Is No. 11 a house of dwindling power?
powers
mind Is that
WELL, ARE the ptr Stanley Baldwin.
ling?
His rise to the Treasury was
is last as it was disastrous, Yel the
of Trade, but several
Events certainly mus had been not only at make one ask the question and wonder.
There is no obvious pre- cedent for such a wholesale flight overnight of all the Treasury Ministers.
Yet
board years il the Treasury
Financla Secretary.
Pause now to think of sume- thing ice by contrast to say of the new incumbent,
.
THE CHINA MAIL, MONDAY, JANUARY 20, 1958.
The Big Shuffle
No. 1 by
Cummings
NABARRO PARTY
"The Suez Group
ThyknEyckoff
Cummings
Mr Amory is a most amiable, kindly, and ingratiating this turn-up ig
a placid manner and He has described by the Prime sensitive features. Minister, Mr Macmillan,
Deputations will leave the when he seta i his Treasury feeling that they have
an expenditure of approximately never been so sympathetically other kind of flight, as
£300 million a year in farmers makes his Tiverton home with LONDON LETTER Let us hope they
support prices. settlement of "little local received,
may nol feel sympathetleally differences."
neerived,
'Why, it's just like the Socialist Party in office-except I doodled and he reads. Trollope'.
iri
In a tradition the Chancellor has been regarded as second
the in only
importance to Prime Minister, unless at thnes
traz Foreign Secretary loomed bigger, depending on the personalities concerned.
the
But in today's upheaval the new Chancellor is a man almost
unknown beyond the fauna and llora of the countryside.
is il Mr Heathcoat Armory post-war M.P sand has been in the Cabinet only three years and then ia only ene Job, Agriculture.
Whot a change is here from the rule that the Chancellor is picked as the inst powerful man in the Government or the biggest menace it he were left
outside it.
One recalls the excitement in 1924 at the news, "Churchill for the Treasury."
Chamberkin Neville
went there after years of experience in founding the Welfare State
as Minister of Health.
Even if you thick of Thomey-
Clof us a newcomer, he
had
been nearly six years In
the
Cabinet before die went to
the
Treasury.
Mr
if I
that
I hope it may Hot ruin
Amory at his
new start
say the cnly comparison
For there is a bit of whipcard Mr Amory' fibre. It is enough to say he was 15 years old when he was parachuted at Arnhems to be wounded and captured.
A13
Although he is little known to the publie, he has a charming: insteuning manner with audience. I heard him once at in amall electlon meeting Norfolk.
Now he a West Country man. But he had not been lung on his feet in Norfolk be- fore he was hinting at maternul associations there,
On top of that, before the
meeting ended he produced real cousin from the East Anglian audience. That struck
me
a
a muster stroke for Tiverton man as dificult as producing a tax reduction out of increased expenditure,
Tight hand
He leaves Д reputation of keeping u tight hand on the without making an outflow enemy unywhere.
He has worked hart to im prove farming cfficiency. He has delighted freedom-lovers by abolishing the right of county commillees to disposscas far-
Iners.
His aim has been to restare conditions in which the eficient, will prosper and the bad farmer will conduct himself to the wall. It has been a fetish with blm to find out how the wheels go Tho farm. He was round on seen stretched prone last year on a gadget which can direct a pilotless tractor,
Pioneer
MR AMORY in pre-war days
very effectively looked after the family money-bags.
He ran
the textile mills in Tiverton and made a great name as a pioneer of profit-sharing and of excellent relations with
his workpeople,
He says that Mr Amory now
his aunt, Mrs Ludovic Amory, nearly 60 but active and even sprightly.
To her he is almost a son. "For the wars killed all her own men- folk-ker husband in the First World War, and her three sons ir, the Second.
сод
When he is with her at her farmhouse kome, converted Chevithorne Barton, he finds relaxation in her lovely gardens and stimulation from her versation.
My colleague asked Mrs the other day if her Amory nephew is ambitious,
She replied: " the job han to be done he is prepared to tackle it. But he does not
advancement for its own sake.”
Modest
IN the Commons he has seemed
سعلة
BANK
Sir Beverley Baxter MP
BUSINESS
Church House has seen many changes
-but this one may beat the lot
מזת
T
combination
CHANGES-
and a grilling
*UST beyond West and to acclaim Anthony Eden As usual England was at war Allorney-General, Sir Reginald
Buller, 01 LO minster Abbey there as their undoubted Leader. But rnd, as in all wars, the demands Manningham
leuder for In a tragically short time there on the Exchequer were heavy.
the
Sir Crown. is an enclosed court-
came the clash and clamour of t Was In this time of stress Reginald gave the journalists a yard of considerable size sucz and Eden's fruil body that a group of magnates in the tough time but the bays of
under which, at the south end, cracked
the strain. Se City of London saw how they Fleet Street came out of it very
well. In fact the holds the large and useful again we met at Church House could benefit their country and
newspaper men ware able to satisty the building known as "Church to acclaim Harold Macmillan as themselves a
our undoubted Leader and man which has always been especial- Tribunal that they had done no House, The primary pur- of Destiny.
ly attractive to the English.
more nor less than their duty, Will he move into No. 1
in trying to get the news. As Except when Billy Graham Why not a Bank of England for making any personal gain out Downing Street? She rowered; pose of the hall with its big
addressed
audience of which would supply the Govern- of it "I wonder whether he will un-auditorium on the ground
working tourtinkist : has floor and lesser committee Anglican clergymen less be is forced to move.
who ment with the sinews of war ever had any spore cash with
the implement rooms above is to provide a stened to him with a courteous and
of peace? which to gamble in Stocks and is big for a bachelor,”
meeting place for the clerica calm I had not been to Church And since business men needed Shares. where they
discuss House for sometime until quite money to expand their activiiles can
recently when its big auditorium why not create
of system the spiritual and temporal was transformed into a Tribunal Bank credits? In fact they saw The famous Enquiry with clear eyes that to make problems of the Established Court
into the suspected Bank Rate monjy you must invest money, Church. In modest little man,
Leak was in full swing and
Under arming and argumentative.
the leadership of of Increasing Parliament my
Like many other members of quite a number of MP's found In the cause
But if there was no caso of Arst
House a Mecca which william Paterson the group lent Intimate Church has not been
£1,200,000 to the State in re- illegality proved against anyone knowledge of this
clericat lured them from their duties in drinks walled milk sales he
chamber above saying that he
cltadel
debating when the
turn for an annuity of £100,000. there was a widespread feeling there was something It was laid down that the Bank that more than a pint of milk a day. Iller's bombers destroyed
our Westminster, But he gives also the im-
House
was not to trade in anything hasleally wrong in finance. of Commons. At that In reserve Ume
Say the chairman of an in Who had leaked? Was it the but bills of exchange and bullion pression of power
there were suggestions
to buy Crown vesting company is also a meri which marks him out as more that Parliament should leave Chancelor of the Exchequer who and was not than the Zoc Newton of the
London altogether and make its might have talked unguardedly lands. As a wise and special ber of the Governing Board Bonk of England. Froot Bench,
headquarters in some University to his ministerial friends? Was precaution it was also decided of the Is it a dwindling job he has centre such as Oxford or Cam- it Oliver Poole, who at that time that no money could be loaned The Governors of the Bank
part in to the Monarch without it being take taken?
bridge but Churchill would have was chairman of the Conserva-
in the interest rate Is it as big as ever?
none of it. If London was to tive Party and had been called first approved, by Parliament, change be Hitler's "Torget for To- to a consultation by the Chan- Actually today the House of although his firm may be opera- would cellor? Was it the financial Commons will never peralt Mr ting a the belief that there will The answer will depend night" then Parliament
10 alt in the Chair- be no change. It on returning stay with the Londoners. He editors of this or that newpaper Speaker on the man, on the qualities only had to utter the words and who had put two and two to- when we are discussing finance, from the Bank his managing he shows, and his mastery any idea
and decided
that he director tells him that he ha that the How are we to know wal made fourt af opportunity.
might not go along to the Palace reason to believe that there will and tell the Queen about our be no change in the Bank Rate In no time a substitute Per-
and thinks that he ought to buy This much was certain. A doings? Hamentary debating chamber great deal of money had been
Gilt Edged heavily what can was fixed up in Church House made by inspired sciling
the chairman, armed with secret of und we resumed
sitlings "Git Eaged Securities" which is almost before the smoke had the Battering name given
A Worc
Mr Amory AND what does
The Dally Express Plymouth A know
about money-bags? reporter tells me that Tiverton
two lots. AL
(population 20,725) He has handled Agriculture he has had a baby We-told-you-su" simile at the chancellor's job as money goes news that its favourite son is
has controlled the new Chancellor. nowadays. He
DODWELL & CO., LTD,
BarebiTVENI
Wine & Spirit Department
Tomm 1m
AGENCIES
QUEEN ELICADATHI
APALIME
by Joy Matthews
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BUT WHERE
TO
DURİN ALILANETH A
ARE THE LADIES?
BUCHANAN'S BLACK & WHITE WHISKY
GORDON'S
CINS AND COCKTAILS
10 th LAS
SANDEMAN'S PORTS & SHERRIES
THE
TO THE LAKE
A
TE
VEUVE CLICQUOT
CHAMPAGNE
A
TUMIA THE BURN
10 THE LAT
OF THE NETHERLANDE
BUTOR LANE VITA
LANSON CHAMPAGNE
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W35
was gether of a scuttle
squashed completely.
our
at
10
deciding the
Nationalised information, answer to him?
If he says: "Oh I would not
settled on the ruins of the Government Stocks no matter So we come down to recent bo in a hurry," would he not
Commons. And there we sat how badiy they sa
times. The law of life is changed be indirectly conveying informa throug the blackest period of
and in the course of things it tion which was given to hinx in other the war which Included not only the bombing of London but Bank Rute had been taken by of England would have to
The decision to increase the became apparent that the Bank confidence? If, on the
be hand, he says to his managing the unhappy moment when the Governors of the Bank of nationalised. It had dond great director: "I leave it entirely, to Churchill had to announce the England, but in anticipation or service over the years but it you," is he not apt to injuro, the Imgic slaking of the PRINCE actital knowledge before the de- was felt that it should pass from the interests of his partners. by
OF WALES and the REPULSE cision by the Japanese.
there had been a large
selling of Gilt Edged Fixed Private to State ownership. It making no attempt to keep them was a break with tradition but from acting on a miscalculation. So out of it all will probably even the diehards accepted the
The come some vital changes. That was Churchill's darkest Interest Bonds. Was it no more
than an intelligent guess had inevitable.
feeling is that the Governors of hour and the murmurings and
ale or two more Governors of mutterings grew in volume. He
about a the Bank of England, should Thus there came THE emancipation of men mein rode the stout but his the Bank (who are also private Ts in full swing.
Board
of Governors who were sever their connection with all face was so grim that one felt traders of one kind or another)
told their partners or hinted men of substance and experi- finance compacles during their are now fourbe might never smile again. that the Bank fate was going ence and high character allting period of office and thus bring
There
Cabinet Ministers minus wives at their eldes:-
(Foreign
SELWYN LLOYD Secretary),
RAB BUTLER (Home Beere. Lary).
HEATHCOAT AMORY (the new Chancellor), and
DUNGAN SANDYS (Minis ter of Defenoo).
However, by that time we had to be inercosed?.. put the Lords in a Committee Room of their own house which had not been destroyed and we took over their lordships' debat- ing chambor where we stayed not only for the duration of the war but until our new House of Commons was rebuilt.
GILT
but little glitter
But why should an increase
under the Supreme Governor, to the service of the Bank a To a large extent the book be- completely detached mind and came on instrument of Govern u single loyalty.
Meanwhile ment
the reporters in inancial policy although thore was no direct interference Fleet Stroet will gather in the with day to day management: pubs and, over their tanks of beer, will tell each other of the down to the days in Church House when the grilled them. Attorney-General
So we
Cone
of the Bank Rate cause a fall in alleged Bank Rato Leak and the the value of Government Gut setting up of the Trilumal
But we were not finished Edged Bonds bearing Q Oxed Church House. They are all managing to do with Church House. The Con- Interest? The answer is quite
without those
staunch
mates,
hostesses,
of stress.
in
to no effect. As for Church House it merely adds, oho more
|POCKET CARTOON
by OSBERT LANCASTER
What had happened to bring chapter to its strange story, help servative MP's and peers met simple. With a higher Back those Wonderful there to pay tribute to the re- Rate declared by the Bank of about such a drasile situation?
those womanly tiring Prime Minister Churchill England acting as the financial As I mentioned earlier there ahoulders to lean on in times
Instrument of the Treasury the was the coming and going of borrowers
of mancy and Ministers visiting the Chancel- especially those who are issulog lor, all of which was noted by New Bonds must almost cer- the political correspondents of tainly raise their rate of interest the newspapers who are duly
to in- nccredited to keep in line with the
gather Parila- creased Bank Rate. Thus the mentary news. Accompanying selling of Go called "Gilt Edged securities this was the heavy with the fixed and unalterable Gilt Edged because the activities Interest rate declines in market of the politicans suggested that value because the holders
can there was something of a crisis get a better return in the open and the Bank Rate was on market with other shares which obvious factor,
Once no politician felt he could face the hard way of the House without a wife to help him. Now Secretary
even
tacca
the Foreign diplomatic
perty after diplomatic recep-
tion alone.
★ ✰
For whatever reason theso four men have for being alone Selwyn Lloyd's marriage was dlasolved, Rob Butler 1s widower, Heathcoat Amory is a bachelor, and Duncan Bandys is separated from his wifother have a harder job to do with- out a woman to help thèm
Servants, secretaries, and other relatives era mil vux well, but only time will tell if they can take the place of that "riccione "jowal'!! a good wife. Kornwhile, the emancipated Cabinet struggles Von regardleam.
POCKET CARTOON
by OSDERT LANCASTER
WHAT BAYKE STAUST
"You realise, Cires, that thanks to this blasted moon we're going to have to recast all the Scorpios?!?!,
are subject to the rise and fall of the market.
Within a brief space of time the Governors of the Bank of England met in conference and At this point one might well announced an increase of 2% in
Hale. nak why and how the Bank of the Bank
This the England has become the arblier holders of Chit Edged Bad beers of interest rates on Treasury able to sell their Gift Edged in Bonds. In fact what the time and re-invest
In- Bank of England? To answer crensod Interest if they chose that question wo must. for a to do so. As some of the moment . look back to the tag transaction ran into millions of end of the 17th century—a pounds the -profits were 'con= period when England, was wi211, äiderable.. enjoying the vigour, 'generated So there came an outery and ky they golden, years
'the 1t was decided to hold an in- Kiizabethan on
quest in Church Houeo tự, the
"The alternatlies even all. too clear so- me--- Riher. we're atomised by the Mowilka on purpose of ba