The Vision
The original bequest was made to Coventry in 1542 but later included Northampton, Leicester, Nottingham, Warwick and the Merchant Taylors of London.
The money provided to Northampton used to be administered by the Mayor and Corporation of Northampton but following the Municipal Reform Act of 1835 an independent body of Trustees was set up and remains in place today.
The first distribution of funds was £70 in 1567 but the income has now reached well over £1 million and there is a Distribution meeting held each year to allocate funds.
Coventry is the main beneficiary from the fund and gets 37/70th of the proceeds whilst the other four towns each receive 8/70th and the Merchant Taylors 1/70th.
It is believed that the first loan to a Northampton man was made in 1609.
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Who was Sir Thomas White?
Sir Thomas White was born in Reading, Berkshire, in 1492, the son of William White. He was brought up in London and apprenticed to Hugh Acton, a member of the Merchant Taylors’ Company. Acton left him £100 upon his death, and Thomas White used this money to begin business for himself in 1523. Thomas White became master of the Merchant Taylor’s Company around 1535.
In 1542 Thomas made his first benevolent gift to the city of Coventry for the purchase of park land. In 1545 he made a loan of £2000 to the city of Bristol.
Who was Sir Thomas White?
By 1547 he became Sheriff of London. The reign of Lady Jane Grey followed six years later during which time Thomas’ loyalties lay with the Roman (or Marian) side, and this loyalty was apparently repaid by his election as the Lord Mayor of London on 29 October, 27 days after being knighted by Queen Mary I. On the 19 August 1554 he received Philip and Mary at their entry in state into the City of London.
In 1559 he purchased Gloucester Hall, Oxford. Thomas was one of the founders of the Merchant Taylors’ School and also founded St John’s College Oxford.
Who was Sir Thomas White?
In the year 1562 he suffered greatly from a recession in the cloth trade, and as a result of this he died a poor man, but it seems that the provisions of his will were very astutely managed by his executor, the then Master of the Rolls, Sir William Cordell. Thanks to this, he bequeathed his fortune to buy land.
The profits made from renting this land were to be given to young men in Leicester, Coventry, Nottingham, Warwick and Northampton. Each year a small number of men, originally four, were given a sum of money to set themselves up in business or provide education. They had nine years to pay back this money, and no interest was charged.
Who was Sir Thomas White?
He died on 12 February 1567 and is buried in St. John’s College chapel, and although twice married to Avicia (died 1558) and Joan he left no issue. It is said that several portraits of Sir Thomas White are in existence, but it is doubtful if any of them were painted from life.
The one in St. John’s College is said to be similar to those belonging to the Merchant Taylors’ Company, to Leicester and to nearly all the towns to which he left benefactions.
