Sir Gilbert Heathcote, 1st Baronet
Sir Gilbert Heathcote, 1st Baronet | |
|---|---|
| Born | Error: Invalid birth date for calculating age Chesterfield, Derbyshire, England |
| Died | January 25, 1733 (aged 81) |
| Occupation(s) | Merchant, Politician |
| Years active | 1680–1733 |
| Known for | Governor of the Bank of England; Lord Mayor of London; Member of Parliament |
Sir Gilbert Heathcote, 1st Baronet (2 January 1652 – 25 January 1733) was a prominent English merchant and Whig politician who represented constituencies in both the English and British Houses of Commons from 1701 until his death in 1733. He also held the positions of governor of the Bank of England and Lord Mayor of London in 1711.
Early life
As the eldest son of Gilbert Heathcote from Chesterfield, Derbyshire, Heathcote began his career with an overseas apprenticeship before establishing himself as a trader within London by 1680. He gained the status of Freeman in the Vintners' Company in 1681 and married Hester Rayner, daughter of London merchant Christopher Rayner, in 1682. Residing near St Dunstan's-in-the-East, he specialized in trading Spanish wines and various goods from St Swithin's Lane. Heathcote entered municipal governance as a Common Councilman for Walbrook ward in 1689 and inherited his father’s estate in 1690.
Between 1693 and 1704, Heathcote served as an agent for Jamaica, overseeing government remittances for military forces while conducting extensive trade with the East Indies. In 1693, after his vessel Redbridge was seized, he contested the East India Company's exclusive trading rights, advocating for free trade unless explicitly restricted by Parliament; the Commons opposed the monopoly and he supported legislation to establish a rival East India Company.
In 1694, Heathcote was appointed Commissioner for Bank of England subscriptions and became a director that same year, intermittently serving in this role throughout his life. He acted as commissioner for Greenwich Hospital starting in 1695 and held the position of treasurer for the Eastland Company until 1699. Around 1698, he notably addressed Peter the Great in High Dutch concerning tobacco imports. That year, he invested £10,000 in the New East India Company loan and remained a director until 1704, facilitating negotiations with the original company.
Political career
Heathcote unsuccessfully contested the City of London seat at the 1698 English general election. In 1699, he joined the Russia Company and was appointed master of the Vintners' Company by 1700. He secured election as MP for City of London at the first general election in 1701 but was expelled on 20 March due to issues involving exchequer bills; however, he regained his seat at the second election later that year.
On 30 June 1702, Heathcote became an alderman representing Walbrook ward and was re-elected as MP for London in that year's election. He received knighthood from Queen Anne on 29 October 1702 and managed unified trade operations for the English East India Company between 1702–1704 and again from 1705–1709.
After initially declining, he accepted election as Sheriff of London in 1703 and served until 1704. In 1705, Heathcote was inducted as a Fellow of the Royal Society. He maintained his parliamentary seat during the 1705 English general election and acted as trustee for a loan to the Emperor in 1706. From 1707 to 1710, he commanded the Blue Regiment of the city Militia as Colonel and served as treasurer of the Honourable Artillery Company (HAC) from 1708 to 1711. Re-elected MP in 1708, he held the governorship of the Bank of England from 1709 to 1711.
The extension of the Bank's charter to 1710 reportedly earned him £60,000. However, he lost his parliamentary seat at the 1710 election.
Despite facing opposition from court factions due to a remonstrance he presented to Queen Anne, Heathcote was elected Lord Mayor of London for the term spanning 1710 to 1711. His tenure was marked by unpopularity which resulted in a curtailed procession where livery companies traveled by barge instead of participating in the traditional parade. He was also noted as the final Lord Mayor to participate on horseback during this ceremonial event.
Heathcote served as vice-president of the HAC between 1711 and 1720 and resumed leadership of the Blue Regiment in 1714, retaining command for life.
At the 1715 British general election, he secured a seat as MP for Helston. Between 1715 and 1727, he acted as Commissioner for Building Fifty New Churches and by 1719 had become Governor of the Eastland Company. He assumed presidency of the HAC in 1720, a role he maintained until his passing. Returning to Parliament at the 1722 British general election representing New Lymington, he also took on presidency of St Thomas' Hospital that year.
In 1725, Heathcote changed wards to serve as Alderman for Bridge Without until his death. During the 1727 British general election, he was elected MP for St Germans. In 1729, he acquired Normanton Hall, Rutland. Appointed commissioner for Georgia colony in October 1732, he garnered substantial backing among Bank directors. Shortly before dying, he was created a baronet in 1733.
Although possessing considerable wealth, Heathcote’s parsimonious nature contributed to his lack of popularity. He died in London on 25 January 1733 and was interred at St Matthew's Church, Normanton, Rutland. A monument sculpted by John Michael Rysbrack is displayed at Church of St Mary the Virgin, Edith Weston. His brother was Caleb Heathcote.
Connections to Slavery
Heathcote was a shareholder in the South Sea Company (SSC), a British joint-stock enterprise that held the Asiento de Negros contract from the Spanish Empire. This agreement permitted the SSC to transport enslaved individuals to Spain's colonial territories in America as part of the broader Atlantic slave trade. Nevertheless, research by University College London's Legacies of British Slave-ownership indicates that Heathcote did not possess enslaved people within the British colony of Jamaica. After the discovery of Heathcote's association with slavery, the Gilbert Heathcote School located in Chesterfield was renamed in 2021, becoming the "Whittington Moor Nursery and Infant Academy."
Lineage
Among Heathcote's descendants, Sir Gilbert John Heathcote, 5th Baronet (1795–1867) was elevated to the peerage as Baron Aveland in 1856. His son, Gilbert Henry, succeeded to the barony of Willoughby de Eresby in 1888 and was subsequently titled 1st Earl of Ancaster in 1892.