Business
He operated first as a textile merchant in Manchester, then from 1804 he began to deal on the London stock exchange in financial instruments such as foreign bills and government securities.
From 1809 Rothschild began to deal in gold bullion, and developed this as a cornerstone of his business. From 1811 on, in negotiation with Commissary-General John Charles Herries, he undertook to transfer money to pay Wellington's troops, on campaign in Portugal and Spain against Napoleon, and later to make subsidy payments to British allies when these organized new troops after Napoleon's disastrous Russian campaign.
His four brothers helped co-ordinate activities across the continent, and the family developed a network of agents, shippers and couriers to transport gold – and information – across Europe. This private intelligence service enabled Nathan to receive in London the news of Wellington's victory at the Battle of Waterloo a full day ahead of the government's official messengers.
In 1818 he arranged a 5 million pound loan to the Prussian government and the issuing of bonds for government loans formed a mainstay of his bank’s business. He gained a position of such power in the City of London that by 1825–6 he was able to supply enough coin to the Bank of England to enable it to avert a liquidity crisis.
In 1824 he founded the Alliance Assurance Company (now Royal & SunAlliance) with Moses Montefiore.
In 1835 he secured a contract with the Spanish Government giving him the rights to the Almadén mines in southern Spain, effectively gaining a European mercury monopoly.
Nathan Meyer Rothschild was known for his role in the abolition of the slave trade through his part-financing of the 20 million pound British government buyout of the plantation industry's slaves. However in 2009 it was claimed that as part of banking dealings with a slave owner, Rothschild used slaves as collateral. The Rothschild bank denied the claims and said that Nathan Mayer Rothschild had been a prominent civil liberties campaigner with many like-minded associates and “against this background, these allegations appear inconsistent and misrepresent the ethos of the man and his business”.
He set up his London business, N. M. Rothschild and Sons at New Court in St Swithin's Lane, City of London, where it trades today. He also purchased a country house at Gunnersbury Park near Acton in western London.
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Famous quotes containing the word business:
“To business that we love we rise betime,
And go to’t with delight.”
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