Basil Blackett
Encyclopedia
Sir Basil Phillott Blackett KCB
KCSI
(8 January 1882 – 15 August 1935) was a British Civil Servant and expert on international finance
.
Blackett was the eldest son of Rev. William Blackett, a missionary and educationalist in India and his wife Grace Phillott. He was born in Calcutta and educated at Marlborough College
. At Marlborough, he injured his leg badly, and while recuperating, spent some time in Germany and acquired a life-long interest in the country. He then went to University College, Oxford
on a scholarship.
Basil Blackett entered the civil service
in 1904 and chose the Treasury
instead of the Indian service as he had originally intended. He was in the financial division, and was secretary to the Royal Commission
on Indian Finance and Currency (1913-1914), when World War I
broke out. He went to America for the first time in October 1914 in connection with foreign exchange matters, and was awarded the CB in 1915. He was a member of the Anglo-French financial Commission, which went to America in the following year, so that when the United States entered the war, he was the natural choice to represent HM Treasury in Washington, He held this post from 1917 to 1919, and on his return in 1919, he became First Controller of Finance at the Treasury. He was awarded the KCB in 1921.
In 1922 he went to India as finance member of the Viceroy's council. Over the next five years he was seen to be an outstanding financial administrator and within a year he had initiated and put through three major financial reforms. He put the Indian railways on an independent footing, concentrated the charges for the public debt into a statutory sinking fund; and set up a conference bringing together the eight provincial finance members for the first time to compare and co-ordinate their problem.. He became involved in political questions and applied the same principles of conference and co-ordination to these. He taught himself the art of debating, although not a natural, and came to lead the legislative assembly, in which he introduced six successive budgets. He was awarded KCSI in 1926 in recognition of his achievements.
Blackett returned to England in 1928, and left the Treasury for the City
. His friend Montagu Norman, 1st Baron Norman, then governor of the Bank of England
, sponsored his election to the court of directors, and he became chairman of the new Imperial and International Communications Company. He was a member of the international committee on reparations, which produced the Young Plan
in 1929. He responded to the crisis of 1931 and the sterling devaluation in a progressive way, and became increasingly involved in national problems. He shared the views of John Maynard Keynes
with regard to planned money and to budgeting for a deficit. He was a proponent of the `sterling area
' – and popularised the phrase. He was founding president of Political and Economic Planning
in 1931, and was sometime president of the British Social Hygiene Council.
He stood as an unofficial Conservative candidate for parliament for St Marylebone
in 1932, but was not elected. In the same year he left the Imperial and International Communications Company and joined the board of De Beers
Consolidated Mines.
In August 1935, Sir Basil he had a car accident in Belgium on the way to giving a lecture at Heidelberg University. In his will bequeathed the balance of his estate to the public trustee to be used for various purposes with “one third of any surplus to go to the Commissioners for the reduction of the National Debt”. There is a memorial window to him in the west window of the North Transept of Durham Cathedral
and Marlborough College’s Observatory is named the Blackett Observatory after him
Sir Basil was twice married, but had no children. He was second cousin of the physicist Patrick Blackett, Baron Blackett
and great nephew of the Australian architect Edmund Blacket
.
Order of the Bath
The Most Honourable Order of the Bath is a British order of chivalry founded by George I on 18 May 1725. The name derives from the elaborate mediæval ceremony for creating a knight, which involved bathing as one of its elements. The knights so created were known as Knights of the Bath...
KCSI
Order of the Star of India
The Most Exalted Order of the Star of India is an order of chivalry founded by Queen Victoria in 1861. The Order includes members of three classes:# Knight Grand Commander # Knight Commander # Companion...
(8 January 1882 – 15 August 1935) was a British Civil Servant and expert on international finance
International finance
International finance is the branch of economics that studies the dynamics of exchange rates, foreign investment, global financial system, and how these affect international trade. It also studies international projects, international investments and capital flows, and trade deficits. It includes...
.
Blackett was the eldest son of Rev. William Blackett, a missionary and educationalist in India and his wife Grace Phillott. He was born in Calcutta and educated at Marlborough College
Marlborough College
Marlborough College is a British co-educational independent school for day and boarding pupils, located in Marlborough, Wiltshire.Founded in 1843 for the education of the sons of Church of England clergy, the school now accepts both boys and girls of all beliefs. Currently there are just over 800...
. At Marlborough, he injured his leg badly, and while recuperating, spent some time in Germany and acquired a life-long interest in the country. He then went to University College, Oxford
University College, Oxford
.University College , is a constituent college of the University of Oxford in England. As of 2009 the college had an estimated financial endowment of £110m...
on a scholarship.
Basil Blackett entered the civil service
Civil service
The term civil service has two distinct meanings:* A branch of governmental service in which individuals are employed on the basis of professional merit as proven by competitive examinations....
in 1904 and chose the Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
instead of the Indian service as he had originally intended. He was in the financial division, and was secretary to the Royal Commission
Royal Commission
In Commonwealth realms and other monarchies a Royal Commission is a major ad-hoc formal public inquiry into a defined issue. They have been held in various countries such as the United Kingdom, Australia, Canada, New Zealand, and Saudi Arabia...
on Indian Finance and Currency (1913-1914), when World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
broke out. He went to America for the first time in October 1914 in connection with foreign exchange matters, and was awarded the CB in 1915. He was a member of the Anglo-French financial Commission, which went to America in the following year, so that when the United States entered the war, he was the natural choice to represent HM Treasury in Washington, He held this post from 1917 to 1919, and on his return in 1919, he became First Controller of Finance at the Treasury. He was awarded the KCB in 1921.
In 1922 he went to India as finance member of the Viceroy's council. Over the next five years he was seen to be an outstanding financial administrator and within a year he had initiated and put through three major financial reforms. He put the Indian railways on an independent footing, concentrated the charges for the public debt into a statutory sinking fund; and set up a conference bringing together the eight provincial finance members for the first time to compare and co-ordinate their problem.. He became involved in political questions and applied the same principles of conference and co-ordination to these. He taught himself the art of debating, although not a natural, and came to lead the legislative assembly, in which he introduced six successive budgets. He was awarded KCSI in 1926 in recognition of his achievements.
Blackett returned to England in 1928, and left the Treasury for the City
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
. His friend Montagu Norman, 1st Baron Norman, then governor of the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
, sponsored his election to the court of directors, and he became chairman of the new Imperial and International Communications Company. He was a member of the international committee on reparations, which produced the Young Plan
Young Plan
The Young Plan was a program for settlement of German reparations debts after World War I written in 1929 and formally adopted in 1930. It was presented by the committee headed by American Owen D. Young. After the Dawes Plan was put into operation , it became apparent that Germany could not meet...
in 1929. He responded to the crisis of 1931 and the sterling devaluation in a progressive way, and became increasingly involved in national problems. He shared the views of John Maynard Keynes
John Maynard Keynes
John Maynard Keynes, Baron Keynes of Tilton, CB FBA , was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments...
with regard to planned money and to budgeting for a deficit. He was a proponent of the `sterling area
Sterling Area
The sterling area came into existence at the outbreak of World War II. It was a wartime emergency measure which involved cooperation in exchange control matters between a group of countries, which at the time were mostly dominions and colonies of the British Empire...
' – and popularised the phrase. He was founding president of Political and Economic Planning
Political and Economic Planning
Political and Economic Planning was a British policy think tank, formed in 1931 in response to Max Nicholson's article A National Plan for Britain published in February of that year in Gerald Barry's magazine The Week-End Review....
in 1931, and was sometime president of the British Social Hygiene Council.
He stood as an unofficial Conservative candidate for parliament for St Marylebone
St Marylebone (UK Parliament constituency)
St Marylebone was a parliamentary constituency centred on the Marylebone district of Central London. It returned one Member of Parliament to the House of Commons of the Parliament of the United Kingdom....
in 1932, but was not elected. In the same year he left the Imperial and International Communications Company and joined the board of De Beers
De Beers
De Beers is a family of companies that dominate the diamond, diamond mining, diamond trading and industrial diamond manufacturing sectors. De Beers is active in every category of industrial diamond mining: open-pit, underground, large-scale alluvial, coastal and deep sea...
Consolidated Mines.
In August 1935, Sir Basil he had a car accident in Belgium on the way to giving a lecture at Heidelberg University. In his will bequeathed the balance of his estate to the public trustee to be used for various purposes with “one third of any surplus to go to the Commissioners for the reduction of the National Debt”. There is a memorial window to him in the west window of the North Transept of Durham Cathedral
Durham Cathedral
The Cathedral Church of Christ, Blessed Mary the Virgin and St Cuthbert of Durham is a cathedral in the city of Durham, England, the seat of the Anglican Bishop of Durham. The Bishopric dates from 995, with the present cathedral being founded in AD 1093...
and Marlborough College’s Observatory is named the Blackett Observatory after him
Sir Basil was twice married, but had no children. He was second cousin of the physicist Patrick Blackett, Baron Blackett
Patrick Blackett, Baron Blackett
Patrick Maynard Stuart Blackett, Baron Blackett OM CH FRS was an English experimental physicist known for his work on cloud chambers, cosmic rays, and paleomagnetism. He also made a major contribution in World War II advising on military strategy and developing Operational Research...
and great nephew of the Australian architect Edmund Blacket
Edmund Blacket
Edmund Thomas Blacket was an Australian architect, best known for his designs for the University of Sydney, St. Andrew's Cathedral, Sydney and St...
.