a member of the Royal Victorian
Order and a Companion of the Bath.

LORD WALTER CUNLIFFE.

Lord Walter Cunliffe, Governor of the Bank of England, is 52 years old.
He received his education at Harrow and at Trinity College, Cambridge,
from which he graduated with the degree of Master of Arts. He is a
Lieutenant of the City of London.

Lord Cunliffe has been active in the banking field for many years and is
a member of the firm of Cunliffe Brothers. He is a Director of the North
Eastern Railway Company and has been a Director of the Bank of England
since 1895. He became Deputy Governor of the bank in 1911 and has been
Governor since 1913. Lord Cunliffe is the first Governor of the Bank of
England to receive the honor of re-election after serving his term of
two years. In 1914 he was created the First Baron of Headley.

Among the dominating characters of the war and upon whose judgment and
ability the destinies of France and the Allies depended for a long
period is General Robert Nivelle, Commander of the French armies, and
who succeeded General Joffre. General Nivelle is a man of silence; he
speaks little. General Nivelle is four years younger than Joffre.

As a boy of fourteen he could not take part as did Joffre and Gallieni
and Pau and Kitchener also, in the tragical war of 1870. Joffre studied
at the Ecole Polytechnique, in Paris; Gallieni, at Saint Cyr, without
the walls; Nivelle studied at both; he may claim to belong to all arms,
artillery, infantry--even cavalry. And, in his youth, he was not only a
magnificent all-round athlete, as indeed he still is, but also a
headlong rider of steeplechases, in which, had he been fated to break
his neck, his neck would infallibly have been broken. This is a trait he
shares with General Brussiloff, and, like the great Russian General, he
was famous for the skill with which he tamed and trained cavalry mounts.

SERVES AS JUNIOR OFFICER.

As a junior officer Nivelle saw service in the French General Staff; his
part in the expedition to China we have recorded; he also served in
Northern Africa. So that, like Joffre, Gallieni, Lyantey, Roques and so
many leaders of French armies, Nivelle gained an invaluable element of
his training in the out-of-the-way corners of France's vast colonial
empire, which has outposts in every continent and measures nearly five
million square miles.

At the outbreak of the World War Nivelle, with the rank of Colonel,
commanded the Fifth Reg