GOVERNOR OF BANK OF ENGLAND

Hokitika Guardian, 23 April 1930, Page 5

GOVERNOR OF BANK OF ENGLAND

Mr Montagu Collet Norman, Governor of the Bank of England, has been re-elected to that onerous . position., which he now occupied for the eleventh successive year. Until Air Norman’s term of office started it had been the practice for the Governorship to rotate among the Court of Directors of the Bank, though Lord Cunlnfe, his predecessor, served for two terms. The Deputy-Governor, Sir Ernest Alusgruve Harvey, has also bt|en re-elect-ea.

Air Norman was born in 1871 and educated at Eton and King’s College, Cambridge. On both sides he is descended from a long line of bankers—a fact which probably accounts for his financial gifts. He served in the South African Yv'ar in 1900-1 and was awardeu the D.S.O. He then became connected with the financial side of business and his active association with the Bank of England began during the war. In 190' 1 he was appointed De-puty-Governor and in 1920 Governor, and since then ne has been re-elected every year, although the pre-war tradition of the Bank of England was that the Governor remained in office for one year and was then succeeded by tne Deputy-Governor. On November 11th. 1926, he was re-appointed for his eighth year, and has thus held the position far longer than any of his predecessors. In 1922 no went to the United Stares with Air Baldwin then Chancellor of the Exchequer, to arrange for the funding of the British war debt. Apart from that, the most , notable event of his term of office was the restoration of the- gold standard, and he has done much to aid in the financial restoration of the countries involved in the war—a task in which his gift tor nnancial deplomacy, adjustment and reform has been of great value. At the end of 1925 he again visited the United States to promote closer cooperation between the Bank of England and the Federal Reserve Banks. One of his objects was to extend the policy of American co-operation with European banks in rehabilitating the States affected by the war. For, the last two years Air Norman, who was made a. Privy Councillor in 1923,1 has been desirous of giving up- the Governorship and he lias continued in the office only at the repeated requests of the Court of Directors of the Bank of England. In appearance he is more like an artist than a financier,.? and lie has a. quiet, dreamy manner.-