In the course of an address to the Finance Houses Association, the Governor discusses three topics:
- The response of the finance houses to developments in the industrial and consumer credit market.
- The stance of monetary policy, which now '... has regard to a number of indicators, including the exchange rate, rather than to any single monetary aggregate... There is confidence that a more pragmatic approach has not meant a weak one.'
- Supervision of deposit-taking institutions. '... we have sought to retain our personal and informal style of relationship with management. Our concern has been to keep to a minimum interference in the great majority of companies that are soundly managed, but to supervise more actively the minority who most need it.'