That government is composed of men with a high average of general good sense, with an excellent knowledge of business in general, but without any special knowledge of the particular business in which they are engaged.

Ordinarily, in joint stock banks and companies this deficiency is cured by the selection of a manager of the company, who has been specially trained to that particular trade, and who engages to devote all his experience and all his ability to the affairs of the company.

The directors, and often a select committee of them more especially, consult with the manager, and after hearing what he has to say, decide on the affairs of the company.

There is in all ordinary joint stock companies a fixed executive specially skilled, and a somewhat varying council not specially skilled.

The fixed manager ensures continuity and experience in the management, and a good board of directors ensures general wisdom.
But in the Bank of England there is no fixed executive.