I say 'indefinite powers,' for I am not aware that any precise description has ever been given of them, and I doubt if they can be precisely described.
They are sometimes said to exercise a particular control over the relations and negotiations between the Bank and the Government.

But I confess that I believe that this varies very much with the character of the Governor for the time being.

A strong Governor does much mainly upon his own responsibility, and a weak Governor does little.

Still the influence of the Committee of Treasury is always considerable, though not always the same.

They form a a cabinet of mature, declining, and old men, just close to the executive; and for good or evil such a cabinet must have much power.
By old usage, the directors of the Bank of England cannot be themselves by trade bankers.