ABSTRACT
Committee), are, first, that the really executive part of the management of the Bank of England is subject to a frequent change of those persons who are specially responsible for it; the Governor, for example, holds office for two years; the Deputy Governor holds office for the same period of time; the term of service, therefore, in the offices of Deputy Governor and Governor amount to four years. It is also, I believe, generally understood to be the fact, that while changes in the rate of discount may be effected by the mere will or discretion of the Governor, in point of fact those changes in the rate of discount, and changes generally in the policy of the Bank as regards its securities, &c., are determined upon by a mere majority of its Thursday Court of Directors; and I think it is also understood that it is quite competent for any member of the court at the Thursday meeting to propose any change; and if that change be sanctioned by a mere numerical majority, it may be by no more than a single vote, it is thereupon carried into effect.
