And in the Bank of England there is a special provision for depriving them of it if they get it.

Some of the directors, as I have said, retire annually, but by courtesy it is always the young ones.

Those who have passed the chair--that is, who have served the office of Governor--always remain.

The young part of the board is the fluctuating part, and the old part is the permanent part; and therefore it is not surprising that the young part has little influence.

The Bank directors may be blamed for many things, but they cannot be blamed for the changeableness and excitability of a neocracy.
Indeed, still better to prevent it, the elder members of the board--that is, those who have passed the chair--form a standing committee of indefinite powers, which is called the Committee of Treasury.