Sir Ernest Joseph Cassel, GCB,GCMG,GCVO,PC (3 March 1852 – 21 September 1921)[1] was a British merchant banker and capitalist. Born and raised in Prussia, he moved to England at the age of 17.[2]
Cassel was born in Cologne, in the Rhine Province of the Kingdom of Prussia (now part of Germany), the son of Amalia (née Rosenheim) and Jacob Cassel. His family were Ashkenazi Jews. His father owned a small bank, but the son Ernest arrived penniless in Liverpool, England in 1869. There he found employment with a firm of grain merchants. With an enormous capacity for hard work and a strong business sense, Cassel was soon in Paris working for a bank. Being of Prussian origin, the Franco-Prussian War forced him to move to a position in a London bank. He prospered and was soon putting together his own financial deals.
His areas of interest were in mining, infrastructure and heavy industry. Turkey was an early area of business ventures, but he soon had large interests in Sweden, the United States, South America, South Africa, and Egypt. He was among the financiers of the Aswan Dam built in Egypt between 1899 and 1902, and was present in Egypt for the opening of the dam in December 1902.[3][4]
At the behest of the French and British governments, he reluctantly provided assistance for the establishment of the State Bank of Morocco,[5] provided for in the terms of the 1906 Treaty of Algeciras.
In 1912 his close German friend Albert Ballin feared that the naval rivalry between Britain and Germany was getting out of hand and even threatened war. They approached their respective governments, who agreed to negotiate a compromise that would end the race through the Haldane Mission of 1912. Unfortunately, it proved a failure.[6]
One of the wealthiest men of his day, Cassel was a good friend of King Edward VII (enough so that he was nicknamed "Windsor Cassel"), prime minister H. H. Asquith and Winston Churchill. As a foreign-born arriviste of Jewish background, he was less than popular with elements of the British upper classes.[7][8][9]
Retirement
[edit]Villa Cassel at Riederalp, SwitzerlandCassel's Donation Concert House in Grängesberg, Sweden
Cassel retired from business in 1910. His philanthropic benefactions included £500,000 for educational purposes, £225,000 for a hospital for nervous diseases and £50,000 to King Edward's Hospital Fund in memory of his only child. He built and endowed an Anglo-German Institute in 1911 in memory of King Edward VII.[9]
During the First World War Cassel made large financial gifts to the British Red Cross and other war time charitable entities working to ameliorate privation being suffered by British military casualties.[10]
Cassel had a famous art collection and many beautiful houses. He bred racehorses and owned Moulton PaddocksinNewmarket.
Cassel was married at Westminster, in 1878, to Annette Mary Maud Maxwell, the daughter of a Catholic landowner.[11] Their only child, Amalia Mary Maud Cassel (1880–1911), known as "Maud", married Wilfrid Ashley, 1st Baron Mount Temple.
After the early death of his wife Annette in 1881, he and his widowed sister Wilhelmina (known as Bobbie) helped each other bring up his daughter (Maud) and Wilhelmina's son (Felix) and daughter (Anna).[8]
Maud died as a young woman, leaving him two granddaughters (Edwina and Mary) on whom he doted. He was particularly attached to Edwina, who looked after him in his old age. She later married Lord Louis Mountbatten.
Cassel became a Roman Catholic at the behest of his wife, but many still considered him a Jew. The establishment was surprised to find out that he had converted when he chose to be sworn into the Privy Council with the Douay–Rheims Bible.[7]
Cassel's friendship with the King and achievements in international finance earned him many British and foreign honours. Contemporary society gossip suggested that he demanded these as a return for his services.[7] In 1899, he was made a Knight Commander of the Order of St Michael and St George (KCMG).[12] In 1901, he was made a Knight Commander of the Royal Victorian Order (KCVO).[13]
He was sworn a member of the Privy Council on 11 August 1902,[14] following an announcement of the King's intention to make this appointment in the 1902 Coronation Honours list published in June that year.[15] In 1905, he was promoted to Knight Grand Cross of the Order of St Michael and St George (GCMG)
[16] and, in 1906, he was promoted to Knight Grand Cross of the Royal Victorian Order (GCVO).[17] In the 1909 Birthday Honours, he was made a Knight Grand Cross of the Order of the Bath (GCB).[18]
Cassel's estate was valued at his death at £7,333,411 gross and £6,000,000 (equivalent to £336 million today[22]) for probate.[7] A 2001 study of probate records put the value at £7,333,000[23]
^ abGrunwald, Kurt (1 January 1969). ""Windsor-Cassel" - The Last Court Jew: Prolegomena to a Biography of Sir Ernest Cassel". The Leo Baeck Institute Year Book. 14 (1): 119–161. doi:10.1093/leobaeck/14.1.119.
"Sir Ernest Cassel" The Economic Journal (Dec 1921) 31#124 DOI: 10.1093/ej/31.124.557
Grunwald, Kurt.『“Windsor-Cassel”-The Last Court Jew: Prolegomena to a Biography of Sir Ernest Cassel.』Leo Baeck Institute Yearbook 14.1 (1969): 119-161.
Massie, Robert K. Dreadnought: Britain, Germany, and the coming of the Great War (1991) pp. 792-817.
Sleightholme‐Albanis, Elisabeth.『Sir Ernest Cassel and Anglo‐German relations before the outbreak of the First World War.』Cambridge Review of International Affairs 4.2 (1990): 36-43.
Thane, Pat. "Financiers and the British state: the case of Sir Ernest Cassel." Business History 28.1 (1986): 80-99.
