Story: Treasury

Economic Stabilisation Commission, around 1943

Economic Stabilisation Commission, around 1943

The Economic Stabilisation Commission was set up in 1942 after war broke out in the Pacific, and had far more extensive powers than the economic stabilisation committee it replaced. It was the ‘command centre’ for the economy from then until the end of the Second World War in 1945. The commission was separate from Treasury, but Secretary to the Treasury Bernard Ashwin (seated, centre) was one of its three members. The other two were William Marshall (seated, left), representing producer interests, and F. P. Walsh (seated, right), representing the union movement. The commission’s secretary at the time was Frank Lingard (standing, right). Johnny Taylor (standing, left), later to be chief investigating officer in Treasury, was seconded to the commission. The commission continued after the Second World War, but with a new government in 1949 that was committed to deregulation, it became less important and was eventually disbanded. Its work of economic co-ordination passed primarily to the Treasury.

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How to cite this page:

Malcolm McKinnon, 'Treasury - Treasury and the welfare state, 1935–1980', Te Ara - the Encyclopedia of New Zealand, (accessed 15 April 2024)

Story by Malcolm McKinnon, published 20 Jun 2012