Thompson’s ancestors had been settled at Kendal for four generations, but his great-uncle William Thompson was a London silk merchant at 8 Basinghall Street. His father, the first son of James Thompson and his wife Isabel Dent of Crosby Ravensworth, Westmorland, was baptized at Kendal on 5 Aug. 1750, and apparently remained in the locality until his death in November 1841. He had two younger brothers, William and Robert, baptized respectively on 20 Jan. 1754 and 6 Feb. 1757.
Their nephew William Thompson, James’s second son (his elder brother John was baptized at Grayrigg on 10 Apr. 1786), was sent to London, where he attended Charterhouse and then entered the counting house of his pious uncle William’s firm in Upper Thames Street.
At the general election of 1820 Thompson and the banker Matthias Attwood stood for Callington on the ‘independent interest’ against the nominees of Lord Clinton. They were defeated at the poll but successfully petitioned and were seated in June.
He divided against inquiry into the parliamentary franchise, 20 Feb., and the £2,000,000 tax remissions proposed by Hume, 3 Mar., but for an amendment to the national debt reduction bill, 17 Mar. 1823. On 4 Mar. he expressed his hope that the dispute between the admiralty and Lloyd’s over piracy in the West Indies could be amicably settled. He called for ‘mature consideration’ of the warehousing bill, 17 Mar.,
On 20 Feb. 1824 Thompson ‘deprecated the impolicy of imposing high duties on low-priced commodities’ such as wool and raw silk. He voted against reform of Edinburgh’s representation, 26 Feb. He welcomed ministers’ sanction of Hume’s call for information on committals by magistrates in and around London, 2 Mar. He presented a London silk mercers’ petition for drawback to be extended to cut goods, 19 Mar., and spoke to this effect on the silk bill, 22 Mar. On the 30th he presented a London merchants’ petition in favour of the St. Katharine’s Docks bill, but in common council next day he opposed petitioning against the aliens bill.
A member of the government dismissed Thompson’s performance in seconding the address, 3 Feb. 1825, as ‘wretched’.
In common council, 8 Feb. 1826, Thompson supported financial aid for distressed Spitalfields silk weavers and, in response to questioning, said that he had ‘done all in his power to procure a change in the corn laws, which he considered a disgrace to a civilized country’.
At the common hall meeting to petition for revision of the corn laws, 19 Oct. 1826, Thompson demanded abolition of the landowners’ ‘grievous monopoly’.
two-fold character. It appeared to intimate support to the ... [Canning] administration, and to that he must certainly refuse to pledge himself. When he considered the persons with whom Mr. Canning was now associated, he could not give him his implicit confidence. He was ... anxious not to give a decided opinion upon ... [Canning’s] government, and he wished the court to be equally anxious on that point.
Ibid. 24 May 1827.
He presented Bishopsgate petitions for improvement of the process for recovering small debts, 8 June, endorsed one brought up by Hume for reduction of the duty on insurances, 15 June, and presented one to the same effect from London merchants and ship-owners, 21 June. He was unhappy with some details of the customs duties bill, but failed in his attempt to modify it, 19 June 1827.
In late January 1828 Lord Ashley* told Peel, home secretary in the duke of Wellington’s new ministry, that Thompson, who was now a director of the Bank, ‘liked everything’ about it except the duke’s combining the premiership with the command of the army.
At Michaelmas 1828 Thompson was chosen lord mayor of London; he professed pleasure at being so honoured ‘at a time when political distinctions were rather nominal than real’.
Thompson refused to support Knatchbull’s amendment to the address, 4 Feb. 1830, wishing to give ministers ‘time to develop their views ... as to the best means of removing the distress which now overwhelms the country’. Yet he warned from personal observation that matters were very serious, particularly in the manufacturing districts, and urged government to ‘exercise an unsparing economy’ and to establish a sound paper currency. He was named to the select committees on the East India Company, 9 Feb., 4 Feb., 28 June 1831, 10 Feb.1832. He carried the second reading of the St. Katharine’s Docks bill, 1 Mar. He voted silently for the transfer of East Retford’s seats to Birmingham, 11 Feb., and the enfranchisement of Birmingham, Leeds and Manchester, 23 Feb. On 1 Mar. he opposed naval economies, for the sake of British merchant shipping, but said he would approve ‘all practicable reductions’ in the civil establishment. He disclaimed, curiously, any special interest in the Merthyr petition complaining of distress in the iron trade which he presented on 9 Mar., and gave a personal view that the problems were ‘temporary’. He presented and supported the prayer of a London licensed victuallers’ petition against the sale of beer bill, 11 Mar.; he voted for unsuccessful amendments to the measure, 21 June, 1 July. On 11 Mar. he spoke for the London corporation sponsored motion for an inquiry into the coal trade, to which he was named. On the London merchants’ petition for a reduction of taxation, 13 Mar., he observed that the City’s retail business was ‘very far from being in a prosperous condition’. After the budget statement, 15 Mar., he insisted that ministers could go further with remissions, advocated a property tax as the only ‘effectual’ solution and demanded reduction of the punitive levies on insurances. He opposed inquiry into the state of the nation, 23 Mar., contending that the ‘universal’ distress could not be blamed on ministerial policy; but he divided against government on the Bathurst and Dundas pensions, 26 Mar. He approved Peel’s proposals to mitigate the punishment for forgery, 1 Apr. Next day he supported reductions in the ordnance establishment. At a common hall meeting on distress, 5 Apr., he again advocated a tax on the ‘great and ... unproductive accumulations of capitalists’ and acquiesced in the resolution calling for a reduction of public salaries.
Thompson was returned unopposed for London at the general election at the end of the month, when he advocated ‘a change in ... [the] present system of taxation’ and stood by his support for Catholic emancipation.
Thompson took a blatantly opportunist and insincere line on parliamentary reform. He presented and endorsed a London bankers and merchants’ petition for moderate reform, 26 Feb. 1831, but he was taken aback by the scale of the ministerial bill. In common council, 4 Mar., he said that while he was ‘convinced of the necessity of some change in the representation’ and ‘anxious to see the constitution repaired’, he felt that ‘although the bill would do a great deal of good, it would also do a great deal of evil’.
The precise extent of Thompson’s stake in the Penydarren and associated iron works by this time is not entirely clear, though it was certainly considerable. After the death of William Forman he appears to have become chief partner in Penydarren, with Forman’s son Thomas Seaton Forman, John and Samuel Homfray and John Addenbrooke.
Speaking in the Commons as ‘a manufacturer’, 24 June 1831, Thompson recommended a fixed duty on imported corn, contending that unrestricted free trade would be risky. On 1 July he advised Lord Althorp, the chancellor of the exchequer, not to transfer the duty from soap to tallow and deplored his postponement of the proposed repeal of the tax on candles. He voted for the second reading of the reintroduced reform bill, 6 July, but landed himself in hot water with the livery on the 12th by speaking, from local knowledge, and voting in the minority for Appleby’s claim to be allowed to return one Member to be heard by counsel at the bar. Later that night he divided with ministers against the adjournment motions. Next day he stated that his Appleby vote did not vitiate his general and genuine support for the bill and applauded its abolition of ‘nomination boroughs’ and £10 householder franchise. He was called to account by a ‘junta’ of the livery on 14 July, when, according to a newspaper report, he attributed his vote to ‘inadvertence’, in that, being tired and not having heard ‘a word’ of the debate, he had assumed that the amendment had been merely to permit the evidence of an obvious clerical error in the 1821 census return, which had led to a significant underestimate of the borough’s population, to be put fairly before the House:
As to the suspicion entertained against me ... because I have been a Tory, I ... have never been of any party ... I have ... acted hastily and inadvertently, but nothing of the kind shall occur again. I had undergone great fatigue at the time I committed the error ... I have pledged myself to support the government. I repeat that pledge.
A resolution was carried accepting his explanation and, in view of his renewed pledge, reaffirming confidence in him as Member. In a highly embroidered account of the episode written later in the year, he was depicted as a ‘weeping, repentant and degraded alderman’, reduced to a state of ‘trembling servility’.
In the disputed lord mayoral election of 1831, Thompson backed the livery’s eventually successful attempt to re-elect the trusted reformer Key.
Thompson did not stand for London, where he probably would have had little chance, at the general election of 1832. He contested the new constituency of Sunderland and finished bottom of the poll, but was successful at a by-election four months later. Despite his steady drift to Conservatism, he was returned there at the next three general elections, but in September 1841 he transferred to his native county, where he had acquired the estate of Underley, near Kirkby Lonsdale. He was by now an unabashed protectionist, and he opposed repeal of the corn laws in 1846. In 1833 Lady Charlotte Guest of Dowlais had described him as ‘the Alderman in every sense’, who ‘has not the uprightness which I should have been inclined to give City merchants credit for’.
