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Thursday, 2 November 1967

Mr Hayden asked the Treasurer, upon notice:

1.   Who are the members of the Reserve Bank Board?

2.   Is he able to say what directorships of companies, if any, are held by these Board members? If so, what are the details?

3.   Have any business dealings taken place between the Board and any company in which a member of the present Board is a director? If so, what are the details?

Mr McMahon - The answers to the honourable members' questions are as follows:

1.   Members of the Reserve Bank Board are as follows:

H.   C. Coombs (Chairman)

J.   G. Phillips (Deputy Chairman)

Sir RichardRandall (as Secretary to the Treasury)

Sir WilliamAnderson, C.B.E.

Sir WilliamGunn, K.B.E., C.M.G.

D. J. Hibberd, O.B.E.

Sir TheoKelly, O.B.E.

Sir LeslieMelville, K.B.E.

W. W. Pettingell, C.B.E.

H. W. Rowden.

2.   Members of the Reserve Bank Board hold the following directorships in companies other than family companies:

Sir WilliamAnderson: N.K.S. Holdings Ltd, Ogden Industries Pty Ltd, Metalex Pty Ltd, Knox Schlapp Pty Ltd, William Latchford and Sons Pty Ltd, and Form Pty Ltd.

Sir WilliamGunn: Adelaide River Limited, Amagraze Limited and Group, Clausen Steamship Co. (Australia) Pty Ltd, Douglas Pastoral Co. Pty Ltd, Elsey Pastoral Pty Ltd, Grazcos Co-operative Limited, Gunn Rural Management Pty Ltd, Gunn Development Pty Ltd. Hodgson Downs Limited, Queensland Meat Producers' Co-operative Assn Ltd, Rothmans of Pall Mall (Aust.) Ltd, The Elsey Station Limited, Tipperary Land Corporation, United Cattle Stations Pty Ltd, and Walter Reid and Co. Ltd.

Mr D.J. Hibberd: Conzinc Riotinto of Australia Limited, Comalco Industries Pty Limited and Group Companies, G. E. Crane Holdings Limited, G. E. Crane and Sons Limited, Model Dairy Industries Limited, Queensland Alumina Limited.

Sir TheoKelly: Woolworths Limited, its subsidiaries and associated companies, and The Australian Mutual Provident Society.

Mr W.W. Pettingell: Manufacturers' Mutual Insurance Ltd.

Mr H.W. Rowden: Felt and Textiles of Australia Ltd and subsidiaries, Felt and Textiles of New Zealand Ltd and subsidiaries, Australian Paper Manufacturers Ltd and Australian Textile Export Corporation Ltd.

3.   I think this question is best answered by inviting attention to section 23 of the Reserve Bank Act 1959-1966 relating to the disclosure of interest in contracts. Section 23(2) reads as follows: (2.) A disclosure under the last preceding sub-section shall be recorded in the minutes of the Board and, after the disclosure, the member of the Board -

(a)   shall not take part in any deliberation or decision of the Board with respect to that contract; and

(b)   shall be disregarded for the purpose of constituting a quorum of the Board for any such deliberation or decision.'

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