THE BANeS BV - LAWs.
I find that in the reference in this column a fortnight ago to the revision of the Bank of England's By-laws, the impression given regarding the alteration in the remuneration of the Directors was inaccurate in one respeet. It should have been made clear that the powers given to the Court to remunerate its members of the Court additionally to their fees as directors only authorized them to giVe .additional remuneration to a member of the Court who devotes his exclusive services to the Bank. No change has been made in the amount of fees payable to the Governor and other members of the Court in respect of their appointments as Governor or Directors ; the additional amount of £30,000 which the Proprietors authorized is a sum placed at the disposal of the Directors to meet requirements that may arise hereafter in respect of exclusive services. The arrange- inent, which was made clear by the Governor, does not con- template any increase in the fees at present paid to those whose exclusive servicesure not devoted to the Bank. A. W. K.
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