And it is most desirable that it should be represented, for members of that firm can give if they choose confidential information of great value to the Bank.

But, nevertheless, the objection which is urged against English bankers is at least equally applicable to these foreign bankers.

They have, or may have, at certain periods an interest opposite to the policy of the Bank.

As the greatest Exchange dealers, they may wish to export gold just when the Bank of England is raising its rate of interest to prevent anyone from exporting gold.

The vote of a great Exchange dealer might be objected to for plausible reasons of contrary interest, if any such reasons were worth regarding.