Coincident with the return to London of James Ramsay MacDonald, Leader of the Labor Party, a manifesto was issued, last week, declaring that the Party will champion "reform of the Bank of England" as a leading issue in the 1929 election. The "reform" envisions Labor representation on the Bank of England's omnipotent Governing Board.
By chance the Board was in session, last week, and a new shareholder, Mr. Hargreaves, had the temerity to propose, not that "Labor" should be represented, but merely that the heads of Britain's greatest commercial banks, the "Big Five,"* should...
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