William Newmarch facts for kids

William Newmarch (born January 28, 1820 – died March 23, 1882) was an English banker, economist (someone who studies how money and goods are made and used), and statistician (someone who collects and analyzes numbers). He was known for his work on prices and his contributions to understanding how the economy works.

Early Life and Career

William Newmarch was born in Thirsk, a town in Yorkshire, England. He went to school in York. As a young man, he worked as a clerk in York. A clerk is someone who handles office tasks and records.

He worked for a stamp distributor first, then moved to the Yorkshire Fire and Life Office. Later, he joined a banking company called Leatham, Few, and Co. in Wakefield, where he worked from 1843 to 1846.

Moving to London

In 1846, Newmarch moved to London, the capital city, to continue his career in finance. He worked for three important financial companies:

• He worked at the Agra Bank from 1846 to 1851.
• He became the secretary for the Globe Insurance Company from 1851 to 1862. A secretary in this context was a high-level manager.
• From 1862 to 1881, he was a chief officer at the banking house of Glyn, Mills & Co.. This was a very important role in a major bank.

Contributions to Statistics and Economics

William Newmarch was very active in important groups that studied numbers and the economy.

Royal Statistical Society

He was a key member of the Royal Statistical Society. He served as one of its honorary secretaries and was the editor of its journal. Later, he became the President of the society from 1869 to 1871. This shows how respected he was in the field of statistics.

He was also part of the Political Economy Club, a group that discussed economic ideas. Because of his important work, he was chosen as a fellow of the Royal Society, which is a very old and respected group for scientists.

Important Writings and Research

Early in his life, Newmarch wrote a guide about York. He also wrote letters for a newspaper called the Sheffield Iris and gave lectures. He wrote many articles for magazines and newspapers.

His deep understanding of banking was clear when he spoke to a special government committee in 1857. This committee was looking into laws about banks.

Newmarch worked with another famous economist, Thomas Tooke. They wrote the last two volumes of Tooke's important book, History of Prices. Newmarch did most of the work on these books. For 19 years, he also wrote a yearly report on business history for The Economist, a well-known magazine.

Legacy and Influence

William Newmarch passed away in Torquay on March 23, 1882. He was buried at West Norwood Cemetery.

After he died, his friends wanted to honor his work. They started the Newmarch Lectureship at University College London. This lectureship teaches about economic science and statistics. Many famous economists and statisticians, like Arthur Bowley and Josiah Stamp, gave lectures there. This shows how much he influenced the study of economics and statistics.