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In an indication of an organisation in its infancy, there appears not to have been guidelines for the Governor’s residence. At the first Board meeting, Governor Clegg was authorised to find or build a house ‘to his requirements’ at his own expense, and the SARB would reimburse him. In the event that Clegg purchased a residence and made permanent improvements, he would also be reimbursed.
When Governor Clegg retired, his house was sold by the SARB.
The SARB began its operations with a total of 15 people, including the Governor and the Deputy Governor (1921−1971, p 14).
During the first decade, the Board was notified of, or asked to consider matters primarily pertaining to, employee recruitment and employee benefits. The Board was informed about every employee recruited, including job title and remuneration. This applied to all employees, including the ‘night watchmen’.
In the mid-1920s, the SARB expanded its footprint to Johannesburg, Durban, Cape Town, Port Elizabeth and East London. The first of these branches, located in Johannesburg’s Harrison Street, opened its doors in 1925. The branches enabled the SARB to deal directly with the public, gain closer contact with the Union’s credit markets, and influence internal monetary conditions (1921−1971, p 19). At the end of 1929, the Port Elizabeth Branch building was destroyed in a fire.
The SARB’s Head Office building in Pretoria was the proverbial crown jewel in the institution’s property portfolio.
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