N.Z. RESERVE BANK

Hokitika Guardian, 16 March 1934, Page 8

N.Z. RESERVE BANK

StIIARE TRANSFER REGISTRATION N 0 ARRANGEMENTS YET MADE CHRISTCHURCH, March 15. Shares in the Reserve Bank °t New Zealand are still mot being quoted on the Stock Exchange because there is no machinery in existence for the registration: of transfers. The shares were quoted m Cbistchurch. on. the day following the announcement by the Minister for Finance (the Rt Hon. J. G. Coates) of the basis of allotment, but were removed from the lists pending' the setting up of machinery for registering transfers. The chairman of the Christchurch Stock Exchange (Mr 11. Kitson) said yesterday that the latest information from Wellington was that the Government would handle transfers as soon as possible, but he did not know whether this meant that arrangements would be made to do this before the bank itself began business' at the beginning of August. The first governor of the bank, Mr Leslie Lefaux arrived in Auckland to-day and wias met- by the Secretary to the Treasury (Mr A. D. Park). He will travel south to Wellington immediately after he arrives in order to meet the Prime Minister (the Rt Hon. G. W. Forbes) and Mr Coates and discuss with them the affairs of the new bank. He will then go on with the work bf organising and preparing for its opening on August 1. Appointment ctf Deputy-Governor It is probable that a deputygovernor of the bank will be appointed before long, the Reseme Bank of New Zealand Act providing that he, as well as the governor, must be a person possessed ot I banking experience. The appointment will be made by the Governor-General-in-Council and will be for seven years. It is expected that the appointee will he a New Zealander in order that, eventually, a- New Zealander may control the bank. The act also lavs it down that both’, the governor and deputygovernor of the hank shall devote their whole time to their' duties and shall not engage in business, on their I own account, act as directors or any other business; Like the deputygovernor the governor is appointed ! for : seven yearsP while- both officials are eligible for re-election by the directors of the bank. The salary of the governor will be £SOOO ayear, but that of the deputy-gov-ernor has not yet been fixed.

The Directorate - - B In addition to tho appointee of the deputy-Goevrnor the Government will also have to appoint the directors before long. Under the. provision of the act no person may be a director who is not a British subject, who is or becomes a member of Parliament, who is employed as fi servant of the Crown in any department of State, who is employed in the service of any other bank or (with the exception of not more than one member) is a director of any other bank, or who, being a bankrupt within the meaning of the Bankruptcy Act, has not obtained an order of discharge. The Secretary of the Treasury will be, ex-officio, a member of the directorate.

The New Notes Pending the engraving of permanent Reserve Bank notes, temporary notes are to be issued by the bank. The principal features of the temporary notes will be as follows: — On the front, the value in figures will appear at the four corners surroumfed by geometric white-line work. The sides will be bound by characteristic Maori ornamentation, with rafter pattern for upper and lower borders-. A portrait of Tawhiao, the well-known Maori chief, will appear in oval frame on the right, and an engraving of a kiwi with a mountain background on the left. The New Zealand armorial bearings will appear in the centre, with the name “Reserve Bank of New Zealand” above, and the usual promise to pay on demand below. The notes will he dated August 1, 1934. On the hack there will appear in the centre an engraving of Mitre Peak) Milford Sound, with the name of the bank above in the form of an arch, and the value in words below. On either side will be a circle containing geometric patterns with donominaton in bold numerals in the left circle. Denomination will also lie shown prominently in the four corners.