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Sixth son of John Alers Hankey and his wife Sarah Andrews nee Jameson, Ernest was born on 10 Apr 1840. He was married on 4 Feb 1864 at Clapham to Henrietta Maria Southey (1841-1936), daughter of Thomas Southey of Clapham, by whom he had four surviving sons and two daughters. Ernest was by profession a woolbroker, a partner of Charles Balme & Co of 61 Basinghall Street (from which firm he retired at the end of 1895). His father in law Thomas Southey was also a woolbroker, of 23 Coleman Street. He had also been an East India merchant. He lived at Elmhurst, Bickley Park, Bromley (1881, 1889) and later at Notton House, Lacock. He died on 28 Aug 1919, leaving an estate of £300,000.