An amazing exposure by the famous New Zealand nationalist. Circa 1930’s. The writer reveals the fact that, at the time he was writing about, nobody knew who in fact owned the Bank of England as all the shareholders names were secret. He goes on to give the history of the bank and how it was originally set up.
He points out that one of the requirements was that it should always act in the public interest. Mr Montague Norman, who was the Governor of the Bank of England, made it clear that the bank undertook no such duties. This questioning was under the auspices of the Macmillan Committee.
Further questions about the bank’s duty to keep prices steady drew the response that in fact the bank pursued a course in favour of the flux of values and that he knew of no bank that did the opposite.