George Bolton (banker) facts for kids
Quick facts for kids
Sir George Bolton
|
|
|---|---|
Sir George Bolton in 1970
|
|
| Born | 16 October 1900 Hackney, London, England
|
| Died | 2 September 1982 (aged 81) Westminster, London, England
|
| Occupation | Banker |
| Awards |    |
Sir George Lewis French Bolton (born October 16, 1900, died September 2, 1982) was a very important British banker. He was known for being an expert in the foreign exchange market, which is where different countries' money is bought and sold. He also played a big part in helping London recover after World War II.
Sir George held many important jobs. He was a director at the Bank of England, which is the central bank of the United Kingdom. He also led the Bank of London and South America and was an executive director at the International Monetary Fund, an organization that helps countries with their money problems.
Contents
Early Life and Education
George Bolton was born in Lower Clapton, Hackney, London, in 1900. His father, William Bolton, worked as a shipping clerk. George went to school at Leyton County High School in Waltham Forest.
A Career in Banking
When he was just 16 years old, George started working at the London branch of a French bank called Société Générale de Paris. There, he learned how to trade different currencies. In 1920, he joined another banking firm, Helbert, Wagg & Co. He continued to learn about banking in London and Paris.
At Helbert, Wagg & Co., George started a very successful department that dealt with foreign exchange. This means they helped people and businesses exchange money from one country to another.
Joining the Bank of England
In 1931, the Bank of England stopped using the gold standard. This was a system where the value of money was directly linked to gold. After this change, the Bank of England needed experts like George Bolton. In 1933, he joined the Bank of England.
George was largely in charge of managing the value of the pound sterling, which is the UK's currency. He used a special fund called the Exchange Equalisation Account to do this. This fund was created by Neville Chamberlain to help keep the pound's value stable.
Wartime and International Roles
Before World War II began, George Bolton helped plan secret ways to control how money was exchanged during the war. These plans were put into action when the war started in 1939. From 1941 to 1948, he advised the Bank of England on how to develop the "sterling area." This was a group of countries that used the pound sterling or had their currencies linked to it. He also helped manage foreign exchange controls. In 1948, he became an Executive Director at the Bank of England.
From 1946 to 1952, George was the UK's executive director for the International Monetary Fund (IMF). The IMF helps countries work together on money matters and provides loans when needed. He also served as a director for the Bank for International Settlements, another important international financial organization.
Leading the Bank of London and South America
In 1957, George Bolton became the chairman of the Bank of London and South America (BOLSA). He stayed in this important role until he retired in 1970.
In 1962, George played a key part in creating the London eurobond market. Eurobonds are special types of loans that companies or governments can get from investors in different countries. This market became a major source of income for the City of London, which is a big financial center.
Even after he retired, he remained a director of BOLSA. Later, he also became a director of Lloyds Bank International after it merged with BOLSA in 1974.
Other Important Jobs
Sir George Bolton held many other important positions. He was on the boards of several companies, including the Canadian Pacific Railway Company and the Sun Life Assurance Company of Canada. He was also the deputy chairman of the Bank of London and Montreal. He led the Commonwealth Development Finance Corporation, which helps with development projects in Commonwealth countries.
He served twice as High Sheriff of the County of London, a traditional ceremonial role, in 1952–53 and 1961–62. He was also a governor of the London School of Economics, a famous university.
Writing a Book
After he retired in 1970, a collection of his speeches and writings about London was published as a book. It was called Banker's World: The Revival of the City 1957–1970. The book talked about how London's financial center grew and changed during his time.
Awards and Recognition
George Bolton received several important awards for his work.
- In 1950, he was made a Knight Commander of the Order of Saint Michael and Saint George. This is a special honor given by the British monarch.
- In 1960, the government of Argentina gave him the Gran Oficial of the Order of May.
- In 1965, he received the Order of Merit from Chile.
Order of St Michael and St George (Knight Commander) (KCMG) (Great Britain)
Order of May (Merit - Civil order) (Grand Officer) (Argentina)
Order of Merit (Class III - Grand Officer (Gran Oficial)) (Chile)
His Family Life
In 1928, George Bolton married May Howcroft. They had three children: a son named Nicholas George, and two daughters named Sheila and Gillian. Sir George Bolton passed away in London in 1982.
