RESERVE BANK GOVERNOR

Dominion, Volume 27, Issue 145, 16 March 1934, Page 10

RESERVE BANK GOVERNOR

Mr. Leslie Lcfeaux Arrives financial link with REST OF EMPIRE Dominion Special Service. Auckland. March 15. “I am very anxious to be adopted as a New Zealander and to do all I can tor New Zealand,” said Mr. Leslie Lefeaux, who arrived at Auckland to-day by the Rangitane from England to take up the post of governor of the Reserve Bank of New Zealand. Mr. Lefeaux has been connected with the Bank of England for the past 30 years, and lately held the special post of assistant to the governor of that institution. In an interview he emphasised his determination to make the new Reserve Bank a New Zealand bank. “For that reason,” he said, “I have travelled out to New Zealand alone, without even a secretary or technical assistant. Please dispel anv suggestion that I have come out here to start a branch of the Bank of England. “If it is possible, I think the Reserve Bank should commence from the very beginning as a self-contained New Zealand institution. I am most anxious that there should be no'idea that something is being iniposed on New Zealand from abroad. Nothing is farther from the minds of those responsible for the project than that. “I hope for that reason yon will always regard it as an entirely New Zealand creation, to be encouraged, admonished or criticised as you will, or as occasion demands, but I do not want you to regard the bank as a sort of foreign interloper. “As far as I am concerned,” continued Mr. Lefeaux, “in carrying out whatever monetary policy may be laid down by the State, I will always make it my utmost endeavour to direct the affairs of the bank for the benefit of the people of New Zealand as a whole. The very last thing I want it.to be regarded as is a foreign invader or an instrument of one section of the community. “I have completely severed all connection with the Bank of England,” he continued. “Naturally, the Bank of England will be agent for the Reserve Bank in England, and a very useful agent too. as London is the financial centre with which you are most intimately connected. It is necessary, to have the very best advice you can get there.” Mr. Lefeaux expressed the conviction that the new bank would prove to he of benefit to New Zealand itself. It should also help to make a useful link with the rest of the Empire. Finally, it would enable New Zealand to keep in touch with the rest of the world, with a view to ensuring stability of prices and of conditions generally.

Mr. Lefeaux was met on board by Mr. A. D. Park, Secretary of the Treasury. A private dinner party in honour of the new governor was given by the Treasury to-night. , • Mr. Lefeaux will leave for Wellington to-morrow evening. Mr. Lefeaux said his wife and daughter expected to come l:o New Zealand in about six months.