Constituency : Westbury 1847-57, Devonport 1857-9
James was a Quaker mill owner's son from Scotland. He chose a business career and started as an apprentice in a hat factory until his father bought the business for him. In 1837 he suffered heavy losses when the price of indigo fell. In 1853 he founded the Chartered Bank of India, Australia and China. He became a noted writer on economic matters for newspapers such as the Manchester Guardian as a staunch Free Trader. In 1843 he founded The Economist to campaign for free trade and it is still going today. He entered Parliament in 1847 and Russell appointed him Secretary of the Board of Control, a post he held until 1852. Aberdeen restored him to office as Financial Secretary to the Treasury , a post he held until the fall of Palmerston's administration in 1858.
When Palmerston returned to power in 1859 James briefly served as Paymaster-General and Vice-President of the Board of Trade but like his fellow Devonport MP Thomas Perry he resigned to sit on the Council of India as its financial expert.
James aimed to set up a new tax structure and paper currency. However he stayed in Calcutta during a heat wave in 1860 and died of dysentery aged 55. His neglected tomb was refurbished by an Indian tax official in 2007.
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