THE FINANCIAL GIBRALTAR OF ENGLAND

Dominion, Volume 11, Issue 90, 9 January 1918, Page 6

THE FINANCIAL GIBRALTAR OF ENGLAND

RETIREMENT OF WAR GOVERNOR.'

After holding the post of governor of the Bank of England for five years—a tenure of unprecedented length—Lord Cunliffe will be relieved of his arduous duties next March, and will be able to enjoy a wcll-dcserved ; rest (writes a correspondent of a London journal). Ha became a director in 1895, and in 1911 ho was elected deputy-governor, white he was made--govenior in 1913, so that the outbreak of war found him in that, most responsible position. For threo and a half years he lias homo a strain which few can realise, and which probably few could have stood. The immensity of the fiuaucial problems which had to bo faced from the early days of August, 1914, now partly alleviated by the entry of tho United States on the side of the Allies, is thoroughly recognised, in the city, and if, as is only natural, there has been criticism ol the policy of the Bank of England at times, there is tho fact that so far phenomenal difficulties have been-over-come with tho minimum of inconvenience to the country and tho banking world. Tho boldness and determination with which the prestige of London as a monetary centre was preserved at tho outsot by the discounting of hundreds of millions of hills at the bank will not soon be forgotten, the success with which our huge imports from America were financed so long as tho Treasury left the matter -to businoss men to handle is another point thai will be remembered. It is too soon to attempt to appraise the financial policy, which has been carried out, but it can bo said that the country was fortunato in having a man at the head of thd Bank of England who knew liis own mind jnd was not afraid to pursue what ho believed to be $ie best course in tho national interest.