Irving, a wealthy London merchant and financier of Scottish extraction, was a partner in Reid, Irving and Company, a concern of second-ranking importance whose dealings, originally concentrated in the West Indies, were increasingly extended worldwide; his partner Sir John Rae Reid* was a director of the Bank of England. He also collaborated with the better known merchant houses of Gurney, Montefiore, Baring and Rothschild, notably in the foundation of the Alliance Assurance company, and with the last two houses he was involved in negotiations over the Austrian loan at the Congress of Verona in 1823, ‘a transaction requiring remarkable ability, and bringing him into contact with nearly all the great statesmen of that assembly’.
He continued to sit undisturbed for Bramber throughout this period, on the interest of his friend the 5th duke of Rutland. A radical publication in 1820 classed him among ‘the most determined adherents’ of Lord Liverpool’s ministry.
Irving divided against repeal of the Foreign Enlistment Act, 16 Apr., inquiries into delays in chancery, 5 June, and the currency, 12 June, and for repeal of the usury laws, 27 June 1823. He welcomed an attempt to reform the Irish banking system, 12 Mar. 1824. He voted against the motion condemning the trial of the Methodist missionary John Smith in Demerara, 11 June. He divided for the Irish insurrection bill, 14 June 1824, the Irish unlawful societies bill, 25 Feb., and against Catholic relief, 1 Mar., 21 Apr., 10 May 1825. He voted for the duke of Cumberland’s annuity, 6, 10 June 1825. Like many other business Members he divided against the government’s proposed alterations in the banking system following the recent crash, 13 Feb., but he was satisfied with their bill to restrict the circulation of small notes once a clause had been inserted to extend the life of those issued by the Bank, 20 Feb. 1826. He defended the Bank for its sale and purchase of exchequer bills, its lending policy and its close links with government, 15, 27 Feb. He also publicized its concern to produce a note less amenable to forgers, 21 Mar. He assured the House that ‘a just reciprocity of advantages’ had been secured in the South American treaties bill, 23 Feb., but was scathing about reciprocal trading arrangements in general when supporting a petition for a duty on foreign shipping, 17 Apr. He voted to receive the report on the salary of the president of the board of trade, 10 Apr. He divided against the motion condemning the Jamaican slave trials, 2 Mar., reform of Edinburgh’s representation, 13 Apr., and Russell’s resolutions against electoral bribery, 26 May. While defending the corn laws, 8 May 1826, he was prepared to admit some relaxation in their terms.
He divided against Catholic relief, 6 Mar. 1827, 12 May, and repeal of the Test Acts, 26 Feb. 1828. He voted for the duke of Clarence’s annuity, 16 Mar. He supported a fixed duty on foreign flour, 19 Mar., and defended the existing corn laws against Hume’s attack, 27 Mar., arguing that the latter’s free trade principles were ‘good in the abstract but ... unfortunately impractical’ as they would ‘subject the most important interest in the country to a course of slow but constant depression and decay’. He gave his ‘hearty concurrence’ to the Canning ministry’s customs bill, 1 June, and voted with them against the Penryn disfranchisement bill, 28 May, 7 June 1827. That August he privately assured John Charles Herries*, the newly appointed chancellor of the exchequer in Lord Goderich’s ministry, that he enjoyed broad support in the City.
The ministry regarded Irving as one of their ‘friends’, and he voted with them in the crucial civil list division, 15 Nov. 1830. He was named to the renewed select committees on the East India Company, 4 Feb., 28 June, 28 Dec. 1831. He praised Alderman Waithman’s exertions in the field of trade, ‘however much I may differ from him’, 15 Feb., but did not share his concern over the export of unfinished articles such as cotton twist. He spoke in favour of permitting the use of sugar and molasses in distilleries as a means of affording relief to the West India interest, 11 Mar. He raised the spectre of Buonaparte when supporting a grant to the recruiting service, 14 Mar., and denounced Hume’s opposition as ‘sordid economy’. He divided against the second reading of the Grey ministry’s reform bill, 22 Mar., and for Gascoyne’s wrecking amendment, 19 Apr. 1831. He never explained his anti-reform stance to the House, but according to the family historian his antipathy to constitutional innovation had been imbibed on an earlier visit to the United States.
Irving stood unsuccessfully for Poole in 1835 but was returned as a Conservative for County Antrim in 1837. Later business ventures, like his bank in Mauritius and the Royal Steam Packet Company, reflected the change in circumstances after the abolition of slavery, to which he seemed entirely reconciled. He was also involved in the project to build a railway across the isthmus of Panama. He died, ‘aged 78’, in November 1845 and left the bulk of his estates in London, Middlesex and Scotland to his nephew and namesake. His inability to bequeath his business acumen to his partners may perhaps account for the collapse of Reid, Irving and Company two years after his death.
