George Baring, 3rd Earl of Cromer
Encyclopedia
Lieutenant-Colonel Rowland Stanley Baring, 3rd Earl of Cromer, KG, GCMG, MBE, PC
(28 July 1918 – 16 March 1991), styled Viscount Errington before 1953, was a British
banker and diplomat. After serving during World War II
, he was Governor of the Bank of England
(1961–1966) and British Ambassador to the United States (1971–1974).
and his wife Ruby Elliot-Murray-Kynynmound, he was educated at Eton
and Trinity College, Cambridge
, where he left after a year. He served with the Grenadier Guards
during the Second World War
, where he gained the rank of Lieutenant-Colonel and became a Member of the Order of the British Empire
.
in 1938, he joined Barings Bank
, founded by his ancestor Sir Francis Baring, as a clerk. After military service during the war, he was managing director of Barings between 1949 and 1959 He then served as Economic Minister at the British Embassy in Washington as well as holding executive directorships at the International Monetary Fund
, the International Bank for Reconstruction and Development
, and the International Finance Corporation
.
In 1961, he was appointed Governor of the Bank of England
, a position he held until 1966. During his governorship, he clashed with the incoming Labour
Prime Minister, Harold Wilson
, over Cromer's desire to see government spending contained, which may have contributed to his decision not to seek a second term. He was subsequently appointed to the Privy Council
. He was responsible for the Cromer Report into Lloyd's of London
.
From 1971 to 1974 he served as British Ambassador to the United States. Following his appointment he became a Knight Commander of the Order of St Michael and St George
, and was raised to the rank of Knight Grand Cross in 1974. He was a Governor of the pro-NATO Atlantic Institute
, and a member of the Pilgrims Society
executive committee.
In 1977, he was made a Knight of the Garter.
. They had three children:
He died on 16 March 1991 in London.
Privy Council of the United Kingdom
Her Majesty's Most Honourable Privy Council, usually known simply as the Privy Council, is a formal body of advisers to the Sovereign in the United Kingdom...
(28 July 1918 – 16 March 1991), styled Viscount Errington before 1953, was a British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
banker and diplomat. After serving during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, he was Governor of the Bank of England
Governor of the Bank of England
The Governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the Bank, with the incumbent grooming his or her successor...
(1961–1966) and British Ambassador to the United States (1971–1974).
Early life and military career
The eldest son of the 2nd Earl of CromerRowland Baring, 2nd Earl of Cromer
Rowland Thomas Baring, 2nd Earl of Cromer, GCB, GCIE, GCVO, PC, ADC was the son of Evelyn Baring, 1st Earl of Cromer.During World War I he served as a subaltern in the Grenadier Guards...
and his wife Ruby Elliot-Murray-Kynynmound, he was educated at Eton
Eton College
Eton College, often referred to simply as Eton, is a British independent school for boys aged 13 to 18. It was founded in 1440 by King Henry VI as "The King's College of Our Lady of Eton besides Wyndsor"....
and Trinity College, Cambridge
Trinity College, Cambridge
Trinity College is a constituent college of the University of Cambridge. Trinity has more members than any other college in Cambridge or Oxford, with around 700 undergraduates, 430 graduates, and over 170 Fellows...
, where he left after a year. He served with the Grenadier Guards
Grenadier Guards
The Grenadier Guards is an infantry regiment of the British Army. It is the most senior regiment of the Guards Division and, as such, is the most senior regiment of infantry. It is not, however, the most senior regiment of the Army, this position being attributed to the Life Guards...
during the Second World War
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, where he gained the rank of Lieutenant-Colonel and became a Member of the Order of the British Empire
Order of the British Empire
The Most Excellent Order of the British Empire is an order of chivalry established on 4 June 1917 by George V of the United Kingdom. The Order comprises five classes in civil and military divisions...
.
Banking and diplomatic career
After serving as private secretary to the Freeman Freeman-Thomas, 1st Marquess of WillingdonFreeman Freeman-Thomas, 1st Marquess of Willingdon
Major Freeman Freeman-Thomas, 1st Marquess of Willingdon was a British Liberal politician and administrator who served as Governor General of Canada, the 13th since Canadian Confederation, and as Viceroy and Governor-General of India, the country's 22nd.Freeman-Thomas was born in England and...
in 1938, he joined Barings Bank
Barings Bank
Barings Bank was the oldest merchant bank in London until its collapse in 1995 after one of the bank's employees, Nick Leeson, lost £827 million due to speculative investing, primarily in futures contracts, at the bank's Singapore office.-History:-1762–1890:Barings Bank was founded in 1762 as the...
, founded by his ancestor Sir Francis Baring, as a clerk. After military service during the war, he was managing director of Barings between 1949 and 1959 He then served as Economic Minister at the British Embassy in Washington as well as holding executive directorships at the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
, the International Bank for Reconstruction and Development
International Bank for Reconstruction and Development
The International Bank for Reconstruction and Development is one of five institutions that compose the World Bank Group. The IBRD is an international organization whose original mission was to finance the reconstruction of nations devastated by World War II. Now, its mission has expanded to fight...
, and the International Finance Corporation
International Finance Corporation
The International Finance Corporation promotes sustainable private sector investment in developing countries.IFC is a member of the World Bank Group and is headquartered in Washington, D.C., United States....
.
In 1961, he was appointed Governor of the Bank of England
Governor of the Bank of England
The Governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the Bank, with the incumbent grooming his or her successor...
, a position he held until 1966. During his governorship, he clashed with the incoming Labour
Labour Party (UK)
The Labour Party is a centre-left democratic socialist party in the United Kingdom. It surpassed the Liberal Party in general elections during the early 1920s, forming minority governments under Ramsay MacDonald in 1924 and 1929-1931. The party was in a wartime coalition from 1940 to 1945, after...
Prime Minister, Harold Wilson
Harold Wilson
James Harold Wilson, Baron Wilson of Rievaulx, KG, OBE, FRS, FSS, PC was a British Labour Member of Parliament, Leader of the Labour Party. He was twice Prime Minister of the United Kingdom during the 1960s and 1970s, winning four general elections, including a minority government after the...
, over Cromer's desire to see government spending contained, which may have contributed to his decision not to seek a second term. He was subsequently appointed to the Privy Council
Privy Council of the United Kingdom
Her Majesty's Most Honourable Privy Council, usually known simply as the Privy Council, is a formal body of advisers to the Sovereign in the United Kingdom...
. He was responsible for the Cromer Report into Lloyd's of London
Lloyd's of London
Lloyd's, also known as Lloyd's of London, is a British insurance and reinsurance market. It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals or corporations, come together to pool and spread risk...
.
From 1971 to 1974 he served as British Ambassador to the United States. Following his appointment he became a Knight Commander of the Order of St Michael and St George
Order of St Michael and St George
The Most Distinguished Order of Saint Michael and Saint George is an order of chivalry founded on 28 April 1818 by George, Prince Regent, later George IV of the United Kingdom, while he was acting as Prince Regent for his father, George III....
, and was raised to the rank of Knight Grand Cross in 1974. He was a Governor of the pro-NATO Atlantic Institute
Atlantic Institute
The Atlantic Institute is an independent, non-governmental institute which promotes economic, political, and cultural relations among NATO alliance members and the international community in general...
, and a member of the Pilgrims Society
Pilgrims Society
The Pilgrims Society, founded in 1902, is a British-American society established, in the words of American diplomat Joseph Choate, 'to promote good-will, good-fellowship, and everlasting peace between the United States and Great Britain'...
executive committee.
In 1977, he was made a Knight of the Garter.
Personal life
Cromer married Esmé Mary Gabriel Harmsworth (1922-2011) in 1942, daughter of Esmond Harmsworth, 2nd Viscount RothermereEsmond Harmsworth, 2nd Viscount Rothermere
Esmond Cecil Harmsworth, 2nd Viscount Rothermere was a British Conservative politician and press magnate.Harmsworth's father, Harold Sidney Harmsworth, 1st Viscount Rothermere, had been the financial wizard behind the creation of the Daily Mail in partnership with his brother Alfred Harmsworth,...
. They had three children:
- Lana Mary Gabriel (1943–1974)
- Evelyn Rowland Esmond (born 1946), who succeeded as 4th Earl of Cromer
- Vivian John Rowland (born 1950)
He died on 16 March 1991 in London.