(4 of 4)
But Lord Catto also knows that an attempt to build up a great Sterling bloc in opposition to a Dollar bloc would be fatal to British interests. His training as a banker and as a trader put him inevitably on the side of those who in the long run wish to see the creation of a larger multilateral system of trade and investment in which Sterling and the Dollar are bound together. The question mark in his mind is whether the U.S., through its tariff and currency policies, will in fact help or hinder the growth of such a system. In the 19th Century the Bank of England could go it alone. In the 20th, leadership must come from both sides of the Atlantic.
*Lord Catto last week explained his crest, which is "Touch not gloveless." Said he: "It Is a Scots motto, and means literally, do not touch the cat with a gloveless hand; it may scratch you. Appropriate, yes, but it has nothing to do with my name. The College of Heralds would not make a pun, you snow. Catto means fight, battle."