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0 THORPE LODGE CAMPDEN HILL. W.8. GL444 t3¢44 6,k44, 71.0~ gD of ciisv. 1-644 .our 6Lcicoe.a-L. (ke a Ie.., (91 kti4YJ kero k:43TH.ca, J., iLic spru2;w2v4. vaLytal O Gt.. taitui, tu'is k;9.) 64) N.y, (ei. iiKak (6. ctLit4t, an 5. 4/e.8_ Zeictizirr : 9 ctosv4 ktLen4) oat -e,&) (4):.14) 3 titoto f4.e.J rtekt .zat.t4.44 14o tn. idea. $ ; J OL (Z4QJ ritxtmli (0 54(,L ck4 tatN4(47 6ct mei ; 4:14,0 0.014 42, Ytt4;3 a A.44- 60 tve4", 14- a c9`ra ."14t Crt- (/ riAca skok thtE 6,0.* Ate,t,4,4 i`fLaviulAp.A. A t6944, Oett.k. /Li aftue, Fr-t.04, vekv. . 144, /4)1'4 44- ct,4 Cti4 ske, 10;4, sa,-(Az cork- no vizAll-ice:,&t,: eif) 4`2/ tt&ia.Ni fltv J%rlir envi41 -4-v' °) eltv)1) cvit4),--0 y-A, 419 &-41,6 ov, C --1?Aro .r.5% N'reAg ,;(r) 'Dlio vri5 rr) alxN) .1c9-7, '-ao-AcKr-9 N4eA -yry4 1=i-vvvPP3)%4v ,gym, %rwv-d cravvwfty 4143-v, /Y1., lyfV Vvflem /.1)03/ c 41-073144, .V4g -t- "NY rrP **al' to-rwnytImil -.A%-o- ter --awyzir -wvo giv) G f.:07142v9 fy/ c2rY'vlat l 4 1 r1) fr-livni4 W117 tea, 4*vi4 S PERSONAL. (- !anh of OhtiOnd, Sondon, EX.2, 3rd January, 1928. dear Ben, The other day when you and I were talking here about 1:iemeyer's visit and again when I cabled you on the 29th December, of course I had not the least idea in the world that he would wish to take his wife with him. I need not repeat that he is anxious to go just as we are anxious he should go; for I think it can do nothing but good. But the question of a wife's company is one upon which each individual must judge for himself and I have therefore left him to do so. Consequently, as stated in my cable of to-day, Niemeyer and Lady Niemeyer will sail in the "Scythia" due to arrive on the 15th or 16th January: there is no better boat about that date and you know well how limited the choice is at this time of the year. Of course my own hope and desire was that Niemeyer should go and live in your pocket at the "Earguery". Obviously that would not be suitable or convenient unless he were alone, and so please make suitable reservations at the "Plaza". This first visit of 27iemeyer's seems to me very important from several standpoints. He is in the transition stage between an Official and a Banker, and having, as I believe, a keen, clear and receptive mind this is a good time for him to get hold of Central Banking from various angles. Then I am most anxious PERSONAL. Page 2. Benjamin Strong, Esq. 3rd January, 1928. anxious that he should come to be, not only an acquaintance but a friend of yours and of George Harrison's and of all the rest of the party, and that he should thus do a great deal towards cementing and even improving the lasting relations between our two Banks. Besides these more or less banking considerations, I wish him also to have every opportunity of discussing (1) the policy and attitude of the Financial Committee of the League: (2) the policy to be observed by Central Banks regarding the future value of gold and the price index: and that fascinat- ing, inevitable but dangerous powder barrel (3) the arrangements which are to supersede the Dawes Plan. To this list the more you and he can add the better and, in order that there may be no misunderstanding as to the object of his visit, Niemeyer intends (so he tells me) to devote his time to the Federal Reserve Bank and System just as if he were a good bachelor. I rely on your help as I so often do and remain Yoper, 414t4.4014.. Benjamin Strong, Esq. CONFIDENTIAL. Cablegram sent in code to :FEDERAL RESEIVE BANK OF NEV YORK, Despatched : 1.35 p.m. (6,ne NEW YORK. Tues.3rd Jany.1928. (date) (7496) 9/26 -150U N° 4/28. 1. Confidential for Strong. Referring to Harrison's cable No.175/27 - Niemeyer has arranged to sail per "Scythia" on the 7th January and on arrival please try to proteot him from reporters and brass bands. 2. But as I understand he will be accompanied by his wife the "Marguery" woula not be suitable and beg you reserve accommodation at "Plaza" or other such hotel. 3. Ref erring to your No.14 to Harrison paragraph 4 you will have been glad to learn of ratification by Central Banks invited just as we anticipated. NO ALAS Park 1064. 30iik Kensington ,W.8 /9 7 T'617-0-vii Z)e.,</t .e, The Red House, Hornton Street, U2+-1/1 14)-tVex44- cpC faCelt:L I. 142 .2ACI LI ek: e"t4404-64-eti a,(.4A/ co-N4A..12. ket.tiLt f a YIT)11_ eLL Su-e-f20 Yr&e4-m(3, ot. JAAAAA--ai+A, [COP Y] 0 The Red House Hornton Street Kensington, W.8 Park 1064 J an 7 th 1928 Dear Mx. Strong It is very kind of you to have written to me + I thank you for the I hope you are safely + comfortably at home again letter + your good wishes. + that the next time you come you may have time to play as well as to work with Mont. My greetings to you + yours for 1928. Yrs very sincerely [signed] L.S.P.Norman Jt Vault of ThInb 30th January, 1928. Dear Mr.Governor, So far as I am aware there are but few books devoted entirely to the subject of Central Banking or to its various branches; and it has always seemed to me that the deficiency is a matter for regret. I feel constrained therefore to commend t your attention and to request you to accept, as a gift from the Bank of England, the copy of a recently published book entitled "Central Banks", which I have the pleasure to forward yeu to-day under separate cover. I believe that a work containing a study of the constitutions of Banks of Issue and an analysis of representative Charters is a helpful contribution to -Lie literature of Central Banking and I send it to you now in the hope that you will find it both interesting and useful. Benjamin Believe me, Your dear L:r.Governor, sincerely, el-n.ta4A, Strong, Esq. 6- C+, PERSONAL. an gland, Sado, E.C. 2. 11th April, 1928. ny dear Strong, After being a truant since the end of February, I am now back here and find, among other odds and ends, a two weeks old letter from Professor Gustav Cassel saying that he sails for New York on the 19th instant. On arrival in New York he will stay there until the 15th May and thence he expects to go to Washington for a few days, but is leaving his arrangements to Professor Seligman of Columbia. The particular object of Cassel's visit is to study your monetary and stabilisation policy and he wishes above all things to be assured of a friendly and helpful welcome from yourself. The object of this letter, therefore, is to beg you (if still in New York) to be sure and grasp the Professor's hand and to show him such a welcome as you better than anyone else can do. him, Little as I am personally acquainted with I know him to be a disinterested citizen; a grand old man who has done his best for the gold standard even if in some respects you may think he has not chosen the best best or pursued it in the best manner. Perhaps, too, you would take an opportunity of smoothing his path with the Board - or some members of it against his visit to Washington. - I would sooner you did this in such PERSONAL. Benjamin Strong, Esq. Page 2. 11th April, 1928. such manner as you may think best rather than that I should write to any of them direct. In just this connection I have to-day come across your personal letter from Washington dated the 27th March, in which you recapitulate the views put forward by Sir Henry Strakosch last December, summing up also his proposals and your attitude towards them; and this is likely to be your attitude towards some of the ideas of Professor Cassel if he should put forward his published views in regard to the World's gold position. I think I am in agreement with most of what you write, particularly as regards unlimited further development of the gold exchange standard and the wisdom of allowing the Dawes Plan to work itself out a good deal further before any formal action by Central Banks or meeting between them. I am sceptical as to how far it would be practicable and how far it would be wise for the Central Banks to admit in any way that they can regulate prices through their gold and credit policies: or, in other words, how far the power of fixing prices (which would likely be taken to cover particular commodities as well as the general average) could or should come within the admitted purview of any Central Bank. Yours mom sincerely, dam, Benjamin Strong, Esq. PERSOLAL. Page 2. Benjamin Strong, Esq. oil-can if that is needed. 24th May, 1928. I hope, too, that Dr.Rist will be able to quieten you in mind as well as body, and remember that there is a point beyond which neither the one nor the other can well be strained. With warmest retards, Yours /st sincerely, g""""Iftwoof Benjamin Strong, Esq. PERSONAL. Aanit of 6ngland, Sondon,E.c. 2. 11th June, 1928. Ty dear Ben, In one way or another we all make mistakes and I cannot in the least complain if on the two points mentioned in your letter of the 6th instant your memory was at fault. Indeed, I did not want or expect to hear from you on this subject; but no more gracious or kindly letter can I ever expect to receive nor could 1 more quickly and gladly add such minor slips of your memory to the list of misunderstandings already forgotten. I write this hurriedly and amid the inevitable pressure of the last day or two of clearing up. I rejoice to hear a better account of you from Cis, and whether or not you enjoyed his visit there is no doubt that he enjoyed your company: did him good too. and it Your next visitor will be ..;alter Stewart, a kindly and congenial spirit who can only help; and later on if you want another visitor we will give you of our best. You know full well that I and we all desire nothing more than first of all to see you well again and then to work with you when you are well. This of course needs time and patience, but old Friend I fear there is no short cut. Your mill must grind out slowly at Grasse while mine will be doing the same on the Atlantic: separated but we need not and will not drift apart. we may be And you have many PERSONAL. 11th June, 1928. Benjamin Strong, Esq. Page 2. many good friends here to be used as anchors during the summer. So think no more about Roumania or past remarks or misunderstandings: they are all forgotten and With more affection than ever, I am, Yours Benjamin Strong, Esq. etei ICi,P'qr itteA:04 r0 eA4ACe\. .sck_j2t,v7 ; 9 c 5,0r( a " Vett-A, Yt961 1CA 6v.k 42.444.4dvag.1 1.1 47191te4 if./t.et rcei4",ci .(0 /14-44.,..y CtetL 6qche-) Ny. (Jo &a-44A 4 UNIO CA LEGRAM 7 CLASS OF SERVICE Thi Cabl dcfc is a full-rate m unless its -haracter is a suiteding lb NEWCOM CARLTON. PRESIDENT SIG Full-Rat Cablegram LCO D4erred Cablegram CLT Cable Lear .1. C. WILLEVER. FIRST VICE PEER WP*Edtter P Received at 40 Broad Street (Central Cable Office), New York, N. Y.AVA" LONDON 71 1 WLT BENJAMIN STRONG 270 PARK AVENUE NEWYORK, DELIGHTED WITH YOUR AND HARRISONS PERSONAL CABLES BUT SO DISTRESSED AT NEWS HEARD FROM LUBBOCK AND STEWART AND YOUR OLYMPIC LETTER THAT AM STARTING WORK WITH A HEAVY HEART STOP REMEMBER THAT WHEN MOMENT ARRIVES I WOULD GLADLY COME ACROSS AND HOLD HANDS FOR A FEW DAYS STOP MEANWHILE DONT BE DOWNHEARTED BUT WEAR YOUR OLD SMILE RIGHT ALONG AND TAKE MUCH LOVE, PLODGERITE. B. ..-h Co' Dr:A-rif 13, . Ci '1 y(7) THORPE LODGE, CAMPDEN HILL. W.8. rka.A.1c ite4 tOM4 : Lc- Vi,c,ift / iLJ ..b Pity' r4 Au/ r .1" ft.. ez/r 4. / . e c 11-44. . i k _,, 1:84 , --,,- 1,,,vcr g, e. ':`-r/ :-,,tkf ,..-. ---7 ^-. .., eCr.tii. " ic. ni 1. ()/1-rj14 r .0 1,.% tr. 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