BANK OF ENGLAND.

Ashburton Guardian, Volume 50, Issue 153, 10 April 1930, Page 5

BANK OF ENGLAND.

RE-ELECTION OF GOVERNOR.

(United Press Association—Copyright.)

LONDON, April 8. Mr Montagu Norman was to-day reelected Governor of the Bank of England. This makes the eleventh year in which Mr Norman has filled, the office of Governor, to which he was first elected in 1920. Prior to 1911 the Governorship was held in rotation and never for more than a year unless in exceptional circumstances. The late Lord Cunliffe was the first to break this unwritten law.

To the general public, Mr Norman is almost a man of mystery, as he scarcely appears outside the financial sphere. To financial circles he is the supreme arbiter who ordains the movements of the bank rate which has been of supreme importance during his time of office. —British Official Wireless.

Born in London, 82 years ago, Mr Montagu Collet Norman was educated at Eton and King's College, Cambridge. He entered the old hanking establishment of Messrs Brown, Shipley and Co., in which he was a partner, but interrupted his financial career to go to the war in South Africa, where he was awarded the D.S.O. In 1916 he became exclusively associated with the Bank of England. He was a member of the Baldwin Commission to America, and was made a. Privy Councillor. In appearance—with his olive complexion, clinped heard and thoughtful eyes—Mr Norman resembles the popular conception of an artist rather than a financier. A recent announcement made by the Court of Directors of the Bank of England was that Sir Ernest Mnsgrave Harvey, Deputy-Governor, would bo recommended for re-eloction.