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March 15, 1955 Internal Memorandum Information on European Trip from Richard S* Savers, Professor at the London School of Economics Mr* Sayers has come to the United States for an Arden House conference on monetaxy affairs* He came in the l*ank to see Dr. Chandler* who is taking him out to Princeton for a meeting* He stopped in this office for half an hour and talked with great interest about Montagu lorman and the Henry Clay biography. Sayers was a pupil of Clay's* and the latter used to take the younger man to dinner once a year and talked at great length about Montagu ttaraan. Clay wrote Sayers a few weeks before his death that he would like him to see some of the Gorman chapters, but they have never heen sent on. It is Sayers1 understanding that Ulei^er is the man who is finishing the Glay biography. He seemed surprised that we thought it was Siepmann, but there may be a confusion here on both sides* It is possible that both men are working on it* The implication is that it will be more official with liemyer working on it than it would have been in Siepmann's hands. Sayers himself saw Montagu Hoiiaan only once* During the war, he was going up the long steps of the Bank of England when there was the sudden clap of thunder from a summer shower* He saw a small bearded figure above him clap his hands to his face and then say* ^Is it safe for us to go out?,! The figure was that of Montagu Gorman, who had assumed that the noise was from a bomb. Sayers* comment was that it would have been wiser along about 1925 if Montagu lorman had asked himself whether or not it was safe to go out. Sayers says that Siepiann is an expert on western European affairs* Chandler says that he came to the Bank of England after experience with the League of nations in Hungary. Siepmann is competent in B languages. He was working with Stewart in the twenties* when things got difficult as between Horman and Moreau of France. He worked at one time with Norwegian affairs. Sayers is not at all sure that Siepmann would -2- talk, although his knowledge of monetaiy affairs in western Europe, and as between Europe and England, is enoimous. tup* I asked him about Lord Rennell of Bhode, a younger man who is said by Walter Stewart to have been a close friend of Montagu Gorman. Sayers says that Hennell is a friend of Babbington Smith* Babbington Smith is the head of a small London bank, whose name I did not get* He is said to be the only clearing banker who has ever been a director of the Bank of England* He was sent by the Treasury to Africa during the war as a colonel. His business was to take care of currency matters there* Sayers ran across him because he himself was looking after raw materials, and there was a question of mica in Madagascar. He sent a man down there #10 discovered that this colonel named Babbington Smith was the only person who knew what was going on and could get things done. A friendship with Babbington Smith was established, and Sayers will ask him about Lord Rennell. Sayers will be in London from about the 26th of September on. The London School of Economics opens its tern about the 5th of October. He stays on holiday until the last possible moment. He will be glad to see me at that time. He also talked about Per$ Jacobsen at the Bank of International Settlement in Basle. Apparently Perf Jacobsen loves to talk. He has a house in Basle with a living room which looks out on France on the one side and Uermany on the other. Sayers was giving a lecture rather recently to students in Switzerland, when Perji Jacobsen came in and sat in the front row. As the students were applauding at the end of the lecture, the old man got up end went onto the platform and stood beside Sayers. Thereupon, he proceeded to give what Sayers called a1counter-lecture for at least 20 minutes. Sayers and Jacobsen do not agree on certain points, and Jacobsen had no intention of letting the young be misinformed without taking a hand in the matter to correct them. Sayers will come in again tomorrow morning about 10:30 to talk for another half hour if he can be of any further service. MA: IB -3- Later: Sayers was not able to come a second time but -will send us whatever ve ask.
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