The Governor and Deputy-Governor, who form that executive, change every two years.

I believe, indeed, that such was not the original intention of the founders.

In the old days of few and great privileged companies, the chairman, though periodically elected, was practically permanent so long as his policy was popular.

He was the head of the ministry, and ordinarily did not change unless the opposition came in.

But this idea has no present relation to the constitution of the Bank of England.