BANK OF ENGLAND

Hokitika Guardian, 24 April 1931, Page 2

BANK OF ENGLAND

(British Official Wireiess.)

GOVERNOR RK-ELECTE D

MONTAGU COLLETT NORMAN

(Official Wireless.)

RUGBY, April 21

Air Montagu Collett Norman, P.C., was to-day re-elected Governor of the Bank of England for tlie eleventh year in succession. IJis is Idle longest tenure of the post in the history .of the Bank. Mr Norman wins born in 1871 and educated at Eton and King’s College, Cambridge. On both sides he is descended from a long line of hankers—a fact which probably accounts for his financial gifts. He served in the South African War in 1900-1 and was awarded the D.S.O. He then became connected wutli the financial side of business and his active association with the Bank of England began during the war. In 1918 he aviiis appointed Deputy-Governor and in 1920 Governor, and since then he 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 Vear and avhs then succeeded by the Deputy-Gov-ernor. In 1922 lie went to the United States with Mr 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 tlie Avar—a task in which his gift for financial diplomacy, adjustment and reform has be<hi of great value. At the end of 1925 he again lisited the United States to promote closer co-operation between the Bank of England and tlie Federal Reserve Banks. One of his objects Avas to extend the policy of American co-operation with European banks in rehabilitating the States affected hv the Avar. In appearance he is mere like an artist than a financier, and he has a quiet, dreamy manner. He has never been intervieAvcd and has never expressed a public opinion. He lives in a quiet unfashionable suburb of London yvhere •he indulges his .p«s- . sion for music and gardening. E-ach year he prgaiiises A crjicket team from among the best of, England’s ainatfuUs, with which he' defeats the Bank eleven after Avhich he entertains them all to dinner] i*; '■ M H;; ;