THE RESERVE BANK.

Manawatu Standard, Volume LXI, Issue 90, 15 March 1941, Page 6

THE RESERVE BANK.

The request made to the Government to place on the table correspondence which passed between the Prime Minister, the Minister for Finance, and the former Governor of the Reserve Bank (Mr L. Lefeaux) on the latter's retirement hardly seems likely to find a responsive echo. The member for Riccarton might have added to- his question a request for information as to when a successor will be appointed in Mr Lefeaux's place, as this is a matter which has exercised the public for some time past. Since Mr Lefeaux's departure the bank has been under the control of the deputy-Governor, who is responsible for its direction until an appointment is made. In several quarters the Government has been criticised because of its failure to fill the vacancy, and also for the non-publication of the report Mr Lefeaux made upon relinquishing office. This report, it has been pointed out, was placed before the _ Labour Party's caucus where all its statements were far from palatable. Mr Lefeaux's wide experience and sound judgment did not approve of certain developments in regard to the bank, and he is said to have expressed his views to the correct authorities. An appointment should not be delayed. There have been warnings by the Prime Minister of economic and financial difficulties, and it is essential that a successor widely experienced .'n modern central banking practice should be appointed as soon as possible. Obviously, such an appointee can only come from abroad and the Government should make its intentions known. The Reserve Bank is a young institution in this Dominion, and its activities ore much wider now than when it first opened its doors, because of the Labour Government's policy, and the circumstances suggest that the vacant post should be filled speedily.