Bank

Coincident with the return to London of James Ramsay MacDonald, Leader of the Labor Party, a manifesto was issued, last week, declaring that the Party will champion "reform of the Bank of England" as a leading issue in the 1929 election. The "reform" envisions Labor representation on the Bank of England's omnipotent Governing Board.

By chance the Board was in session, last week, and a new shareholder, Mr. Hargreaves, had the temerity to propose, not that "Labor" should be represented, but merely that the heads of Britain's greatest commercial banks, the "Big Five,"* should sit on the Bank of England's Board.

Instantly Governor of the Bank of England Montagu Collet Norman snapped:

"As I understand it, Mr. Hargreaves suggests that certain persons whom he calls bankers, a very elastic term, should have seats. That is a point which has been debated on and off for a hundred years and so far as I am aware no argument has ever been brought forward to justify it."

*Barclays, Lloyds, Midland, National Provincial, Westminster Banks Ltd.