William Cotton (banker)
From Wikipedia, the free encyclopedia
William Cotton (September 12, 1786 - December 1, 1866) was an English inventor, merchant, philanthropist, and Governor of the Bank of England from 1842 to 1845.
Cotton was born in Leyton, and was educated at Chigwell Grammar School. His father was Joseph Cotton, Deputy Master of Trinity House in 1803, and a director of the East India Company. His brother, John Cotton, later became a director and chairman of the Honourable East India Company.
In 1807 Cotton became a partner in the cordage manufacturers, Huddart & Co., in Limehouse, and was later general manager until, 1838.
He became governor of the Bank of England in 1842, with the usual term of two years being extended to three in recognition of his securing a new charter for the bank with the passage of the 1844 Bank Charter Act.
During his time at the bank, he developed a machine for the weighing of gold sovereigns, which was capable of weighing twenty-three coins every minute to an accuracy of one ten-thousandth of a grain. He was a Fellow of the Royal Society from 1821.
In addition, Cotton was very active in the funding and establishment of new churches throughout the East End of London.
