[Lombard Street: A Description of the Money Market by Walter Bagehot]@TWC D-Link book
Lombard Street: A Description of the Money Market

CHAPTER VIII
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When a vacancy occurs by death or resignation, the whole board chooses the new member, and they do it, as I am told, with great care.

For a peculiar reason, it is important that the directors should be young when they begin; and accordingly the board run over the names of the most attentive and promising young men in the old-established firms of London, and select the one who, they think, will be most suitable for a bank director.

There is a considerable ambition to fill the office.

The status which is given by it, both to the individual who fills it and to the firm of merchants to which he belongs, is considerable.

There is surprisingly little favour shown in the selection; there is a great wish on the part of the Bank directors for the time being to provide, to the best of their ability, for the future good government of the Bank.


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