Heavy Mortgage On the Future
HIRE-PURCHASE SYSTEM COMMERCIAL MEN CONDEMN CTRONG condemnation of the hire-purchase system, and apprehension on account of its continued extension in the Dominion, was expressed by the council of the Auckland Chamber of Commerce yesterday. N -" The question was brought up by Mr. A. G. Lunn, who was in the chair. The system was conducive to extravagance, and it should not have been extended to cover luxuries. The firm which traded on ;hat system took out of the future in a lump sum trade that should properly have been spread over a resonable period.
Mr. Caughey: The Government’s attention should be drawn to it. The trade has far outgrown the Chattels Transfer Act. The practice was uneconomic and unsound.
Mr. Allum stated his belief that the present depression was largely due to the hire-purchase system. The people were heavily mortgaging the future. One firm had £160,000 on its books on hire-purchases. The’ matter was referred to the executive for consideration.
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Sun (Auckland), Volume 1, Issue 71, 15 June 1927, Page 11
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164Heavy Mortgage On the Future Sun (Auckland), Volume 1, Issue 71, 15 June 1927, Page 11
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