RETIRING DIRECTORS

Evening Post, Volume CXXVI, Issue 26, 30 July 1938, Page 10

RETIRING DIRECTORS

RESERVE BANK

STILL SEVEN ON THE BOARD

Questioned this morning concerning the retirement under the Reserve Bank Act of two directors, the Minister of Finance (the Hon. W. Nash) said that he had received no advice from the bank as to the names of the two directors who were due to retire by July 31.

The Minister explained that with the two retirements to be announced there would still be seven directors. They were the Governor (Mr. Leslie Lefeaux), the Deputy Governor (Mr. W. L. Ward), and the Secretary of the Treasury (Mr. G. C. Rodda). There were also Mr. George Lawn and Mr. Mark Silverstone, both of whom had been appointed by the Governor-Gen-eral in Council, and two of the four others among whom the ballot was conducted, the names of the four being Messrs. E. J. Herrick, E. A. Anderson, R. Hudson, and lan Duncan.

These four, with Mr. Norton Francis and Mr. James Begg (both of whom lost their seats on the board in the first year of the operation of the amended legislation) and Mr. D. A. Ewen, who retired a year ago, were the original directorate, all appointed by the Coalition Government, some to represent the Government and some the private shareholders whose shares had since been purchased by the Government. No appointment was made when. Mr. Ewen retired, and the vacancy has not yet been filled. There is, however, a clause in the amending Act which states that the powers of the board need not be affected by any vacancy in its membership.

Mr. Nash said today that he had nothing to say regarding any appointments to fill the vacancies.