Till Time's Last Sand

by David Kynaston

  9 ADM34/21, 2 Feb 1932; ADM34/23, 21 Sept 1934; G3/201, 8 March 1934; Sayers, vol 2, p 470; Richard Roberts, ‘The Bank and the City’, in Roberts and Kynaston, p 172; ADM34/25, 1 April 1936.

  10 G3/199, 29 June 1932; J. H. Bamberg, ‘The Rationalization of the British Cotton Industry in the Interwar Years’, Textile History (1988), pp 95–6; Clay, pp 345–9; Sayers, vol 2, pp 547–50; Steven Tolliday, Business, Banking and Politics (Cambridge, Massachusetts, 1987), pp 269–71; Carol E. Heim, ‘Limits to Intervention: The Bank of England and Industrial Diversification in the Depressed Areas’, Economic History Review, Nov 1984, pp 533–50; G14/62, 1 March 1939.

  11 G3/200, 5 Dec 1933; Howson, p 95; Robert Skidelsky, John Maynard Keynes: Volume Two (1992), p 501; ADM34/23, 4 Jan 1934; Sayers, vol 2, pp 462–3; Boyle, p 288.

  12 G1/515, 27 April 1933; Gianni Toniolo, Central Bank Cooperation at the Bank for International Settlements, 1930–1973 (Cambridge, 2005), p 167; Patricia Clavin, ‘“The Fetishes of So-Called International Bankers”’, Contemporary European History, Nov 1992, p 306; C160/179, Bolton, ‘Memoirs’; Kenneth Mouré, ‘The Limits to Central Bank Co-operation, 1916–36’, Contemporary European History, Nov 1992, p 278; Sayers, vol 2, pp 526, 519; P. J. Cain and A. G. Hopkins, British Imperialism: Crisis and Deconstruction, 1914–1990 (Harlow, 1993), pp 253–4; P. J. Cain, ‘Gentlemanly Imperialism at Work: The Bank of England, Canada, and the Sterling Area, 1932–1936’, Economic History Review, May 1996, p 353; OL, June 2002, pp 84–5.

  13 G3/200, 30 Sept 1933; G3/201, 23 Jan 1934; Ron Chernow, The House of Morgan (New York, 1990), p 394; Addis, 14/459, 14 April 1935; Kynaston, vol 3, p 437; OL, March 1937, p 18; C160/179, Bolton, ‘Memoirs’.

  14 OL, Sept 1938, p 284; G3/205, 31 Aug 1938; Fed, box 616999, 24 Sept 1938; G3/205, 2 Nov 1938; Financial News, 4 Jan 1939; NA, fo 371/23000, fos 245–6; G3/206, 22 March 1939; ADM34/28, 28 Feb 1939, 7 June 1939; C160/179, Bolton, ‘Memoirs’; Sayers, vol 2, pp 567–71, 575–81; Hennessy, pp 83–9; G3/206, 26 Aug 1939, 2 Sept 1939; Boyle, p 309.

  15 Parliamentary Debates: House of Commons, Fifth Series, vol 274 (1933), 7 Feb 1933, cols 134, 139, 155, 165, 167, 20 Feb 1933, cols 1503, 1511, 7 Feb 1933, col 142.

  16 J. R. Jarvie, The Old Lady Unveiled (1933), pp 11, 50–1; Listener, 4 April 1934; Banker, Feb 1935, p 107; Labour’s Immediate Programme (March 1937), p 3; T. W. Huskisson, The Bank of England and the Financial Impasse (1935), p 3; E. H. H. Green, ‘The Conservatives in the City’, in Ranald Michie and Philip Williamson, The British Government and the City of London in the Twentieth Century (Cambridge, 2004), pp 160–6.

  17 Sayers, vol 1, p 379; Ahamed, p 487; Douglas Jay, Change and Fortune (1980), p 68; Listener, 23 March 1939.

  18 Evening Standard, 6 Jan 1939; Parliamentary Debates: House of Commons, Fifth Series, vol 347 (1939), 26 May 1939, cols 2726, 2732, 2734–5; Adam LeBor, Tower of Basel (New York, 2013), p 66; Parliamentary Debates: House of Commons, Fifth Series, vol 348 (1939), 6 June 1939, col 205; G3/206, 30 May 1939; G1/506, 3 June 1939; Paul Einzig, In the Centre of Things (1960), pp 186–94.

  19 For a full account of the domestic aspect of the war, see Hennessy, chap 1.

  20 OL, Autumn 1978, pp 113–17; Bankers’ Magazine, Dec 1981, pp 19–20; OL, Sept 1988, p 106 (Tony Carlisle); Daily Mail, 2 Aug 1942.

  21 Records of the London Stock Exchange (Guildhall Library), Mss 14,600, vol 136, 2 Oct 1939 to vol 137, 20 Nov 1939; Fed, box 616999, 16 July 1940; OL, Spring 1978, pp 21–4, Dec 2000, p 169; Hennessy, pp 15–16.

  22 Hennessy, pp 90, 87; Sayers, vol 2, p 571; G1/15, 9 May 1940.

  23 D. E. Moggridge, Maynard Keynes (1992), pp 629–34; Peden, pp 316–17; Moggridge, p 664; Bareau, p 16; Sayers, vol 2, p 602.

  24 DM20/29, 28 Feb 1940; Sayers, vol 2, pp 591–2; Boyle, p 311; Nigel Nicolson (ed), Harold Nicolson, Letters and Diaries, 1939–45 (1967), p 142; Hennessy, p 15.

  25 Clay, p 469; G1/69, 26 Sept 1939; ADM20/29, 1 March 1940, 31 May 1940; Roberts, pp 165–6; ADM20/31, 8 Sept 1942, 10 Sept 1942, 2 Oct 1942, 22 May 1942; John Barnes and David Nicholson (eds), The Empire at Bay (1988), p 842; OL, June 1958, p 106; Sunday Pictorial, 21 Sept 1941; Niall Ferguson, High Financier (2010), pp 99–100; New Statesman, 15 May 1943.

  26 G15/7, 9 Oct 1941; ADM34/30, 22 Dec 1941; ADM20/31, 15 Jan 1942; G15/7, 18 March 1942; Marguerite Dupree (ed), Lancashire and Whitehall: The Diary of Sir Raymond Streat, Volume 2 (Manchester, 1987), p 144.

  27 Boyle, pp 322–3; G15/24, 13 March 1944, 20 March 1944; Boyle, p 324; Sunday Pictorial, 9 April 1944; Financial News, 11 April 1944; G15/45, 19 June 1944; G15/241, 30 April 1960 (Kershaw); 13A84/5/11, 3 Feb 1945; Boyle, p 327; OL, March 1968, p 44.

  28 Economist, 29 March 1941; G15/24, 6 May 1943, 21 Oct 1943; ADM34/32, 21 Oct 1943; G15/24, 14 March 1944; DBB, R. P. T. Davenport-Hines, ‘Thomas Sivewright Catto, 1st Lord Catto of Cairncatto’; Lancashire and Whitehall, p 245; O’Brien, p 23; Daily Express, 8 April 1944.

  29 SMT2/308, 7 Jan 1944; John Kinross and Alan Butt-Philip, ICFC, 1945–1961 (1985), pp 324–7; Moggridge, p 734; Capie, p 143; G18/3, 20 March 1945. For full accounts of filling the Macmillan gap and the new international financial order, see Fforde, pp 31–73, 704–27.

  30 Banker, Oct 1945, p 38; Coast Bank (San Francisco), Aug 1949.

  31 Times, 5 June 1945; G15/7, 1 Aug 1945; Fforde, p 6; Parliamentary Debates (Hansard): House of Commons, Fifth Series, vol 413 (1945), col 94; Ben Pimlott (ed), The Political Diary of Hugh Dalton (1986), p 362; Lancashire and Whitehall, p 378; G15/19; Times, 11 Oct 1945; Fed, box 617031, C261, 10 Oct 1945.

  32 Economist, 13 Oct 1945; FT, 11 Oct 1945; Daily Telegraph, 11 Oct 1945; Parliamentary Debates (Hansard): House of Commons, Fifth Series, vol 415, cols 43, 46, 57, 88, 113, 117.

  33 For a full account, see Fforde, pp 73–87.

  34 Moggridge, p 806; L. S. Pressnell, External Economic Policy since the War, Volume I (1986), p 315; G15/19; Fforde, p 37; FT, 14 Dec 1945; Empire at Bay, pp 1052–3.

  35 G18/2, 27 Feb 1946; Fforde, pp 30, 15–16.

  CHAPTER 13: NOT A STUDY GROUP

  1 American Banker, 5 Oct 1946; The Baring Archive, 200884 fo 15, American Papers vol 18, 5 February 1947; City Press, 1 Oct 1948; Philip Geddes, Inside the Bank of England (1987), p 67; The Baring Archive, 200884 f 15, American Papers vol 18, 5 February 1947; ADM30/6, George Gibson file (note by John Keyworth, 8 Sept 1992); Banker, April 1949, p xxi; Economist, 3 May 1947; 16A48/1; Fforde, pp 366–7.

  2 J. F. A. Pullinger, ‘The Bank and the Commodity Markets’, in Fforde, pp 788–92; Adrienne Gleeson, London Enriched (1997), chap 3; G3/103, 6 Jan 1950, 11 Jan 1950; G3/4, 5 Jan 1951; Richard Roberts, ‘The Bank of England and the City’, in Roberts and Kynaston, p 166; G3/99, 23 April 1947; G3/2, 18 May 1950.

  3 Fforde, p 147; P. L. Cottrell, ‘The Bank of England in its International Setting, 1918–1972’, in Roberts and Kynaston, p 117; Time, 1 Sept 1947; Fforde, p 162; Erin E. Jacobsson, A Life for Sound Money (Oxford, 1979), p 196.

  4 G3/1, 1 June 1949; G1/70, 21 June 1949, 5 July 1949, 3 Aug 1949; Alec Cairncross, Years of Recovery (1985), p 176; Fforde, p 300; Fed, box 617031, 30 Sept 1949.

  5 Fforde, p 213; Economica, May 1993, p 243; Institutional Investor, March 1980, p 210.

  6 Ben Pimlott, Hugh Dalton (1985), pp 463–4; G3/100, 8 Dec 1948; Fforde, pp 367–8; Philip M. Williams (ed), The Diary of Hugh Gaitskell, 1945–1956 (1983), p 227; G1/71, 3 July 1951, 5 July 1951; FT, 4 Oct 1951; G1/71, 22 Oct 1951. The authoritative account of monetary policy during these years remains Susan Howson, British Monetary Policy, 1945–51 (Oxford, 1993).

  7 Capie, pp 773, 58.

  8 16A48/1; G3/1, 13 April 1949, 2 May 1949, 8 July 1949; papers of Sir George Bolton, 10 Sept 1962, draft obituary of Cobbold for The Times; Fforde, pp 231–2; Capie, p 44; Cathy Courtney and Paul Thompson, City Lives (1996), pp 164–5.

  9 Fforde, p 218; Capie, p 45; ADM14/4, 12 Nov 1948; Alec Cairncross (ed), The Robert Hall Diaries, 1947–53 (1989), p 41; Fforde, p 773.

  10 Ffor
de, pp 164, 317–18; OL, Spring 1980, pp 9–11 (Roger Woodley); Fforde, pp 546, 196, 548; Hall, 1947–53, pp 76, 231.

  11 Fforde, pp 322, 613, 373, 628; Capie, p 52; OL, Dec 1969, p 224; ‘Hilton Clarke’, Daily Telegraph, 18 Dec 1995.

  12 William A. Allen, Monetary Policy and Financial Repression in Britain, 1951–59 (Basingstoke, 2014), p 205; Listener, 6 June 1957; G. C. Peden, The Treasury and British Public Policy, 1906–1959 (Oxford, 2000), p 440; Alec Cairncross (ed), The Robert Hall Diaries, 1954–61 (1991), p 65; Fforde, p 778; Economica, May 1993, p 242; OL, June 1998, p 77.

  13 G15/19; G3/4, 1 Nov 1951; G3/107, 12 March 1952; DBB, Gordon A. Fletcher, ‘Lawrence Henry Seccombe’.

  14 New Statesman, 29 Dec 1951; NA, T236/3240, 16 Feb 1952; C160/24, 20 Feb 1952; Donald MacDougall, Don and Mandarin (1987), p 88; NA, T236/3240, 25 Feb 1952; Peter Caterall (ed), The Macmillan Diaries: The Cabinet Years, 1950–1957 (2003), p 149; NA, T236/3242, 18 March 1952; Fforde, p 448; Cottrell, p 126; Peden, Treasury, p 464; Daily Telegraph, 21 Oct 1954.

  15 G15/19; Kathleen Burk, The First Privatisation (1988), p 95; G3/111, 13 April 1954; G3/7, 25 Feb 1954; Richard Roberts, ‘Regulatory Responses to the Rise of the Market for Corporate Control in Britain in the 1950s’, Business History, Jan 1992, p 187; G3/6, 23 June 1953; G3/110, 13 Nov 1953; G3/111, 13 Jan 1954.

  16 Hennessy, p 233; David Wainwright, Government Broker (1990), p 83; G3/6, 30 July 1953; FT, 1 Jan 1955.

  17 G15/19; FT, 20 April 1955; G1/73, 18–19 April 1955; Hall Diaries, 1954–61, p 33; G1/73, 3 Aug 1955; G3/8, 10 Nov 1955, 4 Nov 1955.

  18 Diaries of Harold Macmillan (Bodleian), dep d.26, 21 July 1956, fo 123; G1/74, 23 March 1956, 26 March 1956; Macmillan, dep d.26, 4 May 1956, fos 24, 94–5; G3/9, 23 July 1965.

  19 Fed, box 617015, 2 Nov 1956; LDMA1/10, 2 Nov 1956; Fed, box 617015, 15 Nov 1956; G1/74, 20 Dec 1956; Fed, box 617015, 11 Jan 1957.

  20 G3/75, 13 May 1957; Alan Booth, ‘New revisionists and the Keynesian era in British economic policy’, Economic History Review, May 2001, pp 356–7; NA, T233/1407, 17 May 1957; Committee on the Working of the Monetary System, Minutes of Evidence (1960), qq 753, 762.

  21 G1/75, 22 Aug 1957; G14/152, 3 Sept 1957; G1/75, 9 Sept 1957; Fforde, pp 680–4; Capie, p 93; Evening Standard, 19 Sept 1957.

  22 Allen, pp 133–4; G3/10, 28 Oct 1957; Monetary System, q 2026; E. H. H. Green, ‘The Influence of the City over British Economic Policy, c. 1880–1960’, in Youssef Cassis (ed), Finance and Financiers in European Economic History (Cambridge, 1992), pp 206–7; NA, T233/1410 (memo by Sir Edmund Compton, Dec 1957); Allen, p 136; E. H. H. Green, ‘The Conservatives and the City’, in Ranald Michie and Philip Williamson (eds), The British Government and the City of London in the Twentieth Century (Cambridge, 2004), p 171.

  23 Fforde, p 688.

  24 Proceedings of the Tribunal appointed to Inquire into allegations that information about the raising of Bank Rate was improperly discussed (1958).

  25 John Littlewood, The Stock Market (1998), p 98; Hall Diaries, 1954–61, p 140; C160/149, 20 Dec 1957; New Yorker, 4 Jan 1958; Daily Herald, 13 Dec 1957.

  26 G1/75, 27 Dec 1957; G3/78, 6 Jan 1958; FT, 3 Jan 1989.

  27 NA, T233/1202, 10 Jan 1958; Report of the Tribunal appointed to Inquire into Allegation of Improper Disclosure of Information relating to the Raising of the Bank Rate (1958), paras 115–16; Daily Express, 22 Jan 1958; G3/119, 22 Jan 1958; 16A48/1; Capie, p 99.

  28 Listener, 30 Jan 1958; Parliamentary Debates (Hansard): House of Commons, Fifth Series, vol 581 (1958), 3–4 Feb 1958, cols 859–61, 1087; Times, 18 Feb 1958; Manchester Guardian, 18 Feb 1958; OL, Sept 1958, p 131; Manchester Guardian, 19 May 1958.

  29 Monetary System, q 3825; Sir Alec Cairncross, Diaries: The Radcliffe Committee and the Treasury, 1961–64 (1999), p 10; Capie, p 109; Times, 7 Nov 1958; Monetary System, qq 123–4; Cairncross, Diaries, p 15; Monetary System, q 12381; Cairncross, Diaries, p 16.

  30 G3/119, 12 May 1958; G3/11, 24 April 1958; G3/120, 24 Oct 1958; Catherine R. Schenk, ‘The new City and the state in the 1960s’, in Michie and Williamson, pp 330, 335; G3/119, 9 May 1958; New Statesman, 3 Jan 1959 (Francis Williams).

  31 G3/11, 2 July 1958, 11 July 1958; Niall Ferguson, High Financier (2010), p 184; G1/179, 31 De 1958; G15/19. For the fullest account of the Aluminium War, see Ferguson, pp 183–99.

  32 Monetary System, q 12813; Cairncross, Diaries, p 20; G3/82, 20 Jan 1959; Cairncross, Diaries, p 21.

  33 Keith Middlemas, Power, Competition and the State: Volume I (Basingstoke, 1986), p 384; Journal (Newcastle), 7 April 1959; Allen, pp 201–2; G3/12, 29 May 1959; G15/19, 29 May 1958.

  34 G3/84, 6 Aug 1959.

  35 Allen, p 228. In addition to helpful summaries of the report by Allen, pp 228–30, and Capie, pp 112–16, 134–7, see also: E. Victor Morgan, ‘The Radcliffe Report in the Tradition of British Official Monetary Documents’, in David R. Croome and Harry G. Johnson, Money in Britain, 1959–1969 (1970), pp 3–21.

  36 G3/84, 17 Aug 1959; Punch, 26 Aug 1959; Astrid Ringe and Neil Rollings, ‘Domesticating the “Market Animal”? The Treasury and the Bank of England, 1955–60’, in R. A. W. Rhodes (ed), Transforming British Government, Volume 1 (Basingstoke, 2000), pp 129–30; Capie, p 127; G3/85, 27 Nov 1959; Hall Diaries, 1954–61, pp 223–4.

  CHAPTER 14: HONEST MONEY

  1 Samuel Brittan, The Treasury under the Tories (1964), p 206; LDMA1/12, 23 June 1960; John Singleton, Central Banking in the Twentieth Century (Cambridge, 2011), p 160; Fed, box 617015, 14 March 1961; G1/252, 6 June 1961; G3/91, 7 June 1961, 22 June 1961.

  2 Alec Cairncross (ed), The Robert Hall Diaries, 1954–61 (1991), pp 225–52; diaries of Harold Macmillan (Bodleian), dep d. 40, 31 Oct 1960, fo 86.

  3 Hall, p 252; FT, 11 Nov 1960; Harold Macmillan, At the End of the Day (1973), p 381; OHC, Sir Jeremy Morse, 15 Dec 1994; OHC, Sir George Blunden, 11 July 2005.

  4 Erin E. Jacobsson, A Life for Sound Money (Oxford, 1979), p 369; G1/252, 7 July 1961; Capie, p 176; FT, 26 July 1961; G1/252, 6 Sept 1961; Richard Spiegelberg, The City (1973), p 117.

  5 Capie, p 175; R. A. O. Bridge, contribution to International Central Banking (Federal Reserve Bank of Boston, 1965), pp 21–2; Capie, pp 157–8; Fed, box 617015, 18 Sept 1961, 23 March 1962; OL, Summer 1991, p 100 (Rodney D. Galpin); Fed, box 617015, C261, 23 July 1963.

  6 Catherine R. Schenk, ‘The new City and the state in the 1960s’, in Ranald Michie and Philip Williamson (eds), The British Government and the City of London in the Twentieth Century (Cambridge, 2004), pp 332–3; G3/128, 22 Nov 1962; EID10/22, 29 Jan 1963, 5 Dec 1963; C20/5, 16 March 1964.

  7 G3/96, 23 July 1962; ADM13/6, 23 Aug 1963.

  8 G1/252, 7 July 1961; FT, 4 Oct 1962; NA, T295/10, 30 April 1963, T295/11, 18 July 1963.

  9 ADM13/5, 25 Sept 1962; Lewis Baston, Reggie (Stroud, 2004), p 184; Milton Gilbert, Quest for World Monetary Order (New York, 1980), p 65; FT, 5 March 1992; Roger Alford, Life and LSE (Brighton, 2009), p 288; Baston, p 185; FT, 19 Jan 1963; LDMA1/13, 1 Nov 1963.

  10 Sir Alec Cairncross, Diaries: The Radcliffe Committee and the Treasury, 1961–64 (1999), p 91; Baston, p 230; Kenneth O. Morgan, Callaghan (Oxford, 1997), pp 193–4; NA, PREM 11/4777, 1–2 Oct 1964; LDMA1/14, 9 Oct 1964; Capie, pp 196–7; NA, PREM 11/4771, 24 July 1964; Fay, p 100.

  11 Fed, box 617015, C261, 16 Oct 1964; Capie, pp 199–200; Times, 4 Nov 1964; FT, 4 Nov 1964.

  12 Michael J. Oliver, ‘The two sterling crises of 1964’, Economic History Review, Feb 2012, p 318; G1/260, 13 Nov 1964; NA, PREM 13/261, 18 Nov 1964; C160/36, 20 Nov 1964; G1/260, 20 Nov 1964; Capie, p 202; Oliver, ‘1964’, p 319; NA, PREM 13/261, 24 Nov 1964; Harold Wilson, The Labour Government, 1964–1970 (1971), p 36; Capie, p 203; Alec Cairncross, The Wilson Years (1997), p 18; OHC, Sir Alec Cairncross, 16 June 1994 [1995?]; Capie, p 205.

  13 NA, PREM 13/275, 15–16 Feb 1965; Cairncross, Wilson Years, pp 47, 54; OV44/125, 5 Aug 1965; NA, PREM 13/851, 9 March 1966; Cairncross, Wilson Years, p 121.

  14 Fed, box 6158
48, 27 Dec 1965; OL, June 1966, p 67; OHC, John Fforde, 1995, Sir Jasper Hollom, 11 Jan 1995.

  15 Guardian, 4 Nov 1997 (Christopher Zinn); O’Brien, p 60; King (1), p 56; O’Brien, pp 60, 62; Baston, pp 272, 260; James Callaghan, Time and Chance (1987), p 195; information from Christopher Fildes (‘good plain cook’); Economist, 30 April 1966; Times, 18 Oct 1976 (Frank Vogl).

  16 Fed, box 617031, C261, 14 July 1966; NA, PREM 13/853, 12 July 1966; Fed, box 617031, C261, 15 July 1966; NA, PREM 13/853, 15 July 1966; Morgan, pp 245–6; Wilson, p 251.

  17 King (1), p 99; Cairncross, Wilson Years, p 213; OHC, Sir Jeremy Morse, 1 June 2005; King (1), pp 137, 141–2; Contemporary Record, Winter 1988, p 51 (Kathleen Burk).

  18 Capie, pp 217–18; O’Brien, p 72; King (1), p 156; Morgan, pp 272–3; Fed, box 617031, C261, 21 Nov 1967; Capie, pp 242–3, 248; Times, 18 Nov 1967; OHC, Sir Alec Cairncross, 16 June 1994 [1995?]; G3/262, 30 Nov 1967; Capie, p 243.

  19 Timothy Green, The New World of Gold (1985 edn), p 130. For a full account of the gold crisis, see: Arran Hamilton, ‘Beyond the Sterling Devaluation: The Gold Crisis of March 1968’, Contemporary European History, Feb 2008, pp 73–95.

  20 NA, PREM 13/2051, 15 March 1968; Cairncross, Wilson Years, p 289.

  21 NA, PREM 13/2017, 9 May 1968; O’Brien, pp 58–9; information from John Footman.

  22 P. L. Cottrell, ‘The Bank of England in its International Setting, 1918–1972’, in Roberts and Kynaston, pp 136–7; O’Brien, pp 79–80; OHC, Lord Jenkins of Hillhead, 7 Feb 1995.

  23 Capie, p 531; Times, 18 July 1967; G3/266, 24 July 1967; Capie, pp 331–2; Dominic Hobson, The Pride of Lucifer (1990), pp 114–23; Daily Telegraph, 14 Aug 1968; G3/269, 25 Feb 1969; Spiegelberg, p 183.

  24 G3/267, 23 Jan 1968, 26 Jan 1968; NA, PREM 13/2248, 5 Feb 1968; William Davis, Merger Mania (1970), pp 124–5; Guardian, 18 July 1968; G3/268, 10 July 1968; G3/266, 19 Sept 1967; G3/270, 10 Sept 1969.

  25 Daily Mail, 31 May 1968; Rob Stones, ‘Government-finance relations in Britain, 1964–7’, Economy and Society, Feb 1990, pp 174–6; G3/291, 15 Nov 1968; Duncan Needham, UK Monetary Policy from Devaluation to Thatcher, 1967–82 (Basingstoke, 2014), p 196; Charles A. E. Goodhart, ‘Competition and credit control’, Financial History Review, Aug 2015, p 240; FT, 1 Feb 1969; Needham, p 34; G3/271, 29 April 1970; Capie, p 452; BEQB, June 1970, p 180 (C. A. E. Goodhart, assisted by A. D. Crockett).