At present, the Governor and Deputy-Governor almost always change at the end of two years; the case of any longer occupation of the chair is so very rare, that it need not be taken account of.

And the Governor and Deputy-Governor of the Bank cannot well be shadows.

They are expected to be constantly present; to see all applicants for advances out of the ordinary routine; to carry on the almost continuous correspondence between the Bank and its largest customer--the Government; to bring all necessary matters before the board of directors or the Committee of Treasury, in a word, to do very much of what falls to the lot of the manager in most companies.

Under this shifting chief executive, there are indeed very valuable heads of departments.

The head of the Discount Department is especially required to be a man of ability and experience.