Lord Overstone

Samuel Loyd, later Lord Overstone, was born the son of a banker in 1790. His father had trained as a preacher and teacher, but joined John Jones & Co, a small Manchester bank, and later married the daughter of the founder. He transformed the bank's fortunes and his own wealth. His son was educated at Eton and Cambridge, becoming a partner in the bank at 20 and an MP three years later. The bank had a London office which was eventually to split from the Manchester operation. Loyd and his father ran the London bank, which was regarded as a well-managed if very conservative operation.

After his father's retirement and death, Loyd left the day-today operation of the bank to other partners. He became more interested in public affairs and economics. He was involved in numerous government commissions and was consulted on economic policy. Created Baron Overstone in 1850, his caution as a banker meant that he eschewed the routes taken by other bankers to create high street networks, or for Jones Loyd & Co to become a City merchant bank. As a result, it slowly lost its position as a leading bank. By then, Overstone had little to do with the business and had invested most of his wealth in land.

He died in 1883, leaving over £5.3m in his will, representing about 0.48 o/o of net national income. In today's terms, that would be £7.1bn.