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.
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