RESERVE BANK

New Zealand Herald, Volume LXXIII, Issue 22544, 8 October 1936, Page 13

RESERVE BANK

OVERDRAET GRANTS WIDER POWERS PROPOSED CASE OF LOCAL BODIES [BY TELEGRAPH —SPECIAL REPORTER] WELLINGTON, Wednesday Further extensions to the powers of the Reserve Bank are proposed in the second Finance Bill of the session which was introduced in the House of Representatives to-day. The section of the Reserve Bank Amendment Act passed early in the session enabling the bank to grant accommodation to the Treasury to the extent of the full amount of revenue or estimated revenue is widened to apply to any incorporated department of State or to any local authority or public body. Previously the bank could only grant to the Treasury up to half of the estimated revenue. The provision in this year's amending Act authorising the bank to underwrite Government loans is extended so that the bank may underwrite loans raised by the State Advances Corporation.

SEAT ON DIRECTORATE MR. MARK SILVERSTONE APPOINTMENT VALIDATED [BY TELEGRAPH —SPECIAL REPORTER] WELLINGTON, Wednesday As promised by the Prime Minister, Mr. Savage, irregularities in the appointment of Mr. Mark Silverstone, of Dunedin, to the directorate of the Reserve Bank are to be removed in the terms of a special clause in the Finance Bill No. 2, which was introduced in the House of Representatives to-day. Under the Reserve Bank Act only a person of British birth is eligible for appointment to the directorate. Mr. Silverstone is a British subject by naturalisation. But, although the relevant clause in the Act is allowed to stand, a clause in the bill validates his appointment and makes him eligible for reappointment. In every other respect Mr. Silverstone is to" hold office in accordance with the terms of the Act.