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Edwin Waterhouse

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Edwin Waterhouse (4 June 1841 – 17 September 1917) was an English accountant. He is best known for having co-founded, with Samuel Lowell Price and William Hopkins Holyland, the accountancy practice of Price Waterhouse that now forms a part of PricewaterhouseCoopers.

Career

[edit]

Born at Oakfield, Aigburth, Liverpool, Edwin Waterhouse was the son of a wealthy cotton broker. His brothers were prominent architect Alfred Waterhouse, designer of London's Natural History Museum and many other iconic Victorian buildings, and solicitor Theodore Waterhouse, who founded the firm of Waterhouse & Co. that continues to practise in the City of London (now as part of Field Fisher Waterhouse).^[1]

Edwin Waterhouse was educated at University College School and then its associated university University College London.^[2] He joined forces with Samuel Lowell Price and William Hopkins Holyland at new offices at No. 13 Gresham Street in London in 1865.^[3]^[4] In 1889 Waterhouse, along with a group of prominent businessmen, politicians and lawyers, founded The Law Debenture Corporation. He also served as president of the Institute of Chartered Accountants for the years 1892 to 1894.^[1]^[5]

Waterhouse's memoirs, describing his upbringing, education and professional life, along with his relationship with his two brothers, were found in the firm's archive in 1985, and an edited version produced in 1988.^[1]

In 2007 the courtyard of Foxhill House, the Alfred Waterhouse designed building that now houses the University of Reading's faculty of law, was refurbished with a grant from PriceWaterhouseCoopers in memory of Edwin Waterhouse.^[6]

His son, Nicholas Edwin Waterhouse, became senior partner of Price Waterhouse & Company, and president of the Institute of Chartered Accountants.^[7]

References and sources

[edit]

References

^ ^a ^b ^c Waterhouse, Edwin (1988). Edgar Jones (ed.). The Memoirs of Edwin Waterhouse. Batsford. ISBN 0-7134-5579-9.
^ "Edwin Waterhouse Biography: Became the President of Institute of Chartered Accountants". Accountant Town. Retrieved 10 January 2023.
^ Parker, R. H. (1984). Papers on Accounting History. Garland Publishing. p. 141. ISBN 9781317964018. Retrieved 31 October 2021.
^ Jones, Edgar (1995). True and Fair: A History of Price Waterhouse. Hamish Hamilton. pp. 25, 31. ISBN 978-0241001721.
^ "Chronological list of presidents together with the firms from which they emanated". Institute of Chartered Accountants. Retrieved 8 November 2007. ^{[dead link]}
^ "Bulletin – 8 November 2007" (PDF). University of Reading. p. 3. Retrieved 9 November 2007.^{[permanent dead link]}
^ "Sir Nicholas Waterhouse." The Times, 30 December 1964, p. 10.

Sources

W. H. Auden – Family Ghosts

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Edwin Waterhouse (4 June 1841 – 17 September 1917) was an English accountant renowned for co-founding the accounting firm Price Waterhouse in 1865, which grew into a cornerstone of the global professional services industry as part of today's PwC.^[1] Born in Aigburth, Liverpool, to wealthy mill-owning Quaker parents, Waterhouse came from a prominent family; his older brother, Alfred Waterhouse, became a celebrated architect known for Gothic Revival designs such as Manchester Town Hall and the Natural History Museum in London.^[2]^[3] After training in accountancy, Waterhouse joined the practice of Samuel Lowell Price in London in 1865, forming a partnership with Price and William Holyland that renamed the firm Price, Waterhouse & Co. in 1874.^[1]^[4] Waterhouse played a pivotal role in the firm's expansion during the Victorian era, specializing in auditing and financial investigations; he gained acclaim for uncovering frauds associated with Victorian corporate scandals.^[5] As a leader in the profession, he served as president of the Institute of Chartered Accountants in England and Wales (ICAEW) from 1892 to 1894, during which he oversaw the opening of the institute's hall in Moorgate Place and advocated for higher standards in public accounting.^[6]^[4] Under his senior partnership, Price Waterhouse established its first international office in New York in 1890 and audited major enterprises, solidifying its reputation for integrity amid the Industrial Revolution's financial complexities. Waterhouse's career exemplified the professionalization of accountancy in Britain, and he was the father of Sir Nicholas Waterhouse, who later became a senior partner in the firm and was knighted for wartime service.^[2]

Early Life and Education

Family Background

Edwin Waterhouse was born on 4 June 1841 at Oakfield in Aigburth, Liverpool, England, into a prosperous family of Quaker mill owners.^[3]^[7] His parents, Alfred Waterhouse (1798–1873) and Mary Bevan (1805–1880), were devout Quakers whose faith shaped the household's emphasis on integrity, simplicity, and education.^[8]^[9] Alfred worked as a cotton broker, managing trade in Liverpool's bustling mercantile environment, which provided the family with significant wealth derived from the textile industry.^[10]^[11] The Waterhouse family included several siblings, among them Edwin's elder brothers Alfred Waterhouse (1830–1905), a renowned architect known for designs like London's Natural History Museum, and Theodore Waterhouse (1838–1891), a distinguished solicitor who founded the firm Waterhouse & Co.^[3]^[12] These accomplishments underscored the family's tradition of professional excellence, fostered by their Quaker upbringing that valued diligent pursuit of knowledge and ethical conduct. Edwin also had sisters, including Ellen (1832–1876), Maria (1834–1905), and Katharine (1836–1889), contributing to a close-knit sibling dynamic in their affluent Liverpool home.^[3]^[13] Growing up in this environment, Edwin experienced early exposure to business principles through his father's cotton broking activities, which involved international trade networks and financial oversight in Liverpool's commercial hub.^[8]^[14] The family's Quaker values, prioritizing honesty and intellectual development, laid a foundational influence that later informed his approach to ethical standards in accountancy.^[10]

Formal Education

Edwin Waterhouse received his secondary education at University College School in London, entering as a pupil at the age of 15 in the mid-1850s.^[15] He then advanced to University College London for higher studies, enrolling around 1859 and graduating in 1860 with second-class honours in mathematics, Greek, Latin, and English.^[15]^[7] This degree equipped him with essential analytical skills that would underpin his subsequent career in accountancy.^[16] Waterhouse's family's Quaker heritage further reinforced the value placed on formal education and intellectual development during his formative years.^[17] Upon completing his university education at age 19, Waterhouse transitioned to professional training by beginning an apprenticeship in accountancy with the firm Coleman, Turquand, Youngs & Co. in January 1861, shortly after turning 20.^[18]

Professional Career

Entry into Accountancy

Following his graduation from University College London in 1860, Edwin Waterhouse entered the accountancy profession through a formal apprenticeship that built on his analytical foundation. In 1861, at age 20, he was articled to the prominent London firm Coleman, Turquand, Youngs & Co., paying a premium of £210 to train under partner William Turquand.^[15]^[19] This three-year indenture immersed him in the practical demands of the field during a period when accountancy was transitioning from informal bookkeeping to a more structured discipline amid Britain's industrial expansion. Waterhouse's initial responsibilities at the firm centered on basic auditing, bookkeeping, and investigating insolvencies, as Coleman, Turquand, Youngs & Co. specialized in company liquidation work arising from commercial disputes in the growing economy.^[15] These tasks exposed him to the intricacies of financial scrutiny in an era of rapid railway and manufacturing development, where joint-stock companies under the 1844 Joint Stock Companies Act required independent verification of accounts to protect investors.^[20] By 1864, upon completing his apprenticeship, he launched an independent practice at 11 Old Jewry Chambers in the City of London, undertaking assignments such as reorganizing family business accounts and designing a costing system for John Fowler & Co.'s steam plough operations in Leeds.^[15] Much of this early clientele stemmed from his Quaker family networks in Liverpool and London, which facilitated entry into commercial circles. Having relocated to London for his university studies in 1857, Waterhouse leveraged the city's position as the hub of Britain's mid-19th-century industrial boom, forging connections among merchants, brokers, and emerging corporate entities seeking reliable financial oversight.^[20] The profession's growth—from just 11 practicing accountants in London in 1799 to over 200 by 1848—reflected surging demand for expertise in an economy dominated by coal, iron, textiles, and railways, yet it remained fragmented without unified standards.^[20] As a young entrant, Waterhouse navigated significant hurdles in a nascent occupation lacking mandatory examinations or regulatory bodies until the Institute of Chartered Accountants in England and Wales formed in 1880; training relied on firm-based apprenticeships and personal reputation, while competition from unqualified "self-styled" accountants undermined credibility.^[20]^[15] Establishing trust demanded practical demonstrations of skill in high-stakes areas like insolvency probes, where errors could invite legal scrutiny under emerging auditor liability precedents.^[20]

Founding of Price Waterhouse

In 1849, Samuel Lowell Price established a solo accountancy practice in London, capitalizing on the growing demand for professional financial services amid Britain's industrial expansion.^[4] By 1865, Price formed a partnership with William Hopkins Holyland and Edwin Waterhouse, creating the firm initially known as Price, Holyland & Waterhouse, based at No. 13 Gresham Street in the City of London.^[4]^[1] This collaboration brought together Price's established expertise with Holyland's experience in accountancy and Waterhouse's emerging skills, honed through his prior clerkship at the prestigious firm of Coleman, Turquand, Youngs & Co., where he studied bookkeeping and insolvency methods.^[19] The firm's early operations centered on arbitration, bankruptcy, and liquidation services for industrial clients, reflecting the era's economic volatility and the need for impartial financial assessments in disputes and corporate failures.^[1] Waterhouse played a pivotal role in elevating the firm's practices by introducing rigorous auditing standards influenced by his training, which emphasized systematic verification and transparency in financial statements—principles that helped distinguish the partnership in a nascent profession.^[1]^[19] Following Holyland's departure, the firm was renamed Price, Waterhouse & Co. in 1874, solidifying the enduring alliance between Price and Waterhouse as the core of its identity.^[4]^[1] This rebranding marked a transition toward broader auditing and assurance work while retaining the foundational focus on insolvency-related expertise.^[1]

Firm Expansion and Key Roles

Following the establishment of the founding partnership in 1865 between Samuel Lowell Price, William Hopkins Holyland, and Edwin Waterhouse, the firm experienced significant operational growth that positioned it as a leader in the emerging profession of accountancy.^[21] A pivotal moment in the firm's international expansion occurred in 1873, when Price Waterhouse undertook its first project in the United States, conducting audits for American railroads and businesses amid a wave of financial scrutiny following the Panic of 1873.^[22] This engagement marked the beginning of the firm's transatlantic presence and highlighted its expertise in complex financial investigations. This laid the groundwork for subsequent U.S. operations, including the opening of a New York office in 1890, demonstrating Waterhouse's strategic vision in extending the firm's reach beyond the UK.^[23] During the 1870s and 1880s, Price Waterhouse's client base expanded rapidly, driven by the UK's industrial boom and the corresponding need for reliable financial oversight. The firm took on high-profile work, including audits of corporate entities and investigations into major bankruptcies and liquidations, such as those arising from overextended joint-stock companies and arbitration disputes.^[24] This period saw the firm handling arbitrations, insolvencies, and routine corporate audits for growing industries, which not only diversified its portfolio but also established its reputation for thoroughness amid economic volatility.^[25] Waterhouse played a central role in shaping the firm's internal standards, leading efforts to implement double-entry bookkeeping as a core methodology and promoting ethical practices rooted in the Quaker principles of honesty and independence that influenced the partners.^[26] In key assignments, such as the 1887-1888 government review of accounting practices in British munitions factories alongside Frederick Whinney, Waterhouse advocated for systematic double-entry systems to enhance accuracy and accountability. Internally, he managed the evolving partnerships by integrating new members to handle the workload and oversaw the training of junior accountants, emphasizing rigorous professional development to maintain high standards across the growing organization.^[27]

Leadership and Contributions

Presidency of ICAEW

Edwin Waterhouse was elected President of the Institute of Chartered Accountants in England and Wales (ICAEW) for the 1892–1894 term, serving two consecutive years and becoming one of the early leaders to hold the position for an extended period.^[6] His selection reflected his prominent standing in the profession, built through his role as a founding partner at Price Waterhouse.^[4] A key highlight of Waterhouse's presidency was the completion and official opening of Chartered Accountants' Hall in Moorgate Place, London, in 1893, which he inaugurated as the presiding officer.^[28] This neo-Baroque landmark, designed by John Belcher, served as the ICAEW's permanent headquarters and symbolized the institution's maturation and commitment to professional prestige amid the rapid industrialization of Victorian Britain.^[28] Under Waterhouse's leadership, the ICAEW advanced efforts to standardize accounting practices and foster ethical guidelines, aiming to professionalize accountancy in response to increasing commercial complexity and public scrutiny.^[4] He advocated for stronger regulatory measures, including expanded compulsory audits—building on the 1879 Companies Act's requirements for banks and insurance companies—and professional certification to ensure competence and integrity.^[4] These initiatives aligned with broader late-19th-century reforms, such as ongoing refinements to the ICAEW's examination system established in 1882, which emphasized rigorous training to uphold professional standards.^[29] Waterhouse's tenure also contributed to the ICAEW's institutional growth, with membership expanding by 47.8% between 1893 and 1902, reflecting heightened demand for qualified accountants and the institute's rising influence.^[30] His emphasis on ethical conduct and educational rigor helped solidify the profession's reputation, laying groundwork for future legislative advancements like the 1900 Companies Act's mandate for universal company audits.^[4]

Other Ventures and Innovations

In 1889, Edwin Waterhouse co-founded The Law Debenture Corporation, a pioneering trust company designed to facilitate the secure issuance of debentures by providing trustee services that ensured creditor protection through property-backed securities.^[31] As deputy chairman of the corporation by 1894, Waterhouse played a key leadership role in its early operations, which addressed the growing need for reliable debt financing mechanisms in an era of expanding industrial enterprises.^[32] Waterhouse's work with The Law Debenture Corporation contributed to innovations in corporate finance by developing structured debenture arrangements that allowed industrial companies to access funding more safely, reducing risks associated with unsecured loans and promoting capital investment in manufacturing and infrastructure projects during the late Victorian period.^[31] These structures emphasized legal safeguards for investors, such as perpetual trusteeship over assets, which set a precedent for modern corporate bond issuance and helped stabilize funding for Britain's industrial sector. Beyond this venture, Waterhouse engaged in broader financial reforms through active participation in key discussions on company law in the 1890s, including his appointment to the Joint Stock Companies Departmental Committee, which investigated and recommended improvements to corporate governance and disclosure requirements following the 1895 report.^[33] His contributions focused on enhancing transparency in financial reporting to prevent fraud and protect stakeholders, influencing subsequent legislative efforts to modernize joint-stock company regulations. Waterhouse also served in advisory capacities on government and industry committees related to accounting standards, notably the Company Law Amendment Committee of 1905, where he advocated for standardized practices in auditing and balance sheet preparation to support reliable economic oversight.^[33] These roles underscored his influence in shaping early professional guidelines that bridged accountancy and corporate legislation, ensuring greater accountability in business operations.

Personal Life and Legacy

Family and Personal Interests

Edwin Waterhouse's first marriage was to Georgiana Emma Catherine Thöl on 3 April 1869 in Brixton, Surrey. The couple had six children: Agnes Mary (born 1870, died 1883), Theresa (born 1872, who later married Rev. Jacob A. Forrest and had four children), William (born 1874, died 1900), Nicholas Edwin (born 1877), Ellen Penelope (born 1880), and Gertrude Valentine (born 1884). Georgiana died in 1896.^[34] Following Georgiana's death, Waterhouse married Helen Caroline Weber on 11 April 1898 in London. The couple resided primarily in London during the early years of their marriage before relocating to Feldemore in Holmbury St Mary, Surrey, where they raised their family in a comfortable, affluent setting supported by Waterhouse's professional success. They had one son, Theodore Waterhouse (born 1907, died 1976). Helen outlived Waterhouse, passing away in 1941.^[34] Among his children, Nicholas Edwin Waterhouse (later Sir Nicholas) followed in his father's footsteps, becoming senior partner of Price Waterhouse from 1945 to 1960 and serving as president of the Institute of Chartered Accountants in England and Wales in 1928–1929.^[35] Born into a Quaker family—his father Alfred Waterhouse Sr. was a cotton broker with deep roots in the Religious Society of Friends—Waterhouse's upbringing reflected this heritage. His connection to the arts and architecture came through his elder brother, the renowned Gothic Revival architect Alfred Waterhouse, who designed Feldemore as a family home in phases starting in 1880, blending practical living spaces with aesthetic elements reflective of the era's style.^[15]^[36]

Death and Posthumous Recognition

Edwin Waterhouse died on 17 September 1917 at the age of 76 at Feldemore, Holmbury St Mary, Surrey, and was buried in Holmbury St Mary, following a period of reduced involvement in firm operations after decades of leadership.^[2]^[34] In 1988, his personal writings spanning 1841 to 1917 were posthumously published as The Memoirs of Edwin Waterhouse: A Founder of Price Waterhouse, edited by Edgar Jones, providing insights into his life and the early accountancy profession.^[37] One notable posthumous recognition came in 2007, when PricewaterhouseCoopers funded the refurbishment of the courtyard at Foxhill House—designed by his brother Alfred Waterhouse and now part of the University of Reading—in his memory.^[38] Waterhouse's enduring legacy lies in his role as co-founder of Price Waterhouse in 1865, which evolved through mergers into the global firm PwC, and his contributions to establishing international practices in accountancy during the firm's expansion.^[1]

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