James Wilson ( businessman ) - wikipedia James Wilson ( businessman ) The Right Honourable James Wilson A portrait of James Wilson by Sir John Wilson Gordon, published in The Pursuit of Reason : The Economist 1843 -- 1993. The portrait was presented to Mrs Wilson in 1859, by the Royal Scottish Academy. Financial Secretary to the Treasury In office 5 January 1853 -- 21 February 1858 Monarch Victoria Prime Minister The Earl of Aberdeen The Viscount Palmerston Preceded by George Alexander Hamilton Succeeded by George Alexander Hamilton Paymaster - General and Vice-President of the Board of Trade In office 18 June 1859 -- 12 August 1859 Monarch Victoria Prime Minister The Viscount Palmerston Preceded by Lord Lovaine Succeeded by Hon. William Cowper Personal details 3 June 1805 ( 1805 - 06 - 03 ) Hawick, Roxburghshire, Scotland 11 August 1860 ( 1860 - 08 - 12 ) ( aged 55 ) Calcutta, India Citizenship United Kingdom Nationality Scottish Political party Whig Liberal Spouse ( s ) Elizabeth Preston Alma mater None James Wilson ( 3 June 1805 -- 11 August 1860 ) was a Scottish businessman, economist, and Liberal politician who founded The Economist weekly and the Chartered Bank of India, Australia and China, which merged with Standard Bank in 1969 to form Standard Chartered. Contents 1 Early life 2 Career 2.1 Business 2.2 Journalism 2.3 Politics 3 Family 4 Works 5 References 6 External links Early life Wilson was born in Hawick in the Borders. His wealthy father William Wilson owned a textile mill, and his ancestors were local sheep farmers. He was the fourth of 15 children, of whom 10 reached adulthood. His mother died when James was young. A successful disciplined autodidact scholar from a Quaker family, he was destined to be a schoolmaster but hated it so much that he `` would rather to be the most menial servant in ( his ) father 's mill ''. After considering studying for election to the Faculty of Advocates, against his family religion, he decided to be schooled in economics. So at the age of 16, he became an apprentice in a hat factory. Later, his father then bought the business for him and his elder brother, William. They left Scotland and moved to London, England, when James was 19, with a gift of £ 2,000 each ( £ 130,000 in 2005 pounds ). Career Business The brothers established a manufacturing factory -- Wilson, Irwin & Wilson -- that they dissolved in 1831. Wilson continued in the same line of business with much success ( his net worth was £ 25,000 in 1837, or £ 1,630,000 in 2005 pounds ). During the economic crisis of 1837, he lost most of his wealth when the price of indigo fell. By 1839 he sold most of his property and avoided bankruptcy. However, in 1853 he founded The Chartered Bank of India, Australia and China, which later merged with the Standard Bank to form Standard Chartered Bank in 1969. Journalism Wilson was generally opposed to privileging the Church of England, the secret ballot when it was proposed in 1853, and the Corn Laws. He wrote a pamphlet titled Influences of the Corn Laws, as affecting all classes of the community, and particularly the landed interests. It slowly received positive feedback and Wilson 's fame had grown. He then went on writing on currency, and especially The Revenue ; or, What should the Chancellor do ?. He started to write for newspapers, including the Manchester Guardian. In 1843 he established The Economist as a newspaper to campaign for free trade, and acted as Chief editor and sole proprietor for sixteen years. His overarching goal to end vested interests in The Empire 's parliament wherever these promoted poverty or starvation as the Corn Laws most notably had done. An article Wilson wrote in opposition to the Ten Hours Bill was criticised by Karl Marx for misunderstaning profit and the working day. The Economist is still published today, now with a weekly circulation of over 1.6 million globally. Wilson was the most respected statistician of his times and saw economics as an optimistic and rational way of mediating socially sustainable futures drawing on the Scottish School of Adam Smith and the French `` Entrepreneur '' School of JB Say. Politics Wilson entered the House of Commons as Liberal Member of Parliament for Westbury, Wiltshire, in 1847. Because of his economic experience, prime minister Lord John Russell appointed him Secretary of the Board of Control ( which ran the affairs of India ) in 1848, a post he held until the government fell in 1852. He then served as Financial Secretary to the Treasury between 1853 and 1858, firstly in Lord Aberdeen 's coalition government and secondly in Lord Palmerston 's first administration. In 1857 he was returned to Parliament for Devonport. He again briefly held office under Palmerston as Paymaster - General and Vice-President of the Board of Trade between June and August 1859 and was sworn of the Privy Council the same year. In August 1859 Wilson resigned these offices and his seat in parliament to sit as the financial member of the Council of India. He was sent by Queen Victoria to India to establish the tax structure, a new paper currency, and remodel India 's finance system after the Rebellion of 1857. However, he was in office only a year before he died. In 1860 he refused to leave the stifling summer heat of Calcutta, contracted dysentery, and died in August of that year at age 55. Despite his prominent public role, Wilson was buried unknown at a cemetery at Mullick Bazar in Kolkata. His grave was discovered in 2007 by CP Bhatia, a joint commissioner of Income Tax, while researching a book on India 's tax history. Due to the efforts of CP Bhatia the tombstone was restored by the Christian Burial Board. Family Wilson married Elizabeth Preston of Newcastle - upon - Tyne in January 1832. They had six daughters, of whom Eliza, the eldest, married Walter Bagehot. Walter continued his father - in - law 's reformation of The English Constitution towards Commonwealth values. Female dominance among shareholders of The Economist stood its editorial values -- championing family savings as the main engine of any civilised economy -- in good stead as the 20th century rolled out. Works Influences of the corn laws, as affecting all classes of the community, and particularly the landed interests Fluctuations of currency, commerce, and manufactures : referable to the corn laws References Jump up ^ `` A Scotchman inside every man. ( James Wilson, founder of The Economist ) ''. The Economist. 11 September 1993. access - date = requires url = ( help ) ^ Jump up to : James Wilson by Ruth Dudley Edwards in Oxford DNB Jump up ^ Ruth Dudley Edwards ( 1993 ). The Pursuit of Reason : The Economist 1843 -- 1993. Cambridge, MA : Harvard Business Press. ISBN 978 - 0 - 87584 - 608 - 8. Jump up ^ Michael Stenton, Who 's Who of British MPs ( Harvester, Sussex, 1976 ) ISBN 0 - 85527 - 219 - 8 Jump up ^ Bagehot, Walter. `` Memoir of Right Hon. James Wilson ''. In Forrest Morgan. The collected works of Walter Bagehot. 4. Routledge. ISBN 978 - 0 - 415 - 13154 - 4. Jump up ^ The Economist 15th April 1848 Jump up ^ Marx, Karl ( 1976 ). Capital Volume 1. London : Penguin. p. 338. Jump up ^ `` The Economist circulation statistics ''. Archived from the original on 3 January 2013. Jump up ^ `` leighrayment.com `` House of Commons : Waterloo to West Looe '' ``. Jump up ^ `` leighrayment.com `` House of Commons : Devizes to Dorset West '' ``. Jump up ^ `` No. 22276 ''. The London Gazette. 18 June 1859. p. 2401. Jump up ^ Ishita Ayan Dutt, business-standard.com `` In British times, the opium trade protected people from taxes '', Business Standard, 4 September 2009. Jump up ^ Soumitra Das, `` Taxman rediscovers father of taxation -- Mullickbazar grave of Economist founder James Wilson gets facelift ahead of 150th death anniversary '', Telegraph India, 11 August 2009. Jump up ^ Hamburger, Joseph ( 2004 ). `` Walter Bagehot ''. Oxford Dictionary of National Biography. Oxford University Press. Retrieved 25 January 2017. External links Chambers, Robert ; Thomson, Thomas ( 1870 ). A biographical dictionary of eminent Scotsmen. 3. Blackie and Son. pp. 542 -- 6. Hansard 1803 -- 2005 : contributions in Parliament by James Wilson Works by James Wilson at Project Gutenberg Works by or about James Wilson at Internet Archive Parliament of the United Kingdom Preceded by Sir Ralph Lopes, Bt Member of Parliament for Westbury 1847 -- 1857 Succeeded by Sir Massey Lopes, Bt Preceded by Sir George Berkeley Thomas Erskine Perry Member of Parliament for Devonport 1857 -- 1859 With : Thomas Erskine Perry 1857 -- 1859 Sir Michael Seymour 1859 Succeeded by Sir Michael Seymour Sir Arthur William Buller Political offices Preceded by Thomas Wyse George Cornewall Lewis Joint Secretary of the Board of Control 1848 -- 1852 With : Thomas Wyse 1848 -- 1849 Hon. John Elliot 1849 -- 1852 Succeeded by Henry Baillie Charles Bruce Preceded by George Alexander Hamilton Financial Secretary to the Treasury 1853 -- 1858 Succeeded by George Alexander Hamilton Preceded by Lord Lovaine Paymaster - General 1859 Succeeded by Hon. William Cowper Vice-President of the Board of Trade 1859 Paymasters General Parnell Stanley Knatchbull Baring Macaulay Granville Stanley Colchester Stanley Pleydell - Bouverie Lowe Donoughmore Lovaine Wilson Cowper Hutt Goschen Monsell Cave Dufferin Childers Adam Cave Plunket Wolverton Beauchamp Thurlow Beauchamp Brownlow Jersey Windsor Seale - Hayne Hopetoun Marlborough Crossley Causton Ashby Strachie Newton Henderson Compton - Rickett Walters vacant Chamberlain Joynson - Hicks Boyd - Carpenter Gosling vacant Sutherland Onslow Arnold vacant Walters Rochester Hutchison Munster Winterton vacant Cranborne vacant Hankey Jowitt Cherwell vacant Greenwood Marquand Addison Macdonald Cherwell Selkirk vacant Monckton Maulding Mills H. Brooke Boyd - Carpenter Wigg vacant Shackleton Hart Lever Eccles Macmillan Dell Williams A. Maude Pym Parkinson J. Gummer Clarke P. Brooke Caithness Ryder Belstead Cope Heathcoat - Amory Willetts Bates Robinson Primarolo Jowell F. Maude Hancock B. Gummer Stride Standard Chartered Divisions and subsidiaries Current Standard Chartered Bangladesh Standard Chartered Ghana Standard Chartered Hong Kong Standard Chartered Kenya Standard Chartered Korea Standard Chartered Nepal Standard Chartered Pakistan Standard Chartered Sri Lanka Standard Chartered Tanzania Standard Chartered Thailand Standard Chartered Uganda Standard Chartered Zambia Standard Chartered Zimbabwe Former Allahabad Bank Standard Bank Standard Chartered Bank of Canada Chartered Trust Predecessors American Express Bank Bank of British West Africa Chartered Bank of India, Australia and China Colesberg Bank Grindlays Bank Hsinchu International Bank P&O Bank Eastern Bank Standard Bank Union Bank Places 6 Battery Road Standard Chartered Bank Building People Mervyn Davies Peter Sands James Wilson Bill Winters Sponsorships The Greatest Race on Earth Hong Kong Marathon Jersey Marathon Kuala Lumpur Marathon Mumbai Marathon Nairobi Marathon Singapore Marathon Singapore Sevens Other Seeing is Believing Nationalized Spun off Sold Commons VIAF : 74784035 LCCN : n82221922 ISNI : 0000 0000 8155 4603 GND : 124398391 SUDOC : 031751946 BNF : cb12290926t ( data ) IATH : w6jq32wn Retrieved from `` https://en.wikipedia.org/w/index.php?title=James_Wilson_(businessman)&oldid=811402985 '' Categories : 1805 births 1860 deaths 19th - century publishers 19th - century Scottish businesspeople People from Hawick Anglo - Scots British business and financial journalists Hat makers Liberal Party ( UK ) MPs for English constituencies Members of the Privy Council of the United Kingdom Scottish businesspeople Scottish bankers Scottish economists Scottish journalists Scottish magazine editors Scottish magazine publishers ( people ) Scottish politicians Scottish Quakers The Economist people UK MPs 1847 -- 52 UK MPs 1852 -- 57 UK MPs 1857 -- 59 United Kingdom Paymasters General 19th - century journalists British male journalists Standard Chartered people Hidden categories : Pages using citations with accessdate and no URL EngvarB from August 2014 Use dmy dates from August 2014 Pages using infobox officeholder with an atypical party value All articles with unsourced statements Articles with unsourced statements from September 2009 Articles with Project Gutenberg links Articles with Internet Archive links Wikipedia articles with VIAF identifiers Wikipedia articles with LCCN identifiers Wikipedia articles with ISNI identifiers Wikipedia articles with GND identifiers Wikipedia articles with BNF identifiers Wikipedia articles with SNAC - ID identifiers Talk Contents About Wikipedia Español Euskara فارسی Français Gaeilge मराठी Svenska 中文 Edit links This page was last edited on 21 November 2017, at 11 : 21. 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Question: who start the income tax in india in 1860
Answer: James Wilson