Have something to say about Port Hill?

• 

The Ledger Baron of Port Hill

James Yeo (1789-1868) started life as a labourer in England and by his mid-40s was so wealthy he was making large loans to the PEI government.

At the age of 30, with two children from his first marriage and a new bride, Yeo came to Port Hill.

There he managed the lumbering, ship building and mercantile businesses owned by Thomas Burnard Chanter. When Chanter died seven years later, Yeo sold the business to ship builder William Ellis.

The business had a large number of outstanding accounts which Ellis had bought, but Yeo collected them in the name of the Burnard family and retained the proceeds with which he launched a lumber dealership and a store and bought the 35-foot schooner Mary Ann.

Within a few years Yeo bought back the Chanter businesses from Ellis and soon became the greatest of the Island's ship builders. He launched at least 155 ships and his sons and sons-in-law built at least another 200. He built a sizeable export business of timber cut from the land of settlers with uncertain land title and ran his stores on a credit basis.

Many became indebted to him and he was able to exploit their labour and timber through what became known as the 'Power of the Ledger.'

Another of Yeo's nicknames was 'Driver of the Government ' because his wealth allowed him to direct the appointment of relatives and associates to offices of influence in government.

With permission from 'Prince Edward Island Place Names' David E. Scott 2011