TERM COMPLETED
Mr. Lefeaux As Reserve Bank Governor TRIBUTE BY FINANCE MINISTER The contract between the Government and the governor of the Reserve Bank, Mr. Leslie Lefeaux, expired on Tuesday, and Mr. Lefeaux s engagement has now ■been'completed. In making this announcement, the Minister of Finance, Mr. Nash, said that arrangements had been made for Mr. W. I. Ward, the deputy governor, to control the bank till the appointment of a new governor.
“The Reserve Bank,” said Mr. Nash, “is still a comparatively young institution. It was founded at a time when New Zealand was in the midst of a depression unparalleled iu its intensity. The bank was not set up in times of prosperity. It was immediately faced with difficult problems. Not only had it to build up a set of relationships with the trading banks appropriate to New Zealand conditions, but it had to handle an economic and financial situation in a stage of transition. “New Zealand was fortunate in having Mr. Lefeaux as the first governor of the Reserve Bank. Mr. Lefeaux came to New Zealand from the Bank of England, where he was known for his experience and ability. This experience and ability has stood the country in good stead throughout years which can only be described as ones unusually filled with administrative difficulties. For example, this country has adopted not only a system of import control, but one which involves the control of all foreign payments. Here the Reserve Bank has had to carry out the major task of devising a system suited to New Zealand. Such a system was devised quickly and put into operation smoothly in a very short time. “I feel.” said Mr. Nash, “that it is largely owing to the ability and farsightedness of Mr. Lefeaux that the financial administrative system is oiierating so well today. lam sure that New Zealand owes a debt of gratitude to the work done by Mr. Lefeaux in building one of New Zealand’s most important institutions and in moulding it during its formative years.”
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Bibliographic details
Dominion, Volume 34, Issue 84, 3 January 1941, Page 3
Word Count
339TERM COMPLETED Dominion, Volume 34, Issue 84, 3 January 1941, Page 3
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