CHECKING USURY.
BILL BEFORE THE. COMMONS. LICENSING LENDERS. LONDON, March 4. In the House of Commons, Mr. J. B. Burman (Con.) moved the second reading of the Moneylenders’ Bill, which is substantially the same as when it reached the Committee stage In 1926. It provides for the licensing of moneylenders and the prohibiting of circulars or leans to wives without the husbands’ knowledge, and laying down 48 per cent, as a reasonable interest. Commander Kenworthy moved the rejection of the Bill, contending that it did not remove the abuses of usury. On the one hand, there were impoverished noblemen, gilded sharks, with long pedigrees and armorial bearings, who borrowed huge sums from West End money-lenders, well knowing that repayment was impossible. On the other hand there were unregistered moneylenders, who lent to poor women a shilling or two shillings weekly, and charged a penny on the shilling weekly, which worked out at 400 per cent, per annum.
The Bill passed its second reading without a division.—(A. and N.Z.)
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Wairarapa Age, 7 March 1927, Page 5
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168CHECKING USURY. Wairarapa Age, 7 March 1927, Page 5
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