THE RESERVE BANK

Evening Post, Volume CXVIII, Issue 32, 7 August 1934, Page 12

THE RESERVE BANK

The Reserve Bank of New Zealand is the subject of a special article in "The Times Trade and Engineering Supplement," London, by "The Times" Wellington correspondent. Tho administration and function of the institution are described and the history of the origin of tho bank is outlined. Reference is made in the article to the opposition of the Bank of New Zealand to the establishment of the * Reserve Bank on the grounds that the time had not yet arrived for it in New Zealand, but tho article proceeds: "Now that the bank is established, however, ths trading banks without exception have given definite assurances of their good will and co-operation. ■ The bank has also the evidence of public support in the offer of live and a .half times the share capital, thus permitting the wide distribution of shares which the Government desired. The maximum allotment to' individual applicants was twenty £5 shares. The selection, of a former officer of the Bank of England, Mr. Leslie Lefeaux, to be the first Governor, has given an assui'ance to bankers'and the public that the Government wishes the institution to be conducted on sound cen-tral-banking lines."