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William Manning was born in London in 1763. He joined his father's trading firm as a young man. After the death of his parents, he inherited the firm and several West Indian estates, confirming his status as a wealthy City merchant. He became a director of the Bank of England in 1792, serving as Deputy Governor during 1810-1812 and then Governor until 1814. He also sat as the MP for several boroughs between 1794 and 1830 and was a staunch supporter of William Pitt's government. From the 1820s a downturn in the West Indies trade led to financial difficulties for Manning's company, and he was eventually declared bankrupt in 1831, after which he retired from public life. His son, Henry Edward Manning, a convert to Roman Catholicism, later became Archbishop of Westminster.