Montagu Collet Norman, 1st Baron Norman DSO PC was an English banker, best known for his role as the Governor of the Bank of England from 1920 to 1944.
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17 Facts About Montagu Norman
2.
Montagu Norman was the elder son of Frederick Montagu Norman and Lina Susan Penelope Collet, a daughter of Sir Mark Wilks Collet, 1st Baronet, himself a Bank of England Governor.
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3.
Montagu's great-nephew David Norman has led a successful City career and is a noted benefactor of the arts.
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4.
Montagu Norman was educated at Eton and spent one year at King's College, Cambridge.
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5.
Montagu Norman joined the 4th Bedfordshire and Hertfordshire militia in 1894 and served in the Second Boer War.
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England David Cambridge Hertfordshire Boer War South Africa World War I Great Depression Canada Economics6.
Montagu Norman was awarded the Distinguished Service Order in 1901.
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7.
Montagu Norman became a partner in Brown Shipley in 1900 before leaving for South Africa, and retired from them in 1915.
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8.
Montagu Norman became a director of the Bank of England in 1907 and during World War I he was a financial advisor to government departments.
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9.
Montagu Norman was appointed Deputy Governor in 1917 and he became Governor in 1920.
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10.
Montagu Norman was a supporter of the return to the gold standard, which he called "knaveproof", in 1925, despite the opposition of economist John Maynard Keynes.
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11.
In 1931, at the height of the Great Depression, Montagu Norman commented, "Unless dramatic measures are taken to save it, the capitalist system throughout the civilized world will be wrecked within a year"; he borrowed $250 million in an attempt to stave off speculative attacks upon the pound.
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12.
Montagu Norman was returning from a cruise to Canada at the time, and did not learn the news until he docked in the UK.
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13.
Montagu Norman was a close friend of the German Central Bank President Hjalmar Schacht, who served in Hitler's government as President of the Reichsbank and Minister of Economics between 1934 and 1937.
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14.
Montagu Norman was so close to the Schacht family that he was godfather to one of Schacht's grandchildren.
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15.
Montagu Norman gained two stepsons from this marriage; Sir Simon Towneley and Sir Peregrine Worsthorne.
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16.
In 1944, while visiting his brother on his country estate in Hertfordshire, Montagu Norman went for a walk and tripped over, causing an injury from which he never recovered.
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17.
Montagu Norman worked with Walter Knight Shirley and Ernest Gimson to modernise the house and redecorate it in the Arts and Crafts style.
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