ABBREVIATIONS
Unless otherwise stated, all archival references are to the Bank of England Archive.
|
Abramson |
Daniel M. Abramson, Building the Bank of England: Money, Architecture, Society, 1694–1942 (New Haven, 2006) |
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Acres |
W. Marston Acres, The Bank of England from Within (2 vols, 1931) |
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BEQB |
Bank of England Quarterly Bulletin |
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Boyle |
Andrew Boyle, Montagu Norman (1967) |
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Byatt |
Derrick Byatt, Promises to Pay: The First Three Hundred Years of Bank of England Notes (1994) |
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Capie |
Forrest Capie, The Bank of England: 1950s to 1979 (New York, 2010) |
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CB |
Central Banking |
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Clapham |
Sir John Clapham, The Bank of England: A History (2 vols, Cambridge, 1944) |
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Clay |
Sir Henry Clay, Lord Norman (1957) |
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Conaghan |
Dan Conaghan, The Bank: Inside the Bank of England (2012) |
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DBB |
Dictionary of Business Biography |
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de Fraine |
H. G. de Fraine, Servant of This House: Life in the old Bank of England (1960) |
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Dow |
Graham Hacche and Christopher Taylor (eds), Inside the Bank of England: Memoirs of Christopher Dow, Chief Economist, 1973–84 (Basingstoke, 2013) |
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Fay |
Stephen Fay, Portrait of an Old Lady: Turmoil at the Bank of England (1987) |
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Feavearyear |
Sir Albert Feavearyear, The Pound Sterling (2nd edn, 1963) |
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Fed |
Archives of Federal Reserve Bank of New York |
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Fforde |
John Fforde, The Bank of England and Public Policy, 1941–1958 (Cambridge, 1992) |
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FT |
Financial Times |
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Giuseppi |
John Giuseppi, The Bank of England: A History from its Foundation in 1694 (1966) |
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Hennessy |
Elizabeth Hennessy, A Domestic History of the Bank of England, 1930–1960 (Cambridge, 1992) |
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Hewitt and Keyworth |
V. H. Hewitt and J. M. Keyworth, As Good as Gold: 300 Years of British Bank Note Design (1987) |
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King |
W. T. C. King, History of the London Discount Market (1936) |
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King (1) |
The Cecil King Diary, 1965–1970 (1972) |
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King (2) |
The Cecil King Diary, 1970–1974 (1975) |
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Kynaston |
David Kynaston, The City of London (4 vols, 1994–2001) |
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LMA |
London Metropolitan Archives |
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Morgan |
E. Victor Morgan, The Theory and Practice of Central Banking, 1797–1913 (Cambridge, 1943) |
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NA |
National Archives |
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O’Brien |
Leslie O’Brien, A Life Worth Living (privately published, 1995) |
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ODNB |
Oxford Dictionary of National Biography |
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OHC |
Oral History Collection (at Bank of England Archives) |
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OL |
Old Lady |
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Roberts and Kynaston |
Richard Roberts and David Kynaston (eds), The Bank of England: Money, Power and Influence, 1694–1994 (Oxford, 1995) |
|
Sayers |
R. S. Sayers, The Bank of England, 1891–1944 (2 vols, plus appendixes, Cambridge, 1976) |
Unless otherwise stated, all books are published in London.
PROLOGUE: IT MUST NOW NECESSARILY BE A BANK
1 T. A. Stephens, A Contribution to the Bibliography of the Bank of England (1979), p 86; M1/1; E. S. de Beer (ed), The Correspondence of John Locke, Volume Five (Oxford, 1979), p 81; Bruce G. Carruthers, City of Capital (Princeton, New Jersey, 1996), p 246; Acres, vol 1, pp 12–13; M1/1.
2 ODNB, David Armitage, ‘Paterson, William (1658–1719)’; William Paterson, A Brief Account of the Intended Bank of England (1694), p 1; ODNB, Stuart Handley, ‘Montagu, Charles, Earl of Halifax’, ‘Godfrey, Michael’; James E. Thorold Rogers, The First Nine Years of the Bank of England (Oxford, 1887), pp 9–12; P. G. M. Dickson, The Financial Revolution in England (Aldershot, 1993 edn), p 54.
3 London Gazette, 5 July 1694; Acres, p 14; M1/1; ADM30/15; G4/1, 27 July 1694; Byatt, p 11.
4 Clapham, vol 1, p 1; Dickson, p 47; Felix Martin, Money (2013), p 116; Anne L. Murphy, ‘Demanding “credible commitment”’, Economic History Review, Feb 2013, p 178; Larry Neal, ‘How it all began’, Financial History Review, Oct 2000, pp 123–4; Steve Pincus, 1688 (New Haven, 2009), pp 277, 484, 368.
5 Anne L. Murphy, The Origins of Financial Markets (Cambridge, 2009); Larry Neal and Stephen Quinn, ‘Networks of information, markets, and institutions in the rise of London as a financial centre, 1660–1720’, Financial History Review, April 2001, pp 7–14; J. Lawrence Broz and Richard S. Grossman, ‘Paying for privilege’, Explorations in Economic History, 2004, pp 50, 56–7; Michael Collins and Mae Baker, ‘Bank of England Autonomy’, in Carl-L. Holtfrerich et al (eds), The Emergence of Modern Central Banking from 1918 to the Present (Aldershot, 1999), p 23.
6 Martin, p 119. More generally, for a stimulating treatment of the Bank’s beginnings and early history, bringing out the high degree of provisionality and improvisation as well as putting the Bank in a larger social and literary context, see: Valerie Hamilton and Martin Parker, Daniel Defoe and the Bank of England (Winchester, 2016).
7 J. A. Giuseppi, ‘Sephardi Jews and the early years of the Bank of England’, in Jewish Historical Society of England, Transactions: Sessions 1955–59 (1960), pp 56–7; Dickson, pp 254–8; Murphy, Origins, pp 148–52.
8 J. Alan Downie, ‘Gulliver’s Travels, the Contemporary Debate on the Financial Revolution, and the Bourgeois Public Spheres’, in Charles Ivar McGrath and Chris Fauske (eds), Money, Power and Print (Cranbury, New Jersey, 2008), p 125; Feavearyear, p 125.
9 W. Marston Acres, ‘Directors of the Bank of England’, Notes and Queries, 20 July 1940; Pedro de Brito, ‘The Portugal Merchants as Founders of the Bank of England in 1694’, in British Historical Society of Portugal, Annual Report and Review 2008, pp 72–4; F. M. Crouzet, ‘Walloons, Huguenots and the Bank of England’, Proceedings of the Huguenot Society of Great Britain & Ireland, Summer 1990, pp 167–9; Murphy, Origins, p 81; Gary Stuart de Krey, A Fractured Society (Oxford, 1985), pp 109–10, 151, 154.
10 de Krey, p 146; ODNB, Gary S. de Krey, ‘Abney, Sir Thomas’, Jacob M. Price, ‘Heathcote Gilbert, first baronet’; de Brito, p 75; ODNB, H. G. Roseveare, ‘Houblon, Sir John’; Crouzet, p 168; OL, March 1935, p 8; Claire Tomalin, Samuel Pepys (2002), pp 291–2; OL, Dec 1922, pp 292–3; Donald F. Bond (ed.), The Spectator, Volume 1 (1965), pp 10–11.
CHAPTER 1: SERVICES TO THE NATION
1 Hewitt and Keyworth, pp 21–2; Giuseppi, p 19; Henry Roseveare, The Financial Revolution, 1660–1760 (Harlow, 1991), p 37; Clapham, vol 1, p 22; Nicholas Lane, ‘The Foundation of the Bank of England’, History Today, Oct 1957, p 689; James E. Thorold Rogers, The First Nine Years of the Bank of England (Oxford, 1887), pp 25–6; OL, Dec 1965, p 203; Abramson, p 9.
2 H. P. R. Hoare, Hoare’s Bank (1955 edn), opp p 27; Hewitt and Keyworth, p 24; Anne L. Murphy, The Origins of English Financial Markets (Cambridge, 2009), p 82; E. S. de Beer (ed), The Correspondence of John Locke, Volume Five (Oxford, 1979), pp 271–2; Bruce G. Carruthers, City of Capital (Princeton, New Jersey, 1996), p 141; Michael Godfrey, A Short Account of the Bank of England (Pulborough, 1999, Dragonwheel edn), pp 10, 15, 19.
3 D. W. Jones, War and Economy (Oxford, 1988), p 14; Andrew Forrester, The Man Who Sold the Future (New York, 2004), pp 75–7; G7/1, 16 May 1695; ADM30/6, Godfrey Family file; Acres, vol 1, p 54.
4 OL, March 2005 (Anne L. Murphy), p 17; Victoria Hutchings, Messrs Hoare Bankers (2005), p 28; Acres, vol 1, p 68; G7/1, 13 May 1696.
5 Dennis Rubini, ‘Politics and the Battle for the Banks, 1688–1697’, English Historical Review, Oct 1970, pp 702–3; Locke, p 540; Acres, vol 1, p 63; Carruthers, pp 141–2; G7/1, 29 April 1696; John Francis, History of the Bank of England, its Times and Traditions (1848), vol 1, p 69.
6 Acres, vol 1, p 71; Jones, p 24; Clapham, vol 1, pp 40–1; Acres, vol 1, pp 61, 73; Elisa Newby, ‘Macroeconomic Implications of Gold Reserve Policy of the Bank of England during the Eighteenth Century’ (Centre for Dynamic Macroeconomic Analysis, University of St Andrews, 2007), p 12; Acres, vol 1, p 73; Henry Horwitz, Parliament, Policy and Politics in the Reign of William III(Manchester, 1977), p 188; Locke, p 731; Lady Alice Archer Houblon, The Houblon Family (1907), vol 1, pp 281–2; Horwitz, p 188.
7 OL, March 2005 (Anne L. Murphy), p 17; Anne L. Murphy, ‘Demanding “credible commitment”’, Economic History Review, Feb 2013, p 193; Acres, vol 1, pp 79–80; Murphy, Origins, pp 152–4; Acres, vol 1, p 81; G7/1, 16 July 1697.
8 David Scott, Leviathan (2013), p 253; H. V. Bowen, ‘The Bank of England during the Long Eighteenth Century, 1694–1820’, in Roberts and Kynaston, pp 5, 10; P. G. M. Dickson, The Financial Revolution in England (1967), p 373; Andrew S. Skinner (ed), Sir James Stuart, An Inquiry into the Principles of Political Oeconomy (Edinburgh, 1966), Volume Two, p 618; Acres, vol 1, pp 98–9; ADM30/15, Houblon Family file; Acres, vol 1, pp 99–102; T. A. Stephens, A Contribution to the Bibliography of the Bank of England (1897), p 15; D. W. Jones, ‘London merchants and the crisis of the 1690s’, in Peter Clark and Paul Slack (eds), Crisis and Order in English Towns, 1500–1700 (1972), p 340. For a full treatment of the Bank and Exchequer bills during the War of the Spanish Succession, see: Richard A. Kleer, ‘“A new Species of Mony”’, Financial History Review, Aug 2015, pp 179–203.
9 Abramson, p 11; Gary Stuart de Krey, A Fractured Society (Oxford, 1985), pp 143, 231; Giuseppi, p 34; Anne L. Murphy, ‘Learning the business of banking’, Business History, Feb 2010, pp 154–6, 168; OL, June 1928, pp 272–3; Acres, vol 1, pp 144, 151; Murphy, ‘Learning’, pp 161–2; OL, June 1928, pp 271–2.
10 Abramson, p 6; Clapham, vol 1, pp 151, 292; Bowen, p 15; Larry Neal and Stephen Quinn, ‘Networks of information’, Financial History Review, April 2001, p 25; Douglass C. North and Barry R. Weingast, ‘Constitutions and Commitment’, Journal of Economic History, Dec 1989, p 821; Murphy, ‘Demanding’, p 183.
11 B. W. Hill, ‘The Change of Government and the “Loss of the City”, 1710–1711’, Economic History Review, Aug 1971, pp 398–9; Geoffrey Holmes, ‘The Sacheverell Riots’, Past and Present, Aug 1976, p 66; Hill, pp 400–4.
12 De Krey, pp 223–8; Carruthers, pp 143, 247–8; Hill, pp 407–8; Clapham, vol 1, pp 75–6; James Macdonald, ‘The importance of not defaulting’, in D’Maris Coffman et al (eds), Questioning Credible Commitment (Cambridge, 2013), p 130; Hill, pp 408–11.
13 Acres, vol 1, pp 107–10; Dickson, pp 81–2; Clapham, vol 1, pp 81–3.
14 Richard Kleer, ‘“The folly of particulars”’, Financial History Review, Aug 2012, pp 175, 183–5; John Carswell, The South Sea Bubble (Stroud, 1993 edn), p 76.
15 Richard Dale, The First Crash (Princeton, New Jersey, 2004), p 92; Carswell, pp 92–4; Dickson, p 100; Carswell, p 94; Julian Hoppit, A Land of Liberty? (Oxford, 2000), p 335; Kleer, pp 186–8; Clapham, vol 1, p 84; Dickson, pp 145, 192–3; Carswell, p 135.
16 Hoppit, p 335; Dickson, p 139; Hoppit, p 335; Jenny Uglow, Hogarth (1997), p 89; Dickson, p 139; Carswell, pp 150–1; Kleer, p 185; Dickson, pp 165–6; Carswell, pp 164, 168; 11A/107/1, 12 Oct 1720; Giuseppi, p 48.
17 Carswell, pp 169–70; Dickson, pp 179–80, 380; Larry Neal, ‘How it all began’, Financial History Review, Oct 2000, p 128; 10A/61/6, fo 497; Giuseppi, p 45.
18 Daniel Defoe, A Tour Thro’ the Whole Island of Great Britain (1927 edn), vol 1, p 342; Dickson, p 378; Clapham, vol 1, p 92; Acres, vol 1, p 162; Julia Rudolph, ‘Jurisdictional controversy and the credibility of common law’, in Coffman, Questioning, p 106; Paul Langford, A Polite and Commercial People (Oxford, 1989), p 179; Clapham, vol 1, pp 230–1; 11A/107/2, 19 Aug 1731; Ann M. Carlos and Larry Neal, ‘The Micro-Foundations of the Early London Capital Market’, Economic History Review, Aug 2006, pp 498, 500; Dickson, pp 276, 279–80; Norman Hunt, ‘The Russia Company and the Bank of England’, Listener, 3 Nov 1960; OL, June 2006, p 52 (Kenneth J. Cozens).
19 Acres, vol 1, pp 152–3; OL, Spring 1991, p 21 (Derrick Byatt), June 1933, pp 95–8 (W. Marston Acres); Acres, vol 1, pp 123–4; Hewitt and Keyworth, p 26; Acres, vol 1, pp 158–9, 153–4; 11A/107/2, 25 Sept 1728; OL, Sept 1937, pp 216–18 (Acres).
20 Abramson, pp 29–32, 48–9; Acres, vol 1, p 130.
CHAPTER 2: A GREAT ENGINE OF STATE
1 Clapham, vol 1, p 232; Cobbett’s Parliamentary History of England, Vol X (1812), col 62; Historical Manuscripts Commission, Manuscripts of the Earl of Egmont: Diary of the First Earl of Egmont (Viscount Percival), Vol II (1923), pp 380–1; Historical Manuscripts Commission, The Manuscripts of the Earl of Carlisle (1897), pp 182–3; Egmont, p 396.
2 G4/17, 5 March 1742; R. D. Richards, ‘The First Fifty Years of the Bank of England’, in J. G. van Dillen (ed), History of the Principal Public Banks (The Hague, 1934), pp 216–17; P. G. M. Dickson, The Financial Revolution in England (1967), p 217.
3 Gentleman’s Magazine, Sept 1745, p 500; G4/17, 26 Sept 1745; Gentleman’s Magazine, Sept 1745, pp 499–500; Acres, vol 1, p 181.
4 E. L. Hargreaves, The National Debt (1930), pp 52–3; G7/3, 31 Jan 1750; Old England, 3 Feb 1750; L. S. Sutherland, ‘Samson Gideon and the Reduction on Interest, 1749–50’, Economic History Review, Feb 1946, p 27; General Advertiser, 19 Feb 1750; G7/3, 27 Feb 1750; General Advertiser, 28 Feb 1750; Dickson, p 236; Acres, vol 1, p 184; Dickson, pp 322–3. In general, the two key accounts of Pelham’s scheme and how it played out are those by Sutherland and Dickson.
5 J. A. S. L. Leighton-Boyce, Smiths the Bankers, 1658–1958 (1958), p 75; Giuseppi, p 56; Acres, vol 1, p 186; Julian Hoppit, ‘Financial Crises in Eighteenth-Century England’, Economic History Review, Feb 1986, pp 49–50; Michael C. Lovell, ‘The Role of the Bank of England as Lender of Last Resort in the Crises of the Eighteenth Century’, Explorations in Entrepreneurial History, Oct 1957, pp 9–17.
6 Abramson, p 60; Joseph A. Schumpeter, History of Economic Analysis (1954), p 696; A. Anderson, An Historical and Chronological Deduction of the Origin of Commerce (1764), vol II, p 375.
7 Clapham, vol 1, pp 102–3; J. E. D. Binney, British Public Finance and Administration, 1774–92 (1958), pp 97–100; Abramson, p 70; Anne L. Murphy, ‘Making the Market: Trading Debt at the Eighteenth-Century Bank of England’, European Association for Banking and Financial History (EABH) Papers, 2014, pp 16–17, 30.
8 Dickson, pp 382–8; Clapham, vol 1, pp 70–1, 174.
9 Elisa Newby, ‘Macroeconomic Implications of Gold Reserve Policy of the Bank of England during the Eighteenth Century’, Centre for Dynamic Macroeconomic Analysis working paper, University of St Andrews, Feb 2007.
10 J. K. Horsefield, ‘The Bank and Its Treasure’, Economica, May 1940, pp 162–3; Sheila Lambert (ed), House of Commons Papers: George III, Vol 105, Third Report from the Committee of Secrecy appointed to examine and state the total amount of outstanding demands on the Bank of England …, pp 26–7; Clapham, vol 1, pp 171, 173.
11 J. H. Clapham, ‘The Private Business of the Bank of England, 1744–1800’, Economic History Review, Oct 1941, pp 80–2; Lovell, p 12; Philip Ziegler, The Sixth Great Power (1988), p 51; Stanley D. Chapman, Raphael Bicentenary, 1787–1987 (1987), pp 7–8.
12 Clapham, ‘Private Business’, pp 83–7; Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (1976 OUP edn), pp 318–20.
13 W. Marston Acres, ‘Directors of the Bank of England’, in Notes and Queries, 27 July 1940 to 24 August 1940, plus 3 Feb 1951; ADM30/11; OL, Dec 2005, p 144 (Kenneth J. Cozens and Suzanne J. Davis), March 1935, pp 13–14 (Acres); ADM30/12; John Thornton (ed), The Book of Yearly Recollections of Samuel Thornton, Esq. (Ewell, 1891), p 9; Abramson, p 95.
14 Abramson, p 95; Acres, ‘Directors’.
15 Sir Lewis Namier, The Structure of Politics at the Accession of George III (1957 edn), pp 341–2; Sir Lewis Namier and John Brooke, The House of Commons, 1754–1790 (1964), vol II, pp 408–9.
16 John H. Appleby, ‘James Theobald, F.R.S. (1688–1759), Merchant and Natural Historian’, Notes and Records of the Royal Society of London, July 1996, pp 179–89; Gentleman’s Magazine, Jan 1787, p 94; OL, March [?] 1947, pp 4–9, Dec 1947, pp 234–5 (Reginald Saw); Ruth Guilding, Owning the Past (New Haven, 2014), pp 165–6, 335; OL, Dec 1935, pp 241–4 (Acres).
17 Clapham, vol 1, pp 100–1; The Parliamentary History of England, Vol XXII (1814), Commons debate 13 June 1781, cols 523–4; Acres, vol 1, pp 186–7.
18 London Chronicle, 30 June 1772; Acres, vol 1, p 200; Clapham, vol 1, pp 245–6; Roger Fulford, Glyn’s, 1753–1953 (1953), p 27; Clapham, vol 1, p 247; Henry Hamilton, ‘The Failure of the Ayr Bank, 1772’, Economic History Review, April 1956, pp 412–15. See also: Paul Kosmetatos, ‘The winding-up of the Ayr Bank, 1772–1827’, Financial History Review, Aug 2014.
19 Clapham, vol 1, p 175; Acres, vol 1, pp 204–7; Clapham, vol 1, p 176; Times Literary Supplement, 29 May 2015 (T. H. Breen); Acres, vol 1, p 202; Clapham, vol 1, pp 251–2; Acres, vol 1, p 208; Larry Neal, The Rise of Financial Capitalism (Cambridge, 1990), p 211.
20 Garland Garvey Smith (ed), Thomas Holcroft’s A Plain and Succinct Narrative of the Gordon Riots, London, 1780 (Atlanta, Georgia, 1944), pp 27–8; Abramson, pp 83–4; Jerry White, London in the Eighteenth Century (2012), pp 540–1; G8/1, 20 June 1780; Bank of England (John Keyworth), ‘As Safe as the Bank of England’ (1993); Acres, vol 1, p 210.
21 Clapham, vol 1, pp 177–8; Parliamentary History Vol XXII, cols 517, 519, 522–3, 528–9; Clapham, vol 1, p 182.
22 Feavearyear, p 176; Clapham, vol 1, p 255; J. K. Horsefield, ‘The Duties of the Banker’, Economica, Feb 1941, p 45; Clapham, vol 1, p 256; Feavearyear, pp 176–7.
23 Boyd Hilton, A Mad, Bad, and Dangerous People? (Oxford, 2006), p 114; Clapham, vol 1, pp 186–7; Lawrence Taylor and R. G. Thorne, ‘Thornton, Samuel’, in R. G. Thorne (ed), The History of Parliament: The House of Commons, 1790–1820 (1986), p 376; Clapham, vol 1, pp 188–91.
24 Hoppit, ‘Financial Crises’, pp 54–5; Clapham, vol 1, pp 258–9; White, London, p 548.
CHAPTER 3: A STEADY AND UNREMITTING ATTENTION
1 ADM30/17.
2 John Francis, History of the Bank of England (1848), vol 1, pp 168–9; Acres, vol 1, p 169; John Keyworth, ‘William and the Bank of England’ (1989, supplement to official programme book marking tercentenary of William and Mary’s Coronation); Abramson, pp 50–3.
3 Acres, vol 1, pp 188–9; Abramson, pp 61–79.
4 OL, Sept 2004, pp 92–3 (Graham Kentfield), Summer 1982, pp 76–8 (John Deacon); Abramson, pp 88–90, 92; A Gentleman of the Bank, &c., The Bank of England’s Vade Mecum; or Sure Guide (1782), pp 3, 11, 22–3; Acres, vol 1, pp 216–17.
5 M5/471, 30 Sept 1788; M5/748, 15 Oct 1788; OL, March 2004, p 25 (John Keyworth), Spring 1982, p 18 (Kenneth Ireland); Abramson, pp 96–9.
6 Abramson, p 99; M5/748, 11 Dec 1788; Giles Waterfield, ‘Soane’s Stock Rises Again’, Country Life, 15 June 1989, p 162; Abramson, pp 102–6.
7 Acres, vol 1, pp 228–32; OL, Dec 1935, p 244 (Acres); Acres, vol 1, pp 226, 234–5; OL, Dec 1932, pp 232–6 (Acres), Sept 1933, pp 179–81 (Acres).
8 Acres, vol 1, pp 254–7; ODNB, Anita McConnell, ‘Abraham Newland’.
9 M5/451.
10 Acres, vol 1, p 234.
11 The sources for these pararaphs on the 1783–4 Committee of Inspection are: M5/212–13; M5/471; Acres, vol 1, pp 238–43; Anne Murphy, ‘Georgian Banking Blunders’, BBC History Magazine, Jan 2013, pp 42–3, ‘Clock-watching: work and working-time at the late-eighteenth-century Bank of England’, Past and Present, 2017
12 Acres, vol 1, pp 243–50.
13 Acres, vol 1, pp 251–2; OL, June 1958, pp 74–5 (J. A. Giuseppi), June 1996, p 51 (John Keyworth).
CHAPTER 4: AN ELDERLY LADY IN THE CITY
1 A. Allardyce, An Address to the Proprietors of the Bank of England (1797), pp 8, 10, 30; John Thornton (ed), The Book of Yearly Recollections of Samuel Thornton, Esq. (Ewell, 1891), p 82; Frank Whitson Fetter, Development of British Monetary Orthodoxy, 1797–1875 (Cambridge, Massachusetts, 1965), pp 13–15; Clapham, vol 1, pp 263–5; Stanley D. Chapman, Raphael Bicentenary 1787–1987 (1987), p 8; ADM30/6, Daniel Giles file, 4 May 1793; OL, March 2003, p 11 (John Keyworth).
2 S. R. Cope, Walter Boyd (Gloucester, 1983), p 63; ADM30/6, Giles file, 30 July 1795; John Ehrman, The Younger Pitt: The Reluctant Transition (1983), p 525; Clapham, vol 1, pp 195, 267; Feavearyear, pp 179–80; M5/472, 2 Dec 1795, 31 Dec 1795.
3 Clapham, vol 1, pp 265–6, 269–70; Walter Boyd, A Letter to the Right Honourable William Pitt (1801), Appendix B; Reports from the Committees of Secrecy (1797) on the Outstanding Demands of the Bank of England (1826), p 98; Kenneth Garlick and Angus Macintyre (eds), The Diary of Joseph Farington, Volume II (1978), p 629; Jagjit S. Chadha and Elisa Newby, ‘“Midas, transmuting all, into paper”’ (School of Economics, University of Kent, Discussion Paper, Sept 2013), p 5; Farington, Volume III (1979), p 668; Acres, vol 1, pp 270–1; Ehrman, p 639.
4 Yearly Recollections, pp 93–4; Feavearyear, pp 181–2; Clapham, vol 1, p 266; Reports from the Committees of Secrecy, pp 103–4; Hiroki Shin, ‘Paper Money, the Nation, and the Suspension of Cash Payments in 1797’, Historical Journal, June 2015, p 423; Feavearyear, p 182.
5 Feavearyear, p 182; M5/472, 26 Feb 1797; Acres, vol 1, opp p 276; Shin, ‘Paper Money’, pp 432–4; Farington, Volume III, p 798; Feavearyear, pp 184–5; Hiroki Shin, ‘The Culture of Paper Money in Britain: The Bank of England Note during the Bank Restriction Period, 1797–1821’ (University of Cambridge PhD, 2008), p 71.
6 Reports from the Committees of Secrecy, pp 12, 14, 17, 37, 22–3, 33, 48, 73.
7 The Parliamentary History of England, Vol XXXIII (1818), cols 351, 358, 372–3, 394.
8 Martin Rowson, ‘Poisoned pen’, Guardian, 21 March 2015; OL, June 1989, front cover, summer 1983, p 83 (John Keyworth); Shin, ‘Culture’, p 178; OL, March 1927, pp 5–7 (Acres).
9 M5/472, 22 Dec 1803; Yearly Recollections, p 151; Clapham, vol 2, p 44.
10 E. L. Hargreaves, The National Debt (1930), p 291; Feavearyear, p 193; Roger Knight, Britain against Napoleon (2013), pp 390, 392; Ian P. H. Duffy, ‘The Discount Policy of the Bank of England during the Suspension of Cash Payments, 1797–1821’, Economic History Review, Feb 1982, pp 76–7; Elisa Newby, ‘Sustainable Monetary Policy: Lessons and Evidence from the Bank Suspension Period, 1797–1821’ (University of St Andrews PhD, 2008), p 5; Kwasi Kwarteng, War and Gold (2014), p 50.
11 Randall McGowen, ‘The Bank of England and the Policing of Forgery, 1797–1821’, Past and Present, Feb 2005, pp 87–9; Deirdre Palk, Gender, Crime and Judicial Discretion, 1780–1830 (Woodbridge, 2006), pp 148–51.
12 Virginia Hewitt, ‘Beware of Imitations’, Numismatic Chronicle, 1998, p 200; OL, March 1997, p 6 (John Keyworth); Hewitt and Keyworth, pp 53, 67.
13 Feavearyear, pp 191–2; Boyd, Letter, pp 7, 57, 65–6; J. K. Horsefield, ‘The Duties of a Banker – II’, Economica, May 1944, pp 77, 83; Yearly Recollections, p 112; Henry Thornton, An Enquiry into the Nature of Effects of the Paper Credit of Great Britain (1939 edn), pp 109–10; Horsefield, ‘Duties’, pp 78–81.
14 Fetter, Development, pp 39–40; Piero Sraffa (ed), The Works and Correspondence of David Ricardo, Volume III (Cambridge, 1951), pp 131–3; R. S. Sayers, ‘Ricardo’s Views on Monetary Questions’, in T. S. Ashton and R. S. Sayers (eds), Papers in English Monetary History (1953), p 82; F. W. Fetter, ‘The Bullion Report Re-examined’, in Ashton and Sayers, Papers, p 67.
15 Report, together with Minutes of Evidence, and Accounts, from the Select Committee on the High Price of Gold Bullion (House of Commons, 8 June 1810), pp 79, 89, 128, 89–90, 95–6; Ricardo, p 369; Report, pp 132–3, 143, 146–7, 20–4; Fetter, Development, p 61.
16 Yearly Recollections, p 150; T. C. Hansard (ed), Parliamentary Debates, vol XIX (1812), cols 1061, 1163, 1161; Fetter, Development, pp 53–4; Boyd Hilton, A Mad, Bad, and Dangerous People? (Oxford, 2006), p 258; Clapham, vol 2, p 28; Hilton, p 258; Ricardo, vol III, p 133.
17 Clapham, vol 2, pp 31, 33; David Kynaston, The Chancellor of the Exchequer (Lavenham, 1980), pp 20–1; G6/184, 16 May 1815; Clapham, vol 1, pp 37, 39.
18 Abramson, chaps 4 and 5; Abramson, pp 108–10; Farington, Volume II, p 638; Abramson, pp 162, 133, 96; Leigh’s New Picture of London (1818), p 294.
19 Farington, Volume IV (1979), pp 1274, 1277; Acres, vol 1, pp 294–8.
20 ADM30/1730/17; Anne L. Murphy, ‘“Writes a fair hand and appears to be well qualified”: the recruitment of Bank of England clerks, 1800–1815’, Financial History Review, April 2015, pp 19–44; G6/184, 3 May 1815.
21 Acres, vol 2, pp 364–8; OL, June 1924, pp 230–4 (B. T. K. Smith), March 1929, pp 12–17, June 1929, pp 75–81.
CHAPTER 5: ALL THE OBLOQUY
1 Piero Sraffa (ed), The Works and Correspondence of David Ricardo (Cambridge, 1952), vol V, pp 463–4, vol VI, pp 338, 268; T. C. Hansard (ed), Parliamentary Debates, vol XXXII (1816), 13 Feb 1816, cols 461, 463, 477–8, 502, 504, 506, vol XXXV (1817), 19 Feb 1817, col 449.
2 John Thornton (ed), The Book of Yearly Recollections of Samuel Thornton, Esq. (Ewell, 1891), p 167; Hansard, Parliamentary Debates, vol XXXIV (1816), 1–3 May 1816, cols 160–3, 251, vol XXXV, 19 Feb 1817, col 464; Feavearyear, p 216; Giuseppi, p 80; Clapham, vol 2, pp 64–5; Acres, vol 1, pp 315–16; Huskisson Papers (British Library), Add Ms, 38,741, fos 251–2.
3 Randall McGowen, ‘The Bank of England and the Policing of Forgery, 1797–1821’, Past and Present, Feb 2005, p 87; OL, March 1959, p 44 (C. A. West); Abramson, p 123; Virginia Hewitt, ‘Beware of Imitations’, Numismatic Chronicle, 1998, p 211; Frank Whitson Fetter, Development of British Monetary Orthodoxy, 1797–1875 (Cambridge, Massachusetts, 1965), p 73; Kathryn Cave (ed), The Diary of Joseph Farington, Volume XV (1984), p 5318.
4 Fetter, Development, p 85; Minutes of Evidence taken before the Secret Committee on the Expediency of The Bank resuming Cash Payments (House of Commons, 6 May 1819), pp 26, 51–2, 79; Boyd Hilton, Corn, Cash, Commerce (Oxford, 1977), p 46; Hansard, Parliamentary Debates, vol XL (1819), col 604; Boyd Hilton, A Mad, Bad, and Dangerous People? (Oxford, 2006), p 325; Hilton, Corn, p 46; Hansard, Parliamentary Debates, vol XL, cols 683, 689, 741, 744, 746, 800. For a close reading of the attitudes towards bullionism of individual Bank directors, see: J. K. Horsefield, ‘The Bankers and the Bullionists in 1819’, Journal of Political Economy, Oct 1949, pp 442–8.
5 Minutes of Evidence taken before the Secret Committee, p 157; Hilton, Corn, pp 56–7; Huskisson, fos 251–2; Abramson, p 123; Hilton, Corn, pp 87–8; Clapham, vol 2, p 75; Hilton, Corn, p 89.
6 D. P. O’Brien and John Creedy, Darwin’s Clever Neighbour (Cheltenham, 2010), pp 244–6; Stephen Fay, ‘Runs in the Bank’, MCC Magazine, Autumn/Winter 2014, p 22; Darwin’s, pp 253–4; OL, March 1932, pp 14–15 (Acres); ODNB, A. C. Howe, ‘Palmer, (John) Horsley’; Darwin’s, p 352; UCL/Legacies of British Slave-ownership/database.
7 Acres, vol 2, pp 399–400; Anthony Howe, ‘From “Old Corruption” to “New Probity”’, Financial History Review, April 1994, pp 23–41; Sir John Soane’s Museum, S.M. Private Correspondence, II.T.7.1; Abramson, pp 177–88; S.M. Private Correspondence, I.B.2.14; OL, March 2004, p 25.
8 OL, Sept 1929, p 167; Feavearyear, p 233; Clapham, vol 2, pp 81–9, 76; Acres, vol 2, p 419–20; OL, Dec 1934, pp 255–61 (Acres).
9 Yearly Recollections, p 196; Hilton, Corn, pp 202–15; Feavearyear, p 235; K. F. Dixon, ‘The Development of the London Money Market, 1780–1830’ (University of London PhD, 1962), pp 178–9.
10 Feavearyear, p 236; E. M. Forster, Marianne Thornton, 1797–1887 (1956), pp 106–14; Clapham, vol 2, p 99; Walter Bagehot, Lombard Street (1873), pp 51–2; John A. James, ‘Panics, payments disruptions and the Bank of England before 1826’, Financial History Review, Dec 2012, pp 301–2; Liverpool Papers (British Library), Add Ms, 38,371, fo 77; Francis Bamford and the Duke of Wellington (eds), The Journal of Mrs Arbuthnot (1950), vol 1, pp 426–7; Kynaston, vol 1, p 70; Arbuthnot, p 428; Clapham, vol 2, pp 100–2; OL, Sept 1929, p 168.
11 Morgan, pp 88–9; Darwin’s, pp 298–9.
12 Morgan, p 100; Hilton, Corn, pp 237–8; J. K. Horsefield, ‘The Opinions of Horsley Palmer’, Economica, May 1949, pp 150–2; Feavearyear, pp 245–50; Hilton, Corn, pp 239–41; Darwin’s, pp 350–1; Brian Jenkins, Henry Goulburn, 1784–1856 (Liverpool, 1996), pp 207–8; M5/201, 23 April 1830; Jenkins, pp 213–14.
13 Acres, vol 2, p 456; OL, March 1984, pp 26–9 (David J. Moss); Michael Brock, The Great Reform Act (1973), p 298; Times, 15–16 May 1832; G8/25, 16 May 1832; Fetter, Development, p 135; Brock, p 306.
14 Report from the Committee of Secrecy on the Bank of England Charter; with the Minutes of Evidence (1832), qq 72, 178–82, 2341, 5127, 5130, 3689, 4946, 4773, 3395, 3402, 3415, 2878–9; Clapham, vol 2, p 129; Feavearyear, p 252; Report from the Committee of Secrecy, qq 2710–11; Feavearyear, p 251; Fetter, Development, pp 156–7.
15 Acres, vol 2, p 429; OL, June 1926, pp 258–60 (Acres); Acres, vol 2, pp 434, 428; OL, June 1935, pp 109–12 (Acres).
16 Dieter Ziegler, ‘Central Banking in the English Provinces in the Second Quarter of the Nineteenth Century’, Business History, Oct 1989, p 38; David J. Moss, ‘Central banking and the provincial system’, Financial History Review, April 1995, p 7; Dieter Ziegler, Central Bank, Peripheral Industry (Leicester, 1990), pp 9–31.
17 Ziegler, Central Bank, pp 5–6; Darwin’s, p 299; Clapham, vol 2, pp 138–9; Moss, ‘Central Banking’, p 20; Ziegler, Central Bank, p 9. In general on the branch banks in this period, see also: David J. Moss, ‘The Bank of England and the country banks’, Economic History Review, Nov 1981, ‘The Bank of England and the establishment of a branch system, 1826–1829’, Canadian Journal of History, 1992; R. O. Roberts, ‘Bank of England Branch Discounting, 1826–59’, Economica, Aug 1958; Roy Clifford, The Birmingham Branch of the Bank of England, 1826–34 (c 1998); M. Collins, ‘The Bank of England at Liverpool, 1827–1844’, Business History, 1972; Jean Welsh, ‘A History of Banking and the Bank of England in Newcastle and the North East of England, 1815–1850’ (undated dissertation at Bank of England Information Centre).
18 Edward Nevin and E. W. Davis, The London Clearing Banks (1970), p 61; T. E. Gregory, The Westminster Bank (1936), vol 1, pp 151, 164; J. K. Horsefield, ‘The Bank of England as Mentor’, Economic History Review, Aug 1949, p 84.
19 ADM30/10, James Pattison file; Jessica M. Lepler, The Many Panics of 1937 (Cambridge, 2013), p 53; The Baring Archive, DEP 74 vol 3, Diaries of Joshua Bates, 17 September 1836; G8/29, 26 Oct 1836; Lepler, p 60; G6/286, items 52–4, 81; Lepler, chap 4.
20 Barclays Archives, 25/265 (286, 278, 286); G4/59, 21 March 1837; D. P. O’Brien (ed), The Correspondence of Lord Overstone, Volume 1 (Cambridge, 1971), p 221; Lepler, pp 167–72.
21 Muriel Emmie Hidy, George Peabody (New York, 1978), p 84; Morrison Cryder records (LMA), Ms 11,720, folder one, 21 May 1837; Barclays, 25/265 (289, 290); G4/60, 30 May 1937; Caroline Dakers, A Genius for Money (2011), p 133; Barclays, 25/265 (293); G4/60, 1 June 1837; Barclays, 25/265 (293); Times, 27 June 1837.
22 OL, Dec 1923, pp 136–7; Acres, vol 2, pp 481–3; Abramson, p 79; G8/29, 26 Oct 1836; Acres, vol 2, p 479.
23 Clapham, vol 2, p 162; The Baring Archive, DEP 74 vol 3, Diaries of Joshua Bates, 20 July 1839; Clapham, vol 2, pp 168–9; Marc Flandreau, ‘Central bank cooperation in historical perspective’, Economic History Review, Nov 1997, p 742; diary of Charles Churchill senior (LMA), Ms 5,762, vol 17; Niall Ferguson, The World’s Banker (1998), pp 398–9; Stanley Chapman, The Rise of Merchant Banking (1984), p 165; Flandreau, p 743.
24 Overstone, vol 1, pp 250–74.
25 J. Horsley Palmer, The Causes and Consequences of the Pressure upon the Money-Market (1837), pp 10, 33, 42; Samuel James Loyd, Reflections suggested by a Perusal of Mr J. Horsley Palmer’s Pamphlet (1837), pp 13, 10, 17; Overstone, vol 1, p 93; Daniel Hardcastle, jnr, Banks and Bankers (1842), p 164; Michael Collins, ‘The Langton Papers’, Economica, Feb 1972, p 59; P. L. Cottrell, ‘The Bank of England in transition, 1836–1860’, in Franz Bosbach and Hans Pohl (eds), Das Kreditwesen in der Neuzeit (Munich, 1997), p 105; Hansard’s Parliamentary Debates, vol LXXIV (1844), 6 May 1844, col 750. See also: J. K. Horsefield, ‘The Origins of the Bank Charter Act, 1844’, in T. S. Ashton and R. S. Sayers (eds), Papers in English Monetary History(1953), pp 109–25.
26 Helpful summaries of the Bank Charter Act include: Clapham, vol 2, pp 183–4; Fetter, p 185; Feavearyear, pp 272–4; Morgan, pp 115–16.
27 Economist, 11 May 1844; Churchill, vol 22; Lytton Strachey and Roger Fulford (eds), The Greville Memoirs, 1814–60 (1938), vol V, p 173; Times, 8 May 1844, 14 May 1844; Economist, 18 May 1844.
28 Charles Stuart Parker (ed), Sir Robert Peel from his Private Papers (1899), vol II, p 570; Circular to Bankers, 14 June 1844; M5/206 (item 65); Circular to Bankers, 14 June 1844; Hansard’s Parliamentary Debates, vol LXXV (1844), 13 June 1844, cols 804, 809–11, 851, 869; Overstone, vol 1, p 359; Jenkins, p 308; Clapham, vol 2, p 270; Overstone, vol 1, p 363; Darwin’s, pp xlvii–xlviii.
CHAPTER 6: THE EFFECTS OF TIGHT LACING
1 M5/206, item 79; Acres, vol 2, p 501; Richard Roberts, ‘The Bank of England and the City’, in Roberts and Kynaston, pp 156–7; W. M. Scammell, The London Discount Market (1968), p 147.
2 Bankers’ Magazine, April 1845, p 53; King, p 134; H. M. Boot, ‘The Commercial Crisis of 1847’ (University of Hull PhD, 1979), p 369; Clapham, vol 2, pp 199, 213.
3 Rudiger Dornbusch and Jacob A. Frenkel, ‘The Gold Standard and the Bank of England in the Crisis of 1847’, in Michael D. Bordo and Anna J. Schwartz (eds), A Retrospective on the Classical Gold Standard, 1821–1931 (Chicago, 1984), pp 245–6; Gareth Campbell, ‘Government Policy during the British Railway Mania and the 1847 Commercial Crisis’, in Nicholas Dimsdale and Anthony Hotson (eds), British Financial Crises since 1825 (Oxford, 2014), p 71; D. P. O’Brien and John Creedy, Darwin’s Clever Neighbour (Cheltenham, 2010), pp 417–18; Feavearyear, p 282; Kynaston, vol 1, p 154; Dornbusch and Frenkel, pp 249–50; Anthony Howe, Free Trade and Liberal England, 1846–1946 (Oxford, 1997), pp 55–6; D. P. O’Brien (ed), The Correspondence of Lord Overstone (Cambridge, 1971), vol 1, p 383.
4 Feavearyear, p 283; Royal Bank of Scotland Archives PRE/1/2 Partners’ meetings minute book of Prescott, Grote, Ames, Cave & Grote, 19 August 1847; Jardine Matheson & Co records (Cambridge University Library), II.A.1.10, reel 300, no 3, 128; Overstone, vol 1, p 391; Anthony Howe, ‘From “Old Corruption” to “New Probity”’, Financial History Review, April 1994, p 32; Clapham, vol 2, pp 198–204; King, p 142; Jardine Matheson, II.O.5, private letters from London, 1812–82, reel 463, no P.115; OL, Dec 1929, pp 236–7 (Acres).
5 Jardine Matheson, II.A.1.10, reel 300, no 3, 141; Boot, ‘Commercial Crisis’, p 262; RBS Archives PRE/1/2 Partners’ meetings minute book of Prescott, Grote, Ames, Cave & Grote, 21 October 1847; Feavearyear, p 284; Economist, 23 Oct 1847; Clapham, vol 2, pp 207–8; Feavearyear, p 284; King, p 146.
6 M5/208, 23 Oct 1847; Clapham, vol 2, pp 208–9; M5/527; Dornbusch and Frenkel, p 252; Feavearyear, p 285; Overstone, vol 1, p 397.
7 Boot, ‘Commercial Crisis’, p 280; Robert Blake, Disraeli (1966), p 263; Economist, 30 Oct 1847; Feavearyear, p 286; Catherine Molyneux, ‘Reform and Process’, in Michael J. Turner (ed), Reform and Reformers in Nineteenth Century Britain (Sunderland, 2004), p 73; Frank Whitson Fetter, Development of British Monetary Orthodoxy, 1797–1875 (Cambridge, Massachusetts, 1965), pp 260–1; Feavearyear, pp 286–7.
8 Howe, Free Trade, p 56; Overstone, vol 1, p 391; Times, 14 Sept 1847, 17 Sept 1847; Overstone, vol 1, p 395.
9 G4/70, 20 Jan 1848, 3 Feb 1848, 10 Feb 1848; Howe, ‘From “Old Corruption”’, pp 23–41; J. C. Levenson et al (eds), The Letters of Henry Adams, Volume 1 (1982), p 465.
10 Giuseppi, p 110; Morning Chronicle, 11 April 1848; Records of the London Stock Exchange (Guildhall Library), Ms 14,600, vol 20, 10 April 1848; Morning Chronicle, 11–12 April 1848.
11 The Baring Archive, DEP 74 vol 4, Diaries of Joshua Bates, 10 October 1852; Feavearyear, p 288; E. J. Hobsbawm, Industry and Empire (1969 Pelican edn), pp 139–40.
12 Acres, vol 2, pp 512–14; Dieter Ziegler, ‘Central Banking in the English Provinces in the Second Quarter of the Nineteenth Century’, Business History, Oct 1989, p 44; Feavearyear, p 287; King, pp 161–9.
13 John Brooke and Mary Sorensen (eds), The Prime Minister’s Papers: W. E. Gladstone, Volume II, Autobiographica (1971), pp 128–9; Richard Shannon, Gladstone, Volume 1, 1809–1865 (1982), p 289; John Morley, The Life of William Ewart Gladstone (1905 two-vol edn), vol 1, p 518; Clapham, vol 2, p 253; Marc Flandreau, ‘Central bank cooperation’, Economic History Review, Nov 1997, pp 747–8.
14 M5/209; Feavearyear, p 290; Report from the Select Committee on the Bank Acts (July 1857), qq 328–32; Feavearyear, pp 290–1; Norman St John Stevas (ed), The Collected Works of Walter Bagehot, Volume Nine (1978), p 360.
15 14A185/8, item 71; Clapham, vol 2, p 227; 14A185/8, item 95; Nicholas Dimsdale and Anthony Hotson, ‘Financial Crises and Economic Activity in the UK since 1825’, in Dimsdale and Hotson, p 39; M5/454, 29 Oct 1857; Overstone, vol 2, pp 758, 764–5; Clapham, vol 2, p 229; M5/454, 7 Nov 1857.
16 King, p 198; M5/454, 9–10 Nov 1857; Feavearyear, pp 293–4; 14A185/9, item 140; Overstone, vol 2, p 786; Walter Bagehot, Lombard Street (1873), p 179; M6/65.
17 Kathleen Burk, Morgan Grenfell, 1838–1988 (Oxford, 1989), pp 21–2; Kynaston, vol 1, p 197; 14A185/9, item 144; Overstone, vol 2, pp 811, 819, 822–3.
18 M5/455, 1 Jan 1858; George J. Goschen, The Theory of the Foreign Exchanges (1879 edn of the third edn), p xii; M5/455, 8 Jan 1858.
19 Report from the Select Committee on the Bank Acts (July 1858), qq 86–7, 189–91, 394–5; Elmer Wood, English Theories of Central Banking Control, 1819–1858 (Cambridge, Massachusetts, 1939), p 171; Acres, vol 2, pp 520–1.
20 M5/455, 11 March 1858; Times, 15 March 1858; Clapham, vol 2, p 240; Report from the Select Committee (1858), q 399; Wood, p 134; Bagehot, Volume 9, p 382.
21 M5/457, 31 Jan 1860, 12 April 1860, 14 April 1860, 16 April 1860; 14A185/37, item 418; M5/457, 17 April 1860; Clapham, vol 2, p 244; M5/457, 19 April 1860; HSBC Group Archives, UK M 0005, General board minute book.
22 Howe, ‘From “Old Corruption”’, pp 39–40; Clapham, vol 2, pp 255–6; Howe, ‘From “Old Corruption”’, p 39; M5/202; Daily News, 8 Feb 1861; Giuseppi, p 117; Morley, vol 1, p 686; Howe, ‘From “Old Corruption”’, p 40.
23 Geoffrey Elliott, The Mystery of Overend and Gurney (2006); John Stephen Flynn, Sir Robert N. Fowler (1893), p 150; Bertram Wodehouse Currie, Recollections, Letters and Journals (Roehampton, 1901), vol 1, p 61.
24 See generally: Forrest Capie, ‘The emergence of the Bank of England as a mature central bank’, in Donald Winch and Patrick K. O’Brien (eds), The Political Economy of British Historical Experience, 1688–1914 (Oxford, 2002), pp 303–5; Marc Flandreau and Stefano Ugolini, ‘The Crisis of 1866’, in Dimsdale and Hotson, pp 76–93.
25 Philip Ziegler, The Sixth Great Power (1988), p 182; RBS Archives GM/1118, letter from Bertram Wodehouse Currie to his father Raikes Currie, 11 May 1866; Times, 11 May 1866; RBS Archives PRE/1/6 Partners’ meetings minute book of Prescott, Grote, Cave & Cave, 11 May 1866; Times, 12 May 1866; Bagehot, vol 13 (1986), p 608; Clapham, vol 2, p 264; H. C. G. Mathew (ed), The Gladstone Diaries, Volume VI (Oxford, 1978), p 436; diary of Sir Richard Biddulph Martin (Holland-Martin family archives), 12 May 1866; King, p 242.
CHAPTER 7: MATTERS OF CONDUCT AND BEHAVIOUR
1 The Education of Henry Adams (1918 edn), p 73; Abramson, pp 200–1; de Fraine, pp 26–8; M5/592, fo 250; E30/1, fo 29; George Santayana, The Middle Span (1947), p 37.
2 Clapham, vol 2, p 247; G4/89, 7 Feb 1867; Clapham, vol 2, pp 282–3; M5/489, Hammond Chubb, ‘Report of the Expenses of the Bank from 1853’, p 5; Clapham, vol 2, p 301.
3 ADM30/17, larger file, immediately after fo 21; M5/489, Chubb, ‘Report’, pp 10, 3, 12–13.
4 R. S. Sayers, Lloyds Bank in the History of English Banking (1957), p 151; Dieter Ziegler, Central Bank, Peripheral Industry (Leicester, 1990), pp 37–8; Hewitt and Keyworth, pp 111–12; OL, Dec 1995, pp 142–4 (Diana Moore).
5 This account is based on: Judy Slinn, A History of Freshfields (1984), pp 122–3; David C. Hanrahan, The Great Fraud on the Bank of England (2014); Nicholas Booth, The Thieves of Threadneedle Street (Stroud, 2015).
6 OL, Dec 1985, p 181 (Derrick Byatt); Hennessy, pp 47–8; Acres, vol 2, pp 538–40; OL, June 1921, pp 55–6 (A. G. Rowlett), Dec 1985, p 181 (Byatt).
7 OL, Dec 1927, p 165 (Acres); de Fraine, p 7; Acres, vol 2, p 550; M5/593, fos 6–7; E4/15.
8 Philip Kelley and Ronald Hudson (eds), The Brownings’ Correspondence: Volume 3 (Winfield, Kansas, 1985), pp 307–9; Philip Kelley and Scott Lewis (eds), The Brownings’ Correspondence: Volume 13 (Winfield, Kansas, 1995), p 299; ADM30/20, Browning Family file; ODNB, Rita McWilliams Tullbelg, ‘Marshall, Alfred’; J. M. Keynes, ‘Alfred Marshall, 1842–1924’, in A. C. Pigou (ed), Memorials of Alfred Marshall (1925), pp 1–2.
9 de Fraine, pp 14–15; Byatt, p 80; OL, March 1967, p 5; Byatt, pp 102–3; ADM30/26, Matthew Marshall file; ADM30/30, Smee Family file; Byatt, p 96; Giuseppi, p 105.
10 ADM 30/17–18; Giuseppi, p 101; ADM30/17, fo 17; Acres, vol 2, p 557; E30/1, fo 8; ADM30/17, fo 27.
11 Acres, vol 2, pp 484–6; ADM30/17, fo 58A; Acres, vol 2, p 559; Elizabeth Hennessy, ‘The Governors, Directors and Management of the Bank of England’, in Roberts and Kynaston, p 202; M5/489, Chubb, ‘Report’, pp 12, 3; OL, Dec 1921, pp 150–1 (William Shand).
12 G4/89, 7 Feb 1867; E4/15; OL, Sept 1969, p 152, March 1965, p 28 (Wilbur C. Fish); de Fraine, pp 4–5.
13 Acres, vol 2, pp 486–7; OL, Sept 1922, p 255 (W. Courthope Forman), Dec 1935, p 263 (C. H. Goodman), March 1930, pp 9–10 (Allan Fea); Allan Fea, Recollections of Sixty Years (1927), p 149.
14 Acres, vol 2, pp 551–2; M5/654; E30/1, fo 37.
15 M5/235, 15 Feb 1858, 23 May 1859; M5/289, 5 July 1861.
16 OL, Sept 1922, pp 256–7 (W. Courthope Forman); M5/604, fos 107–11.
17 OL, March 1950, opp p 313; Giuseppi, p 104; ADM30/17, fo 31; OL, June 1950, p 407 (Giuseppi).
18 E30/1, fo 16; de Fraine, p 79; C82/6, fo 103.
CHAPTER 8: MONEY WILL NOT MANAGE ITSELF
1 Economist, 22 Sept 1866; Thomson Hankey, The Principles of Banking (1867), pp 25–6; Economist, 8 Dec 1866, 22 Dec 1866.
2 Times, 28 May 1869.
3 Times, 12 Nov 1872; Economist, 16 Nov 1872; Hankey, Principles (1873 edn), pp iii–ix; Walter Bagehot, Lombard Street (9th edn, 1888), pp 322, 326–8, 196–9.
4 R. S. Sayers, Central Banking after Bagehot (1957), p 9; Morgan, p 181; Hugh Rockoff, ‘Walter Bagehot and the Theory of Central Banking’, in Forrest Capie and Geoffrey E. Wood (eds), Financial Crises and the World Banking System (Basingstoke, 1986), pp 164, 172–3; John D. Turner, Banking in Crisis (Cambridge, 2014), p 143; records of Rathbone Bros & Co (Liverpool University Library), files of general correspondence, 1851–73, XXIV.1.24 (51–113), 17 Oct 1873; Bagehot, Lombard Street, pp 19–20. See also: John H. Wood, ‘Bagehot’s Lender of Last Resort’, Independent Review, Winter 2003, pp 343–51; Vincent Bignon et al, ‘Bagehot for beginners’, Economic History Review, May 2012, pp 580–608.
5 Bagehot, Lombard Street, pp 41–2, 73, 230–40; Rathbone, files, 21 Oct 1873.
6 The Rothschild Archive (London), 000/84, 17 Sept 1869; Augustus Muir, Blyth, Greene, Jourdain & Company Limited, 1810–1960 (1961), pp 20, 24; ADM30/6; Bankers’ Magazine, Feb 1888, pp 147–50; Boyle, pp 10–18; Anon (Wilfred Maude), Antony Gibbs and Sons Limited: Merchants and Bankers, 1808–1958 (1958), p 27; Rachel Gibbs, Pedigree of the Family of Gibbs (1981 edn), p xix; DBB, William M. Mathew, ‘Henry Hucks Gibbs, 1st Lord Aldenham’; M6/28, pp 18, 23, 26, 33.
7 D. P. O’Brien (ed), The Correspondence of Lord Overstone (Cambridge, 1971), vol 3, p 1315; Clapham, vol 2, p 309; Turner, p 85; L. S. Pressnell, ‘Gold Reserves, Banking Reserves, and the Baring Crisis of 1890’, in C. R. Whittlesey and J. S. G. Wilson (eds), Essays in Money and Banking in Honour of R. S. Sayers (1968), p 189; Michael Collins, ‘The Bank of England as lender of last resort, 1857–1878’, Economic History Review, Feb 1992, p 147; Dieter Ziegler, ‘The Banking Crisis of 1878’, Economic History Review, Feb 1992, p 138.
8 Michael Collins, ‘The Banking Crisis of 1878’, Economic History Review, Nov 1989, p 526; William P. Kennedy, Industrial Structure, Capital Markets and the Origins of British Economic Decline (Cambridge, 1987), pp 120–34.
9 Observer, 9 Oct 2011; Anthony Howe, ‘From “Old Corruption” to “New Probity”’, Financial History Review, April 1994, p 27.
10 Kynaston, vol 1, pp 259–60; R. C. Michie, The London and New York Stock Exchanges, 1850–1914 (1987), pp 145–7; T. H. S. Escott, England (1879), vol 1, pp 190, 192–4; Jacob Viner, ‘Clapham on the Bank of England’, Economica, May 1945, pp 63–4; Journal of the Institute of Bankers, 1887, pp 509–10.
11 G15/145; Royal Commission appointed to Inquire into the recent Changes in the relative Values of the Precious Metals (First Report, P.P. 1887, XXII), q 5880; Bimetallic League, The Proceedings of the Bimetallic Conference held at Manchester, 4th and 5th April, 1888 (Manchester, 1888), p 22.
12 This paragraph is based on two papers by Bernard Attard: ‘Marketing colonial debt in London’ (unpublished); ‘Imperial central banks?’, in Olivier Feiertag and Michel Margairaz (eds), Les banques centrales et l’Etat-nation (Paris, 2016).
13 R. F. Foster, Lord Randolph Churchill (1981), p 194; diaries of Sir Edward Hamilton (British Library), Add Ms, 48,644, 3 Sept 1886; David Kynaston, The Chancellor of the Exchequer (Lavenham, 1980), p 124; Hamilton, 3 Sept 1886, 3 Sept 1885, Add Ms, 48,647, 31 Jan 1888.
14 Hamilton, Add Ms, 48,648, 4 March 1888; Clapham, vol 2, p 320; Boyle, p 27; Clapham, vol 2, p 318; OL, Dec 1932, p 238 (Allan Fea), June 1921, p 56 (A. G. Rowlett).
15 G. A. Fletcher, The Discount Houses in London (1976), p 30; Economist, 5 Dec 1874; Pressnell, pp 186–9; M6/28, pp 5, 7–8; Forrest Capie et al, ‘The development of central banking’, in Forrest Capie et al, The Future of Central Banking (Cambridge, 1994), pp 13, 114–15.
16 Niall Ferguson, The World’s Banker (1998), p 821; Richard Aldous, The Lion and the Unicorn (2006), pp 262–3.
17 Clapham, vol 2, p 316; G23/67, fos 135–6, 141–4; Clapham, vol 2, pp 317–18.
18 Bullionist, 1 Feb 1890.
19 DBB, Sheila Marriner, ‘William Lidderdale’; Sayers, vol 1, pp 50–1; Pressnell, pp 191–2; Hamilton, Add Ms, 48,653, 9 Aug 1890; Pressnell, p 191.
20 Arthur D. Elliot, The Life of George Joachim Goschen, First Viscount Goschen (1911), vol II, p 169; The Baring Archive, HC3.52.8, Currie to Revelstoke, 23 Feb 1887.
21 Instructive accounts of the crisis include: Clapham, vol 2, pp 326–39; Pressnell, pp 192–207; Philip Ziegler, The Sixth Great Power (1988), pp 235–66; Ferguson, pp 864–9; Turner, pp 154–7; Marcello de Cecco, Money and Empire (Oxford, 1974), pp 88–98; P. J. Cain and A. G. Hopkins, British Imperialism: Innovation and Expansion 1688–1914 (1993), pp 153–8, 293–4.
22 G15/192, fo 176; G15/189, fo 15A; Elliot, pp 170–2.
23 Ziegler, Sixth, pp 247–8; G15/192, fo 183.
24 G15/189, fo 3; G15/192, fo 177; Clapham, vol 2, pp 330–1; G15/192, fo 179; G15/189, fo 15A; Bertram Wodehouse Currie, Recollections, Letters and Journals (Roehampton, 1901), vol 1, pp 92–3; Hamilton, Add Ms, 48,654, 15 Nov 1890; G15/189, fo 15A.
25 Times, 15 Nov 1890; G23/85, fo 157; George Chandler, Four Centuries of Banking, Volume 1 (1964), pp 333–4; G15/189, fo 29A; Clapham, vol 2, pp 336–7.
CHAPTER 9: WONDERFULLY YOUTHFUL IN SPIRIT – CONSIDERING
1 The best treatment remains L. S. Pressnell, ‘Gold Reserves, Banking Reserves, and the Baring Crisis of 1890’, in C. R. Whittlesey and J. S. G. Wilson (eds), Essays in Money and Banking in Honour of R. S. Sayers (1968).
2 Diaries of Sir Edward Hamilton (British Library), Add Ms, 48,654, 8 Jan 1891; G23/85, 22 Jan 1891; Times, 29 Jan 1891; Roger Fulford, Glyn’s, 1753–1953 (1953), pp 216–17; Hamilton, Add Mss, 48,655, 24 May 1891, 48,656, 19 Nov 1891; Welby Collection on Banking and Currency (LSE), vol VII, fos 374–97; Pressnell, p 213; Hamilton, Add Ms, 48, 615A, 21 Dec 1891; Bankers’ Magazine, March 1892, p 378; RBS Archives GM/7, private letterbook containing copies of Bertram Wodehouse Currie's out-letters from Glyn, Mills, Currie & Co, January 1893; Marcello de Cecco, Money and Empire (Oxford, 1974), p 95.
3 Sayers, vol 1, p 17; Hamilton, Add Mss, 48,661, 11 Aug 1893, 48,615B, 19 Sept 1893, 23 Sept 1893.
4 For a reasonably full account, see OL, Summer/Autumn 1994, pp 58–9 (Alison Cook).
5 Bankers’ Magazine, Dec 1889, pp 1490–1; G4/116; G8/47, 8 Nov 1893; Harcourt Papers (Bodleian), Dep 170, fo 55; FT, 10 Nov 1893; Hamilton, Add Ms, 58,661, 12 Nov 1893; Harcourt, Dep 396, fos 76–8.
6 Investors’ Review, Jan 1894, pp 1–17; Daily Chronicle, 3 Jan 1894; Punch, 8 Jan 1894; Times, 8 Jan 1894; Harcourt, Dep 170, fo 78; Hamilton, Add Ms, 48,662, 25 Jan 1894; G15/139; Bo Bramsen and Kathleen Wain, The Hambros (1979), pp 334–5; OL, Summer/Autumn 1994, p 59 (Alison Cook); Times, 16 March 1894.
7 de Fraine, pp 81–3; Harcourt, Dep 416, fos 85–6.
8 Acres, vol 2, pp 560–1; E30/1, fo 45; OL, Dec 1936, pp 306–8 (Mrs W. L. Courtney); de Fraine, pp 121–2. See also: OL, March 2007, p 11 (Hayley Whiting).
9 Oscar Wilde’s Plays, Prose Writings, and Poems (1930 Everyman edn), p 369; Bertram Wodehouse Currie, Recollections, Letters and Journals (Roehampton, 1901), pp 104–8; Feavearyear, p 331; C. A. E. Goodhart, The Business of Banking, 1891–1914 (Aldershot, 1986 edn), p 106; Jehanne Wake, Kleinwort Benson (Oxford, 1997), pp 201–2; Hamilton, Add Ms, 48,672, 16 Sept 1897; FT, 20 Sept 1897; RBS Archives PAB/1/3, Directors’ meetings minute book of Parr’s Banking Co & Alliance Bank Ltd, 23 September 1897; RBS Archives GM/180/22 File of correspondence from members of the Committee of the Gold Standard Defence Association, Sept 1897.
10 OL, March 1965, p 25 (R. C. Balfour); Esther Madeleine Ogden, ‘The Development of the Role of the Bank of England as a Lender of Last Resort, 1870–1914’ (University of London PhD, 1988), pp 376, 380–1; G15/39; HSBC Group Archives, UK M 0153-0062, Rowland Hughes’ notes on National Provincial Bank: commission; Goodhart, p 102; Bankers’ Magazine, Aug 1899, pp 148–51.
11 J. A. Hobson, Imperialism (1902), p 359; Times, 17 Oct 1899; Bankers’ Magazine, Feb 1900, p 313; Journal of the Institute of Bankers, May 1900, pp 258–9.
12 G23/87, fos 326–7; HSBC Group Archives, UK M 0153-0067-0002, Rowland Hughes’ notes on discounts with brokers; NA, T168/87; Sayers, vol 1, p 16; NA, T168/87.
13 G23/88, 23 July 1900; Jeremy Wormell, The Management of the National Debt of the United Kingdom, 1900–1932 (2000), p 36; Hamilton, Add Ms, 2 Aug 1900; Wormell, p 37; Papers of 1st Viscount Milner (Bodleian), Dep 177, fo 156, Wormell, p 31; Sayers, vol 1, p 17.
14 Janet E. Courtney, Recollected in Tranquillity (1926), pp 155, 164–5; de Fraine, pp 153–5.
15 Financial News, 6 Oct 1893; John Pippenger, ‘Bank of England Operations, 1893–1913’, in Michael D. Bordo and Anna J. Schwartz (eds), A Retrospective on the Classical Gold Standard, 1821–1931 (Chicago, 1984), p 217.
16 NA, T176/13; FT, 6 March 1907; Chamber of Commerce Journal, Oct 1907, supplement, pp 11–13; R. S. Sayers, Bank of England Operations, 1890–1914 (1936), p 69; Dieter Ziegler, Central Bank, Peripheral Industry (Leicester, 1990), pp 88–95.
17 Records of Smith, St Aubyn & Co (LMA), Ms 14,894, vol 10, 27 March 1900.
18 Sayers, vol 1, pp 8–9; G23/70, fos 157–8; Arthur I. Bloomfield, Monetary Policy under the International Gold Standard: 1880–1914 (New York, 1959), p 57; Marc Flandreau, ‘Central bank cooperation in historical perspective’, Economic History Review, Nov 1997, pp 757–9; Sayers, vol 1, p 9.
19 Jonathan Schneer, London 1900 (New Haven, 1999), p 71.
20 Economist, 3 Oct 2015; Peter Clarke, ‘Churchill’s Economic Ideas, 1900–1930’, in Robert Blake and Wm Roger Louis (eds), Churchill (Oxford, 1993), p 87; 13A84/7/19, 18 Nov 1895, 11 Sept 1896; G23/87, fos 167–9, 174–6.
21 Hamilton, Add Ms, 48,654, 8 Jan 1891; Youssef Cassis, City Bankers, 1890–1914 (Cambridge, 1994), pp 87–9, 101–2, 259, 263–4; ADM30/3; G15/131, fo 56A; Clay, p 272; Records of Antony Gibbs & Sons (LMA), Ms 11,040, vol 4, 23 Oct 1902.
22 OL, Sept 1931, pp 198–9 (Acres), March 1945, p 2, June 1969, p 96 (J. A. C. Osborne); Sayers, vol 2, pp 609–10.
23 FT, 8 May 1903; OL, March 1936, p 28 (L. Goodyear); de Fraine, p 125; FT, 25 Nov 1903; OL, March 2007, pp 121–13 (Lara Webb); FT, 3 March 1990 (John Keyworth).
24 OL, March 1984, p 37 (Jeremy Boulton); Bankers’ Magazine, July 1920, p 43; Journal of the Institute of Bankers, March 1904, p 154; Hamilton, Add Ms, 48,614, 25 May 1906; records of National Discount Company (LMA), Ms 18,211; Financial News, 12 July 1906; FT, 19 Oct 1906; Sayers, vol 1, p 55; Economist, 19 Jan 1907; C40/314.
25 Sayers, vol 1, p 59; Niall Ferguson, The World’s Banker (1998), p 928; FT, 8 Nov 1907; Sayers, vol 1, p 59; Collin Brooks, Something in the City (1931), p 62.
26 Bankers’ Magazine, Sept 1911, p 406; G4/134, 7 Sept 1911; Tessa Ogden, ‘An analysis of Bank of England discount and advance behaviour, 1870–1914’, in James Foreman-Peck (ed), New Perspectives on the Late Victorian Economy (Cambridge, 1990), p 341; G4/134, 7 Sept 1911.
27 Records of London Chamber of Commerce (LMA), Ms 16,648, 7 May 1913; Times, 24 Jan 1914; LCC, Ms 16,648, 10 Feb 1914, 14 May 1914, 22 July 1914.
28 Clapham, vol 2, pp 397–8; ADM30/17.
29 NA, CAB16/18A.
30 Gibbs, Ms 11,115, vol 2, 27 July 1914; Richard Roberts, Saving the City (Oxford, 2013), pp 27, 36.
31 Smith St Aubyn, Ms 14,894, vol 24, 30 July 1914; Roberts, p 48.
32 War Memoirs of David Lloyd George, Volume 1 (1933), p 101; records of Morgan, Grenfell & Co (LMA), Ms 21,795, vol 14, 10 Nov 1908; G23/89, fo 102; Morgan, Grenfell, Ms 21,799, fo 122. See also: DBB, R. P. T. Davenport-Hines, ‘Walter Cunliffe, 1st Lord Cunliffe’.
33 Hartley Withers, War and Lombard Street (1915), pp 10–11; Times, 1 Aug 1914; FT, 1 Aug 1914; OL, March 1939, p 67 (C. Landon); Roberts, pp 57–8, 95–6.
34 Roberts, pp 58–62; Boyle, p 97; Roberts, pp 61, 51–2, 233.
35 Roberts, pp 111–12; NA, T170-14; Morgan Grenfell, private letter books, no 12, 3 Aug 1914.
36 NA, T170/55; Roberts, pp 123, 126; Journal of the Institute of Bankers, Feb 1912, pp 50–83.
CHAPTER 10: THE KIPLING MAN
1 Uncatalogued diary (at Bank of England archive); E30/2, fo 83.
2 Richard Roberts, Saving the City (Oxford, 2013), pp 119–33.
3 Clay, p 80; Roberts, p 154; Sayers, vol 1, pp 77–82; Roberts, p 189; Jeremy Wormell, The Management of the National Debt of the United Kingdom, 1900–1932 (2000), pp 85–7.
4 ADM30/4, Lord Cunliffe file; War Memoirs of David Lloyd George, Volume 1 (1933), pp 113–14; NA, T170/56, 5 Aug 1914; Michael and Eleanor Brock (eds), H. H. Asquith, Letters to Venetia Stanley (Oxford, 1982), p 312.
5 E30/2, fos 86, 95; Sayers, vol 2, pp 611, 616; E30/2, fos 107, 111; Sayers, vol 2, p 612; G15/113, 15 Feb 1919.
6 Ian M. Drummond, The Gold Standard and the International Monetary System, 1900–1939 (Basingstoke, 1987), p 29; Feavearyear, p 347; NA, T176/13, Part 1, 6 Dec 1925; G. C. Peden, ‘Treasury and the City’, in Ranald Michie and Philip Williamson (eds), The British Government and the City of London in the Twentieth Century (Cambridge, 2004), p 123; E. V. Morgan, Studies in British Financial Policy, 1914–25 (1952), p 187; Richard Roberts, ‘The Bank and the City’, in Roberts and Kynaston, p 60; Wormell, chap 3, 6, 11 (re war loans); Sayers, vol 1, pp 84–5; Morgan, Studies, pp 344, 356; G15/7, 23 April 1918; de Fraine, pp 173–6.
7 Lloyd George, p 114; Lord Riddell’s War Diary, 1914–1918 (1933), p 94; A. J. P. Taylor (ed), Lloyd George: A Diary by Frances Stevenson (1971), p 53; Stephen McKenna, Reginald McKenna, 1863–1943 (1948), p 237; Lord Beaverbrook, Politicians and the War, 1914–1916, Volume II(1928), p 153; Sayers, vol 1, pp 89–91; Boyle, pp 103–5; Fed, 1000.2; Kenneth Mouré, ‘The Limits to Central Bank Co-operation, 1916–36’, Contemporary European History, Nov 1992, pp 261–2.
8 ADM34/4, 27 June 1916; G15/7, 10 Aug 1916; ADM30/4, Lord Cunliffe file, 20 Oct 1916; ADM 34/4, 24 Oct 1916, 8 Nov 1916, 17/18 Nov 1916, 22 Nov 1916; ADM34/5, 12 Jan 1917.
9 The version of the episode given here is based on the Bank’s records, as well as owing much to Sayers, vol 1, pp 99–109. For an alternative version, claiming that Cunliffe had already given a resignation letter to Bonar Law (for the chancellor to use as and when he saw fit) before going fishing in Scotland, see Robert Rhodes James, Memoirs of a Conservative (1969), pp 61–2, and R. J. Q. Adams, Bonar Law (1999), p 252.
10 G15/31, fos 30/42; Private Letter Books of Gaspard Farrer, 15 August 1917 (The Baring Archive, DEP33.18 folio 28); ADM34/5, 12 Sept 1917; ADM34/6, 27 Feb 1818, 22 March 1818; Morgan, Grenfell records (LMA), Ms 21,799, fos 121, 123.
11 Economist, 8 Sept 1917; G15/111-12; ADM34/6, 28 March 1918, 25 April 1918; Sayers, vol 2, pp 597, 628–31, 618–20; Clay, p 113.
12 NA, T185/1; Sayers, Appendixes, Appendix 7; D. E. Moggridge, British Monetary Policy, 1924–1931 (Cambridge, 1972), pp 17–22; Economist, 2 Nov 1918; Times, 30 Oct 1918.
13 Fed, 1000.3; G35/1, 3 Dec 1920; G35/2, 5 Jan 1921; Sayers, Appendixes, pp 74–5; G35/2, 15 Sept 1921; G3/178, 7 Feb 1922, 22 March 1922; G3/183, 29 Jan 1925.
14 P. L. Cottrell, ‘Norman, Strakosch and the development of central banking’, in Philip L. Cottrell (ed), Rebuilding the Financial System in Central and Eastern Europe, 1918–1994 (Aldershot, 1997), pp 29–30; Eoin Drea, ‘The Bank of England, Montagu Norman and the internationalisation of Ango-Irish monetary relations, 1922–1943’, Financial History Review, April 2014, p 61; G35/2, 14 March 1921; Sayers, vol 1, pp 205–6; ADM30/4, W. H. Clegg file; Sayers, vol 1, p 209.
15 Economic Journal, Dec 1953, p 764; G3/179, 26 Feb 1923; G35/3, 9 Aug 1922; Anne Orde, ‘Baring Brothers, the Bank of England, the British Government and the Czechoslovak State Loan of 1922’, English Historical Review, Jan 1991, pp 27–40; Sayers, vol 1, pp 168–9, 171–3; G35/4, 9 April 1923; G3/180, 10 Jan 1924; Sayers, vol 1, pp 181–2; Cottrell, ‘Norman’, pp 61–2.
16 Sayers, vol 2, p 554, vol 1, p 269; David Wainwright, Government Broker (1990), pp 64–5; ADM34/9, 1 April 1920; John Atkin, ‘Official Regulation of British Overseas Investment, 1914–1931’, Economic History Review, Aug 1970, pp 324–35; G3/177, 28 Dec 1921; G35/4, 3 Dec 1923; J. A. Gere and John Sparrow (eds), Geoffrey Madan’s Notebooks (Oxford, 1981), p 14.
17 The fullest account probably remains Moggridge, pp 37–97.
18 NA, CAB27/72, 25 Sept 1919; G35/1, 6 Nov 1919; Susan Howson, ‘The Origins of Dear Money, 1919–20’, Economic History Review, Feb 1974, pp 100 ff; G3/176, 6 Sept 1920; Clay, p 292; Journal of the Institute of Bankers, Dec 1921, pp 382–3; National and Athenaeum, 21 July 1923; Robert Skidelsky, John Maynard Keynes: Volume Two (1992), pp 153–64; G35/4, 8 Oct 1923.
19 Philip Snowden, An Autobiography: Volume 1 (1934), pp 613–15; NA, T160/197/F7528/02/1, 27 June 1924; papers of Sir Charles Addis (SOAS), 14/43, 8 Jan 1925; Martin Gilbert, Winston S. Churchill, Volume V (1976), pp 97–8; Fed, 1112.2, 14 April 1925; Times, 29 April 1925; G35/5, 8 May 1925; Gilbert, Churchill, Volume V Companion, p 472.
20 Star, 21 Jan 1925; Emile Moreau, The Golden Franc (Boulder, Colorado, 1991), p 51; Marguerite Dupree (ed), Lancashire and Whitehall (1987), vol 1, p 34; Lloyds Bank Review, April 1968, pp 33–4; Duncan Crow, A Man of Push and Go (1965), p 168; G15/241 (Bayen); ADM34/11, 6 Dec 1922; ADM34/12, 9 Nov 1923; L. E. Jones, Georgian Afternoon (1958), pp 122–3; Crow, p 168; G35/3, 31 Oct 1922; Andrew Shonfield, ‘The Plaintiff Treble’, in Arthur Koestler (ed), Suicide of a Nation? (1963), p 80; G35/7, 3 Jan 1928, 25 July 1927.
21 G15/24, 10 Aug 1922; G35/3, 31 Oct 1922; Charles Chadwyck-Healey, Cecil Lubbock (Royston, 2008); G35/4, 30 Nov 1924; Addis, 14/43, 7 Oct 1925; G35/5, 18 Oct 1925; Addis, 14/44, 8 July 1926; Fed, 1112.2, 8 Oct 1926; G15/24, 8 Oct 1926; ADM33/26 (Trotter).
22 G15/252-3; Clay, p 310; The Baring Archive, 101961, 2nd Lord Revelstoke Private Copy Out Letter Book, 22 October & 25 October 1928; G1/204, 25 July 1931 (Newman memo).
23 Addis, 14/454, 28 Sept 1926; Fed, 1112.2, 25 Oct 1926; Clay, p 311; G15/252, 1 March 1927; Addis, 14/456, 17 May 1928; G15/24, 17 May 1928; G35/7, 13 Sept 1927; OL, Winter 1976, p 241 (Michael Thornton).
24 Sidney Pollard, The Development of the British Economy, 1914–1980 (1983 edn), pp 137–41; NA, T176/13, part 1, 3 Dec 1925; G15/7, 4 Dec 1925; Sayers, vol 1, p 216; Gilbert, Churchill, vol V, pp 237–8; P. J. Grigg, Prejudice and Judgement (1948), p 193; Lord Moran, Winston Churchill(1966), pp 303–4.
25 G1/515, 17 July 1925; ADM34/14, 2 Dec 1925; ADM34/15, 8 Oct 1926; ADM34/17, 4 Oct 1928; G3/182, 19 Nov 1926; G35/7, 26 Oct 1927. See also: Bernard Attard, ‘Moral suasion, empire borrowers and the new issue market during the 1920s’, in Michie and Williamson, pp 195–214.
26 G3/183, 8 May 1925; G1/515, 15 July 1925; G3/184, 9 Sept 1925; Sayers, vol 1, pp 337–41; Moreau, p 430; Clay, pp 265–6; Liaquat Ahamed, Lords of Finance (New York, 2009), pp 298–9; G3/195, 28 March 1929.
27 G3/195, 28 March 1929; Moreau, p 295; G15/24, 17 May 1928; G15/7, 4 Sept 1929; Evening Standard, 27 Sept 1929; G15/7, 30 Sept 1929; G3/195, 4 Oct 1929; Peter Clarke, The Keynesian Revolution in the Making, 1924–1936 (Oxford, 1988), p 104; ADM34/18, 5 June 1929, 11 June 1929; G3/195, 27 Sept 1929.
28 For an account of the whole process, see: W. R. Garside and J. I. Greaves, ‘The Bank of England and industrial intervention in interwar Britain’, Financial History Review, April 1996.
29 G3/192, 1 Nov 1928; SMT2/240, 5 Dec 1928; Nation and Athenaeum, 2 Feb 1929; Valerio Cerretano, ‘The Treasury, Britain’s Postwar Reconstruction, and the Industrial Intervention of the Bank of England, 1921–9’, Economic History Review, Aug 2009, pp 80–100; G3/195, 14 Aug 1929.
30 Sayers, vol 1, p 326; Sue Bowden and Michael Collins, ‘The Bank of England, Industrial Regeneration, and Hire Purchase between the Wars’, Economic History Review, Feb 1992, p 126; SMT2/53, 22 Feb 1930; John Vincent (ed), The Crawford Papers (Manchester, 1984), p 531; SMT9/1, 11 April 1930; J. H. Bamberg, ‘The government, the banks, and the Lancashire cotton industry, 1918–39’ (University of Cambridge PhD, 1984), pp 195–6, 119; The Baring Archive, 200537, Charles Bruce Gardner to Barings, 17 April 1931.
31 ADM30/16, 24 Jan 1986 (Byatt memo); G15/7, 4 Sept 1929; Gianni Toniolo, Central Bank Co-operation at the Bank for International Settlements, 1930–1973 (Cambridge, 2005), p 57; G3/197, 11 Sept 1930; G1/10, 22 Nov 1930. In general on the Niemeyer mission, see: Peter Love, ‘Niemeyer’s Australian Diary and Other English Records of His Mission’, Historical Studies, 1982; Bernard Attard, ‘The Bank of England and the origins of the Niemeyer mission, 1921–1930’, Australian Economic History Review, March 1992.
32 G1/426, 19 Dec 1929; G3/196, 7 Jan 1930; G1/425, qq 3332–5, 3344, 3403, 3405–6; Sayers, vol 1, p 369; papers of Lord Brand (Bodleian), file 31, 30/31 Oct 1930, 5 Dec 1930.
33 Roberta Allbert Dayer, Finance and Empire (1988), p 211; Philip Williamson, National Crisis and National Government (Cambridge, 1992), p 200; Atkin, p 331.
34 The crisis has an extensive literature. Two particularly interesting interpretations are: Philip Williamson, ‘A “Bankers Ramp”?’, English Historical Review, Oct 1984; William H. Janeway, ‘The 1931 sterling crisis and the independence of the Bank of England’, Journal of Post Keynesian Economics, Winter 1995–6.
35 Diane B. Kunz, The Battle for Britain’s Gold Standard in 1931 (Beckenham, 1987), p 48; ADM34/20, 10 June 1931; G3/198, 1 July 1931; G15/7, 18 June 1931, 25 June 1931, 29 June 1931.
36 ADM34/20, 29 July 1931; G3/210, 6 Aug 1931; G8/60, 11 Aug 1931; Thomas Jones, A Diary with Letters, 1931–1950 (Oxford, 1954), p 11; G3/210, 17 Aug 1931.
37 G3/210, 18 Aug 1931; Kathleen Burk, Morgan Grenfell, 1838–1988 (Oxford, 1989), pp 150, 153.
38 NA, PREM1/97, 18 Sept 1931, fos 84–9; Daily Telegraph, 21 Sept 1931; Times, 21 Sept 1931; Daily Mail, 21 Sept 1931; Morgan, Grenfell, private letter books, no 44, 21 Sept 1931; Anne Olivier Bell (ed), The Diary of Virginia Woolf: Volume 4 (1982), p 45.
CHAPTER 11: LOOK BUSY ANYWAY
1 ADM30/17, larger file, after fo 21; Sayers, vol 2, p 617; Hennessy, p 12; OL, Autumn 1992, p 130 (Tony Carlisle); Cathy Courtney and Paul Thompson, City Lives (1996), pp 35–6; OL, June 2003, p 72 (David Harris), March 2007, p 8 (Nigel J. W. Spelling); Hennessy, p 329; OL, June 1971, p 81 (Ted Bellamy).
2 OL, March 1964, p 6 (J. V. Bailey); C160/179, Sir George Bolton, ‘Memoirs’; Hennessy, pp 325–7; OL, Summer 1982, p 53 (Anthony Carlisle).
3 Hennessy, pp 127–8, 167–8; Hewitt and Keyworth, pp 120–1; Byatt, pp 126–7.
4 Sayers, Appendixes, p 335; OL, Spring 1975, pp 33–4; Hennessy, pp 258–65.
5 E28/143, 23 June 1921. The fullest account of Baker’s rebuild is Abramson, chap 7, but see also: Sayers, Appendix 34; Simon Bradley and Nikolaus Pevsner, The Buildings of England: London 1: The City of London (1997), pp 274–80; Iain Black, ‘Imperial visions’, in Felix Driver and David Gilbert (eds), Imperial Cities (Manchester, 1999), pp 96–113.
6 Charles Chadwyck-Healey, Cecil Lubbock (Royston, 2009), pp 56–7; Telegraph Magazine, 2 July 1994 (Christopher Fildes); E28/127, 14 April 1921, 6 October 1921; Herbert Baker, Architecture and Personalities (1944), p 124; OL, Sept 1922, p 240; E28/143, 29 Dec 1922; Sayers, Appendixes, pp 339–40; Architects’ Journal, 6 May 1925.
7 OL, June 1925, p 50; Hampshire Herald, 13 Oct 1944; Black, pp 105–6; C160/179, Bolton, ‘Memoirs’; E28/130, 27 April 1933; OL, Dec 1936, p 280; Abramson, pp 223–5.
8 Banker, Aug 1937, pp 198–202; James Lees-Milne, Prophesying Peace (1984 pbk edn), p 185; Nikolaus Pevsner, The Buildings of England: London 1: The Cities of London and Westminster (Harmondsworth, 1957), pp 164–5; Times, 8 June 1962.
9 Bradley and Pevsner, pp 274–80; Abramson, chap 7.
10 G15/113; Sayers, Appendix 5, pp 51–4; ADM34/8, 15 Feb 1919; G15/113.
11 OL, Sept 1958, p 183; Fed, 1000.3, 26 July 1919; Chadwyck-Healey, pp 61–2; OL, June 1928, p 302, March 1996, pp 14–17; Hennessy, p 343; OL, Dec 1927, pp 191–2.
12 OL, Dec 1970, pp 223–7 (Cynthia Payne); E4/3, 30 Jan 1920; AC25/26, 15 Oct 1920; E4/3, March 1921; Hennessy, p 13; OL, Autumn 1991, p 125 (Carmen Birbeck), March 1985, p 13 (Helen R. Herington).
13 OL, Summer 1975, p 81 (C. D. Garton), Autumn 1975, p 151 (F. R. Levander), June 1980, p 53 (David Nye).
14 OL, Summer 1976, p 83 (R. B. Charsley), Spring 1976, p 13 (M. H. Browning), Winter 1978, p 154 (Frank Dancaster); Hennessy, pp 53–4; Bankers’ Magazine, Dec 1981, p 18 (Naree Craik); OL, Christmas 1982, pp 162–3 (Neville Goodman).
15 OL, Spring 1981, p 28 (Leslie Bonnet), Christmas 1979, p 345 (Roger Woodley); City Lives, pp 51–3; E1/5.
CHAPTER 12: THE DOGS BARK
1 Papers of Sir Charles Addis (SOAS), 14/49, 2 Nov 1931, 14/424, 2 Nov 1931; G15/24, 28 July 1932, 1 July 1936; Sayers, vol 2, pp 652–3; G15/24, 27 Aug 1937; Sayers, vol 2, p 653; G15/24, 5 Feb 1954, 27 Aug 1937.
2 J. A. Gere and John Sparrow (eds), Geoffrey Madan’s Notebooks (Oxford, 1981), pp 101–2; Star, 21 Jan 1933; OL, Spring 1983, p 37; Boyle, p 295; ADM34/23, 26 May 1934.
3 G15/204; G15/204–5; Evening Standard, 25 May 1939, 27 May 1939, 30 May 1939; C160/179, Sir George Bolton, ‘Memoirs’; Fforde, pp 1–2; ADM23/1, 8 Nov 1935; Paul Bareau, ‘The Financial Institutions of the City of London’, in Institute of Bankers, The City of London as a Centre of International Trade and Finance (1961), p 15.
4 Sir Theodore Gregory, ‘The “Norman Conquest” Reconsidered’, Lloyds Bank Review, Oct 1957, p 4; G. C. Peden, The Treasury and British Public Policy, 1906–1959 (Oxford, 2000), p 253; Erin E. Jacobsson, A Life for Sound Money (Oxford, 1979), p 103; Banker, Dec 1932, p 161; Liaquat Ahamed, Lords of Finance (New York, 2009), p 463.
5 Robert Elgie and Helen Thompson, The Politics of Central Banks (1998), p 49; Capie, pp 141–2; Clay, pp 409–12; Susan Howson, Domestic Monetary Management in Britain, 1919–38 (Cambridge, 1975), pp 86–8.
6 The definitive account is Jeremy Wormell, The Management of the National Debt of the United Kingdom, 1900–1932 (2000), chap 19.
7 Sayers, vol 2, p 431; ADM34/21, 6/7 July 1932; OL, Sept 1932, p 164 (J. H. McNulty), p 160.
8 For a fuller treatment of Norman and the City in the 1930s, see Sayers, vol 2, pp 533–46, 552–60.
9 ADM34/21, 2 Feb 1932; ADM34/23, 21 Sept 1934; G3/201, 8 March 1934; Sayers, vol 2, p 470; Richard Roberts, ‘The Bank and the City’, in Roberts and Kynaston, p 172; ADM34/25, 1 April 1936.
10 G3/199, 29 June 1932; J. H. Bamberg, ‘The Rationalization of the British Cotton Industry in the Interwar Years’, Textile History (1988), pp 95–6; Clay, pp 345–9; Sayers, vol 2, pp 547–50; Steven Tolliday, Business, Banking and Politics (Cambridge, Massachusetts, 1987), pp 269–71; Carol E. Heim, ‘Limits to Intervention: The Bank of England and Industrial Diversification in the Depressed Areas’, Economic History Review, Nov 1984, pp 533–50; G14/62, 1 March 1939.
11 G3/200, 5 Dec 1933; Howson, p 95; Robert Skidelsky, John Maynard Keynes: Volume Two (1992), p 501; ADM34/23, 4 Jan 1934; Sayers, vol 2, pp 462–3; Boyle, p 288.
12 G1/515, 27 April 1933; Gianni Toniolo, Central Bank Cooperation at the Bank for International Settlements, 1930–1973 (Cambridge, 2005), p 167; Patricia Clavin, ‘“The Fetishes of So-Called International Bankers”’, Contemporary European History, Nov 1992, p 306; C160/179, Bolton, ‘Memoirs’; Kenneth Mouré, ‘The Limits to Central Bank Co-operation, 1916–36’, Contemporary European History, Nov 1992, p 278; Sayers, vol 2, pp 526, 519; P. J. Cain and A. G. Hopkins, British Imperialism: Crisis and Deconstruction, 1914–1990 (Harlow, 1993), pp 253–4; P. J. Cain, ‘Gentlemanly Imperialism at Work: The Bank of England, Canada, and the Sterling Area, 1932–1936’, Economic History Review, May 1996, p 353; OL, June 2002, pp 84–5.
13 G3/200, 30 Sept 1933; G3/201, 23 Jan 1934; Ron Chernow, The House of Morgan (New York, 1990), p 394; Addis, 14/459, 14 April 1935; Kynaston, vol 3, p 437; OL, March 1937, p 18; C160/179, Bolton, ‘Memoirs’.
14 OL, Sept 1938, p 284; G3/205, 31 Aug 1938; Fed, box 616999, 24 Sept 1938; G3/205, 2 Nov 1938; Financial News, 4 Jan 1939; NA, fo 371/23000, fos 245–6; G3/206, 22 March 1939; ADM34/28, 28 Feb 1939, 7 June 1939; C160/179, Bolton, ‘Memoirs’; Sayers, vol 2, pp 567–71, 575–81; Hennessy, pp 83–9; G3/206, 26 Aug 1939, 2 Sept 1939; Boyle, p 309.
15 Parliamentary Debates: House of Commons, Fifth Series, vol 274 (1933), 7 Feb 1933, cols 134, 139, 155, 165, 167, 20 Feb 1933, cols 1503, 1511, 7 Feb 1933, col 142.
16 J. R. Jarvie, The Old Lady Unveiled (1933), pp 11, 50–1; Listener, 4 April 1934; Banker, Feb 1935, p 107; Labour’s Immediate Programme (March 1937), p 3; T. W. Huskisson, The Bank of England and the Financial Impasse (1935), p 3; E. H. H. Green, ‘The Conservatives in the City’, in Ranald Michie and Philip Williamson, The British Government and the City of London in the Twentieth Century (Cambridge, 2004), pp 160–6.
17 Sayers, vol 1, p 379; Ahamed, p 487; Douglas Jay, Change and Fortune (1980), p 68; Listener, 23 March 1939.
18 Evening Standard, 6 Jan 1939; Parliamentary Debates: House of Commons, Fifth Series, vol 347 (1939), 26 May 1939, cols 2726, 2732, 2734–5; Adam LeBor, Tower of Basel (New York, 2013), p 66; Parliamentary Debates: House of Commons, Fifth Series, vol 348 (1939), 6 June 1939, col 205; G3/206, 30 May 1939; G1/506, 3 June 1939; Paul Einzig, In the Centre of Things(1960), pp 186–94.
19 For a full account of the domestic aspect of the war, see Hennessy, chap 1.
20 OL, Autumn 1978, pp 113–17; Bankers’ Magazine, Dec 1981, pp 19–20; OL, Sept 1988, p 106 (Tony Carlisle); Daily Mail, 2 Aug 1942.
21 Records of the London Stock Exchange (Guildhall Library), Mss 14,600, vol 136, 2 Oct 1939 to vol 137, 20 Nov 1939; Fed, box 616999, 16 July 1940; OL, Spring 1978, pp 21–4, Dec 2000, p 169; Hennessy, pp 15–16.
22 Hennessy, pp 90, 87; Sayers, vol 2, p 571; G1/15, 9 May 1940.
23 D. E. Moggridge, Maynard Keynes (1992), pp 629–34; Peden, pp 316–17; Moggridge, p 664; Bareau, p 16; Sayers, vol 2, p 602.
24 DM20/29, 28 Feb 1940; Sayers, vol 2, pp 591–2; Boyle, p 311; Nigel Nicolson (ed), Harold Nicolson, Letters and Diaries, 1939–45 (1967), p 142; Hennessy, p 15.
25 Clay, p 469; G1/69, 26 Sept 1939; ADM20/29, 1 March 1940, 31 May 1940; Roberts, pp 165–6; ADM20/31, 8 Sept 1942, 10 Sept 1942, 2 Oct 1942, 22 May 1942; John Barnes and David Nicholson (eds), The Empire at Bay (1988), p 842; OL, June 1958, p 106; Sunday Pictorial, 21 Sept 1941; Niall Ferguson, High Financier (2010), pp 99–100; New Statesman, 15 May 1943.
26 G15/7, 9 Oct 1941; ADM34/30, 22 Dec 1941; ADM20/31, 15 Jan 1942; G15/7, 18 March 1942; Marguerite Dupree (ed), Lancashire and Whitehall: The Diary of Sir Raymond Streat, Volume 2 (Manchester, 1987), p 144.
27 Boyle, pp 322–3; G15/24, 13 March 1944, 20 March 1944; Boyle, p 324; Sunday Pictorial, 9 April 1944; Financial News, 11 April 1944; G15/45, 19 June 1944; G15/241, 30 April 1960 (Kershaw); 13A84/5/11, 3 Feb 1945; Boyle, p 327; OL, March 1968, p 44.
28 Economist, 29 March 1941; G15/24, 6 May 1943, 21 Oct 1943; ADM34/32, 21 Oct 1943; G15/24, 14 March 1944; DBB, R. P. T. Davenport-Hines, ‘Thomas Sivewright Catto, 1st Lord Catto of Cairncatto’; Lancashire and Whitehall, p 245; O’Brien, p 23; Daily Express, 8 April 1944.
29 SMT2/308, 7 Jan 1944; John Kinross and Alan Butt-Philip, ICFC, 1945–1961 (1985), pp 324–7; Moggridge, p 734; Capie, p 143; G18/3, 20 March 1945. For full accounts of filling the Macmillan gap and the new international financial order, see Fforde, pp 31–73, 704–27.
30 Banker, Oct 1945, p 38; Coast Bank (San Francisco), Aug 1949.
31 Times, 5 June 1945; G15/7, 1 Aug 1945; Fforde, p 6; Parliamentary Debates (Hansard): House of Commons, Fifth Series, vol 413 (1945), col 94; Ben Pimlott (ed), The Political Diary of Hugh Dalton (1986), p 362; Lancashire and Whitehall, p 378; G15/19; Times, 11 Oct 1945; Fed, box 617031, C261, 10 Oct 1945.
32 Economist, 13 Oct 1945; FT, 11 Oct 1945; Daily Telegraph, 11 Oct 1945; Parliamentary Debates (Hansard): House of Commons, Fifth Series, vol 415, cols 43, 46, 57, 88, 113, 117.
33 For a full account, see Fforde, pp 73–87.
34 Moggridge, p 806; L. S. Pressnell, External Economic Policy since the War, Volume I (1986), p 315; G15/19; Fforde, p 37; FT, 14 Dec 1945; Empire at Bay, pp 1052–3.
35 G18/2, 27 Feb 1946; Fforde, pp 30, 15–16.
CHAPTER 13: NOT A STUDY GROUP
1 American Banker, 5 Oct 1946; The Baring Archive, 200884 fo 15, American Papers vol 18, 5 February 1947; City Press, 1 Oct 1948; Philip Geddes, Inside the Bank of England (1987), p 67; The Baring Archive, 200884 f 15, American Papers vol 18, 5 February 1947; ADM30/6, George Gibson file (note by John Keyworth, 8 Sept 1992); Banker, April 1949, p xxi; Economist, 3 May 1947; 16A48/1; Fforde, pp 366–7.
2 J. F. A. Pullinger, ‘The Bank and the Commodity Markets’, in Fforde, pp 788–92; Adrienne Gleeson, London Enriched (1997), chap 3; G3/103, 6 Jan 1950, 11 Jan 1950; G3/4, 5 Jan 1951; Richard Roberts, ‘The Bank of England and the City’, in Roberts and Kynaston, p 166; G3/99, 23 April 1947; G3/2, 18 May 1950.
3 Fforde, p 147; P. L. Cottrell, ‘The Bank of England in its International Setting, 1918–1972’, in Roberts and Kynaston, p 117; Time, 1 Sept 1947; Fforde, p 162; Erin E. Jacobsson, A Life for Sound Money (Oxford, 1979), p 196.
4 G3/1, 1 June 1949; G1/70, 21 June 1949, 5 July 1949, 3 Aug 1949; Alec Cairncross, Years of Recovery (1985), p 176; Fforde, p 300; Fed, box 617031, 30 Sept 1949.
5 Fforde, p 213; Economica, May 1993, p 243; Institutional Investor, March 1980, p 210.
6 Ben Pimlott, Hugh Dalton (1985), pp 463–4; G3/100, 8 Dec 1948; Fforde, pp 367–8; Philip M. Williams (ed), The Diary of Hugh Gaitskell, 1945–1956 (1983), p 227; G1/71, 3 July 1951, 5 July 1951; FT, 4 Oct 1951; G1/71, 22 Oct 1951. The authoritative account of monetary policy during these years remains Susan Howson, British Monetary Policy, 1945–51 (Oxford, 1993).
7 Capie, pp 773, 58.
8 16A48/1; G3/1, 13 April 1949, 2 May 1949, 8 July 1949; papers of Sir George Bolton, 10 Sept 1962, draft obituary of Cobbold for The Times; Fforde, pp 231–2; Capie, p 44; Cathy Courtney and Paul Thompson, City Lives (1996), pp 164–5.
9 Fforde, p 218; Capie, p 45; ADM14/4, 12 Nov 1948; Alec Cairncross (ed), The Robert Hall Diaries, 1947–53 (1989), p 41; Fforde, p 773.
10 Fforde, pp 164, 317–18; OL, Spring 1980, pp 9–11 (Roger Woodley); Fforde, pp 546, 196, 548; Hall, 1947–53, pp 76, 231.
11 Fforde, pp 322, 613, 373, 628; Capie, p 52; OL, Dec 1969, p 224; ‘Hilton Clarke’, Daily Telegraph, 18 Dec 1995.
12 William A. Allen, Monetary Policy and Financial Repression in Britain, 1951–59 (Basingstoke, 2014), p 205; Listener, 6 June 1957; G. C. Peden, The Treasury and British Public Policy, 1906–1959 (Oxford, 2000), p 440; Alec Cairncross (ed), The Robert Hall Diaries, 1954–61 (1991), p 65; Fforde, p 778; Economica, May 1993, p 242; OL, June 1998, p 77.
13 G15/19; G3/4, 1 Nov 1951; G3/107, 12 March 1952; DBB, Gordon A. Fletcher, ‘Lawrence Henry Seccombe’.
14 New Statesman, 29 Dec 1951; NA, T236/3240, 16 Feb 1952; C160/24, 20 Feb 1952; Donald MacDougall, Don and Mandarin (1987), p 88; NA, T236/3240, 25 Feb 1952; Peter Caterall (ed), The Macmillan Diaries: The Cabinet Years, 1950–1957 (2003), p 149; NA, T236/3242, 18 March 1952; Fforde, p 448; Cottrell, p 126; Peden, Treasury, p 464; Daily Telegraph, 21 Oct 1954.
15 G15/19; Kathleen Burk, The First Privatisation (1988), p 95; G3/111, 13 April 1954; G3/7, 25 Feb 1954; Richard Roberts, ‘Regulatory Responses to the Rise of the Market for Corporate Control in Britain in the 1950s’, Business History, Jan 1992, p 187; G3/6, 23 June 1953; G3/110, 13 Nov 1953; G3/111, 13 Jan 1954.
16 Hennessy, p 233; David Wainwright, Government Broker (1990), p 83; G3/6, 30 July 1953; FT, 1 Jan 1955.
17 G15/19; FT, 20 April 1955; G1/73, 18–19 April 1955; Hall Diaries, 1954–61, p 33; G1/73, 3 Aug 1955; G3/8, 10 Nov 1955, 4 Nov 1955.
18 Diaries of Harold Macmillan (Bodleian), dep d.26, 21 July 1956, fo 123; G1/74, 23 March 1956, 26 March 1956; Macmillan, dep d.26, 4 May 1956, fos 24, 94–5; G3/9, 23 July 1965.
19 Fed, box 617015, 2 Nov 1956; LDMA1/10, 2 Nov 1956; Fed, box 617015, 15 Nov 1956; G1/74, 20 Dec 1956; Fed, box 617015, 11 Jan 1957.
20 G3/75, 13 May 1957; Alan Booth, ‘New revisionists and the Keynesian era in British economic policy’, Economic History Review, May 2001, pp 356–7; NA, T233/1407, 17 May 1957; Committee on the Working of the Monetary System, Minutes of Evidence (1960), qq 753, 762.
21 G1/75, 22 Aug 1957; G14/152, 3 Sept 1957; G1/75, 9 Sept 1957; Fforde, pp 680–4; Capie, p 93; Evening Standard, 19 Sept 1957.
22 Allen, pp 133–4; G3/10, 28 Oct 1957; Monetary System, q 2026; E. H. H. Green, ‘The Influence of the City over British Economic Policy, c. 1880–1960’, in Youssef Cassis (ed), Finance and Financiers in European Economic History (Cambridge, 1992), pp 206–7; NA, T233/1410 (memo by Sir Edmund Compton, Dec 1957); Allen, p 136; E. H. H. Green, ‘The Conservatives and the City’, in Ranald Michie and Philip Williamson (eds), The British Government and the City of London in the Twentieth Century (Cambridge, 2004), p 171.
23 Fforde, p 688.
24 Proceedings of the Tribunal appointed to Inquire into allegations that information about the raising of Bank Rate was improperly discussed (1958).
25 John Littlewood, The Stock Market (1998), p 98; Hall Diaries, 1954–61, p 140; C160/149, 20 Dec 1957; New Yorker, 4 Jan 1958; Daily Herald, 13 Dec 1957.
26 G1/75, 27 Dec 1957; G3/78, 6 Jan 1958; FT, 3 Jan 1989.
27 NA, T233/1202, 10 Jan 1958; Report of the Tribunal appointed to Inquire into Allegation of Improper Disclosure of Information relating to the Raising of the Bank Rate (1958), paras 115–16; Daily Express, 22 Jan 1958; G3/119, 22 Jan 1958; 16A48/1; Capie, p 99.
28 Listener, 30 Jan 1958; Parliamentary Debates (Hansard): House of Commons, Fifth Series, vol 581 (1958), 3–4 Feb 1958, cols 859–61, 1087; Times, 18 Feb 1958; Manchester Guardian, 18 Feb 1958; OL, Sept 1958, p 131; Manchester Guardian, 19 May 1958.
29 Monetary System, q 3825; Sir Alec Cairncross, Diaries: The Radcliffe Committee and the Treasury, 1961–64 (1999), p 10; Capie, p 109; Times, 7 Nov 1958; Monetary System, qq 123–4; Cairncross, Diaries, p 15; Monetary System, q 12381; Cairncross, Diaries, p 16.
30 G3/119, 12 May 1958; G3/11, 24 April 1958; G3/120, 24 Oct 1958; Catherine R. Schenk, ‘The new City and the state in the 1960s’, in Michie and Williamson, pp 330, 335; G3/119, 9 May 1958; New Statesman, 3 Jan 1959 (Francis Williams).
31 G3/11, 2 July 1958, 11 July 1958; Niall Ferguson, High Financier (2010), p 184; G1/179, 31 De 1958; G15/19. For the fullest account of the Aluminium War, see Ferguson, pp 183–99.
32 Monetary System, q 12813; Cairncross, Diaries, p 20; G3/82, 20 Jan 1959; Cairncross, Diaries, p 21.
33 Keith Middlemas, Power, Competition and the State: Volume I (Basingstoke, 1986), p 384; Journal (Newcastle), 7 April 1959; Allen, pp 201–2; G3/12, 29 May 1959; G15/19, 29 May 1958.
34 G3/84, 6 Aug 1959.
35 Allen, p 228. In addition to helpful summaries of the report by Allen, pp 228–30, and Capie, pp 112–16, 134–7, see also: E. Victor Morgan, ‘The Radcliffe Report in the Tradition of British Official Monetary Documents’, in David R. Croome and Harry G. Johnson, Money in Britain, 1959–1969 (1970), pp 3–21.
36 G3/84, 17 Aug 1959; Punch, 26 Aug 1959; Astrid Ringe and Neil Rollings, ‘Domesticating the “Market Animal”? The Treasury and the Bank of England, 1955–60’, in R. A. W. Rhodes (ed), Transforming British Government, Volume 1 (Basingstoke, 2000), pp 129–30; Capie, p 127; G3/85, 27 Nov 1959; Hall Diaries, 1954–61, pp 223–4.
CHAPTER 14: HONEST MONEY
1 Samuel Brittan, The Treasury under the Tories (1964), p 206; LDMA1/12, 23 June 1960; John Singleton, Central Banking in the Twentieth Century (Cambridge, 2011), p 160; Fed, box 617015, 14 March 1961; G1/252, 6 June 1961; G3/91, 7 June 1961, 22 June 1961.
2 Alec Cairncross (ed), The Robert Hall Diaries, 1954–61 (1991), pp 225–52; diaries of Harold Macmillan (Bodleian), dep d. 40, 31 Oct 1960, fo 86.
3 Hall, p 252; FT, 11 Nov 1960; Harold Macmillan, At the End of the Day (1973), p 381; OHC, Sir Jeremy Morse, 15 Dec 1994; OHC, Sir George Blunden, 11 July 2005.
4 Erin E. Jacobsson, A Life for Sound Money (Oxford, 1979), p 369; G1/252, 7 July 1961; Capie, p 176; FT, 26 July 1961; G1/252, 6 Sept 1961; Richard Spiegelberg, The City (1973), p 117.
5 Capie, p 175; R. A. O. Bridge, contribution to International Central Banking (Federal Reserve Bank of Boston, 1965), pp 21–2; Capie, pp 157–8; Fed, box 617015, 18 Sept 1961, 23 March 1962; OL, Summer 1991, p 100 (Rodney D. Galpin); Fed, box 617015, C261, 23 July 1963.
6 Catherine R. Schenk, ‘The new City and the state in the 1960s’, in Ranald Michie and Philip Williamson (eds), The British Government and the City of London in the Twentieth Century (Cambridge, 2004), pp 332–3; G3/128, 22 Nov 1962; EID10/22, 29 Jan 1963, 5 Dec 1963; C20/5, 16 March 1964.
7 G3/96, 23 July 1962; ADM13/6, 23 Aug 1963.
8 G1/252, 7 July 1961; FT, 4 Oct 1962; NA, T295/10, 30 April 1963, T295/11, 18 July 1963.
9 ADM13/5, 25 Sept 1962; Lewis Baston, Reggie (Stroud, 2004), p 184; Milton Gilbert, Quest for World Monetary Order (New York, 1980), p 65; FT, 5 March 1992; Roger Alford, Life and LSE (Brighton, 2009), p 288; Baston, p 185; FT, 19 Jan 1963; LDMA1/13, 1 Nov 1963.
10 Sir Alec Cairncross, Diaries: The Radcliffe Committee and the Treasury, 1961–64 (1999), p 91; Baston, p 230; Kenneth O. Morgan, Callaghan (Oxford, 1997), pp 193–4; NA, PREM 11/4777, 1–2 Oct 1964; LDMA1/14, 9 Oct 1964; Capie, pp 196–7; NA, PREM 11/4771, 24 July 1964; Fay, p 100.
11 Fed, box 617015, C261, 16 Oct 1964; Capie, pp 199–200; Times, 4 Nov 1964; FT, 4 Nov 1964.
12 Michael J. Oliver, ‘The two sterling crises of 1964’, Economic History Review, Feb 2012, p 318; G1/260, 13 Nov 1964; NA, PREM 13/261, 18 Nov 1964; C160/36, 20 Nov 1964; G1/260, 20 Nov 1964; Capie, p 202; Oliver, ‘1964’, p 319; NA, PREM 13/261, 24 Nov 1964; Harold Wilson, The Labour Government, 1964–1970 (1971), p 36; Capie, p 203; Alec Cairncross, The Wilson Years (1997), p 18; OHC, Sir Alec Cairncross, 16 June 1994 [1995?]; Capie, p 205.
13 NA, PREM 13/275, 15–16 Feb 1965; Cairncross, Wilson Years, pp 47, 54; OV44/125, 5 Aug 1965; NA, PREM 13/851, 9 March 1966; Cairncross, Wilson Years, p 121.
14 Fed, box 615848, 27 Dec 1965; OL, June 1966, p 67; OHC, John Fforde, 1995, Sir Jasper Hollom, 11 Jan 1995.
15 Guardian, 4 Nov 1997 (Christopher Zinn); O’Brien, p 60; King (1), p 56; O’Brien, pp 60, 62; Baston, pp 272, 260; James Callaghan, Time and Chance (1987), p 195; information from Christopher Fildes (‘good plain cook’); Economist, 30 April 1966; Times, 18 Oct 1976 (Frank Vogl).
16 Fed, box 617031, C261, 14 July 1966; NA, PREM 13/853, 12 July 1966; Fed, box 617031, C261, 15 July 1966; NA, PREM 13/853, 15 July 1966; Morgan, pp 245–6; Wilson, p 251.
17 King (1), p 99; Cairncross, Wilson Years, p 213; OHC, Sir Jeremy Morse, 1 June 2005; King (1), pp 137, 141–2; Contemporary Record, Winter 1988, p 51 (Kathleen Burk).
18 Capie, pp 217–18; O’Brien, p 72; King (1), p 156; Morgan, pp 272–3; Fed, box 617031, C261, 21 Nov 1967; Capie, pp 242–3, 248; Times, 18 Nov 1967; OHC, Sir Alec Cairncross, 16 June 1994 [1995?]; G3/262, 30 Nov 1967; Capie, p 243.
19 Timothy Green, The New World of Gold (1985 edn), p 130. For a full account of the gold crisis, see: Arran Hamilton, ‘Beyond the Sterling Devaluation: The Gold Crisis of March 1968’, Contemporary European History, Feb 2008, pp 73–95.
20 NA, PREM 13/2051, 15 March 1968; Cairncross, Wilson Years, p 289.
21 NA, PREM 13/2017, 9 May 1968; O’Brien, pp 58–9; information from John Footman.
22 P. L. Cottrell, ‘The Bank of England in its International Setting, 1918–1972’, in Roberts and Kynaston, pp 136–7; O’Brien, pp 79–80; OHC, Lord Jenkins of Hillhead, 7 Feb 1995.
23 Capie, p 531; Times, 18 July 1967; G3/266, 24 July 1967; Capie, pp 331–2; Dominic Hobson, The Pride of Lucifer (1990), pp 114–23; Daily Telegraph, 14 Aug 1968; G3/269, 25 Feb 1969; Spiegelberg, p 183.
24 G3/267, 23 Jan 1968, 26 Jan 1968; NA, PREM 13/2248, 5 Feb 1968; William Davis, Merger Mania (1970), pp 124–5; Guardian, 18 July 1968; G3/268, 10 July 1968; G3/266, 19 Sept 1967; G3/270, 10 Sept 1969.
25 Daily Mail, 31 May 1968; Rob Stones, ‘Government-finance relations in Britain, 1964–7’, Economy and Society, Feb 1990, pp 174–6; G3/291, 15 Nov 1968; Duncan Needham, UK Monetary Policy from Devaluation to Thatcher, 1967–82 (Basingstoke, 2014), p 196; Charles A. E. Goodhart, ‘Competition and credit control’, Financial History Review, Aug 2015, p 240; FT, 1 Feb 1969; Needham, p 34; G3/271, 29 April 1970; Capie, p 452; BEQB, June 1970, p 180 (C. A. E. Goodhart, assisted by A. D. Crockett).
26 G3/268, 10 July 1968, 9 Oct 1968; G3/269, 3 Jan 1969; Capie, pp 358–9; G3/271, 4 June 1970; O’Brien, p 97; Times, 3–4 June 1970.
27 Tony Benn, Office without Power (1988), pp 233–4; Alford, p 277; Punch, 30 Nov 1966; Select Committee on Nationalised Industries, Bank of England: First Report (1969–70, vi), pp 388–9.
28 ADM 12/9, 8 May 1962; Anthony Sampson, Anatomy of Britain (1962), p 366; OHC, Christopher Fildes, 28 Jan 1997.
29 Capie, pp 403–4; OHC, Pen Kent, 12 June 2005; CB, 2004/5 (4), p 89 (Elizabeth Hennessy); OHC, Sir Kit McMahon, 8 Oct 1996; Kit McMahon, ‘John Fforde’, Independent, 19 April 2000; Daily Express, 14 Dec 1964; ‘Sir Jeremy Morse’, Daily Telegraph, 5 Feb 2016; OL, Dec 1985, p 189 (Gordon Richardson).
30 Capie, pp 367–8; King (1), p 222; OL, Autumn 1977, p 97 (David Nye).
31 Capie, p 823; CB, 2004/5 (4), p 90 (Elizabeth Hennessy); G39/4, 31 July 1969; GT39/2, 1 Oct 1969; G39/5, 30 Sept 1969; OHC, Sir Jeremy Morse, 15 Dec 1994.
32 NA, PREM 11/3285, 11 Jan 1961; OL, Sept 1988, p 135 (Tony Carlisle); Guy de Moubray, City of Human Memories (Weardale, 2005), p 209; Alford, p 285; OL, Sept 1985, p 143 (Eddie George); OHC, Sir Kit McMahon, 6 July 2005; Capie, pp 130–1; 6A106/1, 29 Sept 1975.
33 Michael Moran, The Politics of Banking (1984), p 15; Financial World, Sept 2012, p 14; OHC, Christopher Fildes, 5 Dec 1996; Nationalised Industries, qq 1819, 1986, 1989.
34 Fed, box 615845, 5 June 1969; Nationalised Industries, q 1037; Moran, p 25; Nationalised Industries, q 141; Douglas Wass, Decline to Fall (Oxford, 2008), pp 30–1; Cairncross, Wilson Years, p 297; G3/135, 15 Jan 1963; OHC, Sir George Blunden, 11 July 2005; 6A50/5, 19 July 1971.
35 Nationalised Industries, qq 184–5, pp lxxxi–lxxxii, lxxvii; Sampson, p 356; OHC, Pen Kent, 12 June 2005.
CHAPTER 15: ENTERING FROM STAGE RIGHT
1 O’Brien, p 105; Duncan Needham, UK Monetary Policy from Devaluation to Thatcher, 1967–82 (Basingstoke, 2014), pp 37–8; King (2), pp 51, 54, 68, 81; Fay, p 55; O’Brien, p 101.
2 G3/273, 13 Jan 1971, 4 Feb 1971; King (2), pp 126–7.
3 G3/272, 21 Oct 1970; King (2), p 54; G3/273, 17 Feb 1971; O’Brien, pp 110–11; Times, 9 Feb 1973; John Plender, That’s the Way the Money Goes (1982), p 65. Fuller accounts of the Rolls-Royce episode are in Capie, pp 785–90 and O’Brien, pp 106–8.
4 Capie, p 422; David Kynaston, LIFFE (Cambridge, 1997), p 9; Keith Middlemas, Power, Competition and the State: Volume 2 (Basingstoke, 1990), p 334; Times, 24 June 1972; O’Brien, p 124.
5 Capie, p 486; Charles A. E. Goodhart, ‘Competition and credit control’, Financial History Review, Aug 2015, p 241; Capie, p 490; O’Brien, p 114; Charles Gordon, The Cedar Story (1993), p 146; Needham, p 45.
6 Times, 17 May 1971; Economist, 22 May 1971; Banker, June 1971; Edward du Cann, Two Lives (Upton-upon-Severn, 1995), p 130.
7 Peter Kirwin (ed), A Tribute to the Bank of England (1994), p 90; Margaret Reid, The Secondary Banking Crisis, 1973–75 (1982), pp 59–60.
8 G3/275, 5 Jan 1972, 26 Jan 1972; King (2), p 206; Needham, p 56; G3/312, 26 June 1972; G3/275, 26 June 1972; Banker, Sept 1972, pp 1131–3.
9 Capie, pp 509–11; Needham, p 59; G3/276, 22 Nov 1972; HSBC Group Archives, UK 0346, Records of chairman (Forbes, Archibald): departmental files.
10 Times, 28 July 1972; Banker, Aug 1972, pp 1019–22 (Richard Fry); Daily Telegraph, 9 Aug 1972; G3/276, 16 Aug 1972; Reid, pp 48–52; information from John Plender; Daily Telegraph, 5 Feb 1973.
11 OHC, John Fforde, 1995; Fay, p 55; King (2), pp 271, 279; OHC, Lord Jenkins of Hillhead, 7 Feb 1995; Middlemas, p 379; Times, 9 Feb 1973; Spectator, 17 Feb 1973; G3/277, 5 April 1973.
12 O’Brien, p 138; Economist, 6 July 1973; Dow, p 35; C160, 7 March 1973.
13 King (2), p 263; Charles Gordon, The Two Tycoons (1984), p 143; information from Colin Leach; Anthony Sampson, Anatomy of Britain Today (1965), p 443; OHC, Sir George Blunden, 20 March 1997; Dow, pp 108–9; OHC, Christopher Fildes, 5 Dec 1996. See also: William Keegan, ‘Lord Richardson of Duntisbourne’, Independent, 9 Feb 2010.
14 Capie, p 519; John Campbell, Edward Heath (1993), p 530; Capie, pp 520–1; G3/278, 16 Nov 1973, 21 Nov 1973; Goodhart, ‘Competition’, p 245; John Grady and Martin Weale, British Banking, 1960–85 (1986), p 58; OHC, Lord Healey, 11 Nov 1997; Goodhart, ‘Competition’, p 245.
15 The fullest account of the secondary banking crisis remains Reid, but see also Gordon, Cedar and Capie, chap 11.
16 HSBC Group Archives, UK 0141-0019, Records of assistant chief general manager (Graham Stuart): working papers; Reid, pp 12, 10; Capie, pp 538–41; G3/278, 20 Dec 1973; Fay, p 62; King (2), p 374; Capie, pp 575, 577.
17 Capie, p 542; G3/279, 5 Feb 1974; National Life Story Collection (National Sound Archive, British Library), C409/001, pp 72, 74–5; Reid, p 126; Capie, pp 581–3.
18 6A70/3, 21 Dec 1973, 30 Dec 1974; 6A70/4, 14 March 1975, 16 May 1975; Reid, pp 138–43, 183–9; Capie, pp 553–4, 636; G3/363, 1 Oct 1977.
19 G3/279, 28 June 1974; Capie, pp 578–80; Michael Moran, The Politics of Banking (Basingstoke, 1984), pp 114–17; OHC, Sir George Blunden, p 9; Richard Roberts, Take Your Partners (Basingstoke, 2001), pp 78–9; Moran, pp 118–30; OHC, John Fforde, 4 Dec 1986.
20 Capie, pp 791–801; G3/280, 8 July 1974; G3/279, 6 June 1974, 10 June 1974; Denis Healey, The Time of My Life (1989), pp 374–5; OHC, Sir Douglas Wass, 13 Aug 1996.
21 Needham, p 86; Edmund Dell, A Hard Pounding (Oxford, 1991), p 135; G3/281, 12 June 1975, 20 June 1975; Dell, pp 162–3; Edward Pearce, Denis Healey (2002), p 435; Bernard Donoughue, The Heat of the Kitchen (2004 Politico’s edn), pp 187–8; EID4/200, 8 July 1975.
22 For a detailed account from a Bank perspective, see Roger Lomax, ‘The Bank of England and UK Business, 1930–2003’, chaps 3–6.
23 This paragraph is based on: Capie, pp 802–8; Kynaston, vol 4, pp 508–10, 537–41.
24 EID4/200, 19 Sept 1975, 24–26 Sept 1975; Capie, p 657.
25 Douglas Wass, Decline to Fall (Oxford, 2008), pp 150–2; Dow, pp 45–6; Wass, p 178; Times, 5 March 1976; Healey, p 427; Fed, box 617010, 15 March 1976; Wass, p 179; Pearce, pp 456–7; Capie, p 746.
26 James Callaghan, Time and Chance (1987), p 415; Capie, pp 747–8; Dow, p 53; Pearce, p 463; Dow, pp 110–11; OHC, John Fforde, 22 May 1996; Capie, p 750; Needham, p 97; Pearce, p 465; Dow, p 60; G3/284, 19 July 1976; Capie, pp 658–9.
27 Fed, box 617010, 25 Aug 1976; Richard Roberts, When Britain Went Bust (2016), p 9; Capie, p 750; Fed, C261 England, 30 Sept 1976; Pearce, p 469; G3/285, 7 Sept 1976; NLSC, C409/037, Sir David Walker, pp 93–4; Capie, p 751.
28 Institutional Investor, June 1987, p 68; Capie, pp 669–70; International Insider, 18 Oct 1976; Dow, p 69; Capie, pp 751–2; The Baring Archive, 202445, Foreign Exchange Advisers Papers Volume 3, October 1976; ‘Sir Alan Whittome’, Times, 23 Jan 2001; Dow, p 70; Capie, pp 754–5; Dow, p 69.
29 Business Week, 14 March 1977; G3/361, 13 June 1977; Observer, 12 June 1977; Guardian, 28 Oct 1977; Dow, p 110; Times, 27 Jan 1978.
30 Roberts, Partners, pp 106–7; Institutional Investor, Dec 1977, pp 40–4; David Wainwright, Government Broker (1990), pp 102–3; G3/361, 13 June 1977.
31 Bernard Donoughue, Prime Ministers (1987), pp 143–4; Adrienne Gleeson, London Enriched (1997), p 160; International Insider, 5 Sept 1977, 12 Sept 1977, 26 Sept 1977; FT, 16 Nov 1977; interview with William Batt, 1999.
32 Records of London Stock Exchange, Liaison Committee, 28 Feb 1979; Treasury and Civil Service Committee, The Role of the Bank of England: Volume II: Minutes of Evidence and Appendices (1993), q 275; G3/283, 5 April 1976; Healey, p 449; Euromoney, Aug 1977, p 78 (Peter Hambro); Morgan, p 553.
33 BEQB, March 1978, p 33; Times, 18 April 2000 (obituary of Fforde); Frank Longstreth, ‘The City, Industry and the State’, in Colin Crouch (ed), State and Economy in Contemporary Capitalism (1979), p 189; G3/365, 7 April 1978; Dow, pp 120–1; G3/372, 1 May 1979.
CHAPTER 16: SUNNY OFFS
1 New Statesman, 30 July 1960 (‘Taurus’); Roger Alford, Life and LSE (Brighton, 2009), pp 254–5; BEQB, Sept 1966, pp 233–45; Hennessy, p 136; Capie, p 38; Guy de Moubray, City of Human Memories (Weardale, 2005), p 202; Capie, p 40; information from Michael Anson.
2 Fay, p 105; Hennessy, pp 118–23; Select Committee on Nationalised Industries [SCNI], Bank of England: First Report (1969–70, vi), q 948; E4/5, fo 94, Sept 1969; OHC, Lord George, 8 Feb 2006; OL, Spring 1980, p 5; Alford, p 264; OL, Spring 1980, p 6.
3 Punch, 13 March 1957; OL, March 2003, p 12 (John Keyworth); Byatt, pp 167, 173–4; O’Brien, p 34; Byatt, pp 178–9; Hannah Hawksworth, ‘Harry Ecclestone’, Guardian, 7 July 2010; Byatt, p 197.
4 OL, March 1996, p 22 (Teri Brown); Hennessy, p 187; OL, June 1956, p 69 (A. F. J. Davies); Hennessy, pp 189–91; SCNI, q 922.
5 Hennessy, pp 63–5, 70–1; OL, June 1958, p 64; FT, 3 July 1958; Hennessy, p 73; Nikolaus Pevsner, The Buildings of England: London 1: The Cities of London and Westminster (Harmondsworth, 1957), p 199; Simon Bradley and Nikolaus Pevsner, The Buildings of England: London 1: The City of London (1997), p 456; OL, June 1958, p 67.
6 SCNI, qq 150, 2127, 1183, 1168; Capie, p 41; OL, Sept 2001, p 128 (B. M. Lahee); Birmingham Post, 21 Sept 1970; SCNI, q 1174; Fay, p 41; Hennessy, pp 284–90; Architects’ Journal, 21 Sept 1962; Hennessy, pp 279–80; OL, Dec 1967, p 207 (Roger Woodley), Sept 1971, p 187 (D. J. Baker); O’Brien, p 55.
7 OL, Dec 2004, p 125 (Peter Edgley); OL, March 2000, pp 8–12 (Ron Middleton); SCNI, q 799; O’Brien, p 55; OL, June 1968, p 67; OHC, Sir George Blunden, 1994; OL, June 2003, p 73 (David Harris).
8 Hennessy, pp 218, 214; Capie, pp 67–70, 348–9; SCNI, q 1154; OL, March 1996, pp 25–6 (John Rumins).
9 Hennessy, pp 333, 352–3; E31/3, 29 Aug 1946, 12 May 1948, 18 Nov 1948, 29 March 1949; E15/10, fo 19A, 21 July 1949; Manchester Guardian, 2 Aug 1949; E31/3, 15 May 1952.
10 OL, Spring 1992, p 20; Hennessy, pp 354–5; AC25/26, 1 Dec 1955; E31/3, 26 April 1957; Hennessy, pp 355–6; E31/4, 21 Feb 1962; OL, March 1969, pp 12–13 (V. K. Bloomfield), Spring 1992, p 21 (Jane Collier); OL, March 1967, p 3; Times, 3 Feb 1967.
11 Hennessy, pp 354, 357–8; E4/56, fo 69E, 6 May 1969; G9/48, Nov 1963; E4/56, fo 22, 2 June 1966.
12 Capie, p 53; OL, Spring 1993, p 4 (John Hill); OHC, Pen Kent, 12 June 2005; OL, Sept 1985, p 99 (Roger Barnes); de Moubray, City, p 212; BEQB, Sept 1966, p 244; SCNI, qq 2131, 2138.
13 OL, Sept 1998, p 120 (J. D. W. Raimbach); Capie, p 52; OL, Winter 1977, p 156, Spring 1978, pp 13–14 (J. E. Taylor), Summer 1982, p 53, Autumn 1977, p 95 (Anthony Carlisle); G9/48, 17 Sept 1963.
14 OL, Sept 1999, p 100 (Graham Kentfield); Elizabeth Hennessy, ‘The Governors, Directors and Management of the Bank of England’, in Roberts and Kynaston, p 215; E31/3, 29 Aug 1946, 30 Aug 1946.
15 de Moubray, City, p 112; OL, Spring 1993, p 5 (John Hill); de Moubray, City, pp 182–3; OL, Autumn 1977, p 95 (Anthony Carlisle), Sept 2005, p 112 (Tim Kidd), Dec 2003, p 147 (John Footman).
16 Hennessy, pp 340–1; OL, Spring 1979, p 195 (Paul Clayton); Hennessy, p 342; E15/7, fo 102, April 1969; E15/22, Aug 1970.
17 SCNI, qq 1972–4; Capie, p 55; E4/56, fo 15, April 1966; O’Brien, p 55; Hennessy, pp 344–5; E30/76, fo 17, 27 Nov 1969; G9/11, 30 June 1972; Hennessy, pp 363–4.
18 Evening News, 20 Feb 1956; Hennessy, pp 361–3; OL, Sept 2000, p 103 (Willie Osborn), Spring 1993, p 3 (Dorothy Binns); Capie, pp 52–3; de Moubray, City, pp 111, 113.
19 OL, June 1984, p 60 (Michael Pickering), Dec 2006, p 138 (Christopher Bell), Sept 1987, p 126 (Paul Tempest).
20 de Moubray, City, p 209; G39/1, 26 Feb 1968; ADM10/1, 21 Feb 1969; Capie, pp 356–8; ADM10/1, Jan 1970 (file 30 Jan 1970); Birmingham Post, 3 Feb 1970.
21 OL, June 2005, p 38 (R. C. D. Lowry), Dec 2003, p 147 (John Footman), June 1971, p 75; John Keyworth, ‘As Safe as the Bank of England’ (1993); Capie, p 363; OL, Spring 1993, p 4 (John Hill), June 2003, p 83 (Rick Salmon); 6A106/1, 7 Oct 1975; OL, Spring 1992, p 21, Autumn 1992, p 130 (Tony Carlisle); Dow, pp 78–9.
22 Hennessy, ‘The Governors’, p 209; Dow, pp 105–6; G3/273, 26 March 1971.
23 Information from Michael Anson; Fay, p 104; FT, 26 Jan 1978; Capie, p 365; G3/278, 15 Nov 1973.
24 E15/7, fo 156, March 1973, fo 172, 4 Oct 1973, fo 181, 11 Oct 1973; E30/92, April 1974; Fay, p 104; Daily Telegraph, 12 Dec 1978; G1/567, 14 Dec 1978; Fay, p 104; OL, Spring 1979, p 195 (Paul Clayton).
25 Information from Michael Anson; G3/274, 9 July 1971, Aug 1971; G9/12, 21 Feb 1974.
26 OL, Winter 1977, pp 147–8 (John Fforde), Autumn 1977, pp 95–6 (Tony Carlisle), Dec 1985, p 145 (David Pollard).
27 7A127/1, 6 April 1976; Dow, pp 58–9.
28 7A127/1, 24 June 1977; G1/567, 8 Aug 1978; Capie, pp 823–4; 7A127/1, 2 April 1979; Capie, pp 824–5.
CHAPTER 17: SERIOUS MISGIVINGS
1 Duncan Needham, UK Monetary Policy from Devaluation to Thatcher, 1967–82 (Basingstoke, 2014), p 138; Geoffrey Howe, Conflict of Loyalty (1994), p 152; BEQB¸ June 1979, pp 153, 156; Capie, p 699; G3/375, 14 Dec 1979; 7A133/2, 17 Jan 1980; G3/376, 28 Jan 1980; 10A114/1, 27 Feb 1980; G3/377, 5 March 1980; Nigel Lawson, The View from No. 11 (1992), pp 80–1.
2 Needham, p 167; 7A133/2, 25 Feb 1980; Needham, p 149; 7A133/2, 10 March 1980; G3/377, 14 March 1980.
3 G3/372, 26 June 1979; OL, Spring 1980, p 7; Capie, pp 768–9; Dow, p 143; Capie, p 769; Dow, p 143; OHC, Sir George Blunden, 20 March 1997; Guardian, 24 Oct 1979; OL, Spring 1980, p 5 (Douglas Dawkins); Dow, pp 143–4; G3/375, 3 Dec 1979; OL, Spring 1980, pp 7–8; Spectator, 2 Feb 1985 (Christopher Fildes); OL, Spring 1980, p 6 (Douglas Dawkins).
4 CB, 2004/5 (4), p 90 (Elizabeth Hennessy); G3/376, 25 Jan 1980; Dow, pp 149, 151.
5 Howe, p 139; Jock Bruce-Gardyne, Ministers and Mandarins (1986), p 94; Charles Moore, Margaret Thatcher, Volume One (2013), p 462; Dow, p 147; Lawson, p 84; Dow, pp 165, 184; G3/390, 1 April 1982, 4 May 1982; Dow, pp 228–9.
6 Moore (1), p 523; G3/377, 11 March 1980, 14 March 1980; G3/378, 30 May 1980.
7 Lawson, p 82; 7A133/2, 29 July 1980; Moore (1), p 525; 7A133/2, 6 Aug 1980; Moore (1), p 530; 7A133/2, 3 Sept 1980; Needham, p 152; G3/380, 5 Sept 1980; William Keegan, Mrs Thatcher’s Economic Experiment (1984), p 153; 7A133/2, 8 Sept 1980; Dow, p 168.
8 Needham, pp 155, 174; G3/380, 18 Sept 1980; Needham, pp 155–9; G3/382, 10 Feb 1981.
9 G3/384, 27 May 1981; G3/385, 25 Aug 1981; G3/386, 14 Sept 1981; Howe, pp 226–7; G3/391, 14 July 1982, 27 July 1982.
10 C. A. E. Goodhart, ‘The Bank of England 1970–2000’, in Ranald Michie and Philip Williamson (eds), The British Government and the City of London in the Twentieth Century (Cambridge, 2004), pp 364–5; Dow, p 192; G3/387, 10 Dec 1981; G3/385, 25 Aug 1981; Dow, p 187; G3/388, 18 Jan 1982; Lawson, pp 112–13.
11 See in general: Roger Lomax, ‘The Bank of England and UK Business, 1930–2003’, chaps 6–8.
12 BEQB, March 1984, p 74; G3/387, 30 Nov 1981; G3/390, 16 June 1982; Philip Geddes, Inside the Bank of England (1987), p 117; OHC, Sir David Walker, 29 March 2011; OL, Sept 2006, p 120; BEQB, March 1984, pp 75–6.
13 OL, Dec 1986, p 182; 13A231/16, 15 June 1983; OL, Spring 1981, pp 5–6, June 2007, p 72 (Terry Smeeton); G3/382, 22 Jan 1981.
14 Goodhart, ‘Bank’, p 347; Steven Solomon, The Confidence Game (New York, 1995), pp 204–5, 207–11; G3/392, 9 Sept 1982; Solomon, p 218; G3/392, 20 Oct 1982; Solomon, pp 225–6, 233–6; OHC, Roger Barnes, 8 Dec 2009; Solomon, p 233.
15 Dow, p 223; Moore (1), p 531; Dow, pp 223–4; Times, 10 Feb 2016 (Lord Lexden); Dow, pp 222–3; FT, 29 Dec 1982; Economist, 8 Jan 1983; Spectator, 26 June 1993 (Christopher Fildes); Dow, pp 222–3; 13A231/1, 6 May 1983.
16 G3/383, 11 March 1981; 13A231/20, 20 Dec 1993; Richard Roberts and David Kynaston, The Lion Wakes (2015), pp 68–73, 78–9; G3/387, 25 Nov 1981; Spectator, 28 Nov 1981; G3/388, 19 Jan 1982.
17 G3/383, 11 March 1981; David Kynaston, LIFFE (Cambridge, 1997), chaps 1–3; Godfrey Hodgson, Lloyd’s of London (1986 Penguin edn), p 363; Ian Hay Davison, Lloyd’s (1987), p 6.
18 G3/373, 25 July 1979; G3/384, 22 May 1981; 15A91/1, 21 June 1982, Feb 1983; Margaret Reid, All-Change in the City (1988), pp 46–7; Dow, p 227.
19 Dow, p 232; Bruce-Gardyne, pp 94–5; Capie, pp 829–30; G3/383, 25 March 1981.
20 13A231/2, 23 March 1984; ODNB, Forrest Capie, ‘Lord Kingsdown’; OHC, Michael Foot, 10 Jan 2011, Pen Kent, 11 Jan 2011, Roger Barnes, 8 Dec 2009; OL, Summer 1983, p 57; Dow, p 233.
21 Spectator, 2 July 1983; Bruce-Gardyne, pp 111–12; Robert Elgie and Helen Thompson, The Politics of Central Banks (1998), p 63; 13A231/2, 30 May 1984; 13A231/3, 16 Dec 1985; 13A231/4, 1 May 1986; OHC, Lord Kingsdown, 29 June 2011.
22 15A91/3, 8–9 Sept 1983; OHC, Sir David Walker, 29 March 2011; 15A91/4, 6 Oct 1983; 13A231/2, 13 Dec 1984; 158A91/3, 17 Aug 1983, 12–13 Sept 1983, 9 Sept 1983.
23 OHC, Sir David Walker, 29 March 2011; Fed, box 615845, 19 Oct 1984; Capie, p 107; OHC, William (Bill) Allen, 16 Dec 2009; 15A91/6, 17 July 1985.
24 Charles Moore, Margaret Thatcher: Volume Two (2015), p 429; 13A231/3, 9 Sept 1985; BEQB, March 1986, p 50; 13A224/2, 14 Feb 1984; BEQB, March 1986, p 48.
25 Helpful accounts of the episode include: Fay, pp 141–72; Reid, All-Change, pp 224–33; Will Ollard and Nick Routledge, ‘How the Bank of England failed the JMB Test’, Euromoney, Feb 1985, pp 49–56.
26 G3/377, 9 April 1980; John Plender and Paul Wallace, The Square Mile (1985), p 238; 13A231/2, 26–27 Sept 1984.
27 Fay, pp 151–2; Plender and Wallace, p 239; 4A69/5, 2 Oct 1984.
28 Lawson, pp 403–4; Fay, pp 153–4; 4A69/5, 1 Oct 1984; 13A231/2, 2 Oct 1984; email from John Footman, 22 July 2016; ‘Rodney Galpin’, Daily Telegraph, 14 Nov 2011; Fay, p 171; 4A69/5, 11 Oct 1984; BEQB, Dec 1984, p 473.
29 Reid, All-Change, pp 228–9; 13A231/2, 22 Oct 1984; Fay, pp 158–61; 13A231/2, 17 Dec 1984; Lawson, pp 405–6; Spectator, 19 Jan 1985.
30 FT, 21 June 1985; 13A231/3, 22 July 1985, 9 Sept 1985.
31 13A231/4, 23 Jan 1986; Fay, p 172; OHC, Peter Cooke, 18 Feb 1997.
32 BEQB, Dec 1984, pp 475, 478; Philip Stephens, Politics and the Pound (1996), p 32; Lawson, p 486; 13A231/3, 6 Feb 1985.
33 Lawon, pp 488–9; 13A224/3, 12 March 1985; 13A231/3, 19 July 1985; Moore (2), p 418; BEQB, Dec 1985, pp 534–6; Lawson, pp 494–7; 13A231/3, 23 Oct 1985; Lawson, pp 497–500.
34 Lawson, pp 649–50.
35 William Keegan, Mr Lawson’s Gamble (1989), p 155; Fay, pp 184–5; ‘Sir George Blunden’, Daily Telegraph, 28 March 2012; Spectator, 28 Sept 1985.
36 Reid, All-Change, p 65; OL, Dec 1986, pp 144–6 (Ian Plenderleith); David Wainwright, Government Broker (East Molesey, 1990), p 114; 13A231/4, 28 Jan 1986, 30 May 1986; 15A91/7, 5 June 1986.
37 13A231/4, 28 Aug 1986; OL, Dec 1986, p 148; BEQB, Dec 1986, p 509; 15A91/8, c 22 Oct 1986; 158A91/7, 1 July 1986.
38 13A231/4, 7 Nov 1986; OHC, Ian Plenderleith, 26 Jan 2011; BEQB, Feb 1989, pp 49–57.
39 Roger Cowe, ‘Sir George Blunden’, Guardian, 15 March 2012; Independent, 11 Feb 1987; Richard Roberts, The City (2004), p 260; 13A231/5, 26 Feb 1987; 13A224/5, 25 Sept 1987, 2 Oct 1987; ‘Sir George Blunden’, Daily Telegraph, 28 March 2012; 13A231/7, 14 Feb 1989; 13A231/8, 24 July 1989, 2 Aug 1989.
40 BEQB, Nov 1987, p 526; 13A231/9, 12 Oct 1989, 16 Oct 1989.
41 13A231/5, 29–30 July 1987, 28 Aug 1987, 18 Sept 1987; BEQB, Nov 1987, p 526.
42 Lawson, p 746; Spectator, 7 Nov 1987; Lawson, p 750; Robert Pringle, ‘Central Bank Co-operation since 1970’, in Roberts and Kynaston, p 148; CB, Winter 1992/3, p 56 (Robert Pringle).
43 John Nott, Here Today, Gone Tomorrow (2002), p 336; Lawson, pp 757–68; 13A231/5, 27 Oct 1987; Lawson, pp 769–75.
44 This paragraph is largely derived from: Solomon, pp 413–35; John D. Turner, Banking in Crisis (Cambridge, 2014), pp 195–7.
45 13A231/5, 28 July 1987, 18 June 1987.
46 13A231/5, 6 May 1987; Lawson, p 639; CB, Winter 1992/3, p 56 (Robert Pringle); David Cobham, ‘The Lawson Boom’, Financial History Review, April 1997, pp 86, 77; Lawson, pp 840–1.
47 CB, Spring 1996, p 111; Stephens, pp 77–84; OHC, Michael Foot, 10 Jan 2011; Stephens, pp 91–3; 13A231/7, 26 May 1989; BEQB, Aug 1989, pp 373–4.
48 13A231/6, 22 July 1988; OHC, Lord Kingsdown, 29 June 2011; 13A231/6, 2 Nov 1988, 7 Dec 1988, 12 Dec 1988; Margaret Thatcher, The Downing Street Years (1993), p 708; 13A231/7, 15 Feb 1989; Thatcher, p 708; 13A231/7, 26 May 1989.
49 FT, 29 Jan 1988; Spectator, 27 June 1987; Lawson, pp 789–91, 1059–60, 868–9; Thatcher, p 706; Stephens, pp 135–6; Lawson, p 1063; Euroweek, 3 Nov 1989; Michael King, ‘New Lady of Threadneedle Street’, CB, 2000/1 (4), p 83; Times, 2 Nov 1989.
CHAPTER 18: WELCOME AND LONG OVERDUE
1 Steven Solomon, The Confidence Game (New York, 1995), pp 501–2; Spectator, 31 Oct 1992 (Stephen Fay); CB, Autumn 1990, pp 77, 85; Philip Stephens, Politics and the Pound (1996), p 169; 13A231/10, 4 Feb 1990; John Major, The Autobiography (1999), p 153; Robert Elgie and Helen Thompson, The Politics of Central Banks (1998), p 75.
2 13A231/10, 5 Feb 1990, 22 Feb 1990; 13A231/11, 19 April 1990; 13A231/12, 6 July 1990; CB, Summer 1990, p 11; Elgie and Thompson, p 75; 13A231/17, 27 March 1992.
3 OL, March 1990, opp p 1; 13A231/13, 6 Sept 1990; 13A231/19, 18 Aug 1992; Norman Lamont, In Office (1999), pp 97–8.
4 Roger Lomax, ‘The Bank of England and UK Business, 1930–2003’, p 97; BEQB, Nov 1990, p 512; Lomax, p 100; BEQB, Feb 1993, p 114.
5 Lomax, pp 105–16; 1A231/10, 16 Feb 1990.
6 ODNB, Forrest Capie, ‘Eddie George, Baron George’; BEQB, Feb 1994, pp 64–5; John D. Turner, Banking in Crisis (Cambridge, 2014), p 165. See also: Ian Hay Davison, ‘How to rescue a bank’, Spectator, 19 April 2008; Kushal Balluck, ‘The small bank failures of the early 1990s’, BEQB, 2016 Q1, pp 41–51.
7 Times, 18 Dec 1990; Investors Chronicle, 21 Dec 1990; 13A231/14, 10 Jan 1991, 23 Jan 1991, 4 Feb 1991, 8 Feb 1991, 13 Feb 1991; 13A231/16, 27 Nov 1991; Richard Roberts and David Kynaston, The Lion Wakes (2015), p 188; 13A231/17, 2 Jan 1992, 5 March 1992; Roberts and Kynaston, Lion, pp 190–1, 200.
8 G3/375, 5 Dec 1979; Daily Telegraph, 3 March 1993; 13A231/15, 8 July 1991; 13A231/7, 26 May 1989.
9 13A231/15, 8 July 1991, 4 July 1991; Spectator, 27 July 1991; 13A231/15, 19 July 1991.
10 OL, Autumn 1991, p 106; Treasury and Civil Service Committee, Banking Supervision and BCCI (1992), qq 48, 50, 113, 120–1, 125, 253, 292, paras 29, 32; CB, Autumn 1992, p 3; 13A231/19, 25 Sept 1992, 14 Oct 1992; Sunday Times, 25 Oct 1992; Times, 23 Oct 1992; Daily Telegraph, 2 Jan 2004; CB, 2005/6 (2), p 15; 13A231/19, 19 Oct 1992; 13A231/15, 8 July 1991.
11 Major, p 162; C. A. E. Goodhart, ‘The Bank of England 1970–2000’, in Ranald Michie and Philip Williamson (eds), The British Government and the City of London in the Twentieth Century (Cambridge, 2004), p 355; Stephens, pp 152–3; BEQB, Nov 1990, p 486.
12 BEQB, Feb 1997, pp 99–100, 2010 Q4, p 260; 13A231/18, 7 Aug 1992, 24 Aug 1992, 27 Aug 1992; Major, pp 326, 329; Daily Telegraph, 27 July 1994 (Neil Collins).
13 CB, 2004/5 (4), pp 7–8; Lamont, p 244; OHC, Ian Plenderleith, 26 Jan 2011; Black Wednesday, BBC 1, 16 Sept 1997; OHC, Michael Foot, 10 Jan 2011; Black Wednesday, BBC 1, 16 Sept 1997; Lamont, p 255.
14 13A231/19, 16 Sept 1992; Lamont, p 291; Guardian, 14 Sept 2012.
15 Lamont, pp 247–8, 250–2; 13A231/19, 16 Sept 1992 (Butler note of 24 Sept 1992); Stephens, pp 251–2.
16 13A231/19, 17 Sept 1992.
17 Spectator, 30 Oct 1992; Giles Radice, Diaries, 1980–2001 (2004), p 285; 13A231/19, 17 Sept 1992; 16A118/7, 17 Sept 1992; 13A231/19, 17 Sept 1992; 16A118/7, 24 Sept 1992.
18 Dow, p 247; OL, March 1997, p 27; 13A231/18, 5 June 1992.
19 OHC, Lord (Terry) Burns, 22 Nov 2011; 13A231/19, 6 Oct 1992; Stephens, p 152; Elgie and Thompson, p 77; 13A231/19, 19–20 Oct 1992; 10A143/1, 27 Oct 1992; Elgie and Thompson, p 77; Times, 30 Oct 1992.
20 BEQB, Nov 1992, pp 441–8; 10A143/1, 10 Dec 1992; Evening Standard, 14 Feb 2013 (‘City Spy’).
21 FT, 30 Oct 1992; 13A231/19, 24 Dec 1992; Lamont, pp 322–5; Major, p 675; Michael King, ‘New Lady of Threadneedle Street’, CB, 2000/1 (4), p 85; Elgie and Thompson, pp 79–80; 10A143/2, 3 Feb 1993.
22 Lamont, pp 321–2; Sunday Times, 25 Oct 1992; Spectator, 30 Jan 1993; Banking World, March 1993, p 11; CB, Winter 1992/3, pp 7, 68; OL, Spring 1993, p 24.
23 13A231/20, 10 March 1993; 13A183/5, 25 May 1993; 13A231/20, 3 June 1993; Elgie and Thompson, p 80; 13A231/20, 17 June 1993.
24 CB, Summer 1993, p 6; eulogy (Paul Tucker) at memorial service, 6 Feb 2014; ‘Lord Kingsdown’, Times, 26 Nov 2013.
25 ODNB, Capie, ‘Eddie George’.
26 Securities & Investment Review, Sept 1993, p 14; 13A183/5, 26 July 1993, 1 Aug 1993, 29 July 1993, 25 Oct 1993; Treasury and Civil Service Committee, The Role of the Bank of England: Volume II: Minutes of Evidence and Appendices (1993), qq 114, 158, 503, 511, 381, 198, 200, 221, 242–3, 295, Volume I: Report (1993), pp vi, xx–xxix.
27 CB, Autumn 1993, p 7; Elgie and Thompson, p 81; CB, Summer 1993, p 6; King, ‘New Lady’, pp 86–7; Centre for Economic Policy Research, Independent and Accountable (1993), pp 73–4; House Magazine, 7 Feb 1994.
28 13A231/20, 9 Nov 1993; New Financial Review, April 1995, p 3; 13A231/21, 11 Feb 1994; Elgie and Thompson, pp 84–6; 13A231/20, 8 Sept 1993; 10A143/6, 14 March 1994; CB, 2000/1 (3), p 23; FT, 14 April 1994.
29 Forrest Capie et al, The Future of Central Banking (Cambridge, 1994), pp 360–1, 300, 304; Economist, 11 June 1994; OL, Summer/Autumn 1994, pp 66–7; FT, 27 July 1994; Daily Telegraph, 27 July 1994.
30 ADM10/1, fo 96, 15 July 1965; OL, Dec 1988, pp 174–5, 178–9; 13A231/6, 5 Aug 1988, 25 Aug 1988; OL, Dec 1988, pp 176–7; Country Life, 15 June 1989.
31 OL, Dec 1990, pp 170–1 (Caroline Wright); FT, 2 Oct 1990; Peter Kirwin (ed), A Tribute to the Bank of England (1994), pp 98–103; OL, June 1996, p 47 (Chris Bailey).
32 Byatt, p 203; Fay, p 43; OL, Summer 1991, p 58 (Shane Sullivan); 13A231/5, 1 Dec 1987; Byatt, pp 219–28; Wikipedia, ‘Loughton incinerator thefts’.
33 OL, Spring 1993, p 13, Spring 1992, pp 20–2.
34 Annual Report 1979, p 27; Annual Report 1994, p 22; 13A231/25, 24 May 1996; 13A231/4, 14 May 1986; 13A231/7, 22 June 1989; 7A148/12, 31 Jan 1996; OL, Dec 2004, p 130; 4A18/12, 6 May 1997.
35 13A231/1, 19 Sept 1983; OL, Dec 1984, p 192 (Mark Stephenson), Dec 1985, p 145 (David Pollard), March 1986, p 9 (Michael Pickering).
36 13A231/20, 4–5 Aug 1993, 7 Oct 1993, 8 Sept 1993.
37 Elizabeth Hennessy, ‘The Governors, Directors and Management of the Bank of England’, in Roberts and Kynaston, pp 211–13; Elizabeth Hennessy, ‘The Georgian era at the Bank of England’, CB, 2002/3 (4), pp 38–9; 13A231/18, 21 July 1992; CB, Spring 1994, pp 30–1; FT, 27 July 1994.
38 CB, Spring 1994, p 31; 13A231/21, 29 July 1994, 7 Sept 1994; 13A231/23, 25 June 1996; OL, March 2002, p 11 (Ruth Kelly).
39 Bank Fortnight, 17 March 1994; 4A69/110, 17 March 1995; 13A231/22, 12 April 1995, 30 June 1995; 13A231/23, 12 Feb 1996; 13A231/25, 24 May 1996; 13A231/24, 18 Sept 1996.
40 ARM344957–8; 13A231/22, 7 Nov 1995; OL, March 1996, pp 7–9 (Howard Davies); 13A231/26, 24 Feb 1997.
41 BEQB, Nov 1992, p 459; 13A231/20, 8 Sept 1993, 6 Dec 1993; BEQB, Aug 1994, p 280.
42 Treasury Committee, The Role of the Bank of England: Volume I, pp xxv–xxvi; BEQB, Feb 1994, pp 60–6; Treasury Committee, The Role of the Bank of England: Volume I, p xxviii; Economist, 7 May 1994; FT, 27 July 1994 (John Gapper).
43 The two key accounts are: Stephen Fay, The Collapse of Barings (1996); John Gapper and Nicholas Denton, All That Glitters (1996).
44 4A69/109, 24–25 Feb 1995; 4A69/110, 26 Feb 1995.
45 Times, 28 Feb 1995, 1 March 1995; FT, 1 March 1995; Independent, 4 March 1995; Sunday Telegraph, 5 March 1995.
46 13A231/22, 1 March 1995; 4A69/110, 16 March 1995.
47 Sunday Mirror, 19 March 1995; CB, Spring 1995, p 21; FT, 22 March 1995; OL, Oct 1995, pp 114–16.
48 Fay, Collapse, pp 245–6; CB, Summer 1995, pp 16–17; Fay, Collapse, p 246; Treasury and Civil Service Committee, Board of Banking Supervision: The Report on the Collapse of Barings Bank (1995), qq 96, 121–5; 4A69/114, 25 July 1995; 13A231/22, 8 Sept 1995; Clare Pearson, ‘Trying times on Threadneedle Street’, Institutional Investor, Sept 1995, p 102.
49 Treasury Select Committee, Barings Banks and International Regulation (1996), vol I, pp xiii–xv; BEQB, Nov 1996, p 462; Treasury Committee, Barings, vol II, qq 1291–412; BEQB, Feb 1997, pp 111–12; Treasury Committee, Barings, vol I, pp xxxv–xxxvi.
50 BEQB, Feb 1996, p 92; Philip Augar, The Death of Gentlemanly Capitalism (2000), pp 312, 321–2, 325; 13A231/22, 13 April 1995; CB, Spring 1997, p 15; Ian Plenderleith, ‘Developments in the Monetary Field at the Bank of England’, in World Gold Council, Central Banking and the World’s Financial System (1997), p 14; 13A231/25, 16 Dec 1996; Independent, 26 Feb 1997; FT, 23 Dec 1998; Times, 17 Sept 1996; Plenderleith, ‘Developments’, p 12.
51 BEQB, Nov 1995, p 393; OL, March 1997, p 26 (David Smith); 13A231/21, 10 Nov 1994; 13A231/25, 31 Oct 1996; BEQB, Feb 1997, pp 100–1.
52 Conaghan, p 15; 13A231/22, 4 May 1995; Elgie and Thompson, pp 87–9; BEQB, Nov 1995, p 389; International Economy, Sept/Oct 1995, p 12 (Anatole Kaletsky); Elgie and Thompson, p 90.
53 4A69/109, 7 Feb 1995; Alastair Campbell and Bill Hagerty (eds), The Alastair Campbell Diaries, Volume 1 (2010), pp 152, 158; 4A69/112, 11 May 1995; Campbell (1), p 200; 4A69/112, 15 May 1995; William Keegan, The Prudence of Mr Gordon Brown (Chichester, 2003), pp 145, 161–4.
54 13A231/25, 26 Nov 1996; 8A388/36, 24 Jan 1997; 13A231/26, 5–6 Feb 1997; Elgie and Thompson, p 92; 13A231/26, 7 March 1997.
55 CB, Spring 1995, p 43; 4A69/112, 15 May 1995; 13A231/25, 26 Nov 1996; 13A231/26, 6 Feb 1997.
56 Keegan, p 157; Campbell (1), p 626; Elgie and Thompson, p 92; 4A18/11, 23 April 1997; Ed Balls, Speaking Out (2016), pp 138–9.
57 Keegan, p 182; Andrew Rawnsley, Servants of the People (2000), pp 31–3; BEQB, Aug 1997, pp 244–5; 16A129/1, 6 May 1997; Hugh Pym and Nick Kochan, Gordon Brown (1998), pp 72–3.
58 Keegan, p 153; Wilf Stevenson (ed), Gordon Brown, Speeches 1997–2006 (2006), pp 9, 12; 16A129/1, 6 May 1997; Alastair Campbell and Bill Hagerty (eds), The Alastair Campbell Diaries, Volume 2 (2011), p 10; Independent, 7 May 1997; Daily Telegraph, 7 May 1997; Guardian, 7 May 1997; Tom Bower, Gordon Brown (2007 edn), pp 208–9; Rawnsley, p 37; Economist, 10 May 1997.
59 13A231/27, 12 May 1997, 9 May 1997; 8A388/37, 16 May 1997; 13A231/27, 16 May 1997.
60 16A129/1, 6 May 1997; Pym and Kochan, pp 73–4; 16A129/1, 20–21 May 1997.
61 16A129/1, 20 May 1997; BEQB, Aug 1997, p 246; Times, 21 May 1997; Sunday Times, 25 May 1997; Economist, 24 May 1997.
62 16A129/1, 27 May 1997; Keegan, pp 187–8; 7A148/12, 29 July 1997; BEQB, May 1998, pp 97–9.
63 CB, 2003/4 (1), p 8; 7A148/12, 29 May 1997; BEQB, May 1998, p 93; Brown, Speeches, p 20.
POSTSCRIPT: YOU JUST DON’T KNOW WHEN
(Note: post-1997 articles ax2019;s senior figures are available on the Bank’s website.)
1 Evening Standard, 27 Nov 2014 (Anthony Hilton); Times, 15 March 2012.
2 Richard Roberts and David Kynaston, City State (2001), p 130; BEQB, Summer 2001, pp 164–8, Autumn 2001, p 351; CB, 2001/2 (4), pp 9–10; Institutional Investor, Feb 2003, p 26.
3 BEQB, Winter 2003, p 477; House of Commons Treasury Committee, The Monetary Policy Committee of the Bank of England: Appointment Hearing, Volume II (2005), q 74; BEQB, 2007 (1), p 110 (Lomax), 2007 (2), p 273 (King); House of Commons Treasury Committee, The Monetary Policy Committee of the Bank of England: ten years on (Sept 2007), paras 7, 14.
4 Treasury Committee, Monetary Policy Committee: ten years on, paras 18, 22; Kate Barker, ‘Monetary Policy – From Stability to Financial Crisis and Back?’, March 2010 speech, p 4; Guardian, 25 May 2010; FT, 3 May 2012; Guardian, 30 Dec 2014; ODNB, Forrest Capie, ‘Eddie George, Baron George’; Sir Andrew Large, ‘Monetary Policy: Significant Issues of Today’, December 2005 speech, p 7; Mervyn King, The End of Alchemy (2016), p 330; Institutional Investor, Feb 2003, pp 30, 32.
5 Howard Davies and David Green, Banking on the Future (Princeton, 2010), p 120; Robert Peston, How Do We Fix This Mess? (2012), pp 192–3; Times, 23 Oct 2008 (Jamie Stevenson).
6 Sir Andrew Large, ‘Puzzles in Today’s Economy’, March 2004 speech, p 13, ‘Monetary Policy’, Dec 2005 speech, p 7; Inflation Report, May 2006, p 7; James Barty, Reform of the Bank of England (Policy Exchange, 2012), p 13; FT, 27 Sept 2006; Standpoint, June 2012, p 24 (Tim Congdon); CB, 2006/7 (1), pp 59, 61 (John Nugée); BEQB, 2007 (1), pp 122–30 (Paul Tucker).
7 Independent, 12 Jan 2007; BEQB, 2007 (2), pp 280–1 (Mervyn King); Inflation Report Press Conference, 16 May 2007, pp 9–10, 8 Aug 2007, pp 6–7.
8 Observer, 6 May 2012 (Will Hutton); Ian Fraser, Shredded (Edinburgh, 2014), p 492; Sir Martin Jacomb, Re-empower the Bank of England (Centre for Policy Studies, June 2009), pp 2–5; Ed Balls, Speaking Out (2016), pp 296–7.
9 Alex Brummer, The Crunch (2008), p 217; Barty, p 36; House of Commons Treasury Committee, Financial Regulation (Feb 2011), q 696; Daily Telegraph, 4 May 2012; Ivan Fallon, Black Horse Ride (2015), pp 164–5.
10 House of Commons Treasury Committee, Re-appointment of Mervyn King as Governor of the Bank of England (June 2008), qq 33–4, 51, 113; CB, 2006/7 (1), pp 1–2; Times, 15 March 2012; Gillian Tett, The Silo Effect (2015), pp 122–3; CB, 2010/11 (1), pp 61–2.
11 Matthew Hancock and Nadhim Zahawi, Masters of Nothing (2011), pp 18–19; New Statesman, 20 July 2009 (Alex Brummer); CB, 2005/6 (3), pp 24–5 (Sir Andew Large); BEQB, 2006 (3), pp 339–40 (Sir John Gieve), 2007 (1), p 127 (Paul Tucker); Tett, Silo, p 124–5.
12 BEQB, 2007 (3), p 426 (Mervyn King); Barty, p 14; Banker, Sept 2006, pp 66–7; Guardian, 29 June 2013 (Nils Pratley); Gillian Tett, Fool’s Gold (2009), p 183; BEQB, 2007 (2), pp 313–15 (Paul Tucker); Court minutes, 11 July 2007; Inflation Report Press Conference, 8 Aug 2007.
13 Fraser, Shredded, p 492; CB, 2006/7 (4), pp 1–2.
14 Helpful accounts of the 2007–8 crisis include: Brummer, Crunch (2009 edn); Tett, Fool’s Gold; Philip Augar, Chasing Alpha (2009); Howard Davies, The Financial Crisis (2010); Dan Conaghan, The Bank (2012); Hugh Pym, Inside the Banking Crisis (2014); Fraser, Shredded; Fallon, Black Horse Ride.
15 House of Commons Treasury Committee, The Run on the Rock, Volume II (Feb 2008), pp 214, 217; Court minutes, 13 Sept 2007; Treasury Committee, Run, p 217; Court minutes, 13 Sept 2007; Economist, 22 Sept 2007, Conaghan, p 150.
16 Economist, 22 Sept 2007; CB, 2007/8 (3), pp 12–13; Brummer, Crunch (2008), pp 123, 125; Times, 12 March 2012; Economist, 15 June 2013; Guardian, 20 June 2013.
17 Treasury Committee, Run, qq 4–5, 18, 51–2, 54, 111; BEQB, 2007 (4), p 567 (Mervyn King); BBC Radio 4, File on Four, 6 Nov 2007; Treasury Committee, Run, qq 1665, 1696, Re-appointment, qq 55, 116, 65, Banking Reform (Sept 2008), q 169; New Statesman, 4 March 2016.
18 CB, 2007/8 (2), p 1, 2007/8 (3), pp 44–7; Sunday Telegraph, 29 May 2011, 6 May 2012; OHC, Michael Foot, p 31; Treasury Committee, Run, q 114.
19 ‘File’; Treasury Committee, Run, q 1608; Guardian, 13 Dec 2007; Court minutes, 12 Dec 2007; Treasury Committee, Run, qq 1610, 1677; Fraser, Shredded, p 329; FT, 22 April 2008.
20 Conaghan, pp 163–4; Barty, p 23; Guardian, 3 May 2012; Court minutes, 11 June 2008.
21 Treasury Committee, Re-appointment, q 75; BEQB, 2008 (3), p 314 (Mervyn King); Daily Telegraph, 8 July 2008; Barty, p 24; Evening Standard, 5 May 2009; New Statesman, 14 Sept 2009.
22 Court minutes, 10 Sept 2008; CB, 2008/9 (2), pp 18–20; Alistair Darling, Back from the Brink (2011), p 165; Court minutes, 15 Oct 2008.
23 Barty, p 26; Tett, Fool’s Gold, pp 282–3; Court minutes, 15 Oct 2008; Mervyn King, ‘Speech’, 21 Oct 2008.
24 Times, 16 May 2013, 15 Oct 2008; Standpoint, June 2009, pp 40–5, Oct 2011, Dec 2015, pp 42–5.
25 House of Commons Treasury Committee, Fixing LIBOR, Volume I (Aug 2012), p 25; Treasury Committee, Re-appointment, q 80; Times, 1 Sept 2015; FT, 11 Dec 2008; Treasury Committee, Fixing, pp 44–5, 47–50; Times, 18 July 2012; Treasury Committee, Fixing, pp 56–8.
26 Court minutes, 13 Nov 2008; Times, 5 Dec 2008; Daily Telegraph, 5 Dec 2008; Court minutes, 12 Feb 2009; FT, 27 Feb 2009; Economist, 7 March 2009; King, Alchemy, pp 182–3; Financial World, May 2009, p 10; Standpoint, June 2009, pp 44–5 (Tim Congdon).
27 Pym, Inside, p 187; Conaghan, pp 288–9; Guardian, 22 May 2012; Times, 22 May 2012.
28 Barty, pp 36–7; Conaghan, pp 245–7; Jacomb, p 1; Guardian, 21 July 2009; FT, 17 June 2010; Times, 17 June 2010; Spectator, 27 June 2009; Evening Standard, 21 July 2009, 17 June 2010; Independent, 2 Aug 2010; Guardian, 15 Sept 2010.
29 Court minutes, 16 April 2008; Treasury Committee, Re-appointment, q 44; Court minutes, 12 Feb 1009; BEQB, 2009 (2), p 139 (Paul Tucker); Court minutes, 30 April 2009; Mervyn King, ‘Speech at the Lord Mayor’s Banquet’, 17 June 2009, pp 7–8; House of Commons Treasury Committee, Banking Crisis: Regulation and Supervision (July 2009), qq 117–18; Mervyn King ‘Speech at the Lord Mayor’s Banquet’, 16 June 2010, pp 5–7; House of Commons Treasury Committee, Financial Regulations (Feb 2011), qq 20, 25.
30 Paul Tucker, ‘A New Regulatory Relationship’, May 2013 speech, pp 3–6; Guardian, 30 March 2013; FT, 21 June 2013.
31 Times, 29 July 2010, 26 Oct 2011; Pym, Inside, pp 176–7; Guardian, 7 March 2013; Independent, 15 June 2012; FT, 16 June 2012; Guardian, 1 Aug 2013, 28 March 2013, 25 July 2013.
32 Michael Joyce et al, ‘The financial market impact of quantitative easing’, BEQB, 2010 (3), p 205; Daily Telegraph, 8 March 2010 (Roger Bootle); Economist, 11 Feb 2012, 1 Oct 2011; Times, 20 Feb 2012; New Statesman, 5 March 2012 (Robert Skidelsky and Felix Martin); Guardian, 25 May 2012.
33 Guardian, 28 Sept 2012; Prospect, June 2013, p 44 (George Magnus); FT, 15 June 2013; Prospect, Nov 2010, p 36; Times, 29 Oct 2011; Spectator, 11 Feb 2012 (Nassim Taleb); Prospect, June 2013, p 44.
34 Evening Standard, 18 Jan 2011 (Anthony Hilton); Times, 24 Jan 2011; Guardian, 18 Feb 2011; Daily Telegraph, 5 March 2011; Guardian, 16 June 2011; Economist, 15 June 2013.
35 Times, 12 Dec 2012 (David Wighton); Guardian, 23 Jan 2013, 16 March 2013; FT, 21 March 2013; Daily Telegraph, 21 March 2013 (Philip Aldrick).
36 Financial World, July 2007, p 11; OL, Dec 1997, p 145; Elizabeth Hennessy, ‘The Georgian era at the Bank of England’, CB, 2002/3 (4), p 41; OL, Dec 2006, p 126 (John Footman), March 2004, p 11; Valerie Hamilton, ‘Moll Flanders and the Old Lady of Threadneedle Street’ (University of Warwick PhD, 2013), p 50.
37 CB, Nov 1998, p 8, 2002/3 (4), p 3; OL, March 2006, p 16; Court minutes, 16 Jan 2008; FT, 10 Aug 2013 (Gillian Tett); Guardian, 19 Nov 2012; Times, 22 June 2013; Guardian, 25 July 2013.
38 OL, March 1998, p 12; Court minutes, 2008; Andrew G. Haldane, ‘The Bank and the banks’, 18 Oct 2012 speech, pp 10–11.
39 BEQB, Autumn 2004, p 350 (Mervyn King); Independent, 21 Oct 2009; Economist, 30 Oct 2010; Daily Telegraph, 5 March 2011; Peston, Fix, pp 436–7; Guardian, 29 June 2013.
40 House of Commons Treasury Committee, Accountability of the Bank of England (Nov 2011), Vol I, pp 52–3; Guardian, 8 Nov 2011; FT, 27 April 2012 (Samuel Brittan), 5 May 2012, 19 June 2013; Barty, p 46.
41 Evening Standard, 7 Feb 2014 (James Ashton); Treasury Committee, Accountability, pp 58-9; Times, 18 Jan 2012; Emma Murphy, ‘Changes to the Bank of England’, BEQB, 2013 (1), p 27; Evening Standard, 7 Feb 2014.
42 Guardian, 8 Nov 2011; Financial World, Dec 2011, p 10 (Alex Brummer); Mervyn King, ‘Speech at the Lord Mayor’s Banquet’, 17 June 2009, p 5; Neil Irwin, The Alchemists (2013), pp 275–6; Guardian, 25 June 2009.
43 Times Literary Supplement, 21 Jan 2011 (Peter Riddell); Mervyn King, ‘Speech at the Lord Mayor’s Banquet’, 16 June 2010, p 4; FT, 26 June 2010, 16 Sept 2010, 10 Nov 2010; House of Lords Select Committee on Economic Affairs, Meeting with the Governor of the Bank of England (Dec 2010), q 14; FT, 26 Nov 2010; Guardian, 19 Feb 2011; FT, 1 May 2012; King, Alchemy, p 186.
44 Guardian, 19 April 2012; Evening Standard, 14 June 2012, 19 Jul 2012; Spectator, 18 Aug 2012; Economist, 15 Sept 2012; Guardian, 8 Oct 2012; Economist, 24 Nov 2012; FT, 27 Nov 2012; Times, 27 Nov 2012; Daily Telegraph, 27 Nov 2012; Times, 2 July 2013.
45 BEQB, Nov 1999, p 411 (Mervyn King).