BRITAIN'S BIGGEST BANKER

Dominion, Volume 12, Issue 5, 1 October 1919, Page 7

BRITAIN'S BIGGEST BANKER

THE LATE SIR EDWARD HOLDBN. Sir Edward' Hopkinson Holden, Bt., chairman and managing director of; the London Joint City and Midland Bank, Ltd., died recently aged 71, in Scotland. He was one of Britain's greatest bankers and financial experts. A Lancashire, man, lip owed his suecess to ■ ability combined with clear thinking and financial' prevision. In early life he studied political economy first,-.then logic, and then for several years law. Sir Edward bolieved in bank amalgamations, and last year he secured the amalgamation of • the London City and. Midland Bank - and" the' London. Joint Stock Bank. The branches of the combine—the London Joint City and Midland Bank—W now ■ 1300 and deposits - ' 1 He was convinced that big. banks are . ese&utkl .to cope effectively with foreign ■ competition and to .enable Britain to keep , her place :in the world's markets. ■ When war came-the policy he had previously advocated of banks creating their: own goM reserves ■ instead of depending on the Bank of England'helped to stabilise British credit. He immediately put at the disposal of the authorities gold reserves' of several millions. ~ , .

In 1915' ho went to the United States and successfully dealt with the question of the adverse American rate of . exchange against Britain, ■ and. he enabled the Anglo-French Loan of .£100,000,000 to bs ■raised.. From IJICS. to 1910 he waa Liberal M.P. for the Hey wood division of Lancoshire.