Sir George Colebrooke, 2nd Baronet
Encyclopedia
Sir George Colebrooke, 2nd Baronet (14 June 1729 – 5 August 1809), of Gatton
in Surrey
, was an English merchant banker, chairman of the East India Company
and Member of Parliament
, who bankrupted himself through unwise speculations.
Colebrooke was the third son of James Colebrooke, a London
banker, and was educated at Leiden University
. After the death of his father and an older brother he was left in sole charge of the family bank in Threadneedle Street
, and invested some of his wealth in buying up control of the borough of Arundel
in Sussex
, where the family lived. Arundel was not a classic pocket borough, where the power to return MPs was literally tied to property rights that could be freely bought and sold, but a thoroughly corrupt one where bribery was routine and where maintaining influence of the elections required constant expenditure. Nevertheless, Colebrooke kept control for twenty years, sitting himself as its MP from 1754 to 1774 and for most of the period being able to choose also who held the other seat. Meanwhile his brother, James
had bought control of one seat in another rotten borough, Gatton
in Surrey
, for £23,000, and was also sitting in Parliament. Both brothers were at first Opposition Whigs
, but switched support to the Duke of Newcastle's
government and were rewarded in 1759 with the creation of a baronetcy for James (who had daughters but no son) and a special remainder of the baronetcy to George. When James died in 1761, George inherited both the baronetcy and the Lordship of the Manor
at Gatton with its guaranteed control of one of the parliamentary seats there.
More valuably, however, Colebrooke's support for Newcastle ensured his eligibility for lucrative government contracts. By 1762, he held two of these contracts, one for remitting money to the British forces in the American colonies and the other for victualling the troops there. But with Newcastle's fall from power in that year, Colebrooke was immediately ejected from one contract by the new government, and the other was not renewed when it expired in 1765. Though offered compensation or new contracts on the formation of the Rockingham
government, he preferred instead to accept a well-paid post as chirographer
to the Court of Common Pleas
. From this point onwards although he retained his seat in Parliament he was rarely active there.
Colebrooke's business interests were diverse. He speculated in land, buying large estates in Lanarkshire
, and purchased plantations in Antigua
(where his wife already had interests), Grenada
and Dominica
; he was also a member of a syndicate to settle the Ohio Valley
in 1768, and had interests in New England
. (Colebrook, New Hampshire
is named in his honour.) Two interests in particular, however, led to his eventual downfall: his involvement in the East India Company
and his speculations in raw materials.
Colebrooke was a Director of the East India Company from 1767–1771 and 1772–1773, Deputy Chairman 1768-1769 and was elected Chairman three times, in 1769, 1770 and 1772. His final year in office was a disastrous one: the company got into financial difficulties (which led to the passing of the Regulating Act of 1773
), he was accused of speculating in its stock while Chairman, and was left heavily in debt to a number of the other leading figures in the company, partly through arrangements to procure votes in the Company's elections. He lost much larger sums, however, speculating on prices of raw materials - hemp
, flax
, lead
, logwood and alum
among others. In 1771 he lost £190,000 dealing in hemp; from 1772 he was attempting to corner the world's supply of alum, buying up mines in Yorkshire
and Lancashire
, and saw much of the remainder of his fortune swallowed up when the market collapsed as part of a wider financial crisis.
At first, Colebrooke was able to stay in business with assistance from the Bank of England
, but his bank temporarily stopped payment on 31 March 1773, and permanently (after three years in the control of trustees appointed by his creditors) on 7 August 1776. Yet at the same period he was spending considerable sums on the rebuilding of his London house in Soho Square
. Most of his property, including his share in the rotten borough at Gatton, was sold to meet his liabilities, and a commission of bankruptcy was taken out against him in 1777.
He retired to Boulogne-sur-Mer
, so poor that the East India Company had to vote him a pension, but later returned to England and managed eventually to pay his creditors in full so that some inheritance was left for his descendants.
He married Mary Gayner, daughter of Peter Gayner of Antigua
, in 1754, and they had three sons and three daughters:
Gatton
Gatton may refer to:Places:*Gatton, Queensland, Australia**Shire of Gatton, former administrative region*Gatton, Surrey, former village in England** Gatton , rotten borough based in the villagePeople:...
in Surrey
Surrey
Surrey is a county in the South East of England and is one of the Home Counties. The county borders Greater London, Kent, East Sussex, West Sussex, Hampshire and Berkshire. The historic county town is Guildford. Surrey County Council sits at Kingston upon Thames, although this has been part of...
, was an English merchant banker, chairman of the East India Company
British 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 Member of Parliament
Member of Parliament
A Member of Parliament is a representative of the voters to a :parliament. In many countries with bicameral parliaments, the term applies specifically to members of the lower house, as upper houses often have a different title, such as senate, and thus also have different titles for its members,...
, who bankrupted himself through unwise speculations.
Colebrooke was the third son of James Colebrooke, a London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
banker, and was educated at Leiden University
Leiden University
Leiden University , located in the city of Leiden, is the oldest university in the Netherlands. The university was founded in 1575 by William, Prince of Orange, leader of the Dutch Revolt in the Eighty Years' War. The royal Dutch House of Orange-Nassau and Leiden University still have a close...
. After the death of his father and an older brother he was left in sole charge of the family bank in Threadneedle Street
Threadneedle Street
Threadneedle Street is a street in the City of London, leading from a junction with Poultry, Cornhill, King William Street and Lombard Street, to Bishopsgate....
, and invested some of his wealth in buying up control of the borough of Arundel
Arundel (UK Parliament constituency)
Arundel was twice a parliamentary constituency in the Kingdom of England, the Kingdom of Great Britain, and the United Kingdom. The first incarnation strictly comprised the town centre of Arundel and was a borough constituency first enfranchised in 1332 and disfranchised in 1868 under the Reform...
in Sussex
Sussex
Sussex , from the Old English Sūþsēaxe , is an historic county in South East England corresponding roughly in area to the ancient Kingdom of Sussex. It is bounded on the north by Surrey, east by Kent, south by the English Channel, and west by Hampshire, and is divided for local government into West...
, where the family lived. Arundel was not a classic pocket borough, where the power to return MPs was literally tied to property rights that could be freely bought and sold, but a thoroughly corrupt one where bribery was routine and where maintaining influence of the elections required constant expenditure. Nevertheless, Colebrooke kept control for twenty years, sitting himself as its MP from 1754 to 1774 and for most of the period being able to choose also who held the other seat. Meanwhile his brother, James
Sir James Colebrooke, 1st Baronet
Sir James Edward Colebrooke, 1st Baronet was the son of James Colebrooke, of Chilham Castle, Kent, a very prominent private banker in London, and his wife Mary Hudson...
had bought control of one seat in another rotten borough, Gatton
Gatton (UK Parliament constituency)
Gatton was a parliamentary borough in Surrey, one of the most notorious of all the rotten boroughs. It elected two Members of Parliament to the House of Commons from 1450 until 1832, when the constituency was abolished by the Great Reform Act...
in Surrey
Surrey
Surrey is a county in the South East of England and is one of the Home Counties. The county borders Greater London, Kent, East Sussex, West Sussex, Hampshire and Berkshire. The historic county town is Guildford. Surrey County Council sits at Kingston upon Thames, although this has been part of...
, for £23,000, and was also sitting in Parliament. Both brothers were at first Opposition Whigs
British Whig Party
The Whigs were a party in the Parliament of England, Parliament of Great Britain, and Parliament of the United Kingdom, who contested power with the rival Tories from the 1680s to the 1850s. The Whigs' origin lay in constitutional monarchism and opposition to absolute rule...
, but switched support to the Duke of Newcastle's
Thomas Pelham-Holles, 1st Duke of Newcastle-upon-Tyne
Thomas Pelham-Holles, 1st Duke of Newcastle-upon-Tyne and 1st Duke of Newcastle-under-Lyne, KG, PC was a British Whig statesman, whose official life extended throughout the Whig supremacy of the 18th century. He is commonly known as the Duke of Newcastle.A protégé of Sir Robert Walpole, he served...
government and were rewarded in 1759 with the creation of a baronetcy for James (who had daughters but no son) and a special remainder of the baronetcy to George. When James died in 1761, George inherited both the baronetcy and the Lordship of the Manor
Lord of the Manor
The Lordship of a Manor is recognised today in England and Wales as a form of property and one of three elements of a manor that may exist separately or be combined and may be held in moieties...
at Gatton with its guaranteed control of one of the parliamentary seats there.
More valuably, however, Colebrooke's support for Newcastle ensured his eligibility for lucrative government contracts. By 1762, he held two of these contracts, one for remitting money to the British forces in the American colonies and the other for victualling the troops there. But with Newcastle's fall from power in that year, Colebrooke was immediately ejected from one contract by the new government, and the other was not renewed when it expired in 1765. Though offered compensation or new contracts on the formation of the Rockingham
Charles Watson-Wentworth, 2nd Marquess of Rockingham
Charles Watson-Wentworth, 2nd Marquess of Rockingham, KG, PC , styled The Hon. Charles Watson-Wentworth before 1733, Viscount Higham between 1733 and 1746, Earl of Malton between 1746 and 1750 and The Earl Malton in 1750, was a British Whig statesman, most notable for his two terms as Prime...
government, he preferred instead to accept a well-paid post as chirographer
Chirographer
A chirographer can refer to*Someone who studies chirography*a machine patented in 1842 by Charles Thurber which was an early form of typewriter....
to the Court of Common Pleas
Court of Common Pleas (England)
The Court of Common Pleas, or Common Bench, was a common law court in the English legal system that covered "common pleas"; actions between subject and subject, which did not concern the king. Created in the late 12th to early 13th century after splitting from the Exchequer of Pleas, the Common...
. From this point onwards although he retained his seat in Parliament he was rarely active there.
Colebrooke's business interests were diverse. He speculated in land, buying large estates in Lanarkshire
Lanarkshire
Lanarkshire or the County of Lanark ) is a Lieutenancy area, registration county and former local government county in the central Lowlands of Scotland...
, and purchased plantations in Antigua
Antigua
Antigua , also known as Waladli, is an island in the West Indies, in the Leeward Islands in the Caribbean region, the main island of the country of Antigua and Barbuda. Antigua means "ancient" in Spanish and was named by Christopher Columbus after an icon in Seville Cathedral, Santa Maria de la...
(where his wife already had interests), Grenada
Grenada
Grenada is an island country and Commonwealth Realm consisting of the island of Grenada and six smaller islands at the southern end of the Grenadines in the southeastern Caribbean Sea...
and Dominica
Dominica
Dominica , officially the Commonwealth of Dominica, is an island nation in the Lesser Antilles region of the Caribbean Sea, south-southeast of Guadeloupe and northwest of Martinique. Its size is and the highest point in the country is Morne Diablotins, which has an elevation of . The Commonwealth...
; he was also a member of a syndicate to settle the Ohio Valley
Ohio River
The Ohio River is the largest tributary, by volume, of the Mississippi River. At the confluence, the Ohio is even bigger than the Mississippi and, thus, is hydrologically the main stream of the whole river system, including the Allegheny River further upstream...
in 1768, and had interests in New England
New England
New England is a region in the northeastern corner of the United States consisting of the six states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut...
. (Colebrook, New Hampshire
Colebrook, New Hampshire
Colebrook is a town in Coos County, New Hampshire, United States. The population was 2,301 at the 2010 census. Situated in the Great North Woods Region, it is bounded on the west by the Connecticut River and home to Beaver Brook Falls Natural Area....
is named in his honour.) Two interests in particular, however, led to his eventual downfall: his involvement in the East India Company
British 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 his speculations in raw materials.
Colebrooke was a Director of the East India Company from 1767–1771 and 1772–1773, Deputy Chairman 1768-1769 and was elected Chairman three times, in 1769, 1770 and 1772. His final year in office was a disastrous one: the company got into financial difficulties (which led to the passing of the Regulating Act of 1773
Regulating Act of 1773
The Regulating Act of 1773 was an Act of the Parliament of Great Britain intended to overhaul the management of the East India Company's rule in India...
), he was accused of speculating in its stock while Chairman, and was left heavily in debt to a number of the other leading figures in the company, partly through arrangements to procure votes in the Company's elections. He lost much larger sums, however, speculating on prices of raw materials - hemp
Hemp
Hemp is mostly used as a name for low tetrahydrocannabinol strains of the plant Cannabis sativa, of fiber and/or oilseed varieties. In modern times, hemp has been used for industrial purposes including paper, textiles, biodegradable plastics, construction, health food and fuel with modest...
, flax
Flax
Flax is a member of the genus Linum in the family Linaceae. It is native to the region extending from the eastern Mediterranean to India and was probably first domesticated in the Fertile Crescent...
, lead
Lead
Lead is a main-group element in the carbon group with the symbol Pb and atomic number 82. Lead is a soft, malleable poor metal. It is also counted as one of the heavy metals. Metallic lead has a bluish-white color after being freshly cut, but it soon tarnishes to a dull grayish color when exposed...
, logwood and alum
Alum
Alum is both a specific chemical compound and a class of chemical compounds. The specific compound is the hydrated potassium aluminium sulfate with the formula KAl2.12H2O. The wider class of compounds known as alums have the related empirical formula, AB2.12H2O.-Chemical properties:Alums are...
among others. In 1771 he lost £190,000 dealing in hemp; from 1772 he was attempting to corner the world's supply of alum, buying up mines in Yorkshire
Yorkshire
Yorkshire is a historic county of northern England and the largest in the United Kingdom. Because of its great size in comparison to other English counties, functions have been increasingly undertaken over time by its subdivisions, which have also been subject to periodic reform...
and 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...
, and saw much of the remainder of his fortune swallowed up when the market collapsed as part of a wider financial crisis.
At first, Colebrooke was able to stay in business with assistance from 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...
, but his bank temporarily stopped payment on 31 March 1773, and permanently (after three years in the control of trustees appointed by his creditors) on 7 August 1776. Yet at the same period he was spending considerable sums on the rebuilding of his London house in Soho Square
Soho Square
Soho Square is a square in Soho, London, England, with a park and garden area at its centre that dates back to 1681. It was originally called King Square after Charles II, whose statue stands in the square. At the centre of the garden, there is a distinctive half-timbered gardener's hut...
. Most of his property, including his share in the rotten borough at Gatton, was sold to meet his liabilities, and a commission of bankruptcy was taken out against him in 1777.
He retired to Boulogne-sur-Mer
Boulogne-sur-Mer
-Road:* Metropolitan bus services are operated by the TCRB* Coach services to Calais and Dunkerque* A16 motorway-Rail:* The main railway station is Gare de Boulogne-Ville and located in the south of the city....
, so poor that the East India Company had to vote him a pension, but later returned to England and managed eventually to pay his creditors in full so that some inheritance was left for his descendants.
He married Mary Gayner, daughter of Peter Gayner of Antigua
Antigua
Antigua , also known as Waladli, is an island in the West Indies, in the Leeward Islands in the Caribbean region, the main island of the country of Antigua and Barbuda. Antigua means "ancient" in Spanish and was named by Christopher Columbus after an icon in Seville Cathedral, Santa Maria de la...
, in 1754, and they had three sons and three daughters:
- Mary Colebrooke (born 1757)
- George Colebrooke (1759–1809)
- James Edward Colebrooke (1761–1838), who succeeded to the baronetcy
- Harriet Colebrooke (1762–1785)
- Louisa Colebrooke (born 1764)
- Professor Henry Thomas ColebrookeHenry Thomas ColebrookeHenry Thomas Colebrooke was an English orientalist.-Biography:Henry Thomas Colebrooke, third son of Sir George Colebrooke, 2nd Baronet, was born in London. He was educated at home; and when only fifteen he had made considerable attainments in classics and mathematics...
(1765–1837)