1958-01-20 — Page 4

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

PARDON ME,

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

WYNAND FOCKINK

DUTCH LIQUEURS

MARTELL

COGNAC BRANDY

HUNT ROOPE & CO., LTD.

PORTS & SHERRIES

PABST

BLUE RIBBON BEER

Mc. EWAN-YOUNGER LTD. BOTTLED BEER

WINCARNIS AMSTEL BEER

TONIC WINE

CARRERAS LTD.

CRAVEN "A". PICCADILLY NO. 1

& DUNHILL CIGARETTES :

HOLLAND

QUEEN'S BUILDING, HONG KONG TEL. 20636 & 38970

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