RESERVE BANK

New Zealand Herald, Volume LXXI, Issue 21805, 21 May 1934, Page 8

RESERVE BANK

DIRECTORS CHOSEN SEVEN MEMBERS OF BOARD PROMINENT BUSINESS MEN ONE FROM AUCKLAND [J3Y TELEGRAPH —PBKSS ASSOCIATION] CHRISTCHURCH, Sunday The seven directors of the Reserve Bank of New Zealand who have been appointed by the Government, as required by the Act passed last year, were announced by the Minister of Finance, Rt. Hon. J. G. Coates, in an interview by telephone at Waiho Gorge to-night. Three are State directors and four are representatives of the shareholders. Tho directors appointed are:— State Memhehs Mr. John Gavin Duncan, Wellington. Mr. David Alexander Ewen, Wellington. Mr. Richard James Hudson, Dunedin. Shareholders' Representatives Mr. James Begg, Dunedin. Mr. Edward Jasper Herrick, Hastings. Mr. Edward Anderson, Auckland. Mr. Norton Francis, Christchurch. Messrs. Begg and Herrick represent the interests of primary industries and Messrs. Anderson and Francis industry and commerce. TERMS AND FEES PROVISIONS OF THE ACT METHOD OF RETIREMENTS The Reserve Bank Act provides that of the three State directors one shall retire on July 31, 1936, one on July 31, 1938, and the third on July 31, 1940, the order of retirement to be decided by ballot. Thereafter each State director shall be appointed for a term of five years. Of the four shareholders' directors, two are required to have been actively engaged in primary industry and two in industrial or commercial pursuits. The first shareholders' directors have been appointed by the Governor-Gen-eral-in-Council and will subsequently be elected for a period of five years by the shareholders. One shareholders' director will retire on June 30 in each year, the order of retirement being determined by ballot. It is stipulated that not more than one member of the board of directors shall at any time be a director of any other bank.

The directors, other than the governor and the deputy-governor, shall be entitled to receiye such fees and such allowances in respect of their expenses as may.be .determined by the board and sanctioned •at a general meeting of shareholders, provided that the aggregate amount of fees shall not exceed £4OOO in any year. The governor of the bank is Mr. Leslie Lefeaux, formerly of the Bank of England, who arrived. -to take up his duties two months ago. The deputy-governor is Mr. W. F. L. Ward, formerly of the Bank of Australasia, whose appointment was announced early this month. The salary of the governor is £SOOO a year, and it is reported that the salary of the deputygovernor has been fixed at £2500 a year. CAREERS OF MEMBERS VARIETY OF EXPERIENCE Mr. J. G. Duncan, of Wellington, is a director and manager of Levin and Company, Limited, shipping and stock and station agents and general merchants. He is also a director on the New Zealand board of the Australian Mutual Provident Society. Before joining Levin and Company he was for seven years on the staff of the Bank of Australasia. Mr. R. J. Hudson is chairman of directors of Cadbury, Fry, Hudson, Limited, the firm established in 1930 to take over the activities of threo large concerns in the Dominion. He was born in Dunedin in 1869, his father having founded the firm of R. Hudson and Company the previous year. He is a director of several companies.

Mr. D. A. Ewen. M.8.E., of Wellington, is managing director of the firm of Sargood, Son and Ewen, Limited, soft goods manufacturers and importers. He was born in England in 1884, and, after experience in the firm's London office, joined the staff of the Dunedin warehouse in 1903. He was appointed,a director in 1909 and managing director in 1914. Mr. James Begg, of Dunedin, is a retired sheepfarmor. He was horn in Dunedin in 1870. He was a member of the Efficiency 'Board during the war and of the Taxation Committee of 1924. He was a member of the National Economy Commission, set up by the Government in 1932. He has been prominently interested in agricultural and pastoral organisations, having held a seat on the Board of Agriculture. Mr. Begg is also a former president of the Otago Farmers' Union, and was identified with the promotion of the freezing works merger in 1924. He is a director of several companies. Mr. E. J. Herrick, of Hastings, is a prominent Hawke's Bay runholder. Ho is a member of the Napier Harbour Board and depijty-chairman of the Hawke's Bay Electric-Power Board. Ho is interested in several stock and station firms in ( the Hawke's Bay district.

Mr. Edward Anderson, of Auckland, is managing director of Henderson and Macfarlane, Limited, shipping agents. He was born in Auckland in 1860, and after six years on the staff of tlio Bank of New Zealand was in business as a stock and sliarebroker from 1892 to 1913. Ho became a partner in the firm of Henderson and Macfarlane in 1918 and was appointed managing director two years later. He is also a director of several other Auckland companies. Mr. Norton Francis, C.M.G., of Christchurch, is a director of Pvno, Gould, Guiness, Limited, stock and station agents and general merchants in Canterbury. He is a director of several other large companies operating throughout the Dominion, • and has been president of. tlio Canterbury Chamber of Commerce and a member of tlio council of Massev Agricultural College. Ho has taken an active ininterest in local government.