Word: catto
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...took a fine acorn-fed Virginia ham with the fat all on it, sat and talked late in the P.M.'s bedroom. Next day he settled to long, earnest talks with Foreign Secretary Anthony Eden. He lunched with the Bank of England's new Governor, Lord Catto (TIME, April 17), Chancellor of the Exchequer Sir John Anderson, saw Imperial Chemical's Lord McGowan, Production Minister Oliver Lyttelton. He also had an audience with King George...
...Lord Catto last week explained his crest, which is "Touch not gloveless." Said he: "It Is a Scots motto, and means literally, do not touch the cat with a gloveless hand; it may scratch you. Appropriate, yes, but it has nothing to do with my name. The College of Heralds would not make a pun, you snow. Catto means fight, battle...
That need will be paramount in Lord Catto's mind, just as it was paramount in Montagu Norman's mind a quarter-century ago. The means may have to be new: the grand objective is the same. Lord Catto is the first to acknowledge that Britain cannot exist unless some kind of system of trading and credit can be reestablished at war's end. The paramount question will be: What kind of system...
...Lord Catto knows that his country faces profound difficulties. Burdened by debt, faced with the loss of revenues from overseas investment and shipping, faced too with the problems of a Europe in reconstruction, postwar Britain must inevitably maintain all manner of exchange and trade controls for the short run. The temptation will be to let these controls become permanent-to try to enter into a whole series of bilateral "deals" of the Schachtian variety with Europe, with South America, and within the Empire...
...Lord Catto also knows that an attempt to build up a great Sterling bloc in opposition to a Dollar bloc would be fatal to British interests. His training as a banker and as a trader put him inevitably on the side of those who in the long run wish to see the creation of a larger multilateral system of trade and investment in which Sterling and the Dollar are bound together. The question mark in his mind is whether the U.S., through its tariff and currency policies, will in fact help or hinder the growth of such a system...