PUEY studied diligently at the elementary and secondary schools (French Section) of the Catholic Mission's Assumption College in the Bangrak district of Bangkok. His marks were particularly good in French and mathematics. Upon graduation in 1932 he was retained by the college as a junior instructor at a salary of Baht 40 per month—a sizeable income at a time when the starting salary of a government clerk was Baht 15. Mentioning to a family acquaintance that her 17 year old son gave her Baht 30 and retained only Baht 10 for his own expenses, his mother said proudly: "PUEY is now taking my place in the family."

In 1934 a new government University of Moral and Political Science (UMPS)— later to become Thammasat University—was established in Bangkok. Class attendance was not compulsory; published lectures were distributed by the university at a nominal cost of about Baht 2 per course to enable working students to study at their convenience. Like several thousand other ambitious young Thais, PUEY enrolled at UMPS while teaching at Assumption College. Studying evenings and weekends, he was graduated in 1937 with a degree of Bachelor of Law and Political Science. Thereupon he resigned from his teaching position and was employed for about eight months as an interpreter for a French professor at UMPS.

In 1938 PUEY won, through competitive examination, a government scholarship to study economics and finance in a foreign country. His beloved mother had the satisfaction of knowing of his achievement before her death that year. PUEY elected to study at the London School of Economics, University of London, where he was a student of Lionel Robbins, Frederick Hayek and Harold Laski. In 1941 he received the degree of Bachelor of Science in Economics. Though many Thais before and since have received similar degrees, PUEY is the only Thai to graduate first in First Class Honors. For this accomplishment he was awarded a Leverhulme Studentship and allowed to work toward a doctorate without first acquiring a master's degree.

PUEY’s studies were interrupted shortly after the outbreak of the Pacific War when Thailand declared itself an ally of Japan. Refusing repatriation, PUEY and a group of fellow students founded instead the "Free Thai Movement" in England. In August 1942, aware of British and American efforts to establish Allied units behind the Japanese lines, they volunteered for the British Army Pioneers Corps with the aim of establishing contact with the resistance movement they believed would be organized in Thailand.

A modest account of his wartime activities was written by PUEY in a booklet entitled Temporary Soldiers, distributed on the occasion of the cremation, in July 1953, of his brother-in-law, Colonel San Yudhawongse. Described by a fellow "temporary soldier" as a typical "British understatement" of his role in the success of the Free Thai operation in occupied Thailand, the story is written in the first person.

PUEY was trained in Poona, India, in guerrilla warfare and later in Calcutta to work as an intelligence agent in occupied Thailand. After an abortive attempt to land from a submarine PUEY and two others were "dropped blind"—without a reception party—by parachute to establish radio communication in Thailand behind the Japanese lines.

Mistakenly dropped in a field near a village instead of in heavy jungle cover, he was apprehended and taken to the district police headquarters and then to Bangkok where he was joined by his two companions who had been caught in a second village. Soon members of other infiltration teams were brought in, some having come by land from Yunnan, China, and others by sea from Colombo, Ceylon. Interrogated by the Japanese, but under Siamese police protection, the prisoners fared well at the hands of the police who gave them the run of the compound, and closed their eyes to their nighttime "escapes" and intelligence activities. In the following months, they succeeded in enlisting prominent Thais into the resistance movement. The police cooperated, and partisans were identified in all branches of the Siamese armed forces. By May 1945 the movement was well enough developed for PUEY to be taken out of Thailand by a Catalina flying boat, and in June 1945 he became a Major and was decorated as an M.B.E. (Member of the British Empire).

In December 1945 PUEY resumed his interrupted doctoral study at the London School of Economics. In 1949, upon completion of his thesis, International Tin Control between the Wars (1920-1940), he was awarded a Ph.D.

In 1946, shortly after his return to England, he married Margaret Smith of London. In his undergraduate class at the London School of Economics, she had majored in sociology. Their eldest son, Jon, was born in London in September 1947, followed in Bangkok by sons Peter Mytri in March 1950 and Giles Ji in October 1953.

The "Free Thai" students, in recognition of their wartime service, were exempted from the rule that all Thai who study abroad under government scholarship are required to serve the government for a prescribed period. With his academic and military record, PUEY was offered remunerative employment by private firms both abroad and at home, but he returned to Thailand in 1949 to join government service, starting like others as a third-grade official earning the equivalent of about US$80 per month.

PUEY’s contribution to Thailand's economic development and currency stabilization dates from the beginning of his government service. His efforts consistently reflected his premise that a modern, sensible government ought to have three economic objectives: (1) development—increase in income and wealth of the nation; (2) stability—steady growth, rather than braking and accelerating, and (3) social equity—fairly even distribution of wealth.

Holding first the position of Economist in the Comptroller General's Department of the Ministry of Finance, PUEY began his career when negotiations were being initiated for loans from the International Bank for Reconstruction and Development (World Bank) for the repair and improvement of basic facilities. For these improvements, recognized by the government as requisite to diversification and increased production in agriculture and to industrialization, external borrowing was needed in order not to deplete foreign exchange reserves. Among early priorities were: construction of the Chao Phya Dam at Chainat in Central Thailand for irrigation of rice land, rehabilitation of the railways workshop in Bangkok which had been partially destroyed by wartime air raids, and expansion and improvement of Bangkok port facilities.

Though he was only a junior official, colleagues concede that PUEY’s detailed knowledge of the economy and the projects, his good judgment and his hard work figured significantly in the successful conclusion of these loans which gave major impetus to Thailand's postwar rehabilitation and economic growth. In connection with the loans PUEY was sent to the United States for training under auspices of the World Bank.

In 1952 PUEY was promoted to a senior position as Technical Assistant to the Permanent Undersecretary of Finance. Concerned with education and wanting to share the knowledge he had gained as a student abroad, he also served as Special Lecturer in Economics for evening classes at Thammasat and Chulalongkorn universities.

PUEY’s lectures to fourth-year Chulalongkorn students in Applied Economics, intended to popularize the study of economics, were published in October 1955 in a book entitled The Economy of Thailand. Brought up-to-date and in some instances "toned down" by an assistant, Suparb Yossundara, whom he listed as co-author, the lecture on moral principles that should be followed in economics was left in its original form. Referring to Buddhist precepts, PUEY emphasized that dharma and sila go together in economics, the former meaning help toward improvement of the individual and the general public—of which an essential component is justice, and the latter meaning to refrain from harming oneself as well as others. He enumerated examples which would be contrary to dharma and sila in economics: (1) a government officer who accepts a bribe or uses official authority for personal gain; (2) an official involved in private business, the interest of which conflicts with that of the organization for which he is working; (3) an official, though honest, who does not carry out his duties efficiently; (4) an economic policy which favors a small group while harming the many; (5) private individuals who conspire with government officials to take advantage of the general public; (6) restrictions unjustifiably imposed by government; (7) evasion of tax payment by individuals and corporations; (8) hoarding of goods during times of shortage with the purpose of profiteering in the black market; (9) a private citizen who has no occupation, does not try to occupy himself honestly, nor to understand his duty as a citizen, is neither sober nor temperate, tries to take advantage of others, and does not educate himself but hampers progress;

(10) a small group who becomes extremely wealthy while the mass is extremely poor; and (11) a man who does well in business and earns large personal income or legally inherits great wealth and does not invest his resources in a productive way to help economic development. PUEY added that it is not in conformity with the moral code for the poor to demand that the rich share their wealth while the poor do not work. Neither is it righteous to take wealth from the rich by force, nor to cause prejudice against them which will deprive them of the will to work and increase output. Income taxation at a progressive rate according to the level of income and inheritance tax would be peaceful solutions, he concluded.

In 1955 PUEY gave one of the first public lectures dealing in a straightforward manner with the application of economic science in Thailand. "A qualified and experienced economist should be entrusted with economic problems. . . .It is generally recognized that political considerations determine the application of economics, but," he warned, "statesman and politician should be reminded that the application of economics as a tool of public policy is quite different from trying to bend economic laws to suit political whims."

In 1953 PUEY was appointed Deputy-Governor of the Bank of Thailand, the central banking institution, and member of the Board of Directors of the National Economic Council. Holding these posts, as well as his previous assignment in the Ministry of Finance, he was in a strategic position to advocate and to help in the formulation and execution of sound reforms in trade, exchange, and monetary and fiscal policy that were to have far-reaching effects.

In 1955 the government rice export monopoly was terminated and a flexible premium was set whereby the price of rice for export would be competitive in the world market but kept at a lower price domestically for the benefit of the general public. This was a less complete relaxation of control than PUEY favored but the best solution in the given circumstances.

The multiple exchange rate was also abandoned in favor of a single exchange rate which was to determine its own level by demand and supply in the free market. PUEY assisted in establishment of the Exchange Equalization Fund (EEF), created to eliminate short-term fluctuations in the exchange rate by buying surplus exchange from commercial banks and selling when demand exceeded supply. With skillful manipulation of its initial capital of 1.2 billion baht, augmented periodically by transfer from currency reserves and exchange gained in its operations, the EEF has been able to keep fluctuations within the prescribed limits.

In 1956 the rate of interest payable on long-term Government bonds was raised to eight per cent per annum with tax exemption. With the considerable investment in these securities by the Government Savings Bank, commercial banks, corporations and individuals, substantial funds were mobilized to finance government spending, lessening the need for recourse to borrowing.

As a result of these changes, the government's fiscal position steadily strengthened so that by 1958 its deficit could be kept within reasonable proportion to its earnings. The reforms, however, were not easily won. Remarking to a friend that his function was "not so much doing good as preventing the Government as much as possible from doing harm," PUEY frequently was at odds with influential persons.

In late 1953 prominent military members of the cabinet found PUEY opposing their scheme of taking over a commercial bank and had him removed from his position of Deputy Governor of the Bank of Thailand. This was in the middle of the financial and trading reforms which were continued and completed in 1956 by PUEY’s like-minded colleagues.

PUEY requested leave of absence to take up a research post at Chatham House in London, following correspondence with his former professor Frederick Benham. The Government instead offered him the post of Economic and Financial Counselor at the Royal Thai Embassy there, which he accepted.

In addition to acting as representative of the Ministry of Finance, PUEY was entrusted with promotion, in Europe and the United Kingdom, of investment in Thai industry and development of the rubber and tin trade. After Thailand joined the International Tin Council he was appointed permanent Thai delegate and was elected Vice-Chairman of the Council for 1958-1959. As chief of the Thai delegation, he proved an able negotiator, obtaining for Thailand an increase in tin quotas from 7.35 to 8.8 per cent in the difficult years when the world tin market was depressed.

Soon after the Revolutionary Party came to power in the 1958 coup that overthrew the government of Pibul Songgram, PUEY was named Director of a new Budget Bureau formed in the Prime Minister's office under Marshal Sarit Thanarat. He commuted between London and Bangkok until the tin negotiations for 1960 were completed. Thailand's quota was further increased to nine per cent of the world market and the difficult problem of tin smuggling was satisfactorily settled within the Tin Council.

In 1955 PUEY had instigated a study by U.S. public administration specialists of the Thai accounting and budgetary system. This study, carried out during his absence in London, resulted in the Budget Procedure Act of 1959, enactment of which took place when he became Budget Director. The Act defined procedures covering budget preparation, control and disbursement. Since its enforcement, spending of government funds in excess of annual budget appropriations—formerly flagrant—has become negligible.

The government now publishes the budget in detail to let the people know how much is to be spent and for what purpose. Moreover, after the enactment of the National Economic Development Board (NEDB) Act of 1959, government agencies and autonomous boards are required to submit their capital projects for consideration and approval by the NEDB, irrespective of whether or not they request funds from the budget.

A new post was created in 1959—Director of the Fiscal Policy Office—to serve as adviser to the Minister of Finance on policy problems and act as the Minister's "Chief of Staff:" Upon the recommendation that a senior official enjoying high prestige should fill this directorship, the Minister insisted on PUEY.

In June of that year, when the well-publicized "Banknote Printing Scandal" forced the Finance Minister, concurrently Governor of the Bank of Thailand, to resign and face court prosecution, PUEY was appointed Governor of the Bank.

Established in December 1942, the Bank, as the central monetary institution, is banker to the government and commercial banks, the currency issuing authority, and the controller of money and credit. The Bank also acts as the government's fiscal agent in management of exchange controls and the public debt, in supervision of commercial banks, and in cooperation with international financial institutions. More than any other entity it is responsible for the stability of money that is necessary for day-to-day business and for development, and upon which confidence in the financial and economic security of the country largely rests.

PUEY has unobstrusively brought to the Bank of Thailand a new image of professional competence and uncompromising adherence to moral values. As Governor he has been independent and not involved in politics. He has opposed high authority when he feels that public interest is not well served. Leading—but slowly—he has advised, coaxed and sometimes pressured tactfully to bring wayward officials and commercial banks into line. In any serious conflict over principle, he has always been prepared to resign.

In its first 16 years the Bank of Thailand was unable to provide substantial funds to the trade sector because a large part of its resources were devoted to financing government deficits. Consistent with his position that the remedy was not to restrict imports but to expand trade, PUEY initiated a series of prudent innovations and reforms in finance and banking, which have promoted exports and contributed significantly to orderly and effective banking operations.

From September 1959 the Bank of Thailand granted an automatic facility to commercial banks whereby they could at any time issue promissory notes to borrow against government securities deposited with the Bank at the rate of eight per cent per annum. The interest rate on treasury bills was increased from 2.9 to 4.5 per cent and then to 5 per cent in 1961. Though treasury bills available on tender have not been as popular with banks and private investors as the long-term eight per cent bonds, commercial banks have taken to investing their idle funds in treasury bills of various maturities made available to them from the Bank of Thailand portfolio.

In 1959 the rediscount rate was reduced and in 1963 and 1964 the rediscounting facility was extended to promissory notes arising from the procurement of raw materials for industrial use and sales-on-credit of industrial products. A ceiling was fixed for the total rediscounting facility available to each bank, to be constantly reviewed in light of the economic situation. Banks not conforming with legal cash reserve requirements were denied this facility.

These innovations encouraged public confidence in commercial banks, enabling them to undertake greater activity and fill an important role in providing funds to meet financial needs of development and expanding trade. Evidencing their increased popularity was the decrease in currency held by the public from an estimated 82 per cent of money supply in 1942 to only 56 per cent at the end of December 1964.

The Commercial Bank Act of 1962, of which PUEY was the principal author in the final stages, gave the Bank of Thailand greater control over the banking system. The Act legalized a reasonably high rate of interest on deposits to bring into line commercial banks previously paying much permissible. It also required commercial of Thailand, as a cash reserve, a certain percentage of deposits held. The risk assets of a bank were to be tied in a certain proportion to its capital funds.

Though regulations on loan collateral and interest rates were at first widely abused, PUEY did not precipitously close errant banks but tried by persuasion to encourage compliance. In a country with only recent experience in commercial banking, it is to his credit that most banks have complied with the new rules, with the notable exception of one or two banks with strong political backing. Problems and matters requiring clarification are usually satisfactorily dealt with at monthly consultative meetings with the Thai Bankers' Association and in periodic discussions with the foreign banking group.

Under the Currency Act of 1958 the Bank of Thailand must maintain reserves of gold, foreign exchange and securities to the extent of not less than 60 per cent of Thai currency notes issued. By 1962- 1963, because of the sound financial policy pursued by the government under PUEY’s guidance, currency reserves exceeded this prescribed minimum by a very large margin.

An assiduous advocate of fiscal responsibility, PUEY succeeded in October 1963 in overcoming long-standing opposition to fixing the par value of the baht at a value of 0.0427245 per fine gram of gold, giving it an exchange rate in line with current market value of Baht 20.80 to US$1. Amounting to de jure guarantee to keep the currency value stable, this was a logical move when Thailand's note issue enjoyed the backing of a reserve in gold and foreign exchange equivalent to 80 per cent of the currency notes in circulation, and its gold and foreign exchange reserves stood at the value of 10 months of imports.

This move had been awaited with some impatience by international and local banking institutions and traders since 1949 when Thailand signed the articles of agreement of the International Monetary Fund (IMF), which provided that each member was to fix the par value of its currency in terms of gold to maintain stability of exchange rates between various currencies. Many IMF officials, PUEY recognized, were puzzled at the country's failure to fulfill its pledge for 14 years since the currency was stable and reserves adequate. In explanation, he told a Thai story of an unwed couple who had lived happily together and begotten bonny children but were finally married "when the wife caught the husband in a good mood."

The Bank is now housed in a permanent location after occupying rented quarters on two premises since its inauguration. Operations in the provinces which are still expanding have necessitated the opening of the first branch in the south, with two more under consideration for the north and northeast.

Another of the government's innovations encouraged by PUEY was the establishment in 1959 of the Board of Investment, representing the first attempt to stimulate private domestic and foreign investment. Within a year some 88 promotion contracts were signed, 69 by the Board and 9 by the Ministry of Industry. Total registered capital of all promoted industry amounted to 874.1 million baht of which 154.8 million was from foreign investors. It created 20,254 jobs. The Promotion Industrial Investment Act of 1962 granted broader privileges and benefits to private investors—domestic and foreign alike—including income tax exemption for a reasonable period, various degrees of duty exemption on production machinery, equipment, and principal raw materials, and an increase in duty on competing products where needed.

PUEY also figured largely in the introduction of systematic central planning. In 1957 the World Bank, at his instigation, sent a study team to Thailand to prepare a general development program. Its recommendations resulted in creation of the National Economic Development Board as the agency responsible for drafting the First Six-Year Plan (1961-66). The Plan, completed in late 1960, outlined basic development patterns such as agricultural diversification, intensive farming, industrialization, and improvement in social services. Maximum flexibility was provided to build the basic framework for economic self-support. The modest target was maintenance of the rate of annual gross investment at 15 per cent of the gross national product in order to provide employment for the expanding population and increase the level of per capita income by at least three per cent annually. The Plan was to be financed first with budgetary appropriations and internal borrowing. While external borrowing and foreign assistance were still considered indispensable and estimated at 30 per cent of the total outlay, greater effort was to be made to step up the rate of domestic savings. In the first three years of the Plan foreign aid and loans averaged only 1,350 million baht per year. This relatively small volume indicates that Thailand has tried to achieve as much economic development as possible out of her own resources.

As one of the 10 members of the Executive Committee of the NEDB since its inception, PUEY was given the sub-committees on national highways, drainage and sewerage systems for Bangkok, and education. His interest in highways dates back to 1953 when he proposed to the director of the U.S. economic assistance mission that a model highway be built to demonstrate both how to build a good highway and what the actual cost of construction would be without kickbacks or other malpractices. The outcome was the U.S. financed "Friendship Highway" in northeast Thailand which opened up vast inaccessible jungle land for new and diversified crops, including maize, kenaf (fiber), tapioca, castor and soya beans. The area accounted for about 25 per cent of the country's maize production in 1964 when maize exports, insignificant a few years before, exceeded 900,000 tons and ranked third as an exchange-earner after rice and rubber. The area also produces most of the kenaf which now ranks as the sixth largest export. Upon the recommendation of PUEY’s committee, the government since 1960 has undertaken a series of major highway projects which promise similar benefits to the economy.

A new drainage and sewerage system for Bangkok, the capital and major port, was one of the recommendations made by a U.S. firm whose city planning service was engaged by the government in 1957-1958. There was no follow-up until a committee was set up under the NEDB with PUEY as chairman. Work on the project, which requires considerable financing, is now well underway with built-in controls to insure efficient and honest utilization of funds.

Keenly aware as an economist that education is an important factor in economic development, PUEY has rendered important service in focusing government attention on gearing education to the ever increasing manpower needs of a growing economy. It has been his concern that emphasis should be on continuity of training and on quality as well as quantity. Above all, he has felt that problems of educational management must be thoroughly studied, analysed and solved, not only by professional educators but also by the commercial firms and industrial and agricultural enterprises which employ the graduates. In his capacity as a member of the Committee on Educational Development under the NEDB, he formed a voluntary working committee of government officials, educators, and economists which met every week for two years. The resulting 37-page proposal for a "Loan Project for Education Development, 1965-1970" formed the basis of a series of loan projects conceived by a special committee chaired by the Minister of Education.

The World Bank has manifested an increasing interest in the education projects of developing countries and indicated it would give sympathetic consideration to a definite and comprehensive education development program for Thailand. A UNESCO technical mission, sent at the request of the World Bank in August 1963 to explore needs and possibilities, used the proposal by PUEY's committee as the principal working paper for its report. At present an initial loan for vocational training schools is in its final stage of negotiation.

In Thailand, as in most other developing countries, the more work an outstanding official can perform, the more he is asked to do. In addition to his positions with the Bank of Thailand, the Fiscal Policy Office and the NEDB, PUEY was for several years a member of the National Research Council and head of its economic branch. Since 1959 he has held a seat in the Constituent Assembly, although he rarely attends. His presence on the National Statistics Board since 1961 has contributed to substantial improvement in the gathering of up-to-date and accurate statistics without which, he emphasizes sound economic policy cannot be formulated. Since 1962 he has been adviser to the Industrial Promotion Board. In March 1964 he was named by the Prime Minister to a five-member committee to investigate allegations regarding public funds in the estate of the late Prime Minister Sarit. PUEY has also served since 1963 as Thai representative on the Governing Council of the UN Asian Institute for Economic Development and Planning.

In recognition of his services in government he was decorated with the Knight Grand Cross of the Most Noble Order of the Crown of Thailand First Class in 1957 and Special Class in 1962; as Knight Commander of the Most Illustrious Order of Chula Chom Klao Second Class 1961 and Knight Grand Commander Second Class in 1964; and with the Knight Grand Cross of the Most Exalted Order of the White Elephant First Class in 1959 and the Highest Class of this senior order in 1964.

During 1963 PUEY regularly lectured on the Principles of Economics to classes of first and second year liberal arts students at Thammasat University and also served on the University Governing Board. In September 1964 he was appointed Dean of the Faculty of Economics. Eager to devote himself to the challenge of developing a program of education for future economists, he asked to be relieved of the governorship of the Bank of Thailand. Aware that he has been in large measure responsible for the confidence at home and abroad in the management of the Bank, the Prime Minister asked him to remain until a successor could be found. Reportedly, candidates approached have insisted they could not fill his shoes.

PUEY treats none of his offices as a sinecure but is active and conscientious in the discharge of his many responsibilities. He is generous in giving credit where it is due among his colleagues and staff and, once an office has been put in order, has recommended his replacement to allow promotion of subordinates. An example was his resignation as Director of the Budget Bureau in favor of his deputy.

Of PUEY’s perseverance, an associate once observed: "Seventy per cent of his efforts are spent combating inefficiency and corruption, yet he never becomes disheartened." Others marvel at the calm, reasoned approach he has maintained in protecting the integrity of the Bank and his government. This has included opposing even the late Prime Minister in connection with a scheme to use surplus reserves for increasing note issue to finance grandiose development projects. Aware that the effect would be dangerously inflationary, PUEY used his utmost skill to win his point against the increased note issue while agreeing to utilize part of the surplus reserve for development purposes. When he had to defend Thailand at the International Tin Conference in connection with a tin smuggling scandal, he took exception to the government's instruction to walk out of the conference, asked for new orders in the interest of Thailand's future and good reputation, and was told to do as he pleased.

His public speeches have had a sobering effect, leading occasionally to salutary changes. Under the political circumstances of a constitutional monarchy, with near absolute power held by a ruling military regime, he often makes his point in subtle but unmistakable ways. At the annual dinner of the Thai Bankers Association in 1964, he referred to Prime Minister Thanom Kittikachorn's praiseworthy principle that no minister should be involved in trading activity but cited one question he said he himself was unable to answer: "Is banking a trading activity?" After reading the speech the following day, the Prime Minister resigned from the boards of two banks and issued a directive to all ministers to resign from all banks except the Military Bank.

A man without pretension or airs, PUEY insists that he should not be over-paid.

Although he accepts less that his income is still far above the national average. A humanitarian in deed as well as philosophy, and remembering his mother's difficulties in raising a large family, he frequently helps others in similar circumstances, sometimes anonymously but always without advertising his generosity. Though he has no private means, he has never been known to be interested, directly or indirectly, in any business pursuit.

PUEY entertains only at official functions required of the Governor of the Bank, either at the Bank or in public restaurants, and reserves his scarce free time for his family. Individualistic in his personal habits and indifferent to decorum, he does not own a dinner jacket and insists he does not need one. His three sons are now attending Thai schools in Bangkok, in contrast to children of other families of high rank who are frequently sent abroad for secondary education. His hobby, he has admitted with a wry smile, is "working." Concerned both with the betterment of Thailand in general and of her less fortunate citizens in particular, PUEY translated into Thai an article on England's social service written by his wife. This forms part of a book distributed at his mother's cremation in 1950, and was subsequently reproduced by the National Council of Culture for the first social work training course in Thailand. Sharing the interest of his wife, who is an active social service volunteer, PUEY was president of the Foundation for the Crippled in 1955-1956.

By his own example, PUEY has imbued his staff with pride and a respect for quality performance and has provided inspiration to other hardworking public servants. A man to whom "simplicity is beauty and honesty the highest virtue in public life," his rule and counsel to colleagues has been: "We, economists in the pursuit of truth and in the practice of our science, not only must be learned and efficient. We must also be honest, appear to be honest, and honest enough to urge other people to be honest."

August 1965
Manila

REFERENCES:

Books, Journals and Monographs.

Aspects and Facts of Thailand. Bangkok: Department of Public Relations. 1958.

Bangkok Post. December 3, 1960; August 23, October 21, 1963; January 3, September 30, 1964; and February 18, 1965.

Bangkok World March 7, 10, 1964.

Charoen Chinalai. "The Bank of Thailand," Bangkok Bank Monthly Review. February 1963.

Communique. Bank of Thailand Monthly Report. Vol. 3, no. 10, October 1963.

Far Eastern Economic Review. Hong Kong. July 21, August 25, 1960; April 6, June 22, 1961, August 9, 1962; April 18, 25, November 21, 1963; February 13, April 9, August 13, October 15, 1964; April 22, May 20, 1965.

Sapdha Sarn Newsweekly. Bangkok. No. 35, January 10, 1959.

Sithi-Amnuai, Paul. "The Thai Exchange Equalization Fund," Bangkok Bank Monthly Review. Vol. 32, no. 1, April 6, 1961.

Ungphakorn, Puey. "A Contribution on the Role of Central Banking in a World of Tensions," Paper given at Kuala Lumpur Conference on Development and Cooperation in the South Asia Pacific Region Organized by the Council on World Tension and the University of Malaya, February 25, 1964.

______. "Economic Development in Thailand, 1950-1962." Mimeograph. Undated.

Ungphakorn, Puey and Margaret Ungphakorn. "Temporary Soldiers." (Essay published on the occasion of the funeral of Col. San Yudhawongse.) Bangkok, 1953.

Ungphakorn, Puey and Suparb Yossundara. Thai Economy. Bangkok: Pramuan Mit Ltd., 1955.

Yossundara, S. "Morals in Economics." (Talk given at Economist Luncheon.) Bangkok, May 9, 1956.

Speeches given by Dr. Puey Ungphakorn at the:

Social Science Association of Thailand, October 3, 1962.

20th Anniversary of the Bank of Thailand, December 10, 1962.

General meeting of the American Chamber of Commerce in Thailand, October 15, 1963.

Annual Dinner of the Thai Bankers' Association. February 6, 1963 and February 20, 1964.

Interviews with and letters from persons acquainted with Dr. Puey and his work.