Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-25
ENCLAND'S FINANCE KING
REMAINS MAN OF MYSTERY
Sir George Mays Brilliant Ability, Little
Known, May Help to Solve
Present Crisis.


His memory is extraordinary. 1t was
/ trained in a phase which would have
! put most men out Of action altogether,
and especially action involving the
study of intricate figures and the max
ing of decisions based largely upon
complex calculations.
About 1922 after he had returned
to the Prudential from the Navy and
Army Canteens Board. he became con-
scious of a dimming of his sight. which
had been excellent. He consulted a
specialist and discovered that he had
developed cataract. First one eye was
| invaded, then the other. He became
almost totally blind and had to be led
about.
Afflicted by Blindness.
But this afliction seemed only to
stimulate his powers of work, and
especially his powers of memorizing
data Before going up to meeting of
the Finance Committee for instance,
he would have his assistants prime him
with all the figures. In committee
then, without further prompting and
without being able to see his fellows,
let alone consult a note. he would get
through all the business to be done,
carrying the most intricate figures in
his head.
He took his blindness very philo-
indeed. he sharply rejected it-and was
only momentarily Saddened because,
having taken up golf late In life and
worked up to a handicap Of two. his
ambition to become a scratch player
was abruptly frustrated. An operation
after 1926 substantially restored his
sight and enabled him to get out on the
golf links again.
He was II when he took his first job
In the insurance company. He grew
with that concern, and subsequently he
stimulated its growth ana went on
rising with it. Enterprising go-ahead,
confidence inspiring. he rose rapidly
from the cashiers department to the
actuary's Office, and thence to the in
vestment department 1t was in the
latter section that he started to make
sible for the safe and profitable invest
ment of vast sums, and in process OF
handling them he revoluticniZed the en-
tire outlook of the conservative British
insurance concerns in the investment
field.
When he took hold of investments
the interest yield on the funds, which
aggregated $456, 00o. 900 was a fraction
over per cent. When he retired this
year the interest yield on trebled assets
had increased to a trifle over 5l2 per
cent.
The investment department that he
walked into was one rooted In the old
British tradition, which thought in
terms of safety and 3l2 per cent. Out
side of British government securities,
investment enterprise did not 60 much
beyond railroad stocks.
May, with his fresh mind and free
dcm from tradition, saw the advantage
of broadening the whole investment
field. His actuarial training further en-
abled him to prove ccncluSively that
over a period Of years an investment
trust which puts part of its funds into
the preferred and ordinary stocks of
industry, does far better than the over |
cautious trust which sticks to bonds.
Remained to Be Proved.
He was arguing at that time gen.
Grafton which had not accepted what |
finance houses today accept as COM |
monplace of investment practice. Most |
Of his arguments remained to be proved |
Results have testified 10 his foresight |
and acumen. |
But George May, besides calculation |
and vision, has that mysterious, in
stinctive feeling about investments |
which one can describe only as a flair
His right-hand man and ablest assist
ant, also an actuary, no whit less ca
pablo on the technical side than May
himself, would go deep into an invest
ment proposition. and think it locked
solid and coed, and say as much. His
chief would purse his lips and shake
his head. II don't know I'm not 50
sure. We will wait and see."
He would never go into argument
and discussion On the subject. Perhaps
ne could not explain his reasons any
way. Perhaps it was just bunch. But
IN any case, his Judgment would usually
turn cut to be right. Years might elapse
before events tested 1t out, but the num-
Der OF times his lieutenant could turn
10 May and say: You were on the
wrong tack that time was infinitesi-
mai compared to the number of times
he was obliged to admit that his chief
had hit the unseen nail on the head.
He had been secretary Of the insur-
ance company only year when the
British Treasury Communicated him to
become manager of the American Dol
lars Securities Committee. 1t was one
OF the few big wartime jobs carried
out In England which have been rec
ognized as unqualified successes. It
happened this way:
The Prudential had some $50 900 900
in American Government bonds (they
carry no dollar bonds now: the Amer
lean income tax has killed them for
British investment houses when the
war broke out. May foreSaw that Brit
ain was going to need dollar securities
in bulk to protect the sterling position
in view OF the gold drain and the gi-
gantic payments she would have to
make to America against purchases Of
war material and supplies
Offer Later Accepted.
He had the bright idea of Offering
the Prudential holding to the British
government. The government did not
seem much impressed It said thank
you very much" and that was all But
little later what May had foreseen
happened. The British treasury found
itself in jam. 1t could not obtain
enough dollars to meet its commit
mentS without damaging the sterling
exchange. In this crisis the British
chancellor jumped around to Mays Of
fee to see If the offer still held good
III old. The bonds saved a critical eX-
change situation.
Having thus been awakened TO this
angle OF the Anglo American exchange
situation wrought by the war. the
treasury asked May to mobilize all the
American dollar securities he could lay
hands on in England
To be put in charge of this business
was somewhat embarrassing compli-
ment for George May. because he was
iASA@4St OaHhcl HOI StOCknOlQer, ana
one might naturally have expected that
this position would have been given to
a prominent member OF the London
Stock Exchange. Friction was prophe-
sled 1t did not materialize. His re-
markable personality and charm OF
manner stood May in good stead
He wound up his job having won
the friendship of all the personalities
Of the banking and brokerage worlds
With whom he came into contact in
NE process Of MOOnklns some hun
dredS of millions worth OF American
dollar securities which were used to