0HP1Eh IX

1292
The ank oJ Fn1and 1s on1y one oJ the :aany 0entra1
anks to have a banker-customer re1at1onsh1 s1th the u. 1 .5 .
out
the ank oJ n1and had a1so a share 1n the Joundat1on oJ the D. I . . :
moreover, the B. 1. 5. 1s ent1re1y controI1ed by 1ts 1:ector and not
y !ts shareho1ders, and the 0overno: oJ the Bank oJ n1and 1s e
o::. c1o P1:ector^ and nom1nates a second P1rector . 1he nom1nated
I1rector at the tlme o the outbreak o: war was 51r 0tto i!1e.eyer,
who haened a1so to be 3ha1:an o the Board oJ the 1. 1. 3. J:or
!ay 1937 to I\ay 1940. 1he a1ternate Jo:`the 0ove:nor was
I\r. obbo1d. !he 3ank o En1and I1recto:s were natura11y aron_
the most 1nJ1uent1a1 on the !irectorate . 0ne obect oJ the u.I . .
-as to rov1de a meet!n 1ace Jor the co~oerat1on oJ entra1 8an
a o11cy 1are1y 1nst1tuted by the Bank oJ Fn1and. 7ar1ous
oJJ1c1a1s oJ the ank oJ E n1and v1s!ted the . 1 . 5 . 1rom t1me to
t!me and the1r contacts we:e c1ose and 1nJorma1. The 0overnor
reorted to 0om1ttee o: Treasury any matter oJ sec1a1 1nte:st
that had been d1scussed at . 1 . 5 . month!y meet1ns. Thus , the
connect!on oJ the 8ank oJ Fn_1and v!th the d. L!. had a1ways oeen
an 1nt1mate and v1ta1 one.
Lt the outbreak o: war and Jo: so.ae time aJterwards
the 0tech o1d !nc1dent st!11 rank1ed. 0uts:de the 8ank and th
0over.ment the ank1 s os1t1on has robab1y never been thorouh1y
arec1ated and the!r acton at the t!me was wide1y m1sunde:tood .
8ence the abnorma1 amount oJ attent1on !ven to 1t oy the P:ess
,
Far11ament and ub11c . 0onsequent1y a c1ar1J1cat1on o Jor as
author1ty can make them c1ear o the !ssues ar1s1n Jrom tha
e1sode seeia hoth ca11ed Jor and 1n 1ace he:e . A rec1tat1on
oJ the Ju11 Jacts wou1d necessar11y be very 1on and th1s account
w111 be conJ1ned ma1n1y to eress1ons oJ vhat the 0overnor deeed
to be h1s duty
I
and to suort Jor the 3ank ' s act1ons .
----
^1J the 0overnor o: one oJ seven des1nated 0entra1 .3aks 1s "unac1e
or unw1111n to serve as a u1recto:" . . . or to make an
ao1nt-
ment the 0overnors o the rema!nin_ des:.nated banks or
C
mao;1ty oJ them 1ht 1nv1te two nat1ona1s 01: the country
oJ tI:e
0overno: 1n quest1on 'not ooected to by th .ent:a1 ank o: tnat
count:y" . In Jact no use was ever made oJ th!s rov!s1on.
Bank of England Archive (M5/537)
1293
0n the 2)st a:ch ,3, the 0hieJ Jash1e: :ece1ved t..e
:equest to t:ansJe: abou: 5. 6 m1111on o1d J:om the o. 1 . 5. IIo . 2
Lccount to thei: uo .7 Lccount. The Bank (a!thouh 1t \oas no
bus1ness oJ the1:s) we:e Ja1:1y su:e that the No . 2 Lccount was a
0tech uat1ona1 8ank Lccount and they be11eved, a1thouh they we:e
not su:e at the t1me , that uo.|? Lccount was a Reichsbank. The
amount was t:anse::ed on the saae day and a sma11 Ju:the: amount
on the 22nd. etween the 21st and 31st ria:ch the o1d :ece1ved on
the uo .1? Lccount was d1sosed o , about 4 mi1!1on oin to the
!ationa1 Bank oJ e1ium and the !ede:andscie Bank and the
:emainde: be1n so1d 1n London.
1t 1s c1ea: J:om the , ene:a1) 1mmunity :anted to the
8. I . S. tht no 0ove:nmnt wh1ch was a a:ty to the o:11na1
a:eement, and the:e we:e seventeen oJ them, inc1udin, oJ cou:se ,
the 0ove:nments oJ the U. K. and :ance , cou1d have taken any act1on
un1ess they had been :ea:ed, 1n time oJ eace too, to v1o1ate
thei: T:eaty ob1at1on.
The 3hance!1o:
,
1n the house oJ 3om ons on the 5th June
said -
"1 " " . ' souht the adv1ce o the Law 0JJice:s on a numbe: oJ
o1nts, \lhat 1 am about to say 1s in acco:dace with tnei:
adv1ce. H.!' 0ove:nment a:e :ec!uded by the te:ms oJ the
P:otoco1s oJ 1,3U and ),36 :om tak1n any tes by way oJ
!eis1ation o: othe:ise, to :event the ank o: nand J:om
obey1n the inst:uct1on 1ven to it by its cutome: the ank
Jo: 1nte:nat1ona1 ` oett!ements to t:ansJe: o1d as it may be
1nst:ucted."
0n thc 22nd .a:ch the uove:no: acquainted che .om 1ttee
oJ T:easu:y that he had :ece1ved a te1ehone vesae J:om r e
ove:no: oJ the 3ank oJ :ance :oos1n ([ at they shou1d v:e thei:
:esect1ve T:easu:1es to make a oint :otest .0 the P:es 1dent oJ
the 3. 1 . . ap1nst the oss1b1e de11ve:y oJ tech iSS to to tn
0e
ans o: to
0e:man~cont:o11ed ech ank, and shou1d theaoe1ves
oin 1n mak1n a sec1Jic :equest to the P:es1dent oJ the LL I. . . to
t:ansJe: no ,tech assets end1n the net eet1g oJ the ,oa:d
1n
as1e.
Bank of England Archive (M5/537)
1294
He considered that i t v/QuId ve ;,'Tong and danerou. for
the future of the S. I. : or 'my rember of thE 30ard, particularly
fro a national tandpoint. to attempt for political reason to
influence decisions of the Pre:ident of the J. I .3 , on matter: which
are en tirely within the Presi dent IS jurisdiction : he had, therefore.
declined both proposals,
On 26th Nay the 8hancellor wrote to the Governor asking
whether the .ank of "n81aod stili held the zech gold, as the
infornation might help him to answer questions .in the House . The
Governor in his reply DOth kay) did not ans\er the question, but
pointed out that the Bank held gold from time to Lime for the d. l. :.
and had no kno',ledge whether it was their own property or that of
their customers. Hence , they could not ;;ay vhetber the .. old was
held for the ,lational Bank of Czechoslovakia.
There was a further gold transaction on the 1st June
when there were sales of gold (440, 000) and ,old ;hip",ents to
Hew York (420,000) from the No . 19 Account of the D. I . S . This
represented ;old which had been shippd to London by the [{eichsbank.
This time , before actin:., the Bank of n;land referred the matter
to the Chancellor , who said that he would like the opinion of the
Law Officers of the 8rown. On the d. I . . enquirin:, however, what
was causing delay and saying that inconvenience would be caued
because of payments the next day, the Bank of En-land acted on the
instructions without referrin, to tie Law Officers, who , however ,
subsequently upheld their action
.efore the next ieeting of the B. 1. ,oard took place
(12th June) the Jovernor wrote to the Chancellor to make i lis
posi tion clear.
After ;ayin.: that the .nancellorl recent state. lent
in the House on the Czech )alances seem to h-ve led to a cl<arer
view of the facts he continued:
III a
o1g to lasle this week and so, in order to ;revent
misunderstanding, I should like you to re h.;e .Iat que:tions
by certain Her bers of the House of "Olons do not. chane ly
views on, nor my attitude towards , tht Jank for Internat'onal
)ettl ents .
I do not, herefore propoGe in any way to
modify the line of conduct which from the JeGinninL the
.e
Bank of England Archive (M5/537)
1295
8:1t1sh Pi:ecto:s have u:sued 1th :ea:d to the :e1at1ons
between Iemce:s oJ the Boa:d on the one hand and the
(neut:a1) P:es1dent and his Fecut1ve on tIie orh:. 'Iu.
1ine )1 conduct 1 ce11eve to ce 1n acco:dance uoth w1th .ne
1ette: and the s1:1t oJ the 3tatutes wh1ch ex:ess the
1ntent1ons oJ the Powe:s sinato:y to the ha.ie L:eer .en t . "
(L 76 19391 .
a:t1me he1at1ons
-. 1. 5. !eut:a1l
_
1he ene:a1 a:t1tude o the Bank oJ Ln1and 01:ecto:s
oJ the 8 . 1 . 5 . du:1n the wa: was gove:ned by the1: an1ety to
kee the . 1. 3. a11ve :o 1ay 1:s a:t 1n the so1ution oJ ost-wa:
:ob1ems. Fo: this :eaoon, 1J Jo: no othe:, 1t was essent1a1
that 1t shou1d ce st:1ct1y 1ma:t1aI and neut:a1, an obect1ve
Ju11y sha:ed by u:. eyen^ and 1ate: cy L:.!cK1tt:1ck and successJu11y
ca::1ed out 1n the o1n1on oJ the n1ish 01:ecto:s and the
T:easu:y . 1t was ea:1y dec1ded that as 11tt1e as oss1b1e new
bus1ness shou1d be done .
0n the hth 5etembe: 1939 the 0ove:no: w:ote to
51: h1cha:d hok1ns -
"e soke a Jew days ao about the os1t1on oJ the 3ank Jo:
1nte:nat1ona1 5ett1ements 1n wa:t1me and I unde:stood J:om
you that H.H. 0ove:nment :oosed to adot the v1ew that they
we:e not bound to ocse:ve in wa:t1me the Ju11 1mmun1t1es
enoyed by the Bank Jo: 1nte:nat1ona1 5ett1ements.
I th1s
1s the oJJ1cia! dec1s1on we sha11, oJ cou:se, accet 1t.
But 1 must o1nt out that th1s dec1s1on 1s qu1te at va:1ance
w1th the 1nte::etat1on wh1ch has been common1y 1aced on the
1mmun1t1es. At no time have any dobts about the 1mun1ties
been e:essed 1n uc11c by H.i. 0ove:nment 1ndeed, the
s1natu:e oJ the B:usse1s F:otoco1 1n 1936 and 1ts :at1J1cat1on
1n 1937 1m1y the ve:y oos1te as d1d the statement oJ the
v1ews oJ the Law 0JJ1ce:s oJ the :own d:1n the :ecent
F:es1dent J:om Kay 1937 unti1 !:.KcK1tt:1ck' s ao1ntent 1n
June 1939.
,
Bank of England Archive (M5/537)
1296
discussions in Parliament about the Czech 501d. The proposed
atti tde of H . / Government would doubtless be a ;urpri$e to
neutral States and would offer hostile propaganda an
excellent opportunity for the criticism that, where it is in
their interest, H .t-i . Government do not hesitate to di.regard
their international arrangements . . . . " .
The Governor enclosed a short memorandum which he had
drawn up, on the assumption that the Government' s decision had
already been taken , and which he proposed should govern the Bank ' s
relations with the 1. 1, S. in \artime.
No direct reply to this
letter was received, but later Sir Richard Hopkins wrote to say that
he had been asked by the 'hancellor to write to him the following
letter
"I have been instructed to inform you that H ,,', Governl ent has
reached the follolnt decision:
( l) That the Bank should not act upon an order of the
Bank for International Settlements if it seems to
the Bank to be likely that the order mi.ht henefi t
the enemy,
( 2) That the Bank should not act upon an order without
consultin.. the Treasury,
( 3) That the Treasury will not authorise compliance ,ith
an order unless satisfied that it is not likely to
benefit the enemy.
( 4) That the present order is subject to enquiry to see
what the dank for International ;ettlements are
prepred to say as to ownership.
( 5 ) That the treent action is to le regarded is "stop"
action, pending investigation.
(6) That neutrals are to be a:;sured tnat in iny case
where .he Treasury are satisfied .' to )wnlrslip,
orders ty .he oank for International .ettlements
shown r.o be on behalf of neutr .ls will iuth'r . .ed. "
un the 1th leptel ber the Jovernor r led tiat 'll copies
of corre ,pondence between the dank and the :. I . .. , thould be
forwarded to the "rE Ssury: except for routine matters this practice
Bank of England Archive (M5/537)
297
About five weeks after tbe outreat of Ijar in in( [dent
occurred which !howed that 1-1 . . 'overnment were not 31togetber
happy about the ,ttit'de they had taken up. The 'rcnci GaveI' lent
approached the ki t sh For.:iJl Off ice askinL that ti ";hairllan 01
the 1. 1, :. should 'e instructed to take steps to 3tOP 1 tr<n, fer
to the Reichsbank of Iny Gold entrusted by ;he for.ler ..zecn
National Bank to the 3. 1 . S. for safe keepin and alle.ed to be
domiciled :ith the NetherlRnds dank in Allsterdam and the jHi"s
National dank in Berne . The Foreign Office replied on 'he 10th
October that H . V. Government were prepared in principle " . . . . . at
once to direct Nieneyer and Norman to enter prote:t and reque$t tie
President to refuse such tr, msfer pending further communication,
provided that the French Directors of the Bank for International
Settlements joined in his protest and request" .
Havin decided that this "as a question for the
::hancellor "nd not for Sir Otto Niereyer and himself, the jovernor
went to see the "hancellor ( lOth October) . There ensued a lonb
controversial :neetin<, attended 'y Lord Ha .ifax, Sir J"nkey,
Sir Richard Hopkins and Sir Frederick Phillips, as a re:ult of \idc,
the Foreign Office telegram referr.d to above ,(as sent to Paris on
the same eveninJ ' This telegram seems to have rea:sured the l'rench,
Iho considered that !1the state of war overrides political
considerations" and who therefore welcomed the proposed instructions
to the 'overnor and Sir Otto Niemeyer and requsted the French
Directors of the B. I. S. to do everything possible to stop the
further transfer of Czech gold.
Direction and 'anagement
The appointment of Dr. Schacht as a liini.ter of the
German Government in ,38 led to his departure from the Reichsuank
and also from the Board of the a. I. s. In June 1,3, l;r..cKittrick,
an American, was appointed President of the B . I.3 . in place of
Dr. ;eyen, who had been in office since fay 1,3? and was due to
retire
in the followin January.
At first it seemed to be agreed that there should be no
Ineet
in of Directors durinG the war , but in October the Governor of
Bank of England Archive (M5/537)
1298
tnO Bank oi ItancO (r . IoutniOt) Sug_OStOd occaS1onal mO=tingS , to
oO attOndOd by nOuttal mOmoOtS only ditOctotS oi oOlliOtOnt
counttiOS giving ptoxiOS to Say, a nOuttal V1cO.0ha1tman ( tO VicO~
0haitmOn OtO tOSpOctivOl BOlgian and JapanOSO) . Jom Such
Solution aS alSo iavoutOd oy Dt.BOyOn tnO dank oi n_la1d
DitOctotS, though not in iavout oi any mOOt1ngS, thougnt it might
oO diii1cult to Stop thOm. TnO 0hancO1Jot a1So aS, oi coutSO
avOtSO i:om mOOtingS and aS anxiouS 1i thO OtO unavo1daolO that
thO LngJiSh Should kOOp in JinO 1th thO ItOnch. n NovOmbOt
3it 0tto NiOmOe: aS SuccOSSiul 1n pOtSuading fi. IoutiiOt aOd
t. BOyOn to aoandon tnO ptopoSa1 and latOt obta1nOd tnO agtOOmOnt
oi tnO Bank oi Ttal | 8t. Azzo1ini) no had alSo Shon SomO
d1SpoS1t1on 1n iavout oi mOOtingS.
Tn Januaty 1[C Mt.IIc1ttt1ck SuggOStOd that hOn tnO
Opott and othOt papOtS wr SOnt to thO itOctotS Oach month thO
ItOSidOnt Should invitO thOm to givO thOit viOS in t1ting on
guOStionS nich ould notmall navO oOOn SubmittOd to tnO Boatd.
Jn add1tion hO ould aSk alJ mOmbOtS oi thO Boatd to viSit thO
Bank itom timO to t1mO to ma1ntain pO:SonaJ touch. ThO ItOncn
and ngl1Sn DitOctotS did not apptovO oi OitnOt 1dOa and botn
O:O dtoppOd.
At thO Ond oi AuguSt l[C tnO 0ovOtnot tnougnt 1t O1l
that tnO Bank' S SoJic1totS Should conS1dOt hiS poSit1on and that oi
3it Dtto N1OmOet aS 1tOctotS of t!O c. J. 8. TnO tOpottOd that
no tOaSon Ox1StOd iot thO FngJ1Sh DitOcto:S not tOmain1n aS
mOmoOtS oi thO Boatd ( L. l;. .IC) .
0pon thO Ontty of tnO u . . A. into tnO at thO poSition
of Vt.Hc|tttick oOcamO diii1cult. hO had bOOn vOty anxiouS in
thO SummOt oi l[l to go to AmOt1ca to clOat up thO poSition oi
thO B. T. wjth thO Authotit1OS, out thO Bank oi Eng land DitOctotS
thouht that hiS aoSOncO mi ht OaSiJ cug_OSt tnat thO 8. 1.S. aS
oOing tOmpotatily admin1StOtOd b individua1S itom BOtlin and
V;ch,
in nicn caSO thOtO ou1d oO i OdiatO dangOt oi itS oOin
black~}1StOd . 0n tnO oppoS1t1on oi thO cnQl1Sh DitOctotS and tnO
TtOaSuty Ht.\Ic1ttt1ck ithdtO niS ptoposal.
:O
Bank of England Archive (M5/537)
1299
ar1y 1n 1,L2 , thouh the Amer1cans , the he1chscank
( and a1so rhas the ank oJ 1ta1y) were w1111n tha: Mr.RcK1ttr1ck
shou1d stay, the Hat1 Party 1eaders oosed th1s course . As a
comrom1se 1t was suested cy 1x1s memcers oJ the I.anaement that
an Bxecut1ve 0omm1ttee oJ the Boa:d ( :he Pres1den: w1th two neutra1
1rectors) shou1d ce ao1n:ed under Ar:1c1e L3 oJ the 6ta:utes .
A s1m11ar idea had ceen ut :orward in January 1L1 and had ceen
a:oved cy the 8ank oJ Fn1and P1rectors and the Treasury, cu: had
not ceen acted uon. 0n :h1s occas1on too the 1dea was acandoned.
The ne1chscank and the 5ank oJ 1ta1y s:1I1 a:tached
rea: 1mortance :o :he 8. 1. 3. as a mee:1n-1ace Jor d1scuss1ons
1mmed1ate1y aJter the war cetween Au:hor1t1es 1n :he oos1n
ce111eren: coun:r1es and :hat the advantaes oJ reta1n1n our own
1ace :here were stron1y 1n the oJJ1c1al m1nd 1n Wh1teha11 1s
clear Jrom the Jo11ow1n e:ract Jrom a Treasury 1etter :o M. E.i.
( 12 . 6. LL) ". . . 1t seems to me :he he1ht oJ 1nte11ectua1 modesty to
:h1nk tha: the on1y way oJ not ce1n outw1tted aJter the war cy the
deJeated uermans 1s to cut our connec:1on w1th the . 1 . . now
w1th al1 the 1mmed1ate 1oss to :he war eJJort that :hat enta11s . "
Th1s my ce sa1d a1so to eress the v1ew o :he n11sh P1:ectors.
ar1y 1n Kay 1L2 nr.i\c!1ttr1ck aa1n ra1sed the
quest1on oJ h1s os1t1on: h1s :erm of oJJ1ce as Pres1dent was
ex1r1n at the end oJ the year, and h1s suested so1ut1on was
:hat M. eber , Pres1dent oJ :he 5w1ss Hat1ona1 3ank) shou1d accet
the 0ha1rmansh1 wh1ch had ceen vacant s1nce !\ay )L0^ :hat he
h1mse1J shou1d 5e a11owed to ay a v1s1t to Lmer1ca and :ha:
temorar11y :he ocect1ons oJ the r1t1sh uovernment shou1d ce met
cy the ao1ntment cy the uovernor oJ an a1:ernate who shou1d res1de
1n 5w1tzer1and. The uovernor did no: accet the 1ast~named
roosa1 cut thouht that !\r.RcK1ttr1ck m1 ht erhas cont1nue as
Pres1dent w1:hout any JormaI re~e1ect1on, and tha: the ao1ntment
oJ a new 0ha1rman oJ :he 8oard m1ht arouse o11t1ca1 controversy.
!ater, however, the Fn11sh 1rec:ors oc:ained the assent of :he
`n the eant1me , cy general a:eement, :he eI1an V1ce~0ha1rman
(H.
ua!oin) had ceen actin as ha1rman.
,0
Bank of England Archive (M5/537)
1300
TteaSuty to Nt. Yebet ' S beconing 0naizman ptovided tnat ItJcitttick
continued aS IteS1dent. Tne TteaSuty aSo ptomiSed to aSSiSt tne
attet to v1Sit tne 0. .A .
By eptembet tniS pto_tamme oi tntee
pointS nad been agteed upon. Tne itectotS aocated . \eoet aS
0naitman aS iton tne 1St ecembet and ne nOminated Jt.Nchitt;iok
aS IteS1dent.
NiSce}aneouS
uting tne wat tIe main ttanSactionS w1tn tne i LL:.
appeated to nave been tne temova oi itS own god, ot at tne1t
tegueSt oi god belongin to 1tS cuStometS iton paceS wnicn wete
te1atively unSaie to otnetS wnicn wete te1atively Saie , e1tnet oy
pnyS1cal ttanSfet ot by eiiect1ng ecIaeS. New buSineS waS
diScoutaged, tnou_n Some ttanSactionS wete undetta ken iot tne
ntetnationa ed toSS. Tne temaindet oi itS buSinesS waS
concetned w1tn tne cattying tntou_ n oi itS pte.wat en_ ager.entS and
in geneta] tended to dinin1Sn 1tS aSSetS and iabiitieS.
At tne outbteak oi wat tne Bank of Enand neld
negli_ible balanceS itn tne B. 1. . and made no witndtawaS. Tne
Bank ' S own deainS witn tne B. J. . dut1ng tne wat wete cord ined
to Settement oi pte~wat ttanSact1onS involv1n pte~wat d. I . :.
baanceS and tne tece1pt oi d1videndS due to tnen and to ptivate
noldetS 1n tne Stetlin_ a:ea.
5oSti1ity to tne 6. 1 . . , iitSt atouSed ovet tne gueStion
oi tIe 0zecn gold, waS St1l1 noticeable itom time to time and tne
pubJication oi tne Twelitn Annua1 `epott in tne Sunmet o1 ]}, gave
tiSe to a nunbet oi i~1nfotred gueStionS 1n 1ne nouSe oi "0 onS
and to aegat;onS in cettain guattetS tnat tne B. J. S. uaS not
o\SetVing neutta1ty, JUt waS iavout1n_ tne AxiS powetS . Jn t.
1Jtn Dctobet tne 0nancelot took an oppottun1ty in tne 5ouse t
State tnat ne had "conpete coniidence" n tne teS1dent .
Jn Novembet 1[} c me tne itSt oiiic1al indication t at
ne u. . A . waS likely to be noStiJe to tne continuance oi tne J . . .
aitet tne wat . etaiS concetning tne Jntetnationa1 cank 6u__euted
by
t.atty ni te oi tne u. . TteaSuty wete Qiven in tne Itess
Bank of England Archive (M5/537)
1301
and the !1 lew \o:k 11mes" :epo::ed that I.:. .i1te had stated that
the A. T .3 . had no s1n!J!cance 1n connect!on w1th h1s p:oposed ank
and that 1t was 0e:man-c;nt:o11ed, add1n the typ1ca1y Ame:1can
comment that "The:e !s an Ame:1can P:es1dent doin bus1ness w1th
the 0e:mans wh11e ou: Ame:!can boys a:e 1ht1n 6e:mans " .
Pe:haps even mo:e typ1caI o the concensus oJ op1n1on on the pos1:1on
o the B. 1 . 5 . 1n the post-wa: wo:Id was a :ecommendat1on by the
Un!ted Na:1ons .'oneta:y and !!nanc1aI 0onJe:ence at :etton 'loods
that :he 8. 1 . S . shou1d be !!qu!dated "a: the ea:I!est oss1b1e
oment" ,Ju1y 1944) . 0!n!on amons: 1nte:ested pa:t!es 1n the
un1ted K1ndom was by no means unan1mous and at the t1me the:e
apa:ed :o be 11tt1e 11ke11hood oJ the su:v!va o the a, l,j , 1n
the c1:cumstances o th1s :ecomendat!on.
0n :he 18th Ap:l1 1944 ]o:d 0a:to succeeded Lo:d No:man
as 0overo: oJ the ank o En1and and :e-appo1nted t.:. 0obbo1u as
h!s a1te:nate on the a. 1 . 3. oa:d.
1
Bank of England Archive (M5/537)