An Opportunity for the Institute of Bankers I HOPE I
shall not be accused of disrespect towards so important a body as the Institute of Bankers, or be con- sidered unmindful of the great services which it has ren- dered in the past in furthering what may be described as the educative side of banking, if I say that I consider that a wider view might be taken of, I will not -say its responsibilities, but of its opportunities.
Possibly memory may be at fault, but I seem to remember a time when the Bankers' Institute figured much more prominently in the eyes, perhaps not of the public, but, at all events, of the City, by reason of the important series of lectures and discussions which were held at regular intervals. Sometimes these addresses were of a purely educational character, but not infre- quently some of the leading bankers of the day opened discussidria on subjects of topical interest, and members of the InStitnte themselves took part, and they always attracted considerable attention from, -the...public, while they were a source of inspiration to the members of the Institute themselves. Indeed, there is a legend, which I believe to be well founded on fact, of one of the most prominent bankers of that period, long since departed, being severely but effectively criticized' by a comparative junior in a rival institution. So impressed, however, was the banker by the skill and talent exhibited by his youthful critic that he sent for him the next day and offered him an excellent post in his own institution with every prospect of advancement. So that even from the standpoint of mental stimulus to banking staffs, to say nothing of such tangible results following 'an exhibition of exceptional talent, the gatherings were undoubtedly fraught with beneficial results.
DISCUSSION ON PRESENT-DAY PROBLEMS.
Now I am far from suggesting that periodical discus- Sions at the Bankers' Institute have become a thing of the past, and still less that there has been any slackening in the educational. activities of the Institute, for I believe the latter were never more in evidence than today, and I believe that in the provinces lectures of an educational character are frequently giVen at the various centres of the Institute. I have in mind, however, something rather different from these merely educational addresses, for I believe that there was never a moment when it was more desirable that the views -of all . those engaged in banking should. be heard upon the, pressing problems of today. - It is true that, each year at the annual meetings of the banks the Chairmen of the various institutions review'.
generally upon the financial and economic conditions of the country, and usually make some reference to current problems. These speeches, however, are delivered with a certain amount of pomp and ceremony and, regarded as they are as expressing almost the official view of the banks on the subjects dealt with, they are necessarily guarded- and reserved at every point. I think, however, that the present situation calls for something .of a freer and more democratic character in the shape of open dis= eussions on present-day problems.
And surely there could .be no better centre for discus.= sions of this character than the Institute of Bankers, which, by its high standing, would have no difficulty in obtaining from the ranks of bankers and economists able speakers. to open discussions on the subjects selected. I consider it would be of equal importance that ample time should be allowed for discussion,. for it would probably be found that even amongst the rank and file of the banking community, or even of the general public who might be invited to attend the addresses, valuable contributions were made to the discussions. It should be the business of those responsible for organizing the discussions to make it clear that their object was not the expression of official views, but that every speaker should feel at liberty to express his own view upon the subject under discussion. Nor should -there be any fear of such discussions . ever endangering the • disclosure of what may be termed the proper secrecies of banking affairs.
SOME POSSIBLE SUBJECTS.
That the possible subjects for discussion would be almost unlimited is certain, but I suggest that the follow- ing would undoubtedly attract large audiences, given the announcement that the subject was to be opened by some ,well-known person :
Should this country return to gold ? • Why, when and 'how should there be international stabilize; tion of currency ?
Is tho Roosevelt policy in America antagonistic to sound principles of finance and economics ? Causes of industrial depression and how they should be dealt with.
' Tho effect of taxation, and especially of the death duties, .upon national prosperity.
I may be wrong, but I cannot help thinking that such gatherings and discussions at the 13ankers' Institute would have a twofold effect. In the first place, I am sure that they would be given considerable prominence by the Press because of the subjects- dealt with and the standing of the speakers. They would, I am also con- vinced, be followed attentively by the public and would be helpful in forming public opinion upon matters of vital interest to the whole community. In the second place, however, I believe that they would also demonstrate the fact that bankers fully recognized the extent to which their own prosperity was linked with that of the nation, and that it was their desire that in their task of deter- mining the future of our currency and monetary arrange- ments the Bank of England and the Treasury should hive the support of a really enlightened public opinion.
A LEAD WANTED.
It is often asserted, and rightly asserted, by our bankers that no work is more important than that of aiding the public to form an intelligent opinion upon those. matters. connected with finance and currency which so vitally affect the interests of the entire community. Is it then not up'to the bankers to give a lead in this matter by supporting some such movement as the one I have referred to ? And, as I have already said, I believe that there could • be.no body more suitable or more able to undertake the 'effort than the Institute of Bankers.
LOMBARD STREET.
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