From ‘English versus German banking’, The Spectator, 18 November 1916: At the present moment a good many of us are in the mood to feel that we never wish to see any kind of German within our country again; but it is quite certain that this attitude of mind will not endure for ever, and it is equally certain that if we prevent German bankers from establishing themselves in London after the war they will take their business elsewhere, and to that extent London will lose its character as an international banking centre. Mr Pownall well expresses the main proposition: ‘It is the universality of London, its cosmopolitan composition, that creates its character. Deprive it of that character and its pre-eminence dies.’ We cannot, in a word, retain our position as bankers of the world unless we allow foreign bankers to settle among us.

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