Usury.

Manawatu Standard, Volume IV, Issue 128, 29 April 1884, Page 3

Usury.

(St. Mungo m the Waikato Times.) Another extremely objectionable thing which is , toleral.nl iv Auckland is the existence of a number qf what are called '* Loan and Discount ßanks." These._av.e.not w banks in_ the ordinary sense of the word, but are simply the offices of men belonging to, that ancient race, who were enjoined upwards of three thousand years ago to '.' spoil the Egyptians," and who have obeyed the injunction ever .since, considVing- all Egyptians who were not of the '.' chosen people." These men lend money at exorbitant rates of interest, taking bills oi: sale over .the borrower's property as security. A bankrupt, named Mackintosh, gave evidence at tho Supreme Court on Tuesday, to the efluot that lie borrowed £15 from a man named Cohen, who has a " Loan and Discount' Bank" m Shortland -.street. He gave a receipt for £18, and a bill of sale over his effects*, and was to pay £3 per month interest until the .£ls was returned. Cohen expressed himself as ■willing ,to wait as long as Mackintosh pleased, for the repayment of the principal, provided the interest was "paid.- -, Well ? I think he would be willing to wait, seeing that he had got security and was to receive interest at the rate of more than 260 per ctnt per annum. Such daylight robbery as this should not be tolerated m what is supposed to be a civilised country, and the sooner the proprietors of these " Loan and Discount Banks" aie hounded out of the place, the better for the community at large. The I'ate of interest chargeable by pawnbrokers is regulated by law, and I think that the sooner the l-ate chargeable by thesa unlicensed pawnbrokers is similarly regulated, the better it will be for unfortunate small traders and contractors who go to them for assistance ?