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Bank of England Archive (M5/533)
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. 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
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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
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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
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(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
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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
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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
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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
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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
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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
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- 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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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 ,
" ,
26
ugu t 25
S pt b r 25
O tob r 5 r 62
ov mb r
826
mb r 7
" 7" 8
" 9ndo hin
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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
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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
" 28
4 - 6
anua y 1626
r ary
ar 6
22" 2" 3 1
p" 5
1
17
" 2
" 2M a y
16
J
67
8
ar ha
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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
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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
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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
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( 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
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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
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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
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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
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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