Pitt Street, George Town have lived here for centuries. Pitt Street was named after William Pitt the Younger, who was the Prime Minister of Great Britain between 1783 and 1801. When Captain Francis Light founded Penang Island in 1786, he renamed the island the "Prince of Wales Island" in honour of the Prince of Wales, the new settlement of George Town after King George III and the first street within the settlement after himself. Worried that Prime Minister William Pitt may have felt offended as nothing was named after him, Light felt compelled to name Pitt Street after him. Pitt Street, created soon after
William Pitt the Younger to £170 million. Pitt always paid careful attention to financial issues. A fifth of Britain's imports were smuggled in without paying taxes. He made it easier for honest merchants to import goods. By lowering tariffs on easily smuggled items such as tea, wine, spirits and tobacco, he grew the customs revenue by nearly £2 million. Pitt sought European alliances to restrict French influence, forming the Triple Alliance with Prussia and Holland in 1788. During the Nootka Sound Controversy in 1790, Pitt took advantage of the alliance to force Spain to give up its claim to exclusive control over the western