William Cotton (banker)

William Cotton
Born	1786-09-12 Leytonstone, England
Died	1866-12-01
Occupation(s)	Entrepreneur, inventor, benefactor
Known for	Governor of the Bank of England (1842–1845), Fellow of the Royal Society

William Cotton FRS (12 September 1786 – 1 December 1866) was a distinguished English entrepreneur, inventor, benefactor, and served as Governor of the Bank of England between 1842 and 1845.

Life

Cotton was born in Leytonstone to Joseph Cotton, who had a notable career as a captain with the East India Company, later becoming Deputy Master of Trinity House and a company director. He received his education at Chigwell Grammar School. His brother, John Cotton, also held significant roles within the East India Company, including director and chairman positions.

In 1807, Cotton joined Huddart & Co., a rope manufacturing firm based in Limehouse, first as a partner and eventually acting as general manager until 1838. His appointment as Governor of the Bank of England began in 1842, during which he extended his term to three years while facilitating the passage of the Bank Charter Act 1844. Among his innovations was the creation of an accurate machine designed for rapid weighing of gold sovereign coins. In recognition of his contributions, he was inducted as a Fellow of the Royal Society in 1821.

Cotton held the office of High Sheriff of Essex in 1838. He was actively involved in supporting Canon Nathaniel Woodard’s nationwide network of Woodard Schools and played a role in founding churches within London's East End. He passed away on 1 December 1866 at Walwood House located in Leytonstone.

Family

In 1812, Cotton wed Sarah Lane, daughter of Thomas Lane from Leyton Grange. Their offspring included William Charles Cotton, known for his work as an apiarist and clergyman; Sarah Acland, recognized for her charitable endeavors; Henry Cotton, a distinguished legal professional; and Agnes Cotton, noted for her philanthropy.

External links

• Everybody's Guide to Money Matters at chestofbooks.com