HIRE PURCHASE SYSTEM.

Taranaki Daily News, Volume LVI, Issue 272, 20 April 1914, Page 3

HIRE PURCHASE SYSTEM.

SOME OF ITS EVILS. J SUGGESTED PREVENTIVE LEGISLA- j ; TIOX. By Te'<sgraph—Press Association. I Auckland. Friday. J At the Chamber of Commerce to-day a letter was received from Mr. W. S. | Fisher, OlTicial Assignee, asking support in the'matter of securing an amendment ' of the Chattels Transfer Ac; to remedy ) the evils of the growing practice oi' dealing in chattels by mean- of 1111- i registered hire puivha.c agreement. Mr. Fisher said it was clear iSuit i I) the . system had been adopted in order to evado the provisions of the Chattels I Transfer Act, requiring securities over j chattels to be rcyistiTi'd; (i) -tliiit the I system was- followed piiin*]pall\ by tin- ' representatives of certain large American j companies; and (2) thai the practice Was becoming very general. and in addition to pianos, etc.. with regard to wfhich it had long been established, it was now applied (o motor-cars, cash registers, computing -calcs. baconcutters, office safes, all classes of agricultural machinery, etc. Three large companies alone issued these documents yearly by the thousand. Mr. Fisher tinctly. unfair to the ordinary trader dealing in goods for consumption, lie could not, owing to t ; lie nature of his goods., protect himst-lf. 11,.. j n the absence of registration, could not ascertain his creditors' position without asking questions Which would in the majority of cases lose him his custom. [1 wa.S( decided to rider tin- matter to a committee.