December 1916 was not a good time for creating a new financial house.
The acquisition of Commercial Bank of London was concluded on 4 December 1916 when the shareholders approved an increase in its share capital, just as Herbert Asquith’s time as prime minister was drawing to a close. Two days later, David Lloyd George became prime minister. Public unease about the performance of Asquith’s government had been encouraged by campaigns such as the Strength in Britain movement which alleged that the government was disorganised, and that its procrastination had led to an appalling waste of manpower, shipping and men.1 As The Times observed in an editorial: ‘The country at large loathes party politics in the present emergency. ...
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