NU and the long road to Tangalle

As a part of the celebrations that are being held in commemoration of the birth centenary of the late Deshamanya N.U. Jayawardena, the first Sri Lankan Governor of the Central Bank, Senator, Banker and Financier, the road leading from Tangalle Bridge to the Medaketiya Road located in the Hambantota District will be re-named Deshamanya N.U. Jayawardena Mawatha in his honour on 6 November.

By Dr. Indrajit Coomaraswamy

President Mahinda Rajapaksa will officiate at the renaming ceremony.

 N. U. Jayawardena stands out in Sri Lanka’s economic history for his extraordinary achievements, intellectual brilliance, tenacity and energy. He was born in Hambantota and grew up in Tangalle and the house in which the late N.U. Jayawardena lived during his childhood was located down the road that is to be renamed this coming weekend.

For those of my generation, N. U. Jayawardena was a towering personality whose breadth of achievement was awe-inspiring. This was all the more remarkable when one considers where he began. “N. U”, as he was widely known, started off as the son of a rest house keeper in Hambantota. His subsequent successes were not facilitated by an inter-generational transfer of privilege and social advantage. Instead, throughout his life it was his remarkable cerebral capacity and energy that drove him forward and upward. His career was not without controversy or vicissitude, yet his courage and ability enabled him to withstand these difficulties and ultimately resume an impressive trajectory of success in both the public and commercial spheres of the country’s life.

The remarkable journey that was N. U. Jayawardena’s life owed much to his tenacious dedication to learning. He enjoyed considerable academic success during his formal education at Aloysius College and subsequently the London School of Economics; however this was only a minor part of the story. Throughout his life, N. U. Jayawardena was driven by a thirst for knowledge. He had a remarkably agile mind which was constantly in search of new and innovative ideas. He was not satisfied with comfortable orthodoxy. There was a ceaseless desire to apply a highly analytical mind to find heterodox solutions to problems in the many spheres of life. This constant grappling with ideas and concepts drove him to amass one of the best collections of economics books in the country. In fact, his family would testify that much of his life was centered on the library in his home.

N. U. Jayawardena’s working life was characterised by considerable success, first in public service and then in commercial activity. He was integrally involved in shaping economic policy and the financial infrastructure of the country during the crucial transformation from colonial rule to independence. He worked with the Banking Commission (1934) and also worked closely with Sir Oliver Goonetilleke, who was the first Sri Lankan to hold the position of Financial Secretary (1945) during the colonial period. He accompanied Sir Oliver to Britain for negotiations with the U.K. authorities on post-war financial issues affecting Ceylon.  He subsequently became Controller of Finance and Supply (Economics) in the Treasury shortly before independence (1947).  

In the immediate post-independence period, the country benefited greatly from Jayawardena’s breadth of vision and deep understanding of Central Banking. He worked very closely with John Exter in setting up the Central Bank of Sri Lanka. Those of us who have been fortunate enough to serve that institution owe a deep debt of gratitude to its founders for establishing a Central Bank that has been able to meet the highest international standards.  N. U. Jayawardena was successively Controller of Exchange, Deputy Governor and Governor of the Central Bank – the first Sri Lankan to hold that position. He was also largely responsible for initiating the Central Bank’s postgraduate training programme. Three Governors have benefited from it: W. Rasaputra, H. N. S. Karunatilleke and A.S. Jayawardena; as did W. M. Tilakaratna who was Senior Deputy Governor and Secretary to the Treasury and the current Secretary to the Treasury, P. B. Jayasundera, is also an alumnus of this programme. There have been many others who went on to have distinguished careers both in Sri Lanka and abroad. Each and every one of us who has had the privilege of acquiring valuable training through this programme is deeply indebted to N. U. Jayawardena for his foresight.  He also served as a Senator when the country had a second Legislative chamber.

The second phase of N. U. Jaywardena’s career saw him establish a successful business conglomerate. His combination of intellect and drive, which had benefited Sri Lanka greatly in the early post-colonial period were also important ingredients in his achievements in the commercial world.

Throughout his long and distinguished life N. U. Jayawardena was a tireless advocate of economic and commercial reform. It is in this context that I had my personal contacts with the formidable “N. U”. As a junior economist at the Central Bank and the Ministry of Finance and Planning, I once had the temerity to question one of his recommendations for reform. I did this with great trepidation, as I knew of his reputation as a workaholic who was a strict disciplinarian and hard task-master. My fears were unfounded, as the legendary “N. U” welcomed healthy engagement and robust debate on the important reform issues of the day. Even though he was well into the eighth decade of his life by this time, his breadth of knowledge and intellectual agility were undimmed.  

N. U. Jayawardena’s dedication to public service was shared by his son, the late Dr. Lal Jayawardena, who was a highly distinguished economist and an internationally recognised public servant in his own right; and more recently, by his grandson Milinda Moragoda, who has already served the country as in several capacities. His other son Nimal and daughter Neilya continue to run the family businesses.

There was a great deal that one could learn from listening and talking to N. U. Jayawardena.  N. U. Jayawardena was a singular character, who played a very central role in the economic life of the country, at a time when it was taking its initial steps as an independent sovereign nation.