The Rothschilds are rewarded for their financial …
Years: 1824 - 1824
The Rothschilds are rewarded for their financial services to the Crown with positions in the City.
Nathan Rothschild had arranged a five million pound loan to the Prussian government in 1818; the issuing of bonds for government loans formed a mainstay of his bank’s business.
He has gained a position of such power in the City of London that by 1825–26 he will be able to supply enough coin to the Bank of England to enable it to avert a liquidity crisis.
In 1824 he founds the Alliance Assurance Company (now Royal & SunAlliance) with Moses Montefiore, who was born in Leghorn (Livorno in Italian), Italy in 1784.
His grandfather, Moses Vita (Chaim) Montefiore had emigrated from Livorno to London in the 1740s, but had retained close contact with the town, then famous for its straw bonnets.
Montefiore was born while his parents, Joseph Elias Montefiore and his young wife Rachel, the daughter of Abraham Mocatta, a powerful bullion broker in London, were in the town on a business journey, their first child.
The family returned to Kennington in London, where Montefiore went to school and began his career as an apprentice to a firm of grocers and tea merchants.
He then entered a counting house in the City of London, and ultimately became one of the twelve "Jew brokers" licensed by the city.
His brother Abraham had joined him in the business, and their firm gained a high reputation.
Moses married Judith Cohen (1784-1862), daughter of Levi Barent Cohen, in 1812.
Her sister, Henriette (or Hannah) (1783-1850), married Nathan Mayer Rothschild (1777-1836), for whom Montefiore's firm acted as stockbrokers.
Nathan Rothschild headed the family's banking business in Britain, and the two brothers-in-law became business partners.
Montefiore retires from his business in 1824, and uses his time and fortune for communal and civic responsibilities.
Locations
People
Groups
- Jews
- Britain (United Kingdom of Great Britain and Ireland)
- Rothschild, N. M., and Sons
- Hesse (-Kassel), Electorate of
