with it, he could not break into the magic circles of the Square Mile. Starved of capital,
his business declined; it survived only because he lost effective control to non-
colonials.
59
He was not a finance capitalist—he was an unfinanced capitalist.
By the 1870s, furthermore, his interests lay elsewhere. He had begun to see himself as
an English gentleman, building a pleasant house in Hampshire, buying land, draining
money from his company, and losing touch with wool-grower opinion—he tried to
dictate to the wool growers and had made numerous enemies as a result.
We can find the same kind of person, finally caring more about his status than his
usiness, in Newfoundland. Charles Fox Bennett was a local banker, mine owner,
shipbuilder, and trader who joined the Colonial Society as a resident member because he
spent part of every year with his wife in England. Born in Bristol, he was in
ewfoundland as early as the 1820s, when he became known as a leading proponent for a
representative system in the colony. But he was not in favour of democracy. Bennett led
the conservative interest in Newfoundland for most of the next half-century. As a
businessman, he paid the price for his anti-democratic views. When some one set fire to
his foundry and mill in 1856, the locals cut the fire hoses. Indeed, popularity and business
sense always seemed less important to him than staying true to his own vision of how the
empire ought to work. Bennett went on to be the man most responsible for keeping
ewfoundland out of Canada in 1869, at the time of Confederation, even while most
merchants were afraid to oppose confederation publicly.
60
Then, only a few years short o
his eightieth birthday, he became anti-confederation premier of Newfoundland in 1870.
He was soon left increasingly isolated in the legislature. He remained in the Colonial
Society—and it would seem an annual visitor to England—until his death in 1883.
Standing out from this group of minor colonial bankers whose ties to the City were
weak at best were two men who did stay afloat there. Were they economic imperialists?
One man in particular seems to have seized on the communications possibilities of the
empire, to have gone out into it on his own, and then to have raised himself into the
arliamentary class. His name was Octavius Vaughan Morgan. At age 21 (in 1858) and
fresh from school at Abergavenny, he helped to found Morgan Brothers Merchants and
Bankers (sic), and in 1868 he founded the European Mail. In the decades after the
foundation of the Colonial Society, he became a world traveller, a fellow of the Statistical
Society, and a member of the Municipal Reform League. Morgan wanted elections fo
the upper house, and was himself elected into the lower. He would become involved in
the Imperial Federation League while he was Liberal MP for Battersea (1885–92).
However, as the dates show, his activities were less clearly a cause than a result of the
foundation of the Colonial Society and the interests it drew together.
The other colonial banker with some ties to the City, and the last colonial banker we
will look at, was Jacob Montefiore. The Montefiores had made their fortune in the
Barbados trade in the eighteenth century. In the mid-nineteenth century, the main family
businesses were run by Jacob’s cousin, Sir Moses. However, Jacob and his more
rominent brother, Joseph Barrow Montefiore, prospered on South Australian real estate,
and they helped to found the Bank of Australasia in the 1830s.
61
The main role of Jacob the Colonial Society member was in founding another bank
like Dalgety’s, only earlier—to finance the Australian wool trade. He was indeed the
irs
go-
etween for the Australians, who were just then in the midst of their earliest wool
Empire as the triumph of theory 56