Baring family

Baring family

▪ British merchants
      British family whose banking and commercial house played a principal role in British overseas lending for two centuries.

      John Baring emigrated from Bremen to England and started a small wool business near Exeter in 1717. His son, the future Sir Francis Baring, lst Baronet (Baring, Sir Francis, 1st Baronet) (1740–1810), founded the family banking firm, originally named John & Francis Baring & Company, in London in 1763. He built it into a large and successful business, and from 1792 the house of Baring was instrumental in helping to finance the British war effort against Revolutionary and then Napoleonic France. In 1803 the house of Baring (Baring, Sir Francis, 1st Baronet) helped finance the Louisiana Purchase by the United States. In 1806 the firm was renamed Baring Brothers and Company. Francis Baring became a director of the East India Company and was a staunch supporter and financial advisor of Prime Minister William Pitt the Younger, who made him a baronet in 1793.

      By the time of Sir Francis' death in 1810, his company had become the leading banking house in Europe. Leadership of the firm passed to his second son, Alexander Baring, afterward 1st Baron Ashburton (1774–1848), who married Anne Bingham, a member of one of the wealthiest families in Pennsylvania, and who secured for Baring Brothers the leadership (until the American Civil War, 1861–65) in financing U.S. foreign trade and selling U.S. bonds. As ambassador to the United States, Lord Ashburton negotiated with U.S. Secretary of State Daniel Webster the Webster-Ashburton Treaty (1842) concerning the boundary between Maine and New Brunswick.

      After Lord Ashburton's death in 1848 the affairs of the house were managed by Thomas Baring (1799–1873), a grandson of Sir Francis. Thomas Baring was a managing partner of the firm from 1828 and was also a member of Parliament from 1844 until his death. His elder brother, Sir Francis Thornhill Baring (1796–1866), was a member of Parliament from 1826 to 1865 and also served as chancellor of the Exchequer (1839–41) and first lord of the Admiralty (1849–52). In 1866 he was created Baron Northbrook, the barony being converted in 1876 into an earldom in favour of his eldest son, Thomas George Baring (Northbrook, Thomas George Baring, 1st earl of, Viscount Baring Of Lee, Baron Northbrook Of Stratton) (1826–1904). The latter was occupied almost entirely with public affairs and is best remembered as viceroy of India, an office he held from 1872 to 1876.

      With the death of Thomas Baring in 1873, Edward Charles Baring (1828–97), son of Henry Baring and grandson of Sir Francis Baring, became head of Baring Brothers, and in 1885 he was raised to the peerage as Baron Revelstoke. The house of Baring then stood at the height of its prosperity. During the following years the Baring bank oversaw the loan of large amounts of English capital to the government of Argentina. The continued default of the Argentine government involved Baring in such serious difficulties that it precipitated a general financial crisis in England in 1890. In a celebrated episode of financial history, Baring was rescued by the Bank of England, which, in conjunction with the leading joint-stock banks of the United Kingdom, took over Baring's liabilities amounting to £21,000,000. The firm of Baring Brothers was subsequently reorganized as a limited company, and, given this respite, the company and individual members of the family paid the entire debt.

      Barings became an adviser to the British royal family on its investments, and during World War II the firm's managing director was entrusted with liquidating Great Britain's fixed assets in the United States. In the second half of the 20th century, Barings was overtaken in size and influence by other British merchant banking houses. In 1985 ownership of the bank was transferred to a charitable organization called the Baring Foundation, though control of the bank remained in the hands of Baring family members. Barings PLC, as the bank was called, declared bankruptcy in 1995 after an employee lost almost $1,500,000,000 on unauthorized futures and options transactions. Barings was purchased by a Dutch banking and insurance company, Internationale Nederlanden Groep NV (or ING), thereby ending the independent existence of the oldest merchant banking house in the City of London.

      Members of the Baring family remained prominent in banking, private industry, and government throughout the 20th century. Other members of the family have included Evelyn Baring, 1st earl of Cromer (Cromer, Evelyn Baring, 1st Earl of, Viscount Errington Of Hexham, Viscount Cromer, Baron Cromer Of Cromer) (1841–1917), who was the de facto ruler of Egypt as British agent and consul general (1883–1907); and Maurice Baring (Baring, Maurice) (1874–1945), man of letters.

Additional Reading
Studies include Ralph W. Hidy, The House of Baring in American Trade and Finance (1949, reissued 1970), covering 1763–1861; and Philip Ziegler, The Sixth Great Power (1988), covering 1762–1929.

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Universalium. 2010.

См. также в других словарях:

  • Baring — is a surname that may refer to the following people: *Alexander Baring, 1st Baron Ashburton (1774 1848), British banker *Alexander Baring, 4th Baron Ashburton (1835 1889), British landowner and politician *Charles Baring (1807 1879), Bishop of… …   Wikipedia

  • Baring Baronets — There have been two Baronetcies created for members of the Baring family, one in the Baronetage of Great Britain and one in the Baronetage of the United Kingdom.The Baring Baronetcy, of the City of London, was created in the Baronetage of Great… …   Wikipedia

  • Baring, Sir Francis, 1st Baronet — ▪ British financier and merchant born April 18, 1740, near Exeter, Devonshire, Eng. died Sept. 11, 1810, Lee, Kent       British financier who established one of the most influential business firms in the history of the United Kingdom. The third… …   Universalium

  • Baring Plantation, Maine — Baring Plantation is a plantation in Washington County, Maine, United States. The population was 273 at the 2000 census. The plantation is named for Alexander Baring, 1st Baron Ashburton, the British negotiator of the Webster Ashburton Treaty… …   Wikipedia

  • Baring, Washington — Infobox Settlement official name = Baring, Washington settlement type = CDP nickname = motto = imagesize = image caption = image imagesize = image caption = image mapsize = 250x200px map caption = Location of Baring, Washington mapsize1 = map… …   Wikipedia

  • Baring, Missouri — Infobox Settlement official name = Baring, Missouri settlement type = City nickname = motto = imagesize = image caption = image imagesize = image caption = image mapsize = 250px map caption = Location of Baring, Missouri mapsize1 = map caption1 …   Wikipedia

  • Baring, Maurice — (1874 1945)    Fellow of the Royal Society of Literature, Baring was one of the family of Baring s Bank. Educated at Eton College, he left Trinity College, Cambridge, without graduating. Baring was a brilliant linguist with a varied career as a… …   British and Irish poets

  • Baring, Maurice — ▪ British author born April 27, 1874, London, Eng. died Dec. 14, 1945, Beauly, Inverness, Scot.       man of letters, scion of a family long prominent in the financial ventures of the British Empire, who was representative of the social culture… …   Universalium

  • Francis Baring — Not to be confused with Francis Baring, 1st Baron Northbrook. Sir Francis Baring, 1st Baronet (18 April 1740 ndash; 12 September 1810) was an English merchant banker. He was born at Larkbear near Exeter, son of John Baring (1697–1748) and his… …   Wikipedia

  • Maurice Baring — Born 27 April 1874 Mayfair Died 14 December 1945 Language English Nationality British Alma mater Trinity College, Cambridge …   Wikipedia

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