Paul Benfield facts for kids

Paul Benfield (born 1742, died 1810) was an interesting English businessman. He worked for the East India Company, which was a big trading company. He was also a financier, meaning he dealt with money, and a politician. He became famous for two main reasons: a writer named Edmund Burke often talked about him, and he ended up losing all his money in a huge bankruptcy.

Paul Benfield's Early Life and Wealth

Paul Benfield went to India in 1764. He worked for the East India Company. He started with a small salary. But he quickly became very rich. People said he made over £500,000!

How Benfield Made His Money

In Madras, India, Benfield teamed up with local Indian bankers. He made money in a few ways. He traded goods, which means he bought and sold things. He also lent money to people. He charged high interest rates on these loans. This helped him earn a lot more money.

He also got special jobs, called contracts, from the government. He built strong walls for the city of Madras. He also built parts of Fort St. George. He had many money dealings with the Nawab of the Carnatic, who was a powerful ruler.

The Carnatic Money Dispute

One big loan Benfield made was to the Nawab. The Nawab had taken over the state of Tanjore. He needed money to pay off some claims from the Dutch people in Tranquebar. These claims were about land belonging to the Rajah of Tanjore.

Benfield's Return to England

Some people thought Benfield helped others who disagreed with the governor, George Pigot, 1st Baron Pigot. Because of this, the East India Company told him to go back to England in 1777. Benfield quit his job with the Company. When he got to London in 1779, he asked for an investigation. He wanted people to look into what he had done.

Clearing His Name

Benfield did not hide his loans to the Nawab. He said everyone knew about them. He claimed his loans were not secret. He said the governor and the council knew all about them. He also said that his loans helped stop a war. He believed he helped the East India Company. After this, the Company let him return to Madras. They decided his actions with the loan were helpful.

Back in England and Financial Troubles

While in England in 1780, Benfield became a member of Parliament. He represented the area of Cricklade. He spent a lot of money to win this election.

Legal Challenges and Business Ventures

Benfield later sued his opponent, S. Petrie, for bribery. The trial happened in 1782. Petrie was defended by famous lawyers. Petrie was found not guilty. Some people said Benfield helped elect many members of Parliament. But this is not believed to be true today.

Benfield finally returned to England in 1793. He came back through France. He started a business in London called Boyd, Benfield, & Co. He partnered with Walter Boyd. Benfield became a Member of Parliament again. He represented Malmesbury in 1790. Then he bought a seat for Shaftesbury.

Benfield's Financial Collapse

Walter Boyd made some risky business choices. These choices did not go well. Because of this, Benfield's large fortune quickly disappeared. He lost all his money. Paul Benfield died in Paris in 1810. He was very poor when he passed away.

Paul Benfield's Family

In 1793, Benfield married Mary Frances Swinburne. She was from Hamsterley, Durham. Her father was Henry Swinburne. Their marriage agreement involved a lot of money. They had one son and at least two daughters. Their older daughter, Henrietta Sophia, married Robert Berkeley. Their younger daughter, Caroline Martha, married Grantley Berkeley in 1824. Through these marriages, their children and grandchildren married into important families.