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one of those pleasant after-dinner occasions when a Chancellor of the Exchequer is expected to unbend and to tell the nation and especially the City how well they are faring under his judicious treatment, Sir Robert Horne quoted Comte's belief that in a well-governed community all political power should be wielded by bankers. He added, however, that we can only arrive at this delectable situation when civilization attains the apex of its achievement, "and for this reason: I am sure we must all realize how hard it is to become a banker. I think I am right in saying that in all history, so far as we know, there is only one great statesman who has succeeded in becoming a banker, and I believe he presides over the London Joint City and Midland Bank." (Laughter and cheers).

Whatever we may think of this doctrine that None