21 Aug 1945 - COMMONWEALTH BANK BOARD ENDS

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周zhoū二èr 21 8月yuè 1945 - The Townsville Daily Bulletin (Qld. : 1907 - 1909 ; 1912 - 1966)
Page 4 - COMMONWEALTH BANK BOARD ENDS

COMMONWEALTH

BANK BOARD ENDS

CANBERRA, August JO. — On
Tuesday, il years almost to the
day after its formation, the Com
monwealth Bank Board will cease
to exist.

New legislation, by which the bank
will be controlled by a governor, as
sisted by an advisory council, will
then become effective.
When it was first established by a
Labour Government on June 1, 1912,
the bank was controlled by a gover
nor, Mr. (later Sir) Denison Miller.
But in August, 2824. the Bruce-Page
Government created a Bank Board,
consisting of the Bank Governor, the
Secretary of the Treasury, and six
others.
None of the members who first
joined the board in 1921 are in their
original positions.
Long-term record among present
members is held by Sir Claude Read
ing. 71, who has been a member since
1927, chairmen eince 1934.
Then comes Maurice Boyd Duffy,
-who was appointed by the Scullin
Government In 1930.
Treasury Secrctaiy S. G. Macfar
lane has been a member since 1938,
former polo player J. H. Ashton
since 1939, A.L.P. vice-president and
solicitor, W. C. Taylor 1941, Dr. H.
C. Coombs, Director-General of Post
war Reconstruction, 1942.
Bank Governor H. T. ArmlUtge has
been on the board since 1941. He
will now be supreme.
The last position on the board has
not been filled since the retirement 'n
October, 1944, of Sir Clive McPheraon.
Membership of the board carries a
salary of £600 a year. The board has
met about once a month, lls last
meeting was on August 4.

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