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T ... lA ... OF !HOUHD. '"' 'I"'

CHAPTER. X:U

WAR·T:J,lE COMU:::TTE�S, ETC

tlme Should any increase become ncceS6a.ry Lt should

be by ls�ue of rresh Stock for cash

lU,;r�..c.Uon... .5..Q.le.ct.1.Q.n Qf_C.andi9ates .

Another Com::.dttee .;.natltuted on thu 21st

February 1)13 consisted of the Goyernor, Lord Revelstoke,

Mr .Grenfell, Colonel Hanbury and SIr Robert Kindersloy,

and was appointed for the selection of candidates ror

the Direction.

This COLI littee lapsed on the 4th April 1 )1(,

and, on the 2nd V�. was recor�tituted With a fresh me lbership. af'ttlr which it became a Sta.ndi� Co:n.....lttee

apJ.ointed annually

A third CO::1.: .... ttee was composed or the Deputy

Governor (Sir Brien Cokayne) , Air .Cole, Mr .Nor-\.':I,n and

Mr .LUbboc� and was to cons!der and report as to the

necess ... ty of a rt;!v:s i..on of the Bank Act of 184 .. and

other kindred matters

In January l}18 the Government had appo�nted

the Cotn�lttec on Currency and Foreign Exc�es aft(�r

the War (vlde Section 2 of this Chapter) and the terms

of reference were sUbsequentlY enlar�ed ( 13th April

l}L,) so that the working of the Bank Act of l�4 .. and

The Report of th.:! CO!1l::l1ttee, hOWeHJr, Wa13 sltS:nud by S�r Brlen COka¥ne. }.(r.A.C .Cole, Sir Everard Ha::lbro, Mr Jaokson and Mr �iJbbock


the oor.st1t'.;.ti m 8:id f'unct-: 'ns cf the Bank � England

mig:r�t be o:msidcred. " T'nl s a.dd.t:! m, and d(ubtlcss

a.'so the appointment of the Directors ' Com..lttee )n

th_ Bank Aot, were due to Slr Edward Holden lie hed

for mc:l\V years ndverse.y criticised ti,e Benk Aot, a.nd he attaoked it ngn n at the Annua. 1, Meeti TlG of the T..ondon City & J.Udlnnd Bank, on the 29th Jnnuory J.,. _8;

he f:.o.rther asked that the Cha.nce' 101' :li' the Excr.equcr

v/;)uld eppo nt "n Com.� ttce, ocnsi stul; of' 8 x )f the

"'llCst experienced Bankers 1,n tone Uni ted Y.il16d.:m, to

"takn 1 )to oor.siderntl:n the q1.,;.estl on Jf' repeal rlB "t.lle Aot of 18 .. ' ns soon a8 poSSible. " Th,

C::llnoe1lor. Ur_ B onar Law, pre1'erred, however, t o refer

ti,e onat� �r to toe O..:.n' .ffe Com:aitt.ee.

A sum.�ry ( i the l' own words ) 01' the reo{-.IIWendatlor.s of the COlll!:lJ.ttee on the Ba:1k Aot,

wi,ose Report (aooepted by the Court on the 12th

Deoember) was dated the 26th November 1918. follows

' That during the re c cnatr-.... ctlon period the

I.;.sc of gold ooln as c

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