Name Philip Burlamachi | Died 1644 | |
Philip Burlamachi (Born 1575 in Sedan, France – 1644) was a major financial intermediary of King Charles I of England. His family was of Italian origin, exiled descendants of the Lucchese Francesco Burlamacchi. 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.
He worked extensively with his brother in law Philip Calandrini who was his financial representative in Amsterdam where his brother in law (in 1626) offered to stand as guarantee of £58,400 for Charles 1. 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.' 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 Provinces or 'direct the employment them as he shall think'. 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."
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". 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. and as Postmaster of Foreign posts from 1637 to 1642.
During the Anglo-French War (1627-1629), Burlamachi loaned Charles I the sum of £70,000, though the king's inability to repay him caused him to go bankrupt in 1633.