Gilt-edged handshakes
THE City's great new gilt-edged market has emerged with 29 players and £600 or £700 million of capital. All it needs now is some orders. A skilful whittling process has narrowed the field from the 50-odd firms who first felt that their pride de- manded it — or, alternatively, that with tax concessions and an overdraft at the Bank of England, they could not fail to make money. This was not an attitude which the Bank encouraged. Those who made formal applications are said to have known their fate at the ends of their interviews with Eddie George, the Bank director in charge. To some Mr George offered a handshake and a blessing: 'Well, thank you very much — that will be all right.' Others got the handshake and a valediction: 'Well, thank you very much — hadn't you better think it over?'
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