I believe that such a person would give to the decision of the Bank that foresight, that quickness, and that consistency m which those decisions are undeniably now deficient.

As far as I can judge, this change in the constitution of the Bank is by far the most necessary, and is perhaps more important even than all other changes.

But, nevertheless, we should reform the other points which we have seen to be defective.
First, the London bankers should not be altogether excluded from the court of directors.

The old idea, as I have explained, was that the London bankers were the competitors of the Bank of England, and would hurt it if they could.

But now the London bankers have another relation to the Bank which did not then exist, and was not then imagined.