Birth: 27 July 1867
Place or Registered Place of Birth: Acton, London, Middlesex
Baptism: Not Known
Place of Baptism: Not Known
Death: 17 December 1955 - Aged 88
Place or Registered Place of Death: Marlborough, Wiltshire
Date of Burial: 21 December 1955
Place of Burial: Malborough College, Marlborough, Wiltshire
Father: Charles Musgrave Harvey
Mother: Frances Harriet Brewster
Spouse(s): Sophia Paget
Date of Marriage: 9 April 1896
Place or Registered Place of Marriage: St. Mary's Church, Acton, London
Joan Musgrave Harvey (1897-1949)
Sir Richard Musgrave Harvey (1898-1978)
Ruth Musgrave Harvey (1903-)
Eleanor Paget Musgrave Harvey (1906-)
Sir Ernest Musgrave Harvey, 1st Bt. married Sophia Paget, daughter of Captain Catesby Paget and Emily Armit, on 9 April 1896.
Sir Ernest Musgrave Harvey, 1st Bt. was invested as a Knight Commander, Order of the British Empire (K.B.E.). He gained the title of 1st Baronet Harvey.
The Times - April 15, 1896
Harvey : Paget. - On the 9th April, at St. Mary's Church, Acton, W., by the Rev. C.M. Harvey, father of the bridegroom, assisted by the Rev. R.M.C. Harvey, brother of the bridegroom, and the Rev. C.G. Paget, cousin of the bride, Ernest Musgrave, third son of the Rev. Charles Musgrave Harvey, Vicar of Hillingdon and Rural Dean, to Sophia, youngest daughter of the late Catesby Paget.
The Times - December 19, 1955
Sir Ernest Harvey
Service to Bank of England
Sir Ernest Harvey, Bt., formerly Comptroller and then Deputy Governor of the Bank of England, died at his home at Marlborough, Wiltshire, on Saturday. He was 88.
His working life was spent in the service of the Bank of England and his unaffected modesty never asked for recognition. Yet those who met him as a senior official of, the Bank noticed at once his competence and his independence of judgment, and his election later as Deputy Governor was warmly welcomed in the City. His ability; experience, and, above all, his complete devotion to the public interest made their mark in this high position, and his name will long be remembered in the City of London.
Ernest Musgrave Harvey was born in 1867, the third son of the Reverend C. M. Harvey, then rector of Acton and later Prebendary of St. Paul's. He was sent to Marlborough, where he gained some distinction as an athlete but gave little promise of later ability. When barely 18 he received a nomination to a clerkship in the Bank of England. In those days the Bank had scarcely begun to realize its continuing responsibility for the welfare of the financial system, and though Walter Bagehot had published Lombard Street 12 years before, the phrase “central banking" was not to be coined for nearly 30 years. Harvey applied himself diligently to the Bank routine, came under notice as an exceptionally capable clerk, and at the early age of 35 found himself appointed Deputy Chief Cashier. From the start he had set himself to find an explanation of many operations which were treated purely as matters of routine, and for which many of his older colleagues could give no reason. This frame of mind persisted, and in the years 1902-14 Harvey acquired, as deputy to the chief executive officer of the Bank, an invaluable knowledge of the London Money Market and Government finance. During this period he even lived at the Bank, and one of his children was born there.
The necessities of war finance laid an almost intolerable burden at that time upon the Bank of England and upon its regular staff, depleted by the claims of active service. A full share of work and responsibility fell upon the Deputy Chief Cashier, particularly in the flotation of Government loans. For his services he was made C.B.E. in 1917 and Chevalier of the Legion of Honour and of the Belgian Order of Leopold. In 1918 he succeeded Sir John Gordon Nairne as Chief Cashier on the latter's taking up the newly created office of Comptroller. The post-war years presented many financial problems at home of the first importance, such as the consolidation of the National Debt. In addition the Bank, under the leadership of Montagu Norman, was occupied with the financial reconstruction of various foreign countries and the development of relations with reserve banking institutions elsewhere. The art of central banking, now accepted as a natural feature of the economic landscape, was in development, and Harvey's sagacity and resource, based on a profound knowledge of practice, had ample scope.. The post of Comptroller fell vacant in 1925 and Sir Ernest - he was promoted to K.B.E. in 1920 - was the natural choice. While Comptroller, he visited Australia to advise on questions connected with the banking system, and he also went to several European countries in the interest of central banking cooperation.
Among the reforms introduced during Norman's governorship, one of the most important was the change in the composition of the Court of Directors. Men well versed in the needs of British industry at home and abroad came to sit side by side with the City merchants from whose ranks the directorate had been in the past exclusively recruited. The election of Sir Gordon Nairne in 1925 and of Sir Ernest Harvey, in 1928 marked the emergence of the full-time "central banker" and the recognition of the expert knowledge possessed by the staff of the institution.
A much greater break with tradition was made in March, 1929, by Harvey's election as Deputy Governor, an office previously held for a usual period of two years, but which he was to hold for seven. Thus it fell to his lot to give evidence before the Macmillan committee on finance and industry in 1929 and 1930 on the nature and working of the Bank of England. It may be said that his candour, no less than his grasp of the subject, greatly impressed those members of the committee who had been most critical of the Bank's constitution and policy. The evidence, which occupied seven days of the committee's deliberations, is regarded by students as a principal source for the study of British banking practice. The crisis that preceded the formation of the National Government in 1931 laid a heavy burden on a man with over 45 years of service behind him; and the abandonment of the gold standard in September, 1931, opened up an unknown future of fluctuating exchanges from which even a less weary man might well have shrunk.
Harvey was gazetted a baronet of Threadneedle Street in the City of London in the New Year Honours of 1933. Among the gifts he received on his retirement in 1936 was a copy of the silver tankard presented in 1696 by the directors of the Bank of England to Sir John Houblon. the first Governor, "in token of his great ability, industry, and strict uprightness at a time of extreme difficulty." To this tribute, first paid in the infancy of the Bank, should be added a mention of Harvey's courtesy, his decision, and his concern for the welfare of his subordinates.
He was a Lieutenant of the City of London, but had little time for outside interests, and after his retirement refused to burden himself with the many directorates that were offered. He was, however, still occupied with public work for some years as independent chairman of R.M. Realisation Company and E.D. Realisation Company, formed to completes the liquidation of the Royal Mail shipping combine. He was also a director of the British India Steam Navigation Company, the P. & O.. and the Union-Castle Line. During the 1939-45 War he was a member of the General Claims Tribunal.
Harvey, whose nephew, Mr. H. C. M. Mynors is the present Deputy Governor of the Bank of England, married in 1896, Sophia. daughter of Captain Catesby Paget, who died in 1952. They had, with three daughters, one of whom has died, a son, Richard Musgrave, born in 1898, who succeeds to the baronetcy.
The Times - December 22, 1955
Sir Ernest Harvey
The funeral service for Sir Ernest Harvey took place in the chapel of Marlborough College yesterday. Bishop Woodward officiated, assisted by the Rev. P.E.C. Hayman and the Rev. P.F. Chapman...........
20, Charleville Road, Fulham, London
Ernest M. Harvey - Head - Married - 33 - Clerk in the Bank of England - Hampstead, Middlesex
Sophia Harvey - Wife - 30 - Box, Wiltshire
Joan M. Harvey - Daughter - 3 - 1898 - West Kensington, Middlesex
Bank of England, St Christophers, London City
Ernest M. Harvey - Head - Married - 43 - Bank Official - Hampstead
Sophia Harvey - Wife - Married 15 Years - 40 - Box, Wiltshire
Joan Musgrave Harvey - Daughter - 13 - Student - West Kensington
Ruth Musgrave Harvey - Daughter - 8 - City of London
Eleanor Paget Musgrave Harvey - Daughter - 5 - City of London
Sir Ernest Musgrave Harvey, 1st Bart.