Reserve Bank Governor

Manawatu Times, Volume 66, Issue 2, 3 January 1941, Page 8

Reserve Bank Governor

MR. LEFEAUX’S ENGAGEMENT COMPLETED Per Press Association. WELLINGTON, Dec. 31. The contract between the Government and the Governor of the Reserve Bank, Mr Leslie Lefcaux, expired today, and Mr Lefeaux's engagement has now been completed. Announcing this, the Minister of Finance, Mr W. Nash, said that arrangements had been made for Mr W. F. Ward, deput3 r -Governor, to control the bank until the appointment of a 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 intensity. “The bank was not set up in times of prosperity, and 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 the economic and financial situation in a stage of transition. “New Zealand was fortunate in having Mr Lefeaux as the first Governor. Mr Lefeaux came to New Zealand from the Bank of England, where he was known for his experience and ability. This experience and ability stood the country in good stead throughout years which can only be described as years unusually filled with administrative difficulties. “I feel,” Mr Nash concluded, “that it is largely owing to the ability and farsightedness of Mr Lefeaux that the financial administrative system is operating so well to-day. I am sure that New Zealand owes a debt of gratitude to the work done by Mr Lefeaux in building one of New- Zealand’s most important institutions and moulding it during the formative