27 JULY 1962, Page 8

Fixing the Treasury A friend of mine in the City

tells me that the gossips of the inner circles take it for granted 'That's Lord Elgin. He hasn't got all his marbles.' that the real struggle a fortnight ago was between the Prime Minister and the Treasury. The PM was lucky, they say, to have had the influential support of Lord Cromer, the Governor of the Bank of England. If the unsackable civil servants at the Bank of England had joined hands with their confreres of Great George Street, Mr. Macmillan would have been able to outwit them only by threatening to denationalise the Bank.