Monetary And Economic Council Members Named

Press, Volume C, Issue 29497, 26 April 1961, Page 14

Monetary And Economic Council Members Named

(N.Z. Press AMOriattoni WELLINGTON. April 25. The members' and terms of reference of the new Monetary and Economic Council were announced tonight by the Prime Minister (Mr Holyoake). The chairman will be Professor F. W. Holmes, Macarthy professor of economics at Victoria University. The members will be Dr. G. B. Battersby, dean of the faculty of commerce of the University of Canterbury, and Mr E. D. Wilkinson, a public accountant, of Auckland. Professor Holmes was expert assistant to the Royal Commission on Monetary, Banking and Credit Systems appointed in March, 1955, over which Sir Arthur Tyndall presided. Mr Wilkinson was a member of that commission. The terms of reference of the council are:— “(a) It shall be the main function of the council to report periodically to the Minister of Finalice on the extent

to which price stability, economic growth, full employment and higher living standards are being achieved, and to recommend both short-term and long-term measures which should be taken to promote economic growth and living standards while maintaining full employment and maximum stability in the internal price level. "(b) In addition to its main function the council shall, as and when tt deems appropriate, report on the following: “(1) The main economic and financial problems which affect costs ana internal price stability: “(2) The provision of finance for expanding primary and manufacturing industries and services: “(3) Ensuring that the creation and issue of money is kept in balanced relationship to the production of goods and services:

“(4) Any reforms in the monetary system it considers desirable.” "The council will be independent and completely free from political control.” said Mr Holyoake. “The chairman and members have bad wide experience m economic and financial affairs and will be able to give independent and impartial advice to the Government and people of New Zealand on economic problems. “The council will have the right to publish Its reports. •The council does not represent any sectional Interests and the reports of such a body will be of considerable assistance to the Government In formulating economic policy,” The council would not be a full-time body, although it would have a small full-time secretariat, be said. It was intended to provide for a rotation of membership on the council although members would be eligible for reappointment “It will necessarily be some time before the first reports of the council are available.” said Mr Holyoake. “A secretariat has to be appointed and the council will first have to determine, its operating procedures and make an sseessment of the general economic situation " i£X"S« tails given in tfce National Party’s UM General Election css. 'r jsls" The policy stated that individually and through organisations, to make representations to the commission which would have authority to publish both its reports and its The policy also stated that the commission would be really a report to pnovSe" , a basic appreciation of the direefton of the country’s econonv and cationto the Cfover£££tlnd hlifting** t<t lP which dbouid ba taken to ensure the boot de velopment of the country’s resources.