H-P BUYING CURB

Press, Volume C, Issue 29516, 18 May 1961, Page 16

H-P BUYING CURB

“Singling-Out

Unfair”

(N.Z. Prens Association)

AUCKLAND. May 17. It appears unfair and unwarranted for the Government to single out the hirepurchase type of credit trading for discriminatory treatment. the managing director of the Maple Furnishing Companies, Ltd., Mr S. L. Moses, said today. He was referring to the recently reimposed restrictions requiring the making of deposits and shortening the term of payments. The restrictions were not as severe as previous ones hac been, Mr Moses told the company’s annual meeting in the absence of the chairman (Mr Harold T. Thomas) who is overseas.

Mr Moses is also president of Associated Chamber of Commerce of New Zealand.

He said that firms operating substantially on hirepurchase credit would be quite willing to be subjected to a control which bore evenly on all classes of credit traders.

However, they had cause for complaint when in addition to being subjected to general credit controls, they were also the subject of a specialised control.

Practically all forms of business would feel the effects of the present credit controls. Mr Moses said. The extension of current import licences to cover a period of 15 months was by no means welcome—but one could only agree that some reduction in imports was necessary under present-day conditions.

The Government's move brought to the fore once again the weakness of an import licensing system’ which was inflexible in fu application to importers. but which could be influenced by political expediency. Mr Moses strongly advocated a long-term immigration policy. The present high degree of over-full employment and the resulting high staff turnover promoted inefficiency and increased costs to the detriment of all citizens, he said.