ADVANCES BY BANKS
Hire-Purchase Loans (From Our Parliamentary Reporter) WELLINGTON, July 21. Permission for trading banks to engage in hire-purchase activities in certain fields has been granted by the Government. “In order to ensure finance for essential purposes at reasonable rates of interest,” said Mr Nordmeyer in his Budget speech. “The trading banks are being authorised by the Reserve Bank to make advances to agriculture and industry in cases where normal overdraft accommodation is not available. Such advances may be made for items like agricultural tractors and machinery and for industrial and commercial equipment on hire purchase or by term loans not exceeding three years. "It is not intended, however, that the banks will enter the field of hire-purchase on consumer poods. The banks will make an announcement when they are ready to receive applications.”
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Press, Volume XCIX, Issue 29263, 22 July 1960, Page 13
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135ADVANCES BY BANKS Press, Volume XCIX, Issue 29263, 22 July 1960, Page 13
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