Few civil servants have ranged more widely than Frederick Phillips. First place on entry in 1908; promotion after four years, in those days a signal event, and even scandalous, leading to a parliamentary question by one who later, as Chancellor of the Exchequer, recognised good reasons for the choice. In 1917–18 a chief originator of food rationing as Lord Rhondda testified. Then years of effort wrestling with the finances both of this country and of others. Among Phillips's special interests was the League of Nations; he took a leading part in all its financial activities, and was Chairman of the Financial Committee of the League. Moreover, as a good Treasury man, he knew the League must have a sound budgetary position if it were to survive at all, and his skill and experience contributed to this result.

But it is probably during this war that he has done his finest public service. The representative of the British Treasury at Washington has had many difficult and delicate tasks to perform, and has rarely lacked conflicting advice. Throughout Phillips has been imperturbable; also, he has had a rare sense of timing, which made his representations effective and allowed him to be faithful to his instructions without inconvenience. It was not the least important of his achievements that his blunt honesty and knowledge of his job gained the confidence of Mr Morgenthau and of the officials of the American Treasury.