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 . He attended the British Empire Economic Conference in Ottawa 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 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
British Empire Economic Conference
British Empire Economic Conference
Ernest Riddle