Do you need a clue? Have you got a very old paper pre-decimal bank note? No? Oh well, just hang on a couple of minutes, then…
I have a friend who stands 170cm (5’7”, if you like) and terms himself ‘vertically challenged.’ Herbert Cole ‘Nugget’ Coombs stood slightly less than that; it might be fair to say the same of his stature, but in no other way could this little giant of a man be considered challenged.
Born in Western Australia in 1906, son of the Kalamunda stationmaster, he was educated at Perth Modern School before going on to UWA, graduating with a BA in economics. In 1930, he won a Hackett scholarship to study overseas. Deferring it for a year, he graduated from UWA in 1931 with an MA prior to marrying his sweetheart, Lallie Ross, following which he attended the London School of Economics, gaining a PhD for his thesis on central banking.
Now Dr H C Coombs, Nugget and Lallie returned to Australia in 1934. A socialist as a student, he had seen the effects of recession on Australia, a country with neither a manufacturing nor an industrial base, its economy grounded entirely in exports, and had turned toward Keynesian solutions as an answer to national economic ills. Despite the fact he was never a member of a political party, nor someone who sought office, the little man with a huge understanding of things financial found himself sought by governments of both political persuasions. He used his vision to become one of the most adept and important administrators in the country’s post-white settlement history.
A great raconteur, Nugget could always tell a good story, and frequently on himself. One that he related later in life was about his return to Australia, taking up a junior post as an economist at the Commonwealth Bank. He was seconded in 1939 to the Department of Treasury in Canberra. In 1941 the PM, John Curtin, impressed by his work, appointed him to the Board of Commonwealth Bank of Australia. “I was a relatively junior officer of the bank on loan to Treasury who then appointed me to a position on the bank’s board. Some of the senior people were appalled at this.”
To quote author Stuart Macintyre: Marks of the Depression were starkly clear in the Australia of 1939. A quarter million men, one-tenth of the workforce, remained out of work… plans for postwar development were desperately needed. Who better then than the little Western Australian economist to take the reins? From Director of Rationing in wartime Australia, he became Director-General of Post-War Reconstruction, assuming a hugely responsible position guiding the governments of the day through a massive restructuring of industry. He was apolitical and a servant to the people of Australia through many changes of government, working with leaders including Curtin, Chifley, Menzies, Holt, McEwan, Gorton, McMahon and Whitlam.
Still telling tales, Nugget spoke about an archbishop in Melbourne writing in to complain about rationing. The archbishop grumbled that he had to do a lot of catering and kept running short of tea, signing the letter, “John (or whatever his name was), Melbourne”. A secretary wrote back, “Dear Mr Melbourne, You are getting no extra tea coupons so you’d better ask your guests to bring their own.”
Dr Herbert Cole ‘Nugget’ Coombs assumed many responsibilities through life, including Governor of the Reserve Bank and Chancellor of the ANU, every appointment executed with skill and humility. He was appointed in 1967 by Harold Holt (just weeks before Holt’s tragic drowning at Cheviot Beach) as chair of the Council for Aboriginal Affairs, consulting with original Australians and passing their ideas for the future back to government. He spent the rest of his life supporting Indigenous causes, from land councils to business enterprises, forever encouraging their autonomy and pride.
Nugget died in October 1997 of the effects of a stroke. The man who was once a wharf labourer – as Barry Jones said, “Surely the smallest in industrial history!” – to work his way through university wore many hats throughout his working life, every one of them with distinction and unquestioned aplomb. He was a truly great man.
To provide an indication of his standing among his peers, a few years ago The Australian invited a panel of 14 distinguished citizens to write lists of who they thought the 20 greatest Australians since Federation. Nugget Coombs appeared on nine of the lists, well ahead of others such as Howard Florey, Robert Menzies, Patrick White, Macfarlane Burnet and Essington Lewis.
Pretty impressive for a bloke who spent his time signing bank notes!
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