Thomas Catto, 1st Baron Catto
Thomas Sivewright Catto, 1st Baron Catto | |
|---|---|
| Born | March 15, 1879 Newcastle upon Tyne, England |
| Died | August 23, 1959 (aged 80) Surrey, England |
| Occupation(s) | Entrepreneur, Banker |
| Known for | Governor of the Bank of England |
Thomas Sivewright Catto, 1st Baron Catto, CBE, PC (15 March 1879 – 23 August 1959), was a prominent Scottish entrepreneur who later held the position of Governor of the Bank of England.
Early life and education
Born in Newcastle upon Tyne to William and Isabella Catto, Thomas experienced the loss of his father early in life. Following this, his family relocated to Peterhead, Aberdeenshire, before returning to Newcastle. There, he earned a scholarship to attend Heaton School, which was subsequently known as Rutherford College of Technology.
Shipping
At the age of fifteen, Catto began his career as a clerk with the Gordon Steam Shipping Company. By 1898, he had taken on the role of secretary to William Horwood Stuart, managing partner at F. A. Mattievich & Co located in Batumi and Baku, Russia. In 1904, he established and managed the London office for MacAndrews & Forbes, an American company with business interests in the East, collaborating with fellow Scotsman David Forbes. Catto became a member of the Baltic Exchange and in 1906 acted as Forbes's deputy in Smyrna, conducting extensive travels throughout the Near and Middle East. By 1909, he advanced to vice-president at the firm's New York branch.
First World War
Due to physical limitations preventing military service, Catto contributed to the war effort by overseeing supply transportation to Russia. Between 1915 and 1917, he represented the British Admiralty on the Russian Commission in the United States. From 1917 until 1918, he participated in the British Food Mission in America and was appointed chairman of the Allied Provisions Commission as well as head of the British Ministry of Food's operations in North America during 1918.
Inter-war years
In 1919, Catto succeeded Sir David Yule as chairman of Andrew Yule and Company Ltd., a significant enterprise based in Calcutta that is presently majority-owned (93.26%) by the Government of India. Together with Yule, he co-founded Yule Catto & Company Ltd—today known as Synthomer—a company publicly listed on the London Stock Exchange.
Returning to London in 1928, Catto joined investment bank Morgan, Grenfell & Co. as a partner while maintaining his chairmanship roles at Andrew Yule & Co and Yule Catto & Co until 1940.
Second World War and later life
In April 1940, Catto was appointed Director-General of Equipment and Stores at the Ministry of Supply and simultaneously joined the board of directors at the Bank of England. By July 1941, he assumed duties as Financial Adviser to the Treasury. In April 1944, he was elected Governor of the Bank of England, serving until February 1949 during which time he supervised the institution’s nationalisation process.
Catto battled Parkinson's disease later in life and passed away in Surrey in 1959. His hereditary title was inherited by his son, Stephen.
Honours
In recognition of his contributions during the First World War, Catto was appointed a Commander of the Order of the British Empire (CBE) in 1918 and was created a baronet three years later in 1921. He was elevated to the peerage as Baron Catto in 1936 and gained membership in the Privy Council in 1947.