MR MONTAGU NORMAN

Hawke's Bay Herald-Tribune, Issue 69, 8 April 1937, Page 5

MR MONTAGU NORMAN

i British OMolal Wirelesa.)

Again Elected Governor oi Bank of England LONG PERIOD Op SERVICE

EUGBY, April 6. Mr Montagu Norman was re-elected GovernOr of the Bank of England today and Mr B. G. Cattems DepufyGovernor, « •- Such a long continuity of govefno»ship of the Bank of Englapd as that of Mr Montagu Norman is quite unprecedented. Before 1914 the only instance in recent times of a governor being elected for a period • beyond the tWo prescribed years of office was the late Mr William Lidderdale, who, in acknowledgment of the services rendered at the time of the 1890 erisie, was elected for a third year of oflice. Just, however, as the Great War of 1914-18 defled all precedents in the extent of the issues involved, so the upheaval it caused and the problems it left behiiid for solution made it neces-' sary to defy precedents in many other" drrections. The late Lprd Cunliffe, whb was governor at the time of the Ottt- * break of the war, held that position for four eucceSsive years, and it was during his period of oflice (1916) that Mr Norman became a, daily worker at the bank, giving assistance to successive deputy-governors. Mr Norman became deputy-governor lu 1918, and was elected governor two years later. Since then the control of . the Bank of England, and therefore of Britain 's monetary policy generally, has been in his hands, while it would probably be true to say that from the time of his entry into the bank, Mr Norman has exerted a great influence upon the condiict of its affairs. In view of Mr Norman 's exceptionally long govefnorship, it is interesting to note 'that his father, the late Mr FredOrick Henry Norman, was the son of Mr George Warde Norman, Who himself waa a director of the Bank of England for 50 years, namely, from 1821 to 1871,' while Mr Norman 's mother is a daughter of the late Sir Murk Wilks Collet, who was a director of the bank for nearly 40 years, and was governor from 1887 to 1889.