RESERVE BANK
GOVERNOR'S CONTRACT
EXPIRES TODAY
Deputy to carry on
The contract between the Government and the Governor of the Reserve Bank (Mr. Leslie Lefeaux) expired today, and Mr. Lefeaux's engagement has now been completed. In making this announcement today, the Minister of Finance (Mr. Nash) said that arrangements had been made for Mr. W. F. Ward, the Deputy Governor, to control the bank until the appointment of fie 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 in 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 havirg 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 un--1 usually filled' with administrative difficulties. For example, this country " iias 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 o system suited to New Zealand. Such . Astern was. devised Quickly and put into operation smoothly in a very short ime. "I feel," said Mr. Nash, "that it is 'argely owing to the ability and farsightedness of Mr. Lefeaux that the Inancial administrative system is perating so well today. I am sure iat New Zealand owes a debt of gratiide to the work done by Mr. Lefeaux i building one of New Zealand's most mpcrtant institutions and in mould-, ■>.g it during its formative years.", i
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Bibliographic details
Evening Post, Volume CXXX, Issue 157, 31 December 1940, Page 9
Word Count
340RESERVE BANK Evening Post, Volume CXXX, Issue 157, 31 December 1940, Page 9
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