NOT QUALIFIED

Timaru Herald, Volume CXLII, Issue 20509, 29 August 1936, Page 8

NOT QUALIFIED

A DIRECTOR FOR THE RESERVE BANK By Telegraph—Presa Association WELLINGTON, August 28. An interesting legal position affecting the eligibility of one of the Government’s recent appointments to the Reserve Bank has arisen. It has been pointed out that Mr Mark Silverstone, of Dunedin, was born in Russian Poland in 1882, and that although he went to London at an early age he did not become naturalised until he was a resident of New Zealand, his naturalisation papers as a British subject being taken out in 1905. The Reserve Bank Act, 1933, clause 32. sets out the qualifications of a director, stating that no person shall be qualified who (a) is not a British subject by birth. When the Prime Minister’s attention was called to Mr Silverstone’s position he replied that he had not previously been aware of it, and indicated that if necessary there would be validating legislation to maintain the appointment. “Rather than make people fit the law,” declared Mr Savage, “we will make the law fit the people.” Mr Silverstone was appointed because of his qualifications. He understands the monetary system inside out.