Liverpool is the home town of many successful and talented people. Today’s article focuses on Samuel Montagu, the founder of the bank Samuel Montagu & Co., a philanthropist, and a politician. Montagu was also known as a devout Orthodox Jew who was dedicated to the development of Jewish institutions. Read on to learn more about the life and work of this Liverpool native at liverpoolski.com.
Education and Career
The future banker was born in Liverpool, the son of a Jewish watchmaker. Samuel was educated at the High School of the Liverpool Mechanics’ Institute.
In 1853, he founded the bank Samuel Montagu & Co. in London. The institution initially dealt with coin exchange before expanding its operations into foreign bills of exchange.
It’s worth noting that the banker was deeply committed to the Jewish community. He worked to improve the lives of Jews living in England, participated in the proto-Zionist ‘Lovers of Zion’ movement, and was involved in the creation of new synagogues. In 1887, he played a key role in establishing the Federation of Synagogues. This Federation, which Montagu largely financed, eventually came to represent 51 London congregations, making it the largest synagogal body in Great Britain. Its primary goal was to improve the social standing of Jews in the East End of London.
Samuel Montagu and Politics
Our subject was not only a successful banker but also a politician. In the 1885 general election, Samuel Montagu was elected as the Liberal Member of Parliament for Whitechapel. He remained in Parliament until 1900. From 1887 to 1890, Montagu served as a member of the Royal Commission on Gold and Silver. In 1894, he was created a Baronet, of South Stoneham House in the County of Southampton, and of Kensington Palace Gardens in the County of London.
The banker constantly defended the interests of the Jewish community and sought to improve their lives. For example, in 1888, following the murder of Annie Chapman, Montagu offered a reward of £100 for the detection and conviction of the culprit. However, the Home Office rejected his offer, stating that such a practice was impermissible and had been discontinued.
He also donated his own plot of land on Jeremy’s Green Lane to the Federation of Synagogues; today, this is Montagu Road. Samuel Montagu was aware of the severe overcrowding problem in his constituency and encouraged Jewish families to move to the suburbs. To facilitate this, in 1898 he proposed a development of 700 houses on land south of Salmons Brook, Edmonton, which would house around 4,000 people. The project included small gardens and low rents, but his proposal was rejected. Consequently, the banker instead donated £10,000 towards the London County Council’s housing scheme on the White Hart Lane estate in Tottenham.
Personal Life
In 1907, Montagu was raised to the peerage as Baron Swaythling, of Swaythling in the County of Southampton.
As for his personal life, Montagu married Ellen Cohen in 1862. The couple had four children, all of whom went on to have successful careers. For example, his son Edwin Montagu became Secretary of State for India, while his eldest son, Louis Montagu, was a co-founder of the anti-Zionist League of British Jews.
Samuel Montagu was a successful Jewish entrepreneur who founded the bank Samuel Montagu & Co. He spent his life helping the Jewish community in Great Britain to develop and thrive, sparing neither his money nor his time. The Jewish people’s history offers a powerful lesson in unity, solidarity, and mutual tolerance. Despite being scattered across the world, the community has always supported its members.
We hope you found this article insightful and have drawn your own conclusions.