Parties Of Same Mind

Press, Volume CVI, Issue 31081, 9 June 1966, Page 3

Parties Of Same Mind

6V.Z. Press Association) WELLINGTON, June 8. When Mr R. L. Bailey (Opp., Heretaunga) introduced a bill designed to protect hire-purchase customers in Parliament today, the Minister of Finance (Mr Lake) said the Government w a s contemplating similar legislation this session. Mr Lake said the Tariff anc Development Board’s report on its inquiry into hire-pur chase was now being com piled. If, after studying the re port, the Government decider amendments to existing leg islation were necessary, thej would be drafted and pre sented this session. Mr Bailey said the existing Hire-purchase Agreement Act. needed urgent amend ment to safeguard the inter e sts of the public. “Many people sign hire purchase agreements today without really knowing what is in them or what they have signed.” he said. Mr A. J. Faulkner (Opp. Roskill) said the law did not make provision for moderr

conditions and for the kind of “rackets that seem to be part and parcel of life in New Zealand.”

Why recommendations on hire-purchase trading by the Department of Industries and Commerce to the Tariff

and Development Board had not been followed up by new legislation? Mr Faulkner asked. The department's report had been completed two years ago, but the inefficiency and racketeering of the supplier was accepted by the consumer simply because he wanted credit facilities.

“Here is another example of junior members of the Opposition trying to jump on the Government’s band waggon,” said Mr Lake. The Opposition had known since the last election that the Government had this subject under study. There was every prospect of legislation coming down this session.

Mr M. A. Connelly (Opp.. Riccarton) said he supported the bill because credit trading was big business in New Zealand. Various devices were employed to conceal from the time-payment buyer the real price being charged for goods. Sometimes agreements placed for the unsuspecting customer were quite obscure, and Mr Connelly suggested that all agreements should be submitted to the Justice Department. The bill was set down for a second reading on July 20.