Church mice
THE CHURCH of England feels let down by Mammon. It owns a lot of property, val- ' ues fell sharply last year, nowadays the accounts have to say so, assets are down by more than £800 million and the Bishop of Chelmsford is heading an inquiry. All this seems a bit hard on Michael Hutchings, the Church Commissioners' genial investment manager, who built the portfolio up at some personal sacrifice — crossing the Atlantic by sea because he did not like fly- ing, and bringing his own wine because he
did not like Cunard's. I do not remember the bishop asking questions when property values and stipends and pensions were going up. Now he says that the church may have to cut down on clergymen. I suspect that the church, like the navy, is long in the tail and short in the tooth, with plenty of admirals but not enough ships. I would economise on bishops.
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