by December, Rae stepped in and agreed to fund its completion for £300.
As a supporter of Ford Madox Brown, Rae commissioned The Coat of Many Colours, which was delivered in 1866. In 1864, he acquired Rossetti’s Fazio’s Mistress from William Henry Blackmore and commissioned a £105 watercolour reproduction of the nude Venus Verticordia, with added drapery as per Rae’s request. That same year, Rae purchased six oil paintings and drawings by Rossetti from William Morris for £262, and paid Rossetti an additional £35 for final refinements. These acquisitions included The Damsel of the Sanc Grael (1857), Death of Breuse sans Pitié, The Chapel before the Lists (1857), The Tune of Seven Towers (1857), The Blue Closet (1857), and Paolo and Francesca da Rimini (1855). Rae also added Arthur Hughes' A Music Party (1864) to his collection.
In May 1865, Rae visited Rossetti twice to assess progress on The Beloved. He commissioned Arthur Hughes' painting In the Grass, which was later displayed at the Liverpool Academy of Arts. Acting on James Leathart’s recommendation, Rae acquired John William Inchbold’s Venice from the Public Gardens. After exchanging correspondence with Rossetti, Rae purchased A Fight for a Woman for 50 guineas.
On 21 July 1865, Rae became a member of the Wales Bank Board and assumed the role of Managing Director.
Rossetti provided an update to Rae on October 5 regarding modifications to The Beloved, highlighting enhancements to its composition. The artwork was exhibited briefly at the Arundel Club on 21 February 1866 before being installed in Rae’s residence. In March 1866, Liverpool merchant John Miller and shipowner Frederick Richards Leyland visited Rae specifically to view this painting.
1866 - 1874: Growth of Art Holdings and Leadership at the Wales Bank
During a 1866 business visit to London, Rae inspected Overend, Gurney and Company, where the Wales Bank maintained substantial deposits. Observing precarious discounts on acceptances from Liverpool merchants, he promptly arranged for these funds to be moved to a different institution shortly before Overend, Gurney and Company failed, thereby safeguarding the Wales Bank from potential financial damage.
That same year, Rae added Ford Madox Brown’s commissioned work ‘’The Coat of Many Colours’’ to his collection. In 1869, he expanded his art portfolio by acquiring William Henry Blackmore’s Rossetti originals: ‘’Monna Vanna’’ (initially titled ‘’Venus Veneta’’) and ‘’Fazio’s Mistress’’, both significant pieces.
By December 1870, Rae had received Rossetti’s commissioned painting ‘’Sibylla Palmifera’’, followed by ‘’Veronica Veronese’’ in 1872. These important acquisitions further established Rae as a prominent collector closely associated with leading Pre-Raphaelite art.
In June 1873, Rae was appointed Chairman and Managing Director of the Wales Bank. His leadership focused on strengthening the bank’s finances, improving transparency in fund allocation records, enhancing employee training programs, and streamlining accounting processes. He also stressed the importance of Welsh language skills among management and clerical personnel to better serve the local clientele.
That year, Rae sent multiple Rossetti works—including ‘’The Beloved’’ and ‘’Monna Vanna’’, later renamed ‘’Belcolore’’ after restoration—for retouching at Kelmscott Manor. In 1874, he commissioned a second oil rendition of ‘’Damsel of the Sanct Grael’’ alongside his earlier purchase of ‘’Lucrezia Borgia’’.
Rae contributed to establishing the Association of Country Bankers in 1874. On 21 June 1875, he appeared before the Parliamentary Select Committee on Banks of Issue, expressing criticism of the Bank Charter Act 1844 for insufficient oversight regarding the Bank of England’s reserve management—a viewpoint shared by Sir Robert Harry Inglis Palgrave, who supported provincial banks’ rights to issue notes.
1875: Documentation of Rae's Art Collection
On 2 and 9 October 1875, Frederic George Stephens, an art critic affiliated with the Pre-Raphaelite Brotherhood, featured detailed descriptions of numerous paintings from Rae’s collection in the weekly journal The Athenaeum. These articles authenticated the origins of Rae’s artworks, highlighting 15 pieces by Dante Gabriel Rossetti; Albert Joseph Moore’s Dancing Girl Reposing; and several works by Ford Madox Brown such as Joseph’s Coat, The Death of Sir Tristram, and An English Autumn Afternoon. Additional artists covered included John Roddam Spencer Stanhope, James Campbell, Arthur Hughes, William Davis—of whom Rae owned 28 paintings—and Valentine Cameron "Val" Prinsep.
1876 - 1879: Establishing a New Residence: Redcourt
In 1876, Rae engaged Liverpool architect Edmund Kirby to design his new home named ‘Redcourt’ on a plot near Devonshire Road. The residence was completed in 1879 and featured wallpaper crafted by William Morris, reflecting Rae’s support for distinguished artists and designers.
1879 - 1880: Institute of Bankers and Bank Limited Liability
On 11 March 1879, Rae played a pivotal role as a founding Vice-President and Trustee of the Institute of Bankers. During this time, he collaborated with Chancellor Sir Stafford Northcote and successfully persuaded MP William Shaw (Irish politician) to back amendments that facilitated the passage of the Banking and Joint Stock Companies Bill of 1879. This legislation marked a crucial advancement by permitting banks to operate under limited liability.
1885: Release of The Country Banker
In 1884, the artist Frank Holl created a portrait of Rae. The subsequent year saw the publication of Rae’s work The Country Banker: His Clients, Cares, and Work, which drew upon four decades of professional experience. The book is structured as 41 letters covering diverse banking subjects, each prefaced with literary quotations. It enjoyed widespread reprints in London, Toronto, and New York. The Economist commended it as "engaging and rich in practical wisdom," highlighting its significant impact within financial circles.
1886 - 1902: Health Decline and Passing
In the spring of 1886, following medical advice from Dr. Sir William Broadbent, Rae sought to improve his vision by spending time on the French Riviera with his family. After falling ill in 1893, he resumed work in 1894 but eventually stepped down as Chairman of the Wales Bank in January 1898, with Thomas Brocklebank succeeding him. Rae retired from the board two months later.
Between 1898 and 1899, Rae privately issued two volumes titled Holiday Rambles by Land and Sea, chronicling his journeys through the Western Isles, Channel Islands, Egypt, and various parts of Europe.
In 1899, Henry Currie Marillier’s Dante Gabriel Rossetti, An Illustrated Memorial included eleven photographs from Rae’s Rossetti collection—one of the rare collections preserved intact alongside that of Ellen Heaton.
On 10 March 1900, Rae purchased Ford Madox Brown’s painting Windermere at a Christie’s auction—an artwork he had admired since its initial display at the Liverpool Exhibition in 1856.
George Rae passed away at Redcourt on 4 August 1902. Notices of his death appeared in both the Liverpool Daily Post and The Bankers’ Insurance Managers’ and Agents Magazine. The latter detailed his vast art collection, which comprised 95 pieces including 19 by Rossetti, six by Brown, five by Hughes, one by Burne-Jones, twenty-eight by Davis, eleven by William Bond, and six by Spencer Stanhope.
Rae allocated £1,250 to twelve charitable organizations in Liverpool through his will. He was laid to rest at Flaybrick Hill Cemetery (presently Flaybrick Memorial Gardens). A memorial window dedicated to him exists in St Saviours Church in Oxton—designed by Sir Edward Burne-Jones and crafted by Morris & Co.—serving as a testament to his enduring cultural contributions.
Family and Legacy
In April 1902, Rae donated £1,500 to the University College of North Wales, Bangor (now Bangor University), to establish a Chair specializing in banking and currency studies. The George Rae Prize was awarded for outstanding achievement in the Institute of Banking examination on Practice of Banking. Lectures bearing his name were delivered until 1920 and later resumed between 1987 and 2007.
His elder brother, John Rae, emigrated to Australia in 1839 and served as one of three Commissioners governing Sydney.
Julia, widow of George Rae, resided at Redcourt until her death in November 1915. In 1916, twelve Rossetti paintings from the collection were acquired by the National Gallery (now Tate Britain), including ‘The Beloved’ (£3,000) and ‘Monna Vanna’ (£2,000). Additionally, Ford Madox Brown’s ‘An English Autumn Afternoon’ (£810) was purchased by Birmingham Museums Trust.
