Walter Boyd (financier)

Walter Boyd
Born	c. 1754 Scotland
Died	16 September 1837 Plaistow Lodge, Kent, England
Occupation(s)	Financier, banker, politician
Years active	Late 18th century – early 19th century
Known for	Managing government loans; MP for Shaftesbury and Lymington; author of financial pamphlets

Walter Boyd (circa 1754–1837) was a financier from Britain.

Life

Born in Scotland around 1754, Boyd initially worked as a banker in Paris prior to the French Revolution. As revolutionary turmoil intensified, he escaped France. In October 1793, the assets of his company, Boyd, Ker, & Co., were seized. Earlier that year, in March 1793, he launched Boyd, Benfield, & Co. in London with an initial capital contribution of £60,000 as the main partner.

An advocate of William Pitt the Younger, Boyd gained the trust of the government and successfully managed loans exceeding £30 million, which brought him considerable wealth. He represented Shaftesbury in Parliament from 1796 to 1802, a constituency effectively controlled by his associate Paul Benfield.

The firm encountered severe setbacks after its Paris-based assets were confiscated again following France's 1797 revolution. Engaging in hazardous financial ventures, Boyd, Benfield, & Co. suffered a collapse. Despite receiving aid from private sources and the government, the company was forced into liquidation in 1799, resulting in Boyd's financial ruin.

During the Peace of Amiens (1802–1803), Boyd traveled back to France but was held captive until Napoleon's defeat in 1814. After returning to England, he managed to restore part of his wealth and served as Member of Parliament for Lymington between 1823 and 1830. The writer Walter Scott recognized Boyd for his remarkable dedication to repaying his creditors.

Boyd passed away at Plaistow Lodge in Kent on 16 September 1837.

Works

Boyd produced several pamphlets on financial subjects:

• Letter to the Right Honourable William Pitt on the Influence of the Stoppage of Issues in Specie at the Bank of England on the Prices of Provisions and other Commodities (London, 1801; second edition 1811), where he contended that an increase in banknotes led to rising prices of goods. His position drew criticism from figures such as Sir Francis Baring.
• Reflections on the Financial System of Great Britain, and particularly on the Sinking Fund (1815; second edition 1828), composed during his imprisonment in France (1812), promoting the use of sinking funds to diminish national debt.
• Observations on Lord Grenville's Essay on the Sinking Fund (1828), a critique responding to a contemporary analysis.

External links

Attribution