of shareholders. These were his words: "Here is the most important challenge to political invention ever offered to the jurist or the statesman. The human association which in fact produces and distributes wealth, the association of workmen, managers, technicians and directors is not an association recognised by law. The association which the law does recognise - the association of shareholders, creditors and directors - is incapable of producing and distributing and is not expected to perform these functions. We have to give law to the real association and withdraw meaningless privilege from the imaginary one." In 1945, Percy chaired the committee on Higher Technological Education that resulted in the Percy Report. He also chaired a Royal Commission that reviewed mental health legislation in the 1950s and was Rector of King's College, Durham (now Newcastle University) between 1937 and 1951, in which role he also alternated in the post of Vice-Chancellor of Durham University. In 1953 he was raised to the peerage as Baron Percy of Newcastle, of Etchingham in the County of Sussex. Family Percy married Stella Katherine, daughter of Major-General Laurence George Drummond, in 1918. They had two daughters. He died in April 1958, aged 71. As he had no sons the barony became extinct on his death. References External links 1887 births 1958 deaths 1 Conservative Party (UK) MPs for English constituencies Members of the Privy Council of the United Kingdom UK MPs 1918–1922 UK MPs 1922–1923 UK MPs 1923–1924 UK MPs 1924–1929 UK MPs 1929–1931 UK MPs 1931–1935 UK MPs 1935–1945 UK MPs who were granted peerages British Secretaries of State British Secretaries of State for Education Younger sons of dukes Eustace Percy, 01st Baron Percy of Newcastle Members of London County Council Municipal Reform Party politicians James Tait Black Memorial Prize recipients People educated at Eton College Hereditary barons created by Elizabeth II