Thomas Catto, 1st Baron Catto
Encyclopedia
Thomas Sivewright Catto, 1st Baron Catto CBE PC
(15 March 1879 – 23 August 1959) was a Scottish
businessman and later Governor of the Bank of England
.
, to William and Isabella Catto. His father, a shipwright, had moved to Newcastle to find work, but died less than a year after Thomas was born and the family returned to their hometown of Peterhead
, Aberdeenshire
. They later moved back to Newcastle and Catto won a scholarship to Heaton School (later Rutherford College of Technology).
and Baku
, Russia
.
In 1904 he was offered the management of the new London
office of MacAndrews & Forbes, an American
firm with interests in the East, one of whose partners was David Forbes, a fellow Scot with whom he had become friendly in Baku. Catto became a member of the Baltic Exchange
. In 1906 he went to Smyrna
as Forbes's deputy and travelled extensively in the Near East
and Middle East
. In 1909 he became a vice-president of the company at their New York
office.
representative on the Russian Commission to the United States from 1915 to 1917. From 1917 to 1918 he served on the British Food Mission in the United States and in 1918 he was appointed chairman of the Allied Provisions Commission and head of the British Ministry of Food in North America.
of Calcutta, succeeding Sir David Yule
. This is now a private company 93.26% owned by the Government of India
. Catto and Yule also formed Yule Catto & Company Ltd, which is now known as Yule Catto & Co plc and is listed on the London Stock Exchange
.
In 1928 he returned to London as a partner in the investment bank Morgan, Grenfell & Co.
, remaining chairman of Andrew Yule & Co and Yule Catto & Co until 1940.
and a Director of the Bank of England
. In July 1941 he moved to become Financial Adviser to the Treasury
. In April 1944 he was elected Governor of the Bank of England
and served until February 1949, and overseeing the nationalisation of the bank.
He suffered from Parkinson's disease
and died in Holmbury St Mary
, Surrey
in 1959. His son Stephen
succeeded to his title.
in the 1921 Birthday Honours. He was created Baron Catto
, of Cairncatto, in 1936 and appointed to the Privy Council
in 1947.
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...
(15 March 1879 – 23 August 1959) was a Scottish
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
businessman and later 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...
.
Early life and education
Catto was born in Newcastle upon TyneNewcastle upon Tyne
Newcastle upon Tyne is a city and metropolitan borough of Tyne and Wear, in North East England. Historically a part of Northumberland, it is situated on the north bank of the River Tyne...
, to William and Isabella Catto. His father, a shipwright, had moved to Newcastle to find work, but died less than a year after Thomas was born and the family returned to their hometown of Peterhead
Peterhead
Peterhead is a town in Aberdeenshire, Scotland. It is Aberdeenshire's biggest settlement , with a population of 17,947 at the 2001 Census and estimated to have fallen to 17,330 by 2006....
, Aberdeenshire
Aberdeenshire
Aberdeenshire is one of the 32 unitary council areas in Scotland and a lieutenancy area.The present day Aberdeenshire council area does not include the City of Aberdeen, now a separate council area, from which its name derives. Together, the modern council area and the city formed historic...
. They later moved back to Newcastle and Catto won a scholarship to Heaton School (later Rutherford College of Technology).
Shipping
At the age of fifteen, Catto joined the Gordon Steam Shipping Company as a clerk. In 1898 he became secretary to W. H. Stuart, managing partner of F. A. Mattievich & Co, based in BatumiBatumi
Batumi is a seaside city on the Black Sea coast and capital of Adjara, an autonomous republic in southwest Georgia. Sometimes considered Georgia's second capital, with a population of 121,806 , Batumi serves as an important port and a commercial center. It is situated in a subtropical zone, rich in...
and Baku
Baku
Baku , sometimes spelled as Baki or Bakou, is the capital and largest city of Azerbaijan, as well as the largest city on the Caspian Sea and of the Caucasus region. It is located on the southern shore of the Absheron Peninsula, which projects into the Caspian Sea. The city consists of two principal...
, Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
.
In 1904 he was offered the management of the new 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...
office of MacAndrews & Forbes, an American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
firm with interests in the East, one of whose partners was David Forbes, a fellow Scot with whom he had become friendly in Baku. Catto became a member of the Baltic Exchange
Baltic Exchange
The Baltic Exchange is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts...
. In 1906 he went to Smyrna
Izmir
Izmir is a large metropolis in the western extremity of Anatolia. The metropolitan area in the entire Izmir Province had a population of 3.35 million as of 2010, making the city third most populous in Turkey...
as Forbes's deputy and travelled extensively in the Near East
Near East
The Near East is a geographical term that covers different countries for geographers, archeologists, and historians, on the one hand, and for political scientists, economists, and journalists, on the other...
and Middle East
Middle East
The Middle East is a region that encompasses Western Asia and Northern Africa. It is often used as a synonym for Near East, in opposition to Far East...
. In 1909 he became a vice-president of the company at their New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
office.
First World War
Too short to serve in the armed forces during the First World War, he instead became involved in the transport of supplies to Russia and then served as the British AdmiraltyAdmiralty
The Admiralty was formerly the authority in the Kingdom of England, and later in the United Kingdom, responsible for the command of the Royal Navy...
representative on the Russian Commission to the United States from 1915 to 1917. From 1917 to 1918 he served on the British Food Mission in the United States and in 1918 he was appointed chairman of the Allied Provisions Commission and head of the British Ministry of Food in North America.
Inter-war years
He did not return to McAndrews & Forbes after the war; instead, in 1919, he became chairman of the vast Andrew Yule and Company Ltd.Andrew Yule and Company Ltd.
Andrew Yule & Co. Ltd. is an Indian manufacturing and industrial conglomerate, primarily owned by the Indian Government. It is the main company owned by the Yule Group. It is currently headquartered in Kolkata , and has offices in the main Indian cities...
of Calcutta, succeeding Sir David Yule
David Yule
Sir David Yule, 1st Baronet was a Scottish businessman. He was born in Edinburgh and spent most of his life in India....
. This is now a private company 93.26% owned by the Government of India
Government of India
The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...
. Catto and Yule also formed Yule Catto & Company Ltd, which is now known as Yule Catto & Co plc and is listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
.
In 1928 he returned to London as a partner in the investment bank Morgan, Grenfell & Co.
Morgan, Grenfell & Co.
Morgan, Grenfell & Co. was a leading London-based investment bank regarded as one of the oldest and once most influential British merchant banks.-History:...
, remaining chairman of Andrew Yule & Co and Yule Catto & Co until 1940.
Second World War and later life
In April 1940 he was appointed Director-General of Equipment and Stores at the Ministry of SupplyMinistry of Supply
The Ministry of Supply was a department of the UK Government formed in 1939 to co-ordinate the supply of equipment to all three British armed forces, headed by the Minister of Supply. There was, however, a separate ministry responsible for aircraft production and the Admiralty retained...
and a Director of 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...
. In July 1941 he moved to become Financial Adviser to the Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
. In April 1944 he was elected 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...
and served until February 1949, and overseeing the nationalisation of the bank.
He suffered from Parkinson's disease
Parkinson's disease
Parkinson's disease is a degenerative disorder of the central nervous system...
and died in Holmbury St Mary
Holmbury St Mary
Holmbury St. Mary is a village near Abinger in the Mole Valley district of Surrey, England located within the Hurtwood, the largest area of common land in Surrey. Nearby to the south is Holmbury Hill, which at is the fourth highest point in Surrey. The village itself is named after the hill and...
, 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...
in 1959. His son Stephen
Stephen Catto, 2nd Baron Catto
Stephen Gordon Catto, 2nd Baron Catto , was a British businessman.Director and later Chairman of Yule Catto & Co Plc until his retirement from the board on May 23, 2000....
succeeded to his title.
Honours
For his services in the First World War, Catto was appointed Commander of the Order of the British Empire (CBE) in 1918 and created a baronetBaronet
A baronet or the rare female equivalent, a baronetess , is the holder of a hereditary baronetcy awarded by the British Crown...
in the 1921 Birthday Honours. He was created Baron Catto
Baron Catto
Baron Catto, of Cairncatto in the County of Aberdeen, is a title in the Peerage of the United Kingdom. It was created on 24 February 1936 for the businessman, banker and public servant, Sir Thomas Catto, 1st Baronet. He had already been created a Baronet, of Peterhead, on 5 July 1921...
, of Cairncatto, in 1936 and 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...
in 1947.