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William Jacobson was born on 18 July 1803, the son of William Jacobson, a merchant's clerk, of Great Yarmouth, Norfolk, and his wife Judith Clarke. He was educated at Mr Brewers school in Norwich; Homerton (nonconformist) College, London; and Glasgow University 1822-1823. On 3 May 1823 he was admitted commoner of St. Edmund Hall, Oxford. In May 1825 he was elected scholar of Lincoln College (B.A. in 1827), taking a second class in literæ humaniores. He was a private tutor in Ireland until 1829. He then returned to Oxford, obtained the Ellerton theological prize, was elected fellow at Exeter on 30 June, and proceeded M.A. On 6 June 1830 he was ordained deacon, was appointed to the curacy of St. Mary Magdalen, Oxford, and was ordained priest the following year. In 1832 he was appointed vice-principal of Magdalen Hall.
In 1839 he became perpetual curate of Iffley, near Oxford, was made public orator of the university in 1842, and was chosen select preacher in 1833, 1842, and 1863, but did not serve on the last occasion. By the advice of Lord John Russell, then prime minister, Jacobson was in 1848 promoted to the regius professorship of divinity at Oxford, which carried with it a canonry of Christ Church, and at that time also the rectory of Ewelme, Oxfordshire. In politics he was a liberal, and he was chairman of Mr. W. E. Gladstone's election committee at Oxford in 1865. On 23 June 1865 he accepted the offer of the see of Chester, and was consecrated on 8 July.
Failure of health caused him to resign his bishopric in February 1884. He died on 13 July 1884. His portrait, painted by Richmond, has been engraved. He married, on 23 June 1836, Eleanor Jane, youngest daughter of Dawson Turner.
Publications: An edition of Dean Alexander Nowell's Catechismus, with Life, 1835, 1844; an edition of the extant writings of the Patres Apostolici, with title S. Clementis Romani, S. Ignatii ¼ quæ supersunt, &c., 2 vols. 1838, 1840, 1847, 1863; an edition of the Works of Robert Sanderson, bishop of Lincoln, 6 vols., 1854, and a few smaller books, sermons, and charges. He also wrote annotations on the Acts of the Apostles for the Speaker's Commentary.
One of Jacobson's sons was W H A Jacobson (d. 1924), entered Guy's Hospital 1869, was Assistant Surgeon at Guy's, 1876-1900 and then Surgeon until 1908.