William Newmarch (28 January 182023 March 1882) was an

English English usually refers to: * English language * English people English may also refer to: Peoples, culture, and language * ''English'', an adjective for something of, from, or related to England ** English national ...

banker A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Becaus ...

economist An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...

and

statistician A statistician is a person who works with theoretical or applied statistics. The profession exists in both the private and public sectors. It is common to combine statistical knowledge with expertise in other subjects, and statisticians may w ...

Life

Born at

Thirsk Thirsk is a market town and civil parish in the Hambleton district of North Yorkshire, England known for its racecourse; quirky yarnbomber displays, and depiction as local author James Herriot's fictional Darrowby. History Archeological ...

, Yorkshire, Newmarch went to school in

York York is a cathedral city with Roman origins, sited at the confluence of the rivers Ouse and Foss in North Yorkshire, England. It is the historic county town of Yorkshire. The city has many historic buildings and other structures, such as a ...

; as a young man, he held posts as a clerk there. A clerk for a stamp distributor, he moved on to the Yorkshire Fire and Life Office, and then to the banking house Leatham, Few, and Co., in

Wakefield Wakefield is a cathedral city in West Yorkshire, England located on the River Calder. The city had a population of 99,251 in the 2011 census.https://www.nomisweb.co.uk/census/2011/ks101ew Census 2011 table KS101EW Usual resident population, ...

(1843–1846). He then moved to

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

and worked for three financial institutions: * the

Agra Bank The Agra Bank was founded in 1833 in Agra in the Indian state of Uttar Pradesh with a capital of £1,000,000. It was liquidated in 1900.Stuart Muirhead, Edwin Green. ''Crisis Banking in the East'', Ashgate Publishing, 1996 Agra Bank By 1840 it ...

(1846–1851) * secretary to the Globe Insurance Company (1851–1862) * chief officer in the banking-house of Glyn, Mills & Co. (1862–1881) Newmarch took an active part in the

Royal Statistical Society The Royal Statistical Society (RSS) is an established statistical society. It has three main roles: a British learned society for statistics, a professional body for statisticians and a charity which promotes statistics for the public good. ...

, of which he was one of the honorary secretaries, editor of its journal, and President (1869–1871), and the

Political Economy Club The Political Economy Club is the world's oldest economics association founded by James Mill and a circle of friends in 1821 in London, for the purpose of coming to an agreement on the fundamental principles of political economy. David Ricardo, ...

. He was also elected a fellow of the

Royal Society The Royal Society, formally The Royal Society of London for Improving Natural Knowledge, is a learned society and the United Kingdom's national academy of sciences. The society fulfils a number of roles: promoting science and its benefits, re ...

. Newmarch died at

Torquay Torquay ( ) is a seaside town in Devon, England, part of the unitary authority area of Torbay. It lies south of the county town of Exeter and east-north-east of Plymouth, on the north of Tor Bay, adjoining the neighbouring town of Paig ...

on 23 March 1882 and was buried at

West Norwood Cemetery West Norwood Cemetery is a rural cemetery in West Norwood in London, England. It was also known as the South Metropolitan Cemetery. One of the first private landscaped cemeteries in London, it is one of the " Magnificent Seven" cemeteries of ...

Works

In early life Newmarch published a ''Guide'' to York, undertook correspondence in the '' Sheffield Iris'', and gave lectures. He contributed articles to magazines and newspapers. His knowledge of banking was displayed before the select parliamentary committee on the Bank Acts in 1857. Newmarch collaborated with Thomas Tooke in the two final volumes of his ''History of Prices'' and was responsible for most of the work in them. For 19 years he wrote a survey of the commercial history of the year in ''

The Economist ''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Eco ...

''.

Legacy

After Newmarch's death, friends founded a Newmarch Lectureship in economic science and statistics at

University College London , mottoeng = Let all come who by merit deserve the most reward , established = , type = Public research university , endowment = £143 million (2020) , budget = ...

. Arthur Bowley,

Josiah Stamp Josiah Charles Stamp, 1st Baron Stamp, (21 June 1880 – 16 April 1941) was an English industrialist, economist, civil servant, statistician, writer, and banker. He was a director of the Bank of England and chairman of the London, Midland and Scot ...

Udny Yule George Udny Yule FRS (18 February 1871 – 26 June 1951), usually known as Udny Yule, was a British statistician, particularly known for the Yule distribution. Personal life Yule was born at Beech Hill, a house in Morham near Haddingto ...

, and

Theodore Gregory Sir Theodore Emmanuel Gugenheim Gregory (10 September 1890 – 24 December 1970) was a British economist. Theodore Gregory was born in London on 10 September 1890. Gregory was educated at Dame Alice Owen's School in Islington. He attended the ...

were amongst the lecturers.

References

Obituaries

"The Death of Mr. William Newmarch, F.R.S."
Journal of the Statistical Society of London, Vol. 45, No. 1. (March 1882), pp. 115–121. *Obituary Notices of Fellows Deceased, Proceedings of the Royal Society of London
Vol. 34. (1882–1883)
pp. xvii–xix.

Discussion

There is a section on Newmarch in: *Paul J. FitzPatrick "Leading British Statisticians of the Nineteenth Century," Journal of the American Statistical Association, Vol. 55, No. 289. (March 1960), pp. 38–70. Reprinted in Studies in the History of Statistics and Probability II Edited by M G Kendall and R L Plackett, London 1977.

External links

*
Royal Society citation
There is more information about Newmarch in the following AIM25 library record
NEWMARCH, William (1820–1882): papers
Newmarch is placed among the classical economists in the opening (and sample) chapter of the following

__NOTOC__ {{DEFAULTSORT:Newmarch, William 1820 births 1882 deaths People from Thirsk English economists English statisticians Fellows of the Royal Society Presidents of the Royal Statistical Society Burials at West Norwood Cemetery 19th-century English mathematicians 19th-century British economists