John Rudge (banker)
John Rudge | |
|---|---|
| Born | Error: Invalid birth date for calculating age London, England |
| Died | March 22, 1740 (aged 70) |
| Occupation(s) | Merchant, financier, politician |
| Years active | 1698–1734 |
| Known for | Governor of the Bank of England (1713–1715), Member of Parliament for Evesham |
John Rudge (15 August 1669 – 22 March 1740), associated with Mark Lane in London and Evesham Abbey in Worcestershire, was a prominent London merchant, financier, and Whig politician who held a seat in the House of Commons nearly continuously from 1698 until 1734. He served as Governor of the Bank of England between 1713 and 1715.
Early life and family
As the eldest surviving son of Edward Rudge, a London-based merchant who acquired the manor of Evesham in 1664 and represented the borough in Parliament, John inherited significant family estates. He acted as Mayor of Evesham in 1691 and succeeded to Evesham Abbey after his father’s passing in 1696. On 10 January 1699, he married Susanna Letten, the heiress of John Letten from London.
Business career
Following his father’s death, Rudge assumed control over the family’s commercial ventures and emerged as a leading figure within London’s trading community. His business activities included Mediterranean commerce and extending loans to the consul stationed at Alicante. In 1696, he became an assistant to the Royal African Company and secured a position on the committee of the East India Company. By June 1698, he invested £2,000 in establishing the New East India Company. He withdrew his interests from the Old East India Company by 1702 to concentrate on the New East India Company, where he held a directorship from 1704 to 1708.
Rudge’s involvement with the Bank of England spanned several roles: director from 1699 to 1711, Deputy Governor between 1711 and 1713, and Governor from 1713 to 1715. Afterward, he returned as director until his death. Moreover, he served as Deputy-Governor of the South Sea Company from 1721 through 1730.
Political career
Rudge secured election as Member of Parliament for Evesham during a by-election on 11 March 1698, maintaining his parliamentary seat through successive elections until his defeat in 1734. Although local conflicts occasionally affected his political standing, he preserved influence largely through his leadership within commercial enterprises.
While his parliamentary committee participation was limited—likely due to extensive business responsibilities—he consistently supported core Whig initiatives such as trade regulation and resistance to French commercial legislation. His voting record aligned with Whig policies including endorsing the naturalization of Palatines in 1709, opposing peace negotiations that excluded Spain in 1711, and resisting repeal efforts against the Septennial Act in 1734.
His financial holdings reinforced his political roles; by 1710 he owned £4,000 in Bank of England stock, which contributed to his appointment as Deputy Governor in 1711. This position closely connected him with governmental financial strategies during Robert Harley’s administration. Throughout his career, Rudge effectively combined substantial commercial leadership with dedicated parliamentary representation for Evesham.
Death and legacy
Rudge passed away on 22 March 1740 and was interred at Wheatfield, Oxfordshire, where his son Edward lived. His grave features a monument sculpted by Peter Scheemakers.