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853
Index
Abdullah, Bin Musaid Bin Abdul Rahman, Prince, 565
Abell, George, 49, 56, 366Abs, Herman, 379Accepting Houses,
accounts with Bank, 59ARIEL, 666Bank’s supervision of, 589CCC, 492credit control, 296inter-bank market, 481Rolls-Royce, 787–90secondary banking crisis, 536, 539, 548sterling brokers, 784–5
Accepting Houses Committee, 296, 492, 598
Accountant’s Department, location, 40, 68renamed Registrar’s, 826role, 39staff numbers, 40, 61, 351, 361other, 37, 361
Administration Department, 361Advances,
Bank of England’s, 67, 102, 105, 305, 347, 365, 479, 813
Burmah Oil, 793cartel, 443clearing banks, 82, 85, 89, 91, 93, 102,
109, 119, 252–5, 258, 263, 265, 268–9, 271, 274–7, 280, 284, 292–5, 297, 299–300, 427, 431–7, 439, 488, 490, 497, 521, 526
commodity traders, 324FCI, 321Fairfields, 325–6foreign currency , 525IRC, 324property, 527, 569relation to deposits, 80–1Rolls-Royce, 788–9secondary banking crisis, 534, 541,
543, 548, 552–3, 558, 564, 569, 581other, 207, 795
Advisers Bank, 33, 37, 42, 50–1, 55, 58, 75n, 81,
92, 129–31, 152, 207, 254, 337, 355, 357, 380, 465, 529, 702, 720, 731, 744, 803, 824–6, 829
ministerial, 109, 218, 244, 416, 645, 651, 693, 745, 807
Treasury, 84, 130, 155, 170, 199, 201, 213, 238, 490
other, 358, 373, 417, 443, 537, 567, 606, 678, 698, 738
Adviser(s) to the Governors, 35, 37, 43–4, 48–9, 50, 55, 196, 254, 335, 380, 439, 528, 558, 603, 609
Africa, 3–4, 335, 338Agents, 41, 61, 802Agnelli, Gianni, 379Agricultural Mortgage Corporation
(AMC), 323Akroyd and Smithers, 496Albania, 11Alford, Roger, 130, 676
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Index854
Aliber, Robert, 158Allen, Douglas (Lord Croham)
CCC, 490Monetary Policy Group (MPG), 646report on Bank reorganisation, 824–5,
831sterling, 238, 382–3, 409, 411, 416,
734–5other, 251–2, 430, 433, 460, 462, 489See also Group on Monetary Policy
(Allen Group)Allen, William (Bill), 752n, 754nAllen, Maurice
career, 51, 135control of bank lending, 84–5, 271,
274, 281, 293, 297, 307, 430external, 181, 186, 188, 196, 236, 379–8money supply/DCE, 396–9, 423,
450–1, 453, 455–6, 464Radcliffe, 100, 129–30other, 99n, 266, 291, 344, 442, 462
Allied Arab Bank, 564, 568Altajir Bank, 567–8Al Tajir, Mahdi, 567Althaus, Nigel, 99, 694American Chamber of Commerce, 379,
730American Civil War, 14Amory, Derick Heathcoat, 97–8, 256,
258, 261–4, 593Anderson, Robert B., 161Anderson, Leonall (& Jordan), 464Andrews, Kenneth, 809Anglo International Bank, 556nAnnual Report, Bank of England, 40, 62,
67, 111, 116, 133, 334, 359–60, 614, 809, 812, 821, 824, 830
Ansiaux, Hubert, 236, 241Arab International Bank, 565Argy, Victor, 398ARIEL, 666–7Asset ratios, 297–8Armstrong, Robert (later Lord)
Radcliffe, 77n, 88, 100other, 437, 460, 467
Armstrong, Sir William Bank Rate, 170–1, 236, 293
gilt-edged market, 114, 266, 286monetary policy, 276–7, 437NBPI, 441quantitative targets, 375special deposits, 275, 280Stamp Memorial Lecture, 381sterling, 193, 197, 205, 214, 217, 219,
239, 242, 383, 414other, 187, 212, 298, 353, 593
Artis, Michael, 468Åsbrink, Per, 241Assistant to the Governor, 49–50, 213Audit Committee, 37Audit Department, 37, 361Austin, Robert, 341Australia
sterling balances, 409–10, 413, 733, 735–6
other, 62, 227, 340, 366, 378, 569Authorised banks, 557, 564, 566, 569,
572, 583, 585, 591, 598, 607, 731
Bagehot, Walter, 78, 82Bahrain, 733Bailey, James, 366Bain, Andrew, 130, 289, 450–1, 454, 807Balance of payments
1950s, 153, 1731960s, 13, 170, 173, 176, 179, 195–6,
201, 207, 209, 215, 222–3, 232, 236, 291, 293, 302
1970s, 49, 426, 516, 531, 719, 722, 750, 752, 762
analysis, 22, 396, 402, 417crises, 13DCE, 458, 679devaluation, 245, 376, 380, 381–2, 386EEA, 141economic growth, 221euromarkets, 183exchange control, 209, 213exchange rate, 236, 250, 251historical, 139, 143IMF, 143, 145, 222, 452import surcharge, 209inflation, 714interest rates, 102, 284
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Index 855
j-curve, 380monetary approach, 243monetary policy, 459Mundell-Fleming, 21revisions in, 176Robot, 147, 149support for, 248–9sterling balances, 408
Ball, Jim, 760Balogh, Thomas, 109, 196, 219, 244Banco Italo-Britannica, 43Banca d’Italia, 216Bank Buildings, 41Bank Charter Act 1844, 59–60, 65,
67, 811Bank for International Settlements (BIS)
assistance for sterling, 170, 175, 191, 216, 228, 239–42, 377, 382, 391, 749
banking supervision, 626, 628central bank co-operation, 162–3gold market, 158–62, 190, 395statistics, 186sterling balances, 222, 374, 405, 407–9,
756swaps, 203, 223–4, 233, 389, 391view on UK reserves, 194–5other, 50, 58–9, 62, 234, 423, 426
Bank of Canada, 62, 216, 334, 485n, 792Bank of England Act 1946, 34, 45, 49, 56,
61–2, 69, 72, 81, 92, 94, 108, 122, 255, 352–4, 358, 370, 432–3, 589, 780, 821, 823
See also Directive (under 1946 Act) and Finances, Bank of England
Bank of England Act 1998, 371n, 811nBank of England Charter, 34, 45, 55Bank of England Quarterly Bulletin,
see Quarterly BulletinBank of Jamaica, 335n, 337Bank of London and South America
(BOLSA) euromarkets, 185George Bolton, 49–50Maurice Parsons, appointed as
chairman, 403–4merger, 330
Bank of Northern Rhodesia, 335n
Bank of Scotland, 325–6, 329, 505, 539–40
Bank Rate CCC, 509–11, 517crises: 1957, 60, 90, 92, 94, 154, 257–601961, 171–2, 174, 268, 270–31964, 197, 200–2, 221, 292, 2991966, 221, 237–91967 devaluation, 243, 247, 299–300,
378, 384, 469domestic economy, 431, 438, 441external purposes, 78, 139, 169, 174,
176, 178–9, 191, 292, 309, 419, 711, 773
MLR, 509, 680, 683, 686procedure, 37, 58, 60, 63, 118, 122–3,
125, 134, 260–2Radcliffe, 128US consultation, 193other, 65, 79–80, 82–3, 86, 88–9,
102–4, 108, 115, 127, 135, 191–4, 252, 262, 264, 276
see also Bank Rate leak, Minimum Lending Rate
Bank Rate Leak, 37, 47, 76, 91, 96–9, 167, 194, 219, 260, 370
see also Parker TribunalBank Return, The, 67Bank/Treasury relations, see TreasuryBanker, The
banking supervision, 610, 623, 633–4clearing bank mergers, 328, 330exchange-rate policy, 713inflation, 249London as an international financial
centre, 781liquidity ratios, 257monetary policy, 662MLR, 511NBPI, 446Radcliffe, 137, 462secondary banking crisis, 545, 562,
575, 580–1SCNI report 1970, 360SCNI report 1976, 810Wilson Committee, 808
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Index856
Bankers Almanac, 598Bankers’ balances
Bank financing, 66–7, 75, 347, 354, 810–1, 813
Bank control, 84monetary base control, 678, 703CCC, 500, 503money markets, 104–5origins, 65payments system, 59
Bankers Club of Chicago, 425Bankers Magazine, The, 137, 462–3Bankhaus Herstatt, 625Banking Act
1979, 588, 611, 617, 629–381987, 638
Banking and Money Markets Supervision (BAMMS), 610–1, 614–6
Banking Bill, 633–4Banking Department, 60, 106, 111, 287,
321, 325, 359, 400, 795, 811–2, 824, 826
separation from Issue Department, 59–60
Banking school, 44, 51Banking Study Group, 443Banking supervision
1950s and 1960s, 62, 588–98action after secondary banking crisis,
605–10Banking Act 1979, 629–38Basle Committee, (also Blunden
Committee, Cooke Committee), 625ff
Basle Concordat, 627ffclubs, 588concordat (Richardson/Healey), 629EC banking directive, 598–605Groupe de Contact, 625informal, 62international co-operation, 625–8legislation, 618fflicensing and supervision of deposit-
taking institutions, white paper, 593–4, 598, 602–33
overseas banks, 595, 598, 614prudential returns, 611–16
self-regulation, 590, 609, 625single-tier, 604two-tier, 604–5, 622, 624, 634, 638see also Discount Office, fringe banks,
secondary banking crisisBanque Commerciale de l’Europe du
Nord, 183Banque de France, 241, 379, 758Banque Pommier, 568Barber, Anthony
Leslie O’Brien, 518monetary policy, 491, 504, 511, 520–2Radcliffe, 127Rolls-Royce, 787, 790other, 324, 570, 593, 606
Barclaycard, 435Barclays Bank
Edward Bates (EBS), 565, 567–8merger with Lloyds, 440merger with Martins Bank, 327–9secondary banking crisis, 535–7,
539–41, 547, 549, 552, 554other, 266, 275, 435, 762
Bardsley, Donald, 532–3Baring crisis 1891, 65, 536, 585Baring Brothers (Barings)
financial advisers to Burmah Oil, 792–3
Rowley Cromer, 168, 226, 379Barnes, Roger
banking supervision, 602–3, 608, 612, 616
Controlling Committee (Lifeboat), 540, 543
Crown Agents, 636EBS Investments, 568
Barron’s Weekly, 544Basle Agreements or Basle Arrangements
1961, 164, 175, 2481968, 416, 428, 732
Basle Committee, see banking supervision
Basle Concordat, 627Batini, Nicoletta, (and Edward
Nelson), 28Baumgartner, Wilfrid, 379Beale, Percival, 51–2
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Index 857
Beenstock, Michael, 652Belgium, 189Bell, Geoffrey, 399, 423n, 450Bell, Tom, 219Benelux, 406Benson, Henry (later Lord Benson), 558,
803, 805Berman, Lawrence, 450Bernard, Dallas, 44Beveridge, Lord, 126Bicester, Lord (Vivian Hugh Smith, 1st
Lord Bicester), 47–8, 96Biffen, John, 397Birch, Nigel, 94Blessing, Karl, 214, 240–1, 420–1Bill Office, 39Blunden, George
banking supervision, 610–5, 617–8, 620, 624–6, 633, 781
reorganisation of bank structure, 823–6
secondary banking crisis, 545, 556, 559, 570, 583–5
other, 53, 62, 288, 366, 636, 774, 810–1Blunden/Cooke Committee, 625–6Board of Trade
banking supervision, 63, 591–3, 595–7, 617
clearing bank disclosure, 445–6Fairfields, 326hire purchase, 264, 273, 435other, 88, 115, 198, 329, 344see also Department of Trade,
Department of Trade and IndustryBolton, George
career, 45, 48–50CDFC, 319–20, 326euromarkets, 182, 185floating sterling and convertibility, 147,
155–6view on Bank’s Radcliffe evidence, 101other, 33, 96, 162, 168n, 403
Bond Worth, 806Bonn Conference (1968), 420–2Book of Common Prayer, 833Boothby, Lord, 83, 86, 125, 266Boulter, John, 402, 467
Bowmakers, 535Boyle, Edward, 170Bradman, Don, 366Bradshaw, Edward, 731–2Branches, Bank of England
criticism of rebuilding costs, 359, 816Law Courts, 816–7rebuilding, 347, 351staff numbers, 361, 770other, 38, 41, 61, 336, 354, 356, 802
Brandt, Peter, 565Brau, Ed, 703Brearley, Simon, 612Bretton Woods Agreements, 4, 25,
50, 138–9, 142, 144–5, 158, 164, 187, 249, 373, 422, 707, 710–1, 739, 771
Bridge, Roy career, 32, 52, 153, 403–5devaluation, 199, 218–9, 235, 239,
247–8, 378–80, 431flexible rates, 152, 154–5gold, 158–61, 225nsterling, 165–6, 177, 202, 216–7, 220,
244–5, 384, 386, 389, 415other, 345, 423n, 713, 716
Bridgeman Group, 654–5, 658, 666, 692, 754
Bridgeman, Michael, 654, 693, 754Bridges, Sir Edward, 73, 85–6, 109Brimmer, Andrew, 425British Association for the Advancement
of Science, 344British Bankers’ Association (BBA), 598,
611, 629British Bank of Commerce, 535British Chambers of Commerce, 344British economy
IMF, 177investment, 213openness, 12, 502performance, 6–14, 139, 149, 173, 198,
208, 380–1British Gas Corporation, 727British Linen Bank, 329British Leyland Motor Corporation, 791British Match, 99
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Index858
British Petroleum (BP) sale of shares, 755–6, 797–8Bank’s shares transferred to Treasury
in 1981, 791, 801other, 355, 719see also Burmah Oil
British Steel, 726Brittan, Samuel, 150, 404, 414, 649, 689,
760Britton, Andrew, 458Brookings Institution, 380Brown, A.J., 652Brown, George, 200, 236, 290, 294Browne, Percy, 593–4Bruce-Gardyne, Jock, 397Brunet, Jacques, 241Brunner, Karl, 464Bucks, Michael, 332Bull, Peter A., 220Bull, Peter J., 336, 351, 738Bullion Office, 39Bulwer-Lytton, Hermione, 44Bundesbank, Deutsche, 214, 420–2, 766Bundy, McGeorge, 214Burmah Oil Company
Bank’s rescue operation, 774, 791–7, 829
Bank’s purchase of Burmah’s BP shares, 793–4
legal action against bank by shareholders, 797–801
Burnham, Peter, 149nBurns, Arthur, 749, 757Burns, Terry, 701, 760Burston Finance, 553Butler, Rab, 82–3, 109, 147, 593Byatt, Derrick, 744, 761
Cadbury, Lawrence, 36n, 45, 47, 167n, 369
Cadbury Brothers, 366Cairncross, Alec
devaluation, 196–7, 199, 239, 245, 374exchange controls, 419, 767IMF, 375, 396–7, 453monetary policy, 79, 83, 170, 172,
429n, 450
Radcliffe, 87, 112, 119, 121–2, 134other, 130, 193, 423
Cairncross, Frances, 462Callaghan, James
1964 crisis, 200, 204–51976 crisis, 750–1, 753appointment of O’Brien, 227Bank Rate/MLR, 201–2, 670n, 683,
685decimalisation, 346devaluation, 240–2, 373exchange rate, 745Fairfields, 326gilt-edged market, 691, 693monetary policy, 290–4, 299–302, 305,
439Wilson Committee, 806other, 225, 358, 441, 443, 631, 634, 697,
766Canada
central bank publication, 62floating exchange rate, 148n, 422other, 161, 334, 377, 412, 464n, 677
Capital Agicultural Mortgage Corporation
(AMC), 323Bank of England, 34, 72, 562capital adequacy/ratios, 549, 551,
596–7, 612, 614, 620–1, 623, 727, 820
CDFC, 319–20EEA, 142ICFC, 322–3
Capital gains tax (1965), 292, 493Capital Issues Committee, 551Caplan, Gerald, 531–4, 546–7Carli, Guido, 216, 241Carlisle, Tony, 53n, 130, 432, 453, 647,
649Carrington, Lord, 789Cartel, see clearing banksCassell, Frank, 490, 646n, 652, 741Cassell, Gustav, 27Cash ratio, 28–9, 80, 254, 275, 301, 398,
448–9, 488–9, 502, 675, 677, 689, 695, 832
Cash ratio deposit scheme, 64
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Index 859
Cash deposits scheme, 305–10, 438, 484, 486, 488
Catto, Lord, 34, 36, 43, 52, 168Cedar Holdings, 523, 534–5, 537, 539Ceilings on advances
98%, 430–2, 436–7100%, 308, 378, 427–8104%, 428105%, 296, 298, 300–2abandonment, 438as a control, 252, 300–1, 309, 438CCC, 485, 487–8, 490, 501, 508, 514–5disaffection with, 300, 427, 484finance houses, 432loopholes, 435reduction in, 258Regulation Q, 185resumption of, 292, 298other, 377, 443, 461, 479, 519, 521–2,
647–8Central Banking and Information
Department (CBID) created, 128–9, 823disbanded, 361
Central bank co-operation, 162–6, 175, 185, 193, 207, 217, 227, 248
Central banks, Bank of England work for, 37, 59
Central Bank of Nigeria, 337Central Bank of Uganda, 336Central banks, overseas – Bank’s
promotion of, 62, 318, 334–40Central Government Borrowing
Requirement (CGBR), 693Central Policy Review Staff (CPRS),
781–2Central Statistical Office, 131Certificates of Deposit (CDs), 234, 481–2,
520, 529–30, 687, 719, 785Chancellor’s Group on Monetary Policy,
291–2Chartered Institute of Public Finance and
Accountancy, 658nCheap money, 65–6Chemical Bank, 168Chequers, 172, 201Chicago School, 20, 453, 472
Chief Cashier reduction in role, 823–5, 828role, 37, 51, 55, 262, 361, 609see also Jasper Hollom, John Fforde,
John Page, Kenneth Peppiatt, Leslie O’Brien
Chief Cashier’s Office (CCO), 37–8, 55, 298, 304, 486, 668
Churchill, Sir Winston, 36City Code, 331–2City, the
Bank Rate leak, 96, 98Bank’s relationship with, 38, 47, 61,
125, 169, 264, 268, 318, 327–34, 441, 489, 524, 585, 590, 636, 773, 779, 790, 809–10
CCC, 501, 507exchange controls, 210industrial finance, 11, 213, 788–9,
802–6London as an international financial
centre, 82, 137, 226, 331, 333, 339, 345, 440, 755, 780–5, 795
Radcliffe, 117–8, 121relations with HMT, 194, 226sterling, 156, 249, 743other, 11, 53, 63, 168, 186, 271, 807–8see also Rolls-Royce, secondary
banking crisis, Wilson CommitteeCity Liaison Committee, 543, 782, 784City Panel on Takeovers and Mergers,
331, 354City Press, The, 556City University
Graduate Business Centre, 801nother, 685, 764
Clappier, Bernard, 758Clarke, Donald, 323Clarke, Hilton
disclosure, 445exemptions under Protection of
Depositors Act, 594Radcliffe, 104Treasury bill tender, 278, 287other, 32, 52, 130, 296, 305, 590
Clarke, Otto, 147Clarke, William, 96n
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Clearing bank/s cartel, 275, 443, 479, 485–8, 508, 524courted by DTI, 782loan to Government, 762profitability, 445, 585squeeze on profits, 275–6secondary banking crisis, 539–40, 543other, 44, 207, 255, 263, 296, 330, 431,
493, 519,see also, Barclays, cartel, CLCB,
Lloyds, mergers, Midland, National Westminster
Clegg, Sir Cuthbert, 327Clews, Roger, 458Clyde Port Authority, 795nCobbold, Cameron Fromanteel
career, 166–9central bank co-operation, 165, 170,
189, 227, 335–6control of bank lending, 170, 172,
253–7, 268, 593Radcliffe, 77, 83–102, 107–12, 122–4,
128, 132–4sterling, 151, 156, 165other, 32, 41, 42–4, 52, 54, 72–33, 176,
331, 341, 476, 733, 766, 832Coghlan, Richard, 689Cohen Committee (on company law),
445Coleby, Tony, 53n, 484, 564, 667–8, 670,
677, 826‘collective approach’, see convertibilityColwyn Report, 327Commercial bills, 294–5, 297, 434, 479,
499, 507, 585, 718, 833Committee of London Clearing Banks
(CLCB) banking supervision, 598, 611, 629CCC, 491, 503–4, 507disclosure, 446Equity Capital for Industry, 805minimum liquidity ratio, 280–1paper on London as a financial centre,
783reduction in rate of interest on special
deposits, 433
restrictions on advances, 269, 292, 294, 298, 300, 429
secondary banking crisis, 539, 549special deposits, 91, 255, 263–4supplementary special deposits, 521other, 459
Committee of Treasury, 36–7, 47, 72, 110, 123, 260–1, 342–3, 369
Committee of Twenty (C20), 714, 737–40
Commodity market loans, 334–5Commodity markets, 334–5, 768Commodity shunting, 150Common Agricultural Policy, 647Common Market, 5, 12, 180, 379, 407
See also European Economic Community
Commonwealth, the, 39, 50, 59, 62, 63n, 123, 151, 157, 296, 319–20, 338–40, 527, 750
Commonwealth Central Banking Summer School, 339
Commonwealth Development Finance Company (CDFC), 61, 319–21, 323, 326, 354
Companies Act(s) 1948, 67, 445, 560, 591, 593, 620, 7961967, 596–7Other, 528
Competition in banking, 269, 288, 295, 427, 482, 484, 587–8, 593, 634, 637, 674, 687
Competition and Credit Control (CCC) assessment, 522–3bankers’ balances, 811banking supervision, 598–600, 604,
607, 637consultations, 499, 502–7, 676end of, 832gilt-edged market, 394, 492–8, 513,
664–5impact on interest rates, 509, 511,
517–8, 520–1in operation, 508ff, 644–5, 677introduction of, 488, 507liability management, 672–4
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money market, 288, 498–9origins, 427, 492, 646, 686press reaction to, 501reappraisal, 514–7, 520–1role in the secondary banking crisis,
524–6, 529, 531, 585Rolls-Royce crisis, 788seminar in the Bank, 501–2special deposits, 511, 672–3Treasury reaction, 490–1, 774See also minimum lending rate,
Andrew Crockett, John FfordeCompton, Sir Edmund, 84, 94Comptroller and Auditor General, 73Computers (use in the Bank), 351, 356–7,
815–6Congdon, Tim, 662Conolly, Frederick, 194–5Conservative Government
1970–4, 483, 487, 519, 786n1979–83, 644, 698, 768, 770, 772, 831
Consolidated Goldfields, 767Constitution and structure, Bank of
England, 34–42, 57, 101, 108–10, 779–80
Consumer Credit Bill, 602, 607Continental Illinois, 767Contingency plans (for sterling)
Androcles, 414Bootstrap, 414Brandon, 414, 418Brutus, 413, 415Conqueror, 414Cranmer, 413, 416Galileo, 414Hecuba, 411, 413–4, 416, 418Orestes, 414Palinurus, 414Priam, 413, 416Proteus, 414Telemachus, 413
Controls consumer credit control, 461, 483–4,
491, 508, 651import, 151, 428, 430lliquidity control, 614
price, 16, 651, 712ratio control, 298, 485, 699use of, 3, 81–3, 85, 89, 119, 174, 221,
252–3, 256, 262–3, 292, 296, 298, 307, 309, 427, 432, 437, 439, 467, 482–5, 489, 491, 500, 519, 521–3, 525–6, 588, 651, 686–8, 699, 773, 781
see also advances, ceilings, exchange control, hire purchase
Controlling Committee, see LifeboatConvertibility
1947, 139, 146, 2491958, 145, 154, 156–7‘collective approach’, 150debate in the 1950s, 143–4, 147,
149–52, 155eurodollar market, 183exchange controls, 172George Bolton, 49gold convertibility, 49interwar years, 140, 145–6sterling balances, 22, 414US dollar, 388, 422see also Robot plan
Cooke and Bull report (on sterling), 220Cooke, Peter
banking supervision, 570, 584, 603, 614–5, 629–32, 634
City Panel, 331–2‘Cooke and Bull’ report, 220Cooke Committee (Basle Committee
of Supervisors), 625, 627–8decimalisation, 345nKahn Report, 219other, 782, 826
Coombs, Charles Bridge, 404euromarkets, 184exchange market ‘bear squeeze’, 215,
217gold, 161, 188–9international exchange rates, 418sterling, 193, 201–3, 209, 215–6sterling devaluation, 240–1, 378, 421swaps, 166
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Coombs, Herbert, 226Co-operative Wholesale Society (CWS),
530–1Cooper Brothers & Lybrand, 327, 555–6,
611, 788–9, 803Cooper, Patrick Ashley, 43, 45Cooper, Richard, 380Coopey, Richard, 323Copisarow, Alcon, 356–7Cork, Kenneth, 537Cornhill Consolidated, 544Cornwall Equities, 563Corpus Christi College, Cambridge, 33,
44‘Corset’, see Supplementary Special
DepositsCounterparts approach, 28–9, 401, 649,
679Court of Directors
appointment process, 36, 369Bank Rate leak, 95–6, 98–9decision on Bank Rate, 36, 63, 123–4,
260–1Radcliffe, 109, 115, 122–3remuneration, 55–6responsibilities and role, 34–5, 47–8,
584, 590, 776structure and composition, 35–6, 45–7,
359, 366–71see also Bank Rate leak, executive
directors, part-time directorsCoutts, 48, 595Coyne, James E., 134nCramp, Tony, 130, 398, 449–50Craik, Ian, 612Crawford, Malcolm, 751–2Credit counterparts, 28Credit policy, 296, 307, 429, 433Credit restraint, 268Credit squeeze, 86, 255, 423, 431, 436Credit Trading Bill, 62, 592Crick, Leslie, 380Cripps, Stafford, 44Crisis, 1976 sterling
Crawford letter, 751–2IMF mission and negotiations, 752ffJune 1976 standby, 658, 749
letter of intent, 645, 671, 683, 756, 760Nigerian selling, 743, 746pressure on sterling in March, 742–6recovery from, 697, 759–66see also sterling balances
Crockett, Andrew CCC, 488–90career, 130, 338IMF seminar, 396, 458money, 398, 401–2, 463–4, 468‘The importance of money’, 452, 464
Croham, Lord see Douglas AllenCromer, Rowley (3rd Earl of Cromer)
Bank Rate, 193, 197, 271, 277, 293banking system, 330–1, 440, 445, 594career, 166–8, 366, 518ceilings, 292, 296, 298, 300euromarkets, 187, 424, 760gilt-edged market operations, 282,
284–6liquidity ratio, 280–1special deposits, 272, 274, 294sterling
1961, 170, 172, 175, 176, 2681964, 199–2081965, 214, 216–8other, 199, 211, 222–3
Treasury bill tender syndicate, 278other, 64, 128, 132, 178, 270, 278,
290–1, 324–5, 336, 352, 441, 443, 476, 828–9
Croom-Johnson, see Crown AgentsCrosland, Anthony, 87, 329Crouch, Robert L., 136, 289, 398, 448–9Crown Agents
Croom-Johnson, 636–7, 830–1Fay Report, 529, 635–6move into banking business, 527–9secondary banking crisis, 553–6,
569–70, 581Stevenson Report, 528, 635, 830–1
Crowther Report (on consumer credit), 491, 602
Cuban missile crisis, 180, 285Cubbage, Michael, 341Cuckney, John, 554–5Currency boards, 335
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Currency and Bank Notes Act, 60Cycles, 9–10, 208
Daane, J. Dewey, 240–1Dahrendorf, Ralf, 807Daily Mail, 168Daily Mirror, 233, 355, 365–6, 531Daily Telegraph, The, 83, 97, 118Dalton, Hugh, 34, 43–4, 109, 133Daniell, Peter, 474n, 492–7, 497, 500Dascombe, Arthur, 96–8Davenport, Nicholas, 117Davies, Denzil, 630, 632–3Davies, Gavyn, 693Davies, Howard, 369Davies, Jack, 366Dawkins, Douglas, 767–70, 826Day, Professor Alan, 150–1Day, Robin, 169Dealing and Accounts Office, 39, 52, 152,
160Dear money, 83Debden, see Printing WorksDebt management
objectives, 107–8and monetary policy, 115, 126, 135–6,
251–2, 466–7, 687, 692Radcliffe, 113other, 291see also gilt-edged market
Decimalisation, 343–6Deflation, 15, 82, 135, 377–8, 719Deflationary measures, 209, 224, 265,
299, 378, 421, 430De L’Isle, Lord, 537Dell, Edmund, 741, 745–6, 794De Moubray, Guy, 62, 286, 339, 357,
448–9, 450nDeming, Fred, 420nDeming Group, 420Denmark, 418Department of Economic Affairs (DEA),
130, 238, 290Department of Trade
banking supervision legislation, 617, 620London and County Securities, 546Slater Walker, 560
Department of Trade and Industry (DTI), banking supervision legislation, 506,
602, 604, 606–7London as a financial centre, 782other, 325, 506
Deposit insurance, 618, 620Deposit-taking institutions, 578, 596,
602–3, 605, 607, 613, 618–9, 622–3, 633
Deputy Governor see Humphrey Mynors, Jasper Hollom,
Kit McMahon, Leslie O’Brien, Maurice Parsons
Deutsche Bank, 379Deutsche mark (DM), see West GermanyDevaluation
1949, 145, 147, 198, 249, 372French, 1948, 145, 196
1958, 1961969, 418, 420
FU committee, 217–8, 237j-curve, 372Labour opposed, 248planning for, 217ff, 223, 225prospect of further, 380, 382, 412–3, 715talk of in 1964, 198, 203–4, 206, 208,
211, 214–5Devaluation, 1967
aftermath, 372, 378–80, 382, 393, 420announcement, 243, 374as solution, 372associated measures, 241, 308, 396,
402, 406–7, 412balance of payments, 376Bank’s view, 199, 223, 237, 373, 377BIS view, 241consequences, 333fears of further, 378–80, 382, 413floating, 237forward intervention, 244, 731, 745gilts and money markets, 460, 477Gold Pool, 393inevitability, 235–6, 239, 241j-curve, 372money supply, 397reserves, 389, 391, 406, 407, 412sterling crisis, 198
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sterling holders, 373, 405support for sterling, 228, 239–40, 243timing, 239, 243, 247US view, 241War Book, 218other, 403–4, 482
Dibbs, Alex, 533–4Dicks-Mireaux, Leslie, 130, 357, 397,
458–9, 463, 468Dillon, Douglas, 177, 188Directive (under 1946 Act), 81–2, 92,
432–3Disclosure, by clearing banks, 67, 354,
393, 441–2, 444–7, 551Discount houses
asset portfolios, CCC, 499, 502, 516control of credit, 295–6, 430discount market, 102–4MLR, 516–7, 683role, 79–80, 82, 104, 287–9, 305, 309,
477–8, 482and short-maturity gilts, 497supervision of, 62, 589, 594other, 38, 59, 130, 374, 446
Discount Office end of, 361, 609–10secondary banking crisis, 526, 542,
569, 578work of, 38, 62, 104, 278, 296, 305, 434,
479, 590–1, 596–7, 599, 601, 605–7, 611, 616
Discount market, 58, 82, 100, 103–4, 118, 239, 277–8, 295, 299, 305, 434, 478, 482, 498, 502–3, 515, 517, 585, 683, 697, see also London Discount Market Association
Dividend Pay and Loans Office, 39Dollar, Canadian, 422Dollar, US
Burmah Oil, 792–6certificates of deposit, 481convertibility, 386devaluation, 161, 164, 422–3, 710, 717defence of, 249dollar holdings, 217, 228, 233–5, 276,
383, 386, 419, 422
dollar standard, 144euromarkets, 182–6, 191, 479, 762gold anchor, 157gold market, 394gold reserves, 138gold shortage, 138IMF, 165international reserve, 395pressure on, 138, 372, 379, 415, 716–7,
761price of gold, 158, 160–1, 187, 189,
395, 710stabilization fund, 141sterling area, 146sterling balances, 409, 735, 736support for, 421, 717swaps, 166UK devaluation, 147, 196, 203, 213,
243other, 708, 715, 717, 719, 721, 733
Domestic credit expansion (DCE) 1968–70, 376, 399–402, 452–3, 456–60,
463, 4661976 target, 645, 659, 671, 679, 755apparent death of, 649article in the Quarterly Bulletin, 452gilt sales, 670IMF, 463IMF Seminar, 396, 398, 452–3, 458Polak, Jacques, 396, 398, 401, 456, 459other, 482, 489, 494, 667, 692, 704, 748,
754, 831see also money supply
Donoughue, Bernard, 745Dow, Christopher
career, 647exchange rate, 712n, 720, 763–4, 765monetary base control, 689monetary policy, 648, 653–7, 677, 686other, 119, 381, 615, 775–6, 778, 825–6
Down, Alastair, 792, 794, 799–800Downey, Gordon, 552Downing Street, 199, 202, 215Draconis, 670, 751Drawing Office, 39, 332, 598Dresdner Bank, 762Duck, Nigel, 675, 688–9Dyson, Jim, 540
Devaluation (cont.)
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Eagle Star Insurance Company, 533–4, 553Earmarking, 159nEBS Investments (EBSI), 568Eccleston, Harry, 342Economica, 450Economic Intelligence Department (EID)
formation of, 128, 823reorganisation, 357, 361other, 129, 363, 397, 439, 451, 454, 460,
481, 486, 648, 689, 705, 824Economic Journal, 448, 651, 688Economic Trends, 232, 456, 458Economist, The, 98, 105, 154, 158, 159n,
226–7, 501, 507, 527, 536, 623, 658Economists
Bank, 51, 54, 99, 128–9, 134, 447, 452, 653, 706, 826
devaluation, 214financial stability, 424Treasury, 199, 213, 716Keynesian, 20long haired, 474Radcliffe, 87–8, 90, 100, 110–1, 116–7,
119–20, 124, 128, 184other, 2, 6, 27, 33, 135, 148, 459, 463,
501, 668, 676, 754, 760, 777, 779E. D. Sassoon Banking Corporation, 569Edward Bates and Sons/Holdings, 525,
556, 564–8, 571, 581, 615see also EBS Investments
Eichengreen, Barry, 142, 245Einzig, Paul, 184Eire, 340Elasticity pessimism, 712Electricity Council, 535, 727Emminger, Otmar, 420, 422Equity Capital for Industry Limited
(ECI), 804–6Erskine, Murray, 569Establishment Department, 37, 39, 357,
361Eton College, 42, 47, 98, 130, 560Euro-currency market, 374, 423, 426,
584, 731Eurodollar borrowing, by HMG, 727,
736, 763Eurodollars, 50, 183–6, 424–6, 439, 479,
516
Euromarkets, 182–7, 423–6European Economic Community (EEC)
banking directive, see banking supervision
committee of twenty, 737European Union, 4exchange control, 767, 769Groupe de Contact, see banking
supervisionharmonisation of monetary
instruments, 648–9, 678IMF Special Drawing Rights, 420monetary base control, 689negotiations over UK entry, 180, 237,
284, 390, 406, 418sterling in the 1970s, 711, 714, 717Treaty of Rome, 4–5
European Free Trade Area (EFTA), 12European Monetary Union (EMU)/
European Monetary System (EMS), 764, 766, 769
European Payments Union (EPU), 50, 144, 148, 151, 157, 163
European Union, see European Economic Community
Evening News, The, 430, 808Evening Standard, 260, 271Exchange control
abolition, 766, 772–3, 783Alec Cairncross, 419authorised banks, 591Bank’s management of, 38–9, 41, 50,
57, 59, 108, 122, 210, 338Bank staff employed, 40, 59, 212, 361,
611Bank’s view on, 172, 173, 210–2costs of management, 67, 73, 74, 212,
347, 351, 353, 359Exchange Control Act 1947, 39, 59, 591Hayek, 212in support of sterling/reserves, 767Kahn, 220overseas investment, 213Radcliffe, 116relaxation, 768SCNI, 358sterling area, 146, 711sterling contingency plans, 44, 415, 418
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SSDs, 700–1use of, 21, 59, 151, 157, 172, 174, 191,
206, 209–12, 223, 333, 372, 391, 406, 418, 713, 719, 731
Exchange control, other countries, 141, 144, 248
Exchange Control and Overseas, 38–9Exchange Control Department, creation
of, 361Exchange Equalisation Account (EEA)
Bank’s management, 38, 57, 59, 108, 707
costs of management, 67, 73, 352–3, 359, 812
purpose and operation, 22, 60–1, 141–2, 206, 219, 358, 712, 731
Exchange Rate 1979 Conservative government, 831Committee of Twenty, 8, 737Common Agricultural Policy, 648depreciation, 149, 740–1devaluation, 237, 245effective rate, 708, 736exchange controls, 767fixed rates, 21–2, 137, 416, 422, 447,
710, 737, 765fixed vs. floating, 237flexible rates, 21, 151, 237, 416IMF, 749, 756inflation, 19, 137, 760, 764management, 11, 18misalignment, 2and monetary policy, 19, 684–5, 705,
742ff, 760, 773parity, 139, 148pegged rates, 5, 19, 21–2, 25, 139ff,
143, 145, 147, 152, 173, 251, 396, 426, 508, 711–2, 714, 737, 765
policy, 22, 105, 691, 705, 711, 712ff, 732, 740, 741–2, 749, 763, 764, 831
real rates, 709, 763regimes, 19, 139, 417–8, 423responsibility between Bank and
Treasury, 19, 707, 712stabilisation, 684sterling balances, 222, 405, 735–6
wider bands, 22, 154, 472, 767see also floating exchange rate, forward
intervention, snakeExecutive Director, UK, IMF (and
alternate), 167–8, 178, 336, 377, 738, 741
Executive Directors, Bank of England remuneration, 56, 365role, 32, 37, 48–9, 361, 366, 369, 777,
809, 823–5SCNI, 359, 369–70
Exim Bank/Eximbank, 203, 215, 235n
Fabian Society, 809Facial hair, 49Fairfields (Fairfield Shipbuilding and
Engineering Co), 325–6, 333, 353–4Fairfield Rowan, 326Farrant, Richard, 616, 633Faulkner, Eric, 491–2, 518, 530, 549, 787Fay, Judge Edgar, 529, 635–6Fay Report, see Crown AgentsFederal Reserve/Fed
FOMC, 209, 418sterling devaluation, 243, 247, 249, 378swap facilities, 197, 203, 222, 228, 377,
383–4other, 25, 27, 51, 140, 159n, 161, 165–6,
193, 214, 234, 242, 369, 417–8, 424, 426, 456, 712, 738, 749, 777
Federal Reserve Bank of New York (FRBNY), 160, 162, 188, 465, 749
Federal Reserve Bulletin, 90Feldman, Marty, 474Fenton, Roy
working party on re-fixing sterling, 714–5
other, 333, 336–7, 379, 405, 731Ferras, Gabriel, 222Fforde, John
Bank of England Annual Report, 133Bank of England independence, 177Bank of England Quarterly Bulletin,
131Bank Rate, 92, 171, 238, 428banking supervision, 63, 590, 592,
600–8, 612, 617, 619–21, 630, 637
Exchange control (cont.)
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banking system, 330–1, 439, 440career, 51, 701–2, 826cash deposits scheme, 307–8, 439ceilings, 300, 309, 428–9, 432–4, 521clearing banks’ disclosure, 446CCC, 485–90, 494–5, 505–6, 514DCE, 402gilt-edged market operations, 302,
469–74, 477, 494, 497–8, 669, 691–3Grand Old Duke of York, 669industrial finance, 791, 806Keogh, 580, 590MLR, 509, 669–70money, 451, 463, 669–70money market operations, 305, 477–9,
502monetary policy, 649, 655–6, 687, 689,
695–6, 698, 703monetary targets, 658–9, 687–8public relations, 777Radcliffe, 85, 100reserve asset ratio, 675reserve currency, 182, 406Rolls-Royce, 488, 787–8secondary banking crisis, 549, 559, 637special deposits, 301sterling, 408, 715–6other, 44, 94, 130, 165, 237–8, 380, 397,
405, 437, 600, 636, 676, 695, 782, 799, 807
Fiat money, 5Fiduciary issue, 60, 340, 505Figgures, Frank, 410, 432, 437, 473, 490Films, about the Bank, 76n, 776Finances, Bank of England
bankers’ balances, 66–7, 75, 347, 354, 810–1, 813
capital, 34, 72, 562cash ratio deposit scheme, 64charges to government, 64, 73–5,
351–4, 813–4‘dividend’ payment to HMT, 72, 347,
351, 353–4, 774, 812, 819–20, 830expenditure, 41n, 67–70, 72, 74, 347,
351, 354, 359, 810–3, 815–7income, 61, 64–8, 72, 346–7, 354, 359,
811, 813–4, 817
profits, 67, 69–72, 74–6, 351–4, 359, 774, 810–12, 817–22
reserves, 67–8, 70, 72, 347, 353–4, 359, 795, 811–2, 817, 819–21
Finance Corporation for Industry (FCI), 320–4, 354, 540, 803–4
Finance For Industry (FFI), 322, 804Finance houses, 62, 269–70, 297–8, 302,
330, 430, 432, 485–6, 491–2, 500, 506, 522, 578, 593, 598–9, 612
Finance Houses Association (FHA), 270, 429n, 432, 492, 506, 593–5, 612–3, 629
Financial Times, 14, 127–8, 360, 544–5, 551, 649, 678, 686, 689, 768, 770
Finch, David 1976 crisis, 748–9, 752–5monetary base control, 659, 676, 678,
703Finvest, 528First Arabian Corporation, 565–6First National City Bank, 481First National Finance Corporation
(FNFC), 533–5, 546–8, 552–3, 572Fiscal agent, 177Fisher, Irving, 27, 78Fisher, John, 50, 58, 254Fleming, Marcus, 21–2Flemming, John, 826Floating exchange rate
1950s discussion, 146–56breakdown of Bretton Woods, 422,
710nCCC, 508devaluation, 218–9, 237–8, 372, 379exchange control, 419exchange-rate policy, 708, 712–3, 715,
718, 742, 765forward exchange, 730gilts, 513interwar, 142, 146managed, 140, 142monetary policy, 704–5, 721, 831Radcliffe, 87schemes for, 181, 187, 196sterling area, 405, 413–8theory, 6, 22, 721
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Index868
Foot, Michael, 698, 704Forbes, Archibald, 429, 491–2, 503–4,
538, 787–8Ford, Gerald (US President), 753Ford Motor Credit Company, 296Foreign banks in London, 226, 269, 328,
492, 612, 780–1, 784Foreign-currency Bonds, 757–8Foreign-currency borrowing, 210, 391,
721, 723, 726–7, 757–8Foreign Exchange Committee (FEC), 784Foreign Exchange and Currency Deposit
Brokers’ Association (FECDBA), 784–5
Foreign Exchange Division (see Gold and Foreign Exchange Office)
Foreign exchange intervention 1968–71, 384–9, 415–61970s, 712, 714–5, 720, 722–3, 761,
763, 7671976, 740, 743, 746–8, 750policy, 764, 772, 773spot intervention, 732other, 174, 684, 711, 739see also forward intervention, swaps,
sterling crisesForeign exchange markets
bear squeeze, 215, 217, 220closed, 712, 717forward market, 107, 157, 198, 205–6,
730, 732Roy Bridge comments, 245, 713state of/conditions in, 191, 203, 206–8,
412, 417, 420, 477, 530, 717, 750, 760
tactics, 174, 731–2, 746–7other, 58, 177, 489, 707, 722, 809see also forward intervention, Foreign
Exchange Committee, swapsForeign exchange reserves
adequacy, 174, 195, 382balance of payments, 13, 139, 174, 250composition, 188, 389–91contingency planning, 413devaluation, 243, 382dollar portfolio, 228, 233–5euromarkets, 183
exchange controls, 59, 209exchange rate in 1970s, 707, 715,
718–20, 745–6, 749floating rate, 219, 415forward intervention, 205–6, 245, 732increases in, 179, 191, 220, 382, 386,
388, 419, 720–1, 760, 762–3, 772manipulation of, 166, 229–33, 235,
373, 389, 721–3pressure on, 153–4, 175–6, 202, 205,
215–6, 224, 236–8, 243, 383, 720Robot, 148sterling area, 145, 378, 407–9, 411, 413,
714, 734–5other, 28, 59, 207–8, 732, 771See also Cecil King, Gold Pool, swaps
Forsyth, John, 669nForth Port Authority, 795nForward intervention
1964–67, 205–6, 244–5, 731, 7731970s, 731–2oversold position, 236, 244–5profits/losses, 244–5view of Radcliffe, 206
Fowler, Henry, 215–6, 383, 421France
Bank courses, 340Bonn meeting 1968, 420–2capital controls, 769devaluation 1948, 145devaluation, 1957, 153devaluation 1958, 196devaluation 1969, 386, 418economic planning, 290Gold Pool, 189, 225, 394–5sterling agreements, 412, 758support for sterling, 215–7wine, 415other, 14, 142, 180, 568, 692
Franklin National Bank, 625Franks, Sir Oliver (later Lord Franks)
candidate for Governor, 167–8Radcliffe, 88other, 91, 255, 264, 268–9
Fraser, Ian, 806Fratianni, Michele, 678French Revolution, 14
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Freshfields, 606, 798Friedman, Milton, 20, 23, 136, 142, 186,
402, 417n, 447, 451, 468, 474, 676, 751
Frimpong-Ansah, Jonathan, 738Fringe banks, 278, 525–8, 534, 537, 544,
547, 554, 570, 575, 578–80, 599, 605–7, 611, 613, 637
Fringe Banks Standing Committee, 535–6
Fry, Richard, 99n, 219FU Committee, see devaluationFunctions, Bank of England, 56–64, 101,
589
Gaitskell, Hugh, 109, 110nGalpin, Rodney
banking supervision, 590, 600, 606, 610, 612, 615, 621
Crown Agents, 554, 636Edward Bates, 565, 567restructuring of Bank, 826secondary banking crisis, 533, 546Slater Walker, 558Treasury bill syndicate, 498–9Wallace Brothers, 571
Gatekeeper, 63Geddes, Reay
Industrial Reorganisation Committee, 324
Shipbuilding Inquiry, 325–6General Agreements to Borrow (GAB),
164, 175, 181, 201, 374, 403General Agreement on Tariffs and Trade
(GATT), 3, 50, 151Germany, see West GermanyGeorge, Edward (Eddie, later Lord), 56,
693, 695, 698, 702, 738, 826Gerrard and Reid, 589Gilbert, Milton, 222Gilletts, 130Gill, Malcolm, 53, 220, 612, 620, 629–30,
830Gilmour, Ian, 147nGilt-edged market
ARIEL, 666–7Bank’s views in 1960s, 471–5
CCC, 484, 488–9, 492–6, 497–9, 500–1, 508, 513–4
conversions, 105, 113criticism of Bank, 448, 662Fforde’s views on, 470–1Grand Old Duke of York, 669interest rates, 282–6maturity profile, 283, 303–4, 475, 496ministerial interest in, 691–4market tactics, 1960s, 265–8, 302–4,
468–77, 492–3market tactics, 1970s, 664–70origins, 104–7over-subscription, 303, 694–5Radcliffe, 89, 102, 107–8, 114, 116tap stocks, 106–7, 285, 302, 469–71,
476, 497, 500, 660, 668, 689, 694Watling Street, battle/siege of, 694–5other, 48, 58, 102, 194, 251, 263, 274,
280, 381, 399–400, 460, 467, 520, 680, 699–700, 703, 774, 809, 824, 826
See also debt managementGlyn Mills, 47, 329, 366, 595Godber, Lord, 319Gold, Joseph, 164Gold and Foreign Exchange Office, 713Gold convertibility, 138Gold market, London, 158–9, 161–2,
180–1, 188–90, 224, 374, 383, 393–5Gold Pool
collapse, 145, 372, 374, 392, 393–6earmarking, 159nFrench withdrawal, 225, 394–5operation, 162, 187–90, 224–5, 248gold reserves,
Gold robbery, 60nGold standard, 15, 25, 78, 105, 138,
140–1, 143–4, 784Goldman, Samuel, 193, 211, 308, 446, 507Goldsmith, James, 559–60, 562Gonville and Caius College, Cambridge,
519Goode, Richard, 375, 381Goodhart, Charles
career, 130, 172CCC, 491, 521
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DCE, 399, 400, 453, 456, 457, 458gilt-edged market, 668, 689monetary policy, 646, 647, 655, 656,
676–8, 686monetary targets, 657, 658, 671, 687monetary base control, 676, 688, 754money supply, 455, 467, 649, 652, 679‘The importance of money’, 452, 464–6Radcliffe, 117reserve asset ratio, 674, 675SSDs, 521, 674, 687other, 357, 398, 399, 455, 459, 460, 464,
468, 469, 654, 668, 670, 673, 676, 696, 698, 701, 704, 721, 767, 807, 826
Goodhart’s law, 400nGoodson, Harry, 496Gordon, Charles, 535, 580Gordon Riots, 63Gore Browne, Tommy, 494Gorton, John, (Australian prime
minister), 410Goschen Rule, 191, 192nGovernment Bonds, see gilt-edgedGovernment Broker
CCC, 492–7, 500, 513evidence given to Radcliffe, 101, 107–8role, 63, 106, 265, 469–71, 473–4, 689other, 99, 102, 662, 666, 694see also Mullens & Co.
Government budget constraint, 20–1Governor
appointment, 48, 52, 369remuneration, 55–6, 363also see Cameron Cobbold, Gordon
Richardson, Leslie O’Brien, Rowley Cromer
Graduate recruitment, 41, 53–4, 130, 363, 366, 447
Grafftey-Smith, Jeremy ‘Jinx’, 569Graham, Andrew, 807Graham, Stuart, 540, 549Great Depression, 2, 79, 140, 142, 183n,
234nGreece, 11Greenwells, 458, 676
Griffiths, Brian, 289, 462, 502, 685n, 698–9, 810
Grindlays Bank, 760Group of Ten (G10), 214–6, 242, 375,
419, 421, 426, 614–5, 625, 710, 737, 762
Group on Monetary Policy, 437, 465, 467, 485–6
Guardian, The, 525nGuernsey, 300, 562Guevara, Che (Ernesto), xix Guilder, 422Guindey, Guillaume, 159Gurkha Regiment, 63nGuth, Wilfried, 379Guy Butler & Co., 287
Hall, Frank, 600, 602Hall, Richard, 335n, 526Hall, Robert, 84–5, 88, 94, 121, 135, 155,
170, 172Hallett, Richard, 335n, 716, 718, 788Halsbury, Lord, 345, 366Halsbury Committee, 345, 366Hambro, Charles, 43, 45, 47, 110, 124,
330, 369, 425, 560Hambro, Jack, 43Hambros (Bank), 47, 533, 560, 564, 566,
730Hamburger, Michael, 468Hanbury-Williams, John, 44–5, 47, 110,
168, 369Hancock, David, 768Hansard, 134Hansen, Alvin, 2Harcourt, Lord, 88, 124, 167Harrod, Roy, 119–20, 135, 161, 168, 186,
380Harmood Banner, 532Haslam, Eric, 335, 338, 378Haw Par, 558–9Hawker, Cyril, 49, 56, 113, 263, 445Hayek, Friedrich von, 78n, 211Hayes, Alfred, 160–1, 168, 193, 235,
240–1Healey, Denis
1976 crisis, 749–51, 753, 755
Goodhart, Charles (cont.)
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Burmah rescue, 792, 797, 800eurodollar loan, 727exchange rate, 742, 744–5gilts, 684, 691–2money supply, 654, 657–9, 679MLR, 670, 683proposed banking legislation, 622Slater Walker, 563special deposits/SSDs, 660, 688view of economics, 702other, 519, 523, 829
Heasman, Roy, 128–9, 220, 298, 357Heath, Edward
gilt-edged market, 513relationship with Leslie O’Brien, 518,
787other, 520, 521n, 523, 645
Heath Government, 523, 526, 644, 788, 804
see also Conservative government, 1970–4
Hedley-Miller, Mary, 391, 752Henderson, David, 20Henderson, Hubert, 135Henry Thornton Lecture, 764Herstatt
failure, 548, 625and foreign exchange losses, 730–1
Hill Samuel exposure to Herstatt failure, 731failed merger with Slater Walker, 559other, 532
Hire purchase controls refrigerators, 273other, 83, 108, 113, 170, 209, 252, 258,
262–5, 268–9, 273, 292, 294, 296, 378, 430, 435, 491, 522, 535, 647
Hirsch, Fred, 249, 420nHoar, Stanley, 319Hollom, Sir Jasper
assistance to commodity traders, 333Bank of England finances 75, 353–4,
820–2Bank of England Quarterly Bulletin, 132banking supervision, 301banking system, 329, 445–66Burmah Oil, 793–801
career, 32, 52, 826, 829CCC, 485, 496, 507credit control, 292, 296, 308, 435Crown Agents, 528, 554, 636gilt-edged market operations, 114, 302,
304, 473–5, 496, 498illness of Maurice Parsons, 404industrial finance, 319, 804liquidity ratio, 279–81Mersey Docks and Harbour Board, 791money, 397, 508money market operations, 276, 288–9,
299, 499Rolls-Royce, 787SCOOP, 529, 530secondary banking crisis, 535–42, 549,
557, 560, 572, 584, 654special deposits, 263, 275use of Bank Rate, 238, 294Wilson Committee, 807other, 97, 100, 197, 343, 353, 358, 380,
415, 437, 448, 716, 801, 808–10Holtrop, Marius, 28, 216, 222, 379Hong Kong, 409, 558, 735, 750Hongkong and Shanghai Banking
Corporation, 337Hooley, Frank, 562, 577Hoover, Herbert (US President), 234nHotson, Anthony, 698Houblon, Sir John, 99n, 226Houblon Tankard, 99Houblon-Norman Fund, 51, 129House of Commons, 133, 356, 376, 699,
755Houthakker, Hendrik, 417Hove Conference (seminar), 459, 461–4Howe, Geoffrey
exchange control, 768–70Minister of Trade, 606other, 698–701, 765, 832
Hydro Conduit Corporation, 767Hyperinflation, 2
Iklé, Max, 165, 216Import controls, see controlsIncomes and Corporation Taxes Act 597,
1970
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Incomes policy Bank’s view, 270, 291, 508, 653pay pause, 270scepticism about value, 223used in effort to control inflation, 137,
174, 249, 252, 283, 284, 373, 644, 651, 697, 705, 716, 741
Independence, Bank of England Bank’s finances, 64, 811–2, 819, 822banking supervision, 618, 773case for 16, 21, 26, 169exchange rate, 744, 746interest rates, 225, 685London as financial centre, 774nineteenth century, 773Radcliffe, 109, 114, 121reconsideration of in 1970s, 775–6,
778–9secondary banking crisis, 584threats to, 359, 482tradition of, 34Wilson, 370
India, 44, 52, 87n, 147, 154, 568, 758Industrial and Commercial Finance
Corporation (ICFC), 320, 322–4, 354, 802–4
see also FCI, FFI (3i)Industrial finance, 318, 774, 801–4, 808,
826Industrial Finance Unit (IFU), 774, 803Industrial Reorganisation Corporation
(IRC), 324–5, 354, 786, 803–4Inflation
1950s, 82–3, 86, 137, 1541960s, 5, 23, 373, 6451970s, 483–4, 510, 513–4, 645–6, 648Bank’s finances, 354, 583clearing banks’ capital, 551control, 21, 93, 252, 256, 258, 467, 831cost-push, 6, 173, 270, 291, 466, 652devaluation, 378, 402exchange rate, 137, 144, 154, 173,
714–6, 720, 764expectations, 22, 24–6, 154, 283, 469,
645, 648euromarkets, 374, 423fixed exchange rate, 22, 422
hyperinflation, 2incomes policy, 249, 270, 291, 644,
651, 653interest rates, 283, 310, 468, 513, 662monetary policy, 6, 16, 19, 402–3,
653–4, 678, 698–9money growth, 25, 79, 463, 508, 522,
652, 657–9, 832output, 7, 16sources, 83, 124, 137, 508, 705stagflation, 6, 10, 484unemployment, 20, 23, 26, 373, 751United States, 158, 395, 705other, 15, 21, 26, 179, 226, 261, 267,
282, 365, 394, 468, 526, 547, 662, 668–9, 693, 701, 703, 811
Inland Revenue, 597, 782Institute of Bankers, 57, 339, 578Institute of Bankers in Scotland, 671nInstitutional Shareholders Committee
(ISC), 802Inter-bank market, 287, 479–81, 516, 520,
529, 675, 780, 785Inter-Bank Research Organisation
(IBRO), 781Interest Bearing Eligible Liabilities
(IBELs), 522, 649, 659, 674, 687–8, 700
Interest Equalisation Tax (United States), 185
Interest rates Bank setting, 118, 126, 225, 438banks’ cartel, 500Bank’s finances, 347, 354CCC, 491, 508, 513–5, 520–3controls, 25, 29–30euromarkets, 183expectations, 398, 669, 689fringe banks, 525, 529, 534gilts, 105, 106, 473–4, 477, 496, 689inter-bank, 520interest-rate policy, 104–5, 118, 137,
284, 309–10, 376, 399, 470, 477, 482, 490, 644–6, 684–5, 704, 717
international differential, 193, 222, 239, 261, 276, 761, 767
international cooperation, 171, 228
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investment, 82, 135, 199, 647, 720long-term, 19, 105, 112, 267, 470monetary analysis, 19–20monetary policy, 19, 25, 51, 66, 427,
438, 477, 653–4, 680–7money, 24, 79, 136, 450, 653, 662, 687,
697, 700Radcliffe, 112, 135, 199, 461, 466real, 86, 126, 402short-term 104, 486, 489, 672–3, 686structure, 105, 112, 135–6, 283, 297sterling, 22, 105, 205, 647, 684, 720,
744see also Bank Rate, Minimum Lending
RateInternational Clearing Union, 143International monetarism, 15, 760International Monetary Fund (IMF)
1976 crisis and negotiations, 657–62, 737–48
beginnings, 3, 139, 143–5Bank of England account, 39ceilings on lending, 298, 302, 429conditionality, 178, 372–81, 450–9, 715Committee of Twenty, 737–8DCE targets, 396–401, 462devaluation 1967, 235ff, 374euromarkets, 186exchange rate, 139floating rates, 379, 715foreign exchange reserves, 379, 715General Agreements to Borrow, 164,
374Gilts, 381, 470, 474–5, 660gold price, 160, 162gold crisis, 393international monetary system, 181,
187, 736memorandum of understanding, 399monetary base control, 659, 675, 689monetary targets, 703, 762oil facility, 719, 737Robot, 148, 150secondments to, 49–51, 62, 167–8,
336–7seminars, 397–400, 455, 458, 464–5,
470–2
Smithsonian, 711Special Drawing Rights, 420, 719staff Papers, 28sterling balances, 407, 417, 436, 736sterling convertibility, 157support for sterling, 165, 170, 174–81,
191, 197–8, 209, 228, 241, 248, 715International monetary reform, 419–23,
714, 717see Committee of Twenty, Bonn
Conference, SDRsIran, borrowing from, 727Irish leak, 434–5Irmler, Heinrich, 420Israel-British Bank, 548, 625Issue Department, 60, 67, 90, 106–8,
113–4, 141, 302–3, 469–70, 492, 675, 793–5, 801, 811
Issue Department deposits, 675Italy, 11, 145, 189, 241, 340, 717, 769
J-curve, 380Jacobsson, Per, 164, 177–8, 187, 337, 345nJacomb, Sir Martin, 580James, Henry, 657nJapan,
support for sterling, 240, 377, 412other, 4, 11–2, 157, 738
Jay, Douglas, 125, 127, 198, 290Jay, Peter, 125, 410, 454, 474, 662n, 751n,
760Jenkin, Patrick, 799Jenkins Committee (on Company Law),
445Jenkins, Hugh, 537Jenkins, Roy
Brutus, 415controls on bank lending, 431, 436, 438DCE, 400–1disclosure of central bank assistance,
393gilt-edged market, 474–5SCNI, 358sterling, 373, 376, 382other, 329, 421
Jessel, D.C.G., 478Joge, Sven, 408
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John Brown and Co., 403Johnian Society, 702Johns, Douglas, 590nJohnson, Burton, 537Johnson, H.G. (Harry), 111, 417, 459–60,
462–3Johnson, Lyndon B. (US President), 193,
199, 214–5, 240, 242, 420Johnson Matthey failure, 583n, 638Joint Standing Committee (JSC), 784–5Jones, Aubrey, 291, 379, 441–2, 651Jones, William, 88Jordan, Jerry, 464J.P. Morgan, 168
Kafka, Alexandre, 738Kahn, Lord,
Report on sterling 1966, 219–20Report on sterling 1971, 220costs of sterling crises, 228, 243, 245
Kaldor, Nicholas, 105, 218–9, 238, 396, 651Kearton, Sir Frank, 324Kennedy, John F. (US President), 160,
162, 181, 276Kennington, Ivor, 560Kent, Pen, 752Keogh, James (Jim)
blame for the secondary banking crisis, 579–80, 590, 605, 609–10, 830
Crown Agents, 528, 636Fringe banks, 526, 578–9, 637Fringe Banks Standing Committee,
535–6London and County, 532–4Slater Walker, 557Wallace Brothers, 569other, 305, 434, 540, 545, 606, 788
Keswick, William, 45, 96–7Keynes, John Maynard (Lord), 50, 79–80,
110, 119, 135, 143, 181, 453Keynesian economics, 6, 19–21, 23, 44,
79–80, 134, 381, 454, 647, 696, 712Keyser Ullman, 533–4, 548Kidder Peabody, 168Kindersley, Lord (Robert) (1st Baron
Kindersley), 45, 47, 96–7, 99, 166, 366
King, Cecil claim that Leslie O’Brien was sacked,
518claim to have been offered post of
Governor, 227reserves and resignation, 233, 366,
379–80value of payment to non-executive
directors, 56King, Wilfred, 120, 257Kinross, John, 323Kings Arms Yard, 41Kirbyshire, John, 53n, 380, 670, 738Knobl, Adalbert, 703Knowles and Foster, 204Kondratieff cycle, 10Korean War, 3, 13Kuwait, 409, 733, 735Kynaston, David, 538n, 572, 771
Labour Government 1945–50, 341964–70, 198, 207, 225, 233, 248, 250,
324, 440, 443, 8121974–79, 712, 742, 770
Laidler, David, 468Latin America, 3, 380, 415Law Courts Branch, 41, 590n, 816–7Lawson, Nigel, 768, 770Layton, Derrick, 720Lazards, 96, 806Lee, Sir Frank
Bank Rate, 261, 272exchange control, 173gilt-edged market, 266–7, 284Gold Pool, 189special deposits, 262, 264other, 47n, 130, 172, 276, 352–3
Legh, Piers, 211–2Leigh-Pemberton, Robert (Robin), 567,
638Lender of last resort, 1, 24, 30, 57, 65, 78,
82, 503, 585–8, 799Lend Lease, 50, 143Letter of Intent
1965, 4501967, 374–6, 397
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1969, 4001976, 645, 671, 756, 760
Leutweiler, Fritz, 408Lever, Harold
gilt-edged market, 691–2money, 397, 670, 679other, 410, 806
Leyland Motors, 556Liability management, 672–4Libya, 258, 413Lifeboat, see secondary banking crisisLiquidity ratio, 27–8, 81, 84–5, 89, 94–5,
252, 254, 257, 278–82, 297, 301, 309, 399, 437, 448, 485–6, 488–9, 507, 524, 585, 648
Lithiby, John, 50Littler, Geoffrey, 738, 749, 754, 821Lloyd, Charles, 96Lloyd, Selwyn, 172, 268, 270, 272–3, 284,
345Lloyds & BOLSA International, 330Lloyds Bank
bank mergers, 327–8, 440Rolls-Royce, 787–8, 790secondary banking crisis, 530, 535,
539–40, 552other, 55, 88, 219, 266, 491, 740
Lloyds Bank Review, 154Lloyds Lugano, 548, 625Local authority money markets, 301, 479,
481, 507, 781, 813Local authorities/authority, 108, 203, 391,
723Loehnis, Anthony, 776–8, 825–6Lombard Banking, 595Lombard Street, 192nLondon, see City, theLondon and County Securities, 523,
531–5, 545–6, 552, 581, 605London Business School, 652, 701, 706,
760London Discount Market Association
(LDMA) CCC, 492, 497, 499credit control, 295devaluation, 477–8MLR, 515
money market operations, 299, 685Treasury bill tender, 103, 278, 287–8,
502–3other, 474, 666see also, discount market, and money
marketLondon Gazette, 67London School of Economics (LSE), 51,
81, 87, 120, 130, 358, 369, 676, 807London Stock Exchange, 63, 105, 239,
332, 492, 496–7, 510, 532, 535, 566, 666–7, 806
Lovell, Arnold, 396, 453Luce, John, 53n, 439, 448, 529Luxembourg, 565, 625, 766Lyall, William, 540
M3- see money growthMacdonald, Donald, 216MacDougall, Donald, 149, 199, 437MacGillivray, Greville, 337MacLeod, Iain, 376Macmillan Committee, 83, 85, 87, 111,
135–6, 318, 399Macmillan, Harold
monetary policy, 81, 93, 172, 265, 284Radcliffe, 83, 122sacks the Chancellor, 270, 273other, 84, 96, 167, 193
Machine Tool Trades Association, 258Mais Lecture, 685, 764Mais, Lord, 685nMcDowall, Jack, 439Makins, Sir Roger, 86, 100, 108, 123, 157,
262McKinsey & Co, 355–8Mallett, David, 568, 612nMalta, 413Malaysia, 409, 411–3, 733Management consultants, see McKinseyManagement Development Division, 357Management Services Department, 357Manchester Guardian, The, 99,
see also The GuardianMandel, Hans, 216Manila, 750Manser, William, 248–9
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Mansion House speeches October 1958, 156October 1959, 128October 1967, 442October 1968, 454–5October 1969, 402October 1970, 467October 1973, 646, 802, 804October 1975, 654October 1976, 670reproduced in the Bulletin, 132other, 169, 402
Marshall Plan, 3, 143–5, 183Martin, William Chesney, 161, 165, 168,
193–4, 214, 240–2, 378, 419Martins Bank, 327–9Matthews, Pat, 533–4Maudling, Reginald, 181, 270, 273, 282,
592Masonic Lodge, 56Meade, James, 146, 148, 150, 251, 416–7Medens Trust, 535Meltzer, Allan, 78–9, 712Mercantile Credit, 535, 580Merger of Issue and Banking Department
suggested, 811Mergers
clearing banks, 327–31, 439–40, 485, 545
FCI/ICFC, 322, 324, 804other, 318, 324, 559, 590see also City Panel
Merriman, Hugh, 496Mersey Docks and Harbour Board
(MDHB), 790–1Messina conference, 150MIAS property group, 592Middleton, Peter, 652, 696Midland Bank
acquires stake in Montagu Trust, 330CCC, 491, 501euromarkets, 183Knowles and Foster, 204Rolls-Royce, 787–8, 790secondary banking crisis, 535, 538–40,
549, 552, 567other, 44, 266, 327, 698, 829
Midland Bank Review, 86
Minimum Lending Rate (MLR) abandoned, 686introduction, 509, 510operation as formula, 515–17, 520,
523, 531, 680operation as administered rate, 680,
688, 694, 697, 699, 701, 718review of arrangements, 679–85sterling, 718, 743, 744, 747, 751, 759,
761other, 648, 660, 669–70, 672, 675, 832
Minimum Sterling Proportions (MSPs) see sterling balances
Mishkin, Frederic, 25Mitchell, Derek, 75–8, 188, 720, 727, 734,
738, 748, 753McMahon, Billy, 410McMahon, Christopher (Kit)
Bank independence, 777–9career, 130, 207, 405, 829CCC, 486, 490, 495, 501devaluation, 237–8, 240exchange control, 767–9exchange rate, 715–6, 718, 740, 744,
747–8, 751–2, 754, 760–1, 764forward operations, 732monetary targets, 458, 653monetary union, 766money, 397, 399, 437, 450–1, 454–5,
464, 468‘Operation of monetary policy since
Radcliffe’, 460–3sterling contingency planning, 379,
413–6sterling agreements and balances,
407–8, 410, 735–6, 757–8view on ceilings, 298other, 291, 335, 396, 425, 619, 701, 727,
738, 763, 825, 830–1Modigliani, Franco, 451Monetarism, 466, 676, 696, 703
see also international monetarismMonetarist, 22, 28, 464, 645, 652–3, 655,
657, 677, 702–3, 760, 779Monetary aggregates
broad money, 29, 78, 453, 523M1, 424, 467, 653, 677, 679, 687,
695–6, 700, 703
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M3/£M3, 17, 28, 423, 452, 467, 483, 508–9, 520–2, 647–9, 653–8, 667, 670–4, 678–9, 700, 761, 832
M5, 696monetary base, 17, 21–2, 29, 78, 80,
449, 675–8, 688–9, 696, 698–9narrow money, 458, 467
Monetary base control, 675, 688–9, 698–9Monetary Control, green paper, 832Monetary Control Review, 692, 696Monetary Policy
1950s, 66, 76, 77, 83, 84, 85, 90, 92, 106, 447
1960s, 460, 461, 463, 479, 5881970s, 649, 653, 655, 658, 671, 685,
695–9, 701, 702, 772, 773Banks, 485, 487Bank’s independence, 169, 508, 773,
775–8Bank’s role, 58, 64, 79, 109, 110, 466CCC, 427, 498, 500, 508, 511, 514–6,
598–9, 685controls, 255, 300, 661debt management, 61, 80, 82, 112, 115,
137, 495exchange rate, 19, 22, 64, 156, 173, 251,
402, 426, 447, 679, 704, 760external, 61, 684exchange controls, 769, 771euromarkets, 423–4, 426fiscal policy, 176, 653HMT, 35, 437–8, 458, 465, 467, 487,
646–7, 702implementation, 26–7, 57, 165, 309,
648indicators, 457, 655–6monetary aggregates, 452, 458, 657, 687monetary analysis, 19, 21, 144, 426,
447, 679, 704money supply, 467, 526, 645, 648, 679,
689Radcliffe, 64, 83–4, 88–9, 101–4,
115–27, 133, 136–7, 252, 588–9United States, 144, 484see also controls
Monetary Policy Group (MPG), 646, 654–5, 666
Monetary Review Committee, 646
Monetary targets, adopted in 1976, 452, 644–5, 657, 671discussion in 1975, 657early use of phrase in Bank, 458other, 684ff
Moneylenders Acts, 596, 602Money markets,
Bank’s operations, 102, 286, 289, 304, 305, 309, 674, 687, 703, 780
Banking supervision, 609, 610CCC, 485, 486, 496, 502, 509, 510, 520Crown Agents, 554, 555devaluation, 469, 477, 478Discount Office, 38discount houses, 482FCI, 540local authority, 479origins, 104overnight lending, 299, 305, 477–9Radcliffe, 107secondary banking crisis, 524ff, 545,
548, 553, 569, 581, 784other, 49, 165, 468, 660, 704, 826see also Certificates of Deposit,
discount market, inter-bank, and local authority
Money multiplier, 17, 27–9, 398, 644Money Study Group, 463n, 468, 501, 674Money supply (and money stock),
Bank, 449, 450, 454, 459, 460, 463, 662CCC, 514control of, 30, 80, 91, 93, 95, 106, 452,
465, 474, 496, 521, 651, 652, 676, 679, 699, 769, 832
definition, 396, 398, 453, 467DCE, 396, 401, 402, 452, 453, 457–60,
467, 494determination, 451effects of, 400, 453, 454, 455, 457eurocurrency, 423exchange rate, 684fixed exchange rate, 22gilts, 399, 496, 502, 513, 692growth of, 397, 401, 449, 453, 467, 493,
494, 516, 519, 580, 652, 657, 658, 703, 705, 716
HM Treasury, 95, 136IMF, 376, 428, 472
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indicators, 650monetary analysis, 19–24, 30monetary policy, 461process, 28, 30Radcliffe, 118, 126, 136, 448sterling, 670target, 357, 466, 468, 645, 646, 653–6,
671, 679, 699, 701, 704United States, 423other, 15, 21, 520See also domestic credit expansion and
monetary policyMonopoly and Mergers Commission,
328–9, 443Montagu, Samuel, 330Montagu Trust, see Midland BankMoorgate Mercantile, 535Morgan, George, 366, 695, 761Morgan, Victor, 120, 449Morgan Grenfell, 47, 88, 518Morgan Guaranty, 792Morgan Stanley, 168Morrison, Jack, 537Morrison, Michael, 698Morse, Jeremy
1968 Bonn meeting, 421banking system, 439, 441–2, 445career, 207, 828–9Committee of Twenty, 738–40domestic monetary policy, 292–3,
296–8, 433money, 465sterling balances, 407–8, 411sterling contingency planning, 413,
416, 418sterling policy, 240–2, 374, 379–80,
397, 714other, 324–5, 336, 353–4, 366, 405, 518
Moscow Narodny Bank, 183, 296Mudd, Douglas, 424Mullens, William H. J. de W., 101Mullens and Co., 106, 492–5
see also Government BrokerMundell, Robert, 142Mundell-Fleming model, 20–2Museum, Bank of England, 39–40
Mynors, Humphrey 1957 crisis, 91–2, 94Bank of England Annual Report, 133Bank of England finances, 72, 75, 353Bank Rate, 172, 194, 258, 261, 276career, 32, 44–5City Panel, 331–2FCI, 321–2, 326, 804liquidity ratio, 281Quarterly Bulletin, 131–2Radcliffe, 87, 100–1, 123–4, 129self-penned obituary, 33special deposits, 253–4, 263, 272sterling as reserve currency, 181other, 48–9, 51–5, 96–8, 160, 167n,
193, 195, 266, 273, 425, 448
NAIRU, 20, 26Napoleonic Wars, 13–4National Bank, 125National Bank of Abu Dhabi, 567National Bank of Belgium, 236, 422National Bank of Libya, 335nNational Bank of New Zealand, 530National Board for Prices and Incomes
(NBPI) established, 290–1Report on bank dividends, charges,
and services, 441–3, 446National Coal Board, 535, 727National Commercial Bank of Scotland,
329National debt, 39, 74, 88, 105, 112, 137,
359, 461, 473, 812National Debt Commissioners, 58National Discount, 589National Economic Development
Council (NEDC), 130, 191, 290National Giro, 443National Incomes Commission (NIC), 270National Institute of Economic and Social
Research (NIESR) McMahon complaints in 1976, 754predictions of balance of payments
deficits, 195, 428–9sterling depreciation in 1977, 760other, 119, 130, 647
Money supply (and money stock) (cont.)
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Nationalisation Bank of England, 34–6, 43, 47, 69,
75–6, 118, 773banks, 806, 808see also, Bank of England Act 1946 steel
National Loan Act, 61National Plan, 290National Provincial, 91, 327–8, 545National Union of Mineworkers, 88, 520National Water Council, 727National Westminster Bank
Edward Bates, 567forward exchange operations, 730merger of National Provincial and
Westminster Banks, 328rumours of insolvency, 551–2SCOOP, 530secondary banking crisis, 535–5,
539–41, 545, 549, 565Neale, Alan, 738Neatby, Howard, 535Nederlandsche Bank, 28Neild, Robert, 199–200, 218Nelson, Edward, 28Neo-orthodoxy, 136Netherlands, 189, 358n, 433New Change, 41, 68, 332, 694, 770, 816,
825New Zealand, 340, 378, 409, 735New classical economics, 19New orthodoxy, 80, 119, 136–7, 289, 448News Chronicle, 97New York stock market, 141New York Times, 161Newlyn, Walter, 398, 448, 502Niemeyer, Otto, 36, 81, 253, 344Nigeria
sterling crisis 1976, 737, 743, 746other, 333, 337
Nixon, Richard (US President), 417, 422, 788
Noakes, Jim, 746Non-executive Directors, see part-time
DirectorsNorman, Montagu
impact on the bank, 32, 44, 125, 359, 447, 832
and industry, 318, 320, 326, 774other, 42–3, 45, 49, 52, 88, 141, 153,
168, 212, 226, 334–5, 338, 404, 410, 773, 784
Norman, Peter, 770North Atlantic Treaty Organisation
(NATO), 420–1Northern Commercial Trust, 553Northern Ireland
exchange control, 41banks, 264, 505–6, 509n
North of Scotland Hydro Electric Board, 727
North Sea oil, 722, 761, 764, 769, 792–3, 795, 808
Norway, 418Note issue, 57–61, 65, 67, 73, 318, 340–3,
356, 449, 505see also Scottish note issue
Nuffield College, Oxford, 51, 119, 826Nurkse, Ragnar, 142, 251
O’Brien, Professor D.P., 523O’Brien, Leslie, (later Lord O’Brien of
Lothbury) Bank note design, 341, 342Bank of England finances, 75, 352–3,
812Bank Rate, 63, 92, 171, 258, 260, 271,
283, 293, 431, 438banking supervision, 592–4, 610, 638banking system, 327–30, 441, 445–7career, 52, 207, 227, 518certificates of deposit, 481City Panel, 231–2CCC, 490–2, 501, 504, 507, 514controls on bank lending, 269, 273,
299, 430, 432, 436, 439decimalisation, 343–4devaluation, 197, 204, 223, 237,
239–41, 377euromarkets, 185, 425economic intelligence, 54formal directive under 1946 Act, 432G10 Bonn meeting, 1968, 421gilt-edged operations, 107, 113–4, 267,
285, 302, 473–6, 494, 496
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gold price, 394incomes policy, 291industrial finance, 319, 321–4, 804liquidity ratio, 280–1London as an international financial
centre, 780, 782McKinsey, 354–7money market operations, 277–8,
288–9, 299, 477–8nature of the Bank, 52Parsons, 153, 403–4Radcliffe, 100–1, 111Reference Library, 816Rolls-Royce, 786–90SCNI, 358, 360special deposits, 253, 255, 263, 268–9,
275, 280, 511Sports Club, 56, 351sterling 1972 float, 711exchange rate, 716support operations, 215–6, 236, 382,
383bear squeeze, 217sterling balances, 222, 410, 733training schemes, 54other, 32, 53, 81, 84, 130, 172, 244, 291,
326, 369, 397, 460–2, 529, 580, 636, 739, 830
Observer, The, 223, 462–3, 805–6Off-shore banking
Irish leak, 434–5Oil
facility, 719, 741price rises, 6, 520, 531, 644, 707, 719,
737, 739, 741, 756–7, 772producers’ cartel (OPEC), 6, 520, 756
Official Sterling Area (OSA), see sterling area
Old Lady (of Threadneedle Street), 117, 358, 637, 777, 833
Old Lady, The, 365, 580Old orthodoxy, 136, 258Open market operations, 19, 23, 27, 30,
57, 78, 80, 83, 104, 136, 252, 398, 427, 461, 468, 502, 509, 522, 646, 672, 689
Operation Twist, 112n, 304nOperational research, 55Oppenheimer, Peter, 502Organisation for Economic Co-operation
and Development (OECD), 130, 165, 248, 381, 647, 760, 769, 775, 778
OECD countries, 3, 6, 9, 17, 19, 483–4, 678, 741
Organisation for European Economic Co-operation (OEEC), 138, 150, 163
Organisation of Petroleum Exporting Countries (OPEC), see oil
Ossola, Rinaldo, 420nOssola group, 419–20Ottawa Conference 1932, 142Overnight lending, see money marketOverseas and Foreign Office, 39Overseas Bankers Club, 780Overseas banks, 59, 295, 439, 446, 481,
578, 595, 598, 614Overseas Department
becomes part of CBID, 128created in 1957, 39re-established in 1964, 361secondments, 336other, 52, 163, 211, 337, 363, 484, 761
Padmore, Sir Thomas, 94Page, John
banking supervision, 599, 607, 609career, 53, 62CCC, 486–9, 504–6, 514, 516gilt-edged market, 494–5, 497–9, 662,
666, 668–9, 694monetary policy, 308, 657n, 660, 670–2MLR, 508–11, 515, 679–80, 683reduction in role, 823–6, 828, 830SSDs, 521, 649, 673, 678other, 530, 564, 570, 636, 726, 777, 779,
788, 808–9, 811Paish, Frank, 118, 120, 130Pakenham, Lord, 125–6Pakistan, 195Paraguay, 377Parker Tribunal, see Bank Rate leakParkin, Michael, 468, 502Parlours, 40, 45, 298, 537, 540
O’Brien, Leslie (cont.)
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Parsons, Maurice BOLSA, 330, 403career, 32, 49–50, 56, 207, 226–7,
403–4devaluation, 196, 219, 247–8exchange control, 173, 211floating rate, 152–3gold, 159n, 161–2, 188, 190nsterling, 157, 164, 177, 197, 408, 415other, 101, 130, 184, 204, 254, 273, 338,
369, 405, 423n, 429, 446Part, Sir Antony, 782Part-time Directors
background and duties, 47–8, 56Bank Rate, 96–8, 123, 127Radcliffe, 110, 114–5SCNI, 359, 369–70Wilson Committee, 370
‘Pay pause’, 172, 270Payton, Stanley, 335n, 337, 735, 761Peacock Committee, 36, 50Peacock, Edward, 43, see also Peacock
CommitteePeake, Sir Harold, 431Peat Marwick Mitchell, 560Peddie, Peter, 798Pember and Boyle, 694Pepper, Gordon, 458, 463, 502, 676, 689,
698–9Peppiatt, Hugh, 606Peppiatt, Kenneth, 48–50, 56, 254, 477Peston, Maurice, 468Pethwick-Lawrence, Lord, 125, 127, 266Phillips, A.W. (Bill), 22–3,
see also Phillips curvePhillips, C.A., 27Phillips curve, 22–3, 373, 466, 651Picquet (Military guard), 63–4Piercy, Lord, 43, 323Pilkington Brothers, 47, 366Pitblado, David, 178Pliatzky, Leo, 199Plowden, Lord, 807Pöhl, Karl Otto, 748n, 766Polak, Jacques, 164, 181, 396, 398, 402,
456, 459Policy Committee, 356, 390, 714Polwarth, Lord, 505
Ponto, Jurgen, 762Poole, William, 677, 704Portal, Lord, 343Portals, 342–3Portsmore, Frederick, 152Portugal, 11, 147nPosner, Michael, 238, 242, 396, 437, 454,
457, 468, 754nPost Office, 58, 344, 355, 443Powell, Enoch, 120Powell, Frederick, 50Premises, Bank
Bank Buildings, 41Finsbury Circus, 40Governor’s flat, 41New Change, 40–1, 68, 332, 81619 Old Jewry, 41Old Street, 40Regent Arcade House, 40Threadneedle Street (Head Office), 38,
40, 42, 63, 340, 816Tokenhouse Yard/Kings Arms Yard, 41
Press and the Bank, 50, 669, 774–5, 777–8Bank Rate leak, 96, 98City issues, 204, 330, 332–3, 805conduct of monetary policy, 114, 453,
473–4, 493, 501, 686, 695reactions to the Radcliffe report,
117–9, 121–2, 127perks for Bank staff, 365–6secondary banking crisis, 544–5, 551,
580, 605sterling, 156, 200, 223, 421, 713, 732,
760other, 358, 442
Press Officer, 50, 366, 695, 761, 777Pressnell, Leslie, 122, 150, 358Preston, George, 160, 185, 215, 383, 408Prevention of Fraud (Investments) Act
1958, 591, 597Price controls, 16, 651, 712Price, Lionel, 401, 468, 677n, 703, 741Price Waterhouse, 560, 566, 568, 570Prideaux, John, 549, 552Principal of the Discount Office, 62–3,
524, 590–1, 609see also Clarke, and Keogh
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Printing Works, 37, 39–42, 68, 131–2, 340–1, 356, 361, 816
Profitability, see clearing banks, Bank finances
Property boom, 524, 526–7, 531, 580controls on lending, 269, 292, 519, 660secondary banking crisis, 528, 534–5,
547–8, 552–5, 557, 564, 566, 569–71, 585
Protection of Depositors Act 1963, 506, 536, 594–7, 607–8, 617, 619
Prudential Assurance, 551, 553Prudential returns, see banking
supervisionPsychological warfare, 194, 243, 309Public-choice analysis, 26Public sector borrowing, 251, 284, 727,
755Public Sector Borrowing Requirement
(PSBR), 28–9, 200, 400, 653, 655, 657–8, 662, 679, 687, 689, 692, 696–7, 700, 705, 748, 752–3, 755, 797–8
Qatar and Dubai Currency Board, 335nQuantity theory, 19–20, 27, 135, 450Quarterly Bulletin, Bank of England
Cameron Cobbold’s view, 90HM Treasury, 132–3introduction, 116, 131–2‘The importance of money’, 452unpublished article on central bank
assistance, 392–3unpublished article on money supply,
451, 454, 464–5Other, 58, 208, 305, 308, 358, 394, 401,
425, 452, 456–8, 461–2, 464, 467, 525, 598, 624–5, 627, 647, 649, 671, 689, 693, 695, 698, 708, 763, 809
Quinn, Brian, 695, 763, 776, 828
Radcliffe Committee announcement, 57assessment, 134–7background and appointment, 64, 77,
83
Bank of England Annual Report 62Bank of England response, 128–34Bank Rate, 90, 122, 123, 171, 194, 199,
201, 252, 260, 431, 509Bank/Treasury relations, 61, 108–10,
113, 122banking supervision 588, 592Cameron Cobbold’s private letter to
Radcliffe, 88–90constitution and functions of the Bank,
48, 57, 350, 360, 369, 370credit counterparts, 28debt management, 107, 112, 113, 252,
265, 267, 303, 471, 472economists’ reaction, 117, 118, 119,
448eurodollar market, 409evidence, 77, 100–2, 111foreign exchange market, 784forward intervention, 206giro bank, 443liquidity/ratio, 257, 278, 398, 399, 448monetary policy, 124, 135–7, 291, 297,
309, 398, 464, 466, 479openness, 115–6Parker inquiry, 97–9political reaction, 124–7, 265press reaction, 116–8, 127–8report and recommendations, 112–16special deposits, 253–6statistics, 55, 447ten years after, 459–63, 479Treasury bill tender, 277, 278, 286witnesses, 417other, 49, 76, 91, 93, 94, 167, 260, 358,
431, 440, 442, 501, 773, 775, 779, 806, 809
see also Bank Rate leak, part-time directors, statistics, monetary policy
Radcliffean view, 135, 194, 375Ralli Brothers, 557Rasminsky, Louis, 216Raw, Charles, 528Raw, Rupert, 196, 408, 410, 412, 528Rawlinson, Anthony, 738Reaction functions, 26–7Reading, Brian, 130
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Reconstruction Finance Corporation, 233–4
Rees-Mogg, William, 151–2, 410, 416, 545, 652
Regulation, see banking supervisionRegulation Q, 183, 185, 481Reichsbank, 214Reid, Margaret, 544–5, 581, 589, 638n,
731nRe-intermediation, 515, 523, 701Reorganisation, Bank Republic of Ireland, 409Reserve assets, 31, 489, 500, 503–4, 506,
515, 552, 565, 644, 672Reserve ratio, 29–30, 309, 485, 488–9,
500–1, 506–7, 674–7Reserves, banking
Bank of England, 67–8, 70, 72, 347, 353–4, 359, 795, 811–2, 817, 819–21
cash, 30, 136, 398, 449clearing bank, 65, 79, 104, 106, 136hidden reserves/disclosure, 441–2,
444–5, 591Reserves, see foreign exchange reservesReserve-asset ratio, 500, 503–4, 506–7,
511, 598–9, 644, 672, 674, 695–6, 699–700, 832
Reserve Bank of New Zealand, 134n, 334
Revelstoke Committee, 47nRevell, Jack, 623Reynolds News, 98, 117, 127Rhodesia, Southern, 5, 210, 770Rhodesia and Nyasaland, Bank of, 337Richardson, Gordon (later, Lord
Richardson of Duntisbourne) 1976 sterling crisis, 745, 749, 755banking supervision, 604–8, 615, 618,
622, 628, 630–4Burmah Oil, 792, 799–800career, 366, 518–9, 829–30Crown Agents, 554, 555, 636directional guidance, 520exchange control, 768foreign currency borrowing, 726, 762,
763industrial finance, 774, 791, 802–5
monetary policy, 646, 654–8, 660, 670–1, 676, 684–6, 688, 691, 696, 699
role/organisation of Bank, 776, 823–31secondary banking crisis, 536, 538–9,
543, 572, 577, 579, 581, 583–5Slater Walker, 559, 563Wallace Brothers, 569, 571Wilson Committee, 807–8other, 331, 338, 370, 521, 693, 730, 740,
777, 809–10, 821Rickatson-Hatt, Bernard, 50Rickett, Sir Dennis, 152, 157, 173,
188–90, 240, 291, 326, 441Ritchie, Alec, 540Robarts, David, 91, 254–5, 263, 281, 429,
433Robens, Lord, 357, 807Robertson, Dennis, 51, 119, 137, 251Robbins, Lord, 87, 94–5, 117, 119, 126–7,
148n, 153–4, 254, 462‘Robot’ Plan, 147–9, 152n, 416Roll, Eric, 193, 226, 366Rolls-Royce, 488, 774, 784–90, 801–2Roman law, 601Room 1 and Room 2, 38Roosa bonds, 222, 383Roosa, Robert, 177, 188, 193Rootham, Jasper, 50, 53–4, 182, 184, 213,
405Rothschilds, 446n, 560Round tripping, 520Rowan, Sir Leslie, 147, 154Royal Bank, 329Royal Bank of Canada, 792Royal Bank of Scotland, 329, 539–40Royal Insurance, 168Royal Mint, 344–6Rueff, Jaques, 406Rumins, John, 358, 581, 809, 821Runciman, Robert, 540Ryrie, William (Bill), 225, 394, 414, 676,
741, 752, 757
St Lukes, see Printing WorksSachs, Jeffrey, 142Sadd, Sir Clarence, 43
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Sanderson, Basil, 45, 47–8, 369Sangster, John, 709, 731–2, 739, 743, 759,
761, 826Samuelson, Paul, 23Sarabex Ltd, 785Sargent, J.R. (Dick), 150, 698Saudi Arabia
Saudi Arabian Monetary Agency (SAMA), 723–7
sterling balances, 737Savery test, 613nSaving, Thomas, 704Sayers, Richard
attempt by Bank to appoint him, 51Radcliffe Committee, 87, 100, 105, 108,
119–20, 122views on role of central banks, 25, 57,
134, 226other, 36–7, 45, 53, 62, 130, 135–6,
141n, 339, 449, 464–5Schedule 8 (Companies Act 1948), 445,
591, 594–6, 598, 620Scheduled Territories, 59, 210, 711Schiller, Karl, 420–2Schmidt, Helmut, 753, 765–6Scholey, David, 797–8Schroders, 366, 518–9, 580, 776,
803, 825Schwartz, Anna, 23, 447Schwegler, Walter, 216Schweitzer, Pierre-Paul, 240–2, 374–5,
459Scottish clearing banks
CCC, 492, 504–5control on advances, 301ICFC, 322, 804special deposits, 256–7, 263–4, 273,
293, 299, 438–9, 511Scottish Co-Operative Wholesale Society
(SCOOP), 529–31, 581, 785Scottish note issue, 504–5
Letters of Malachi Malagrowther, 505nScrimgeours, 798SEANZA, 340Seccombe, Marshall & Campion, 103Secondary banking crisis, 524ff.
blame, 578–81
Control Committee (Lifeboat), 538–41, 564, 578, 581
cost of operations, 580–3Lifeboat, 538–9reasons for Bank’s involvement, 581–2relations with HM Treasury, 552, 557,
584The City, 533–5, 545, 548, 555, 558,
562, 581, 586other, 523see also banking supervision, Crown
Agents, Edward Bates, fringe banks, SCOOP, Select Committee on Nationalised Industries, Slater Walker, Wallace Brothers
Secondments (to/from Bank of England) academics, 129–30, 447, 449, 485, 826overseas, 49, 62, 335–6, 338, 723other, 612, 776, 830
Secrecy Bank of England, 26, 65, 67, 72, 76, 98,
160, 260, 359, 489, 590, 811bankers’ balances, 65contingency planning (sterling), 217,
411, 413foreign currency borrowing, 726gold, 189, 225nreserves, 141, 224Robot, 148Radcliffe, 90, 116sterling balances, 410
Secretary’s Department, 37, 39, 361Section 123 banks, 526, 532, 572, 578,
596–9, 602, 607, 612Section 127 banks, 572, 597–8Securities Management Trust (SMT),
323–4Select Committee on Nationalised
Industries (SCNI) 1970, 358–601976, 809–101978, 810–11banking supervision, 354, 622–3Bank’s finances and accounts, 67, 354,
447, 810–13, 819–21fringe benefits, 365–6monetary policy after Radcliffe, 462
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non-Executive directors, 369–70secondary banking crisis, 525, 575,
581, 583other, 318, 706, 775–6, 831see also Treasury and Civil Service
CommitteeSelective employment tax (SET), 292, 298Selwyn, James, 54, 355Shawcross, Lord, 332–3Shell (oil), 234, 355, 719, 792–4Sheppard, David, 675, 688–9Shipbuilding Inquiry Committee
(Geddes), 325–6Shukri, Sabih, 567Siepmann, Harry, 37, 48–9, 163, 212Singapore, 336, 409, 412–3, 558, 579n, 733Skinner, Clarence, 410Skinner, Dennis, 525nSlater, Jim, 556–60Slater Walker Limited (SWL), 525, 557–64Slater Walker Securities Limited (SWSL),
556–64Smallwood, John, 336Smith, William, 540Smith, Michael Babington, 45, 47Smith, Sir Reginald Verdon, 88Smithsonian Agreement
effective rate, 709, 720, 736, 740, 747, 763
other, 388, 422, 710, 733Snake, The, 711–2, 714, 733, 750, 765–6Solomon, Robert, 243, 394, 419, 738–9Solow, Robert, 23Somerset, David, 53, 337, 568, 678, 795,
800, 826South Africa
gold, 159–60, 187, 394other, 340, 344n, 345, 412
South African Reserve Bank (SARB), 158–60, 334
South East Asia, 448, 569Southard, Frank, 162, 177Southern Rhodesia, 5, 210, 770Soviet Union, 3, 5, 187, 340, 394Special buyer, 102–3Special Deposits
and Bank Rate, 262, 271, 293
called First, 263–51960, 2641961, 172, 1761965, 209, 293, 2941966, 2991970, 438, 4671972, 5111973, 511, 516, 517, 520, 522, 7181976, 660
CCC, 485, 488, 490, 496, 499, 500, 502–9
debate about use, 170, 268, 269, 272, 273, 437, 438, 646
design, 253–7effectiveness, 274–5, 292, 297, 309,
449, 700fringe banks, 552interest payable on, 257interest payable halved, 433liquidity ratio, 279–81Radcliffe, 111, 121, 253, 255, 256released
1962, 272–4, 2821977, 660
‘release and recall’, 672reverse special deposits, 675wider application/change in use, 301,
302, 307, 308, 309other, 132, 252, 265, 529, 832see also SSDs
Special Drawing Rights (SDRs), 181, 374, 384, 408, 420, 719, 738–9, 741, 755
Spectator, The, 117Sports Club (Roehampton), 42, 56, 351Stagflation, 6, 10, 484Staff, Bank of England
costs, 68, 73, 769, 815numbers, 40, 59, 68, 129, 212, 340, 351,
356, 361, 363, 611, 815overstaffing, 32, 131, 363, 411pay and benefits, 55–6, 365–6pensions, 68–9, 72, 365, 811, 815, 817recruitment, 53, 363, 365supplementary staff, 54ntraining, 53–4see also secondments
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Stamp, Max, 50Stamp Memorial Lecture
Cameron Cobbold, 773William Armstrong, 381, 462
Standard Bank, 49, 571–2Standard Chartered Bank, 570–1, 746Standby arrangements
1961 IMF, 177–8, 1801964 IMF, 198, 201, 2041967 IMF, 241–3, 372, 374–5, 377–8,
382–31969 IMF, 400–11975 IMF, 740–11976 IMF, 749, 751, 755–7Other, 195, 197, 227, 240, 248, 450,
716–7, 719Standing Committees, Bank of England,
36–7, 47Stanton, A.H., 478Statistics
Cromer’s view, 440monetary, 398–9, 423, 646, 702needs for improved provision, 54–5Radcliffe, 77, 90, 98, 100, 110–13,
115–6, 121, 128, 130, 132Statistical banks, 526, 598–9, 613Steel industry
denationalisation, 61FCI, 320–2foreign currency borrowing, 726renationalisation, 321–2, 441
Stein, Herbert, 417Stenham, Cob, 537Sterling
after Second World War, 143Burmah Oil, 795bear squeeze, 215, 217, 220decimalisation, 344–5float of 1972, 509, 513, 711–2, 733forward sterling, 245, 731guaranteed sterling, 215, 222, 240–2,
409, 734international currency, 147, 152, 155,
249, 273, 783reserve currency, 155, 175, 181–2, 196,
249, 389, 406–7, 417, 426, 757role in international monetary system,
222
security sterling, 179, 210ntransferable sterling, 150, 157US co-operation (Deming group), 420other, 35, 101, 160, 180, 191, 256, 272,
276, 284, 290, 418, 441, 755, 771See also contingency plans,
convertibility, forward intervention, sterling balances, sterling crises
Sterling Agreements Basle arrangements, 164, 175, 248, 407Basle facility, 411–2, 733–4
Sterling Area overseas sterling area (OSA), 405–8,
733–7non sterling area (NSA), 222
Sterling Area Working Party, 380, 405, 407, 714
Sterling Balances burden, 88, 139, 145–8, 155, 175,
181–2, 191, 374, 426, 707, 772Australia, 409–10, 413, 733, 735–6Bahrain, 733guarantees, 407–9, 411–3, 417, 713,
733–7, 745, 757Hong Kong, 409, 735India, 147, 154Ireland, Republic of, 409, 711, 735Kuwait, 409, 733, 735Libya, 413Malta, 413minimum sterling proportions (MSPs),
409, 413, 734–6Malaysia, 409, 411–3, 733New Zealand, 409, 735official, 720, 734, 737, 756–8private, 732, 756, 758–9renegotiation 1970s, 732–7, 752Robot, Singapore, 409, 412–3, 733Third Group Arrangements, 713,
756–9Yemen, 411other, 207, 215, 221–3, 383see also sterling agreements, sterling
areaSterling bloc, 146Sterling crises
1957, 91, 92–5, 153–4, 170, 183
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1961, 139, 165–6, 169–72, 175–80, 2681964, 194–206, 271–2, 277, 2921965–66, 207–17, 220–1, 223–4, 298–9other, 249–50, 404, 414, 732see also devaluation, crisis 1976
sterling,Stern Group, 547, 554Stevens, Sir John, 49–50, 56, 161, 185,
207, 226, 236, 518Stevenson Committee, see Crown AgentsStevenson, Sir Matthew, 528Stewart, Michael, 207Stewart, Walter, 37Stock and Bond services, 67, 74, 347, 351Stockholm Agreement, 384Stock market, 1970s peak and collapse,
526, 532, 551Stolper-Samuelson, 741nStone, Jonathan, 799Stone, Reynolds, 342Stop-go, 191, 208, 290Stopper, Edwin, 241Strikes,
docks, 238, 240, 711miners, 719newspaper, 474seamen, 750other, 14
SUERF, 450Suez, 145, 153, 237, 249Sun, The, 501, 686Sunday Telegraph, The, 543, 805Sunday Times, The, 360, 528, 572, 686,
751Sunderland, David, 554–5, 636nSupervision, see banking supervisionSupplementary Special Deposits (SSDs)
abandonment, 769, 832‘corset’, 521, 659, 687–8, 700–1, 769introduction, 521–3operation, 648–9, 659, 672–4, 677,
687–8, 700, 703Support operations/packages (sterling),
see standbys, Basle AgreementsSuzuki, Hideo, 738Swaps (foreign exchange), 164–6, 175,
203, 227, 233, 236, 320, 382–3, 721–2, 732, 760, 773
Swiss franc, 204, 758Swiss Guyerzeller Zurmont Bank, 330Swiss National Bank (SNB), 165, 241Swiss watches, 415Switzerland, 6, 60n, 161, 165, 171,
185, 189, 216, 233, 239–40, 625, 676, 710
Sykes Memorial Lecture, 638Syndicated tender, 103, 277–8, 287–9,
498–9, 502
Tarzan, 825nTaylor, Peter, 358, 809–10, 819Tew, Brian, 245, 396, 420, 443, 448Thatcher, Margaret, 698, 829Thackstone, Harold, 330Thomson, John, 281, 292, 328Thompson-McCausland, Lucius, 50, 152,
182, 184, 396nThorneycroft, Peter
1957 crisis, 91–5, 269Radcliffe, 86–7, 90, 109–10, 120special deposits, 253–5sterling, 154unable to sack the Governor, 94
Thornton, Henry, 24, 78Thornton, Michael,
career, 129money, 375–6, 397–9, 454, 457,
459–61, 464, 647other, 100, 129n, 807
Thornton, Ronald, 366Thorpe, Jeremy, 532, 534Times, The, 64, 96–7, 120–1, 168, 199,
217, 357, 384, 404, 410, 415, 454, 463, 474, 501, 534, 537, 544, 652, 662, 678
Third Group Arrangements, see sterling balances
Threadneedle Street, 337–8, 358, 460, 782, 825
Three-day week, 549Time inconsistency, 26Toniolo, Gianni, 189, 225nTownend, John, 468Trade Protectionism, 2, 13Trades Union Congress (TUC), 88, 109,
651, 755
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Treasury, Her Majesty’s (HMT) 1956 working party, 84–5Bank Rate, 93, 170, 200, 260–2, 271–2,
276, 294Bank finances, 61, 69, 72–5, 351–3,
774, 813–4, 817, 819–22, 830banking supervision, 589, 591–5, 598,
600, 602, 607, 617, 619–24, 629–32, 636–7
Burmah Oil, 791, 793–4, 801CCC, 486–7, 489–96, 498–9, 503–4,
506, 508–9cash deposits, 308ceilings, 300, 428, 432, 435–67City of London, The, 779, 782clearing banks, 328crisis measures, 170–2, 176, 202Crown Agents, 529, 555, 830decimalisation, 344–5devaluation, 196–7, 199, 217–8, 237–8EEA, 59–61, 141–2, 707, 731euromarkets, 423nexchange control, 173, 210–3, 419,
767–9exchange rate, 150–2, 154–6, 414–7,
707, 709, 713, 716–8, 740–6, 748, 750, 760–1, 764
forward intervention, 206, 244–5, 732gilt-edged market, 114, 283, 285–6,
470, 472–3, 475–6, 513, 662, 670, 691–3, 695n
gold pool, 188, 190, 225hire-purchase, 268, 273IMF, 381, 396–7, 453, 455, 458–9, 753joint seminars, 291Khan Report, 219–20liquidity ratio, 81, 84, 281–2minimum lending rate, 510, 516, 675,
679, 683money market, 516monetary policy, 30, 136, 252, 437,
465–6, 646monetary targets, 645, 654–5, 671, 679,
705, 831–2money supply/DCE, 399–400, 450,
453–9, 463, 467, 651–2, 671, 696, 698–9
NBPI, 441–3Radcliffe, 83, 86, 88, 91, 101, 108–10,
114–6, 120–4, 127–8, 132, 135, 459–62
relationship with Bank, 34–5, 57–62, 75–6, 81–2, 94–5, 98, 108–10, 114–6, 120–4, 127–8, 133, 157, 369, 427, 482, 773–5, 778–80, 822
reserve asset ratio, 674reserves/reserve currency, 155, 181,
234–5, 383, 391, 413, 722–3Robot, 147secondary banking crisis, 552, 554,
556, 560, 562, 583–4special deposits, 253–5, 262, 273–4,
293, 297, 301, 512, 673SCNI, 358–60, 812sterling balances, 407, 409–11, 733–6Treasury bill tender, 103, 286–7other, 48, 129–30, 176–7, 270, 290,
324–5, 381, 392–3, 445–6, 647–8, 701, 706, 721, 754n, 756, 791
Treasury bills 63-day, 289–90charge for Bank’s management, 73–4CCC, 504, 507, 510, 516–7devaluation, 477EEA, 141–2holdings of discount market, 482operations, 21, 30, 80–2, 85, 102, 105,
111, 136, 254, 286, 295, 304–5, 398, 477–9
tender, 37, 102–4, 277–8, 286–9, 502–3, 510, 675, 680, 683, 744
Treasury bill rate, 66, 94, 135–6, 275–7, 288, 299, 307, 476, 479, 481, 485–6, 498, 510–11, 517–8, 680, 697
other, 210n, 257, 448, 476, 585See also discount market, minimum
lending rateTreasury and Civil Service Select
Committee, 831Treasury Certificates (United States), 234Treasury Deposit Receipts (TDRs), 94,
253–4Treasury Office, 38Treaty of Rome, 5, 12
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Index 889
Tribune, 97, 117Triffin, Robert, 187, 406Triffin Plan, 163nTrinity College, Cambridge, 47, 51,
130Tri-partite Agreement, 142Triumph Investment Trust, 535, 544, 551,
553Tuesday Club, 242Tuke, Anthony, 549Tüngeler, Johannes, 421Twentieth Century Banking, 535
Unemployment, 2, 13–4, 20, 23, 26, 142, 174, 258, 276, 373, 483, 529, 651–2, 705, 751, 753
United Dominions Trust (UDT), 547–8, 552–3, 572
UDT vs Kirkwood, 596United Drapery, 533–4United States, (also US and America)
Burmah Oil, 792–4, 796Commission on Money and Credit, 86dollar securities, 175, 195, 233–5domestic economy, 15, 372, 424, 484,
705, 712, 765economic/monetary theory,
development, 23, 26, 80, 447, 450, 461, 464, 468, 645, 677
EMU, 766Euromarkets, 183–6, 188–9, 424–6gold, 138, 157–8, 160–2, 187–90, 393n,
394–5international monetary system, 140,
142–5, 150, 420–2, 737–8interest rates, 112n, 193–4, 276, 304nand sterling, 139, 151, 166, 196–7, 199,
201, 203, 207, 213–5, 217, 223–5, 236, 239–42, 249, 379, 383, 407, 411–2, 414–5, 715, 749, 751, 761–2, 767
US devaluation, 389, 394, 413other, 3–5, 12, 16, 23, 28, 31, 51, 62,
129, 141, 162, 168, 226, 240, 328, 331, 341n, 355, 358n, 380, 415, 417–8, 434, 481–2, 493, 496–7, 544, 563, 675, 692, 710, 717, 730, 738,
757–8, 761, 767, 771, 778, 780, 783, 786, 789, 797
also see dollar, Federal Reserve, Regulation Q
United States Treasury, 143, 157–8, 160–3, 177, 190n, 214–5, 234, 240, 383, 412, 737, 757, 760
Urwick, Orr and Partners, 355
Valentine, Michael, 798Van Lennep, Jonkheer Emile, 408Vaughan, Evan, 540Vavasseur, J.H., 544Vietnam War, 5Volcker, Paul, 412, 418, 737, 739, 757
Walker, David exchange rate policy, 740–1, 764Kahn Report, 220monetary base control, 688–9, 698other, 753, 776, 826
Walker, Peter, 557Wallace Brothers, 556, 568–72, 615Walters, Sir Alan, 129, 464, 645Warburgs, 797–8War Loan stock, 105War Loan conversion, 105–6Washington, 80, 130, 143–4, 154, 160–1,
164, 167–8, 177, 193, 201, 207, 226–7, 240–1, 337, 382–3, 395, 417, 422, 458, 676, 710, 730, 738, 754, 789
Washington initiative, 213–7Wass, Sir Douglas
1976 crisis, 745–7, 753, 755, 762, 768secondary banking crisis, 562–3, 584view on monetary targets, 679, 702other, 602, 606, 620, 683, 782
Watling Street, battle/siege of, see gilt-edged market
Wedd Durlacher, 496Weissmuller, Alberto, 825–6Welfare Insurance, 565Werner Report, 711West Germany
economy, 2, 4, 6, 11, 144Deutsche mark (DM), 420–2
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Deutsche mark (DM) revaluation, 164, 169, 414, 418, 420–2, 717, 753, 758, 762
gold, 157, 189sterling, 208, 216–7, 241, 413, 748nother, 141, 185, 195, 240, 320, 340, 342,
403, 548, 625, 692, 730, 756, 765–7Westminster Bank, 55, 328, 545White, Harry Dexter, 143White, William, 483Whitmore, Francis, 583Whittome, Alan
disclosure, 445gilt-edged market operations, 285–6at IMF, 660, 748, 752–5other, 53n
Whyte, G.T., 553Wild, Sidney, 534, 535–6, 540Wiles, Chris, 460Williams and Glyn’s Bank, 329, 535,
539–40, 762Williams Deacon’s Bank, 329William Stern, see Stern GroupWilson, Harold
appointment of O’Brien, 226–7Bank Rate leak, 96currency speculators, 219monetary policy, 256, 294, 299Radcliffe, 88, 90
Rowley Cromer, 201–3, 221, 225–6sterling crisis, 198–201, 205, 215, 242other, 109, 291, 370, 415, 523, 745, 830See also Wilson Committee
Wilson Committee, 370–1, 452, 525, 578, 583, 696, 806–9
Wincott, Harold, 120Window dressing, 165–6, 383, 503, 546Winton, John, 328Witteveen, Johannes, 719, 754, 759Wood, Gilbert
coining the term ‘the Corset’, 659nother, 53n, 467, 673
Wood, Geoffrey, 424, 699, 767nWoods, Sir John, 88Woodroofe, Sir Ernest, 537Woolgar, Eric, 219Working Party 3 (WP3), 165, 242, 248,
381World Bank, 43, 143, 163n, 168, 240Worswick, G.D.N. (David), 88, 651
Yield curve, see interest rates, structureYen, 413, 717, 758Yeo, Edwin, 757
‘Z’ accounts, 107nZambia, 378Zawadzki, Krzysztof, 398Zijlstra, Jelle, 240, 749, 766
West Germany (cont.)
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