James White (financier)
Encyclopedia
James White was an English financier, property developer and speculator. From a working class family in Lancashire
, he worked at a number of jobs before becoming well known in the years before the First World War as a boxing promoter. From that, he moved into property and other transactions, making large sums of money in major deals. He became a racehorse owner and theatre proprietor.
White finally overreached himself financially, and being unable to meet his huge liabilities, committed suicide at the age of 50.
, Lancashire
, the son of Thomas White, a bricklayer, and his wife, Catherine, née Mullroy. He was educated at St John's Roman Catholic School, Rochdale. Little is known of his early career; it is on record that he worked in a cotton mill, and White said in 1925 that when he was 19, he and three others bought a circus in Rochdale, and that he later leased a theatre in Matlock in the adjoining county of Derbyshire
.
In 1899, when he was 21, White married Annie Fetton, a worker in the wool industry. In 1900 he went to South Africa to work as a labourer on the railways, returning less than a year later. He became a builder and later bought and sold property and arranged finance for purchasers. In 1908 he suffered a financial failure and was declared bankrupt, although he ultimately paid all his debts in full. The Oxford Dictionary of National Biography records that Annie White died at an unknown date and White married a second time, having a son and three daughters with his second wife, Doris.
, whose financial fortunes became entangled with those of White, described him as "one of that group of financial wizards who appeared and vanished like comets in the sky of the business world during the period 1910–1930".
Beecham's dealings with White came about through Beecham's father, Sir Joseph
. In 1914 White persuaded Beecham senior to underwrite the purchase of the Covent Garden estate and market in London. The transaction was incomplete when the First World War broke out in 1914 and public share issues for non-essential purposes were prohibited. Two years later, with the deal still in limbo, White was on the verge of resolving all outstanding funding problems when Sir Joseph died suddenly, leaving a financial tangle that had to be settled by the courts.
In 1913, White was appointed financial adviser to Dunlop Rubber
and persuaded the company to set up an American subsidiary, which failed. He also speculated in the Lancashire cotton industry during a brief trade boom, to the detriment of the industry. After the war he returned to property dealing, and was at first highly successful, buying and profitably reselling large holdings in central London and elsewhere. He also bought a controlling interest in Daly's Theatre
, where, he said, "he had used every resource to keep up the standard laid down by the late Mr. George Edwardes
".
White was a lifelong gambler, and spend a large fortune on racehorses, owing stables and entering runners, with some success, for major races. During the war, he organised entertainments for the American servicemen passing through London, and at troop camps throughout the UK.
. He left a note for the coroner
, "Go easy with me, old man. I am dead from prussic acid. No need to cut any deeper. – Jimmy." The coroner's inquest
found that White was insane at the time of his suicide. Such was White's popularity that more than 5,000 spectators and mourners attended his funeral. However, the financial magazine The Economist
commented that by trusting White, "many people in many countries have lost far more than they can afford." Among the biggest losers were White's wife and children, who were left penniless.
Lancashire
Lancashire is a non-metropolitan county of historic origin in the North West of England. It takes its name from the city of Lancaster, and is sometimes known as the County of Lancaster. Although Lancaster is still considered to be the county town, Lancashire County Council is based in Preston...
, he worked at a number of jobs before becoming well known in the years before the First World War as a boxing promoter. From that, he moved into property and other transactions, making large sums of money in major deals. He became a racehorse owner and theatre proprietor.
White finally overreached himself financially, and being unable to meet his huge liabilities, committed suicide at the age of 50.
Early years
White was born in RochdaleRochdale
Rochdale is a large market town in Greater Manchester, England. It lies amongst the foothills of the Pennines on the River Roch, north-northwest of Oldham, and north-northeast of the city of Manchester. Rochdale is surrounded by several smaller settlements which together form the Metropolitan...
, Lancashire
Lancashire
Lancashire is a non-metropolitan county of historic origin in the North West of England. It takes its name from the city of Lancaster, and is sometimes known as the County of Lancaster. Although Lancaster is still considered to be the county town, Lancashire County Council is based in Preston...
, the son of Thomas White, a bricklayer, and his wife, Catherine, née Mullroy. He was educated at St John's Roman Catholic School, Rochdale. Little is known of his early career; it is on record that he worked in a cotton mill, and White said in 1925 that when he was 19, he and three others bought a circus in Rochdale, and that he later leased a theatre in Matlock in the adjoining county of Derbyshire
Derbyshire
Derbyshire is a county in the East Midlands of England. A substantial portion of the Peak District National Park lies within Derbyshire. The northern part of Derbyshire overlaps with the Pennines, a famous chain of hills and mountains. The county contains within its boundary of approx...
.
In 1899, when he was 21, White married Annie Fetton, a worker in the wool industry. In 1900 he went to South Africa to work as a labourer on the railways, returning less than a year later. He became a builder and later bought and sold property and arranged finance for purchasers. In 1908 he suffered a financial failure and was declared bankrupt, although he ultimately paid all his debts in full. The Oxford Dictionary of National Biography records that Annie White died at an unknown date and White married a second time, having a son and three daughters with his second wife, Doris.
Financial success
White moved to London and turned his hand to promoting boxing matches. In 1911 he attracted public notice when a much-publicised match under his management was banned because one of the boxers was black. White threatened to stage the match in Paris to escape the ban. The enormous public interest in the controversy propelled White to the attention of businessmen, politicians and press barons; his influence as a broker of deals grew steadily. In the words of the ODNB, "White possessed the kind of charisma that disarmed critics. With deep-blue eyes, an engaging smile, and a Lancastrian breeziness, he impressed those willing to fall under his spell." The conductor Sir Thomas BeechamThomas Beecham
Sir Thomas Beecham, 2nd Baronet CH was an English conductor and impresario best known for his association with the London Philharmonic and the Royal Philharmonic orchestras. He was also closely associated with the Liverpool Philharmonic and Hallé orchestras...
, whose financial fortunes became entangled with those of White, described him as "one of that group of financial wizards who appeared and vanished like comets in the sky of the business world during the period 1910–1930".
Beecham's dealings with White came about through Beecham's father, Sir Joseph
Sir Joseph Beecham, 1st Baronet
Sir Joseph Beecham, 1st Baronet , was a British businessman.Beecham was the eldest son of Thomas Beecham and Jane Evans. He played a large part in the growth and expansion of his father's medicinal pill business which he joined in 1866. He was responsible for Beechams' factory and office in...
. In 1914 White persuaded Beecham senior to underwrite the purchase of the Covent Garden estate and market in London. The transaction was incomplete when the First World War broke out in 1914 and public share issues for non-essential purposes were prohibited. Two years later, with the deal still in limbo, White was on the verge of resolving all outstanding funding problems when Sir Joseph died suddenly, leaving a financial tangle that had to be settled by the courts.
In 1913, White was appointed financial adviser to Dunlop Rubber
Dunlop Rubber
Dunlop Rubber was a company based in the United Kingdom which manufactured tyres and other rubber products for most of the 20th century. It was acquired by BTR plc in 1985. Since then, ownership of the Dunlop trade-names has been fragmented.-Early history:...
and persuaded the company to set up an American subsidiary, which failed. He also speculated in the Lancashire cotton industry during a brief trade boom, to the detriment of the industry. After the war he returned to property dealing, and was at first highly successful, buying and profitably reselling large holdings in central London and elsewhere. He also bought a controlling interest in Daly's Theatre
Daly's Theatre
Daly's Theatre was a theatre in the City of Westminster. It was located at 2 Cranbourn Street, just off Leicester Square. It opened on 27 June 1893, and was demolished in 1937.-Early years:...
, where, he said, "he had used every resource to keep up the standard laid down by the late Mr. George Edwardes
George Edwardes
George Joseph Edwardes was an English theatre manager of Irish ancestry who brought a new era in musical theatre to the British stage and beyond....
".
White was a lifelong gambler, and spend a large fortune on racehorses, owing stables and entering runners, with some success, for major races. During the war, he organised entertainments for the American servicemen passing through London, and at troop camps throughout the UK.
Financial disaster and suicide
In 1927, White overstretched himself financially, and found himself hundreds of thousands of pounds short of the money he needed to meet two concurrent contractual commitments. He committed suicide by poisoning himself at his house in WanboroughWanborough, Surrey
Wanborough is a small hamlet in Surrey approximately 6 km west of Guildford on the northern slopes of the Hog's Back. Neighbouring villages include: Puttenham and Christmas Pie...
. He left a note for the coroner
Coroner
A coroner is a government official who* Investigates human deaths* Determines cause of death* Issues death certificates* Maintains death records* Responds to deaths in mass disasters* Identifies unknown dead* Other functions depending on local laws...
, "Go easy with me, old man. I am dead from prussic acid. No need to cut any deeper. – Jimmy." The coroner's inquest
Inquest
Inquests in England and Wales are held into sudden and unexplained deaths and also into the circumstances of discovery of a certain class of valuable artefacts known as "treasure trove"...
found that White was insane at the time of his suicide. Such was White's popularity that more than 5,000 spectators and mourners attended his funeral. However, the financial magazine The Economist
The Economist
The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...
commented that by trusting White, "many people in many countries have lost far more than they can afford." Among the biggest losers were White's wife and children, who were left penniless.