bank of england, istoria oficială de la 1939 până în 1945

7/27/2019 Bank of England, istoria oficial de la 1939 pn n 1945

1/38

Bank of England Archive (M5/533)


2/38

. AR H STORY OF E B O NG :1939 / 45

In 943 o h s e u n om No h me i

w e e he h bee se o ded fro he Ba k's se vi e o ss s

. M. e s y , J A C. sbo e, d ise o e ove o s w s

g ven he t s of co p s or of t e in e

Seco Wo d r sbo e re ed i 5 a d i 7

R. H A or ho rece t et red, w s re ne

te o r ly o c r y o w h s o e's s o . A o t

a l ret ed 0 le g he sto ts rese

d t fo

w s dec ded o o ro ee \i n l

g a d he o k w s bound s ese t st e, to

reserve i for he use o u ure s o i ns d othe s ho

ght be tereste i s con en s

. Se re

B n of n l n18th Se e be 19 6



3/38

mTRODUCTO"Y

T e ol ' n ge re n ende d o ec ord a t er

o impor ance affec ing e Bnk du ing e Second or d ,

r sin om he B nk OV n act ons or inf enced y e v N ,

o / c some e c me bout r er in opp os on o he . The

record i on _ ou 5/60 ,000 wo - n t ou d be o li e

u o 8 o beg n read ng t e ole o rt o n y ndef n e

de s o t e round to e co ered; so et ng should i e

s d o u ur ose, co e an e gn

T e H tor s ur o e t o fo d: o ro de

( ) a eco d of w f un neces a y o do as the

nev t i y o ar became cce ed and a er a its

c u i as ex er enced

( ' gu de to u ure ct on nd en the me or im r

pro em resente t e e ves n the r c

c cum anc es o no er ar

A good dea of t e tory1s U 8fu ness s a e

ould o cou e, de e on e uch a ca am y ha en e

ou d come n t e ear u e, \ le e c n e con o s

unc ion ng muc at re e t e o e c ne u d be

there on y e c a e c rcu sta ce requ rede

even s ou d e more r e ut e e c a e con ro st

o n , t t a d tiona o erat on wou d ou t ess a e een

anded own o k ore e o e ! e e n c r o e r

u cces ors I emo er i i ci ence ou d er a s s l

c or e e on su tab e o f c ti o e

Reg l a ons , Or ers , n d o e r 1!a rr e ' e n n o r ce u n e

13te " a o r a he ; .c s en m e: t he H st ol o ar s o f i ,

mi the n p ov e us ef u a g de o ec e 3 r: ac o n a n

e c an e control r m osed a n d p o s s i b l y f o o . h e r JUr ' o s c a o , e erienc e o evacua on or e m e

T e



4/38

Th scope is vit3bly ide. It m r c s pnct c l

a m as res tak co ct o th the co tr IS i 1 r a

f i n c e s : th arsha l a d rotect o of ext r ass ts -

E cha g C tro ; the r c u t e t or re ase fo o direct

a r se vic ) o sta f, a nd p ov s on f or t h saf t y an d w fa r ;

t h easi ng o e m s s an d oth er !: obl s o f ev a cua t ion and the

ca r g o t o the Ba k's ocatio s mov d fro the

h c ose to ch etwee the a a d H Gov r m t s

ta e for gra ted as a so s th a s da c of a d a so

th a s a d othe ho s s co cer d ith al ro s of th

a tio I s a c s No do t the ost i orta t as 0ct of a ,

a d th o h ch a l I . e i o e o a o h r co cer ed is

Excha g Co t o

t s d f ic t som r s ects to sepa at a th s

th gs r gid Y j t a large meas e of s parat o is pOSS ,

a d th this o ect c a ters a d a ic s ar a ra ed fo r arts te d d to e t al xc s v

I. te a Fi a c

1 . E cha Co tro

l at o s ! th certa ove seas co t s

I. Do st c tt s

Part I s co c d th al ea s c t tR at o o

o t i ht t ) of rais mo ey or th r os o f a ci th

co tr s e : d t e d the " ar a d th ecessar

d iscu ssio ns to t hat nd , i th t h Trea s ury , 0 ' he r Gov r nt

D artm ts a d th a s a l s o I'. th t h e c o n t o l o t h i s s u

o c rr c

P ar t 1 1, af t r di s c s si ng p i ie s a nd t h

vo ut on of . s ys t o ex c ha nge co n tr o l f ar l o r e c m t th a n

x s t d n t he F st ': o rld ; .a , de scr ibe s t h gr owt h of

R a t i o n s N h c h c o l d b e (an d w r ) p ut nt o f o r ce o n t h

ou tb re ak o f \. a r , a n d th e i r s t r g t h n i g a nd i mp o v m n t o " a d s

N a t t g h t ef f ic i n cy i n t he l gh t o f ex p e i n ce du r in , t he i rs t s e ve r a l m o n t h s o ac t i o n ; i n t p r t a t i o n o f t h Re 1 u l a t o n s a s t h y a f c t

d v:\ r o u s c a t g o e s o 0 s d t s a n d n o n - r e s i d t s

( c d g



5/38

(in ludi def ni ons o e g me): specia n< emen s or ,e

e d indus ies nd co mod es; nd e a ions h e U. S A

C di n nd S e n A e on o s

t III de s 1 t fina- ci e ions the S.A

n d nd e n o e e Spec a ccoun co n ries; t

in udes p e s on he B etto oods di ussions on the

d on ep tr ions nd o v rs o s n he Do in ons A so

s n Exc e ont o w s pri ar y ns u ed o de o

p o e t em o v r ons e entr l es rves - eire a s on and co o s t e e ter e o Pa ' en (of

t e U K a o e nd o t e Ster re s un m oved o

o e o en de e o ted

a IV y be s d to be o erned a l o her

spec s o the nk s art cul fu ct ons he coun s

ent an i s e ons s t va ous o anis ions w

w i s u ness s nt e y co nec ed - o he n s

Ac ep nd s o nt Houses Insur nce o nies the o al

Deb o iss one s of mo t m or ce s ed u o " l

s s nd impo t t also s a st u e t o con o

ot e Gove nmen ep t e ts t e C p t l Is s o and e

S oc E an e The m str t o o st f nd emises wide

su je t a so omes N ts s ope

The s o y s set out s series of ch p s n ch

e en o ei sub e t mater s des ed o e e Jin

stor sec ion ly ra e h n ro o o lly hou ch te s

e de vou o e o d de e o en s n the r o e t sequence e

n de i ed e p at ons o r e ts de o ee ous

con encies e in p a t e e e ated to a se es o ap end ce sso e ve y on o V/hi ap!rop i te e e ence is de n e

h pte s of e n is o y s shou d en b e d n o e

ns e red o e one o t e o he as a d he ne ess o

des b e

e



6/38

he bala ce be een the i story a the appen ces

t ally epends pon the character of the s ject t t er he

chapter on "Go d i the main History co tains less than 8,0 0or s hile the appe ices n to abo t 35 000. e "Fi n c a l

e at ons \ th the . S. A . IT the propo t ons are r e er s ed: the

n chapter co ta s some 20 0 words an the ap e i es o

Le d Lease adm nistration t al id etc. about 1 0

Appe di es a e o t\ k n s so e co sist ai l o i e"p etati

of the egu ations o e e efu ees, ternees, etc , a d hat

t eat ent d d the eceive? ; othe s a e o e the nat e o

supp eme ta a te s A Estab shme ts atte r s in Pa t IV)

a e co ecte i appe di ces

At the ope in s o both ain chapte s a d append ces

refere ces to e numbe s are gi e om whi h the p og ess o

th s o that a g me t or the Bank's e s o the iss es a se

can i ne essa be ol o ed i etail.h s, fo the acco nt on ol ", the ea er ll have tq

co sult hapte V an Appe d x .

the U S. It a e covered by apte

n c al Relations ith

and Appe i

ppend ces on the st b ishme t epa t ent os re or a

that t $eems ecessa y to sa on e y domesti Ba stor .

e ere e to individua s m te as a rule to ectorsA visers, o im or a t pe sons outs de the Ba a hange i

ose style or t t e oc u ed d r the ar is ade consiste t

referri to the b the resent ank th a oot ote to t! ei

fi st mentio gi i the ate o c eat o o ew a k or

a poi tment



7/38

TABL O CO T N

na s

C on g a Ta

P a

ART I I TE NANCE

1 -

la -2 3 - 2

In o y 26

t I

y M a s

n y dvan

Po a O d S o & I n ot

P n o s

Mon y Ma

an B

p a dvan

D nt a k t

A n x I A)n (B)" (C)n I ( )

IIn na o ng to 4

o n

Con on

f n o n & t on o n

ha II

a a an Ma t atI

F l o t i n g D e b , e c ; T r e a s u r y Bi l l s ; T. D H ' s ; T a x R e s e r v e C e r t i f c a t e s

C a t V

Ta an

3

3

33 34

4 - 36

6 41

4 45

48

48 54

55 5

58 6

8

4

9 4 - 8

8 1

- 104

5 1 8

29 5

3 1



8/38


9/38

apter IV

ese es and Balance o ayments

C apter V

Gold

Appendix I - Gold

A. u c ases

B. Dist ib ion

Sa es in M dd e ast & nd aD. Sove eigns

E Ind s y

Chapter

Si e

apter VIIExch ge ont o in P ctice

o t o Of ices

ea ing & Accou ts

eg ations Ge e a

o er m ts

Acceptance C edi s

T ade ont ol nves i at s

Sec ities Cont o

S atistics

ve seas & Fo eign

iling Sect o

B a c ont ols

asgow end x V Review o i st t ee yea s o

Glasgo w ice

ppendix VI - t o sed ea e s

Vol

P a g e s

3 9 8 - 409

4 4 3 6

437 466

467 - 477

478 4 98 4 9 9 - 502

503 - 508

5 9 5 3 6

Vol I

Pages537 - 548

549 - 564

565 - 5 7 7

5 7 8 - 5 8 4

5 85 589

5 90 - 5 95

5 9 6 - 6 6

607 6 9

6 0 61 1

612 627

628 629

30 63 4

63 5 - 64 3

644 6 5 9



10/38

4 -

hap e VIIe a io s w h o he o ols:

U F eezi de s

a a a

Local o ols S e i g A ea)

e dix V I ecu i es he sse s

e x V I a us o i a s, e .

es e ce

e ees

e gees

a ees

of s e es d D de s

M s o a ies a ss o a Socie ies

e a io s i h he T E e a me

e ix I Spe ia a nge e s o ce ai i dus es d co od ies

ve sin

Sh

u ance

Fil s

O

o o

b e

o acco

i

eaPa e a d ood P

ha e IX

ommi ee

hap e

cha ge o ol a e e a

o I I

66 67

68 7

7 2 - 71

7 1 4 - 7 3 0

7 1 7 4 5

7 4 6 - 74 7

7 4 8 - 766

767 787

788 8 1

8 2 8 5

8 6 8 8

V IV

Pages

8 8 4

815 826

827 864

865 8 7

8 8 - 6

91 7 - 27

28 9 3 4

5 44

9 4 5 - 5

5 9 5 5 9 56 - 9 6 5

66 87

88 - 2



11/38

5 -

AR Ill: L IO S I H CER OVE S S OUN I S

ntrod tory

C apte

in n Re t ons w t e U.S A

Append x I Lend Le se Adm n s ion

C apter

Appro h to .S . on Pos W r T de ndin ci ol

Chapte II

etton Woods

C apte IV

in n l Re t ons h C d

ppendix I

. a dian M t Aid

B. Interrupted ommu ions

C. yde rk gree en

D Emp re Tr i ng S c e e

Chapte V

ndi 's S e ing ces c.

Chapt r I

So Af ic

Chapter VI

A str i : Conversions, Ste i g l nces

C apter VI I

Ne\ Ze l nd Conversions

C a er I

Ba or ntern t on l Sett ements

C apter X

Misce aneous Rep r ions

An glo Be gi n onet rAg ee en

Si

Cze -S ov k n ncCl i s F d

1024

025 107

075 0

11 0 - 2

143 7

75 1200

120 1206

1207 - 12 8

12 9 - 222

1223 - 227

22 2 2

2 3 267

126 - 275

276 12

292 01

1302 306

1307 - 3 3

3 4 13 9

320 323



12/38

- 6

A

C te I

kin ep ent Secu t es

p e II

s el neo 5 Re t o s G ve e tep en s

(1 i t H M T e s ry

) t s u s n ss on

( b n n $sis e t o lA t or es

Fin n e n pur se( ) C r es r rk f H M o e ent

(e) St

2) Risks ns ce Of e

3 N ti l eb O ce

C pte III

Re tio s w t t e nks

C pter I

Cr t c s t e n ke s

C teU.K ost- r xpor T e

pter IA un nt's ep r ent

ppen x - unt nt!s Dep r ent

. \ J -t e Re t ons e

B e e p n n Conve si n Oper ons

ter VI

toc c e

C p t l Iss es C nt l

1

24 55

356 1 3 5 7

358 360

136 363

1 64 1 3 7 3

1 3 7 4 - 1 3 7 5

376 94

395 - 4

14 2 - 429

4 0 436

1437 455

1456 503

5 4 50

509 5 2

5 527

52 532



13/38


14/38

1

GOVE O S ND E Y GOV NO O H uring th war p riod - 3rd S pt m r

1939 to

TH T. ON. O CO OR D . .O

O CAT O OF I TTO eRE

A G T S 0.

M RO FRO EL OB O D Q.

, Go o from { 920

to 7th r 944

C eate Baron Nor a t. l ,2 t Ju 944

D as 4t brua 950.

G or o t ri 944to 2 t F rua y 949

wo a P i y Counci o25th 947

t over o o 1st Mar936 t 1st st 94

e9ut o no rom st94 to 28th F ruar

nor r m st ar h 949

D LL S G MER E E , S D ut v r or r t Ma ch 949



15/38

2

D REC ORS OF T N DUR G E R PER O 3RD SE ER 939 O

( or Go er or a d eputy Governors see a so eparate li t )

CE I BBOC , ESQ.

S R A G RRET DER OG.B.E , . .

OR ST.J ST OF S . S

R K C A, ES .

SIR ROBERT OLESWORERS Y, G.B .E.

GEORGE C UL Y BOO ES .

RT R W 'O H I ES .

L R E Y W I M .

O . RO A D UD EI SO , D S O., .

OR CR IG E

ERT C RLES G LA STONE ES

4 sWORD ST " C. G.B.E.

id ot come orwar d or re-e ectioi 9 2.

eput Go er or rom 2 t pr l 192to 30th arc 925 a d ro5th A ril 927 to 25th arch 929

Retired 28t e r ary 1946De ut! Governor rom 31 t arch 925

to th A ril 926.l t S QQ t

Chite:H I l fap , aBlQP?./. H i r"1 . kr ' ' 7Iq'5-1 4/

d o come orward or r e e ectioi 194

Deceased 26th o ember 94 .

Retired Oth pril 1945.

reated Baro i dersle o West toat J p 1 -/ ' y " . /;,.1Retired 2 th e ruar 1946Retired 28th ebruar 946

Retired 28th Febr ary 946

Retired 28t Fe r Ear 1946.p 14 A - "Succeeded to the ro y oi reda e 1 th arch 19 4

- 28th e r ary 947.d ot come forward or re e ect o

i 9 .ecea ed 29th Se te er 944

S cceeded to the aro etcy e 2th Fe r ary 9 5

a 28 h e r ar 19 7j -' .6th ri 19 .

H ES JO E BRO, ES . Created E 12th u e 1941.C.

SIR E R DU C G B.E. Res g ed 1th a uary 194 o hisa oi tme t a reside t o theBoard o rade.

S R ED ARD ROBER E OCKG.C.V.O.

LORD- M.

H D EY G. .E.

1

Ret red 28th ebr a 9 6.

Re ig ed 2 t a 1945 o hisa tme t as C a r a o the Fi na n c e Co p o r a ti on f or I d us tr ytd



16/38

PATR CK S EY COOPER ES .

W RD HOL D- A I ESQ, . c eJA E dW RGEE R, I SQ.,

C M.G C B E.

DA GER D RCERR RD ES

O CO ROOK H YI AMS ES

O MAR ESQ

S R O O E S E R G.B E., K.C.B

CAMERO FROM EE C0880 ES

AURE CE O C D UR ES .(Re e ected 3rd pril 1940

ORD CA O OF CA R CA O C. I;(E ected 3rd pri 1940

SAAC AMES P T , ESQ(E ected 2nd pri 194 )

O ARD ES ESC B.(E ected th October 194 )

O . OS AH ED OODE ected 5th Apri 1942)

BAS SA ERSO Q M c(E e ted 7th ri 943

B O R F( a6

HA AR HUR S N ES(E ected th pr 94 )

RA H E S BROO ESO B E(Appointed st March 946

EO E G BSO ES . C( ppointed st March 1946

" - ORD ERCY C.B.E

( o nte ' st March 946)

nighted ew ear's Hono rs s944

Retired 2 th ;a uary 94F 't J. ]J " I l' t 3' . . ' - 1 " , /"red 28th Fe ruary 194

3

D ty over or from st March 9 9

igh ed e ear s Hono rs ist9 0

R t ired Z th F ebr ary 9 6j )'Jh , . ' -

ty o ernor rom st Se tember94 to 2 th e ruary 949

Go rnor ro 1st March 949

Resigned 30th une 940 on hisa int ent as inanc a d serin M.Treas ry.

o ernor rom th pri 1944 to2 th br ary 949

S or a Pri : Co nci or2 th u y 9

Resi ned 2nd Au st 94 o hise ection as Mem r o ar amentor th.

Cr ated aron ey es o i to th une 9 2

De eased 2 st pr 946

Retired 2 th F br ary 946

D 8 f M96 3 k 1

e Fl18.

q" R signed o em er 949

his app intment as e tyChai an o the Co oniaDe o ent Corporation

Resi ned th ecember 94

- 2



17/38

GEORGE AN RO E .A oin l t J e 19 ).

O TON . E.A oi e 1s a 9 )

T HON G ONMO OR IN ER L

. , CA oin e s h 19

LO NA oin e s M 9 )

GOG I N O ON A o n e 1s M h 9 )

I H J A NGTONI Q . .

A o n e s h 9 9)

G O GE CH E C . .A o n e s 9 9)

NNETH O A PEPPE M A o n 1s 9 9)

CH R A VNO .

A oin e 1s M rc 9 9)

N E . , .B ,

A o n e h e mbe9 9)

G O C L RS E EY

. C . .(A oin e 25 No b19 9)

C e28 b a 19 9.

e s 1 h 19

e . . G - New e 'sno s s 95

s 21s A l 9 9

4



18/38

HR CL Y

H A SI ANN

R RSHA C M G . M C

A C OS OR E

G L F O TO (Appoint d an Advi rst March 1941

J. ICK SON-H(Appoint d an Ad is rlOth March 194 )

C B MYNORS(A po nt d an Advi s r2 3rd No vem be r1 9 4 )

S I Y (Appoint d an Adv s r1st Mar h 946)

F F J POW L

(Appoint d an Advis rst Mar h 1946)

. S R(Appoint d an Ad is r 1st March1950)

C A NS (Appo nt d an A s stant Advis rst Mar h 1939)

. O PSON McCAUSL D(Appoint d an Advis r st March1949)

5

DV SERS 1939 19 5

sign d 30th Spt mb r 1944 on his ap ointm ntas ard n of Nu d Co l Cr at d aK i h ach lor Birthday Hono rs st1946

ct d a ir ctor 1th April 194

P ns on d st Sept m r 19 5

Appoint d a Dir tor st March 948Cr at d K.C M G - N w ar's onours Lis195

Appoin d a Dir ctor 1st March 949

Ap oint d an A istant Advis r lOth Jun 940 Ap oint d a D puty Advis r 1st March 1944

Appoint d a puty Advis r 1st March 1941

Appo nt d a Ass stant Advis r st March 1939 App int d an Act n Advis r 1st March 1946 App int d D uty Chi f C a hi r ( xchan

Control) 29th January 948

P nsion d 5th No m r 1949

A nt d an Assistant Advis r st Octo r 94 Appo nt d n Acting Advis r s arch 1947

C. LOO E Ap PO nt e d a n Ac t i ng As s i s t t Ad V se r, (Appoint d an st Octo r 1945. Assista t Advis rst Mar h 1950



19/38


20/38

OFF I C IA L S H M . T ASUR Y

r V.N.Hopkins

r E d . g

r F e i k l

i f id .E y

ir S g u i W ey

i Her r

d Se ret r 1 3 -Pe e t e et ry 5

P r ma n nt S ec r t y 19 45 - _

d e re ( i -y U . . .

d t ug 1 3

t e re ry 1

i i ret y

d

7


21/38


22/38

LES 9

T e following ch es o le o perso s e i ed

is record occ rred dur ng or shor l af er he ar:-

he Ho C .Norm

S r Rober Ki ersle

O Pe piat sq

He r C a Esq

J M Key es sq C B

Her e rt ri in sq

Prof.H D He erso

E. S ree , sq C . E .

.Gregg sq , C .B

George Is a s q C B

Char es id r Esq

he Ho S Br ce

of gla d

do

do

d o .

M. re s r

o .

o .

Wes s er k

Hig Com ss onerfor A s ra a

Crea ed

ro 9 4

Baro 94

K

Knigh 946

Baron 94 2

K B 944

nigh 942

K gh 19 2

K. BE . 19K C . . 94

K . B . 947

n gh 9

Baro 19 7



23/38

C O LO ICAL TAB : I DA E

I Progess o he War

aly invaded A yssin a

San ions app ied agains It a y

9

oare L val proposals re byssini ssued inaris

936

erman roops occupied ologne and otherowns in the ne and

Ger n overn ent deno n ed Tre ty o oca no

anis Civil ar started

King eopold de lared that Belgi m st hen e orward ollow a po icy ex l sivelyBelgian

93

Bi late al aval Ag ee ents signed in ondoni h er any and he U S S

19 8

A stria declared part o er n eich

r.S ach re-appoin e Pres iden oRei sbank

Anglo I alian Agre e ent signed in o e

Hit er's ta e visit to o e

Munich Pact

ermany invaded Cze ho-Slovakia

Me el o c pied

taly invaded Albania

1939

Hitler de ounced Nava Agree ent withBr tain o 9 5 and non aggr ession P ci o land of 93

ctober 3

ovembe 8

ece ber 8

ar h 7" 7

J ly 7/1

tober 14

ly 17

Feb uary 12

Apr l 1

ay - 9

6

epte ber 29

arch 15.. 22

Apr l 7

8

10

Anglo rkish



24/38

1939 (contd )

Anglo-Turkish Pact

talo- erma iance signed in Berlin

U.S.denounced r de reaty of 1 11 with Ja a

Russo Ger an Pact

g o Polish l iance signed

y 12

22

J ly 26August 24

. 25

Germany invaded Po and Sep ember 1

Great Britain a d France declared war o Germany

outh Africa entered he war

reside t of S. de ared a state of "li ited n tiona e erge cy

Battle of Wa rsaw egan

Ca ada declared war

Soviet troops e tered ast oland

Poland artitio ed y s s and erm ny

Em ire ir rainin Scheme nnou ced

irst Germa air ra d o Bri sh Isles( irt of Forth

ited Sta es eutr i y Act ssed

ssia attac ed in a d

1 40

Finland si ed peace with R sia

Germ ny invaded Norwa y and e mark F rst attle of arvi

er any in aded Holland, Be giu andLuxembourg

esignation of r Chamberlain; M . hurchirime Minister

Formatio of Ho me Guard D V annou ced

D tch ca pitulation

Bismarc s n k

.. 3

5

8

.

11

17.. 28

Octo er 1

. 16

ovem er 4

3 0

rch 12

pril 9.. 1

y 1

. 10

14

15

27

28

28

11

Capt e of Narvik

Belgian rm ca it a ed

Dunkir evac ation 3 J e 3

orwegians ceased hosti ities J ne

British withdrew from Norway . 1

!t y



25/38

19 co td

l d r r o Br r c

G rm t r r

r o r o A g o-Fr c u o r j ct dP Gov r m t orm

Fr c Arm t G rm

r c Arm t I l

G r l G u r og d b Go r t d r of r r c

C l I l Gu r occu dJ r occu

c Go m rok o t o G r t

v d d r m d

o r t b g

r t l g t r o o o

A g A m r Agr m t - r bgr d g or 5 tro r

o E gl bombl v o of E

B tl of Br t m x

U. . o cr pt o Act

Ax P t: G rm t l

t l t ck d Gr c

All rt O v (A r )

r t ct r t o F

F r r d o o o G l 8 Wrr d tro

1941

t t o u c d r. K . .Amb or to U K

ulg r g t t AxU. L -L A t

N t o rv c B ll

ro Ax o d ' t t Ir q

v r of d lom t c r o b. H g r

G rm v Gr c d Y o v

12

Ju 11. ,. .

" 17. 22

2.

. 2830

J 1

5

Augu t

8

" 26/27

t mb r 3

8

. 13

.. 1516

. . 2 7

tob r 28

c mb r 9

. 9

29/30

bru r 7

r . 112

A r l 3

. 4.

lo k



26/38

9 ontd )

S onik o upi d by G rm nU S took Gr nl nd und r h r prot tion

B gr d o u i d by G r nG rm n nt r d th nl i d withdr w l rom GrR dol H nd d in S ot ndou o Co on d troy d l t vy r idon London in 94 )

G rm n inv d d Cr t

r id nt of S. ro i d t t on i it d n tion rg n y

r qi r volt oll p dBriti For om l t y wit dr wn rom

Cr t

G rm ny inv d d Ru iinl nd r um d ho ti iti with Ru i

nglo-Sovi t utu l i t n tSyri nd b non und r li d ontroJ p n troop nd d in ndo C inr C ur hi nd Pr id nt Roo v t gr don t nti C rt r p b i h d ugu t 2)

Briti nd Ru i n troop nt r d r n

r n h N tion Co mit t bli h d

riti nd S D g tion to h - ow rCon r n in o owB tl or Mo owSyr giv n ind p nd nmp ri or too off n iv in iby

S tion 2, 3 nd 6 of U S utr ity tr p l d*

b non giv n ind p nd n

r H rbour tt d by p nU K d l r d w r on inl nd ng ry ndRoum ni

U.S. nd U K d l r d w r on J p nr li w Z nd nd S. fri d r d

w r on p n

or in n i tion 2 .2 42

13

]pri 9

32722 y

M y

/" 2

27

3

un22

26July ,

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26

ugu t 25

S pt b r 25

O tob r 5 r 62

ov mb r

826

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27/38

9 ( c ntd )

do-Ch na ec ared " e em territ r " b U.K.

T ai an occupie b apan

rince of V a es nd Re lse sunkGerman an Ital dec are war . S . .

M . Church in Wash ngt

St .Pierre et iquelo cc ed b Free Frenc

all f H g K ng

. C rchill i Ott awa

942

2 Nat ons act signe in / sh gt n

th pia: S vereig t o H ile Selass erecogn se

Fa Singap re

Secti n 7 (Financ a ) f S. eutra ityAct abr gate

utua Agreeme t ( S. . -U . . )Battle Jav Sea

St. aza re ra

.S.Forces at ataan s rrende red

First " aedecker " rai eter )

. . garr son at C rregidor s rrendered

r t s and a agascar

T ent - ear g et Treat s gned

xt e ded Em ire air-tra n g agreement s gnein Ottawa b U . , Canada stralia a dew Zeala

r . Ch rch ll i S . .

Fa o br

Ger ma s reached El ame n

ermans ca t ed Sevast lGerm ith rew rom E amein

Inter ati a w eat agreement

ntg mer t c m d of th rm

r . Ch rchi l i Mosco

Co ando ra on Die pe

razi ec ared war er ny a tal

ecember 9

"

"

"

"

"

"

"

Januar

"

February

"

",

9

011

2 3

2 .

2 5

2 9

3 1

15

21

2327

arch 28

ril 9

24

5

2

J ne 5

" 18 - 27

" 21

ul 1

" 2

" 2

ugust

12

19

" 22

14

Ger mans



28/38


29/38

1943 on d

al an r gn dM .C ur h ll l n Wa h ng o naly d lar d a on G r any

Tr par Con r n n o oanon n arr d d n r

M n r and o r M n rCa o Con r n : G n a Ch ang S ,M C ur h and Pr d n Roo

an Con r n Mr. C ur lr d n Roo and a l n

Ca o Con n : Pr d n oo lMr C u h and Pr n o u y

9 4

G n a E nho r a d du oC n C E

r n na brok w h

ng o r n h Mu ua pa gn dMu ua d gr n gn d n

Canada U. , Ru a and u ral aupp go r n n all d n ngary

y l rG an o p d ou n aRu an n d Ro n a Gau b a h ad o r n ar d or

Gr k Go r n r n dary and Po a Co o a on gr ngn d by Yu o la a and a y

r a n u nd d o gn d plo a pr l g( x p U.S and Ru an

urk y bann d ro or o G r anyar hal ado l o or d n a anGo r n

E p r n r n ondonr a n and U /No ay, r and and

u r n gn d on rn nad n ra on o l ra d rr or

Ro o up d by lll n ad d Fran ( " ay ")or u a opp d o ra x o o G r any

16

S p b r 311 - 1

O ob r 1- 30

o b r 11

22 26

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30/38

l ( on dMarshal Badoglio resigned e I alian

Go er menirs ing bomb la ched agai s LondonTermina ion o ba on se o ip oma icBags b di loma ic m ssio sS. se ered dip oma i re a ions i h in a d

A emp ed assassina io o i ler bGerman Genera s

Allied landings in France romMedi erranean

Paris bera edo m nia de ared ar on G rmanFinland bro e o di lom i rela ions i Ger a

Br ssels ibera edgaria dec ared ar o Ger any

irs V in London Area

Armis i e signed be een R ssia Grea Bri ainand he S. a d Ro maniaR sso- i nis pea e erms p blishedMr. h rc ill and r.Eden isi ed o o

. ominions .S A and S Rrecog ised e Ga e's Admi is ra ion asro isional Go ernmen o ran e

Armis i e igned be een B lgaria and heA l es

A Belgi m reedord o ne Bri is inis er in Middle as , assassina ed in airoresiden Roose e e ec ed or h erm

Anglo- .S. air a s eganCa ada: Mac enzie Ki g anno n edco scrip ion or o erseas ser ice

olish Premier in Londo resignedAn er re opened o ra i

So ie - rench TreaMr Ch rchil and Mr den o ened

o erence a A ensngary declared ar on German

ne13

1

30

J l

A g s 15

.. 55

Sep ember

.

3

8

1 3

7

c ober 9 - 19

3

No ember 3

6

.. 7. 11

3

328

De ember 10

3 - 6. 30



31/38

ublin o ish rovision l over men ecognisedby Sov e over men

Russ n nd Polish roo s c ed W s wCrime o e ence Y l

Pe ce T e y n reece concluded

ud es com le ely occ ed by Russ ns

R ne crossed Re en by U S o ces

ou owe econo ic c si ned n ris

s oc e V2 e ( O in on)

ll H g y libe ed

h le decl ed w o J n

B i ish d U S o e n en s eco n sedr en ne ove nme

resi en Roosevel died

ienn liber ed by ussi ns

Mussol ni e ecu ed by I li n r is ns

U co i ion su e de o erm n miesin I ly: os ili ies ce sed 2nd y

e h o i ler in e lin ounced

erlin su rendered o Russi s

e n s d N ne een h essu rendere o A eric n o ces

er o ces in Holl e ny,De e c su re dere

ncondi on l sur ender o ll e nigh g orces

V c o y Holid y

o ld Secu i y h r er s ned S Fr ncisco

Fi s om c bo b d o ed on J n( i osh ma

Russi decl ed w on J n

J nese su ende

8

nuary 5

17eb ua y 6

2

r h

20

2 7

ril

5

12

, 13

, 28

2

y

2

,

, 5

78

J e 26

u us 6

, 8

14



32/38

19I In te r a l Ad mi n i s r a io n a nd F in a n c ia l

936

e a uation of French ranc

1 37Cash and Carry" i passed by U. Se e

Chancellor infor ed e H use tha t e.Fund was o be increased by 2 0 million

19 8Mr Ed en resigned of ice of Forei n ecre ary

1939onscrip ion in roduced in o U . K

ock c nge closed

a k Holiday (affecti g Ban s only)

Stock E c a ge : all dea ings for cas min mum prices for certain sec ities

ance or's letter o ank ers asking them res rict cer ain c sses f d ances

3% Defence nds st O fice is ue, p acedon tap "

1940c equer provided 1 mi ion a week o control ood prices

% ar Loan 1955/ Prospectus issued5 e po rts to cer ain erritories to be

n oiced in hard currencies

3%War oan issuedll e ports to certain terr ories o be

iced in ard cu rencies

ngl -Ne erlands inancial Agreement

2t% Na iona ar onds 19 5/ : firstTap ssue

Firs reasury Deposit Receip orrowingss d

ncome tax /6 in t e ar eapons" weeks began

Sep ember 26

rc 3

une 2

February 20

April 26September 1 - 6

"

7

26

Nov ember 22

January 1rch 5

" 712

June 7

1

2July 6

n 23

September 18

An g l o - Tu r k i s h



33/38

( ontd. }Ang o-Tur ish Finan ial greement10 il ion re it to C in anno nceWar Damage Bi intro u e2t% Nationa ar Bon s 946/ p a e"on tap"

3% Savings Bon 1955/65 p a e "on tap

94

ng o ren inan ia gree ents signeree Fren h territorie in lu e inSter ing re

Br tis oan to Sp in: 2t il ionU S.froz Ger n an Ita ian assets in

SK re it to R ssia o 0 i ion t% or 5 earsrs ip week began

942

Government too over Rai ways an L P T BBi ion o ar gi t b Cana aBritis an S L ans (50 il ion an

25 i ion respe tive ) to C iew nglo- oviet rms gree ent signein Mos ow urther Br tis re i

o 25 i ionB ixe pri es or a te ti esan uti it boot

Beveri ge eport on So ia Se ur t ssue

ing or Vi tor " wee egan

"Sa ute t e So ier" ee s beganr Montag or an retire ro overnor ipo Ban o Eng an to ta e e e t ro18th pri s ee e b Lor atto trave abroa ro Britain anne

GovernmentWhite aper on E o ento i ter war

De e ber 2

..

.

r 19

pri 27

June 14

1 0

1 1

2 7

2

g st 6O to er 18

an ar 1. 26

Febr ar 2

ne 27u 25e e ber 2

ar 6

ar 25

pri 624

Ma 26

2 0

Eire



34/38


35/38

I Rati o ing

con, h m, r nd g rM

T

rg r n nd ok ng

nd m d

lo

gg

r d nd nn d r

S o ap

nn d lk

1 2

rol (non or or d p o

hoco nd w

J n ry rch 1

J y 9

! 22

rch 1

M y 5

J n 1

J ly

n ry 22

br ry r l 6

ly 1

1 26

22



36/38

2 3

P e ace

This com lat on i s esigne rima rily for use in

the event of another major war Technicalities therefore,cou not be a vo ded even i somet mes they become te ous

But motives are no less im ortant an have been dealt w th

wherever they could be discovered.

Some a ts o the recor have been contributed by

var ous hands and the whole s therefore less homogeneous than

could be w she A sho te h story wou e more ea dab e but

erhaps less usef ul

There were man y d e ences between the Bank of

England of 9 4 and that of 25 and 30 years ater as it ha pene ,

because of an une am le continu ty n its d rect on . Lord

orman, created a aron n 44 had not only een Governor from

192 to 44 ut for s x years efore 192 he ha d been a n nfor

a l Assistant Governor an then De uty Governor

ven n 14 the an not quite consciously

re ar itself as a Centra Bank the term n ee had not then

een nvente - though they understood we l the r res ons ii s

a s such un er the regime of the Gol Standa rd But they st ll

held themselves a litt e too aloof from the other ankers, w th

whom they cont nued to com ete i not very a ct vey until the

outbreak of the first W o ld War and jud ed y the r subsequent

re at onshi to the reasury they were remote also from Whiteha

At tha t time too the Bank had a most no contacts with n ustry.

Lor Norman a ltere the Bank' s outlook in almost every

d re ct on nd n part cular drew them nto close contact a nd

col a orati on w th the Treasury.

But arado cally the co-or inat on of the Bank

Treasury under which the Ba n k ' s a v ce wa s sought or ven w th

reater continuity an on a wi er ran e o s u jects, d d not n

193 3 resu t in an ident ty of v ews on two main a spects o

war time finance, whe eas there ha en com ete an d a most

a utomat c a greement u on them at the outbrea k o f an in eed

throu hout the greate r part of, the war of 19l4-l There h a dthen been sa reements and misunderst ndin s but on



37/38

24I t ha war t h e Tr e as ur y a d h e Ba nk f or y e a rs f e l t

hat orrow g at creas gly high ra es was u avo dable; a d

both Treasury a d Ba k we e e ual y a ous that Lo do should

mai tai u impa ed a leas fa as off cial actio s we t

he war pe mi ted i s posi io as an er at o a f a cial

ce tre

Befo e the seco d Wo ld ar oke ou the U.K had

had o a ando the Gold S andard re i roduced n 19 a d the

Ba k hough des r g to p ese ve he e natio al s a us of

s erl ng fa as poss ble we e eady wh le he reasu y we e

ot to impose estric o s o its f ee t ansfe a il y tofo e gn cur enc es The Ba k had had seve years' expe ence

he ma age en of the cha ge E ua sa o Accou t a d ful y

rea ised the da ers of a adequa e co trol at the sa e ime

they e eved hat a f l co o would e expected d accepted

y other cou es o he ou brea of war

gai a though urged by a ex Treasury official of

the prev ous war Lord (the M J . M . ) Key es , created a a o

9 a d multa eously by the Ba to adopt a cheap mo ey

policy from he ou set the T easury efore a d dur g early a

year of the second Wo d War co ld o uite b i g themselves

to elieve tha h s would be prac cable

Th s fa u e o ag ee befo e and du he ea ly

mo hs of the wa o such mpo tan aspects of wa f a ce may

pe haps ha e een partly due o he fact ha al hough the B n

had had the same Go er or o ea y yea s e ore the wa a d

the ec e ary of the Treasury r a re Fishe , had also bee

o f ce rom 919 to 1939 the o mer had made a almos

complete cha ge in the Ba ' s higher of c a s y way of large

add o s to the r um er ma y ha g bee b ought fromou de , wh e he e had ee fa fewer cha ges the pe so el

of the Treasury which had o ee ade ua e y creased or

e ewed

Th i sp te of the c ose rela io ship etween the

Ba k a d he Treasury he Ba had moved away from 91 -l while

the T easury e ded o look at he ew war in the ght of heir



38/38

2 5

experi nc of he prev ous one. Th poli icians oo , or som

of em expec d a shor war as h y had in 914, nd his mad

i mor difficult for e Ba k o p rsuad h reasu y o ong

views

Duri n g e a wa r h Ban k a n d Tr ea s ur y b e ca m

a m os on o rg a ni s a i on w n d al in g wi h ma r s wh r t hey

j oi nt y c onc r ne d ; a nd q u s io n s of f i nan c e, i n rna a n d

e rna w r discussed b w n h m a most dai y nd a

di f fer e n l ev l s; pa r thr ough oi n co i e s b u st i l mor e

t r ough th cor r esp onde n c , m t ing s an d te l ph on e co nv r sa ti on s

of indi idua s So much of t discussion ; was ora ha herecord of e dev lopm n of opinion b we n he ank and h

r asury is na ura y at tim s def c ive I wou d hav b n

mpossib o r cord on paper h gis of a n go ia ions ven

if t er ad b n oppor uni y a d no pap r shor ag . Memori s

also suff red fro pr ssur of work and cou d no always be

reli d on o supp y missing informa ionany offic a s on bo h sid s were invo v d and a h

reasury many changes of du i s ook p ace 50 ha continui y

of po icy s m d o b sometimes ndang r d and i has a im s

been difficu for his orian o know whose views repr sen ed

ose of r asury Na ur l y on n i h r side would

offic als express n ir y uni orm views w i e a joint r asury

Ban opin on was b in work d ou as a pr liminary o ac ion:

no al th ir differing con ributions could r f c he official ,

v n if mporary, conc usions of e r asury and a k

r spectiv ly; some mus b p rsona or a b s s mi-official

r ac ions

Bu in spi of a qualifica ions no doub h

co-op ra ion be w n r asury and Bank ov r he war p r od wasremarkab y succ ssfu : at l as as compl e and satisfac ory as

cou d be e pec d of any two separa ins i utions w s ch

long s ablish d traditions and differ n if over- apping

r sponsi bi i i s

bank of england, istoria oficială de la 1939 până în 1945

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