1960-10-01 — Page 6

THE CHINA MAIL, SATURDAY, OCTOBER 1, 1960.

*GOVERNOR OF THE BANK OF ENGLAND'~THE TITLE IS OLD, BUT TODAY IT RAISES AN URGENT QUESTION

Why

don't

we scrap this man's -job now?

READ this advertisement: "Applications are invited for a position of trust. Large car provided. Salary, nominal- ly £2,000 a year but in practice greatly in excess of that figure." "Hours to suit the successful applicant. Much scope for foreign travel. Pension and peerage on retirement. Candi- dates must be of good family, with a first-class university re- cord and a City. background. Qualities required are tact, firmness, and an inner sense of superior- ity over non-City types, especially over members of the Cabinet."

or

likely to

fisement

never ure

course You

It see such in

Though uny column. illustrates what the looking for Just now.

Vacant

ان

For

concerned The Job that

Governor of Bank of England. Mr Cameron Fromfinteel Combuld is about to relire after holding the governorship average term of 11 years. And the men of the City are agog over the likely runners for the post.

thr for

above-

of the

by

BERNARD HARRIS

A vivid light wus thrown

Mr Cobbold, has been tightened, H.P. con- with was this during the hearing an adver- on

politicians promised trols have been Imposed. "Situations of evidence before the Bank

boom Mr Cobbold seitled for Then, when production has But It rate "leak" tribunal.

been cut back, investment has City ነዲ There was the curious upisode deflation.

It is not only in the big things been checked. and jobs have traffle Jain on the

brakes is Embankment when the governor that Cobbold has shown his been threatened, the

They are have been taken off, the spotted

Kinderalya power and influence. Lord

Is it utterly impossible to seen in small matters too. director of the Bunk-in a car Last

authorities improve on this slow-stop-go year the alongside his own, Kindersley wanted to abolish a relic of the method of running the nation's was invited to change cars to enable further discussion of the Gurden Rints in 1780-that thin business? Must we always rely thered Ble of Guardsmen who can un orthodox bankers who want Bunk-rate Increase lo

be seen in

any fine evening to put on the brakes whenever place.

we are speeding towards pros- Of course, the Chancellor was marching from their barracks to

perity? consulted while events like this protect the Bank until down. were taking place. But who can doubt that Cobbold was the driving force behind They want

See this swingeing increase from 5 to 7

job per cent? supremely Important

Consider also events of the held by a "banker's man" - someone who will stick up for last few months.

Early this year Ministers were

official salary of the City whenever its views con-

uf Cabinet talking

"wonderful with those filet

{3 a relic of Rather Ministers and top clvil servants. 1860's. They pictured a Britain £2,000 a year

more salary fixing in 1892, They want. In short, a sturdy driving ahead to ever Aghter for the Snancial Estab- wonderful peaks of prosuerity, than have Jishment.

City's choice

---

be

Yet I eak: In its present form

intment vull the* Alled at all?

Let us see what the lub of governor has involved in past

3DES_

For centuries the governor was almost an emperor in his awn right. Then in the First World War there was Lord Cunliffa.

He sent most of our gold reserve to Canada in case of a He refused German invasion.

to allow the Treasury to draw

Minister, resign.

He

of

i

the

Cobbold opposed the abolition on the Kround that the picket that way of "such historic Interest,"

He won his point.

.Even his

Relic

Mr Peter Thorneycroft, who saw the whole sorry business from the Inside when he was Chancellor, has sald:--

"The entire history of the post-war years has been one of overstraining the

economy, and slamming on the brakes,

then bawalling

the fact that the car is at a standstill "If we could learn to drive

LOGAN

GOURLAY

HOW TO EARN £5,000 IN ONE AFTERNOON

CHA

which I never expected to find there:....

AND SURVIVE! there

A flat tin box containing thres warped Elvis Presley 78 r.p.. records. I dropped it straight back to its rocky grave..

HAMACO (other names Antonio Borrero) has a remarkable pair of eyes. Brown and bovine in size but angry, and bullish in sparkle. He has said he would rather gouge them out than let them show fear. He's a bold, arrogant, flamboyant fellow. A gipsy by birth. A bull- BRING you a frighten- fighter by profession,

ing small ad. from the

Majorca

"the News,

lish":

I don't completely under- "If I am honest I admit that be a bullfighter. It is an honour island's weekly in Eng- stand the man

man-even is afraid able profession" But I ad- every

sometimes. But I would never mire and respect him.

Jet it be seen. By the bull.

I must rush into my mince Or the crowd. un-British moment of truth at "Fear is degrading, this stage and tell you without know since I am a small boy." apology or qualification that I like bullfights. I am also kind to cols, dogs, horses, and canories. Bullights don't appal or dis- gust me.

They have brought me on the great

occasions unfor- gettable seconds of elemen- tal drama and excitement. They have stimulated me and moved me. Yes, moved

me.

Show no fear

24 years

Top six

1. "Why not strike a new about the undying criticisms, note at your next party?

I asked him what he thought

mainly from the Anglo-Saxons,

and

amuse your guests. This is the new rage in America and they can be obtained here. Apply Box 92,

A la carte

THE walters and barten lu most Majorcan hotels are an enterprising lot, to whom the guests are grateful-if not always for the food.

They can provide guests with range of merchantliso

This I that it is brutal and degrading Hire a couple of genuine - gory, unequal struggle In Beatniks to entertain which the bull always loved,

He said: "1 do not think the 'bull is losing when my friends are killed. Or when I am gored. Chamaco, who was born on a #ipsy

Bald by encampment in Majorca Those things, are

know the ago, is now rated by people who do not the aficionados as one of the six traditions and meaning of the best bullfighters in Spain. But corrido. he can be erratic, ragged in per-

"That is why I do not like formance. When the bulls are inferior he can be contempt fighting here. Most of the peo

though he ple who come are tourists. They ously careless as wouldn't deign to test his sidl. do not understand."

und His style

technique are

He walked off to get ready He is never strictly classical.

for his encounter with a ton of unconventional, unpredictable,

He wide Ho angry bullflesh and horn. always intensely dramatic. has been hissed by the crowd was drawn up to his full height, not listed on the menu. I have ot teen prices a about five feet Ave and a half been offered but more often deafened by inches. Five feet five and a half German alarm clock, a Japanese radio, A portable inches of Spanish arrogance, transistor sword and muleta hove His

of Havana tradition-and defiant Swiss watch, a boy Kinowy earned him not only, on esteem

cigars, anti as many American and

cannot be affection that

and English cigarettes us I can After he killed his first bull smoke.

The cigarettes come in compared to the adulation given to im heroes, but a sizeable clumsily and badly (it was an cartons at 140 pesetas (about fortune.

ill-bred Vignoble

beast) an 189.). for 200. Indy next to me American During the season he uses rushed palely for the exit. The All nicely wrapped to foll hours just before the

behind And freshly smuggled. opening parade are an area of a private plane to take him Englishman she left

£ nico sticky, slow apprehension for round the bullrings where sald: "Shows she's the bullighter. But Chamaco he can earn

about £5,000 decent type. She's going to be

slak." reasonably, looked,

perhaps

——~A~well-brod_lady_unlike the studiously, relaxed though the in an afternoon..

buti, eyes were elsewhere-already But he said: "I am not a in the ring on the horns of his bullighter for the money. It is first bull.

opportunity I never miss on to see one. Or to ink to the bullfighters like Chamaco.

I was on holiday in Majorca. He was waiting for the humid afternoon 10

pass and corrido to start.

it adjusted to the it quietly forward, If we could from using the But not Cameron Cobbold. He normal £10,000 a year pald to even refrain

of Stale boards he has accelerator and the brake at the was a wet blanket. In February heads

dis same time-we could have a he urged that the boom should it supplemented at the

These Bank lending must eretion of the directors") from pleasant and profitable journey." be curbed.

How can this be achieved? The spending spree an internal fund in the Bank. be reduced.

Must it go on like this? Must The answer, surely. is by was getting out of hand."

we still have this antiquated bringing those ancient inst institution dominating

tionsthe Treasury and the Anuncisi oul Dok?

Bank-closer together.

His-power

1

Within 1wo months Mr. I do not aprove of Govern-

The Impending retirement of Heatheost Amory, then Chan- ment interference in private Mr Cameron Cobbold offers a cellor, acted preclecly on the enterprise but no one has ever brillant opportunity of doing lines he had advocated.

pretended that the Bank is an this. Firms selling goods on hire example of free enterprise. Over purchase were knocked over the the years its relationship, with head.

were forced to the Treasary has been regulated Banka deposit spare cash with the by statute and, since nationalisa-

Bank-rate rise.

yuu,

But the coming rise in your mortgage or H. P. payments was fat mentioned by any of them and fur on excellent reason.

the

"olea."

scors.

not something that can be done Smart work

He said: "It is better not to only to get rich.

100 much about the

been

PUZZLE which the big airline monopolies--like- B.E.A. could answer but won't: how do they justify

·£40-odd for my

return

"Or only for the oles. I Uke TAUTE couture has arrived fare to Palma when the corrida just before. It is better to please the crowd and to hear in Majorca. It has

HA

travel agencies can offer a about other things. their picasure. If I excite them, brought by Gaby Young, who full holiday including air ....

Flamenco. they exelte me.

make was London's leading model a fare and hotel for the same

women.

Why replace him with any. one bearing the sonorous title think of Governor? Why not have

to talk Secretaries three Permanent

at the

of About Treasury-insead

Money. But it is difficult not them angry, then I am angry few years ago before the word price? two, as now-and put the

to talk about the bulls. It is and sick, third, in charge of the Bank of

not that I fear them. If they England?

are brave bulls I respect them. Sometimes I am sad to kill them they are very brave and when noble and well bred.

уду.

In the blood

got alightly shopsolled. She also ran a model agency and worked for Dior.

her

!

Up they go!

on it to pay for essential war Bank of England, so making it tion, it has become in name no supplies. When the Treasury more difficult for them to lend. more than a department made the altempl, to quote one And in June, the squeeze was State. account. be "dared to stop the tightened with yel another But the Bank still lives in Government's cheque."

its own little world. It relies

Then the Bank would become handed

over the gold to So see what this meant for excessively on purely monetary what it is in law I not in Morgans, the New York bankers.

Last Oclobut

there measures to

control economic

But she married in American practice the Past End brunch And the income? Bonar

You policy.

AND and property values are of the Treasury, And with its

"But I am not there just for James MacKinnon, turned Law, then Chancellor, hacked Was a General Election.

and booming here as elsewhere. And bellevo it is because polleles completely covetailed by Lloyd George, the Prime voted for the candidate whose

"The bad bull with little them, What I am doing they long back on modelling,

Four years ago when I was in to policy pleased you best, forced Cunliffe

that since the of this

war with those of the Head Office we

Majorca where they had met.

Majoren last I could have taken A rough could look was have had auch

forward candently bravery and breeding is the cannot share and feel all the went for an extended holiday to to that "pleasant and profitable one to fear. To fight him ride towards prosperity,

After two lotus-eating years my pick of attractive villas near "I always wanted to be a

the sea for about £1,000. This in a journey"! which We have gone ahead

restless, opened a Successive well, to make him charge, it bullfighter, I cannot say this is they w have failed 60

grown year I was shown one with six boutique, Now it has is necessary to take greater why, or that is why. The reason into a salon employing 50 and bedrooms, three bathrooms. It

is in my blood. I am proud to

Gaby collections. Is, well-appointed but has no offering the She is taking a new collection outstanding luxury features.

The to New York noon and then to

asking price: about London. But she said:

£30,000. Jimmy Patino, the South American tin millionaire. "Nothing would induce me to hus built himselt a magnificent live in London again. We have villa not for away, with heated the perfect life here. A villa by swimming pool and all the the sea where we can lunch on

An end?

After Cunliffe

htt the

The evidence suggests that the series of jolts. When a boom Chancellors bzen

initiative was not with the poll- loomed on the horizon tough felons at all.

dealt with by Boner Law everybody thought that here was an end to dieta- torship by the Bank.

But no. Before leng Montagu Norman came (5) the scene. Normos. the man with tho strange myslique, wielded more, power than any governor before tilm. And no balder of that office made

disastrous more decisions than he.

In 1940 Socialists nations- Used the Bank. Most Tories secretly approved of that mea- sure. Even Churchill, leader of the Opposition, did not vote against it.

Now at last, it was thought, things had really changed. Now It was abundantly clear that power rested

with the

not

governor but with the Chan- cellor.

But what has happened under Cameron Cobbold?

been dis-

Haa there

ever

agreement between him and his Treasury overlords un Bank and other measures to control the economy?

Talo

"The Bank," Cobbold onea anid," a very dutiful wife. We offer our advice vory

I freely, as a good wife should. and on occasion I think Wo

have been known to ring

10

our advics has not bean. accepted."

Does this then mean that Cobbold has been little more than a cypher? When Bank rate has gone up or another Iwist has been given to the ercult squeeze has the Inliia- tive come from the Chancellor rather than the governor?

"It would be qulle to bellove that, In low supremo Tesponsibility for. Bank" rgle changes now rests with the Chancellor. But in practice the rosponalbilly has fallen squares ly on Cobbold's shoulders.

wrong

Bank lamentably to achieve.

-(London Express Service), rate has been mit un, credit

risks.

the terrace even in January and

am not brave

mentities. then back to my work which I enough to estimate ita cost.

F.8.-As

Clore yet Charles love."

does not own a bulding on the She is already raising fashion island. Not even a beach hut

standards among lady residents --and some visitors, Though her achlovementa are not always

noticeable among the thousands

Last Flynn

of imported English shorts that CINCE Errol Flynn died last looks like shipwreck distress year his £93,000 yacht the signols, and slacks that look

many parties has been lying in the harbour of Palma, Majorca, No one seems to know exactly who

now owns it

And no one la

like the walls of a windjammer Zaca- which floated billowing in a full gale,

PRINCE RAINIER and his being bold enough to claim it, Princess Graco stopped But there

are reports

that

and

in Majorca during their Patrice Wymore, hia widow, in cruising holiday. The arriving to take possession

She should hurry. - It's manager of a night club

to look and beginning they

visited asked his derellet. And it's beginning to orchestra leader to play jst in part. As though it were the Monaco National mourning and emulating Anthem in their honour, poor old Errol,

The orchestra played-"La Marseillaise." The prince COST was diplomatic. He made no complaint.

Comparison (or why water seldom passed. my lips). Price of Spanish champagne per case of 12 bottles. (lowest grade but dry and drinkable); 25. TRIED a little skin-diving on Price of one tank of fresh

Chris trip? I saw dish that I

Rock bottom?

never know existed, but which Water (supplied to hotels looked strangely like people and villas, many of which who regret to say, to exist. I use piped purified “sult also brought something up from water) 1, 22,

down lit the clear, grain

UNO playing about in Now York It's a fine opportunity for Rod China te take over the world.'

2011.

London Express Service

depibe of the Mediterranean -(London Exprish'zerotée)."