Word: catto
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Dates: during 1940-1949
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...Lady. Technically Lord Catto heads a private bank. Actually, few institutions have cast a more pervasive influence on history than the Old Lady of Threadneedle Street, which rises like a fortress from the center of the City-London's bomb-scarred financial district...
...given to Montagu Norman to attempt to reconstruct a worldwide financial system after World War I. Last week few doubted that Britain had chosen well and shrewdly in selecting Lord Catto to shoulder the even tougher responsibilities that will emerge out of World...
...Blood, New Brains. By last week 'it was apparent that devotion to duty was not enough. Norman, weak after a bout with pneumococcal meningitis, left for his gardens. What would the newcomer, Lord Catto, put in place of that devotion? By inheritance and training Lord Catto, 5 ft. 1 in. tall, is a very different figure. Where as Norman was Old School Tie, Catto is a native of Aberdeenshire, was educated at Peterhead Academy, and the provincial Rutherford College at Newcastle. At 16 he got his first job in a shipping office. He was at first refused. Wall telephones...
...Catto became the Admiralty representative of the Russian Commission in America during World War I, later transferred to the British Food Mission. Between wars his career was solid business. He went to India for the great Andrew Yule & Co. (cable address: Yuletide), and in 1930 became a partner in Morgan Grenfell & Co., at that time J. P. Morgan & Co., which still has a large investment in the company. In 1940 he resigned all director ships to accept an unpaid, specially created job as advisor to the British Treasury...
...Treasury Catto first came into intimate contact with John Maynard Keynes, another wartime Treasury advisor. Chance gave the two men adjoining offices in the old Board of Trade building. To the surprise of all they became fast friends. The gaunt, six-foot Keynes had an unparalleled intellectual equipment. Plump, Pickwickian, smiling Lord Catto had the practical experience which Keynes lacked. Together they made a sure-footed team - Keynes operating in the world of high theory, always able to give three solutions to any problem; Catto insisting that only one could be chosen. When the time came for Britain to propose...