Leslie Melville
Encyclopedia
Sir Leslie Galfreid Melville KBE (26 March 190230 April 2002) was a renowned Australia
n economist, academic and public servant. He helped form Australia's central banking system
and gave her a voice in international economic forums in the years following World War II
. He also played an important role in the early years of the Australian National University
, as its Vice-Chancellor 1953-60.
Leslie Melville was born in Sydney
in 1902. During World War I
, his father lost his job as a bank manager and then invested in a project that failed, bringing the family into severe financial difficulty. This experience helped formulate Leslie's outlook and attitudes to economic matters generally. He won a scholarship to Sydney Church of England Grammar School
(Shore), where he topped the state in mathematics, and was known as the "Isaac Newton
of Shore".
While studying engineering at the University of Sydney
, he diverged into actuarial studies
and then joined the NSW Superannuation Fund. Working full-time meant he could study only subjects he could take at evenings, so he chose economics
. In 1924, aged only 22, he was appointed Public Actuary for South Australia
. In this role he was often called upon to advise the government on economic issues generally.
In 1928 he gave evidence on Commonwealth-State economic and financial matters before the Royal Commission on the Australian Constitution, and again in 1929 before the Royal Commission on the Finances of South Australia.
In 1929, aged only 27, Leslie Melville became the Foundation Professor of Economics at the University of Adelaide
.
In 1930 he became Chief Economic Adviser to the Commonwealth Bank, a role he held for 23 years. In this role he was at the forefront of the formulation of Australia's policies to combat the Great Depression
.
Melville represented Australia at the 1932 Ottawa Imperial Trade Conference, after the Prime Minister
Joseph Lyons
had revoked Sir Robert Gibson
's directive for him not to attend. He also attended the World Economic Conference in London in 1933.
He became a prolific writer on economic matters, contributing greatly to economic debate both at home and internationally. His economic thinking was often out of kilter with his colleagues: he advocated exchange rate fluidity when most were arguing for the status quo. He presented his ideas forcefully at the 1936-37 Royal Commission on Banking and Monetary Systems. During World War II
, he helped design Australia's war economy.
In 1944 Melville led the Australian delegation to the Bretton Woods Conference
, which laid the foundations for the World Bank
and the International Monetary Fund
. John Maynard Keynes
was very impressed with Melville. He said that Melville:
In 1950 he became Australia's Executive Director of both institutions.
In the New Year's Honours of 1953, he was appointed a Commander of the Order of the British Empire
(CBE), for his services to the Commonwealth Bank.
From 1953 to 1960 he was Vice-Chancellor of the Australian National University
(ANU). In the New Year's Honours of 1957, he was appointed a Knight Commander of the Order of the British Empire (KBE). After his retirement, he remained an honorary fellow of the ANU in the Department of Economics at the Research School of Pacific and Asian Studies
(RSPAS).
When H. C. Coombs
was appointed Governor of the Reserve Bank of Australia
, he paid tribute to Sir Leslie Melville by advising the government and others that the best man for the job had been overlooked. Melville nevertheless served three terms as a Board Member. When Melville retired, Coombs wrote to him: In the years you were with the Bank, you made a contribution to the theory and practice of central banking which is without equal in the world.
In 1960 he became Chairman of the Tariff Board, but clashed repeatedly with the Trade Minister, John McEwen
, and he resigned in 1962. In 1966 he was appointed Chairman of the Commonwealth Grants Commission
, remaining in this post until the early 1980s.
Sir Leslie Melville celebrated his 100th birthday on 26 March 2002 at Canberra's Commonwealth Club, which he had helped found. The ANU celebrated his centenary by dedicating an annual lecture series in his name. The inaugural address, given on 22 March, was by Ian Macfarlane
, then Governor of the Reserve Bank.
He died a month later, on 30 April 2002. In 1925 he married Mary Scales in Adelaide. They had two sons, Galfrid (Tig) and Anthony. He was survived by his sons, three grandchildren (Jennifer, Alice & Elizabeth) and four great-grandchildren (Michael, Henry, William & Patrick).
Melville Hall and Melville Place at the ANU are named in Sir Leslie's honour.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n economist, academic and public servant. He helped form Australia's central banking system
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
and gave her a voice in international economic forums in the years following World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
. He also played an important role in the early years of the Australian National University
Australian National University
The Australian National University is a teaching and research university located in the Australian capital, Canberra.As of 2009, the ANU employs 3,945 administrative staff who teach approximately 10,000 undergraduates, and 7,500 postgraduate students...
, as its Vice-Chancellor 1953-60.
Leslie Melville was born in Sydney
Sydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
in 1902. During World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, his father lost his job as a bank manager and then invested in a project that failed, bringing the family into severe financial difficulty. This experience helped formulate Leslie's outlook and attitudes to economic matters generally. He won a scholarship to Sydney Church of England Grammar School
Sydney Church of England Grammar School
Sydney Church of England Grammar School is an independent, Anglican, day and boarding school for boys, located in North Sydney, New South Wales, Australia....
(Shore), where he topped the state in mathematics, and was known as the "Isaac Newton
Isaac Newton
Sir Isaac Newton PRS was an English physicist, mathematician, astronomer, natural philosopher, alchemist, and theologian, who has been "considered by many to be the greatest and most influential scientist who ever lived."...
of Shore".
While studying engineering at the University of Sydney
University of Sydney
The University of Sydney is a public university located in Sydney, New South Wales. The main campus spreads across the suburbs of Camperdown and Darlington on the southwestern outskirts of the Sydney CBD. Founded in 1850, it is the oldest university in Australia and Oceania...
, he diverged into actuarial studies
Actuary
An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms ....
and then joined the NSW Superannuation Fund. Working full-time meant he could study only subjects he could take at evenings, so he chose economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
. In 1924, aged only 22, he was appointed Public Actuary for South Australia
South Australia
South Australia is a state of Australia in the southern central part of the country. It covers some of the most arid parts of the continent; with a total land area of , it is the fourth largest of Australia's six states and two territories.South Australia shares borders with all of the mainland...
. In this role he was often called upon to advise the government on economic issues generally.
In 1928 he gave evidence on Commonwealth-State economic and financial matters before the Royal Commission on the Australian Constitution, and again in 1929 before the Royal Commission on the Finances of South Australia.
In 1929, aged only 27, Leslie Melville became the Foundation Professor of Economics at the University of Adelaide
University of Adelaide
The University of Adelaide is a public university located in Adelaide, South Australia. Established in 1874, it is the third oldest university in Australia...
.
In 1930 he became Chief Economic Adviser to the Commonwealth Bank, a role he held for 23 years. In this role he was at the forefront of the formulation of Australia's policies to combat the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
.
Melville represented Australia at the 1932 Ottawa Imperial Trade Conference, after the Prime Minister
Prime Minister of Australia
The Prime Minister of the Commonwealth of Australia is the highest minister of the Crown, leader of the Cabinet and Head of Her Majesty's Australian Government, holding office on commission from the Governor-General of Australia. The office of Prime Minister is, in practice, the most powerful...
Joseph Lyons
Joseph Lyons
Joseph Aloysius Lyons, CH was an Australian politician. He was Labor Premier of Tasmania from 1923 to 1928 and a Minister in the James Scullin government from 1929 until his resignation from the Labor Party in March 1931...
had revoked Sir Robert Gibson
Robert Gibson (businessman)
Sir Robert Gibson, GBE, was a Scottish-born Australian businessman, a president of the Associated Chambers of Manufactures of Australia.-Early life:...
's directive for him not to attend. He also attended the World Economic Conference in London in 1933.
He became a prolific writer on economic matters, contributing greatly to economic debate both at home and internationally. His economic thinking was often out of kilter with his colleagues: he advocated exchange rate fluidity when most were arguing for the status quo. He presented his ideas forcefully at the 1936-37 Royal Commission on Banking and Monetary Systems. During World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, he helped design Australia's war economy.
In 1944 Melville led the Australian delegation to the Bretton Woods Conference
United Nations Monetary and Financial Conference
The United Nations Monetary and Financial Conference, commonly known as the Bretton Woods conference, was a gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, to regulate the international monetary and financial order after...
, which laid the foundations for the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
and the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
. John Maynard Keynes
John Maynard Keynes
John Maynard Keynes, Baron Keynes of Tilton, CB FBA , was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments...
was very impressed with Melville. He said that Melville:
- ... upheld the dignity and integrity of Australia with the most marked success ... He handled himself most impressively, was clear, cogent and never unreasonable, put his point forcibly yet moderately, yet achieved ... as much as was humanly possible to move matters in the direction he desired. He had quite a difficult task and accomplished it supremely well.
In 1950 he became Australia's Executive Director of both institutions.
In the New Year's Honours of 1953, he was appointed a Commander of the Order of the British Empire
Order of the British Empire
The Most Excellent Order of the British Empire is an order of chivalry established on 4 June 1917 by George V of the United Kingdom. The Order comprises five classes in civil and military divisions...
(CBE), for his services to the Commonwealth Bank.
From 1953 to 1960 he was Vice-Chancellor of the Australian National University
Australian National University
The Australian National University is a teaching and research university located in the Australian capital, Canberra.As of 2009, the ANU employs 3,945 administrative staff who teach approximately 10,000 undergraduates, and 7,500 postgraduate students...
(ANU). In the New Year's Honours of 1957, he was appointed a Knight Commander of the Order of the British Empire (KBE). After his retirement, he remained an honorary fellow of the ANU in the Department of Economics at the Research School of Pacific and Asian Studies
Research School of Pacific and Asian Studies
The Research School of Pacific and Asian Studies was founded in 1946 as an institute of advanced study at the Australian National University in Canberra, Australian Capital Territory.-History:...
(RSPAS).
When H. C. Coombs
H. C. Coombs
Herbert Cole H.C. "Nugget" Coombs was an Australian economist and public servant.-Early years:Coombs was born in Kalamunda, Western Australia, Australia, one of six children of a country railway station-master and a well-read mother.Coombs's political and economic views were formed by the Great...
was appointed Governor of the Reserve Bank of Australia
Reserve Bank of Australia
The Reserve Bank of Australia came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank to it....
, he paid tribute to Sir Leslie Melville by advising the government and others that the best man for the job had been overlooked. Melville nevertheless served three terms as a Board Member. When Melville retired, Coombs wrote to him: In the years you were with the Bank, you made a contribution to the theory and practice of central banking which is without equal in the world.
In 1960 he became Chairman of the Tariff Board, but clashed repeatedly with the Trade Minister, John McEwen
John McEwen
Sir John "Black Jack" McEwen, GCMG, CH , was an Australian politician and the 18th Prime Minister of Australia...
, and he resigned in 1962. In 1966 he was appointed Chairman of the Commonwealth Grants Commission
Commonwealth Grants Commission
The Commonwealth Grants Commission is an Australian government body that advises on Australian Government financial assistance to the states and territories of Australia with the aim of achieving Horizontal Fiscal Equalisation....
, remaining in this post until the early 1980s.
Sir Leslie Melville celebrated his 100th birthday on 26 March 2002 at Canberra's Commonwealth Club, which he had helped found. The ANU celebrated his centenary by dedicating an annual lecture series in his name. The inaugural address, given on 22 March, was by Ian Macfarlane
Ian Macfarlane (economist)
Ian John Macfarlane, AC , Australian economist, and Governor of the Reserve Bank of Australia , Australia's central bank, from 1996 to 17 September 2006...
, then Governor of the Reserve Bank.
He died a month later, on 30 April 2002. In 1925 he married Mary Scales in Adelaide. They had two sons, Galfrid (Tig) and Anthony. He was survived by his sons, three grandchildren (Jennifer, Alice & Elizabeth) and four great-grandchildren (Michael, Henry, William & Patrick).
Melville Hall and Melville Place at the ANU are named in Sir Leslie's honour.