at Philadelphia since 1774, was the bank's president and so its use of Baring's firm in making London payments, undertaking exchange transactions, and providing credits was seemingly inevitable. Withdrawal from business Baring aimed to strengthen his links with Hopes even further, through his son joining their partnership, but Alexander Baring could not be persuaded to comply. Baring's ultimate goal was to establish a house under his control based on both Barings and Hopes, which would straddle the North Sea, dominate government finance in Europe, and provide an enormously powerful base for its American connections. Alexander's reluctance compelled him "to abandon the colossal plan of one foot in England, the other in Holland". It was "a sacrifice such as no head of a family ever made before", he confided to Lansdowne, "but I must confess there is enough left for consolation". In 1803 Baring began his withdrawal from business when he gave up his entitlement to a share of his firm's profits. Much of his capital remained on loan; by the time of his death in 1810 he still provided £70,000 or about 17% of the firm's resources. He stood down as partner in 1804, handing the reins to Charles Wall, the "principal manager" according to Farrington, and his three eldest sons, Thomas, Alexander, and Henry. In recognition of their assumption of leadership, in 1807 the nameplate of Francis Baring & Co. was taken down and replaced by that of Baring Brothers & Co. Private wealth Baring's accumulation of great wealth allowed him to diversify his pursuits in gentlemanly living. In 1790 he began to acquire property at Beddington in Surrey, based around Camden House, and in 1796 he bought Manor House, Lee, a relatively modest country house about six miles (10 km) south-east of central London, from his old friend Joseph Paice, acting as trustee for Thomas Lucas, for £20,000. Land in Buckinghamshire was soon added at a cost of £16,000 and by 1800 his total investment in country estates exceeded £60,000. Yet more ambitious plans for life as a country landowner were fertilized; from 1801 he acquired from the Duke of Bedford land and a great house, Stratton Park, at Stratton in Hampshire to create "the Kingdom of Stratton". By 1803 his expenditure had reached £150,000, partly funded through the sale of his Buckinghamshire land. In 1802 he transferred his London home from above his business in Devonshire Square