2nd November
SPENCER BALFOUR by Dr Ron Cox
Ron Cox (left) was our speaker today about JSB as Jabez Spencer Balfour became known, Ron presented a talk with a humorous effects that kept the members wide awake but at the same time produced a complex and intricate platform covering many of the sub actors of the growth and finality of the life of Jabez Spencer Balfour (1843 – 1916). In brief JSB was a successful or was it shrewd businessman, British Liberal Party politician, a peer of the public but sadly convicted as a fraudster.
Jabez Spencer Balfour was a well dressed (left) and rich Member of Parliament for Tamworth and for Burnley, Balfour was also interested in local politics and made many gifts in his home town of Croydon, Surrey where he regularly topped the poll for the school board. When Croydon obtained Borough status in 1883 he was selected as charter mayor and re-elected for a second term. He stood as Liberal candidate in Croydon at the general election but lost to the Conservatives. He also stood unsuccessfully for the Liberals at Walworth in 1886.
Together with City financiers Leopold Salomons and John Pender, Balfour founded the investment underwriting firm the Trustees, Executors and Securities Insurance Corporation, Limited in December 1887. Ron covered in detail far too long for this short report of all the suporting characters involved in JSBs climb to fortune, those such as Solomons, Pender and many others.
In 1892, he was at the centre of a scandal when the Liberator Building Society, (plus many other Companies but all linked back to JSB) which he set up and controlled, failed, leaving thousands of investors penniless, especially the widows and those who trusted the churchmen who became unknowingly part of the scandal. Instead of advancing money to home buyers, the Society had advanced money to property companies to buy properties owned by him, at a high price or recycled the cash within a small circle of confederates.
After a decade the swindle was discovered and Balfour fled the country. He was arrested in Argentina by Inspector Frank Froest of Scotland Yard ; with extradition proceedings held up by legal wrangling, Froest simply bundled Balfour into a train and then a boat sailing for England. Balfour was tried at the Old Bailey and sentenced to 14 years penal servitude, most of which was served in harsh conditions in Portland prison. (Below today a Museum!)
When he was released from prison in 1906, his memoirs were serialised by Lord Northcliffe's Weekly Despatch newspaper. He died in 1916, on a train from London to Wales, heading for a job as a mining consultant although he had no mining experience.
Present day South Norwood, which is in the borough of Croydon, has a road called Balfour Road which is named after Jabez Balfour. One of the roads it intersects with is Portland Road. Even though the latter road is not named after the prison it is amusing that long after his death Balfour is still connected to Portland.
David Smart an ex Police Officer gave a well earned vote of thanks to Dr Ron and in his tribute mentioned as a Police officer he was well aware of the actions of Inspector Frank Froest of Scotland Yard although he pointed out well before his time in the Service and raised the point that even the Police can take action in spite of the Laws delays!
Footnote:-
JABEZ came from his godfather who was a well known preacher, the name is biblical from 1 Chronicles 4:9
Jabez was more honourable than his brothers. His mother had named him Jabez, saying, “I gave birth to him in pain.”
