But in the Bank of England there is no fixed executive. The Governor and Deputy-Governor, who form that executive, change every two years. I believe, indeed, that such was not the original intention of the founders. In the old days of few and great privileged companies, the chairman, though periodically elected, was practically permanent so long as his policy was popular. He was the head of the ministry, and ordinarily did not change unless the opposition came in. But this idea has no present relation to the constitution of the Bank of England. At present, the Governor and Deputy-Governor almost always change at the end of two years; the case of any longer occupation of the chair is so very rare, that it need not be taken account of. And the Governor and Deputy-Governor of the Bank cannot well be shadows. They are expected to be constantly present; to see all applicants for advances out of the ordinary routine; to carry on the almost continuous correspondence between the Bank and its largest customer--the Government; to bring all necessary matters before the board of directors or the Committee of Treasury, in a word, to do very much of what falls to the lot of the manager in most companies. Under this shifting chief executive, there are indeed very valuable heads of departments. The head of the Discount Department is especially required to be a man of ability and experience. But these officers are essentially subordinate; no one of them is like the general manager of an ordinary bank--the head of all action. The perpetually present executive--the Governor and Deputy-Governor--make it impossible that any subordinate should have that position. A really able and active-minded Governor, being required to sit all day in the bank, in fact does, and can hardly help doing, its principal business. In theory, nothing can be worse than this government for a bank a shifting executive; a board of directors chosen too young for it to be known whether they are able; a committee of management, in which seniority is the necessary qualification, and old age the common result; and no trained bankers anywhere.