Richard_Hodgson-Huntley

Richard Hodgson-Huntley

Richard Hodgson-Huntley

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Richard Hodgson-Huntley, also known as Richard Hodgson until 1870, (1 April 1812 – 22 December 1877)[1][2][3] was a British Conservative Party politician and railway entrepreneur.[4][5][6]

Quick Facts Member of Parliament for Tynemouth and North Shields, Preceded by ...

Family

Known as Hodgson at the time, Hodgson-Huntley was the second son of John Hodgson and Sarah, daughter of Richard Huntley.[6][7] He married Catherine Moneypenny, daughter of Anthony Compton.[8] They had at least one child: Katherine Isabella.[9]

Political career

The then-Hodgson was elected a protectionist Conservative MP for Berwick-upon-Tweed in 1837. He held the seat until 1847 when he stood down in order to contest Newcastle upon Tyne, a seat his brother, John Hodgson, was retiring from; he was unsuccessful.

Hodgson returned to Berwick-upon-Tweed to contest the 1852 general election and by-elections in 1853 and 1859 but failed to recapture the seat.[10][4]

He later returned to parliament for Tynemouth and North Shields, elected at the by-election in 1861 and held the seat until 1865 when he was defeated.[10][4]

Railways

From 1855 to 1866, Hodgson-Huntley was the chairman of the North British Railway Board of Directors.[11] He joined at a time of particular financial discordance, after former chairman John Learmonth had invested heavily in subscriptions to other railways, with huge sums being written off in failed ventures, and similar sized sums were being sought for new ones.[12]

Hodgson-Huntley's reign saw the company's financial position significantly improved and, within one year of his chairmanship beginning, operating expenses were cut to 44% and he announced the company was free from debt, and a dividend of 2.5% to shareholders. Although the company's dividends varied during his chairmanship – such as in 1862 when capital commitments again swamped the company's financial resources – they regularly hit up to 3%.[12]

Yet, twice in 1866, he proposed a 3% dividend on ordinary shares, only for the share price to decline. On the second occasion, a new company secretary, John Walker, alerted the finance committee to poor company finances. A new preference share issue had been flopped, and it was impossible to pay debenture interest and preference share-guaranteed dividends. This revelation saw ordinary shares fall in value by 8% overnight, and widespread financial impropriety and falsification accounts were blamed on Hodgson, causing a special general meeting on 14 November 1866. Hodgson decided not to attend, instead tendering his resignation from the board, while blaming his non-attendance on a headache.[12]

Other activities

He also chaired the Tweed Commissions, and a Justice of the Peace for Northumberland.[11] In 1877, until his death, he was High Sheriff of Northumberland.[13]

References

  1. [1]
    Leigh Rayment's Historical List of MPs – Constituencies beginning with "T" (part 2)
  2. [2]
    Leigh Rayment's Historical List of MPs – Constituencies beginning with "B" (part 2)
  3. [3]
    "Death of Mr. Richard Hodgson-Huntley". Morpeth Herald. 29 December 1877. Retrieved 20 March 2018.
  4. [4]
    Disraeli, Benjamin (1982). Gunn, John Alexander Wilson; Wiebe, Melvin George (eds.). Benjamin Disraeli Letters: 1857-1859 (Illustrated ed.). University of Toronto Press. p. 413. ISBN 9780802087287. richard hodgson huntley 1812.
  5. [5]
    Escott, Margaret. "HODGSON, John (1806-1869), of Elswick House, Northumb". The History of Parliament. Retrieved 20 March 2018.
  6. [6]
    The Assembled Commons; Or, Parliamentary Biographer, Etc. London: Scott, Webster and Geary. 1838. p. 122. Retrieved 20 March 2018.
  7. [7]
    Burke, John (1838). A Genealogical and Heraldic History of the Commoners of Great Britain and Ireland, Enjoying Territorial Possessions Or High Official Rank: But Univested with Heritable Honours, Volume 4. Henry Colburn. p. 310. Retrieved 20 March 2018.
  8. [8]
    Burke, Bernard; Burke, John (1847). A Genealogical and Heraldic Dictionary of the Landed Gentry of Great Britain & Ireland, Volume 1 (2 ed.). Henry Colburn. p. 576. Retrieved 20 March 2018.
  9. [9]
    "Richard Hodgson-Huntley". The Peerage. Retrieved 20 March 2018.
  10. [10]
    Craig, F. W. S., ed. (1977). British Parliamentary Election Results 1832–1885 (e-book) (1st ed.). London: Macmillan Press. ISBN 978-1-349-02349-3.
  11. [11]
    "LONDON, TUESDAY, DEC, 25". London Daily News. 25 December 1877. Retrieved 20 March 2018.
  12. [12]
    David Ross, The North British Railway: A History, Stenlake Publishing Limited, Catrine, 2014, ISBN 978 1 84033 647 4
  13. [13]
    "No. 24416". The London Gazette. 7 February 1877. p. 607.
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