The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1933-08-31
BANK OF ENGLAND ASSAILED
BY LABOR PARTY POLITICIANS
IN DRIVE ON CONSERVATISM
BY CLAUDE A. JAEGER
CAssociated Press Financial
Editor)

baIlk OF England, IIlOIIleT Oh
the international gold stand
ard and long dominant in
lstitution in world financial
affairs, has become a storm
center in British politics.
Despite the fact that the bank
long called "the Old Lady Of
Threadneedle Street. issues the
currency Of the realm and ham
dies the bond issues of the British
treasury, it has no government APP
pointee on its board Its direc-
tors represent only the old bank
ing houses which own its stock.
The labor party, broken and in
all but complete eclipse since the
overwhelming victory of the ma
tionalist coalition government in
1881, is now building up vigor-
ous attack on the bank and the
financial interests Of "the City,"
as London's financial sector is
known.
Resists Lean Years
One basis Of the labor an
tagonism toward the City, accord
ing to political analysis, is the
fact that it seems to have come
through the lean years more satis-
factorily than industry. On the
while, it is felt that the white
collar worker has Jared better
than the factory worker.
London's prestige as a financial
center suffered a sharp setback
with the lapse from the gold
standard in 1881. but its star has
risen again in the financial firma-
ment. The conservatism Of fl
nance is in the saddle, and while
leaders Of the opposition call
loudly for drastic financial meas
mes. the City has no intention Of
permitting any steps that may inn
pair its restored prestige.
Hub OF British Finance
While the New York stock ex-
change, in its imposing structure
at the corner Of Broad and Wall
streets, Is regarded by many as
the hub of American finance, in
London ii is the Banksof England
which stands out in the popular
mind as the great power.
It's history, its location, and the
building which it occupies all con-
trive to surround it with mystery
and awe in the mind of the Lon
doner.
Since the beginning Of the last
century, the buildings of the bank,
occupying the entire area of one
of the largest and most central
blocks in the financial district,
have been surrounded with vim
dowless, Greco Roman wall. And
the bank, formed in 1894. had
occupied the same site since 1882.
Shows Above Old Wall
This impressive wall, with its
columns and balustrade, has COM
pletely obscured the low buildings
Of the bank, until a great removal
ton and rebuilding project was
started a few years ago.
The old buildings were re-
moved. and a handsome new white
marble structure has gone up I'M
side the walls. and is now half
finished. The white wings Of the
buildings, set back somewhat from
the wall, rise four floors above ii
70 greenish pantile roof. The
building is brought out to the old
wall over the Threadneedle street
entrance with massive portico
Of Corinthian columns.
The entire new buildings Of the
bank, however. win have less floor
space than the tall busincssIike,
and heavily barred building Of the
New York Federal Reserve Bank.
The classical architecture, with
white marble columns and loggias,
contrasts sharply with the struc-
ture Of the New York institution,
which with It's bars and heavily
armed guards resembles . fort
ress.
No firearms arc seen about the
Bank of England, despite the FAC,
that il holds the nations gold re-
serve. now al record levels.
The guards, or attendants. in.
stead Of wearing army style uni
forms and carrying big auto.
mates, are dressed in long-tailed