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Annual Report and Accounts 1966

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Annual Report and Accounts 1966 BANK OF ENGLAND REPORT FOR THE YEAR EN DED 28th FEBRUARY 1966 Issued by Order of the C Ollr/ 0/ Directors, 711z July 1966 Court of Directors 28th February 1966 The Rt. HOD. the Earl of Cromer, M.B.E., Governor Leslie Kenneth O'Brien, Esq., Deputy Governor William Maurice Allen, Esq. lames Vincent Bailey, Esq. The Rt. Hon. Lord Bicester Sir George Lewis French Bolton, K.CM.G. Sir William John Carron Sir Geoffrey Cecil Ryves Eley, C.B.E. William Johnston Keswick, Esq. The Rt. Hon. Lord Kindersley, CB.E., M.C. Cecil Harmsworth King, Esq. Sir John Maurice Laing Christopher Jeremy Morse, Esq. The Rt. Hon. Lord Nelson of Stafford Sir Maurice Henry Parsons Sir William Henry Pilkington Michael James Babington Smith, Esq., CB.E. Sir Henry Wilson Smith, K.CB., K.B.E. The term of office of Lord Bicester and Sir Geoffrey Eley expired on 28th February 1966; the Rt. Hon. Lord Robens of Woldingham, P.C., and Sir Ronald Thornton were appointed in their place for a period of four years. The term of office of Mr. W. M. Alien and Sir Henry Wilson Smith also expired on 28th February 1966 and they were reappointed for a period of four years. The term of office of the Earl of Cromer expired on 30tb June 1966. It was announced in April that Mr. L. K. O'Brien had been appointed Governor in his place for a period of five years from 1st July 1966 and that Sir Maurice Parsons had been appointed Deputy Governor for the same period. Mr. J. Q. Hollom was appointed to the Court for the remainder of Sir Maurice Parsons' term of office as a Director, namely until 28th February 1969. Bank of England Report for the year ended 28th February 1966 The first part of this Report discusses the main monetary developments during the year, most of which have already been reported more fully in the Bank's Quarterly Bulletins. The second part, which begins on page 15 with the Bank of England Return for 28th February 1966, deals with some particular aspects of the Bank's work. The year was an eventful one, particularly abroad and an appeal to corporations to repat­ in the foreign exchange market. During the riate liquid funds and to reduce outward direct spring and summer of 1965 the pound came investment. The U.S. measures soon led to a under very heavy pressure at times. caused general shortage of dollars, and the modest largely by fears of devaluation. Then. from inflow of exchange into the United Kingdom September onwards. confidence improved and ceased. Moreover, from the middle of March sterling made a marked recovery. Primacy in the approach of the Budget caused uncertainty economic policy had to be given to measures in the market, and rumours of sterling devalua· which would reduce the growth in the pressure tion became rife. There were very heavy sales of domestic demand and would restore a proper of sterling during the last week of March and external balance: among these measures was early in April; but they ceased after the Prime the tightening of credit restrictions. By the Minister's assurance in Paris. on 3rd April, end of 1965 the balance of payments had that there would be no devaluation. The Bud­ improved considerably; nevertheless, much get three days later was well received in the further progress was necessary if the underly­ market; and sentiment improved further after ing external deficit was to be eliminated. Early another speech by the Prime Minister, in New in 1966, when home demand still remained York on 14th April. in which he made it clear high, more steps were taken to contain it, that on first taking office the Government bad and in particular to secure continued restraint rejected deva luation as a solution to the coun­ of credit. try's balance of payments problems. There­ after the authorities were again able to acquire 'I1te external situation foreign exchange for the reserves, while allow­ Foreign exchange After the exceptionally ing the spot rate to rise gradually-from ~3rkel heavy drain on the reserves around $2·79 at the beginning of April to In November and December 1964, the pressure almost $2·80 at the end. on sterling had gradually eased. In February The better tone in the foreign exchange mar­ 1965 there was even a moderate inflow of ket was maintained for most of May, but ~xchange, which arose mainly because relative towards the end of the month sentiment again Interest rates made it advantageous for the faltered and the spot rate fell back to $2·791. aCCepting houses and overseas banks to switch Confidence remained weak in June and July. a su~sta.ntial amount of foreign currency The monthly trade figures continued to be depoSIts IOto sterling, for on-lending to local disappointing and misgivings persisted abroad ~uthorit ies and other domestic borrowers. The about the prospects for the economy: there ~mprovement, however. was short-lived. Dur­ were renewed rumours of sterling devaluation. Ing February the V.S. authorities had taken The pressure ceased only briefly after the s:eps to reduce their balance of payments defi­ Chancellor's measures of 27th July (described CIt: these included restraints on bank lending later). and early in August there was again per- 1 sistenl talk of devaluation, accompanied by month in which the authorities had first sup_ further large-scale selling of sterling. During ported the forward market on a large scale. these months the withdrawal of overseas funds They were li ttle changed during March 1966. from London was aggravated by the seasonal weakness of the balance of payments and by the conversion back into foreign currency of Reserves and At the end of February some of the funds which the banks had earlier speciat assistance 1965 the United Kingdom sw itched into sterling. had already drawn the equivalent of $1,000 mil­ Towards the end of August the pressure to lion from the International Monetary Fund; and sell sterling appeared to be petering out, and Switzerland, which is not a member of the Fund in the first few days of September the authori­ but is associated with the General Arrange­ ties were able to recover modest amounts of ments to Borrow, had provided a three-year exchange. On 10th September, the announce· cred it in Swiss francs equivalent to $80 million. ment that further international resources had In addition, $705 million was outstanding under been mobilised behind sterling gave a marked the swap facility with the Federal Reserve Bank impetus to the change in sentiment. From then of New York and short-term facilities with until after the turn of the year a considerable other central banks. By the end of April a amount of foreign exchange was acquired for further $392 million (net) had been drawn the reserves, and the authorities were able to under these facilities, raising the total of short­ repay much of the short-term assistance taken term assistance outstanding to $1,097 million. in the summer. The spot rate moved up to On 25th May the United Kingdom made a over $2·80. touching $2·80} in November and further drawing from the I.M.F., repayable in January. within five years and equivalent to $1,400 mil­ In February 1966, however, the rate fell back lion. The drawing was made in eleven cur­ and demand for sterling slackened: the market rencies: the Fund provided the equivalent of was unsettled first by the threat of a rail strike $475 million fro m its existing currency hold· and by poor trade figures for January, and later ings, $400 million from the sale of gold. and by uncertainty arising fro m the possibility of $525 million through the General Arrangements an early general election. On 28th February, to Borrow. As in December 1964, Switzerland when the date of the election was announced, provided a parallel credit-for fi ve years and the spot rate fe ll below $2'80 for the first time equivalent to $40 million. Of the total new since the previous September. Early in March borrowing of $1,440 million. $1.097 million was it fell fu rther, touching $2'791 at one time; dur­ used to repay all outstand ing short-term debt ing the rest of the month it remained fairly and the balance of $343 million (£122 milli on) steady at a little above this level. was added to the reserves. By no means all the exchange that the After sterling came under renewed pressure, authorities acquired from September onwards from June onwards, further recourse was made was used to repay short-term assistance, or to to the $750 million swap faci lity with the augment the reserves. Some of it was the F.R.B., and total assistance outstanding rose counterpart of the reduction in the authorities' to a peak at the end of August. By then the out standing forward commitments. Up to Sep­ whole of the $750 million had been drawn and tern ber 1965 most of the very large number the U.S. authorities had provided an additional of forward contracts, originally entered into $140 million. also on a swap basis. Despite around the end of 1964, were extended as they these drawings. equivalent to £3 18 million. and matured, and from time to time. notably in the receipt of £4 1 million in July from Western March and August 1965, there was a fresh Germany- as provision for future purchases demand for forward exchange. The authori­ under the agreement to offset part of the forei~ ties' forward commitments with the market exchange cost of u.K.
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