Philip Burlamachi

Philip Burlamachi [Oxford Dictionary of National Biography (2004) Vol 8 pp.865-866 Oxford University Press] (born in Sedan, France, died 1644 [cite journal|url=http://nq.oxfordjournals.org/cgi/issue_pdf/frontmatter_pdf/CCIII/mar.pdf|title=Memorabilia|journal=Notes and Queries|issue=March 1958|publisher=Oxford University Press] ) was a major financial intermediary of King Charles I of England. His family was of Italian origin although it is not known how they got to France.He is known to have been in England for at least 30 years (since at least 1605)where he became naturalized by an Act of Parliament. [Calendar of State Papers Domestic Series 1635 p.593] He worked extensively with his brother in law Philip Calandrini who was his agent in Amsterdam. [Acts of The Privy Council 1621 p.92] At around about this time in 1621 he also acts on behalf of the City of London Merchants in regards collecting money from foreign merchants which is to be given to the Privy Council for 'Whereas you have undertaken the collecting of such moneys as were thought reasonable and meet for the merchants strangers residing within the City of London and the outports,to contribute towards the expedition against pirates.' [Acts of The Privy Council 1621 p.160] He was entrusted(the sum of £30,000)on behalf of the Privy Council with bills of exchange for the service of an army for the States of the United Provincess or 'direct the employment them as he shall think'. [Acts of The Privy Council 1621 p.92] One thing that is certain and clear is the importance of Philip Burlamachi in regards money and finance and his idea(the first of its kind) although he himself does concede "the proposal has been formerly made." [Calendar of State Papers Domestic 1636-1637 p.73]

Burlamachi’s idea of a clearing bank was the first known idea for a central bank, where the word "bank" is first used "a bank for the payment of all large sums of which shall be negotiated". [Calendar of State Papers Domestic Series 1636-1637. p.73] The idea was originally discussed in the year 1636 and 28 years later, in 1694, the Bank of England was first formed.

Burlamachi is also known for financing the East India Company. [cite web|url=http://www.danbyrnes.com.au/business/business13.html|title=The Business of Slavery - Chapter 13, The Guinea Company|publisher=Dan Byrnes]

References