Thomas Guy: Difference between revisions
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== Investment in the South Sea Company == |
== Investment in the South Sea Company == |
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By the late 1670s, Guy had begun purchasing seamen's pay-tickets at a large discount, as well as making large loans to landowners. In 1711, these tickets, part of the short-term 'floating' national debt, were converted into shares of the [[South Sea Company]] in a [[Debt restructuring#Debt-for-equity swap|debt-for-equity swap.]] The South Sea Company was a government-debt holding company, and while there was a brief attempt to sell slaves in Spanish America, this was completely unprofitable in Guy's lifetime.<ref>{{Cite journal|last=Donnan|first=Elizabeth|date=1930|title=The Early History of the South Sea Company, 1711-1718|url=|journal=Journal of Economic and Business History|volume=2|pages=|via=}}</ref> Therefore, while he is sometimes erroneously portrayed as having profited from slavery, this is incorrect. In 1720, the year when the South Sea Bubble burst, he sold 54,040 stock for £234,428, making a profit of about £175,000.<ref>{{Cite journal|last=Odlyzko|first=Andrew|date=29 August 2018|title=Newton's Financial Misadventures in the South Sea Bubble|url=doi:10.1098/rsnr.2018.0018|journal=The Royal Society Journal of the History of Science|volume=73|pages=29-59|via=}}</ref> He then re-invested this money in £179,566 4% government annuities, £8,000 of 5% government annuities, and £1,500 [[East India Company]] shares.<ref>{{Cite journal|last=Jones|first=T. Roy|date=1938-01-01|title=The Holdings of Thomas Guy in the South Sea Company|url=https://doi.org/10.1080/0005576X.1938.11750464|journal=Baptist Quarterly|volume=9|issue=3|pages=170–183|doi=10.1080/0005576X.1938.11750464|issn=0005-576X}}</ref> |
By the late 1670s, Guy had begun purchasing seamen's pay-tickets at a large discount, as well as making large loans to landowners. In 1711, these tickets, part of the short-term 'floating' national debt, were converted into shares of the [[South Sea Company]] in a [[Debt restructuring#Debt-for-equity swap|debt-for-equity swap.]] The South Sea Company was a government-debt holding company, and while there was a brief attempt to sell slaves in Spanish America, this was completely unprofitable in Guy's lifetime.<ref>{{Cite journal|last=Donnan|first=Elizabeth|date=1930|title=The Early History of the South Sea Company, 1711-1718|url=|journal=Journal of Economic and Business History|volume=2|pages=|via=}}</ref> Therefore, while he is sometimes erroneously portrayed as having profited from slavery, this is incorrect.{{Citation needed}} In 1720, the year when the South Sea Bubble burst, he sold 54,040 stock for £234,428, making a profit of about £175,000.<ref>{{Cite journal|last=Odlyzko|first=Andrew|date=29 August 2018|title=Newton's Financial Misadventures in the South Sea Bubble|url=doi:10.1098/rsnr.2018.0018|journal=The Royal Society Journal of the History of Science|volume=73|pages=29-59|via=}}</ref> He then re-invested this money in £179,566 4% government annuities, £8,000 of 5% government annuities, and £1,500 [[East India Company]] shares.<ref>{{Cite journal|last=Jones|first=T. Roy|date=1938-01-01|title=The Holdings of Thomas Guy in the South Sea Company|url=https://doi.org/10.1080/0005576X.1938.11750464|journal=Baptist Quarterly|volume=9|issue=3|pages=170–183|doi=10.1080/0005576X.1938.11750464|issn=0005-576X}}</ref> |
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==Sponsor of hospitals== |
==Sponsor of hospitals== |
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Revision as of 21:49, 11 June 2020
Thomas Guy (1644 – 27 December 1724) was a British bookseller, investor, member of Parliament, and the founder of Guy's Hospital, London.
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Early life
Thomas Guy was the eldest child of a lighterman, coalmonger, and carpenter, born in Southwark, in south London. In 1668, after eight years as the apprentice of a bookseller, he was admitted into the Stationers' Company and made a freeman of the City of London. The same year, he opened a bookstore in Lombard Street. Guy illegally imported Dutch bibles into England, as they were of higher quality than English bibles. In 1679, he was contracted by the University of Oxford to produce bibles under their licence, having successfully challenged the monopoly of the King's printers. While he later had a reputation as a miser, in 1678 he gave money to build almshouses and a town hall at Tamworth, his mother's birthplace and where he had grown up. He represented Tamworth in parliament from 1695 to 1707.[1][2]
Investment in the South Sea Company
By the late 1670s, Guy had begun purchasing seamen's pay-tickets at a large discount, as well as making large loans to landowners. In 1711, these tickets, part of the short-term 'floating' national debt, were converted into shares of the South Sea Company in a debt-for-equity swap. The South Sea Company was a government-debt holding company, and while there was a brief attempt to sell slaves in Spanish America, this was completely unprofitable in Guy's lifetime.[3] Therefore, while he is sometimes erroneously portrayed as having profited from slavery, this is incorrect.[citation needed] In 1720, the year when the South Sea Bubble burst, he sold 54,040 stock for £234,428, making a profit of about £175,000.[4] He then re-invested this money in £179,566 4% government annuities, £8,000 of 5% government annuities, and £1,500 East India Company shares.[5]
Sponsor of hospitals
"Guy observed the most rigid parsimony; but he never allowed his love of saving to render him forgetful of his duties as a Christian."[6] In 1704 Guy became a governor of St Thomas' Hospital. In 1707 he built three wards and supported the hospital afterwards. After selling his South Sea stock, and guided by his friend Richard Mead, Guy devoted his fortune to the building of a new hospital opposite St Thomas's.[2]
Thomas Guy died unmarried on 27 December 1724 and was buried in the crypt beneath the chapel at the hospital which bears his name. His will left £219,499 to the Guy's Hospital. He also gave an annuity of £400 to Christ's Hospital, which at that time was in London. In his will, he bequeathed financial support for the releasing and discharging of poor prisoners for debt out of prisons in London, Middlesex and Surrey and made various provisions for the homeless as well as sick. The rest of his estate went to cousins, friends and more distant relatives or acquaintances, many of whom were left up to £1,000 each.
The will had been signed and sealed in the presence of John Oldfield, William Pepys, John Adlam and Samuel Adlam.
In 1995, 271 years after his death, a new dual carriageway by-passing Tamworth was named Thomas Guy Way in his honour.
Monuments
Thomas Guy is depicted in two statues at Guy's hospital London:[7] These are under review by Guy's hospital trust in connection with the commission set up by London mayor Sadiq Khan to review statues and street names linked to slavery.[8][9] In 2012 these featured in a walking tour that focused on the central role slavery has played in the development of the City of London[10]
Brass statue 1731–4 by Thomas Scheemakers (1691–1781). In the centre of the main entrance forecourt, Guy’s Hospital, St Thomas Street, SE1.
Thomas Guy monument, marble, by John Bacon, 1774. Guy’s Hospital, St Thomas Street, SE1.
Bibliography
- A True Copy of the Last Will and Testament of Thomas Guy, Esq. (London, 1725)
- John Noorthouck, A New History of London, vol. iii. ch. i. p. 684 (1773)
- Nichols, Literary Anecdotes, iii. 599 (1812)
- Charles Knight, Shadows of the Old Booksellers, pp. 3–23 (1865)
- S. Wilkes and G. T. Bettany A Biographical History of Guy's Hospital, (1892).
- Copy of the Last Will and Testament of Thomas Guy Esq. with an ACT for incorporating the Executors of the said Will (London, printed for the Governors of Guy's Hospital, 1815)
- Jane Bowden-Dan – Mr Guy's Hospital and the Caribbean (History Today June 2006)
References
- ^ "Guy, Thomas (1644/5?–1724), philanthropist and founder of Guy's Hospital". Oxford Dictionary of National Biography. doi:10.1093/ref:odnb/9780198614128.001.0001/odnb-9780198614128-e-11800. Retrieved 10 June 2020.
- ^ a b Gardiner, Juliet (2000). The History Today Who's Who In British History. London: Collins & Brown Limited and Cima Books. p. 376. ISBN 1-85585-876-2.
- ^ Donnan, Elizabeth (1930). "The Early History of the South Sea Company, 1711-1718". Journal of Economic and Business History. 2.
- ^ Odlyzko, Andrew (29 August 2018). [doi:10.1098/rsnr.2018.0018 "Newton's Financial Misadventures in the South Sea Bubble"]. The Royal Society Journal of the History of Science. 73: 29–59.
{{cite journal}}: Check|url=value (help) - ^ Jones, T. Roy (1 January 1938). "The Holdings of Thomas Guy in the South Sea Company". Baptist Quarterly. 9 (3): 170–183. doi:10.1080/0005576X.1938.11750464. ISSN 0005-576X.
- ^ CHAPTER VII: LIFE OF THOMAS GUY THE BOOKSELLER.
- ^ Dresser, Madge. "Set in Stone? Statues and Slavery in London" (PDF). Oxford Academic.
{{cite web}}: CS1 maint: url-status (link) - ^ "Guy's Hospital considers taking down controversial statue of businessman who profited from slavery". ITV News. Retrieved 10 June 2020.
- ^ "London slavery statue removed from outside museum". BBC News. 9 June 2020. Retrieved 10 June 2020.
- ^ "London's secret slavery shame exposed by new walking tour". Anti-Slavery International. 20 March 2012. Retrieved 10 June 2020.
| International | |
|---|---|
| National | |
| People | |
| Other | |
- English Christians
- English philanthropists
- 1644 births
- 1724 deaths
- English booksellers
- Bookshops in London
- 18th-century English businesspeople
- English MPs 1695–1698
- English MPs 1698–1700
- English MPs 1701
- English MPs 1701–1702
- English MPs 1702–1705
- English MPs 1705–1707
- British MPs 1707–1708
- Members of the Parliament of Great Britain for English constituencies