Stanley Had Bank Of England Contacts

Northern Advocate, 9 December 1948, Page 5

Stanley Had Bank Of England Contacts

LONDON, Wed. (Noon). —Continuing his evidence before the Board of Trade Tribunal today George Gibson, a director of the Bank of England, told the Attorney-General (Sir Hartley Shawcross) that he did not think it improper to disclose to Stanley information he had obtained in his capacity as a director of the bank.

However. Gibson agreed with Sir Hartley that the letter in which he gave Stanley information would have been very useful to Stanley if Stanley had been a confidence trickster or a “contact man,’’ Gibson admitted that the letter showed Stanley had a direct contact with one director of the bank and indirect contact with another dire ct'"■r— Piercy. Gib;on said he had senl Stanley a report by a Mr Sieprr.a.i (a permanent dirr Mor of the Bank of England) which showed the bank had no objection to the proposed flotation of a public company which Stanley had planned.

WAS IT PROPER? Asked if that was a proper thing to do Gibson replied: “As far as 1 know, and as far as I knew then, this flotation was a perfectly honest flotation.” Gibson read to the tribunal a private letter from Gibson to Mr Glenvil Hall (Financial Secretary to the Treasurv), in which Gibson said Stanley had told him that financial interests in New York would be prepared to lend Britain £250,000.000 on the strength of the Marshal Plan.

BELIEVED HONEST Mr Glenvil Hall's reply to the letter stated: “Quite frankly, I am entirely sceptical of the possibility of any group being able to raise a billion dollars for such a loan on terms acceptable to us, or indeed on any terms at all.” Gibson said that throughout he believed Stanley to be honest and a man of substance and socially pleasant. He never had in mind securing for himself any financial advantage. Replying to Mr Justice Lynskey, Gibson said he now thought he had been offered £IO.OOO a year for a position with a Manchester firm to enlist his assistance in the flotation of the company. Mr Justice Lynskey: The reason you approached Piercy and later Siepman, was because of the generous offer made to you?—Yes. The tribunal adjourned.