RESERVE BANK

Evening Post, Volume CXVII, Issue 64, 16 March 1934, Page 6

RESERVE BANK

GOVERNOR'S ARRIVAL

"A NEW ZEALAND CREATION"

, _ (By Telegraph) (Special to the "Evening Post.") AUCKLAND, March 15. "I am ycr} 7 anxious to l>e adopted as a New Zcalander, and to do all I can for New Zealand," said Mr. Leslie Lefeaux, who arrived at Auckland today by the Rangitane from England to take up tho post of Governor of the Reserve Bank of New Zealand. \ Mr. Lefeauxlhas been connected with the Bank of England for the past 30 years, and' lately held the special post of assistant to tho governor of that institution. s In an interview, he emphasised his determination to make the new Reserve Bank a "New Zealand bank. "For that reason,'•'. ho said, ''I have travelled out to New Zcalai.^ aloiie, without even a secretary or technical assistant.' Plcaso dispel any suggestion that. I have come out here to start a branch of. tho 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 imposed on j New Zealand from .abroad. Nothingis] further from tho minds of those i responsible for the project than that, j "I hope for that reason you* will always regard it as an entirely New, Zealand creation, to- be encouraged, admonished, or criticised as you Mil,, or as occasion demands, but I do not' want you^to regard-the bank as a sortl of foreign interloper. lIOR THE PEOPLE'S BENEFIT^ | "As far as I am concerned," con-1 tinued 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 bo 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'," ho continued. "Naturally, .the Bank of England will be the agent .for the Reserve Bank in England, and a very useful agent too, as London is the nnaneial 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 ne.w bank would prove to be of benefit to New Zealand itself. It should "also help to make a useful hnk 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. , b

Mr. Lefeaux was met .on-board by Mr. A. D. Park, Secretary to the Treasury.

A private dinner party in.honour of the^now governor was given by the Treasury tonight. ' \ Mr." Lefeaux will leave for Wellington tomorrow, evening. Air Lefeaux said his wife and daughter expected to come to New Zealand in about six months.