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 confession of faith, which was printed at the time, was indicative of his later theological position. The Blackfriars congregation was one of the most respectable presbyterian congregations in London, having been gathered by Matthew Sylvester and served by Richard Baxter. It met at Meeting House Court until 1734, when it removed to Little Carter Lane, Doctors' Commons. Newman remained with the congregation in both places, as assistant minister 1718–46, and as pastor in succession to Dr. Wright 1746–58. On the breaking out of the Salters' Hall controversy soon after his settlement, Newman took part with the non-subscribing ministers. His later life and writings mark very well the eighteenth-century transition from presbyterianism to unitarianism. In 1724 he undertook to assist ‘Mr. Read once a month at St. Thomas's, continuing the effort till the death of Dr. Wright, when he confined himself to Carter Lane.’ In 1749 he was chosen as the Merchants' Tuesday morning lecturer at Salters' Hall. He had already preached there as early as 1736 (Doctor Williams Library MSS. Records of Nonconformity, vol. xiii.). He died, much esteemed, 6 Dec. 1758, and was buried privately in Bunhill Fields. His wife Elizabeth died 25 Dec. 1776, in her seventy-third year.

Newman's works, excluding separately issued sermons and tracts, are: A portrait of Newman by S. Webster was engraved by J. McArdell.
 * 1) ‘Reformation or Mockery, argued from the general use of our Lord's Prayer, delivered to the Societies for Reformation of Manners at Salters' Hall, 30 June 1729,’ London, 1729.
 * 2) ‘Piety recommended as the best Principle of Virtue,’ London, 1735; reprinted as discourse 23 in the ‘Protestant System,’ 1758, ii. 447.
 * 3) ‘Sermons on various important Subjects by the late Rev. Thomas Newman, published from his MS. and by his particular direction,’ 2 vols. (a series of thirty-six sermons), London, 1760.



NEWMARCH or NEUFMARCHÉ, BERNARD. [See .]

NEWMARCH, WILLIAM (1820–1882), economist and statistician, was born at Thirsk, Yorkshire, on 28 Jan. 1820. Mainly self-educated, he obtained employment early in life, first as a clerk under a distributor of stamps in his native county, and then with the Yorkshire Fire and Life Office, York. From 1843 to 1846 he was second cashier in the banking-house of Leatham, Tew, & Co. of Wakefield, where he had every opportunity of becoming acquainted with the business. While in this position he married. He was appointed second officer of the London branch of the Agra Bank on its establishment early in 1846. About this time, also, he joined the staff of the ‘Morning Chronicle.’ His great ability and his knowledge of the principles of banking and currency were early appreciated by [q. v.], Alderman Thompson, M.P., and Lord Wolverton, on whose advice he quitted the Agra Bank in 1851, and became secretary of the Globe Insurance Company. By his advice, and largely through his management while he was acting in this capacity, the Globe Insurance Company and the Liverpool and London Insurance Company were amalgamated. In 1862 Newmarch was appointed manager in the banking-house of Glyn, Mills, & Co., a position which he retained until 1881. He was a director of Palmer's Iron and Shipbuilding Company and of the Grand Trunk Railway Company of Canada, a trustee of the Globe Million Fund, and treasurer of the British Iron Trade Association from its formation until 1880. In 1869 he became president of the Statistical Society in succession to Mr. Gladstone; he had acted as honorary secretary for seven years, and editor of the ‘Journal’ of the society for five years. He was one of the most active members of the Adam Smith Club and of the Political Economy Club, of which he was for some years secretary.

On the Bank Act of 1844, and the currency controversies to which it gave rise, Newmarch agreed in the main with Thomas Tooke, whose disciple to a great extent he was. His evidence before the select committee on the Bank Acts in 1857 is the best summary of his views on these subjects. He denied that the Bank of England or other banks of issue could determine the amount of their outstanding circulation, and he argued in favour of the removal of all legislative limit upon the issues of the Bank of England. He disapproved of setting aside a certain amount of bullion as a guarantee for the circulation, maintaining that legal convertibility was a sufficient security against