Sir Ernest Cooper Riddle (5 April 187328 February 1939) was an Australian

banker A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

who served as governor of the

Commonwealth Bank of Australia The Commonwealth Bank of Australia (CBA), or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States and the United Kingdom. It provides a variety of financial services including retail, busines ...

, then Australia's

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

, from 1927 to 1938.

Early life

Riddle was born in

Narrabri Narrabri ( ) is a locality and seat of Narrabri Shire local government area in the North West Slopes, New South Wales, Australia on the Namoi River, northwest of Sydney. It sits on the junction of the Kamilaroi Highway and the Newell Highway. At ...

New South Wales ) , nickname = , image_map = New South Wales in Australia.svg , map_caption = Location of New South Wales in AustraliaCoordinates: , subdivision_type = Country , subdivision_name = Australia , established_title = Before federation , es ...

, the son of pastoralist John Riddle. In 1889, aged 16, he joined the Narrabri branch of the

Bank of Australasia The Bank of Australasia was an Australian bank in operation from 1835 to 1951. Headquartered in London, the bank was incorporated by Royal Charter in March 1834. It had initially been planned to additionally include first South Africa and then ...

as a clerk. In 1915, Riddle joined the Commonwealth Bank and was appointed the manager of the

Perth Perth is the capital and largest city of the Australian state of Western Australia. It is the fourth most populous city in Australia and Oceania, with a population of 2.1 million (80% of the state) living in Greater Perth in 2020. Perth is ...

branch, where he remained until he transferred to

Sydney Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mountain ...

as the acting manager. In 1924, he was promoted to inspector and was transferred to manage the Melbourne branch of the bank.

Governor of the Commonwealth Bank

In 1925, Riddle was appointed deputy governor of the Commonwealth Bank and in 1927 became the bank's governor, a position he held until his retirement in 1938. Highly popular, Riddle served as Australia's most senior banker through the entire

Great Depression The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

. He attended the

British Empire Economic Conference The British Empire Economic Conference (also known as the Imperial Economic Conference or Ottawa Conference) was a 1932 conference of British colonies and dominions held to discuss the Great Depression. It was held between 21 July and 20 August ...

Ottawa Ottawa (, ; Canadian French: ) is the capital city of Canada. It is located at the confluence of the Ottawa River and the Rideau River in the southern portion of the province of Ontario. Ottawa borders Gatineau, Quebec, and forms the core ...

in 1932 as an adviser on financial matters to the Australian delegation. He also travelled twice to London where he played a vital part in exchange-rate deliberations. Riddle argued against exchange-rate appreciation, opposing the position of the Commonwealth Bank's chairman Sir Robert Gibson. Supported by the

Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...

and aided by a lack of enthusiasm for Gibson's proposal by some board members, Riddle's advice was accepted. Riddle gave evidence at the Royal Commission appointed to inquire into Australia's monetary and banking systems, which ran from 1935 to 1937. Riddle resigned from the Commonwealth Bank on 28 February 1938 due to ill health.

Personal life

Riddle was a keen sportsman and was considered to be an "expert rifle shot" and a "first class golfer and tennis player". He was a member of the

Royal Sydney Golf Club Royal Sydney Golf Club is golf club in Rose Bay, New South Wales, Australia, a suburb of Sydney. Founded in 1893, Royal Sydney is one of Australia's premier sporting and social clubs. It features an 18-hole Championship Course, a 9-hole Centen ...

and the

Australian Club The Australian Club is a private club founded in 1838 and located in Sydney at 165 Macquarie Street. Its membership is men-only and it is the oldest gentlemen's club in the southern hemisphere. "The Club provides excellent dining facilities, ...

. For many years he was a major in the Army Reserve and during

World War I World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...

commanded a training camp in Perth. He married Annie Bibby of

Manchester, England Manchester () is a city in Greater Manchester, England. It had a population of 552,000 in 2021. It is bordered by the Cheshire Plain to the south, the Pennines to the north and east, and the neighbouring city of Salford to the west. The t ...

in 1899 and had two children. Riddle was

knight A knight is a person granted an honorary title of knighthood by a head of state (including the Pope) or representative for service to the monarch, the church or the country, especially in a military capacity. Knighthood finds origins in the Gr ...

ed in 1935.

References

{{DEFAULTSORT:Riddle, Ernest 1873 births 1939 deaths Australian bankers Australian Knights Bachelor