the world of private banking
the world of private banking
the world of private banking
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PRIVAtE BANKERS AND PHILANtHROpy 249<br />
or both. Edward nurtured <strong>the</strong>ir allegiance with reciprocal favours. As Prochaska<br />
has put it:<br />
In an unwritten social contract, Edward VII <strong>of</strong>fered good shooting, respectability<br />
and honours to <strong>the</strong> moneyed elite, but at a price; and <strong>the</strong> price was, more <strong>of</strong>ten<br />
than not, support for his favoured charities. In 1899 for example, he had a whipround<br />
<strong>of</strong> 24 <strong>of</strong> his friends including [Ernest] Cassel and Henry Bisch<strong>of</strong>fsheim<br />
when his bridge-playing friend Agnes Keyser sought to turn her house into a<br />
hospital for <strong>of</strong>ficers returning from <strong>the</strong> Boer War (it later took <strong>the</strong> name King<br />
Edward VII’s Hospital for Officers).... Edward VII was quick to lavish gifts and<br />
honours on his entourage in exchange for voluntary service and contributions. <br />
Medicine was <strong>the</strong> most favoured object <strong>of</strong> Edward’s charitable interests. In this<br />
he was encouraged and guided by Sir Henry Burdett, his un<strong>of</strong>ficial but indefatigable<br />
advisor. Burdett, son <strong>of</strong> a provincial clergyman, worked first in a Birmingham<br />
bank, <strong>the</strong>n as administrator <strong>of</strong> hospital charities. From 1881 to 1898 Burdett<br />
was Secretary to <strong>the</strong> Shares and Loans Department <strong>of</strong> <strong>the</strong> Stock Exchange, and<br />
networked energetically in <strong>the</strong> City whilst maintaining his commitment to hospital<br />
philanthropy, winning <strong>the</strong> confidence <strong>of</strong> Edward, and gambling enthusiastically<br />
and successfully. Along with Ernest Cassel, Burdett advised Edward on his<br />
personal investments. He drew financiers into royal circles and persuaded both<br />
royalty and financiers into support for his favoured charities. In 1889 he greatly<br />
enhanced <strong>the</strong> prospects <strong>of</strong> <strong>the</strong> National Pension Fund for Nurses by securing <strong>the</strong><br />
patronage <strong>of</strong> <strong>the</strong> Prince and Princess <strong>of</strong> Wales and <strong>the</strong> sponsorship <strong>of</strong> <strong>the</strong> bankers<br />
Junius Morgan, Lord Rothschild and Everard Hambro 10 .<br />
Shortly before his death, Edward persuaded Cassel and Lord Iveagh (Edward<br />
Guinness) to make major contributions to <strong>the</strong> foundation <strong>of</strong> Britain’s first radium<br />
institute, modelled on that in Paris, which opened in Portland Place in 1911. 11<br />
However, his major medical endeavour, encouraged and assisted by Burdett, was<br />
<strong>the</strong> foundation in 1897 <strong>of</strong> <strong>the</strong> Prince <strong>of</strong> Wales’ Hospital (later, and still, <strong>the</strong> King’s)<br />
Fund for London. This was founded to commemorate <strong>the</strong> Queen’s Diamond<br />
Jubilee, to raise funds to meet <strong>the</strong> growing funding crisis in <strong>the</strong> London voluntary<br />
hospitals, <strong>the</strong> chief providers <strong>of</strong> medical and nursing training, research and much<br />
medical treatment for poorer patients. 12 It was governed by a Council to which<br />
large donors were automatically elected, and whose membership was o<strong>the</strong>rwise<br />
hand-picked by <strong>the</strong> Prince. It was a striking example <strong>of</strong> <strong>the</strong> manner in which<br />
charitable ga<strong>the</strong>rings reinforced influential networks. As Prochaska puts it: ‘No<br />
o<strong>the</strong>r voluntary society <strong>of</strong> <strong>the</strong> day brought toge<strong>the</strong>r <strong>the</strong> monarchy, <strong>the</strong> great and <strong>the</strong><br />
<br />
Ibid., p. 143.<br />
<br />
Ibid., pp. 129–30.<br />
10<br />
Ibid., p. 130.<br />
11<br />
Ibid., p. 153.<br />
12<br />
This account <strong>of</strong> <strong>the</strong> King’s Fund is derived mainly from Prochaska, Philanthropy.