How to Deal with Usurers.

Manawatu Herald, 14 May 1898, Page 2

How to Deal with Usurers.

Sir Henry Hawkins recently gave evidence before the Money - Lending Committee of the House, of Commons. He said the exactions of extortionate money lenders led their unfortunate victims into gambling and crime ;. he declared the time had come for legislation against these evils. His recommendations were as follows :— (1) That mony .lenders should be registered or even licensed ; (2) That they should be jui.t in a olass by themselves amongst the^ creditors of a bankrupt estate; (8)* That judges should be given, a wide discretion to override the terms of a money . lender's contract; (4) That .i money lender Ehould be prevented from using an alias ; (5) That false pretences by means of whioh usurers get hold of th«ir victims should be made a penal offence. As to the benevolent. " private gentleman **T with money to lend. Sir Henry; drily remarked "I would make- him a private gentleman for gome time." The thing to keep a money lender straight, he said, would, be the eon* sciousness that bis bargains would be open to judicial review. , If power to vary them were left to the judge, the extortionate money lender would M say, " This is a nisty position for me; my contraots may be ripped up by a judge ; transactions which take place in my back office may be brought out in court before a judge." That a judge should have power to deal with each case on its merits WJuld, Sir Henry thought, provide^ the best remedy for many of theo existing evils. • .