Philip Burlamachi
Encyclopedia
Philip Burlamachi was a major financial intermediary of King Charles I of England
. His family was of Italian origin, exiled descendants of the Lucchese Francesco Burlamacchi. He is known to have been in England for at least 30 years (since at least 1605) where he became naturalized by an Act of Parliament.
He worked extensively with his brother in law Philip Calandrini who was his agent in Amsterdam. At around about this time in 1621 he also acts on behalf of the City of London Merchants in regards collecting money from foreign merchants which is to be given to the Privy Council for 'Whereas you have undertaken the collecting of such moneys as were thought reasonable and meet for the merchants strangers residing within the City of London and the outports, to contribute towards the expedition against pirates.' He was entrusted (the sum of £30,000) on behalf of the Privy Council with bills of exchange for the service of an army for the States of the United Provinces or 'direct the employment them as he shall think'. One thing that is certain and clear is the importance of Philip Burlamachi in regards money and finance and his idea (the first of its kind) although he himself does concede "the proposal has been formerly made."
Burlamachi’s idea of a clearing bank was the first known idea for a central bank
, where the word bank is first used "a bank for the payment of all large sums of which shall be negotiated". The idea was originally discussed in the year 1636 and 28 years later, in 1694, the Bank of England
was first formed.
Burlamachi is also known for financing the East India Company
. and as Postmaster of Foreign posts from 1637 to 1642.
Charles I of England
Charles I was King of England, King of Scotland, and King of Ireland from 27 March 1625 until his execution in 1649. Charles engaged in a struggle for power with the Parliament of England, attempting to obtain royal revenue whilst Parliament sought to curb his Royal prerogative which Charles...
. His family was of Italian origin, exiled descendants of the Lucchese Francesco Burlamacchi. He is known to have been in England for at least 30 years (since at least 1605) where he became naturalized by an Act of Parliament.
He worked extensively with his brother in law Philip Calandrini who was his agent in Amsterdam. At around about this time in 1621 he also acts on behalf of the City of London Merchants in regards collecting money from foreign merchants which is to be given to the Privy Council for 'Whereas you have undertaken the collecting of such moneys as were thought reasonable and meet for the merchants strangers residing within the City of London and the outports, to contribute towards the expedition against pirates.' He was entrusted (the sum of £30,000) on behalf of the Privy Council with bills of exchange for the service of an army for the States of the United Provinces or 'direct the employment them as he shall think'. One thing that is certain and clear is the importance of Philip Burlamachi in regards money and finance and his idea (the first of its kind) although he himself does concede "the proposal has been formerly made."
Burlamachi’s idea of a clearing bank was the first known idea for a central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
, where the word bank is first used "a bank for the payment of all large sums of which shall be negotiated". The idea was originally discussed in the year 1636 and 28 years later, in 1694, the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
was first formed.
Burlamachi is also known for financing the East India Company
East India Company
The East India Company was an early English joint-stock company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian subcontinent and China...
. and as Postmaster of Foreign posts from 1637 to 1642.