His functions at the Bank fill a very small part of his time; all the rest of his life (unless he be in Parliament) is spent in retired and mercantile industry.

He is not subjected to keen and public criticism, and is not taught to bear it.

Especially when once in his life he becomes, by rotation, governor, he is most anxious that the two years of office shall 'go off well.' He is apt to be irritated even by objections to principles on which he acts, and cannot bear with equanimity censure which is pointed and personal.

At present I am not sure if this sensitiveness is beneficial.

As the exact position of the Bank of England in the Money Market is indistinctly seen, there is no standard to which a Bank governor can appeal.